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MAY 31, 2021

2021 Quarterly Report (Unaudited)

iShares, Inc. Table of Contents

Page iShares Core MSCI Emerging Markets ETF ...... 1 iShares Currency Hedged MSCI Emerging Markets ETF ...... 28 iShares ESG Aware MSCI EM ETF ...... 31 iShares MSCI Australia ETF ...... 36 iShares MSCI Austria ETF ...... 39 iShares MSCI ETF ...... 41 iShares MSCI ETF ...... 43 iShares MSCI BRIC ETF ...... 46 iShares MSCI Canada ETF ...... 54 iShares MSCI Chile ETF ...... 57 iShares MSCI Colombia ETF ...... 59 iShares MSCI Emerging Markets Asia ETF ...... 61 iShares MSCI Emerging Markets ETF ...... 71 iShares MSCI Emerging Markets ex ETF ...... 85 iShares MSCI Emerging Markets Min Vol Factor ETF ...... 93 iShares MSCI Emerging Markets Multifactor ETF ...... 98 iShares MSCI Emerging Markets Small-Cap ETF ...... 102 iShares MSCI Eurozone ETF ...... 117 iShares MSCI France ETF ...... 121 iShares MSCI Frontier and Select EM ETF (Formerly iShares MSCI Frontier 100 ETF) ...... 124 iShares MSCI ETF ...... 128 iShares MSCI Global Agriculture Producers ETF ...... 131 iShares MSCI Global Energy Producers ETF ...... 134 iShares MSCI Global Gold Miners ETF ...... 138 iShares MSCI Global Metals & Mining Producers ETF ...... 140 iShares MSCI Global Min Vol Factor ETF ...... 144 iShares MSCI Global Silver and Metals Miners ETF ...... 150 iShares MSCI ETF ...... 152 iShares MSCI Israel ETF ...... 154 iShares MSCI Italy ETF ...... 157 iShares MSCI ETF ...... 159 iShares MSCI Japan Small-Cap ETF ...... 164 iShares MSCI Malaysia ETF ...... 174 iShares MSCI ETF ...... 176 iShares MSCI ETF ...... 179 iShares MSCI Pacific ex Japan ETF ...... 182 iShares MSCI Russia ETF ...... 185 iShares MSCI Singapore ETF ...... 187 iShares MSCI South Africa ETF ...... 189 iShares MSCI ETF ...... 191 iShares MSCI Spain ETF ...... 194 iShares MSCI Sweden ETF ...... 196 iShares MSCI Switzerland ETF ...... 199 iShares MSCI ETF ...... 201 iShares MSCI Thailand ETF ...... 204 iShares MSCI ETF ...... 208 iShares MSCI USA Equal Weighted ETF ...... 211 iShares MSCI World ETF ...... 219 Consolidated Schedule of Investments (unaudited) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Assets)

SecurityShares Value SecurityShares Value Common Stocks Brazil (continued) Eneva SA(a) ...... 6,047,061 $ 21,418,874 Argentina — 0.1% Engie Brasil Energia SA ...... 1,566,801 11,962,126 Arcos Dorados Holdings Inc., Class A ...... 1,080,300 $ 6,989,541 Equatorial Energia SA...... 7,763,764 36,839,780 Banco Macro SA, ADR(a) ...... 396,655 6,501,175 Ez Tec Empreendimentos e Participacoes SA . . . 1,118,657 6,683,995 Despegar.com Corp.(a) ...... 537,451 7,857,533 Fleury SA...... 1,929,912 9,801,940 Globant SA(a) ...... 330,902 72,093,619 Grendene SA ...... 3,282,071 6,391,968 Grupo Financiero Galicia SA, ADR...... 967,133 8,588,141 GRUPO DE MODA SOMA SA(a) ...... 2,199,390 6,410,333 Pampa Energia SA, ADR(a)(b) ...... 444,513 6,796,604 Grupo Mateus SA(a) ...... 2,415,559 3,777,425 Transportadora de Gas del Sur SA, Grupo SBF SA(a)...... 1,081,214 6,931,205 Class B, ADR(a) ...... 694,475 3,201,530 Guararapes Confeccoes SA ...... 980,061 3,721,513 YPF SA, ADR(a)...... 1,601,503 7,527,064 Hapvida Participacoes e Investimentos SA(c) . . . . 9,992,163 30,676,096 119,555,207 Hypera SA...... 3,116,999 21,770,010 Brazil — 4.0% Iguatemi Empresa de Shopping Centers SA. . . . . 1,049,710 8,711,161 (a)(b) Adecoagro SA ...... 846,629 8,999,666 Instituto Hermes Pardini SA ...... 617,775 2,509,411 AES Brasil Energia SA ...... 1,652,707 4,430,093 Iochpe Maxion SA(a) ...... 1,217,854 3,874,363 Aliansce Sonae Shopping Centers SA ...... 1,512,069 8,703,891 IRB Brasil Resseguros S/A ...... 8,336,091 9,501,004 Alupar Investimento SA ...... 1,666,978 8,767,171 JBS SA...... 8,931,604 51,841,246 Ambev SA ...... 40,277,127 138,721,421 JHSF Participacoes SA ...... 3,605,730 5,271,919 (a) Anima Holding SA ...... 2,733,752 6,609,221 SA(a)...... 6,199,209 31,330,883 Arezzo Industria e Comercio SA ...... 555,435 9,445,709 Light SA ...... 3,029,956 9,505,494 Atacadao SA ...... 3,337,237 14,343,517 Linx SA...... 1,618,092 11,673,784 (a) Cia. Digital ...... 1,932,427 22,154,482 Rent a Car SA ...... 5,276,488 63,428,818 SA - Brasil, Bolsa, Balcao ...... 52,823,533 177,777,840 Locaweb Servicos de Internet SA(c) ...... 3,781,312 18,980,203 SA...... 12,605,891 55,293,025 LOG Commercial Properties e Participacoes SA. 715,421 4,070,118 Banco BTG Pactual SA ...... 2,292,233 54,670,177 Lojas Quero Quero S/A ...... 1,958,073 8,235,501 SA ...... 6,977,261 44,835,365 SA...... 7,088,958 63,657,393 Banco Inter SA ...... 2,625,147 34,418,001 M. Dias Branco SA...... 983,435 5,526,951 Banco SA...... 3,374,498 26,689,335 SA ...... 25,434,075 98,384,587 BB Seguridade Participacoes SA ...... 5,392,869 24,213,430 Global Foods SA ...... 3,605,256 12,707,668 BK Brasil Operacao e Assessoria a Minerva SA ...... 2,827,775 5,376,988 (a) Restaurantes SA ...... 2,356,840 4,816,153 Movida Participacoes SA ...... 1,598,932 5,543,815 (a) BR Malls Participacoes SA ...... 6,695,600 14,363,223 MRV Engenharia e Participacoes SA...... 3,064,745 10,226,206 BR Properties SA ...... 2,634,013 4,851,877 Multiplan Empreendimentos Imobiliarios SA . . . . . 2,382,464 11,730,151 (a) BRF SA ...... 4,896,140 24,200,274 Natura & Co. Holding SA(a) ...... 7,834,858 77,496,197 Camil Alimentos SA ...... 1,464,455 2,823,987 Notre Dame Intermedica Participacoes SA ...... 4,480,637 75,991,232 CCR SA ...... 10,292,135 27,212,929 Odontoprev SA ...... 2,468,683 6,266,799 Centrais Eletricas Brasileiras SA...... 2,786,019 23,435,553 Omega Geracao SA(a)...... 1,156,962 8,826,450 Cia Brasileira de Distribuicao ...... 1,474,323 11,154,241 Pet Center Comercio e Participacoes SA...... 1,649,660 7,387,813 Cia. de Locacao das Americas...... 3,005,017 15,573,711 Petro Rio SA(a)...... 5,372,380 20,338,288 Cia. de Saneamento Basico do Estado de Distribuidora SA ...... 6,608,822 32,716,313 Sao Paulo ...... 2,853,310 21,422,956 Petroleo Brasileiro SA...... 31,750,009 162,353,501 Cia. de Saneamento de Minas Gerais-COPASA . 1,883,215 6,341,582 Qualicorp Consultoria e Corretora de Cia. de Saneamento do Parana...... 1,698,752 6,567,886 Seguros SA ...... 1,984,928 11,128,729 Cia. Hering ...... 1,477,244 9,325,427 Raia Drogasil SA...... 9,231,977 49,917,899 Cia. Siderurgica Nacional SA ...... 6,107,404 52,640,134 Rede D'Or Sao Luiz SA(c) ...... 1,455,997 19,617,420 Cielo SA...... 12,215,326 9,867,514 Rumo SA(a) ...... 11,111,175 44,067,768 (a) Cogna Educacao ...... 16,260,723 13,166,577 Santos Brasil Participacoes SA ...... 4,531,067 7,807,238 Construtora Tenda SA...... 931,099 4,298,452 Sao Martinho SA...... 1,741,377 11,500,700 SA ...... 8,256,462 37,023,144 Sendas Distribuidora SA ...... 1,357,560 23,300,217 CPFL Energia SA ...... 1,522,050 8,384,607 SIMPAR SA ...... 865,622 8,630,144 CVC Brasil Operadora e Agencia de SLC Agricola SA ...... 995,242 10,121,040 (a) Viagens SA ...... 1,936,790 9,249,708 Sul America SA ...... 2,598,049 17,288,087 SA Empreendimentos Suzano SA(a) ...... 6,429,734 74,923,297 e Participacoes...... 2,614,195 11,988,269 Telefonica Brasil SA...... 3,913,476 33,189,869 SA ...... 3,021,399 11,930,923 TIM SA ...... 6,781,716 15,836,192 (a) EcoRodovias Infraestrutura e Logistica SA .... 2,324,730 5,571,287 TOTVS SA ...... 4,317,900 28,558,438 EDP - Energias do Brasil SA...... 3,015,494 10,790,906 Transmissora Alianca de Energia Eletrica SA. . . . 1,758,755 13,056,437 (a) SA ...... 6,790,184 22,513,648 Participacoes SA ...... 6,210,836 23,000,007 Enauta Participacoes SA ...... 1,204,016 3,557,735 Vale SA ...... 33,421,216 736,052,953 Energisa SA ...... 1,497,200 13,349,748 SA(a) ...... 11,023,251 27,453,959

1 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Brazil (continued) China (continued) Vivara Participacoes SA...... 1,062,602 $ 6,139,061 Co. Ltd., Class H ...... 10,112,500 $ 63,258,107 WEG SA ...... 14,447,771 94,669,950 Anhui Gujing Distillery Co. Ltd., Class A ...... 221,455 8,530,775 YDUQS Participacoes SA ...... 2,482,539 15,671,572 Anhui Gujing Distillery Co. Ltd., Class B...... 878,380 12,050,842 3,298,275,294 Anhui Kouzi Distillery Co. Ltd., Class A...... 533,208 5,632,212 Chile — 0.4% Products Ltd...... 9,259,000 189,173,519 (b) AES Gener SA...... 34,077,353 4,919,933 Aoyuan Healthy Life Group Co. Ltd...... 5,717,000 4,288,672 (a)(c) Aguas Andinas SA, Class A ...... 24,687,250 4,712,215 Ascentage Pharma Group International . . . . . 1,192,800 7,328,402 (a)(b)(c) Banco de Chile ...... 358,461,397 36,959,374 Ascletis Pharma Inc...... 4,435,000 2,174,206 Banco de Credito e Inversiones SA ...... 426,745 20,380,092 Asia Cement China Holdings Corp...... 4,888,000 4,637,159 Banco Santander Chile...... 520,409,136 28,696,128 Asymchem Laboratories Co. Ltd., CAP SA ...... 664,171 12,073,336 Class A ...... 180,800 10,618,946 Cencosud SA...... 12,054,467 25,040,680 Autobio Diagnostics Co. Ltd., Class A ...... 246,607 3,441,425 Cencosud Shopping SA ...... 3,798,191 7,234,650 Autohome Inc., ADR ...... 556,482 42,888,068 Cia. Cervecerias Unidas SA ...... 1,030,785 9,247,899 Avic Capital Co. Ltd., Class A...... 8,346,191 5,224,041 Cia. Sud Americana de Vapores SA...... 197,594,118 13,903,862 AVIC Jonhon Optronic Technology Co. Ltd., Colbun SA...... 66,925,640 9,145,118 Class A ...... 779,461 9,455,775 Empresa Nacional de Telecomunicaciones SA. . . 1,540,033 8,066,627 AVIC Shenyang Aircraft Co. Ltd., Class A...... 661,967 8,099,860 Empresas CMPC SA...... 9,183,526 23,703,511 AVIC Xi'an Aircraft Industry Group Co. Ltd., Empresas COPEC SA ...... 3,313,453 33,431,803 Class A ...... 1,777,327 7,800,915 Enel Americas SA...... 179,165,234 24,729,501 AviChina Industry & Technology Co. Ltd., Enel Chile SA...... 222,017,594 13,609,112 Class H ...... 21,993,000 15,268,748 (a) Engie Energia Chile SA ...... 6,454,275 5,211,526 Inc., ADR ...... 2,286,956 448,860,854 Falabella SA...... 6,353,441 28,697,033 Bank of Co. Ltd., Class A...... 15,768,406 12,175,180 Forus SA ...... 559,926 1,139,173 Bank of Chengdu Co. Ltd., Class A ...... 3,390,908 7,191,319 Grupo Security SA ...... 9,032,962 1,733,655 Ltd., Class A...... 16,886,500 8,843,873 Inversiones Aguas Metropolitanas SA ...... 5,606,320 3,087,539 Bank of China Ltd., Class H ...... 662,414,000 248,440,031 Inversiones La Construccion SA ...... 345,086 1,857,558 Co. Ltd., Class A ...... 18,727,380 14,432,781 Itau CorpBanca Chile SA(a) ...... 1,542,455,702 4,811,525 Bank of Communications Co. Ltd., Class H...... 70,553,000 47,554,389 Parque Arauco SA(a) ...... 5,563,029 8,070,039 Bank of Co. Ltd., Class A ...... 4,146,740 10,772,660 Ripley Corp. SA...... 6,847,064 1,932,772 Bank of Jiangsu Co. Ltd., Class A...... 11,247,708 13,512,811 SMU SA...... 20,231,123 2,848,274 Bank of Co. Ltd., Class A ...... 7,153,422 11,803,938 SONDA SA ...... 5,385,365 3,177,626 Co. Ltd., Class A ...... 3,337,576 22,202,792 Vina Concha y Toro SA...... 4,520,636 8,323,711 Bank of Co. Ltd., Class A ...... 7,339,635 9,822,869 Baoshan Iron & Steel Co. Ltd., Class A...... 11,947,173 14,849,569 346,744,272 Baozun Inc., ADR(a)(b) ...... 517,629 17,956,550 China — 34.5% BBMG Corp., Class A ...... 17,441,936 7,574,408 21Vianet Group Inc., ADR(a)(b) ...... 857,438 19,138,016 BC Technology Group Ltd.(a)...... 1,365,500 3,366,995 360 DigiTech Inc., ADR(a)(b)...... 691,875 19,420,931 BeiGene Ltd., ADR(a)(b)...... 395,034 141,623,639 360 Security Technology Inc., Class A(a)...... 4,143,988 7,983,179 Beijing Capital International Airport Co. Ltd., 361 Degrees International Ltd.(a) ...... 9,689,000 4,356,328 Class H ...... 15,696,000 10,599,258 3SBio Inc.(a)(c) ...... 10,799,500 13,073,785 Beijing Capital Land Ltd., Class H(a)...... 13,180,000 1,832,669 51job Inc., ADR(a)(b) ...... 248,930 17,843,302 Beijing Chunlizhengda Medical Instruments Co. AAC Technologies Holdings Inc.(b) ...... 6,103,000 37,145,430 Ltd., Class H(a) ...... 919,750 3,317,796 AECC Aviation Power Co. Ltd., Class A ...... 1,391,116 11,826,861 Beijing Energy International Holding Co. Ltd.(a) . . 57,868,852 2,050,527 Agile Group Holdings Ltd...... 9,788,500 13,913,070 Beijing Enlight Media Co. Ltd., Class A ...... 2,167,194 4,313,452 Agora Inc., ADR(a)...... 351,984 15,730,165 Beijing Enterprises Holdings Ltd...... 3,652,500 12,654,752 Agricultural Bank of China Ltd., Class A ...... 34,494,547 17,688,814 Beijing Enterprises Urban Resources Agricultural Bank of China Ltd., Class H...... 219,387,000 89,018,249 Group Ltd.(a)(b) ...... 23,192,000 3,670,638 Aier Eye Hospital Group Co. Ltd., Class A ...... 2,188,577 28,908,856 Beijing Enterprises Water Group Ltd.(b)...... 39,780,000 16,194,928 Ltd., Class H(a) ...... 17,458,000 14,021,850 Beijing Gas Blue Holdings Ltd.(a)(d) ...... 92,816,000 1,387,295 AK Medical Holdings Ltd.(b)(c) ...... 4,658,000 8,372,828 Beijing New Building Materials PLC, Class A . . . . 1,122,219 8,130,977 Akeso Inc.(a)(c) ...... 2,337,000 19,473,446 Beijing Oriental Yuhong Waterproof Technology Holding Ltd.(a) ...... 105,175,128 2,861,789,308 Co. Ltd., Class A ...... 1,419,061 13,999,368 Alibaba Group Holding Ltd., ADR(a) ...... 2,892,347 618,846,564 Beijing Shiji Information Technology Co. Ltd., Alibaba Health Information Technology Ltd.(a).... 34,854,000 86,573,830 Class A ...... 749,985 4,343,136 Alibaba Pictures Group Ltd.(a)(b) ...... 110,190,000 14,762,569 Beijing Shunxin Agriculture Co. Ltd., Class A .... 588,000 4,642,530 A-Living Services Co. Ltd.(c) ...... 4,017,000 19,388,415 Beijing Sinnet Technology Co. Ltd., Class A . . . . . 1,603,787 3,879,096 Alphamab Oncology(a)(c)...... 3,324,000 8,636,553 Beijing Tiantan Biological Products Corp. Ltd., Aluminum Corp. of China Ltd., Class H(a)...... 39,164,000 23,061,121 Class A ...... 897,797 4,819,598 Anhui Conch Cement Co. Ltd., Class A...... 2,001,129 15,446,498

2 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Beijing Tong Ren Tang Chinese Medicine China (b) ...... 16,542,000 $ 24,797,965 Co. Ltd.(b) ...... 2,723,000 $ 4,830,648 China Feihe Ltd.(c) ...... 30,286,000 84,854,922 Beijing-Shanghai High Speed Railway Co. Ltd., China Fiber Optic Network System Class A ...... 20,609,600 18,748,794 Group Ltd.(a)(d) ...... 10,394,800 13 BEST Inc., ADR(a)(b)...... 1,929,715 2,740,195 China Foods Ltd...... 10,088,000 4,120,798 Betta Pharmaceuticals Co. Ltd., Class A ...... 282,594 5,027,639 China Fortune Land Development Co. Ltd., BGI Genomics Co. Ltd., Class A ...... 337,600 6,839,804 Class A ...... 2,758,934 2,354,489 Inc., ADR(a)(b) ...... 1,387,198 148,679,882 China Galaxy Securities Co. Ltd., Class H...... 35,470,500 22,254,403 Bit Digital Inc.(a) ...... 336,199 2,840,882 Holdings Ltd...... 26,052,200 97,237,550 BOC Aviation Ltd.(b)(c) ...... 1,766,200 15,717,663 China Co. Ltd., Class A ...... 5,369,204 5,970,522 BOE Technology Group Co. Ltd., Class A ...... 18,314,600 18,218,115 China Grand Pharmaceutical and Healthcare Bosideng International Holdings Ltd.(b) ...... 28,268,000 15,651,065 Holdings Ltd., Class A(b) ...... 11,716,000 12,212,816 Brilliance China Automotive Holdings Ltd.(d) ..... 25,946,000 24,405,133 China Greatwall Technology Group Co. Ltd., Burning Rock Biotech Ltd., ADR(a) ...... 369,485 10,001,959 Class A ...... 1,900,100 4,572,290 BYD Co. Ltd., Class A...... 916,686 25,775,749 China Harmony Auto Holding Ltd...... 7,408,500 3,369,713 BYD Co. Ltd., Class H...... 6,696,000 155,889,548 China High Speed Transmission Equipment BYD Electronic International Co. Ltd.(b)...... 5,829,500 38,339,903 Group Co. Ltd.(a)(b) ...... 5,101,000 3,365,383 By-Health Co. Ltd., Class A...... 966,800 5,545,263 China Hongqiao Group Ltd...... 18,365,000 29,575,497 C&D International Investment Group Ltd.(a)...... 4,681,000 8,538,961 China Huarong Asset Management Co. Ltd., Caitong Securities Co. Ltd., Class A...... 4,152,831 7,362,350 Class H(c)(d) ...... 83,902,000 11,027,077 Canaan Inc., ADR(a)...... 789,984 6,635,866 China Huishan Dairy Holdings Co. Ltd.(a)(d) ...... 16,599,187 21 CanSino Biologics Inc., Class H(a)(b)(c)...... 684,400 30,284,019 China Huiyuan Juice Group Ltd.(a)(d) ...... 10,877,000 14 Canvest Environmental Protection Group China International Capital Corp. Ltd., Co. Ltd...... 10,449,000 5,479,703 Class H(c) ...... 12,829,200 37,874,698 Central China Management Co. Ltd.(a) ...... 5,450,000 1,853,909 Holdings Group Ltd...... 46,132,000 17,830,150 Central China Real Estate Ltd...... 9,756,000 2,677,561 China Jushi Co. Ltd., Class A ...... 2,656,618 6,818,743 CGN New Energy Holdings Co. Ltd.(a)(b) ...... 12,366,000 3,837,431 China Kepei Education Group Ltd.(b) ...... 8,194,000 6,254,389 CGN Power Co. Ltd., Class H(c)...... 77,425,000 17,058,401 China Lesso Group Holdings Ltd...... 9,617,000 25,321,419 Changchun High & New Technology Industry China Life Co. Ltd., Class A ...... 1,586,821 9,094,408 Group Inc., Class A...... 220,542 14,249,483 China Life Insurance Co. Ltd., Class H ...... 60,782,000 128,308,782 Co. Ltd., Class A ...... 6,269,296 7,666,468 China Lilang Ltd...... 5,342,000 3,359,066 Changzhou Xingyu Automotive Lighting Systems China Literature Ltd.(a)(b)(c) ...... 3,310,600 34,744,420 Co. Ltd., Class A ...... 239,336 7,250,302 China Property Holdings Chaowei Power Holdings Ltd...... 6,380,000 2,277,905 Co. Ltd.(a)(b)(c) ...... 13,916,000 7,548,090 Chaozhou Three-Circle Group Co. Ltd., Class A . 1,351,646 7,912,236 China Longyuan Power Group Corp. Ltd., China Aircraft Leasing Group Holdings Ltd...... 4,888,000 3,886,157 Class H ...... 27,769,000 39,264,791 China Animal Healthcare Ltd.(a)(b)(d) ...... 1,237,000 2 China Lumena New Materials Corp.(a)(b)(d)...... 64,600 209,093 Ltd...... 10,509,000 12,324,535 China Machinery Engineering Corp., Class H.... 8,769,000 3,922,248 China BlueChemical Ltd., Class H ...... 18,724,000 5,885,967 China Maple Leaf Educational Systems Ltd.(a)(b) . 18,600,000 4,030,256 China Bohai Bank Co. Ltd., Class H(c)...... 22,496,000 9,594,475 China Medical System Holdings Ltd...... 11,633,000 29,847,948 China Cinda Asset Management Co. Ltd., China Meidong Auto Holdings Ltd...... 5,058,000 26,674,170 Class H ...... 71,537,000 15,297,861 China Co. Ltd...... 26,803,000 162,620,307 China CITIC Bank Corp. Ltd., Class H...... 72,765,000 39,773,303 Co. Ltd., Class A ...... 10,402,916 95,268,619 China Communications Services Corp. Ltd., China Merchants Bank Co. Ltd., Class H ...... 33,217,464 307,543,104 Class H ...... 21,416,000 9,023,487 China Merchants Energy Shipping Co. Ltd., China Conch Venture Holdings Ltd...... 14,104,000 64,943,996 Class A ...... 4,866,388 4,068,048 Corp., Class A ...... 4,717,868 5,141,187 China Merchants Land Ltd...... 25,542,000 3,652,171 China Construction Bank Corp., Class H ...... 816,356,000 670,515,556 China Merchants Port Holdings Co. Ltd...... 11,514,270 18,722,532 China CSSC Holdings Ltd., Class A(a) ...... 2,269,100 6,133,565 China Merchants Securities Co. Ltd., Class A. . . . 3,841,981 12,453,630 China Datang Corp. Renewable Power Co. Ltd., China Merchants Industrial Zone Class H ...... 24,295,000 5,415,861 Holdings Co. Ltd., Class A ...... 4,891,466 8,921,628 China Dongxiang Group Co. Ltd.(b) ...... 39,428,000 4,927,603 Holdings Ltd.(a)(d) ...... 62,400 0(e) China East Education Holdings Ltd.(c) ...... 4,984,500 10,872,115 China Minsheng Banking Corp. Ltd., Class A . . . . 16,818,617 12,486,116 China Education Group Holdings Ltd.(b) ...... 6,620,000 17,106,785 China Minsheng Banking Corp. Ltd., Class H. . . . 46,602,720 24,975,681 Co. Ltd., Class A ...... 20,158,682 12,145,296 China Modern Dairy Holdings Ltd.(a)(b) ...... 27,055,000 6,763,297 China Everbright Bank Co. Ltd., Class H ...... 23,357,000 9,905,091 Co. Ltd., Class A ...... 11,011,171 10,080,631 China Everbright Environment Group Ltd...... 31,692,148 19,064,283 China Molybdenum Co. Ltd., Class H ...... 26,367,000 18,175,991 China Everbright Greentech Ltd.(b)(c) ...... 12,788,000 4,959,158 China National Building Material Co. Ltd., China Everbright Ltd...... 7,920,000 10,022,825 Class H ...... 32,642,850 43,648,566 China Everbright Water Ltd.(b) ...... 9,799,300 1,922,804

3 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) China National Chemical Engineering Co. Ltd., China Water Affairs Group Ltd.(b)...... 9,232,000 $ 7,101,630 Class A ...... 6,098,622 $ 6,052,580 Co. Ltd., Class A ...... 10,791,730 33,700,004 China National Nuclear Power Co. Ltd., Class A . 11,889,109 9,738,137 China Youzan Ltd.(a) ...... 121,844,000 26,509,458 China National Software & Service Co. Ltd., China Yuchai International Ltd...... 128,233 2,049,163 Class A ...... 294,999 2,673,546 China Yuhua Education Corp. Ltd.(b)(c) ...... 11,448,000 11,406,667 China New Higher Education Group Ltd.(c) ...... 9,039,000 6,875,480 China ZhengTong Auto Services Holdings Ltd.(a). 4,050,500 313,555 China Northern Rare Earth Group High-Tech Co. China Zheshang Bank Co. Ltd., Class A...... 18,552,500 11,727,032 Ltd., Class A(a) ...... 2,566,400 8,873,868 Holdings Ltd.(a) ...... 15,462,400 3,880,895 China Oilfield Services Ltd., Class H ...... 14,716,000 13,836,920 Chinasoft International Ltd...... 20,000,000 25,726,887 China Oriental Group Co. Ltd...... 13,486,000 4,386,753 Chindata Group Holdings Ltd., ADR(a)...... 494,378 8,008,924 China Overseas Grand Oceans Group Ltd...... 15,248,500 9,660,121 Brewery Co. Ltd., Class A(a) ...... 338,300 9,202,873 China Overseas Land & Investment Ltd...... 31,289,500 74,880,818 Chongqing Co. Ltd., China Overseas Property Holdings Ltd...... 11,920,000 12,766,942 Class A(a) ...... 2,423,983 9,055,513 China Pacific Insurance Group Co. Ltd., Class A. 3,172,042 17,184,865 Chongqing Rural Commercial Bank Co. Ltd., China Pacific Insurance Group Co. Ltd., Class H ...... 20,321,000 9,183,472 Class H ...... 22,671,400 85,299,056 Chongqing Zhifei Biological Products Co. Ltd., China & Chemical Corp., Class A..... 12,729,650 8,850,312 Class A ...... 834,776 25,658,912 China Petroleum & Chemical Corp., Class H .... 204,084,200 108,387,936 CIFI Holdings Group Co. Ltd...... 27,754,000 24,257,094 China Power International Development Ltd. .... 46,867,000 11,777,972 CIMC Enric Holdings Ltd.(b)...... 8,464,000 7,926,510 China Railway Group Ltd., Class A...... 10,050,966 8,523,134 CITIC Ltd...... 48,118,000 55,636,396 China Railway Group Ltd., Class H ...... 29,178,000 15,402,445 CITIC Resources Holdings Ltd.(a) ...... 4,128,000 170,197 China Renaissance Holdings Ltd.(c) ...... 1,230,200 3,483,649 CITIC Securities Co. Ltd., Class A ...... 5,931,245 24,368,309 China Renewable Energy Investment Ltd.(a)(d) . . . 8,046 0(e) CITIC Securities Co. Ltd., Class H ...... 18,447,000 51,007,211 China Resources Beer Holdings Co. Ltd...... 12,528,000 112,516,092 CMGE Technology Group Ltd...... 10,778,000 4,707,508 Holdings Ltd...... 19,908,000 21,137,602 COFCO Joycome Foods Ltd...... 21,406,000 9,430,881 Group Ltd...... 7,760,000 48,466,860 Colour Life Services Group Co. Ltd.(b)...... 4,344,000 1,913,863 Ltd...... 27,137,777 127,174,035 Concord New Energy Group Ltd...... 87,080,000 5,828,152 China Resources Medical Holdings Co. Ltd...... 9,189,500 9,792,724 Consun Pharmaceutical Group Ltd...... 5,666,000 4,197,260 China Resources Mixc Lifestyle Contemporary Amperex Technology Co. Ltd., Services Ltd.(a)(c) ...... 1,944,000 11,685,550 Class A ...... 1,216,147 83,037,867 China Resources Pharmaceutical Group Ltd.(c) . . 14,104,500 10,117,702 COSCO SHIPPING Holdings Co. Ltd., Holdings Co. Ltd...... 15,776,000 20,326,462 Class A(a) ...... 5,124,605 17,273,178 China Resources Sanjiu Medical & COSCO SHIPPING Holdings Co. Ltd., Pharmaceutical Co. Ltd., Class A...... 1,097,827 4,498,516 Class H(a)(b) ...... 22,030,500 46,362,389 China SCE Group Holdings Ltd...... 19,032,200 8,652,849 COSCO SHIPPING International Hong Kong Co. Ltd., Class A...... 3,433,529 10,795,617 Co. Ltd...... 11,660,000 4,042,660 China Shenhua Energy Co. Ltd., Class H ...... 28,437,000 64,403,673 COSCO SHIPPING Ports Ltd...... 15,688,000 12,735,780 China Shineway Pharmaceutical Group Ltd.(b) . . . 3,852,000 4,191,720 Holdings Co. Ltd...... 64,378,733 81,577,699 China Shipbuilding Industry Co. Ltd., Class A(a). . 15,996,318 10,463,373 Country Garden Services Holdings Co. Ltd.(b) . . . 12,701,000 131,825,296 China Holdings Ltd...... 45,420,000 5,032,532 CPMC Holdings Ltd...... 7,437,000 4,436,510 China Southern Airlines Co. Ltd., Class A(a) ..... 6,422,184 6,436,383 CSC Financial Co. Ltd., Class A ...... 1,813,292 9,707,765 China Southern Airlines Co. Ltd., Class H(a)(b) . . . 12,794,000 8,670,974 CSPC Pharmaceutical Group Ltd...... 76,213,760 119,722,616 China State Construction Engineering Corp. CStone Pharmaceuticals(a)(c) ...... 5,769,000 9,962,640 Ltd., Class A ...... 21,366,719 16,433,830 CT Environmental Group Ltd.(a)(b)(d) ...... 33,362,000 1,461,568 China State Construction International Dada Nexus Ltd., ADR(a) ...... 389,712 9,793,463 Holdings Ltd...... 16,992,000 12,060,926 Dali Foods Group Co. Ltd.(c) ...... 17,922,500 11,223,357 China Taiping Insurance Holdings Co. Ltd...... 13,556,708 25,001,662 Daqin Railway Co. Ltd., Class A ...... 11,852,062 12,766,962 China Tian Lun Gas Holdings Ltd.(b) ...... 3,648,500 3,866,728 Daqo New Energy Corp., ADR(a)(b) ...... 450,665 33,520,463 China Tobacco International HK Co. Ltd.(b) ...... 2,838,000 6,444,834 DaShenLin Pharmaceutical Group Co. Ltd., China Group Duty Free Corp. Ltd., Class A ...... 544,862 6,431,024 Class A ...... 1,012,179 53,360,288 DHC Software Co. Ltd., Class A ...... 3,264,398 3,855,289 Corp. Ltd., Class H(c) ...... 340,356,000 46,501,272 Differ Group Holding Co. Ltd.(a) ...... 17,424,000 4,313,783 China Traditional Chinese Medicine Holdings Digital China Holdings Ltd...... 8,870,000 6,014,814 Co. Ltd...... 23,298,000 15,036,914 Dongfeng Motor Group Co. Ltd., Class H...... 22,986,000 21,517,362 China Travel International Investment Hong Dongxing Securities Co. Ltd., Class A ...... 3,181,067 5,708,160 Kong Ltd.(a) ...... 30,830,000 5,045,900 Dongyue Group Ltd.(b)...... 12,578,000 10,117,575 China Co. Ltd., Class A ...... 4,579,793 19,230,885 DouYu International Holdings Ltd., ADR(a) ...... 1,032,176 8,154,190 China Vanke Co. Ltd., Class H...... 14,139,287 48,930,734 Co. Ltd., Class A ...... 5,547,813 27,802,606 China Vast Industrial Urban Development Ecovacs Robotics Co. Ltd., Class A(a) ...... 266,500 7,648,300 Co. Ltd.(b)(c) ...... 3,524,000 1,384,460 EHang Holdings Ltd., ADR(a) ...... 212,945 5,751,644

4 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) E-House China Enterprise Holdings Ltd...... 3,597,300 $ 3,574,847 Baiyun International Airport Co. Ltd., ENN Energy Holdings Ltd...... 6,774,000 124,616,976 Class A ...... 2,197,123 $ 4,007,567 Eve Energy Co. Ltd., Class A ...... 1,005,031 17,582,873 Guangzhou Baiyunshan Pharmaceutical Ever Sunshine Lifestyle Services Group Ltd. .... 6,370,000 17,796,914 Holdings Co. Ltd., Class A ...... 1,401,088 7,110,653 Everbright Securities Co. Ltd., Class A ...... 2,346,986 6,200,036 Guangzhou Kingmed Diagnostics Group Co. Excellence Commercial Property & Facilities Ltd., Class A ...... 321,900 7,680,026 Management Group Ltd.(a) ...... 3,198,000 4,065,164 Guangzhou &F Properties Co. Ltd., Class H . . . 11,738,400 15,907,160 Fangda Carbon New Material Co. Ltd., Guangzhou Shiyuan Electronic Technology Co. Class A(a) ...... 4,609,184 6,257,129 Ltd., Class A ...... 466,200 9,603,154 Fanhua Inc., ADR ...... 432,645 5,749,852 Guangzhou Tinci Materials Technology Co. Ltd., Group Co. Ltd.(b)...... 22,900,500 3,037,874 Class A ...... 719,798 10,591,621 Far East Horizon Ltd.(b)...... 15,846,000 17,325,036 Guorui Properties Ltd...... 1,992,000 79,571 Fiberhome Technologies Co. Co. Ltd., Class A ...... 4,789,867 8,441,840 Ltd., Class A ...... 1,043,598 2,970,302 Co. Ltd., Class A ...... 3,490,225 9,827,662 FinVolution Group, ADR ...... 641,957 4,827,517 Guoyuan Securities Co. Ltd., Class A ...... 4,067,881 5,168,602 First Capital Securities Co. Ltd., Class A ...... 3,371,800 3,789,406 Haidilao International Holding Ltd.(b)(c) ...... 8,645,000 49,819,385 Flat Group Co. Ltd., Class H...... 3,688,000 11,378,383 Smart Home Co. Ltd., Class A ...... 3,368,637 15,968,647 Information Technology Co. Ltd., Haier Smart Home Co. Ltd., Class H(a) ...... 16,639,200 70,046,952 Class A ...... 7,984,499 12,873,770 Hainan Meilan International Airport Co. Ltd., Haitian Flavouring & Food Co. Ltd., Class H(a) ...... 1,618,000 7,451,108 Class A ...... 1,816,763 39,258,961 Haitian International Holdings Ltd...... 5,376,000 18,791,028 Ltd...... 21,869,000 35,465,556 Co. Ltd., Class A...... 4,390,456 8,083,120 Founder Securities Co. Ltd., Class A(a) ...... 6,948,987 11,098,629 Haitong Securities Co. Ltd., Class H ...... 22,252,000 21,240,208 Industrial Internet Co. Ltd., Class A .... 4,308,661 8,420,020 Hangzhou First Applied Material Co. Ltd., Fu Jian Anjoy Foods Co. Ltd., Class A ...... 174,100 6,763,079 Class A ...... 664,000 8,526,083 Fu Shou Yuan International Group Ltd...... 9,359,000 9,979,600 Hangzhou Robam Appliances Co. Ltd., Class A . 781,209 5,417,928 Fufeng Group Ltd...... 15,971,400 5,369,046 Hangzhou Turbine Co. Ltd., Class B . . . . . 3,742,463 5,919,556 Glass Industry Group Co. Ltd., Class A . . . 1,238,300 10,204,351 Hangzhou Tigermed Consulting Co. Ltd., Fuyao Glass Industry Group Co. Ltd., Class H(c) . 4,533,600 30,101,113 Class A ...... 239,074 6,593,269 Ganfeng Lithium Co. Ltd., Class A ...... 681,184 13,893,711 Hangzhou Tigermed Consulting Co. Ltd., Ganfeng Lithium Co. Ltd., Class H(c) ...... 1,247,400 18,774,955 Class H(c) ...... 1,035,400 21,492,158 GCL-Poly Energy Holdings Ltd.(a)(b) ...... 160,925,000 41,055,999 Hansoh Pharmaceutical Group Co. Ltd.(a)(c) . . . . . 10,082,000 43,953,763 GDS Holdings Ltd., ADR(a)(b) ...... 779,793 58,656,029 Co. Ltd., Class H(a) ...... 6,086,000 1,709,308 Automobile Holdings Ltd...... 50,057,000 127,270,153 Hebei Construction Group Corp. Ltd., Class H(b) . 3,969,500 1,416,783 Gemdale Corp., Class A...... 3,092,696 5,223,227 Hefei Meiya Optoelectronic Technology Inc., Gemdale Properties & Investment Corp. Ltd. .... 62,876,000 9,238,200 Class A ...... 591,060 4,657,703 Genertec Universal Medical Group Co. Ltd.(c) . . . 11,170,000 10,204,509 Henan Shuanghui Investment & Development Genscript Biotech Corp.(a)(b) ...... 9,512,000 37,320,540 Co. Ltd., Class A ...... 1,754,147 9,724,247 GF Securities Co. Ltd., Class A ...... 2,827,230 7,117,462 Group Co. Ltd.(b) ...... 5,271,000 35,334,665 GF Securities Co. Ltd., Class H...... 10,028,000 14,338,912 Hengli Co. Ltd., Class A...... 3,121,830 13,386,047 Gigadevice Semiconductor Beijing Inc., Class A . 441,135 9,404,497 HengTen Networks Group Ltd.(a)(b) ...... 23,351,200 22,890,344 Glory Sun Financial Group Ltd.(a) ...... 145,236,000 4,418,031 Hengtong Optic-Electric Co. Ltd., Class A ...... 2,637,500 4,915,147 Inc., Class A ...... 1,869,662 11,458,426 Hengyi Petrochemical Co. Ltd., Class A ...... 2,821,561 5,545,826 GOME Holdings Ltd.(a)(b) ...... 101,659,000 16,229,811 Hi Sun Technology China Ltd.(a)(b) ...... 24,882,000 4,677,677 Gotion High-tech Co. Ltd., Class A(a) ...... 897,500 5,069,729 Hithink RoyalFlush Information Network Co. Ltd., Grand Baoxin Auto Group Ltd.(a) ...... 166,000 13,920 Class A ...... 361,702 6,799,166 Great Wall Motor Co. Ltd., Class A ...... 1,334,200 7,770,758 Hope Education Group Co. Ltd.(b)(c) ...... 28,876,000 8,482,539 Great Wall Motor Co. Ltd., Class H(b)...... 26,179,500 73,137,941 Holdings Ltd.(b) ...... 5,696,900 28,028,849 Greenland Holdings Corp. Ltd., Class A ...... 5,720,632 5,237,921 Hua Han Health Industry Holdings Ltd.(a)(b)(d) . . . . 22,424,288 29 Greenland Hong Kong Holdings Ltd...... 9,314,000 3,190,808 Hua Hong Semiconductor Ltd.(a)(c) ...... 4,499,000 24,119,621 Holdings Ltd.(b) ...... 8,391,000 9,577,344 Hua Medicine(a)(c) ...... 4,450,500 2,834,773 Greentown Management Holdings Co. Ltd.(a)(c) . . 4,629,000 3,266,959 Huabao International Holdings Ltd.(b)...... 8,518,000 13,761,389 Greentown Service Group Co. Ltd.(b)...... 12,520,000 19,903,528 Huadong Medicine Co. Ltd., Class A ...... 1,292,851 10,762,107 GSX Techedu Inc., ADR(a)(b) ...... 1,007,323 18,675,768 Huafon Chemical Co. Ltd., Class A...... 2,764,200 5,383,908 Haid Group Co. Ltd., Class A ...... 947,120 11,789,517 Hualan Biological Engineering Inc., Class A . . . . . 1,106,120 7,030,699 Ltd...... 24,610,000 36,167,060 Huaneng Power International Inc., Class H ...... 32,074,000 11,495,609 Guangdong Kinlong Hardware Products Co. Co. Ltd., Class A...... 3,782,751 10,221,027 Ltd., Class A ...... 253,300 7,192,870 Huatai Securities Co. Ltd., Class H(c)...... 11,998,000 18,592,689 Guangzhou Automobile Group Co. Ltd., Class H. 24,651,200 20,970,532 Huaxia Bank Co. Ltd., Class A ...... 11,650,818 11,780,565 Huaxin Cement Co. Ltd., Class A ...... 1,309,969 4,493,237

5 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Huayu Automotive Systems Co. Ltd., Class A.... 1,894,510 $ 7,300,771 Juewei Food Co. Ltd., Class A ...... 429,200 $ 5,790,026 Huazhu Group Ltd., ADR(a) ...... 1,474,218 84,281,043 JW Cayman Therapeutics Co. Ltd.(a)(c) ...... 941,500 3,531,282 Hubei Biocause Pharmaceutical Co. Ltd., Kaisa Group Holdings Ltd...... 22,004,000 10,125,605 Class A ...... 6,181,271 3,850,751 Kaisa Prosperity Holdings Ltd.(b) ...... 823,250 3,284,683 Humanwell Healthcare Group Co. Ltd., Class A. . 848,300 3,773,188 Kama Co. Ltd., Class B(a) ...... 176,849 55,354 Hundsun Technologies Inc., Class A ...... 787,948 11,657,164 Kangji Medical Holdings Ltd...... 2,808,000 4,952,814 Hutchmed China Ltd., ADR(a)(b) ...... 629,508 18,727,863 KE Holdings Inc., ADR(a) ...... 2,922,408 151,643,751 HUYA Inc., ADR(a)(b)...... 687,394 10,517,128 Kingboard Holdings Ltd...... 5,908,700 31,440,757 iClick Interactive Asia Group Ltd., ADR(a)(b) ...... 647,721 7,364,588 Kingboard Laminates Holdings Ltd...... 9,226,500 19,694,044 Iflytek Co. Ltd., Class A...... 1,403,284 13,729,303 Kingdee International Software Group I-Mab, ADR(a) ...... 216,926 17,586,191 Co. Ltd.(b) ...... 22,003,000 89,411,889 IMAX China Holding Inc.(c) ...... 1,404,900 2,258,659 Kingfa Sci & Tech Co. Ltd., Class A ...... 1,786,600 6,345,584 Industrial & Commercial Bank of China Ltd., Kingsoft Cloud Holdings Ltd., ADR(a)(b) ...... 494,383 19,310,600 Class A ...... 27,783,180 22,769,954 Kingsoft Corp. Ltd.(b) ...... 7,984,000 53,867,329 Industrial & Commercial Bank of China Ltd., Co. Ltd., Class B ...... 9,084,918 2,822,773 Class H ...... 476,423,000 312,776,190 Koolearn Technology Holding Ltd.(a)(b)(c)...... 3,315,500 5,149,534 Co. Ltd., Class A...... 10,383,279 37,746,406 Kuaishou Technology(a)(b)(c)...... 2,229,900 55,893,332 Industrial Securities Co. Ltd., Class A ...... 5,995,624 10,463,014 Kuang-Chi Technologies Co. Ltd., Class A(a)..... 1,511,000 4,447,743 Inner Mongolia Union Co. Ltd., Co. Ltd...... 33,338,000 25,177,258 Class A(a) ...... 32,669,000 8,439,958 Co. Ltd., Class A ...... 637,492 222,524,326 Inner Mongolia Junzheng Energy & Chemical KWG Group Holdings Ltd...... 11,084,000 17,055,000 Industry Group Co. Ltd., Class A ...... 6,038,800 5,364,731 KWG Living Group Holdings Ltd.(a)...... 11,817,999 12,348,010 Inner Mongolia Yili Industrial Group Co. Ltd., Lee & Man Paper Ltd...... 12,439,000 10,854,931 Class A ...... 3,063,862 19,543,049 Lee's Pharmaceutical Holdings Ltd.(b) ...... 3,793,500 2,341,672 Inner Mongolia Yitai Coal Co. Ltd., Class B ...... 9,870,295 6,293,122 Group Ltd.(b) ...... 62,280,000 74,701,116 Innovent Biologics Inc.(a)(c) ...... 9,787,000 118,452,658 Lens Technology Co. Ltd., Class A ...... 2,642,915 12,138,821 Electronic Information Industry Co. Ltd., Lepu Medical Technology Beijing Co. Ltd., Class A ...... 1,256,972 5,786,235 Class A ...... 1,351,400 7,074,621 Inspur International Ltd.(a) ...... 5,330,000 1,408,521 LexinFintech Holdings Ltd., ADR(a)(b)...... 999,568 9,136,052 Intco Medical Technology Co. Ltd., Class A...... 181,700 4,058,348 Li Auto Inc., ADR(a)(b)...... 3,928,468 91,533,304 iQIYI Inc., ADR(a)(b) ...... 2,412,748 34,405,786 Li Ning Co. Ltd...... 18,919,500 177,474,537 Jafron Biomedical Co. Ltd., Class A ...... 625,673 8,507,915 Lifetech Scientific Corp.(a)(b) ...... 31,814,000 21,040,635 Jason Furniture Hangzhou Co. Ltd., Class A..... 593,900 7,503,605 Lingyi iTech Guangdong Co., Class A ...... 4,663,133 6,259,484 JCET Group Co. Ltd., Class A(a) ...... 1,071,600 5,845,628 Logan Group Co. Ltd...... 11,476,000 18,450,656 JD Health International Inc.(a)(b)(c) ...... 2,579,850 34,298,363 Lomon Billions Group Co. Ltd., Class A ...... 1,416,107 7,584,797 JD.com Inc., ADR(a) ...... 7,336,414 542,454,451 Longfor Group Holdings Ltd.(c) ...... 15,472,500 90,577,858 Jiangsu Eastern Shenghong Co. Ltd., Class A. . . 1,703,300 4,638,073 LONGi Green Energy Technology Co. Ltd., Jiangsu Expressway Co. Ltd., Class H ...... 9,860,000 11,923,461 Class A ...... 2,014,518 32,412,897 Jiangsu Hengli Hydraulic Co. Ltd., Class A ...... 779,596 9,782,152 Holdings Ltd...... 20,577,000 7,182,820 Co. Ltd., Class A ..... 2,663,686 36,188,701 Lu Thai Textile Co. Ltd., Class B ...... 355,350 161,244 Jiangsu King's Luck Brewery JSC Ltd., Class A. . 927,656 8,690,045 Lufax Holding Ltd., ADR(a)(b) ...... 1,672,868 20,392,261 Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Luxshare Precision Industry Co. Ltd., Class A . . . 3,613,397 22,180,127 Class A ...... 779,551 26,713,126 Luye Pharma Group Ltd.(b)(c) ...... 15,576,000 11,090,096 Jiangsu Zhongnan Construction Group Co. Ltd., Co. Ltd., Class A ...... 767,808 33,252,812 Class A ...... 2,935,851 3,154,175 LVGEM China Real Estate Investment Co. Ltd. . . 10,944,000 2,975,407 Jiangxi Copper Co. Ltd., Class H ...... 11,287,000 26,740,593 Mango Excellent Media Co. Ltd., Class A...... 1,070,432 12,448,223 Jiangxi Zhengbang Technology Co. Ltd., Maoyan Entertainment(a)(b)(c) ...... 4,965,800 8,496,874 Class A ...... 2,532,100 5,036,177 Maxscend Microelectronics Co. Ltd., Class A . . . . 177,420 11,906,364 Jiayuan International Group Ltd...... 15,220,000 7,746,395 Meinian Onehealth Healthcare Holdings Co. International Resources Ltd., Class A(a) ...... 2,639,528 4,840,098 Co. Ltd.(b) ...... 32,204,000 5,469,833 Inc.(a)(c) ...... 22,886,500 5,805,458 Jinke Properties Group Co. Ltd., Class A ...... 3,724,100 3,531,178 , Class B(a)(c) ...... 30,672,300 1,191,801,860 JinkoSolar Holding Co. Ltd., ADR(a)(b) ...... 318,811 11,671,671 Metallurgical Corp. of China Ltd., Class A ...... 8,198,400 3,910,269 Jinxin Fertility Group Ltd.(c) ...... 11,422,000 32,907,291 MH Development Ltd.(a)(b)(d) ...... 4,108,000 614,011 JiuGui Liquor Co. Ltd., Class A ...... 239,300 9,296,905 Microport Scientific Corp.(b) ...... 5,700,000 47,687,265 Jiumaojiu International Holdings Ltd.(a)(b)(c) ...... 6,604,000 26,161,901 Co. Ltd., Class A...... 1,783,800 22,748,096 JNBY Design Ltd...... 2,610,000 4,782,203 Ming Yuan Cloud Group Holdings Ltd.(a)...... 3,628,000 18,960,954 Jonjee Hi-Tech Industrial And Commercial Minth Group Ltd...... 6,426,000 27,384,466 Holding Co. Ltd., Class A ...... 599,042 4,717,290 MMG Ltd.(a)(b)...... 21,807,999 12,723,902 JOYY Inc., ADR(b)...... 504,050 38,786,647 Mobvista Inc.(a)(b)(c) ...... 5,416,000 5,650,727

6 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Momo Inc., ADR ...... 1,329,501 $ 18,652,899 Postal Savings Bank of China Co. Ltd., Muyuan Foods Co. Ltd., Class A...... 1,952,516 27,381,732 Class H(c) ...... 80,213,000 $ 57,809,172 NanJi E-Commerce Co. Ltd., Class A ...... 1,994,885 3,202,091 Pou Sheng International Holdings Ltd.(a) ...... 23,900,000 5,907,152 Nanjing Securities Co. Ltd., Class A...... 3,096,400 4,589,138 Power Construction Corp. of China Ltd., Class A. 12,116,244 7,435,446 NARI Technology Co. Ltd., Class A ...... 2,600,014 12,734,127 Powerlong Commercial Management NAURA Technology Group Co. Ltd., Class A .... 326,175 9,677,222 Holdings Ltd...... 2,151,500 8,360,609 NavInfo Co. Ltd., Class A...... 2,485,650 5,484,598 Powerlong Real Estate Holdings Ltd...... 7,823,000 7,643,028 NetDragon Websoft Holdings Ltd.(b)...... 2,762,000 8,163,505 Q Technology Group Co. Ltd...... 4,615,000 7,658,378 NetEase Inc., ADR ...... 3,467,330 408,902,227 Redco Properties Group Ltd.(b)(c) ...... 10,546,000 3,698,248 Co. Ltd., Class A ..... 1,051,401 8,429,889 Redsun Properties Group Ltd.(b) ...... 14,492,000 4,985,716 New China Life Insurance Co. Ltd., Class H ..... 6,772,900 25,354,507 Renrui Human Resources Technology New Hope Liuhe Co. Ltd., Class A ...... 2,805,093 6,721,893 Holdings Ltd.(a) ...... 585,800 1,793,637 New Oriental Education & Technology RiseSun Real Estate Development Co. Ltd., Group Inc., ADR(a)(b)...... 13,044,577 133,446,023 Class A ...... 6,352,962 6,282,748 Newborn Town Inc.(a)...... 5,526,000 4,939,002 RLX Technology Inc., ADR(a)(b) ...... 1,061,529 12,005,893 Nexteer Automotive Group Ltd.(b) ...... 7,731,000 9,508,565 Road King Infrastructure Ltd...... 3,333,000 4,425,456 Nine Dragons Paper Holdings Ltd...... 14,151,000 21,353,903 Rongsheng Petrochemical Co. Ltd., Class A. . . . . 3,313,000 13,786,243 Ninestar Corp., Class A ...... 1,092,000 4,519,908 Ronshine China Holdings Ltd...... 6,761,500 4,601,501 Baofeng Energy Group Co. Ltd., SAIC Motor Corp. Ltd., Class A ...... 3,484,800 11,112,872 Class A ...... 3,041,300 6,800,369 Sanan Optoelectronics Co. Ltd., Class A ...... 2,793,400 12,174,189 NIO Inc., ADR(a)(b) ...... 10,999,855 424,814,400 Sangfor Technologies Inc., Class A ...... 271,800 11,575,228 Niu Technologies, ADR(a)(b) ...... 320,183 10,668,498 International Holdings Noah Holdings Ltd., ADR(a)(b) ...... 291,294 13,277,181 Co. Ltd.(b) ...... 10,952,000 12,167,873 Co. Ltd., Class H(a)(b)(c) ...... 3,329,600 19,693,881 Sany Heavy Industry Co. Ltd., Class A ...... 4,389,316 20,951,783 Offcn Education Technology Co. Ltd., Class A . . . 1,551,900 6,077,339 Scholar Education Group...... 150,000 103,167 Offshore Oil Engineering Co. Ltd., Class A ...... 2,502,400 1,730,827 SDIC Capital Co. Ltd., Class A...... 3,462,600 7,568,272 OFILM Group Co. Ltd., Class A ...... 2,012,689 2,772,944 SDIC Power Holdings Co. Ltd., Class A ...... 4,525,354 6,868,364 OneConnect Financial Technology Co. Seazen Group Ltd...... 18,796,000 21,601,455 Ltd., ADR(a) ...... 991,231 14,333,200 Seazen Holdings Co. Ltd., Class A...... 1,450,426 11,080,314 OneSmart International Education Group SF Holding Co. Ltd., Class A ...... 2,329,692 25,511,916 Ltd., ADR(a)(b) ...... 821,100 1,190,595 SG Micro Corp., Class A...... 120,400 5,377,915 Oppein Home Group Inc., Class A ...... 358,280 8,351,100 Coal Industry Co. Ltd., Class A ...... 5,518,754 10,319,477 Orient Securities Co. Ltd., Class A ...... 5,141,968 8,588,122 Shandong Airlines Co. Ltd., Class B(a)...... 75 40 Oriental Pearl Group Co. Ltd., Class A ...... 5,238,667 7,354,774 Shandong Gold Mining Co. Ltd., Class A ...... 2,234,501 7,520,112 Ovctek China Inc., Class A ...... 626,165 9,970,997 Shandong Gold Mining Co. Ltd., Class H(b)(c) .... 4,517,500 9,916,035 PAX Global Technology Ltd...... 7,917,000 9,883,004 Shandong Hualu Hengsheng Chemical Co. Ltd., Peijia Medical Ltd.(a)(c)...... 1,429,000 5,326,192 Class A ...... 1,476,750 6,521,874 People's Insurance Co. Group of China Ltd. Shandong Linglong Tyre Co. Ltd., Class A...... 763,000 5,771,576 (The), Class H ...... 74,617,000 27,593,936 Shandong Weigao Group Medical Polymer Co. Perennial Energy Holdings Ltd...... 6,030,000 2,341,014 Ltd., Class H ...... 21,496,000 47,459,913 Perfect World Co. Ltd., Class A ...... 1,348,686 4,520,736 Shang Gong Group Co. Ltd., Class B(a) ...... 143,906 47,489 PetroChina Co. Ltd., Class A ...... 6,512,200 4,731,878 Shanghai Bairun Investment Holding Group Co. PetroChina Co. Ltd., Class H ...... 173,412,000 70,912,010 Ltd., Class A ...... 421,100 8,189,368 Pharmaron Beijing Co. Ltd., Class A ...... 253,200 7,187,755 Shanghai Baosight Software Co. Ltd., Class A. . . 775,444 8,106,813 Pharmaron Beijing Co. Ltd., Class H(c) ...... 1,202,800 28,792,028 Shanghai Chlor-Alkali Chemical Co. Ltd., PICC Property & Casualty Co. Ltd., Class H..... 56,869,040 54,335,181 Class B ...... 5,802,203 3,010,902 Pinduoduo Inc., ADR(a)(b) ...... 3,717,679 464,263,753 Shanghai Construction Group Co. Ltd., Class A. . 20,813,600 9,523,533 Co. Ltd., Class A ...... 9,952,636 37,890,073 Shanghai Fosun Pharmaceutical Group Co. Ltd., Ping An Healthcare and Technology Class A ...... 1,017,300 11,100,589 Co. Ltd.(a)(b)(c) ...... 4,017,300 47,118,854 Shanghai Fosun Pharmaceutical Group Co. Ltd., Group Co. of China Ltd., Class H(b) ...... 4,266,500 35,507,793 Class A ...... 5,913,212 66,823,336 Shanghai Fudan Microelectronics Group Co. Ping An Insurance Group Co. of China Ltd., Ltd., Class H(a) ...... 2,686,000 4,483,520 Class H ...... 53,707,500 583,890,571 Shanghai Haixin Group Co., Class B...... 6,951,891 2,392,146 Poly Developments and Holdings Group Co. Shanghai Haohai Biological Technology Co. Ltd., Ltd., Class A ...... 5,256,611 11,181,321 Class H(b)(c) ...... 437,700 5,549,302 Group Co. Ltd...... 17,531,000 5,011,907 Shanghai Industrial Holdings Ltd...... 4,599,000 7,314,133 Poly Property Services Co. Ltd., Class H(b) ...... 1,194,400 9,617,931 Shanghai Industrial Urban Development Postal Savings Bank of China Co. Ltd., Class A. . 12,567,600 11,074,593 Group Ltd...... 28,222,200 2,797,481 Shanghai International Airport Co. Ltd., Class A. . 664,503 5,171,739

7 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Shanghai International Port Group Co. Ltd., Skshu Paint Co. Ltd., Class A...... 244,300 $ 9,065,525 Class A ...... 12,436,500 $ 9,177,182 Skyfame Realty Holdings Ltd...... 41,990,000 5,409,995 Shanghai Jin Jiang Online Network Service Co. Group Ltd.(a) ...... 20,726,000 5,905,718 Ltd., Class B ...... 2,951,835 2,083,314 Smoore International Holdings Ltd.(c)...... 9,808,000 70,190,069 Shanghai Jinjiang International Hotels Co. Ltd., SOHO China Ltd.(a) ...... 19,225,000 5,943,059 Class A ...... 722,378 7,127,303 .com Ltd., ADR(a) ...... 289,435 5,102,739 Shanghai Kindly Medical Instruments Co. Ltd., Songcheng Performance Development Co. Ltd., Class H ...... 339,800 1,856,175 Class A ...... 1,982,756 5,526,628 Shanghai Lujiazui Finance & Trade Zone SOS Ltd., ADR(a)...... 1,535,492 5,174,608 Development Co. Ltd., Class B...... 10,014,224 8,692,006 Spring Airlines Co. Ltd., Class A ...... 742,496 7,624,842 Shanghai M&G Stationery Inc., Class A ...... 651,847 8,639,917 SSY Group Ltd...... 14,228,411 9,457,659 Shanghai Pharmaceuticals Holding Co. Ltd., Sun Art Retail Group Ltd...... 16,618,500 12,614,465 Class H ...... 7,398,000 16,725,096 China Holdings Ltd...... 21,633,000 79,830,528 Shanghai Pudong Development Bank Co. Ltd., Sunac Services Holdings Ltd.(a)(c)...... 4,190,000 13,112,483 Class A ...... 13,595,933 21,960,006 Sungrow Power Supply Co. Ltd., Class A...... 843,700 12,883,777 Shanghai Putailai New Energy Technology Co. Suning.com Co. Ltd., Class A...... 6,698,471 7,169,655 Ltd., Class A ...... 505,760 8,259,662 Technology Group Co. Ltd...... 6,091,400 155,150,994 Shanghai RAAS Blood Products Co. Ltd., Sunwoda Electronic Co. Ltd., Class A ...... 1,451,000 6,813,672 Class A ...... 4,845,034 5,831,067 Superb Summit International Group Ltd.(a)(d). . . . . 1,998,771 1,316 Shanxi Meijin Energy Co. Ltd., Class A(a) ...... 3,667,717 4,324,730 Dongshan Precision Manufacturing Co. Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Ltd., Class A ...... 1,423,000 4,064,700 Class A ...... 462,614 33,742,117 TAL Education Group, ADR(a)...... 3,474,360 138,870,169 Shenergy Co. Ltd., Class A ...... 6,218,842 5,957,446 TCL Electronics Holdings Ltd...... 9,189,000 6,107,297 Sheng Ye Capital Ltd.(b) ...... 6,487,000 6,227,132 TCL Technology Group Corp., Class A ...... 7,720,000 9,820,300 Shengyi Technology Co. Ltd., Class A...... 1,530,200 5,512,974 Holdings Ltd...... 48,850,800 3,930,314,753 Shennan Circuits Co. Ltd., Class A...... 303,971 4,143,165 Tencent Music Entertainment Group, ADR(a)(b). . . 5,553,563 87,413,082 Shenwan Hongyuan Group Co. Ltd., Class A .... 16,912,792 12,746,626 Thunder Software Technology Co. Ltd., Class A . 399,100 9,488,372 Goodix Technology Co. Ltd., Class A . 301,052 6,051,784 Co. Ltd.(b) ...... 10,136,000 4,528,612 Shenzhen Inovance Technology Co. Ltd., Tianjin Port Development Holdings Ltd...... 46,304,000 4,057,096 Class A ...... 921,140 14,302,075 Tianjin Zhonghuan Semiconductor Co. Ltd., Shenzhen International Holdings Ltd...... 9,620,750 14,634,699 Class A ...... 2,520,891 11,424,746 Shenzhen Investment Ltd...... 26,364,000 9,365,992 Tianli Education International Holdings Ltd...... 13,041,000 7,467,506 Shenzhen Kangtai Biological Products Co. Ltd., Tianma Microelectronics Co. Ltd., Class A...... 2,193,032 4,772,995 Class A ...... 383,300 10,775,067 Tianneng Power International Ltd.(b) ...... 6,234,000 11,456,798 Shenzhen Mindray Bio-Medical Electronics Co. Tianshui Huatian Technology Co. Ltd., Class A . . 2,732,378 5,507,288 Ltd., Class A ...... 601,546 45,770,045 Times Neighborhood Holdings Ltd.(b)...... 7,189,000 5,874,116 Shenzhen Co. Ltd., Tingyi Cayman Islands Holding Corp...... 16,698,000 31,712,107 Class A ...... 5,712,302 7,491,301 Toly Bread Co. Ltd., Class A ...... 729,630 4,012,160 Shenzhen Sunway Communication Co. Ltd., Tong Ren Tang Technologies Co. Ltd., Class H . . 6,780,000 6,814,158 Class A ...... 846,200 3,740,423 Tongcheng-Elong Holdings Ltd.(a) ...... 7,981,600 21,568,323 Group Holdings Ltd...... 7,064,400 181,864,441 Tongda Group Holdings Ltd.(a) ...... 36,790,000 2,893,236 Shimao Group Holdings Ltd...... 10,291,500 29,195,284 Tongdao Liepin Group(a)...... 2,053,000 6,137,123 Shimao Services Holdings Ltd.(c)...... 4,054,000 11,235,592 Tonghua Dongbao Pharmaceutical Co. Ltd., Shoucheng Holdings Ltd.(b) ...... 23,350,800 5,418,042 Class A ...... 1,545,299 3,020,600 Shougang Fushan Resources Group Ltd...... 30,208,000 8,009,135 Tongwei Co. Ltd., Class A ...... 2,341,659 14,818,374 Ltd...... 42,089,666 7,049,136 Topchoice Medical Corp., Class A(a)...... 194,699 10,760,177 Sichuan Chuantou Energy Co. Ltd., Class A..... 3,848,846 7,108,031 Topsports International Holdings Ltd.(c) ...... 11,905,000 18,118,998 Sichuan Kelun Pharmaceutical Co. Ltd., Class A. 1,105,920 3,864,876 Co. Ltd...... 10,373,000 6,818,383 Sichuan Languang Justbon Services Group Co. TravelSky Technology Ltd., Class H...... 7,903,000 17,110,563 Ltd., Class H ...... 640,000 4,267,068 Trip.com Group Ltd., ADR(a)(b) ...... 4,299,703 179,942,571 Sichuan Swellfun Co. Ltd., Class A...... 344,400 6,910,555 Co. Ltd., Class A ...... 471,100 7,778,324 Sihuan Pharmaceutical Holdings Group Ltd.(b). . . 35,129,000 17,215,709 Tsingtao Brewery Co. Ltd., Class H ...... 4,444,000 48,558,930 Sino Biopharmaceutical Ltd...... 88,545,000 99,506,387 Unigroup Guoxin Microelectronics Co. Ltd., Sinofert Holdings Ltd...... 29,650,000 3,969,342 Class A ...... 404,010 8,851,271 Sinolink Securities Co. Ltd., Class A ...... 2,641,200 5,586,285 Uni-President China Holdings Ltd...... 11,067,000 11,954,557 Sino-Ocean Group Holding Ltd...... 26,198,500 5,497,199 Unisplendour Corp. Ltd., Class A ...... 1,981,061 6,287,110 Engineering Group Co. Ltd., Class H . . . 14,214,500 9,010,809 Untrade SMI Holdings(a)(b)(d) ...... 12,533,884 16 Sinopec Kantons Holdings Ltd.(b) ...... 12,534,000 4,940,935 Untrade Youyuan Holdings, NVS(b)(d)...... 5,307,000 106,675 Co. Ltd., Class H...... 11,367,200 38,646,708 Up Fintech Holding Ltd., ADR(a)...... 622,388 14,184,223 Sinotruk Hong Kong Ltd...... 6,030,500 14,121,128 Venus MedTech Hangzhou Inc., Class H(a)(c) . . . . 1,639,000 15,089,990

8 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Vinda International Holdings Ltd.(b)...... 3,099,000 $ 9,840,151 Co. Ltd., Class A ...... 648,252 $ 12,812,015 Vipshop Holdings Ltd., ADR(a) ...... 3,817,103 88,289,592 Yunnan Energy New Material Co. Ltd., Class A . . 597,432 16,722,458 Viva Biotech Holdings(c) ...... 6,333,500 8,877,260 Bus Co. Ltd., Class A ...... 1,994,290 4,167,474 Walvax Biotechnology Co. Ltd., Class A ...... 921,089 10,175,856 Yuzhou Group Holdings Co. Ltd...... 19,140,400 5,494,729 Co. Ltd., Class A...... 1,663,586 28,469,919 Zai Lab Ltd., ADR(a) ...... 655,879 116,523,463 Holdings Ltd...... 42,465,000 31,572,639 Zepp Health Corp., ADR(a)(b)...... 323,520 3,231,965 Weibo Corp., ADR(a)(b) ...... 507,620 25,807,401 Zhangzhou Pientzehuang Pharmaceutical Co. Co. Ltd., Class A...... 3,146,800 8,828,857 Ltd., Class A ...... 314,969 19,034,851 Weichai Power Co. Ltd., Class H...... 16,394,000 36,855,224 Industry Co. Ltd., Class H ...... 9,507,500 10,262,593 Weimob Inc.(a)(b)(c) ...... 14,274,000 32,688,442 Century Huatong Group Co. Ltd., Wens Foodstuffs Group Co. Ltd., Class A ...... 3,830,441 8,419,001 Class A(a) ...... 6,232,995 6,464,290 West China Cement Ltd...... 23,578,000 4,071,934 Zhejiang Chint Electrics Co. Ltd., Class A ...... 1,760,073 8,911,828 Western Securities Co. Ltd., Class A ...... 5,012,555 6,953,908 Zhejiang Co. Ltd., Class A . . . 2,284,829 8,315,619 Wharf Holdings Ltd. (The) ...... 12,046,000 41,583,655 Zhejiang Dingli Machinery Co. Ltd., Class A ..... 398,900 4,055,867 Will Semiconductor Co. Ltd. Shanghai, Class A. . 459,303 21,801,151 Zhejiang Expressway Co. Ltd., Class H ...... 13,004,000 11,290,488 Wingtech Technology Co. Ltd., Class A...... 750,900 10,355,739 Zhejiang Huahai Pharmaceutical Co. Ltd., Winning Health Technology Group Co. Ltd., Class A ...... 1,176,062 3,915,353 Class A ...... 1,831,455 4,777,580 Zhejiang Huayou Cobalt Co. Ltd., Class A ...... 748,932 12,211,023 Wisdom Education International Holdings Zhejiang Longsheng Group Co. Ltd., Class A. . . . 2,681,674 6,002,853 Co. Ltd.(b) ...... 7,518,000 2,450,243 Zhejiang NHU Co. Ltd., Class A...... 1,733,249 8,712,503 Wuhan Guide Infrared Co. Ltd., Class A...... 1,375,684 8,251,294 Zhejiang Sanhua Intelligent Controls Co. Ltd., Wuhu Sanqi Interactive Entertainment Network Class A ...... 2,436,516 8,555,825 Technology Group Co. Ltd., Class A ...... 1,360,837 5,184,546 Zhejiang Co. Ltd., Class A ...... 543,940 6,059,641 Yibin Co. Ltd., Class A...... 2,008,648 99,729,396 Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., WUS Printed Circuit Kunshan Co. Ltd., Class A. . 1,711,897 4,130,907 Class A ...... 354,798 3,829,533 WuXi AppTec Co. Ltd., Class A ...... 1,160,183 30,539,498 Zhenro Properties Group Ltd.(b) ...... 15,190,000 9,668,801 WuXi AppTec Co. Ltd., Class H(c) ...... 2,843,107 60,825,893 Zheshang Securities Co. Ltd., Class A ...... 2,528,800 5,292,870 Wuxi Biologics Cayman Inc., New(a)(c)...... 28,591,000 447,180,916 ZhongAn Online P&C Insurance Co. Ltd., Wuxi Lead Intelligent Equipment Co. Ltd., Class H(a)(b)(c) ...... 4,043,400 20,825,597 Class A ...... 544,192 8,205,742 Zhongji Innolight Co. Ltd., Class A ...... 668,774 4,333,231 XCMG Construction Machinery Co. Ltd., Corp. Ltd., Class A...... 4,128,846 6,337,059 Class A ...... 6,653,478 7,021,275 Zhongsheng Group Holdings Ltd...... 4,910,500 42,234,177 XD Inc.(a)(b) ...... 1,641,200 13,306,870 Zhou Hei Ya International Holdings Co. Ltd.(b)(c) . 7,658,500 9,773,049 Xiabuxiabu Catering Management China Zhuguang Holdings Group Co. Ltd.(a) ...... 20,004,000 6,287,667 Holdings Co. Ltd.(c) ...... 4,674,000 5,570,948 Zhuzhou CRRC Times Electric Co. Ltd., Corp., Class B(a)(c) ...... 122,067,800 460,924,452 Class H ...... 4,669,300 22,656,613 Xingda International Holdings Ltd...... 15,021,000 4,138,210 Group Co. Ltd., Class A...... 10,031,800 17,784,036 Xinjiang Science & Technology Co. Zijin Mining Group Co. Ltd., Class H ...... 49,190,000 77,140,003 Ltd., Class H(b) ...... 7,288,434 12,423,502 Heavy Industry Science and Xinyi Solar Holdings Ltd...... 40,716,800 73,050,437 Technology Co. Ltd., Class A...... 3,511,600 5,948,947 XPeng Inc., ADR(a)(b) ...... 2,725,661 87,575,488 Zoomlion Heavy Industry Science and International Holdings Ltd.(b)...... 12,190,500 13,040,621 Technology Co. Ltd., Class H ...... 12,714,400 15,332,905 Yadea Group Holdings Ltd.(c) ...... 9,982,000 22,241,826 ZTE Corp., Class A ...... 1,805,539 8,941,905 Yango Group Co. Ltd., Class A ...... 3,402,100 2,980,328 ZTE Corp., Class H ...... 6,412,240 17,535,404 Yantai Jereh Oilfield Services Group Co. Ltd., ZTO Express Cayman Inc., ADR...... 3,658,980 117,416,668 Class A ...... 697,368 4,387,885 28,579,924,988 Yanzhou Coal Mining Co. Ltd., Class H ...... 14,614,000 19,492,730 Colombia — 0.1% Yealink Network Technology Corp. Ltd., Class A . 560,193 6,752,324 Bancolombia SA ...... 1,981,419 14,427,808 YiChang HEC ChangJiang Pharmaceutical Co. Cementos Argos SA...... 4,513,258 6,171,041 (b)(c) Ltd., Class H ...... 3,267,000 3,135,949 Corp. Financiera Colombiana SA(a) ...... 946,654 7,207,131 Yifeng Pharmacy Chain Co. Ltd., Class A ...... 423,057 5,910,535 SA ...... 40,678,753 24,025,477 (b) Yihai International Holding Ltd...... 4,097,000 32,770,152 Grupo Argos SA ...... 2,844,822 7,748,841 Yihai Kerry Arawana Holdings Co. Ltd., Class A . 733,000 10,625,225 Grupo de Inversiones Suramericana SA...... 1,994,996 10,771,257 Yonghui Superstores Co. Ltd., Class A ...... 6,624,934 5,960,101 Interconexion Electrica SA ESP...... 3,919,086 21,159,682 Yonyou Network Technology Co. Ltd., Class A. . . 2,093,231 11,950,535 91,511,237 Co. Ltd...... 48,680,880 12,100,563 Cyprus — 0.1% Yuexiu REIT ...... 19,669,000 10,411,328 Globaltrans Investment PLC, GDR(f) ...... 794,510 5,197,009 Yuexiu Transport Infrastructure Ltd...... 13,432,000 8,172,267 Ozon Holdings PLC, ADR(a) ...... 204,422 10,878,297 Yum China Holdings Inc...... 3,527,068 238,570,879 Yunda Holding Co. Ltd., Class A ...... 1,980,237 4,485,311

9 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Cyprus (continued) (continued) TCS Group Holding PLC, GDR(f)...... 1,039,637 $ 78,180,421 Adani Power Ltd.(a)...... 8,001,422 $ 10,211,307 (a) 94,255,727 Adani Total Gas Ltd...... 2,390,666 44,421,749 (a) Czech Republic — 0.1% Ltd...... 1,858,664 37,787,976 (a) CEZ AS(b) ...... 1,386,463 41,560,261 Aditya Birla Capital Ltd...... 5,957,536 9,982,980 (a) Komercni Banka AS(a)...... 673,669 24,802,025 Aditya Birla Fashion and Retail Ltd...... 2,997,984 8,046,651 Moneta Money Bank AS(a)(c) ...... 4,651,405 17,438,616 Aegis Logistics Ltd...... 1,224,348 6,089,337 Affle India Ltd.(a) ...... 113,976 8,309,694 83,800,902 AIA Engineering Ltd.(a) ...... 385,736 10,217,256 Egypt — 0.1% Ltd...... 259,430 6,893,100 Commercial International Bank Egypt SAE ...... 11,252,541 38,438,399 Ltd.(a) ...... 538,068 7,064,379 Eastern Co. SAE...... 8,666,970 6,501,545 Alkyl Amines Chemicals ...... 81,702 4,144,323 Egyptian Financial Group-Hermes Amara Raja Batteries Ltd...... 905,583 9,264,005 Holding Co.(a) ...... 5,915,725 5,181,178 Amber Enterprises India Ltd.(a) ...... 272,467 10,251,711 EISewedy Electric Co...... 6,509,627 3,320,888 Ltd...... 6,165,593 27,840,952 Fawry for Banking & Payment Technology APL Apollo Tubes Ltd.(a)...... 186,445 3,338,013 Services SAE(a) ...... 2,418,674 3,355,351 Enterprise Ltd...... 834,634 36,666,327 Heliopolis Housing ...... 5,330,640 1,646,552 Ltd.(a) ...... 3,375,074 10,359,714 Juhayna Food Industries ...... 3,362,553 944,779 Ltd.(a)...... 12,214,786 20,825,082 Palm Hills Developments SAE ...... 17,467,791 1,873,176 Ltd...... 3,348,703 137,472,748 Six of October Development & Investment ...... 2,764,885 2,991,815 Astral Ltd...... 799,216 20,625,653 Talaat Moustafa Group ...... 7,756,954 2,870,113 AstraZeneca Pharma India Ltd...... 66,316 3,450,753 Telecom Egypt Co...... 3,945,067 2,869,369 Atul Ltd.(a) ...... 122,842 14,543,914 69,993,165 AU Small Finance Bank Ltd.(a)(c) ...... 785,095 10,704,429 Greece — 0.2% Ltd...... 2,577,938 35,593,683 (a)(b) Alpha Services and Holdings SA ...... 12,519,148 16,771,272 Avanti Feeds Ltd...... 505,574 4,170,686 Athens Water Supply & Sewage Co. SA...... 400,539 4,287,561 Avenue Supermarts Ltd.(a)(c)...... 1,427,978 60,476,263 Eurobank Ergasias Services and Holdings SA, Ltd.(a) ...... 19,404,563 200,183,907 (a)(b) Class A ...... 23,132,831 21,601,093 Ltd.(a) ...... 630,064 36,379,761 (a)(d) FF Group ...... 343,633 2,011,407 Bajaj Consumer Care Ltd...... 939,058 3,729,763 GEK Terna Holding Real Estate Bajaj Electricals Ltd.(a)...... 383,040 5,557,448 (a) Construction SA ...... 596,754 7,050,768 Ltd.(a)...... 2,330,046 180,888,384 Hellenic Organization SA. . . 2,038,077 36,731,949 Ltd.(a) ...... 339,537 55,350,179 Holding Co. ADMIE IPTO SA ...... 1,519,220 4,971,847 Ltd...... 790,628 23,981,147 JUMBO SA ...... 935,805 18,230,501 Balrampur Chini Mills Ltd...... 702,479 2,944,784 Motor Oil Hellas Corinth Refineries SA ...... 589,482 9,747,043 Ltd.(a)(c)...... 5,881,319 24,889,289 Mytilineos SA ...... 816,520 15,306,793 BASF India Ltd...... 117,582 3,947,046 (a) National Bank of Greece SA ...... 5,163,194 16,214,256 Bata India Ltd...... 600,829 12,805,617 OPAP SA...... 1,814,883 28,522,624 Bayer CropScience Ltd./India...... 118,451 8,654,199 (a)(b) Piraeus Financial Holdings SA ...... 350,617 650,630 India Ltd...... 2,102,866 23,376,527 Piraeus Port Authority SA...... 93,282 2,337,618 Ltd...... 7,280,290 14,571,749 (a)(b) Public Power Corp. SA ...... 1,086,038 11,985,331 Ltd.(a) ...... 2,001,654 18,627,157 Sarantis SA...... 241,093 2,593,087 Bharat Heavy Electricals Ltd.(a) ...... 8,869,654 8,704,781 Terna Energy SA...... 467,171 6,678,294 Corp. Ltd...... 7,494,640 48,782,336 (b) Titan Cement International SA ...... 357,934 7,740,178 Ltd...... 21,008,794 155,239,995 213,432,252 Ltd.(a) ...... 3,683,229 19,735,745 Hungary — 0.2% Blue Dart Express Ltd.(a) ...... 68,824 5,712,427 Telecommunications PLC ...... 4,841,630 6,832,878 Ltd.(a) ...... 489,818 5,566,628 MOL Hungarian Oil & Gas PLC(a) ...... 3,527,743 28,532,908 Ltd...... 955,856 45,416,645 Opus Global Nyrt(a)(b) ...... 2,034,983 1,696,062 (a) ...... 2,549,042 5,639,777 OTP Bank Nyrt(a)...... 1,939,899 105,975,157 Ceat Ltd.(a) ...... 241,309 4,392,442 Richter Gedeon Nyrt ...... 1,221,032 34,594,825 CESC Ltd...... 574,579 5,428,684 (a) 177,631,830 CG Power and Industrial Solutions Ltd...... 2,709,033 3,203,004 India — 10.8% Chambal Fertilizers and Chemicals Ltd...... 1,502,985 5,992,671 (a) 3M India Ltd.(a)...... 26,929 9,488,585 Cholamandalam Financial Holdings Ltd...... 880,293 7,713,790 Aarti Industries Ltd...... 781,529 18,082,527 Cholamandalam Investment and Finance Aavas Financiers Ltd.(a) ...... 284,903 8,940,928 Co. Ltd...... 3,633,953 27,490,782 (a) ACC Ltd...... 669,388 18,320,414 Ltd...... 3,944,418 51,519,223 (a) Adani Enterprises Ltd.(a)...... 1,820,663 33,049,485 Ltd...... 3,517,155 8,366,566 Ltd.(a) ...... 3,432,708 60,085,719 Ltd...... 10,816,537 22,038,549 Adani Ports & Special Economic Zone Ltd.(a) .... 4,573,306 48,511,544 Ltd...... 221,191 10,804,864

10 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) India (continued) Colgate-Palmolive India Ltd...... 1,080,893 $ 25,679,604 ICICI Securities Ltd.(c) ...... 782,966 $ 6,500,173 Container Corp. of India Ltd...... 2,411,305 22,681,984 IDFC First Bank Ltd.(a) ...... 21,486,856 17,338,945 Ltd...... 826,952 9,124,870 IDFC Ltd.(a) ...... 11,362,671 8,928,548 CreditAccess Grameen Ltd.(a) ...... 406,990 3,556,055 IIFL Wealth Management Ltd...... 316,660 5,194,384 CRISIL Ltd...... 191,123 5,114,803 India Cements Ltd. (The) ...... 1,712,000 4,298,717 Crompton Greaves Consumer Electricals Ltd. . . . 4,166,930 22,856,147 Housing Finance Ltd...... 2,549,940 7,835,021 India Ltd...... 1,152,229 12,498,605 IndiaMART Intermesh Ltd.(a)(c) ...... 111,114 11,318,767 Cyient Ltd.(a)...... 963,696 10,965,329 Indian Energy Exchange Ltd.(c) ...... 823,346 4,058,291 India Ltd...... 4,838,109 36,176,279 Indian Hotels Co. Ltd. (The) ...... 6,548,184 12,565,694 Dalmia Bharat Ltd.(a) ...... 682,259 16,584,442 Indian Oil Corp. Ltd...... 16,229,100 24,471,887 DCB Bank Ltd.(a)...... 1,747,770 2,527,220 Indian Railway Catering & Tourism Corp. Ltd.. . . . 372,155 9,783,172 Ltd.(a) ...... 644,352 15,850,411 Ltd...... 2,784,280 20,275,102 Dhani Services Ltd.(a) ...... 2,459,056 5,911,069 Ltd...... 5,316,613 17,777,370 Dilip Buildcon Ltd.(c) ...... 377,662 2,801,545 India Ltd.(a) ...... 669,126 40,242,925 Divi's Laboratories Ltd.(a) ...... 1,167,328 67,361,322 Ltd...... 29,098,885 559,263,946 India Ltd.(a)...... 276,265 15,347,586 Inox Leisure Ltd.(a) ...... 471,726 2,022,869 DLF Ltd...... 5,389,333 21,434,413 Intellect Design Arena Ltd.(a)...... 414,161 4,423,588 Dr Lal PathLabs Ltd.(c) ...... 269,963 11,015,729 InterGlobe Aviation Ltd.(a)(c)...... 859,428 20,761,674 Dr. Reddy's Laboratories Ltd...... 1,002,653 73,201,128 Ltd...... 614,268 17,540,846 Edelweiss Financial Services Ltd...... 4,610,219 4,147,096 IRB Infrastructure Developers Ltd...... 1,371,964 2,147,040 Ltd.(a) ...... 1,210,003 44,473,418 ITC Ltd...... 25,833,673 77,286,338 EIH Ltd.(a) ...... 1,618,691 2,438,970 Jindal Steel & Power Ltd.(a) ...... 3,948,729 22,213,389 Ltd...... 1,773,586 12,274,913 JK Cement Ltd.(a) ...... 283,380 11,120,693 Endurance Technologies Ltd.(a)(c) ...... 303,035 6,369,712 JM Financial Ltd...... 3,519,343 4,276,756 Engineers India Ltd...... 2,884,807 3,383,311 JSW Energy Ltd...... 3,117,658 5,047,538 Escorts Ltd...... 726,092 11,715,192 JSW Steel Ltd...... 7,439,547 73,065,044 Ltd...... 4,500,393 11,877,044 Jubilant Foodworks Ltd.(a) ...... 728,838 31,277,321 Ltd.(a) ...... 13,582,732 16,341,260 Jubilant Pharmova Ltd.(a) ...... 844,218 10,182,418 Finolex Cables Ltd...... 809,163 4,907,893 Just Dial Ltd.(a)...... 447,487 5,816,385 Ltd.(a) ...... 4,475,304 14,066,103 Jyothy Labs Ltd.(a) ...... 1,146,165 2,443,186 GAIL India Ltd...... 14,038,509 31,029,814 Kajaria Ceramics Ltd...... 757,575 10,091,439 Gillette India Ltd...... 60,474 4,670,818 Karur Vysya Bank Ltd. (The)(a)...... 3,983,006 3,141,077 Ltd...... 1,359,681 11,130,092 Kaveri Seed Co. Ltd...... 310,293 3,078,101 GMM Pfaudler Ltd...... 71,915 4,758,696 KEC International Ltd.(a) ...... 987,169 5,598,759 GMR Infrastructure Ltd.(a) ...... 22,079,307 7,944,765 KEI Industries Ltd...... 494,875 4,202,264 Ltd.(a) ...... 3,568,229 42,264,023 Ltd.(a) ...... 4,817,042 119,969,162 .(a) ...... 874,356 6,329,882 KRBL Ltd.(a) ...... 94,141 271,111 Godrej Properties Ltd.(a) ...... 972,858 18,361,898 L&T Finance Holdings Ltd.(a) ...... 9,081,968 11,710,678 Granules India Ltd...... 1,525,724 6,709,175 L&T Technology Services Ltd.(c) ...... 264,781 9,890,504 Graphite India Ltd.(a) ...... 679,509 7,024,518 Lakshmi Machine Works Ltd...... 40,334 3,714,464 Ltd...... 2,640,899 53,461,194 Larsen & Toubro Infotech Ltd.(c)...... 462,859 25,194,827 Great Eastern Shipping Co. Ltd. (The) ...... 895,506 5,075,277 Larsen & Toubro Ltd...... 5,940,819 120,501,475 Gujarat Fluorochemicals Ltd.(a) ...... 275,486 3,156,044 Laurus Labs Ltd.(c) ...... 2,870,239 20,720,034 Ltd...... 1,599,317 11,854,704 LIC Housing Finance Ltd...... 2,676,598 17,224,299 Gujarat Pipavav Port Ltd...... 3,020,149 4,479,186 Lupin Ltd...... 1,992,438 33,480,972 Gujarat State Petronet Ltd...... 2,454,738 9,176,733 Ltd...... 616,671 10,119,724 Happiest Minds Technologies Ltd.(a)...... 530,765 6,358,015 Mahindra & Mahindra Financial Services Ltd.(a). . 5,544,164 12,444,155 India Ltd...... 2,253,309 32,046,932 Mahindra & Mahindra Ltd...... 7,223,102 80,535,171 HCL Technologies Ltd...... 9,440,240 123,132,640 Mahindra CIE Automotive Ltd.(a) ...... 976,059 2,694,608 HDFC Asset Management Co. Ltd.(c)...... 470,194 19,223,003 Manappuram Finance Ltd...... 5,056,260 11,361,341 HDFC Life Insurance Co. Ltd.(a)(c)...... 6,848,888 62,826,402 Ltd...... 4,645,853 30,514,275 Hemisphere Properties India Ltd.(a) ...... 262,076 493,763 India Ltd...... 1,193,910 116,444,103 Hero MotoCorp Ltd...... 1,082,510 44,822,173 Max Financial Services Ltd.(a) ...... 1,812,561 23,356,069 Ltd...... 13,817,782 75,035,884 Metropolis Healthcare Ltd.(c) ...... 250,519 8,879,260 Corp. Ltd...... 6,032,319 23,214,076 Minda Industries Ltd...... 668,274 5,611,542 Hindustan Ltd...... 7,105,606 229,400,163 Mindspace Parks REIT(c) ...... 1,342,600 5,115,196 Housing Development Finance Corp. Ltd...... 14,648,916 514,887,884 Ltd...... 522,292 17,218,212 ICICI Bank Ltd.(a) ...... 43,950,516 402,899,800 Ltd.(a) ...... 11,122,053 36,802,382 ICICI Lombard General Insurance Co. Ltd.(c) .... 1,955,005 39,763,085 Motilal Oswal Financial Services Ltd...... 371,763 4,165,455 ICICI Prudential Life Insurance Co. Ltd.(a)(c) ..... 3,119,043 23,871,937 Ltd...... 763,173 20,480,396

11 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) India (continued) MRF Ltd...... 16,939 $ 19,537,221 Ltd...... 877,760 $ 12,956,275 Multi Commodity Exchange of India Ltd...... 215,682 4,602,473 Tata Consultancy Services Ltd...... 7,934,490 346,096,971 Ltd...... 1,084,322 19,715,673 Ltd...... 5,426,211 49,652,601 Ltd...... 854,888 12,381,765 Tata Elxsi Ltd...... 314,673 15,809,518 National Aluminium Co. Ltd...... 10,568,055 10,759,354 Ltd.(a)...... 14,487,872 63,580,164 Navin Fluorine International Ltd...... 295,398 13,113,682 Co. Ltd. (The) ...... 12,731,785 18,680,300 Nestle India Ltd...... 296,223 72,033,858 Ltd...... 5,535,772 86,051,970 Nippon Life India Asset Management Ltd.(c) ..... 1,237,646 6,336,195 TeamLease Services Ltd.(a)...... 102,508 4,887,009 NTPC Ltd...... 39,351,947 59,994,290 Ltd...... 5,548,650 78,405,144 Ltd.(a)...... 1,030,517 8,597,533 Thermax Ltd.(a) ...... 387,537 7,571,392 Oil & Natural Gas Corp. Ltd...... 22,114,873 34,619,625 Titan Co. Ltd...... 3,148,755 69,144,476 Ltd...... 2,069,670 3,778,011 Ltd...... 452,221 17,114,738 Oracle Financial Services Software Ltd...... 71,193 3,419,670 Ltd...... 1,636,312 9,779,213 Ltd...... 48,412 20,574,245 Ltd...... 1,617,032 19,099,317 Persistent Systems Ltd...... 422,576 14,808,421 TTK Prestige Ltd...... 58,236 6,854,605 Petronet LNG Ltd...... 6,645,624 22,188,365 Tube Investments of India Ltd...... 838,131 13,602,110 Phoenix Mills Ltd. (The)(a) ...... 673,593 7,322,938 TV18 Broadcast Ltd.(a) ...... 5,716,997 3,309,463 PI Industries Ltd...... 742,460 26,783,729 UltraTech Cement Ltd...... 947,592 87,479,294 Ltd.(a) ...... 1,364,686 39,474,359 Ltd.(a) ...... 2,665,541 22,564,308 Piramal Enterprises Ltd...... 864,975 21,614,846 UPL Ltd...... 4,486,259 50,443,872 PNB Housing Finance Ltd.(a)(c)...... 641,669 4,650,380 Ltd...... 897,875 12,518,114 Polycab India Ltd.(a) ...... 391,331 9,056,274 Vedanta Ltd...... 10,670,616 40,304,205 Power Grid Corp. of India Ltd...... 18,738,318 58,341,938 V-Guard Industries Ltd.(a)...... 1,531,692 5,907,028 Prestige Estates Projects Ltd.(a)...... 1,376,781 5,181,896 Vinati Organics Ltd...... 258,075 6,213,592 Procter & Gamble Health Ltd...... 62,284 5,107,365 VIP Industries Ltd.(a) ...... 446,063 2,265,253 PVR Ltd.(a) ...... 466,309 8,425,563 V-Mart Retail Ltd.(a) ...... 87,555 3,336,212 Quess Corp. Ltd.(c)...... 770,832 7,247,149 Idea Ltd.(a) ...... 81,698,954 9,743,473 Radico Khaitan Ltd...... 679,786 5,729,701 Ltd...... 1,926,657 26,821,374 Rajesh Ltd...... 605,549 4,348,234 Welspun India Ltd...... 3,431,590 4,217,536 Rallis India Ltd...... 927,512 3,999,606 Westlife Development Ltd.(a)...... 433,879 2,871,055 Ltd. (The)...... 1,051,392 14,021,709 Ltd...... 11,255,299 83,686,981 RBL Bank Ltd.(a)(c) ...... 3,767,987 11,092,460 Bank Ltd.(a) ...... 79,130,738 14,723,528 REC Ltd...... 7,857,290 15,822,989 Ltd., New, Redington India Ltd.(a)...... 2,631,188 9,570,161 (Acquired 03/16/20, Cost: $35,983,750)(a)(g) . . 12,578,231 1,922,732 Relaxo Footwears Ltd.(a) ...... 516,261 8,072,037 Zee Entertainment Enterprises Ltd...... 7,694,424 22,234,590 Ltd...... 24,278,431 720,778,619 8,949,127,123 (a) Route Mobile Ltd...... 133,111 3,078,179 — 1.2% India Ltd...... 81,218 8,662,883 Ace Hardware Indonesia Tbk PT...... 83,041,900 8,690,465 SBI Cards & Payment Services Ltd...... 996,409 14,341,123 Adaro Energy Tbk PT ...... 129,010,800 10,743,558 (c) SBI Life Insurance Co. Ltd...... 3,644,995 49,023,954 AKR Corporindo Tbk PT...... 18,731,600 4,244,563 Schaeffler India Ltd...... 66,692 4,832,368 Aneka Tambang Tbk ...... 75,912,643 13,024,239 (a) Ltd...... 96,056 36,636,603 Astra Agro Lestari Tbk PT ...... 5,953,100 3,674,791 Shriram Transport Finance Co. Ltd...... 1,682,811 33,035,991 Astra International Tbk PT...... 173,759,400 63,795,849 Ltd...... 644,611 18,577,617 Bank BTPN Syariah Tbk PT ...... 21,595,700 4,381,529 SRF Ltd...... 254,215 22,853,289 Bank Tbk PT ...... 90,693,700 202,244,765 (a) State ...... 15,555,835 91,041,086 Bank Mandiri Persero Tbk PT...... 159,762,500 67,005,433 Sterlite Technologies Ltd...... 1,658,851 5,728,895 Bank Negara Indonesia Persero Tbk PT ...... 64,475,800 24,366,953 Strides Pharma Science Ltd...... 563,736 5,982,762 Bank Pembangunan Daerah Jawa Barat Dan (a) Advanced Research Co. Ltd...... 998,720 3,087,278 Banten Tbk PT ...... 30,194,300 2,923,786 Sun Pharmaceutical Industries Ltd...... 7,340,811 67,627,718 Bank Rakyat Indonesia Persero Tbk PT...... 472,222,400 140,836,857 Sun TV Network Ltd...... 480,676 3,590,828 Bank Tabungan Negara Persero Tbk PT(a) ...... 46,413,876 5,306,761 Sundaram Finance Ltd...... 537,345 18,528,101 Barito Pacific Tbk PT...... 244,872,800 15,410,062 Sundram Fasteners Ltd...... 773,166 8,442,859 Bintang Oto Global Tbk PT(a) ...... 30,431,800 2,843,749 Sunteck Realty Ltd...... 469,114 1,856,719 Bukit Asam Tbk PT...... 35,399,300 5,475,855 Supreme Industries Ltd...... 560,935 17,554,357 Bumi Serpong Damai Tbk PT(a) ...... 84,890,100 6,658,485 Suven Pharmaceuticals Ltd...... 1,148,068 8,155,904 Charoen Pokphand Indonesia Tbk PT...... 65,657,400 31,004,538 Symphony Ltd...... 172,031 2,547,708 Ciputra Development Tbk PT ...... 107,190,227 8,061,039 (a)(c) Syngene International Ltd...... 1,117,818 8,971,762 Gudang Garam Tbk PT(a)...... 3,826,800 8,875,791 Tanla Platforms Ltd...... 243,387 3,050,632 Hanson International Tbk PT(a)(d) ...... 783,666,700 2,742,971 Ltd...... 1,440,560 14,004,896 Indah Kiat Pulp & Paper Tbk PT ...... 24,597,300 14,635,335

12 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Indonesia (continued) Malaysia (continued) Indocement Tunggal Prakarsa Tbk PT ...... 13,054,800 $ 11,052,373 Bermaz Auto Bhd ...... 9,199,000 $ 2,937,627 Indofood CBP Sukses Makmur Tbk PT...... 19,885,300 11,412,245 British American Tobacco Malaysia Bhd ...... 1,402,600 5,346,265 Indofood Sukses Makmur Tbk PT...... 38,397,500 17,063,319 Bursa Malaysia Bhd...... 5,499,300 10,869,494 Inti Agri Resources Tbk PT(a)(d) ...... 291,349,000 1,019,772 Carlsberg Brewery Malaysia Bhd(b) ...... 1,535,700 8,173,558 Japfa Comfeed Indonesia Tbk PT...... 45,777,900 6,369,783 CIMB Group Holdings Bhd ...... 55,288,300 57,245,494 Jasa Marga Persero Tbk PT ...... 21,677,280 5,988,703 D&O Green Technologies Bhd ...... 3,937,800 4,059,062 Kalbe Farma Tbk PT ...... 181,471,800 18,410,970 Dialog Group Bhd...... 33,969,896 23,743,951 Medco Energi Internasional Tbk PT(a) ...... 88,829,280 4,286,528 DiGi.Com Bhd(b) ...... 26,807,900 27,607,156 Media Nusantara Citra Tbk PT(a)...... 58,863,300 3,807,130 DRB-Hicom Bhd ...... 9,303,000 4,075,369 Merdeka Copper Gold Tbk PT(a) ...... 91,457,800 17,296,103 Focus Dynamics Group Bhd(a) ...... 14,576,000 158,684 Mitra Adiperkasa Tbk PT(a) ...... 94,624,200 4,633,526 Fraser & Neave Holdings Bhd ...... 1,271,000 8,179,031 Pabrik Kertas Tjiwi Kimia Tbk PT ...... 11,004,800 7,108,020 Frontken Corp. Bhd(b) ...... 11,632,900 8,464,310 Pakuwon Jati Tbk PT(a)...... 180,966,800 6,329,018 Gamuda Bhd(a) ...... 15,312,600 11,734,423 Panin Financial Tbk PT(a)...... 190,027,800 2,605,140 Genting Bhd ...... 18,622,500 21,979,281 Perusahaan Gas Negara Tbk PT(a) ...... 102,139,700 7,963,354 Genting Malaysia Bhd...... 26,597,700 17,952,724 Perusahaan Perkebunan London Sumatra Genting Plantations Bhd...... 4,492,500 8,694,811 Indonesia Tbk PT ...... 34,081,600 2,837,001 Globetronics Technology Bhd...... 6,569,300 3,380,088 Pool Advista Indonesia Tbk PT(a)(d) ...... 12,679,400 44,380 Greatech Technology Bhd(a) ...... 3,021,300 3,926,167 PP Persero Tbk PT ...... 34,832,750 2,716,720 HAP Seng Consolidated Bhd ...... 5,709,600 11,208,870 Sarana Menara Nusantara Tbk PT...... 202,130,200 16,617,278 Hartalega Holdings Bhd(b) ...... 14,938,600 32,491,059 Semen Indonesia Persero Tbk PT ...... 26,430,400 17,941,880 Hong Leong Bank Bhd ...... 5,812,900 25,862,127 Smartfren Telecom Tbk PT(a) ...... 495,959,600 2,979,962 Hong Leong Financial Group Bhd...... 2,307,300 9,790,470 Sugih Energy Tbk PT(a)(d) ...... 27,492,211 96,228 IGB REIT...... 13,994,000 5,586,089 Summarecon Agung Tbk PT(a) ...... 103,822,400 6,819,141 IHH Healthcare Bhd...... 19,017,600 24,370,782 Surya Citra Media Tbk PT(a) ...... 61,164,600 7,205,786 IJM Corp. Bhd ...... 24,531,600 10,493,359 Telkom Indonesia Persero Tbk PT ...... 414,151,400 99,892,316 Inari Amertron Bhd ...... 23,710,300 18,335,522 Tower Bersama Infrastructure Tbk PT ...... 82,238,100 14,909,440 IOI Corp. Bhd...... 20,513,600 20,297,720 Trada Alam Minera Tbk PT(a)(d) ...... 280,960,700 983,412 Kossan Rubber Industries ...... 11,574,000 11,314,363 Unilever Indonesia Tbk PT ...... 63,274,600 25,920,951 KPJ Healthcare Bhd...... 33,058,100 7,993,694 United Tractors Tbk PT...... 14,619,800 23,072,392 Kuala Lumpur Kepong Bhd ...... 3,740,900 20,091,443 Waskita Beton Precast Tbk PT...... 108,995,800 1,364,910 Lotte Chemical Titan Holding Bhd(c) ...... 4,432,100 3,203,186 Waskita Karya Persero Tbk PT ...... 49,286,500 3,568,557 Magnum Bhd ...... 10,185,586 4,876,940 Wijaya Karya Persero Tbk PT ...... 39,130,723 3,419,460 Mah Sing Group Bhd(b) ...... 12,548,123 2,774,749 XL Axiata Tbk PT ...... 34,588,900 5,950,878 Malayan Banking Bhd(b) ...... 32,514,700 64,313,581 1,008,634,050 Malaysia Airports Holdings Bhd ...... 9,413,500 12,728,678 Kuwait — 0.5% Malaysia Building Society Bhd ...... 28,429,200 4,190,520 (b) Agility Public Warehousing Co. KSC ...... 11,478,121 35,050,318 Malaysian Pacific Industries Bhd ...... 970,500 9,173,720 Al Ahli Bank of Kuwait KSCP ...... 354,349 240,197 Malaysian Resources Corp. Bhd ...... 28,740,100 2,987,921 Boubyan Bank KSCP ...... 11,585,193 25,830,419 Maxis Bhd ...... 20,392,500 22,930,568 Boubyan Co. KSCP ...... 3,620,767 10,862,084 Mega First Corp Bhd ...... 3,314,600 5,922,870 Gulf Bank KSCP ...... 13,654,321 10,163,043 MISC Bhd ...... 11,308,500 18,781,324 Humansoft Holding Co. KSC ...... 826,244 9,892,388 My EG Services Bhd ...... 23,880,600 11,140,694 (b) Kuwait Finance House KSCP...... 41,164,239 101,901,838 Nestle Malaysia Bhd ...... 556,300 18,365,474 (a) Kuwait International Bank KSCP(a) ...... 6,768,319 4,902,786 Padini Holdings Bhd ...... 3,617,300 2,484,545 Mabanee Co. KPSC...... 5,050,159 11,914,314 Pavilion REIT ...... 13,444,600 4,163,946 Mobile Telecommunications Co. KSCP...... 19,786,305 39,084,313 Pentamaster Corp. Bhd ...... 6,904,300 7,837,863 (b) National Bank of Kuwait SAKP...... 58,848,049 162,567,662 Chemicals Group Bhd ...... 21,069,200 40,994,276 National Industries Group Holding SAK ...... 10,559,209 7,811,253 Petronas Dagangan Bhd ...... 2,509,400 11,471,676 Qurain Petrochemical Industries Co...... 5,487,054 6,983,026 Petronas Gas Bhd ...... 6,765,900 26,513,631 Shamal Az-Zour Al-Oula for the First Phase of PPB Group Bhd...... 5,801,320 25,992,608 Az-Zour Power Plant KSC ...... 5,441,680 4,339,602 Press Metal Aluminium Holdings Bhd ...... 26,057,000 32,767,313 Warba Bank KSCP(a)...... 8,964,497 7,268,109 Public Bank Bhd ...... 124,175,500 126,467,827 QL Resources Bhd...... 10,520,543 15,271,140 438,811,352 RHB Bank Bhd ...... 13,897,266 17,819,876 Malaysia — 1.5% Scientex Bhd ...... 8,215,700 8,188,868 AEON Credit Service M Bhd(b)...... 2,274,400 6,545,273 Serba Dinamik Holdings Bhd ...... 16,762,420 4,582,465 Alliance Bank Malaysia Bhd(a) ...... 10,211,500 6,401,196 Sime Darby Bhd ...... 24,052,100 13,325,102 AMMB Holdings Bhd ...... 14,100,100 9,720,115 Sime Darby Plantation Bhd ...... 18,385,300 20,230,760 Axiata Group Bhd ...... 23,459,900 20,978,151 Sime Darby Property Bhd ...... 33,868,800 5,078,304 Berjaya Sports Toto Bhd...... 7,432,122 3,558,971 SKP Resources Bhd ...... 10,790,025 3,991,236

13 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Malaysia (continued) Mexico (continued) SP Setia Bhd Group(a)(b)...... 18,929,400 $ 4,762,785 Prologis Property Mexico SA de CV...... 3,811,858 $ 8,992,831 Sunway Construction Group Bhd ...... 6,721,870 2,633,965 Promotora y Operadora de Infraestructura SAB Sunway REIT(b) ...... 20,083,000 6,748,646 de CV ...... 1,883,565 15,018,967 Supermax Corp. Bhd(b) ...... 13,043,813 12,999,470 Qualitas Controladora SAB de CV ...... 1,689,978 9,199,935 Telekom Malaysia Bhd ...... 9,813,300 14,596,680 Regional SAB de CV ...... 1,994,247 10,763,207 Tenaga Nasional Bhd ...... 19,555,100 47,059,425 Telesites SAB de CV(a)(b) ...... 12,447,395 12,392,401 TIME dotCom Bhd ...... 3,864,500 12,998,391 Wal-Mart de Mexico SAB de CV ...... 43,283,196 142,466,429 (b) Top Glove Corp. Bhd ...... 45,031,800 56,360,280 1,471,821,200 (a)(b) UEM Sunrise Bhd ...... 25,181,700 2,526,644 Pakistan — 0.1% UMW Holdings Bhd ...... 3,239,800 2,421,914 Engro Corp. Ltd./Pakistan ...... 3,033,924 6,189,103 UWC BHD...... 3,236,000 4,190,737 Engro Fertilizers Ltd...... 6,191,935 2,858,502 ViTrox Corp. Bhd...... 1,886,700 6,936,527 Fauji Fertilizer Co. Ltd...... 6,161,298 4,288,152 VS Industry Bhd ...... 28,772,050 8,546,333 Habib Bank Ltd...... 5,358,921 4,693,831 Westports Holdings Bhd...... 8,486,800 8,849,185 Hub Power Co. Ltd. (The) ...... 7,673,808 3,928,910 Yinson Holdings Bhd ...... 5,616,400 6,587,982 Lucky Cement Ltd.(a) ...... 1,416,935 8,553,153 1,220,357,324 MCB Bank Ltd...... 4,053,030 4,355,167 Mexico — 1.8% Pakistan Oilfields Ltd...... 1,399,274 3,367,278 SAB de CV ...... 3,464,800 3,936,561 Pakistan Petroleum Ltd...... 3,648,183 2,197,035 SAB de CV(a)(b) ...... 4,918,295 8,264,652 Pakistan State Oil Co. Ltd...... 2,801,450 4,370,271 America Movil SAB de CV, Series L, NVS ...... 285,592,672 223,679,369 Searle Co. Ltd. (The)...... 1,287,095 2,042,723 SAB de CV ...... 3,258,138 18,340,317 TRG Pakistan(a)...... 3,636,500 4,155,043 Banco del Bajio SA(b)(c)...... 6,945,797 12,111,032 United Bank Ltd./Pakistan ...... 4,785,919 4,001,190 (b) Becle SAB de CV ...... 4,570,475 11,521,415 55,000,358 Bolsa Mexicana de Valores SAB de CV ...... 4,406,678 9,756,727 Peru — 0.2% (a) SAB de CV, CPO, NVS ...... 131,487,483 110,904,193 Cia. de Minas Buenaventura SAA, ADR(a) ...... 1,888,045 21,750,278 Coca-Cola Femsa SAB de CV ...... 3,918,400 19,574,295 Credicorp Ltd...... 571,703 78,592,011 (a) Controladora Nemak SAB de CV ...... 25,836,526 4,060,063 Intercorp Financial Services Inc...... 234,925 6,610,790 Controladora Vuela Cia. de Aviacion SAB de CV, Southern Copper Corp...... 738,656 51,513,870 Class A(a) ...... 7,101,859 12,311,838 158,466,949 Corp Inmobiliaria Vesta SAB de CV ...... 5,117,900 10,516,902 — 0.6% Fibra Uno Administracion SA de CV...... 28,640,200 33,805,156 Aboitiz Equity Ventures Inc...... 17,562,730 14,810,354 Fomento Economico Mexicano SAB de CV...... 16,499,545 139,158,478 AC Energy Corp...... 35,841,300 5,451,462 Genomma Lab Internacional SAB de CV, Alliance Global Group Inc...... 37,648,600 8,177,081 Class B(a)(b) ...... 7,883,024 8,243,970 Ayala Corp...... 2,432,675 40,410,983 Gentera SAB de CV(a)...... 9,787,892 5,498,871 Inc...... 68,155,040 49,051,381 SAB de CV, Class B ...... 1,743,050 18,989,951 Bank of the Philippine Islands...... 15,091,373 26,521,792 Grupo Aeroportuario del Centro Norte SAB BDO Unibank Inc...... 17,281,406 37,485,338 de CV(a) ...... 2,988,300 19,154,346 Bloomberry Resorts Corp.(a) ...... 40,748,500 5,692,785 Grupo Aeroportuario del Pacifico SAB de CV, Cebu Air Inc.(a)...... 2,750,610 2,624,429 Class B ...... 3,353,200 36,360,284 Cosco Capital Inc...... 31,139,300 3,322,465 Grupo Aeroportuario del Sureste SAB de CV, D&L Industries Inc...... 30,711,800 4,741,944 Class B(a) ...... 1,789,700 32,439,773 DoubleDragon Properties Corp.(a)...... 6,771,200 1,722,638 SAB de CV, Series A...... 13,090,302 28,766,067 Filinvest Land Inc...... 105,732,000 2,388,792 SAB de CV, Series A1(a)...... 4,069,336 12,386,979 Inc...... 294,115 11,112,960 Grupo Cementos de Chihuahua SAB de CV..... 1,766,957 13,084,956 GT Capital Holdings Inc...... 848,960 10,473,936 Grupo Comercial Chedraui SA de CV ...... 3,521,959 5,569,922 International Container Terminal Services Inc. . . . 9,163,010 27,432,956 Grupo Financiero SAB de CV, Class O. . 22,130,578 153,251,864 JG Summit Holdings Inc...... 26,730,731 31,865,909 Grupo Financiero SAB de CV, Jollibee Foods Corp...... 3,936,030 15,884,935 Class O(a)...... 19,684,442 20,052,080 Manila Electric Co...... 1,884,930 11,182,602 Grupo Herdez SAB de CV...... 2,964,500 6,681,213 Co. Inc.(a) ...... 11,518,200 3,416,141 Grupo Mexico SAB de CV, Series B...... 26,464,820 129,082,100 Megaworld Corp...... 104,551,200 6,645,978 Grupo SAB, CPO(b)...... 20,667,356 54,879,830 Metro Pacific Investments Corp...... 127,679,800 10,628,222 Industrias Penoles SAB de CV(a)...... 1,220,805 18,535,176 Metropolitan Bank & Trust Co...... 15,344,433 15,408,301 Kimberly-Clark de Mexico SAB de CV, Class A . . 12,917,075 23,411,307 PLDT Inc...... 725,725 19,966,073 La Comer SAB de CV(b) ...... 5,450,096 10,449,802 Puregold Price Club Inc...... 8,500,850 6,626,924 Macquarie Mexico Real Estate Management SA Robinsons Land Corp...... 21,007,313 7,464,901 de CV(c)...... 9,406,000 10,559,201 Corp...... 2,636,680 6,728,776 Holdings SAB de CV, CPO ...... 2,564,077 9,742,411 Semirara Mining & Power Corp...... 9,360,300 2,572,888 Advance Corp. SAB de CV ...... 9,198,383 26,203,246 SM Investments Corp...... 2,116,562 42,961,346 PLA Administradora Industrial S. de RL de CV. . . 7,597,849 11,703,083

14 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Philippines (continued) Qatar (continued) SM Prime Holdings Inc...... 86,878,496 $ 65,393,047 Qatar Navigation QSC ...... 3,943,901 $ 7,844,483 Corp...... 7,830,500 22,771,892 United Development Co. QSC ...... 17,387,955 7,492,539 Vista Land & Lifescapes Inc...... 47,001,300 3,714,376 Vodafone Qatar QSC...... 20,953,530 9,867,282 Wilcon Depot Inc...... 12,737,500 4,907,097 539,449,288 529,560,704 Russia — 2.8% Poland — 0.8% PJSC(a) ...... 12,478,407 11,930,388 Alior Bank SA(a)(b)...... 944,969 8,665,377 Alrosa PJSC...... 22,441,080 35,912,397 Allegro.eu SA(a)(c) ...... 3,093,373 48,514,589 PJSC(a)...... 141,165,683 12,771,958 AmRest Holdings SE(a)(b) ...... 683,543 5,944,982 PJSC(c) ...... 5,655,586 11,763,496 Asseco Poland SA ...... 555,539 11,076,048 PJSC ...... 97,618,920 346,763,861 Bank Millennium SA(a)...... 6,221,467 8,432,536 Gazprom PJSC, ADR ...... 1,420,655 10,086,105 Bank Polska Kasa Opieki SA(a) ...... 1,565,576 40,853,602 Inter RAO UES PJSC ...... 319,473,705 22,058,913 Budimex SA ...... 121,661 9,877,821 LSR Group PJSC ...... 471,145 4,953,722 CCC SA(a)(b) ...... 339,178 11,122,788 PJSC ...... 3,578,503 292,590,827 CD Projekt SA(b) ...... 590,013 27,031,573 PJSC, GDR(f) ...... 2,897,806 44,249,498 SA ...... 2,364,090 19,612,334 Mail.Ru Group Ltd., GDR(a)(f) ...... 951,020 21,693,655 Dino Polska SA(a)(c) ...... 430,005 33,281,744 MMC PJSC ...... 541,331 194,650,507 Enea SA(a)...... 2,444,912 5,770,982 Mobile TeleSystems PJSC, ADR ...... 4,016,667 36,632,003 Eurocash SA(a)(b) ...... 875,088 3,596,764 MICEX-RTS PJSC ...... 11,911,601 27,337,442 Grupa Azoty SA(a)(b)...... 421,039 3,948,596 PJSC, GDR(f) ...... 784,239 156,120,059 Grupa Lotos SA...... 817,289 11,528,509 PJSC ...... 11,232,308 40,099,022 Jastrzebska Spolka Weglowa SA(a)(b) ...... 506,405 5,029,217 OGK-2 PJSC ...... 303,050,000 3,400,000 KGHM Polska Miedz SA(a)...... 1,214,488 66,721,021 PhosAgro PJSC, GDR(f) ...... 1,201,406 24,580,767 KRUK SA(a)...... 167,033 11,730,593 PLC ...... 2,647,929 62,792,224 LPP SA(a)...... 11,101 33,817,816 PJSC ...... 283,622 61,395,912 mBank SA(a) ...... 152,194 12,507,980 Oil Co. PJSC ...... 9,711,350 70,275,882 Mercator Medical SA(a)(b) ...... 45,461 3,031,970 PJSC(a) ...... 8,206,251 11,544,473 SA(a) ...... 5,710,422 10,339,939 PJSC ...... 91,367,180 386,005,559 PGE Polska Grupa Energetyczna SA(a) ...... 7,294,934 19,814,263 PAO ...... 1,820,764 41,828,691 Polski Koncern Naftowy ORLEN SA ...... 2,487,002 55,318,366 PJSFC, GDR(f) ...... 1,502,478 12,916,754 Polskie Gornictwo Naftowe i Gazownictwo SA . . . 14,745,480 26,422,007 Sovcomflot OAO(a) ...... 3,684,398 4,714,768 Powszechna Kasa Oszczednosci Bank PJSC ...... 62,201,832 30,850,872 Polski SA(a) ...... 7,449,350 82,372,629 PJSC ...... 12,009,385 81,428,171 Powszechny Zaklad Ubezpieczen SA(a) ...... 5,012,272 50,506,460 PJSC...... 152,850,470 6,042,311 Santander Bank Polska SA(a) ...... 295,881 21,448,975 VTB Bank PJSC ...... 9,062,750,000 6,019,513 Tauron Polska Energia SA(a)...... 9,916,836 9,052,956 VTB Bank PJSC, GDR(f)...... 10,085,902 13,407,280 TEN Square Games SA(b) ...... 43,753 5,114,838 NV, GDR(f)...... 1,069,239 32,416,484 Warsaw Stock Exchange ...... 418,594 5,591,340 NV, Class A(a) ...... 2,633,966 177,153,957 668,078,615 2,296,387,471 Qatar — 0.6% Saudi Arabia — 2.7% Al Meera Consumer Goods Co. QSC ...... 1,124,376 5,714,281 Abdullah Al Othaim Markets Co...... 417,913 14,345,907 Barwa Real Estate Co...... 15,416,374 13,245,196 Advanced Petrochemical Co...... 971,554 21,313,185 Commercial Bank PSQC (The) ...... 17,462,301 25,255,004 Al Hammadi Co. for Development Doha Bank QPSC...... 14,088,633 10,797,274 and Investment...... 716,385 6,530,474 Gulf International Services QSC(a) ...... 9,161,385 3,697,037 Al Rajhi Bank ...... 10,475,757 288,532,485 Industries Qatar QSC ...... 14,959,310 52,312,976 Aldrees Petroleum and Transport Services Co. . . 427,469 7,181,000 Masraf Al Rayan QSC...... 31,060,281 37,323,900 Alinma Bank ...... 8,417,161 45,104,736 Medicare Group...... 1,706,523 4,336,429 Almarai Co. JSC ...... 2,048,287 30,126,917 Mesaieed Petrochemical Holding Co...... 39,358,551 20,058,976 Alujain Holding(a)...... 379,718 5,761,204 Ooredoo QPSC ...... 6,691,990 12,536,448 Arab National Bank ...... 5,297,589 31,425,710 Qatar Aluminum Manufacturing Co...... 29,159,724 12,982,825 Arabian Cement Co./Saudi Arabia ...... 570,893 7,002,487 Qatar Electricity & Water Co. QSC ...... 4,491,080 19,431,148 Arriyadh Development Co...... 1,417,176 8,978,629 Qatar Fuel QSC...... 3,707,939 17,942,287 Bank AlBilad ...... 3,275,781 33,051,052 Qatar Gas Transport Co. Ltd...... 20,446,746 17,212,449 Bank Al-Jazira ...... 3,797,696 18,751,290 Qatar Insurance Co. SAQ(a) ...... 14,105,259 9,724,869 Banque Saudi Fransi...... 5,226,276 50,595,225 Qatar International Islamic Bank QSC...... 6,906,583 17,798,566 Bupa Arabia for Cooperative Insurance Co.(a). . . . 540,276 17,033,126 Qatar Islamic Bank SAQ...... 10,115,048 47,304,912 City Cement Co...... 1,066,693 8,845,851 Qatar National Bank QPSC...... 38,262,576 183,079,475 Co for Cooperative Insurance (The)...... 564,239 12,081,432 Qatar National Cement Co. QSC ...... 2,600,301 3,490,932 Dallah Healthcare Co...... 408,170 7,172,429

15 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Saudi Arabia (continued) South Africa (continued) Dar Al Arkan Real Estate Development Co.(a).... 4,536,947 $ 12,570,360 Capitec Bank Holdings Ltd...... 648,969 $ 78,491,285 Dr Sulaiman Al Habib Medical Services Clicks Group Ltd...... 2,116,740 39,550,879 Group Co...... 437,731 19,261,702 Coronation Fund Managers Ltd...... 2,654,468 10,458,965 Eastern Province Cement Co...... 579,149 7,706,029 DataTec Ltd.(a) ...... 1,859,316 4,203,994 Emaar Economic City(a) ...... 4,287,805 12,922,639 Dis-Chem Pharmacies Ltd.(a)(c) ...... 2,861,596 6,326,917 Etihad Etisalat Co...... 3,206,588 28,297,079 Discovery Ltd.(a)(b) ...... 3,511,230 35,819,960 Fawaz Abdulaziz Al Hokair & Co.(a) ...... 815,217 5,373,380 Distell Group Holdings Ltd.(a) ...... 646,379 7,958,464 Herfy Food Services Co...... 402,376 6,835,135 DRDGOLD Ltd...... 4,278,071 5,443,664 Jarir Marketing Co...... 514,635 28,852,710 Equites Property Fund Ltd...... 4,433,456 5,871,062 Leejam Sports Co. JSC(a) ...... 306,490 6,276,497 Exxaro Resources Ltd...... 2,211,416 24,687,626 Mobile Telecommunications Co.(a) ...... 3,857,260 15,037,168 FirstRand Ltd...... 40,777,556 165,785,909 Mouwasat Medical Services Co...... 458,976 22,671,042 Fortress REIT Ltd., Series A ...... 11,560,532 11,995,690 National Agriculture Development Co. (The)(a) . . . 668,457 7,263,245 Foschini Group Ltd. (The)(a) ...... 2,875,446 27,634,842 National Industrialization Co.(a) ...... 3,233,559 16,197,409 Gold Fields Ltd...... 7,616,815 96,050,032 National Medical Care Co...... 246,879 4,061,712 Growthpoint Properties Ltd...... 28,066,111 29,428,049 National Petrochemical Co...... 416,175 5,232,611 Harmony Gold Mining Co. Ltd...... 4,768,488 25,511,449 Qassim Cement Co. (The)...... 465,745 10,556,183 Impala Platinum Holdings Ltd...... 6,823,555 124,018,598 Rabigh Refining & Petrochemical Co.(a) ...... 2,252,040 13,572,101 Imperial Logistics Ltd...... 1,559,927 5,631,301 Riyad Bank ...... 11,760,592 82,470,919 Investec Ltd...... 2,679,834 11,148,002 SABIC Agri-Nutrients Co...... 1,775,798 48,759,660 JSE Ltd...... 896,639 7,480,206 Sahara International Petrochemical Co...... 3,296,460 25,431,627 KAP Industrial Holdings Ltd.(a) ...... 26,642,976 8,893,075 Saudi Airlines Catering Co.(a) ...... 430,319 9,124,420 Kumba Iron Ore Ltd...... 559,168 25,945,737 Saudi Arabian Mining Co.(a)...... 3,706,674 58,625,266 Liberty Holdings Ltd.(a) ...... 1,146,434 5,511,202 Saudi Arabian Oil Co.(c) ...... 17,843,951 168,043,337 Life Healthcare Group Holdings Ltd.(a) ...... 11,372,261 17,906,798 Saudi Basic Industries Corp...... 7,655,020 254,385,911 Massmart Holdings Ltd.(a)(b) ...... 1,066,182 5,037,214 Saudi British Bank (The)...... 6,843,247 55,961,059 Momentum Metropolitan Holdings(b)...... 8,430,975 11,911,190 Saudi Cement Co...... 658,903 11,543,211 Motus Holdings Ltd...... 1,462,017 10,078,303 Saudi Electricity Co...... 7,100,662 46,766,576 Mr. Price Group Ltd...... 2,178,547 36,880,183 Saudi Ground Services Co.(a)...... 507,804 4,989,688 MTN Group Ltd.(a)...... 14,500,799 104,610,320 Saudi Industrial Investment Group ...... 2,015,282 20,340,655 MultiChoice Group ...... 3,515,444 35,158,904 Saudi Kayan Petrochemical Co.(a) ...... 6,457,315 30,674,644 Naspers Ltd., Class N ...... 3,697,106 818,745,558 Saudi National Bank ...... 18,837,037 266,714,663 Nedbank Group Ltd...... 3,186,911 37,634,987 Saudi Pharmaceutical Industries & Medical NEPI Rockcastle PLC ...... 3,580,642 24,986,873 Appliances Corp...... 767,108 9,491,050 Netcare Ltd.(a) ...... 9,874,549 10,640,330 Saudi Research & Media Group(a) ...... 382,848 12,378,823 Ninety One Ltd...... 1,376,755 4,545,477 Saudi Telecom Co...... 5,154,338 171,642,731 Northam Platinum Ltd.(a) ...... 3,147,051 53,220,283 Saudia Dairy & Foodstuff Co...... 179,784 8,549,997 Oceana Group Ltd...... 762,020 3,981,166 Savola Group (The) ...... 2,219,069 24,175,346 Old Mutual Ltd...... 41,035,189 42,568,200 Seera Group Holding(a)...... 1,746,281 10,027,981 Pick n Pay Stores Ltd...... 2,878,898 12,147,513 Southern Province Cement Co...... 611,920 14,195,598 PSG Group Ltd...... 1,481,862 8,466,708 United Electronics Co...... 337,567 10,971,369 Rand Merchant Investment Holdings Ltd...... 6,867,609 16,118,567 United International Transportation Co...... 664,240 7,655,616 Redefine Properties Ltd.(a)...... 49,986,853 15,016,578 Yamama Cement Co...... 1,190,650 10,858,004 Reinet Investments SCA ...... 1,345,048 27,871,591 Yanbu Cement Co...... 873,205 10,268,206 Remgro Ltd...... 4,292,705 37,285,465 Yanbu National Petrochemical Co...... 2,220,537 41,308,307 Resilient REIT Ltd.(b) ...... 3,135,662 11,251,409 2,251,874,805 Reunert Ltd...... 1,724,010 6,630,910 South Africa — 3.8% Royal Bafokeng Platinum Ltd...... 1,259,151 9,305,726 Absa Group Ltd.(a) ...... 6,139,150 63,787,687 Sanlam Ltd...... 15,234,500 65,734,030 (a) Adcock Ingram Holdings Ltd...... 679,912 2,228,015 Santam Ltd...... 130,478 2,556,114 (a) AECI Ltd...... 1,150,005 8,486,568 Sappi Ltd...... 5,025,560 15,714,728 (a) African Rainbow Minerals Ltd...... 1,051,612 20,293,202 Sasol Ltd...... 4,833,467 78,582,161 Alexander Forbes Group Holdings Ltd...... 6,046,249 1,759,308 Shoprite Holdings Ltd...... 4,230,574 47,462,244 Anglo American Platinum Ltd...... 461,203 60,811,652 Sibanye Stillwater Ltd...... 23,569,006 111,592,451 AngloGold Ashanti Ltd...... 3,530,644 87,184,650 SPAR Group Ltd. (The)...... 1,566,593 21,724,560 Aspen Pharmacare Holdings Ltd.(a) ...... 3,259,834 38,083,140 Standard Bank Group Ltd...... 10,844,733 106,717,761 (a)(b) Astral Foods Ltd...... 433,224 4,550,396 Steinhoff International Holdings NV ...... 36,616,661 4,968,574 (a) AVI Ltd...... 2,435,555 12,954,281 Super Group Ltd./South Africa ...... 3,782,251 8,645,145 Barloworld Ltd.(a)...... 1,746,739 15,006,904 Telkom SA SOC Ltd...... 2,762,580 9,531,841 Bid Corp. Ltd.(a) ...... 2,842,492 59,903,489 Tiger Brands Ltd...... 1,371,363 22,021,415 (a) Bidvest Group Ltd. (The) ...... 2,398,614 33,803,711 Transaction Capital Ltd...... 3,677,389 9,742,329

16 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Africa (continued) South Korea (continued) Truworths International Ltd...... 3,573,381 $ 14,248,148 Daewoo Shipbuilding & Marine Engineering Group Ltd...... 5,336,201 50,658,610 Co. Ltd.(a)(b) ...... 338,655 $ 10,221,102 Vukile Property Fund Ltd...... 7,231,680 5,273,715 Daewoong Co. Ltd.(b) ...... 207,341 6,842,067 Wilson Bayly Holmes-Ovcon Ltd.(a) ...... 594,870 5,021,836 Daewoong Pharmaceutical Co. Ltd.(b) ...... 48,286 6,655,698 Woolworths Holdings Ltd.(a) ...... 8,334,061 33,734,738 Daishin Securities Co. Ltd...... 397,561 6,622,663 Zeder Investments Ltd...... 12,940,523 3,023,563 Daou Technology Inc...... 274,698 6,737,799 (b) 3,151,654,127 DB HiTek Co. Ltd...... 323,251 14,942,593 South Korea — 12.9% DB Insurance Co. Ltd...... 409,116 18,590,001 (a) ABLBio Inc.(a)(b) ...... 284,373 5,335,577 Devsisters Co. Ltd...... 40,411 4,137,686 Ace Technologies Corp.(a)(b) ...... 314,929 4,793,538 DGB Financial Group Inc...... 1,489,218 12,632,402 Advanced Process Systems Corp.(b) ...... 126,719 3,304,067 Digital Power Communications Co. Ltd...... 254,018 3,487,828 (a)(b) AfreecaTV Co. Ltd.(b)...... 91,075 8,033,806 DL E&C Co. Ltd...... 124,397 15,007,911 (b) Ahnlab Inc.(b) ...... 77,958 4,746,562 DL Holdings Co. Ltd...... 100,196 7,368,662 Alteogen Inc.(a)(b) ...... 245,283 16,064,650 Dong-A Socio Holdings Co. Ltd...... 36,761 4,112,248 Amicogen Inc.(a)(b) ...... 161,776 5,190,223 Dong-A ST Co. Ltd...... 68,972 5,331,609 (b) Amorepacific Corp...... 273,178 70,220,446 Dongjin Semichem Co. Ltd...... 331,023 8,482,385 (b) AMOREPACIFIC Group(b) ...... 245,535 17,067,081 DongKook Pharmaceutical Co. Ltd...... 271,935 7,016,984 (b) Ananti Inc.(a)(b) ...... 557,185 4,972,192 Dongkuk Steel Mill Co. Ltd...... 576,521 11,858,589 (b) Aprogen KIC Inc.(a)...... 1,498,598 2,897,543 Dongsuh Cos. Inc...... 292,338 7,853,970 AptaBio Therapeutics Inc.(a) ...... 67,429 3,817,909 Dongwon F&B Co. Ltd...... 10,578 2,237,615 BGF retail Co. Ltd...... 76,748 12,485,715 Dongwon Industries Co. Ltd...... 14,003 3,705,573 (a) BH Co. Ltd.(b) ...... 249,701 4,183,042 Doosan Bobcat Inc...... 441,137 20,272,882 (a) Binex Co. Ltd.(a)(b) ...... 280,707 5,672,750 Doosan Fuel Cell Co. Ltd...... 345,282 13,599,653 Binggrae Co. Ltd.(b) ...... 57,105 3,216,337 Doosan Heavy Industries & Construction (a)(b) BNK Financial Group Inc...... 2,189,538 15,597,894 Co. Ltd...... 1,781,371 31,782,207 (a)(b) Boditech Med Inc...... 164,778 2,989,701 Doosan Infracore Co. Ltd...... 1,246,733 14,456,975 (b) Boryung Pharmaceutical Co. Ltd.(b) ...... 242,558 4,910,644 DoubleUGames Co. Ltd...... 103,202 6,252,719 Bukwang Pharmaceutical Co. Ltd.(b) ...... 382,161 7,247,852 Douzone Bizon Co. Ltd...... 174,348 12,910,479 (a) Cafe24 Corp.(a)(b) ...... 147,723 4,122,361 Duk San Neolux Co. Ltd...... 118,302 4,492,401 (b) Cellid Co. Ltd.(a) ...... 41,817 3,239,136 Echo Marketing Inc...... 188,995 4,304,586 (b) Cellivery Therapeutics Inc.(a)(b) ...... 113,945 9,991,076 Ecopro BM Co. Ltd...... 87,739 13,811,927 (b) Healthcare Co. Ltd.(a)(b)...... 689,345 74,607,782 Ecopro Co. Ltd...... 173,182 7,593,885 (a)(b) Celltrion Inc.(a)(b) ...... 818,817 201,325,834 Ecopro HN Co. Ltd...... 35,432 4,876,546 Celltrion Pharm Inc.(a)(b) ...... 140,647 17,537,843 E-MART Inc...... 160,330 22,859,909 (a)(b) Chabiotech Co. Ltd.(a)(b) ...... 434,866 7,640,299 Enzychem Lifesciences Corp...... 71,692 6,422,125 (b) Inc...... 568,053 13,185,818 Eo Technics Co Ltd...... 88,057 8,936,864 (a) Chong Kun Dang Pharmaceutical Corp.(b) ...... 62,853 7,352,734 Eone Diagnomics Genome Center Co. Ltd. . . . . 600,767 2,687,544 (a) Chongkundang Holdings Corp...... 27,824 2,730,186 Eubiologics Co. Ltd...... 287,788 12,268,520 (b) Chunbo Co. Ltd.(b) ...... 43,097 6,464,278 Eugene Corp...... 440,758 2,334,503 CJ CGV Co. Ltd.(a)(b) ...... 222,524 6,661,638 Eugene Technology Co. Ltd...... 84,644 3,530,751 (a)(b) CJ CheilJedang Corp...... 71,206 31,178,502 Eutilex Co. Ltd...... 81,819 2,540,753 (a)(b) CJ Corp...... 126,730 13,003,022 F&F Co. Ltd./New ...... 31,762 12,801,057 CJ ENM Co. Ltd...... 87,480 12,958,661 Holdings Corp...... 431,135 21,041,327 (a)(b) CJ Logistics Corp.(a) ...... 74,734 11,391,938 Foosung Co. Ltd...... 590,093 5,313,181 (a) CMG Pharmaceutical Co. Ltd.(a)(b) ...... 1,173,505 4,874,813 GemVax & Kael Co. Ltd...... 318,721 6,671,818 (a) Com2uSCorp.(b) ...... 89,630 10,394,528 Geneone Life Science Inc...... 407,492 8,341,315 (a)(b) Cosmax Inc.(a)(b) ...... 70,122 7,945,643 Genexine Inc...... 163,636 14,828,690 (a)(b) CosmoAM&T Co. Ltd.(a) ...... 164,201 3,697,784 Grand Korea Leisure Co. Ltd...... 339,211 5,767,878 Coway Co. Ltd...... 423,193 31,578,040 Green Cross Cell Corp...... 83,981 3,110,327 (b) Creative & Innovative System(a)...... 307,927 3,281,490 Green Cross Corp...... 50,528 15,459,277 (b) CrystalGenomics Inc.(a)(b) ...... 586,569 4,292,696 Green Cross Holdings Corp...... 191,737 5,889,102 CS Wind Corp.(b)...... 192,077 13,088,872 Green Cross LabCell Corp...... 42,905 3,815,858 Cuckoo Holdings Co. Ltd.(b) ...... 16,483 2,059,574 GS Engineering & Construction Corp...... 486,963 19,519,548 Cuckoo Homesys Co. Ltd...... 64,252 2,961,969 GS Holdings Corp...... 399,591 16,502,541 Daea TI Co. Ltd.(b) ...... 653,561 3,640,745 GS Home Shopping Inc...... 30,671 4,360,233 (b) Daeduck Electronics Co. Ltd./New ...... 354,564 4,798,497 GS Retail Co. Ltd...... 270,350 9,506,206 (a) Daejoo Electronic Materials Co. Ltd.(b) ...... 121,514 4,863,817 G-treeBNT Co. Ltd...... 54,026 546,664 Daesang Corp...... 195,972 5,249,082 Halla Holdings Corp...... 77,795 3,101,539 Daewoo Engineering & Construction Inc...... 2,557,913 106,712,058 (a)(b) Co. Ltd.(a)(b) ...... 1,629,449 12,152,558 Hana Tour Service Inc...... 100,449 8,070,390

17 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) South Korea (continued) Hanall Biopharma Co. Ltd.(a)(b)...... 305,286 $ 6,031,246 Innocean Worldwide Inc...... 84,858 $ 5,100,324 Handsome Co. Ltd...... 130,961 5,261,273 Innox Advanced Materials Co. Ltd.(a)(b) ...... 84,597 4,529,398 Hanil Cement Co. Ltd./New...... 19,989 2,964,800 iNtRON Biotechnology Inc.(a)(b) ...... 267,816 5,496,108 Transportation Co. Ltd...... 71,387 2,599,759 IS Dongseo Co. Ltd...... 160,250 8,615,533 Hankook & Co. Co. Ltd.(b) ...... 257,448 4,694,449 ITM Semiconductor Co. Ltd.(b) ...... 85,841 3,382,097 Hankook Shell Oil Co. Ltd...... 799 193,963 JB Financial Group Co. Ltd...... 1,049,696 7,235,228 & Technology Co. Ltd...... 616,092 26,971,043 JW Pharmaceutical Corp.(b) ...... 170,381 4,427,690 Hanmi Pharm Co. Ltd...... 55,844 17,805,948 JYP Entertainment Corp.(b) ...... 274,662 9,734,810 Hanmi Semiconductor Co. Ltd...... 195,775 5,722,471 Corp...... 2,615,404 288,277,729 Hanon Systems...... 1,596,470 24,219,904 Inc.(a) ...... 879,529 22,682,767 Hansae Co. Ltd.(b) ...... 190,456 4,483,540 KB Financial Group Inc...... 3,352,604 177,197,625 Hansol Chemical Co. Ltd...... 82,114 18,321,157 KCC Corp.(b)...... 43,562 11,991,599 Hanssem Co. Ltd.(b)...... 103,086 10,024,178 KCC Glass Corp...... 53,603 3,078,170 Co. Ltd...... 321,909 13,496,198 KEPCO Engineering & Construction Co. Inc.(b) . . 145,865 7,594,394 Hanwha Corp...... 355,496 10,006,153 KEPCO Plant Service & Engineering Co. Ltd. . . . 214,769 8,863,689 Hanwha Investment & Securities Co. Ltd.(a) ..... 545,062 2,300,666 Kginicis Co. Ltd.(b) ...... 228,818 4,500,917 Hanwha Life Insurance Co. Ltd.(b)...... 3,043,961 10,487,757 KH FEELUX Co. Ltd.(a)(b) ...... 972,343 2,824,926 Corp.(a)...... 1,034,439 41,730,459 Corp...... 2,236,983 171,023,228 Hanwha Systems Co. Ltd.(b) ...... 348,924 5,404,873 KIWOOM Securities Co. Ltd.(b) ...... 110,634 12,095,442 HDC Holdings Co. Ltd.(b) ...... 347,131 4,400,243 KMW Co. Ltd.(a)(b)...... 232,044 11,325,040 HDC Hyundai Development Co-Engineering & Koentec Co. Ltd...... 412,937 3,443,402 Construction, Class E(b)...... 379,594 10,071,835 Koh Young Technology Inc.(b) ...... 528,273 12,072,206 Helixmith Co. Ltd.(a)(b) ...... 287,809 8,143,865 Kolmar BNH Co. Ltd.(b) ...... 109,104 5,177,561 HFR Inc.(a)...... 62,092 1,278,879 Kolmar Korea Co. Ltd.(b)...... 132,486 7,072,566 Hite Jinro Co. Ltd.(b)...... 312,622 11,090,810 Kolon Industries Inc.(b) ...... 156,256 8,722,860 HLB Inc.(a)(b) ...... 799,336 24,625,551 Komipharm International Co. Ltd.(a)(b) ...... 372,514 3,406,317 HLB Life Science Co. Ltd.(a)(b) ...... 765,788 7,077,108 KONA I Co. Ltd.(a)...... 75,639 2,977,305 HMM Co. Ltd.(a)(b)...... 2,197,957 94,295,435 Korea Aerospace Industries Ltd...... 628,317 19,192,350 Co. Ltd.(b) ...... 254,812 23,174,717 Korea Electric Power Corp...... 2,060,913 47,637,432 HS Industries Co. Ltd...... 414,778 3,055,190 Korea Investment Holdings Co. Ltd...... 361,989 33,688,316 Huchems Fine Chemical Corp...... 177,920 3,502,424 Korea Line Corp.(a)...... 1,117,887 3,358,957 Hugel Inc.(a)(b) ...... 57,189 10,294,007 Korea Petrochemical Ind. Co Ltd.(b) ...... 29,708 7,091,944 Huons Co. Ltd.(b)...... 93,339 5,278,614 Korea REIT & Trust Co. Ltd...... 2,027,647 4,390,007 Huons Global Co. Ltd.(b)...... 72,886 4,563,579 Korea Shipbuilding & Offshore Engineering Hwaseung Enterprise Co. Ltd.(b) ...... 202,799 3,488,251 Co. Ltd.(a) ...... 327,768 41,872,544 HYBE Co. Ltd.(a) ...... 60,229 14,304,011 Korea United Pharm Inc...... 100,411 4,889,653 Advanced Materials Corp.(a) ...... 26,509 8,934,664 Korea Zinc Co. Ltd...... 69,792 28,239,619 Hyosung Chemical Corp.(a) ...... 19,204 5,994,609 Korean Air Lines Co. Ltd.(a) ...... 1,321,740 37,858,927 Hyosung Corp.(b)...... 91,702 8,082,885 Korean Reinsurance Co...... 806,761 7,084,214 Hyosung TNC Corp.(b)...... 22,850 14,418,942 KT Skylife Co. Ltd...... 248,943 2,223,544 Hyundai Autoever Corp...... 32,759 3,310,016 KT&G Corp...... 939,667 71,023,565 Hyundai Bioscience Co. Ltd.(a)(b)...... 308,377 10,136,345 Kuk-Il Paper Manufacturing Co. Ltd.(a)(b) ...... 944,496 5,165,012 Hyundai Construction Equipment Co. Ltd.(a) ..... 129,792 6,711,516 Co. Ltd...... 156,930 32,514,833 Co. Ltd.(b) ...... 114,284 9,531,553 Co. Inc.(a)(b) ...... 879,186 4,042,591 Hyundai Elevator Co. Ltd...... 244,532 11,873,559 Kwang Dong Pharmaceutical Co. Ltd...... 409,991 3,344,645 Hyundai Engineering & Construction Co. Ltd..... 631,794 32,475,248 Kyung Dong Navien Co. Ltd...... 77,563 4,363,341 Co. Ltd...... 160,424 27,129,386 L&C Bio Co. Ltd.(b) ...... 147,108 4,055,400 Hyundai Greenfood Co. Ltd.(b) ...... 683,065 6,913,815 L&F Co. Ltd.(b) ...... 156,992 12,454,757 Holdings Co. Ltd...... 402,801 25,440,727 LEENO Industrial Inc.(b) ...... 91,131 13,352,325 Hyundai Home Shopping Network Corp...... 55,053 4,635,777 LegoChem Biosciences Inc.(a)(b) ...... 188,544 8,253,810 Hyundai Marine & Fire Insurance Co. Ltd.(b) ..... 510,331 11,164,331 LEMON Co. Ltd./Korea(a)...... 53,036 387,635 Co. Ltd.(a)(b)...... 216,489 16,414,568 LF Corp...... 192,677 3,623,771 Co. Ltd...... 561,233 140,639,706 LG Chem Ltd...... 389,780 285,939,528 Hyundai Motor Co...... 1,190,046 250,173,683 LG Corp...... 744,505 67,390,717 Co. Ltd.(a)(b) ...... 602,936 11,444,904 LG Display Co. Ltd.(a)(b) ...... 1,954,681 42,133,283 Co...... 737,472 35,245,805 LG Electronics Inc...... 904,797 123,314,182 Corp.(b) ...... 144,302 10,903,653 LG Hausys Ltd.(b) ...... 66,511 5,595,275 Iljin Materials Co. Ltd...... 206,291 12,142,524 LG Household & Health Care Ltd...... 78,173 109,192,154 Ilyang Pharmaceutical Co. Ltd.(b) ...... 131,092 4,484,901 LG Innotek Co. Ltd...... 120,786 22,152,927 ...... 1,949,467 18,866,305 LG International Corp...... 302,740 8,402,950

18 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) South Korea (continued) LG Uplus Corp...... 1,726,451 $ 23,353,451 Posco International Corp...... 430,534 $ 7,980,487 LIG Nex1 Co. Ltd.(b)...... 143,801 5,705,366 RFHIC Corp.(b)...... 155,356 5,415,708 Lock&Lock Co. Ltd.(a)(b) ...... 257,123 3,269,618 S&S Tech Corp...... 181,018 4,732,495 Lotte Chemical Corp...... 142,927 35,740,089 S-1 Corp...... 137,359 9,975,862 Lotte Chilsung Beverage Co. Ltd.(b) ...... 45,511 6,698,816 Sam Chun Dang Pharm Co. Ltd.(a)(b)...... 136,356 6,488,278 Lotte Confectionery Co. Ltd...... 16,891 2,320,899 Sam Kang M&T Co. Ltd.(a)...... 245,491 4,248,174 LOTTE Fine Chemical Co. Ltd...... 187,508 11,145,064 Samjin Pharmaceutical Co. Ltd.(b)...... 248,095 5,790,841 LOTTE Himart Co. Ltd...... 92,001 3,207,671 Biologics Co. Ltd.(a)(b)(c) ...... 141,096 107,012,739 LOTTE Reit Co. Ltd...... 1,677,973 8,950,589 Samsung C&T Corp...... 710,372 88,122,319 Lotte Shopping Co. Ltd...... 87,711 9,541,616 Samsung Electro-Mechanics Co. Ltd...... 471,542 72,094,140 Lotte Tour Development Co. Ltd.(a)(b)...... 376,887 7,470,824 Co. Ltd.(b) ...... 40,466,746 2,919,218,319 LS Corp.(b)...... 154,799 9,672,343 Co. Ltd.(a) ...... 1,321,505 22,397,553 LS Electric Co. Ltd.(b) ...... 173,960 8,853,296 Samsung Fire & Marine Insurance Co. Ltd...... 258,949 49,056,560 LX Holdings Corp.(a) ...... 361,036 3,544,646 Co. Ltd.(a)(b) ...... 3,961,534 21,474,215 Maeil Dairies Co. Ltd.(b) ...... 43,365 3,072,227 Co. Ltd...... 592,547 44,465,237 Mando Corp.(a)(b)...... 283,652 16,827,208 Samsung SDI Co. Ltd...... 468,771 258,547,108 Mcnex Co. Ltd.(b) ...... 123,713 5,375,099 Samsung SDS Co. Ltd...... 295,548 48,067,777 Medipost Co. Ltd.(a)(b) ...... 179,264 5,187,551 Samsung Securities Co. Ltd...... 517,515 21,995,521 MedPacto Inc.(a)(b) ...... 120,557 8,572,540 Samwha Capacitor Co. Ltd.(b) ...... 92,547 4,948,375 Medy-Tox Inc.(b)...... 45,508 6,938,050 Samyang Foods Co. Ltd.(b) ...... 47,304 3,823,214 MegaStudyEdu Co. Ltd.(b) ...... 83,485 4,878,975 Samyang Holdings Corp.(b) ...... 59,502 6,058,722 Meritz Financial Group Inc...... 331,662 5,560,473 Sebang Global Battery Co. Ltd.(b) ...... 68,012 5,747,883 Meritz Fire & Marine Insurance Co. Ltd...... 491,791 7,861,866 Seegene Inc.(b) ...... 318,427 19,365,477 Meritz Securities Co. Ltd...... 2,373,398 9,545,401 Seobu T&D(b) ...... 406,530 3,280,355 Mezzion Pharma Co. Ltd.(a)(b)...... 64,862 8,285,808 Seojin System Co. Ltd.(a)(b) ...... 125,450 4,860,270 Mirae Asset Life Insurance Co. Ltd...... 724,531 2,651,623 Semiconductor Co. Ltd.(b) ...... 392,649 6,965,853 Co. Ltd...... 2,501,115 22,176,393 SFA Engineering Corp...... 162,083 6,156,046 Namhae Chemical Corp.(b) ...... 258,327 2,225,900 SFA Semicon Co. Ltd.(a)(b) ...... 834,268 5,433,072 Naturecell Co. Ltd.(a)(b) ...... 501,484 6,399,918 Shin Poong Pharmaceutical Co. Ltd.(b) ...... 267,144 15,488,165 NAVER Corp...... 1,048,743 340,712,239 Co. Ltd...... 3,669,418 139,883,832 NCSoft Corp...... 141,211 109,934,000 Inc...... 60,815 17,511,884 NEPES Corp.(a)(b) ...... 186,214 6,191,657 Shinsegae International Inc.(b) ...... 28,320 5,986,386 Corp.(b)(c) ...... 186,223 23,300,055 Shinsung E&G Co. Ltd.(a)...... 1,696,015 4,363,293 Corp...... 293,885 2,202,500 Silicon Works Co. Ltd...... 120,572 11,619,366 NH Investment & Securities Co. Ltd...... 922,423 10,864,302 SillaJen Inc.(a)(b)(d) ...... 540,819 5,867,399 NHN Corp.(a)...... 106,371 6,978,183 SK Biopharmaceuticals Co. Ltd.(a)(b) ...... 221,840 22,561,080 NHN KCP Corp.(a) ...... 161,038 7,237,694 SK Chemicals Co. Ltd...... 66,778 15,176,707 NICE Holdings Co. Ltd...... 228,322 3,860,262 SK D&D Co. Ltd...... 77,768 2,560,644 NICE Information Service Co. Ltd.(b) ...... 353,894 7,308,786 SK Discovery Co. Ltd.(b) ...... 92,533 4,315,764 NKMax Co. Ltd.(a)(b) ...... 373,260 4,789,969 SK Gas Ltd...... 40,883 4,011,258 Co. Ltd...... 28,594 7,726,586 SK Holdings Co. Ltd...... 271,525 64,389,039 OCI Co. Ltd.(a)(b) ...... 169,267 19,280,644 SK Hynix Inc...... 4,626,508 527,028,673 OptoElectronics Solutions Co. Ltd.(b) ...... 98,507 3,858,326 SK Innovation Co. Ltd.(a) ...... 435,765 103,360,795 Orion Corp./Republic of Korea ...... 206,373 22,098,101 SK Materials Co. Ltd.(b)...... 40,626 11,672,185 Orion Holdings Corp...... 240,821 3,712,682 SK Networks Co. Ltd...... 1,327,354 7,209,170 Oscotec Inc.(a)(b) ...... 218,205 7,592,377 SK Telecom Co. Ltd...... 325,356 92,806,312 Osstem Implant Co. Ltd...... 107,996 8,536,084 SKC Co. Ltd.(b) ...... 177,549 20,250,645 Ottogi Corp.(b) ...... 12,460 6,095,962 SL Corp.(b)...... 139,072 4,133,195 Pan Ocean Co. Ltd.(b) ...... 2,478,307 15,126,365 SM Entertainment Co. Ltd.(a)(b) ...... 191,798 7,503,292 Paradise Co. Ltd.(a)(b) ...... 470,388 8,370,011 SNT Motiv Co. Ltd...... 86,147 4,964,924 Park Systems Corp...... 24,371 3,106,085 S-Oil Corp.(a) ...... 378,358 31,720,399 Partron Co. Ltd.(b) ...... 362,122 3,391,341 Solid Inc.(a) ...... 488,769 3,131,102 Corp.(a)(b)...... 259,713 14,111,617 SOLUM Co. Ltd.(a) ...... 197,300 4,806,064 PharmaResearch Co. Ltd.(b) ...... 54,145 4,084,897 Solus Advanced Materials Co Ltd ...... 120,163 5,438,557 Pharmicell Co. Ltd.(a)...... 536,490 8,188,458 Songwon Industrial Co. Ltd...... 139,791 2,568,452 PI Advanced Materials Co. Ltd.(b) ...... 173,121 6,999,408 Soulbrain Co. Ltd./New(b)...... 39,899 11,742,817 Poongsan Corp...... 269,536 9,719,082 Soulbrain Holdings Co. Ltd.(a)(b)...... 51,634 1,726,729 POSCO ...... 625,328 198,883,272 ST Pharm Co. Ltd.(a)(b) ...... 90,749 9,257,259 POSCO Chemical Co. Ltd.(b) ...... 254,575 33,074,060 Taeyoung Engineering & Construction Posco ICT Co. Ltd.(b) ...... 602,410 4,382,246 Co. Ltd.(b) ...... 191,511 2,255,995

19 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) Taiwan (continued) Telcon RF Pharmaceutical Inc.(a)(b)...... 787,543 $ 3,364,730 Career Technology MFG. Co. Ltd.(b)...... 4,460,498 $ 4,727,984 Tera Resource Co. Ltd.(a)(d)...... 4 9 , 1 1 1 0 (e) Catcher Technology Co. Ltd.(b)...... 5,430,000 35,945,738 TES Co. Ltd./Korea(b) ...... 184,245 5,094,199 Cathay Financial Holding Co. Ltd...... 63,807,872 128,438,464 Theragen Etex Co. Ltd.(a)...... 164,006 1,220,005 Cathay Real Estate Development Co. Ltd.(b). . . . . 7,865,900 5,614,224 Tokai Carbon Korea Co. Ltd.(b)...... 52,967 8,171,952 Center Laboratories Inc.(b)...... 3,030,070 7,394,810 Tongyang Inc...... 1,065,118 1,346,710 Century Iron & Steel Industrial Co. Ltd.(b) ...... 1,446,000 5,747,931 Tongyang Life Insurance Co. Ltd...... 753,110 3,814,040 Chailease Holding Co. Ltd...... 10,828,782 81,397,144 TY Holdings Co. Ltd./Korea(a)(b)...... 199,300 5,098,688 Chang Hwa Commercial Bank Ltd.(b)...... 42,786,121 25,974,411 Unison Co. Ltd.(a) ...... 1,146,067 4,362,741 Charoen Pokphand Enterprise(b) ...... 1,639,000 4,699,672 Vaxcell-Bio Therapeutics Co. Ltd.(a) ...... 81,480 7,280,184 Cheng Loong Corp.(b) ...... 7,100,000 10,566,946 Vieworks Co. Ltd...... 88,121 2,942,057 Cheng Shin Rubber Industry Co. Ltd...... 13,663,650 22,967,414 Webzen Inc.(a)(b) ...... 164,515 4,733,832 Cheng Uei Precision Industry Co. Ltd.(b)...... 3,278,000 4,746,273 Wemade Co. Ltd.(b) ...... 111,200 5,873,095 Chicony Electronics Co. Ltd...... 4,556,787 12,766,125 Wonik Holdings Co. Ltd.(a)(b) ...... 446,640 2,650,790 Chicony Power Technology Co. Ltd.(b)...... 1,103,000 2,752,400 WONIK IPS Co. Ltd.(b) ...... 286,241 12,932,772 Chief Telecom Inc.(b) ...... 257,000 2,876,434 Inc...... 4,521,364 45,155,327 Chilisin Electronics Corp.(b) ...... 2,123,000 7,611,459 Woori Investment Bank Co. Ltd.(b) ...... 3,425,208 2,824,095 China Airlines Ltd.(a)...... 22,071,000 13,908,279 Woori Technology Investment Co. Ltd.(a) ...... 514,545 4,190,755 China Bills Finance Corp.(b)...... 14,851,000 8,509,097 YG Entertainment Inc.(a)(b)...... 109,641 4,995,609 China Development Financial Holding Corp.(b). . . 110,305,000 49,441,623 Youlchon Chemical Co. Ltd.(b) ...... 106,108 2,131,725 China General Plastics Corp.(b) ...... 5,229,892 6,690,535 Youngone Corp.(b) ...... 202,092 8,557,152 China Life Insurance Co. Ltd...... 18,435,329 16,440,566 Youngone Holdings Co. Ltd...... 63,948 2,942,721 China Man-Made Fiber Corp.(a)(b) ...... 17,435,514 6,375,109 Yuanta Securities Korea Co. Ltd...... 1,145,236 4,669,773 China Metal Products(b) ...... 4,207,146 5,030,260 Corp.(b) ...... 415,111 24,414,664 China Motor Corp.(a)(b) ...... 2,234,800 5,527,844 Yungjin Pharmaceutical Co. Ltd.(a)(b) ...... 898,128 4,994,699 China Petrochemical Development Corp.(b)...... 28,045,245 13,168,334 Yuyang DNU Co. Ltd.(a)(b)(d) ...... 278,963 305,151 Chemical Corp...... 1,213,000 4,696,811 Zinus Inc.(b)...... 95,033 8,896,956 China Steel Corp.(b) ...... 99,031,529 131,842,015 (b) 10,656,420,260 Chin-Poon Industrial Co. Ltd...... 4,193,000 4,360,812 (b) Taiwan — 14.6% Chipbond Technology Corp...... 4,986,000 12,245,373 (b) AcBel Polytech Inc.(b) ...... 7,734,000 7,346,949 ChipMOS Technologies Inc...... 5,603,000 9,180,356 (b) Accton Technology Corp...... 4,458,000 49,478,197 Chlitina Holding Ltd...... 458,000 3,458,631 (b) Acer Inc.(b)...... 26,374,872 30,275,558 Chong Hong Construction Co. Ltd...... 1,522,122 4,325,077 (b) ADATA Technology Co. Ltd.(b) ...... 2,192,820 8,084,991 Chroma ATE Inc...... 2,970,000 20,126,913 (a)(b) Adimmune Corp.(a)(b) ...... 2,612,000 4,924,482 Chung Hung Steel Corp...... 7,940,000 15,000,603 Advanced Ceramic X Corp.(b)...... 403,000 7,002,031 Chung-Hsin Electric & Machinery (b) Advanced Wireless Semiconductor Co.(b) ...... 1,521,000 7,691,207 Manufacturing Corp...... 3,562,000 6,569,614 (b) Advantech Co. Ltd.(b)...... 3,178,110 37,790,396 Chunghwa Precision Test Tech Co. Ltd...... 171,000 4,193,759 Airtac International Group ...... 1,019,880 36,665,584 Co. Ltd...... 30,405,000 124,564,122 Technologies Ltd.(b)...... 587,000 12,312,295 Cleanaway Co. Ltd...... 794,000 4,923,212 (b) AmTRAN Technology Co. Ltd.(a)(b) ...... 8,881,000 5,743,879 Clevo Co...... 4,479,175 4,824,783 (b) Andes Technology Corp...... 279,000 4,579,903 CMC Magnetics Corp...... 15,549,640 5,734,042 (b) AP Memory Technology Corp.(b) ...... 399,000 10,258,054 Inc...... 33,386,000 28,209,805 (b) Arcadyan Technology Corp.(b) ...... 1,312,391 4,578,667 Compeq Manufacturing Co. Ltd...... 8,537,000 11,797,153 (b) Ardentec Corp.(b) ...... 4,516,546 6,915,955 Concraft Holding Co. Ltd...... 745,000 1,772,881 (b) ASE Technology Holding Co. Ltd.(b) ...... 28,608,222 114,739,113 Continental Holdings Corp...... 4,518,600 4,052,022 (b) Asia Cement Corp.(b)...... 17,116,050 32,053,152 Coretronic Corp...... 3,655,200 7,567,984 Asia Optical Co. Inc.(b) ...... 2,553,000 7,530,479 Co-Tech Development Corp...... 1,496,000 4,291,406 (a)(b) Asia Pacific Telecom Co. Ltd.(a) ...... 17,889,173 5,611,823 CSBC Corp. Taiwan ...... 4,401,316 3,496,710 Asia Vital Components Co. Ltd.(b) ...... 2,724,000 7,200,355 CTBC Financial Holding Co. Ltd...... 147,165,599 122,170,349 (b) ASMedia Technology Inc.(b)...... 254,000 13,812,348 CTCI Corp...... 5,035,000 6,861,027 (b) ASPEED Technology Inc.(b)...... 190,000 15,180,026 Cub Elecparts Inc...... 530,979 3,839,525 (b) ASROCK Inc.(b) ...... 505,000 2,949,236 Darfon Electronics Corp...... 2,702,000 4,147,832 (a)(b) Asustek Computer Inc.(b) ...... 5,985,000 85,122,125 Darwin Precisions Corp...... 4,920,000 2,442,259 AU Optronics Corp.(a)(b) ...... 70,131,000 64,842,128 Electronics Inc...... 16,653,000 177,426,470 (b) AURAS Technology Co. Ltd.(b) ...... 595,000 3,788,887 Depo Auto Parts Ind. Co. Ltd...... 864,000 1,751,241 Bank of Kaohsiung Co. Ltd.(b)...... 26,223,829 10,312,508 E Ink Holdings Inc...... 7,502,000 16,684,851 (b) BES Engineering Corp.(b)...... 16,675,000 5,399,746 E.Sun Financial Holding Co. Ltd...... 93,402,938 85,967,511 Bizlink Holding Inc.(b)...... 1,053,926 9,236,921 Eclat Textile Co. Ltd...... 1,509,683 35,096,962 (b) Brighton-Best International Taiwan Inc.(b) ...... 4,619,000 5,560,878 Egis Technology Inc...... 635,000 3,796,635 (b) Capital Securities Corp.(b) ...... 22,936,050 14,433,390 Elan Microelectronics Corp...... 2,527,100 19,217,976

20 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Taiwan (continued) Elite Material Co. Ltd.(b) ...... 2,408,000 $ 14,221,516 Holy Stone Enterprise Co. Ltd.(b)...... 1,206,330 $ 5,749,043 Elite Semiconductor Microelectronics Hon Hai Precision Industry Co. Ltd...... 105,523,928 431,133,639 Technology Inc.(b) ...... 2,668,000 12,886,980 Hota Industrial Manufacturing Co. Ltd.(b) ...... 2,389,261 8,075,647 eMemory Technology Inc.(b) ...... 532,000 18,016,489 Hotai Finance Co. Ltd.(b) ...... 1,459,000 4,373,449 Ennoconn Corp.(b) ...... 563,259 4,256,443 Co. Ltd.(b)...... 2,565,000 52,710,590 ENNOSTAR Inc.(a)(b) ...... 4,996,185 13,565,734 Hsin Kuang Steel Co. Ltd.(b) ...... 3,398,000 7,866,638 Episil Holdings Inc.(a)...... 2,023,000 4,901,545 HTC Corp.(a)(b)...... 8,501,000 11,344,754 Episil-Precision Inc.(b) ...... 1,244,000 2,991,066 Hua Nan Financial Holdings Co. Ltd.(b) ...... 70,564,702 46,429,948 Eternal Materials Co. Ltd.(b)...... 8,074,915 11,802,310 Huaku Development Co. Ltd.(b) ...... 2,157,000 7,287,278 Eva Airways Corp...... 18,809,326 11,527,030 Hung Sheng Construction Ltd.(b) ...... 5,663,760 4,032,099 Evergreen Marine Corp. Taiwan Ltd.(a) ...... 22,100,449 78,445,162 IBF Financial Holdings Co. Ltd.(b) ...... 19,794,267 12,182,239 Everlight Chemical Industrial Corp.(b)...... 8,357,781 5,716,487 IEI Integration Corp.(b)...... 1,612,373 2,957,913 Everlight Electronics Co. Ltd.(b) ...... 3,399,000 5,602,560 Innodisk Corp.(b) ...... 662,740 4,059,194 Far Eastern Department Stores Ltd.(b)...... 9,688,167 7,825,555 Innolux Corp.(b) ...... 72,663,241 63,606,345 Far Eastern International Bank(b)...... 24,192,140 9,155,975 International CSRC Investment Holdings Co.(b) . . 6,969,685 6,829,998 Far Eastern New Century Corp.(b)...... 23,446,916 26,728,043 International Games System Co. Ltd.(b) ...... 493,000 16,331,708 Far EasTone Telecommunications Co. Ltd...... 11,897,000 27,640,143 Inventec Corp.(b) ...... 20,130,000 18,729,545 Faraday Technology Corp.(b)...... 2,855,000 7,007,653 ITE Technology Inc...... 1,009,000 4,334,981 Farglory Land Development Co. Ltd.(b) ...... 2,289,782 4,529,092 ITEQ Corp.(b) ...... 1,768,604 8,061,739 Feng Hsin Steel Co. Ltd.(b) ...... 4,708,000 12,742,243 Jentech Precision Industrial Co. Ltd.(b) ...... 657,000 6,747,210 Feng TAY Enterprise Co. Ltd.(b) ...... 3,281,387 28,501,185 Johnson Health Tech Co. Ltd...... 1,007,000 2,866,082 Firich Enterprises Co. Ltd.(b) ...... 3,217,718 3,568,631 Kenda Rubber Industrial Co. Ltd.(b) ...... 5,191,337 7,574,893 First Financial Holding Co. Ltd.(b) ...... 85,001,311 67,463,883 Kindom Development Co. Ltd.(b) ...... 3,217,000 4,343,189 Fitipower Integrated Technology Inc...... 866,000 10,416,548 King Slide Works Co. Ltd.(b) ...... 560,000 7,740,371 FLEXium Interconnect Inc.(b) ...... 2,815,616 12,064,961 King Yuan Electronics Co. Ltd.(b)...... 9,005,000 13,981,395 FocalTech Systems Co. Ltd...... 1,426,000 10,860,760 King's Town Bank Co. Ltd.(b) ...... 7,346,000 10,884,684 Formosa Chemicals & Fibre Corp...... 29,025,210 89,484,480 Kinpo Electronics(b) ...... 14,874,000 7,281,786 Formosa International Hotels Corp.(b) ...... 519,000 2,616,941 Kinsus Interconnect Technology Corp.(b) ...... 2,636,000 10,379,604 Formosa Petrochemical Corp.(b) ...... 9,180,000 33,057,034 LandMark Optoelectronics Corp.(b)...... 636,900 5,839,526 ...... 32,266,800 120,357,922 Co. Ltd.(b)...... 835,000 91,075,781 Formosa Sumco Technology Corp.(b)...... 689,000 4,172,447 Lealea Enterprise Co. Ltd.(a) ...... 5,826,000 2,677,604 Formosa Taffeta Co. Ltd.(b) ...... 6,485,000 7,222,951 Lien Hwa Industrial Holdings Corp.(b)...... 7,142,934 12,436,824 Foxconn Technology Co. Ltd.(b) ...... 7,357,424 17,277,388 Lite-On Technology Corp.(b) ...... 17,932,238 42,795,764 Foxsemicon Integrated Technology Inc.(b) ...... 684,000 5,754,158 Longchen Paper & Packaging Co. Ltd.(b) ...... 6,830,720 5,764,548 Fubon Financial Holding Co. Ltd.(b) ...... 55,748,000 145,226,576 Lotes Co. Ltd.(b)...... 575,722 12,288,483 Fulgent Sun International Holding Co. Ltd.(b) .... 1,084,221 4,758,561 Lotus Pharmaceutical Co. Ltd.(a)(b) ...... 569,000 1,907,259 Fusheng Precision Co. Ltd.(b) ...... 833,000 6,588,173 Machvision Inc.(b) ...... 369,094 3,190,240 General Interface Solution Holding Ltd.(b)...... 2,111,000 7,463,562 Macronix International Co. Ltd.(b) ...... 15,815,554 23,979,713 Genius Electronic Optical Co. Ltd.(b) ...... 642,287 10,809,720 Makalot Industrial Co. Ltd.(b) ...... 1,654,510 16,731,761 Getac Technology Corp...... 3,947,000 7,351,063 Marketech International Corp.(b) ...... 749,000 2,760,835 Giant Manufacturing Co. Ltd...... 2,621,000 31,311,115 MediaTek Inc...... 12,862,572 460,085,894 Co. Ltd.(b)...... 4,602,000 18,202,533 Medigen Vaccine Biologics Corp.(a) ...... 1,140,000 14,403,850 Ginko International Co. Ltd...... 374,250 2,330,570 Mega Financial Holding Co. Ltd.(b) ...... 88,047,958 105,053,264 Global Lighting Technologies Inc.(b) ...... 671,000 2,326,192 Mercuries Life Insurance Co. Ltd.(a)(b) ...... 14,449,031 4,895,731 Global PMX Co. Ltd.(b) ...... 385,000 2,360,418 Merida Industry Co. Ltd.(b) ...... 1,703,850 19,801,507 Global Unichip Corp.(b) ...... 810,000 10,477,018 Merry Electronics Co. Ltd.(b) ...... 1,541,051 5,973,375 Globalwafers Co. Ltd.(b) ...... 1,860,000 56,156,769 Microbio Co. Ltd.(a)(b)...... 2,882,000 5,797,710 Gold Circuit Electronics Ltd.(a)(b) ...... 3,402,000 6,758,640 Micro-Star International Co. Ltd...... 5,774,000 34,322,159 Goldsun Building Materials Co. Ltd.(b) ...... 8,751,425 8,045,619 Mitac Holdings Corp.(b) ...... 8,464,053 8,604,942 Gourmet Master Co. Ltd.(b) ...... 860,471 5,163,195 momo.com Inc.(b) ...... 308,000 13,776,008 Grand Pacific Petrochemical(a)(b)...... 8,374,000 8,074,559 Motech Industries Inc.(a) ...... 3,482,000 3,870,984 Grape King Bio Ltd.(b) ...... 955,000 5,728,867 Nan Kang Rubber Tire Co. Ltd.(b) ...... 4,254,000 5,843,404 Great Wall Enterprise Co. Ltd.(b) ...... 5,461,789 11,353,294 Nan Liu Enterprise Co. Ltd.(b) ...... 351,000 2,088,636 Greatek Electronics Inc.(b) ...... 3,076,000 7,973,033 Nan Pao Resins Chemical Co. Ltd.(b) ...... 400,000 2,168,904 Gudeng Precision Industrial Co. Ltd.(b) ...... 511,356 4,941,871 Nan Ya Plastics Corp...... 43,948,440 133,835,130 Hannstar Board Corp.(b) ...... 3,197,000 5,103,238 Nan Ya Printed Circuit Board Corp.(b) ...... 1,935,000 22,962,230 HannStar Display Corp.(a)(b) ...... 20,777,640 17,496,582 Nantex Industry Co. Ltd.(b)...... 2,566,000 12,106,551 Highwealth Construction Corp...... 6,143,153 9,319,159 Nanya Technology Corp.(b) ...... 10,392,000 30,612,620 Hiwin Technologies Corp...... 2,211,850 29,251,534 Newmax Technology Co. Ltd.(a)(b) ...... 1,150,000 1,973,978 Holtek Semiconductor Inc.(b)...... 1,786,000 6,075,006 Nien Made Enterprise Co. Ltd.(b) ...... 1,261,000 18,504,446

21 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Taiwan (continued) Novatek Microelectronics Corp.(b) ...... 4,966,000 $ 95,364,767 Sunny Friend Environmental Technology Nuvoton Technology Corp...... 1,523,000 4,492,562 Co. Ltd.(b) ...... 569,000 $ 4,374,889 OBI Pharma Inc.(a)(b) ...... 1,303,258 5,370,658 Sunonwealth Electric Machine Industry Oneness Biotech Co. Ltd.(a) ...... 1,872,000 13,752,987 Co. Ltd.(b) ...... 1,699,000 2,655,002 Oriental Union Chemical Corp.(b)...... 5,991,000 4,675,473 Supreme Electronics Co. Ltd.(b) ...... 3,447,512 4,919,231 Pan Jit International Inc.(b)...... 2,717,200 5,002,857 Synnex Technology International Corp...... 11,188,250 24,111,630 Pan-International Industrial Corp...... 5,619,366 7,997,208 Systex Corp.(b)...... 1,520,000 4,802,856 Parade Technologies Ltd.(b)...... 612,000 33,728,335 TA Chen Stainless Pipe(b) ...... 10,149,552 16,825,532 PChome Online Inc.(b)...... 795,000 2,779,871 Taichung Commercial Bank Co. Ltd.(b) ...... 25,064,733 10,255,274 Corp.(b) ...... 16,091,000 42,624,366 TaiDoc Technology Corp.(b) ...... 508,000 3,818,172 PharmaEngine Inc.(b)...... 1,125,793 2,593,243 Taigen Biopharmaceuticals Holdings Ltd.(a)...... 2,707,000 2,116,862 PharmaEssentia Corp.(a) ...... 1,758,587 5,401,186 TaiMed Biologics Inc.(a)...... 1,645,000 4,498,291 Pharmally International Holding Co. Ltd.(d)...... 597,543 975,352 Tainan Spinning Co. Ltd.(b) ...... 12,113,894 12,176,838 Phison Electronics Corp.(b) ...... 1,221,000 21,459,141 Taishin Financial Holding Co. Ltd...... 80,362,801 42,865,835 Pixart Imaging Inc.(b) ...... 1,267,000 8,385,423 Taiwan Business Bank(b) ...... 44,255,725 15,337,954 Pou Chen Corp...... 18,660,000 25,316,102 Corp.(b) ...... 40,005,574 74,426,496 Power Wind Health Industry Inc.(b) ...... 341,957 1,830,594 Taiwan Cogeneration Corp.(b)...... 4,796,000 6,739,295 Powertech Technology Inc...... 5,785,000 22,312,114 Taiwan Cooperative Financial Holding Poya International Co. Ltd.(a)(b) ...... 429,447 8,312,885 Co. Ltd.(b) ...... 76,349,072 57,664,116 President Chain Store Corp.(b) ...... 4,416,000 42,129,026 Taiwan Fertilizer Co. Ltd.(b) ...... 6,601,000 13,172,891 President Securities Corp.(b) ...... 8,969,657 9,229,897 Taiwan Glass Industry Corp.(a)(b) ...... 11,688,053 13,814,622 Primax Electronics Ltd.(b) ...... 3,838,000 7,342,980 Corp...... 14,920,000 15,835,005 Prince Housing & Development Corp.(b) ...... 11,101,995 4,763,929 Taiwan Hon Chuan Enterprise Co. Ltd.(b) ...... 3,493,674 8,889,775 Qisda Corp.(b)...... 13,364,000 14,747,072 Taiwan Mask Corp...... 1,775,000 5,411,299 Inc.(b)...... 23,789,000 76,949,900 Co. Ltd...... 12,697,000 45,999,477 Quanta Storage Inc.(b)...... 1,912,000 2,823,926 Taiwan Paiho Ltd.(b) ...... 2,612,000 8,993,238 Radiant Opto-Electronics Corp...... 3,609,000 15,328,177 Taiwan Secom Co. Ltd.(b)...... 2,464,185 8,160,739 Radium Life Tech Co. Ltd...... 7,008,279 2,801,706 Taiwan Semiconductor Co. Ltd.(b) ...... 2,566,000 4,573,308 Semiconductor Corp...... 4,101,110 73,687,242 Taiwan Semiconductor Manufacturing Co. Ltd. . . 209,005,000 4,490,280,206 Rexon Industrial Corp. Ltd.(b) ...... 1,210,000 3,367,553 Taiwan Shin Kong Security Co. Ltd...... 5,536,577 7,612,866 RichWave Technology Corp.(b)...... 581,000 10,828,282 Taiwan Styrene Monomer(b) ...... 4,918,000 3,485,267 Ritek Corp.(a) ...... 3,001 1,078 Taiwan Surface Mounting Technology Corp.(b) . . . 2,369,000 10,145,056 Roo Hsing Co. Ltd.(a)(b)...... 4,705,000 1,663,060 Taiwan TEA Corp.(a)(b)...... 8,285,000 5,891,142 Ruentex Development Co. Ltd.(b) ...... 6,933,086 13,102,378 Taiwan Union Technology Corp.(b) ...... 2,149,000 8,124,513 Ruentex Industries Ltd.(b)...... 3,144,943 9,389,132 Tanvex BioPharma Inc.(a)...... 1,424,089 3,023,696 Sanyang Motor Co. Ltd.(b) ...... 4,895,000 4,915,426 TCI Co. Ltd.(b) ...... 842,444 7,311,167 ScinoPharm Taiwan Ltd.(b)...... 2,791,027 2,777,410 Teco Electric and Machinery Co. Ltd.(b)...... 15,199,000 18,085,703 SDI Corp.(b)...... 1,446,000 5,048,695 Test Research Inc.(b) ...... 1,860,400 3,844,093 Sensortek Technology Corp.(b) ...... 245,000 5,576,071 Test Rite International Co. Ltd.(b) ...... 5,867,000 5,800,278 Sercomm Corp.(b) ...... 2,329,000 5,576,525 Thinking Electronic Industrial Co. Ltd.(b) ...... 764,000 4,489,794 Shanghai Commercial & Savings Bank Ton Yi Industrial Corp.(a)(b) ...... 10,410,000 4,922,153 Ltd. (The) ...... 28,703,346 46,992,983 Tong Hsing Electronic Industries Ltd.(b)...... 1,418,762 9,331,108 Shin Kong Financial Holding Co. Ltd.(b) ...... 86,216,727 31,227,571 Tong Yang Industry Co. Ltd.(b) ...... 4,599,400 5,477,127 Shin Zu Shing Co. Ltd.(b) ...... 1,565,904 6,261,707 Topco Scientific Co. Ltd.(b)...... 1,676,639 7,969,878 Shining Building Business Co. Ltd.(a)(b) ...... 6,647,184 2,883,514 TPK Holding Co. Ltd.(a)(b)...... 3,060,000 5,071,185 Shinkong Synthetic Fibers Corp.(b) ...... 13,385,000 10,395,199 Inc.(b) ...... 2,281,000 5,824,391 Sigurd Microelectronics Corp.(b)...... 5,088,700 9,212,099 Tripod Technology Corp.(b) ...... 3,437,000 15,904,720 Silergy Corp...... 649,000 85,762,560 TSEC Corp.(a)(b) ...... 3,660,000 4,328,030 Simplo Technology Co. Ltd.(b)...... 1,341,400 17,631,273 TSRC Corp.(b) ...... 6,499,900 7,278,473 Sinbon Electronics Co. Ltd.(b) ...... 2,038,809 19,547,271 TTY Biopharm Co. Ltd.(b) ...... 2,135,124 6,303,574 Sino-American Silicon Products Inc.(b) ...... 4,384,000 26,571,482 Tung Ho Steel Enterprise Corp.(b) ...... 8,107,000 14,079,675 SinoPac Financial Holdings Co. Ltd...... 87,311,660 42,629,096 Tung Thih Electronic Co. Ltd.(a) ...... 493,000 3,802,779 Sinyi Realty Inc.(b)...... 4,453,704 4,975,321 TXC Corp.(b) ...... 2,769,000 11,003,456 Sitronix Technology Corp.(b) ...... 1,086,000 11,295,211 U-Ming Marine Transport Corp...... 4,904,000 10,571,518 Soft-World International Corp.(b) ...... 905,000 3,441,427 Unimicron Technology Corp.(b) ...... 10,492,000 42,423,159 Solar Applied Materials Technology Corp.(b) ..... 3,598,710 6,181,931 Union ...... 8,718,928 3,678,914 Sonix Technology Co. Ltd...... 1,065,000 3,615,900 Uni-President Enterprises Corp...... 39,799,369 105,564,338 Sporton International Inc.(b) ...... 713,000 6,159,697 Unitech Printed Circuit Board Corp.(b) ...... 5,981,000 4,508,002 St. Shine Optical Co. Ltd...... 371,000 3,921,548 United Integrated Services Co. Ltd.(b) ...... 1,241,400 10,317,569 Standard Foods Corp.(b)...... 3,846,096 7,443,448 United Microelectronics Corp.(b)...... 100,394,000 190,838,030

22 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Thailand (continued) United Renewable Energy Co. Ltd.(a)...... 20,886,388 $ 10,073,788 CK Power PCL, NVDR(b) ...... 27,078,700 $ 4,758,302 Universal Vision Biotechnology Co. Ltd.(b) ...... 378,000 4,141,103 Com7 PCL, NVDR ...... 3,175,600 7,202,864 UPC Technology Corp.(b) ...... 9,132,365 8,462,634 CP ALL PCL, NVDR...... 49,020,900 95,224,490 USI Corp.(b)...... 9,081,300 11,836,344 Thailand PCL, NVDR(b)...... 2,716,800 50,577,651 Vanguard International Semiconductor Corp.(b) . . 7,580,000 32,203,935 Dynasty Ceramic PCL, NVDR(b) ...... 69,035,120 6,796,420 Visual Photonics Epitaxy Co. Ltd.(b) ...... 1,412,000 5,761,529 Eastern Polymer Group PCL, NVDR(b) ...... 14,848,400 5,178,625 Voltronic Power Technology Corp.(b) ...... 488,493 21,739,189 Electricity Generating PCL, NVDR(b) ...... 2,329,600 13,034,893 Wafer Works Corp.(b)...... 4,957,404 9,197,319 Energy Absolute PCL, NVDR ...... 13,270,600 25,563,892 Wah Lee Industrial Corp...... 2,403,000 6,730,714 Esso Thailand PCL, NVDR(a)(b) ...... 18,354,900 4,957,398 Walsin Lihwa Corp.(b) ...... 21,378,000 20,352,646 GFPT PCL, NVDR(b) ...... 9,765,400 3,342,516 Walsin Technology Corp.(b) ...... 2,654,597 20,043,835 Global Power Synergy PCL, NVDR(b) ...... 6,300,300 14,701,768 Wan Hai Lines Ltd...... 5,182,000 27,107,138 Gulf PCL, NVDR(b) ...... 25,041,944 27,038,646 Win Semiconductors Corp.(b) ...... 2,900,427 34,025,266 Gunkul Engineering PCL, NVDR(b)...... 64,248,641 7,189,869 Electronics Corp.(b) ...... 25,880,480 31,757,342 Hana Microelectronics PCL, NVDR(b) ...... 6,086,000 11,731,121 Wisdom Marine Lines Co. Ltd...... 3,131,000 7,592,007 Home Product Center PCL, NVDR...... 55,845,975 24,815,276 Corp.(b) ...... 22,794,004 25,265,329 Indorama Ventures PCL, NVDR(b) ...... 15,172,500 22,170,114 Wistron NeWeb Corp.(b) ...... 2,934,654 6,991,150 Intouch Holdings PCL, NVDR...... 18,017,300 37,021,972 Wiwynn Corp.(b)...... 634,000 21,260,081 IRPC PCL, NVDR...... 98,409,900 12,706,567 WPG Holdings Ltd...... 12,069,200 22,553,187 Jasmine International PCL, NVDR(b) ...... 62,338,200 5,576,303 WT Microelectronics Co. Ltd...... 3,185,734 6,224,667 Kasikornbank PCL, NVDR(b)...... 2,761,800 10,511,844 XinTec Inc.(a)(b) ...... 1,476,000 8,083,255 KCE Electronics PCL, NVDR(b) ...... 7,797,300 17,648,392 XPEC Entertainment Inc.(a)(d) ...... 31,000 0(e) Khon Kaen Sugar Industry PCL, NVDR(a) ...... 26,009,886 3,578,960 Xxentria Technology Materials Corp...... 1,509,000 3,646,520 Kiatnakin Phatra Bank PCL, NVDR(b) ...... 3,610,900 6,584,457 Yageo Corp.(b) ...... 3,181,454 57,751,496 Krung Thai Bank PCL, NVDR...... 28,744,800 10,023,639 Yang Ming Marine Transport Corp.(a) ...... 13,252,677 48,850,472 Krungthai Card PCL, NVDR(b) ...... 7,257,900 16,938,026 YFY Inc.(b) ...... 11,784,000 16,234,920 Land & Houses PCL, NVDR ...... 66,076,600 17,017,281 Yieh Phui Enterprise Co. Ltd.(a)(b) ...... 13,535,026 11,402,962 Major Cineplex Group PCL, NVDR(a)(b)...... 9,910,800 6,467,137 Yuanta Financial Holding Co. Ltd...... 81,976,388 75,631,672 MBK PCL, NVDR ...... 10,920,200 4,752,181 Finance Corp.(b) ...... 1,484,920 7,239,001 Mega Lifesciences PCL, NVDR...... 4,466,000 5,174,836 Yulon Motor Co. Ltd.(a)(b) ...... 5,561,088 7,888,612 Minor International PCL, NVDR(a) ...... 28,228,160 28,897,051 YungShin Global Holding Corp.(b) ...... 3,293,650 5,141,041 Muangthai Capital PCL, NVDR ...... 6,898,800 13,664,977 Zhen Ding Technology Holding Ltd...... 5,041,950 17,604,621 Origin Property PCL, NVDR(b) ...... 13,059,000 3,819,664 (b) 12,069,528,954 Osotspa PCL, NVDR ...... 8,209,000 9,709,688 (b) Thailand — 1.9% Plan B Media PCL, NVDR ...... 24,011,100 4,602,709 (a) Advanced Info Service PCL, NVDR(b) ...... 9,590,000 51,684,718 Precious Shipping PCL, NVDR ...... 5,969,400 3,434,871 (b) Airports of Thailand PCL, NVDR(b) ...... 36,269,800 73,068,587 Prima Marine PCL, NVDR ...... 13,893,700 3,289,133 (b) Amata Corp. PCL, NVDR(b)...... 12,453,430 7,682,186 PTG Energy PCL, NVDR ...... 10,907,800 6,766,131 AP Thailand PCL, NVDR ...... 33,257,190 9,096,956 PTT Exploration & Production PCL, NVDR ...... 11,712,201 44,357,506 Asset World Corp. PCL, NVDR(a) ...... 52,261,100 7,978,414 PTT Global Chemical PCL, NVDR ...... 19,672,000 39,756,046 B Grimm Power PCL, NVDR(b)...... 7,733,800 10,949,265 PTT Oil & Retail Business, NVDR...... 25,386,400 24,351,277 (b) Bangchak Corp. PCL, NVDR(b) ...... 12,647,500 10,317,336 PTT PCL, NVDR ...... 88,109,100 111,234,922 (b) Bangkok Airways PCL, NVDR(a)(b) ...... 15,274,700 3,562,136 Quality Houses PCL, NVDR ...... 112,523,717 8,279,924 Bangkok Bank PCL, Foreign(b)...... 4,635,800 17,136,093 Ratch Group PCL, NVDR...... 7,061,300 11,574,823 (b) Bangkok Chain Hospital PCL, NVDR...... 21,151,850 13,793,360 Ratchthani Leasing PCL, NVDR ...... 33,415,825 4,487,835 Bangkok Commercial Asset Management Regional Container Lines PCL, NVDR ...... 3,049,700 5,290,563 (a)(b) PCL, NVDR(b) ...... 16,854,200 10,184,429 RS PCL, NVDR ...... 6,752,300 5,451,679 Bangkok Dusit Medical Services PCL, NVDR.... 82,545,500 56,982,247 SCG Packaging PCL, NVDR ...... 6,906,000 12,207,622 Bangkok Expressway & Metro PCL, NVDR(b) .... 68,863,485 18,056,226 Siam Cement PCL (The), NVDR ...... 6,616,000 92,720,398 Bangkok Land PCL, NVDR(b) ...... 161,146,000 5,875,889 Siam Commercial Bank PCL (The), NVDR ...... 7,154,400 23,447,307 (b) Banpu PCL, NVDR(b)...... 37,157,900 15,567,791 Siamgas & Petrochemicals PCL, NVDR ...... 11,003,100 4,045,561 (a)(b) BCPG PCL, NVDR(b)...... 11,512,125 5,153,074 Singha Estate PCL, NVDR ...... 48,972,200 3,695,685 Berli Jucker PCL, NVDR(b)...... 10,388,300 11,540,342 Sino-Thai Engineering & Construction (b) BTS Group Holdings PCL, NVDR(b) ...... 73,457,900 21,502,279 PCL, NVDR ...... 12,602,828 6,444,860 (b) Bumrungrad Hospital PCL, NVDR ...... 3,744,400 15,798,141 Sri Trang Agro-Industry PCL, NVDR ...... 8,559,360 11,831,702 Carabao Group PCL, NVDR ...... 2,413,300 10,223,142 Sri Trang Gloves Thailand PCL, NVDR...... 7,094,000 9,931,600 (b) Central Pattana PCL, NVDR(b)...... 18,598,200 30,183,391 Srisawad Corp. PCL, NVDR ...... 7,081,949 17,024,786 (b) Central Retail Corp. PCL, NVDR...... 16,284,317 17,299,380 Supalai PCL, NVDR ...... 15,219,300 10,364,242 (b) CH Karnchang PCL, NVDR...... 12,586,700 8,163,925 Super Energy Corp. PCL, NVDR ...... 184,715,600 5,792,380 Charoen Pokphand Foods PCL, NVDR(b) ...... 32,751,000 28,536,053 Taokaenoi Food & Marketing PCL, (b) Chularat Hospital PCL, NVDR ...... 72,912,000 8,201,662 Class R, NVDR ...... 6,408,900 1,536,659

23 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Thailand (continued) United Arab Emirates (continued) Thai Oil PCL, NVDR(b) ...... 10,151,100 $ 19,136,222 Aramex PJSC ...... 7,318,193 $ 8,181,101 Thai Union Group PCL, NVDR...... 25,908,700 14,749,523 DAMAC Properties Dubai Co. PJSC(a) ...... 15,985,708 5,925,533 Thai Vegetable Oil PCL, NVDR ...... 5,986,600 6,370,449 Dana Gas PJSC ...... 40,750,947 8,732,317 Thanachart Capital PCL, NVDR(b) ...... 3,622,800 3,967,690 Dubai Financial Market PJSC...... 17,509,769 5,373,482 Thonburi Healthcare Group PCL, NVDR(b) ...... 7,071,200 5,767,664 Dubai Investments PJSC ...... 20,156,112 9,099,891 Thoresen Thai Agencies PCL, NVDR ...... 11,000,700 6,167,507 Dubai Islamic Bank PJSC ...... 15,803,959 20,525,174 TPI Polene PCL, NVDR(b) ...... 69,672,300 4,498,853 Emaar Development PJSC(a) ...... 4,921,006 4,748,918 True Corp. PCL, NVDR(b)...... 102,762,911 10,378,945 Emaar Malls PJSC(a) ...... 763,854 409,328 TTW PCL, NVDR(b) ...... 24,491,100 9,247,839 Emaar Properties PJSC ...... 29,999,429 32,380,370 WHA Corp. PCL, NVDR(b) ...... 89,232,200 8,843,628 Emirates NBD Bank PJSC...... 22,208,690 83,437,900 1,563,962,383 Emirates Telecommunications Group Co. PJSC . 15,263,481 90,006,397 Turkey — 0.4% First Abu Dhabi Bank PJSC ...... 32,918,778 151,129,271 TAS ...... 25,813,662 15,852,950 547,604,306 Akrilik Kimya Sanayii AS ...... 2,006,691 3,768,309 Anadolu Efes Biracilik Ve Malt Sanayii AS ...... 2,118,568 5,653,967 Total Common Stocks — 97.7% Aselsan Elektronik Sanayi Ve Ticaret AS ...... 6,384,915 11,106,469 (Cost: $56,857,764,039) ...... 80,958,418,589 AS(a) ...... 2,876,502 8,543,118 Birlesik Magazalar AS ...... 4,123,758 30,787,067 Preferred Stocks Coca-Cola Icecek AS...... 772,816 7,161,413 Brazil — 1.2% (b) Dogan Sirketler Grubu Holding AS ...... 10,778,033 3,696,881 Alpargatas SA, Preference Shares, NVS ...... 1,721,058 15,616,561 (b) Gayrimenkul Yatirim Ortakligi AS . 21,839,757 4,969,975 Azul SA, Preference Shares, NVS ...... 2,493,231 20,570,818 (c) Enerjisa Enerji AS ...... 2,247,916 2,800,080 Banco ABC Brasil SA, Preference Shares, NVS . 1,118,011 3,700,460 Eregli Demir ve Celik Fabrikalari TAS ...... 12,338,397 27,752,977 Banco Bradesco SA, Preference Shares, NVS. . . 41,105,846 208,853,697 Ford Otomotiv Sanayi AS...... 701,168 14,234,961 Banco do Estado do Rio Grande do Sul SA, (a)(b) Gubre Fabrikalari TAS ...... 567,551 4,071,565 Class B, Preference Shares, NVS ...... 1,807,338 4,726,676 Haci Omer Sabanci Holding AS...... 8,045,236 8,320,066 Banco Pan SA, Preference Shares, NVS...... 3,267,229 14,305,920 Karabuk Demir Celik Sanayi ve Ticaret SA, Preference Shares, NVS ...... 1,988,543 27,170,433 (a)(b) AS, Class D ...... 9,894,400 9,079,180 SA, Class A, Preference Shares, NVS . 1,234,922 11,864,180 KOC Holding AS ...... 6,176,562 13,377,413 Centrais Eletricas Brasileiras SA, Class B, (a)(b) Koza Altin Isletmeleri AS ...... 393,110 5,488,831 Preference Shares, NVS...... 2,128,492 17,798,354 Koza Anadolu Metal Madencilik Cia. de Saneamento do Parana, Preference (a)(b) Isletmeleri AS ...... 2,423,658 4,497,457 Shares, NVS ...... 2,752,017 2,143,867 (a)(c) Mavi Giyim Sanayi Ve Ticaret AS, Class B . . . 384,596 2,265,770 Cia. Energetica de Minas Gerais, Preference (a)(b) Ticaret AS ...... 909,831 3,680,622 Shares, NVS ...... 8,229,448 21,443,273 (a)(b)(c) MLP Saglik Hizmetleri AS ...... 842,228 2,312,984 Cia. Energetica de Sao Paulo, Class B, (a)(b) Pegasus Hava Tasimaciligi AS ...... 416,206 4,040,339 Preference Shares, NVS...... 1,892,565 8,777,039 (a) Petrokimya Holding AS ...... 12,883,527 9,303,538 Cia. Paranaense de Energia, Preference (a) Sasa Polyester Sanayi AS ...... 134,182 482,794 Shares, NVS ...... 8,247,597 10,096,450 (a)(b) Sok Marketler Ticaret AS ...... 1,826,759 2,374,217 SA, Preference Shares, NVS ...... 9,607,793 60,688,172 (a)(b) TAV Havalimanlari Holding AS ...... 1,905,411 5,334,239 Gol Linhas Aereas Inteligentes SA, Preference (b) Tekfen Holding AS ...... 1,931,655 3,392,489 Shares, NVS ...... 1,747,441 8,989,177 (a)(b) Turk Hava Yollari AO ...... 6,061,464 9,411,206 Itau Unibanco Holding SA, Preference Iletisim Hizmetleri AS ...... 10,221,035 18,900,995 Shares, NVS ...... 40,851,739 231,548,318 (b) Turkiye Garanti Bankasi AS ...... 18,964,760 17,690,037 Itausa SA, Preference Shares, NVS...... 37,728,066 78,616,727 Turkiye Is Bankasi AS, Class C ...... 14,158,372 8,413,287 SA, Preference Shares, NVS . 7,841,704 29,927,182 (a)(b) Turkiye Petrol Rafinerileri AS ...... 1,083,776 12,317,146 Marcopolo SA, Preference Shares, NVS ...... 5,796,806 2,980,878 (b) Turkiye Sinai Kalkinma Bankasi AS ...... 14,518,488 2,254,279 Metalurgica Gerdau SA, Preference Turkiye Sise ve Cam Fabrikalari AS ...... 13,068,607 11,819,599 Shares, NVS ...... 6,957,279 19,783,732 Ulker Biskuvi Sanayi AS ...... 1,751,176 4,456,777 Petroleo Brasileiro SA, Preference Shares, NVS. 40,406,027 208,321,650 (b) Yapi ve Kredi Bankasi AS ...... 27,655,218 6,941,449 Randon SA Implementos e Participacoes, 306,554,446 Preference Shares, NVS...... 2,253,531 6,377,877 United Arab Emirates — 0.7% Unipar Carbocloro SA, Preference Shares, NVS. 556,864 11,049,237 Abu Dhabi Commercial Bank PJSC ...... 24,481,020 45,363,310 1,025,350,678 Abu Dhabi Islamic Bank PJSC...... 11,946,128 18,059,167 Chile — 0.1% Abu Dhabi National Oil Co. for Embotelladora Andina SA, Class B, Preference PJSC ...... 15,253,793 16,592,766 Shares, NVS ...... 3,697,923 8,830,099 (a) Air Arabia PJSC ...... 24,881,932 9,328,840 Sociedad Quimica y Minera de Chile SA, Aldar Properties PJSC ...... 33,404,826 33,274,059 Class B, Preference Shares, NVS ...... 1,169,363 52,375,196 Amanat Holdings PJSC ...... 19,312,521 5,036,482 61,205,295

24 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

Par/ SecurityShares Value Security Shares Value Colombia — 0.0% Corporate Bonds & Notes Bancolombia SA, Preference Shares, NVS ...... 4,035,056 $ 30,034,398 India — 0.0% Russia — 0.1% Britannia Industries Ltd., 5.50%, 06/03/24 (d) . . . . INR 28,231,268 $ 389,706 Surgutneftegas PJSC, Preference Shares, NVS . 59,701,477 37,956,521 Total Corporate Bonds & Notes — 0.0% South Korea — 0.7% (Cost: $387,939) ...... 389,706 Hyundai Motor Co. Preference Shares, NVS...... 185,679 18,435,460 Short-Term Investments Series 2, Preference Shares, NVS ...... 305,507 30,603,635 Money Market Funds — 4.4% LG Chem Ltd., Preference Shares, NVS ...... 65,903 21,947,889 BlackRock Cash Funds: Institutional, SL Agency LG Household & Health Care Ltd., Preference Shares, 0.06%(h)(i)(j) ...... 3,637,596,347 3,639,778,905 Shares, NVS ...... 16,789 10,834,217 Samsung Electronics Co. Ltd., Preference Total Short-Term Investments — 4.4% Shares, NVS ...... 7,003,955 458,145,495 (Cost: $3,638,643,047) ...... 3,639,778,905 539,966,696 Total Investments in Securities — 104.2% Total Preferred Stocks — 2.1% (Cost: $61,848,117,994) ...... 86,294,029,372 (Cost: $1,351,322,969) ...... 1,694,513,588 Other Assets, Less Liabilities — (4.2)%...... (3,465,370,694)

Rights Net Assets — 100.0%...... $ 82,828,658,678 South Korea — 0.0% (a) Non-income producing security. (b) Cosmax Inc. (Expires 06/18/21)(a)(b)...... 7,234 152,425 All or a portion of this security is on loan. (c) Hanwha Systems Co. Ltd. (Expires 06/04/21)(a) . 201,041 270,386 Security exempt from registration pursuant to Rule 144A under the Securities Act of Solid Inc. (Expires 06/09/21)(a)...... 73,070 90,412 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 513,223 (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Total Rights — 0.0% (e) Rounds to less than $1. (Cost: $0) ...... 513,223 (f) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. Warrants (g) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,922,732, representing less than 0.05% of its net Thailand — 0.0% assets as of period end, and an original cost of $35,983,750. MBK PCL, NVDR (Expires 12/31/24)(a)...... 432,024 146,543 (h) Affiliate of the Fund. Minor International PCL (Expires 02/15/24)(a) .... 876,446 117,794 (i) Annualized 7-day yield as of period-end. Minor International PCL (Expires 05/05/23)(a) .... 967,112 151,024 (j) All or a portion of this security was purchased with cash collateral received from loaned RS PCL, NVDR, NVDR (Expires 05/23/24)(a) .... 1,030,740 0(e) securities.

415,361

Total Warrants — 0.0% (Cost: $0) ...... 415,361

25 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $2,395,950,043 $1,244,603,206(a) $ — $ (347,406)$ (426,938)$3,639,778,905 3,637,596,347 $32,763,170(b) $ — BlackRock Cash Funds: Treasury, SL (c) (a) Agency Shares ..... 590,951,000 — (590,951,000) — — — — 161,011 —

$ (347,406) $ (426,938) $3,639,778,905 $32,924,181 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 1,074 06/18/21 $73,080 $ 1,227,810

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 Consolidated Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $14,069,338,414 $66,835,821,840 $ 53,258,335 $80,958,418,589 Preferred Stocks ...... 1,116,590,371 577,923,217 — 1,694,513,588 Rights ...... 90,412 422,811 — 513,223 Warrants ...... 268,818 146,543 — 415,361 Corporate Bonds & Notes ...... — — 389,706 389,706 Money Market Funds...... 3,639,778,905 — — 3,639,778,905 $18,826,066,920 $67,414,314,411 $ 53,648,041 $86,294,029,372 Derivative financial instruments(a) Assets Futures Contracts ...... $ 1,227,810 $ — $ — $ 1,227,810

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt NVDR...... Non-Voting Depositary Receipt CPO...... Certificates of Participation (Ordinary) NVS ...... Non-Voting Shares GDR...... Global Depositary Receipt PJSC ...... Public Joint Stock Company REIT ...... Real Estate Investment Trust JSC...... Joint Stock Company

26 Consolidated Schedule of Investments (unaudited) (continued) iShares Core MSCI Emerging Markets ETF May 31, 2021

Currency Abbreviations

INR......

27 Schedule of Investments (unaudited) iShares Currency Hedged MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value Investment Companies (a) Affiliate of the Fund. Exchange-Traded Funds — 100.4% iShares MSCI Emerging Markets ETF(a)...... 3,986,738 $ 218,752,314

Total Investment Companies — 100.4% (Cost: $177,684,559) ...... 218,752,314

Total Investments in Securities — 100.4% (Cost: $177,684,559) ...... 218,752,314 Other Assets, Less Liabilities — (0.4)%...... (811,762)

Net Assets — 100.0%...... $ 217,940,552

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Treasury, SL Agency Shares(a) ...... $ — $ 0(b) $ —$ —$ —$ — —$ 27$ — iShares MSCI Emerging Markets ETF ..... 183,522,705 42,922,898 (47,051,052) 4,166,536 35,191,227 218,752,314 3,986,738 1,908,015 —

$ 4,166,536 $ 35,191,227 $218,752,314 $1,908,042 $ —

(a) As of period end, the entity is no longer held. (b) Represents net amount purchased (sold).

Forward Foreign Currency Exchange Contracts Unrealized Appreciation Currency Purchased Currency Sold Counterparty Settlement Date (Depreciation) CNY 557,000 USD 86,517 MS 06/03/21 ...... $ 867 EUR 1,998,000 USD 2,442,744 MS 06/03/21 ...... 555 HKD 3,117,000 USD 401,240 MS 06/03/21 ...... 361 INR 14,947,000 USD 202,906 MS 06/03/21 ...... 2,909 KRW 404,458,000 USD 361,551 MS 06/03/21 ...... 2,596 MXN 703,000 USD 35,128 MS 06/03/21 ...... 152 MYR 12,394,000 USD 3,004,970 MS 06/03/21 ...... 947 RUB 5,503,000 USD 73,747 MS 06/03/21 ...... 1,175 TWD 9,656,000 USD 346,614 MS 06/03/21 ...... 3,295 USD 1,596,800 CLP 1,141,107,000 MS 06/03/21 ...... 17,118 USD 47,073 CNY 300,000 MS 06/03/21 ...... 8 USD 210,671 HKD 1,635,000 MS 06/03/21 ...... 14 USD 3,043,192 MYR 12,471,000 MS 06/03/21 ...... 18,599 USD 630,130 TRY 5,308,000 MS 06/03/21 ...... 5,347 ZAR 4,346,000 USD 301,159 MS 06/03/21 ...... 14,958 BRL 55,792,000 USD 10,629,967 MS 06/04/21 ...... 16,346 USD 4,099,161 THB 127,877,000 MS 06/04/21 ...... 5,192 KRW 1,361,868,000 USD 1,228,568 MS 07/06/21 ...... 7 MYR 647,000 USD 157,039 MS 07/06/21 ...... 103

28 Schedule of Investments (unaudited) (continued) iShares Currency Hedged MSCI Emerging Markets ETF May 31, 2021

Forward Foreign Currency Exchange Contracts (continued)

Unrealized Appreciation Currency Purchased Currency Sold Counterparty Settlement Date (Depreciation) USD 101,259 BRL 531,000 MS 07/06/21 ...... $ 230 USD 1,403,671 CLP 1,013,787,000 MS 07/06/21 ...... 734 USD 10,791,226 CNY 68,932,320 MS 07/06/21 ...... 4,441 USD 47,329,941 HKD 367,320,000 MS 07/06/21 ...... 107 USD 594,518 INR 43,162,000 MS 07/06/21 ...... 2,423 USD 33,594,207 KRW 37,224,901,000 MS 07/06/21 ...... 12,685 USD 3,924,338 MXN 78,440,000 MS 07/06/21 ...... 2,756 USD 6,352,492 RUB 468,328,000 MS 07/06/21 ...... 3,795 USD 603,704 TRY 5,214,000 MS 07/06/21 ...... 884 USD 8,718,337 ZAR 120,157,000 MS 07/06/21 ...... 16,806 135,410 CLP 1,145,245,000 USD 1,588,397 MS 06/03/21 ...... (2,986) CNY 65,477,320 USD 10,272,386 MS 06/03/21 ...... (76) HKD 367,320,000 USD 47,327,502 MS 06/03/21 ...... (1,198) INR 1,543,520,000 USD 21,280,832 MS 06/03/21 ...... (27,126) KRW 37,224,901,000 USD 33,591,176 MS 06/03/21 ...... (76,364) MXN 78,440,000 USD 3,939,612 MS 06/03/21 ...... (3,137) MYR 185,000 USD 45,025 MS 06/03/21 ...... (157) RUB 446,716,000 USD 6,087,774 MS 06/03/21 ...... (5,827) TRY 5,355,000 USD 631,884 MS 06/03/21 ...... (1,569) TWD 881,093,000 USD 31,967,673 MS 06/03/21 ...... (39,056) USD 5,676 CLP 4,138,000 MS 06/03/21 ...... (52) USD 10,142,680 CNY 65,734,320 MS 06/03/21 ...... (169,949) USD 2,406,619 EUR 1,998,000 MS 06/03/21 ...... (36,680) USD 47,487,636 HKD 368,802,000 MS 06/03/21 ...... (29,612) USD 20,932,771 INR 1,558,467,000 MS 06/03/21 ...... (526,750) USD 33,731,424 KRW 37,629,359,000 MS 06/03/21 ...... (147,534) USD 3,909,877 MXN 79,143,000 MS 06/03/21 ...... (61,878) USD 26,040 MYR 108,000 MS 06/03/21 ...... (153) USD 5,999,903 RUB 452,219,000 MS 06/03/21 ...... (156,967) USD 5,512 TRY 47,000 MS 06/03/21 ...... (20) USD 31,976,027 TWD 890,749,000 MS 06/03/21 ...... (302,499) USD 8,466,559 ZAR 123,308,000 MS 06/03/21 ...... (502,535) ZAR 118,962,000 USD 8,670,769 MS 06/03/21 ...... (17,792) BRL 494,000 USD 94,464 MS 06/04/21 ...... (198) THB 128,958,000 USD 4,133,338 MS 06/04/21 ...... (4,761) USD 10,342,737 BRL 56,286,000 MS 06/04/21 ...... (397,842) USD 34,512 THB 1,081,000 MS 06/04/21 ...... (96) CLP 116,108,000 USD 160,725 MS 07/06/21 ...... (48) CNY 256,000 USD 40,086 MS 07/06/21 ...... (27) HKD 3,649,000 USD 470,218 MS 07/06/21 ...... (37) MXN 2,345,000 USD 117,335 MS 07/06/21 ...... (97) MYR 17,000 USD 4,137 MS 07/06/21 ...... (8) RUB 2,290,000 USD 31,052 MS 07/06/21 ...... (8) THB 9,925,000 USD 317,904 MS 07/06/21 ...... (187) TRY 652,000 USD 75,509 MS 07/06/21 ...... (128) TWD 61,991,000 USD 2,261,290 MS 07/06/21 ...... (1,597) USD 10,772,300 BRL 56,700,000 MS 07/06/21 ...... (15,514) USD 17,851 CLP 12,902,000 MS 07/06/21 ...... (3)

29 Schedule of Investments (unaudited) (continued) iShares Currency Hedged MSCI Emerging Markets ETF May 31, 2021

Forward Foreign Currency Exchange Contracts (continued)

Unrealized Appreciation Currency Purchased Currency Sold Counterparty Settlement Date (Depreciation) USD 2,640,126 EUR 2,158,000 MS 07/06/21 ...... $ (516) USD 10,027,361 HKD 77,821,000 MS 07/06/21 ...... (12) USD 21,235,596 INR 1,548,733,000 MS 07/06/21 ...... (9,872) USD 163,942 KRW 181,762,000 MS 07/06/21 ...... (31) USD 30,215 MXN 605,000 MS 07/06/21 ...... (32) USD 3,000,968 MYR 12,394,000 MS 07/06/21 ...... (9,266) USD 3,972,666 THB 124,236,000 MS 07/06/21 ...... (4,355) USD 7,853 TRY 68,000 MS 07/06/21 ...... (9) USD 32,364,278 TWD 889,458,000 MS 07/06/21 ...... (58,205) ZAR 4,790,000 USD 347,546 MS 07/06/21 ...... (664) (2,613,430) Net unrealized depreciation ...... $ (2,478,020)

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 Investment Companies ...... $218,752,314 $ — $ — $218,752,314 Derivative financial instruments(a) Assets Forward Foreign Currency Exchange Contracts ...... $ — $ 135,410 $ — $ 135,410 Liabilities Forward Foreign Currency Exchange Contracts ...... — (2,613,430) — (2,613,430) $ — $ (2,478,020) $ — $ (2,478,020)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Counterparty Abbreviations

MS...... Morgan Stanley & Co. International PLC

Currency Abbreviations

BRL...... RUB ...... New Russian Ruble CLP...... Chilean Peso THB...... Thai Baht CNY ...... Chinese Yuan TRY...... Turkish Lira EUR ...... Euro TWD...... HKD ...... Hong Kong Dollar USD ...... Dollar INR...... Indian Rupee ZAR...... South African Rand KRW...... South Korean Won MXN...... Mexican Peso MYR...... Malaysian Ringgit

30 Schedule of Investments (unaudited) iShares ESG Aware MSCI EM ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) China Lesso Group Holdings Ltd...... 6,797,000 $ 17,896,401 Argentina — 0.1% China Medical System Holdings Ltd...... 6,208,000 15,928,485 Globant SA(a)...... 37,091 $ 8,081,016 China Mengniu Dairy Co. Ltd...... 1,421,000 8,621,552 Brazil — 3.3% China Merchants Bank Co. Ltd., Class A ...... 833,500 7,633,090 Adecoagro SA(a) ...... 633,144 6,730,321 China Merchants Bank Co. Ltd., Class H...... 4,550,000 42,126,067 Atacadao SA ...... 2,135,957 9,180,390 China Merchants Shekou Industrial Zone Holdings Co. B3 SA - Brasil, Bolsa, Balcao...... 11,820,329 39,781,371 Ltd., Class A ...... 6,410,065 11,691,426 Banco Bradesco SA ...... 1 3 China Molybdenum Co. Ltd., Class H ...... 26,991,000 18,606,144 Banco do Brasil SA ...... 3,953,381 25,404,135 China Overseas Land & Investment Ltd...... 3,040,000 7,275,210 Banco Santander Brasil SA ...... 3,037,103 24,020,835 China Pacific Insurance Group Co. Ltd., Class H ...... 2,001,200 7,529,331 CCR SA...... 2,979,319 7,877,471 China Resources Land Ltd...... 1,546,000 7,244,921 Cia. Siderurgica Nacional SA...... 781,295 6,734,035 China Vanke Co. Ltd., Class H ...... 4,248,500 14,702,455 Cosan SA ...... 2,036,491 9,131,914 China Zheshang Bank Co. Ltd., Class A ...... 11,091,100 7,010,682 CPFL Energia SA...... 2,016,106 11,106,242 CIFI Holdings Group Co. Ltd...... 8,652,000 7,561,879 Energisa SA...... 885,924 7,899,320 Contemporary Amperex Technology Co. Ltd., Class A . . 336,801 22,996,592 (a) Localiza Rent a Car SA ...... 2,124,528 25,539,014 COSCO SHIPPING Holdings Co. Ltd., Class H ...... 3,243,000 6,824,776 Lojas Renner SA ...... 1,199,065 10,767,358 Country Garden Services Holdings Co. Ltd...... 2,083,000 21,619,722 (c) Natura & Co. Holding SA(a)...... 1,920,262 18,993,708 CSPC Pharmaceutical Group Ltd...... 10,733,520 16,861,064 Notre Dame Intermedica Participacoes SA...... 472,292 8,010,033 ENN Energy Holdings Ltd...... 644,700 11,860,137 Rumo SA(a)...... 1,778,317 7,052,941 Eve Energy Co. Ltd., Class A...... 455,020 7,960,509 Telefonica Brasil SA ...... 974,988 8,268,793 Everbright Securities Co. Ltd., Class A...... 2,891,497 7,638,471 Ultrapar Participacoes SA ...... 4,309,856 15,960,286 Fosun International Ltd...... 19,677,000 31,910,730 (b) WEG SA ...... 1,254,367 8,219,321 Fuyao Glass Industry Group Co. Ltd., Class H ...... 1,255,600 8,336,633 Ganfeng Lithium Co. Ltd., Class A ...... 442,500 9,025,413 250,677,491 Geely Automobile Holdings Ltd...... 8,048,000 20,462,077 Chile — 0.5% GEM Co. Ltd., Class A ...... 4,324,817 7,675,150 Cia. Cervecerias Unidas SA...... 1,579,008 14,166,394 Genscript Biotech Corp.(a)...... 2,328,000 9,133,959 Empresas COPEC SA ...... 830,125 8,375,726 GoerTek Inc., Class A ...... 1,298,100 7,955,547 Enel Americas SA ...... 141,564,707 19,539,642 Great Wall Motor Co. Ltd., Class H ...... 3,841,000 10,730,642 42,081,762 Greentown Service Group Co. Ltd...... 4,868,000 7,738,848 China — 35.8% Guangzhou Automobile Group Co. Ltd., Class H ...... 8,319,200 7,077,061 (a) 360 Security Technology Inc., Class A ...... 4,904,100 9,447,496 Haitong Securities Co. Ltd., Class A ...... 4,265,105 7,852,340 (a)(b) 3SBio Inc...... 9,056,000 10,963,118 Haitong Securities Co. Ltd., Class H ...... 10,522,000 10,043,568 (c) AAC Technologies Holdings Inc...... 1,689,500 10,283,009 HengTen Networks Group Ltd.(a) ...... 6,816,000 6,681,480 Agricultural Bank of China Ltd., Class H ...... 26,795,000 10,872,312 Hopson Development Holdings Ltd...... 1,672,800 8,230,206 (a) Alibaba Group Holding Ltd...... 10,887,356 296,242,273 Huatai Securities Co. Ltd., Class A ...... 2,985,400 8,066,577 (a) Alibaba Group Holding Ltd., ADR ...... 270,389 57,852,430 Huatai Securities Co. Ltd., Class H(b) ...... 6,162,400 9,549,557 (a) Alibaba Health Information Technology Ltd...... 4,824,000 11,982,331 Huaxia Bank Co. Ltd., Class A...... 13,530,338 13,681,015 ANTA Sports Products Ltd...... 549,000 11,216,790 Industrial & Commercial Bank of China Ltd., Class H . . . 30,317,000 19,903,396 (a) Baidu Inc., ADR ...... 236,338 46,386,059 Industrial Bank Co. Ltd., Class A...... 3,986,568 14,492,398 Bank of Hangzhou Co. Ltd., Class A ...... 2,710,500 7,041,506 Innovent Biologics Inc.(a)(b) ...... 637,000 7,709,650 (a) Baozun Inc., ADR ...... 220,767 7,658,407 Jafron Biomedical Co. Ltd., Class A...... 449,600 6,113,670 (a) BeiGene Ltd., ADR ...... 36,857 13,213,603 JD Health International Inc.(a)(b)...... 897,550 11,932,669 Beijing Oriental Yuhong Waterproof Technology Co. JD.com Inc., ADR(a)...... 645,276 47,711,707 Ltd., Class A ...... 1,331,383 13,134,404 Jinxin Fertility Group Ltd.(b)...... 4,014,000 11,564,513 (a)(c) Bilibili Inc., ADR ...... 101,012 10,826,466 KE Holdings Inc., ADR(a) ...... 291,709 15,136,780 BOE Technology Group Co. Ltd., Class A ...... 7,482,000 7,442,583 Kingboard Laminates Holdings Ltd...... 3,283,500 7,008,659 BYD Co. Ltd., Class A ...... 353,716 9,945,930 Kingdee International Software Group Co. Ltd...... 6,348,000 25,795,877 BYD Co. Ltd., Class H ...... 1,006,500 23,432,322 Kingsoft Cloud Holdings Ltd., ADR(a)(c)...... 190,272 7,432,024 BYD Electronic International Co. Ltd...... 1,443,500 9,493,722 Kingsoft Corp. Ltd...... 1,332,000 8,986,884 (a)(b) CanSino Biologics Inc., Class H ...... 222,400 9,840,979 Lee & Man Paper Manufacturing Ltd...... 7,623,000 6,652,234 China Construction Bank Corp., Class A ...... 6,636,400 7,231,863 Lenovo Group Ltd.(c) ...... 20,458,000 24,538,141 China Construction Bank Corp., Class H ...... 95,891,000 78,760,256 Li Auto Inc., ADR(a) ...... 766,046 17,848,872 China Eastern Airlines Corp. Ltd., Class A...... 11,410,637 9,728,181 Li Ning Co. Ltd...... 1,650,000 15,477,840 China Everbright Environment Group Ltd...... 17,850,666 10,737,996 Longfor Group Holdings Ltd.(b) ...... 1,246,000 7,294,232 (b) China Feihe Ltd...... 2,636,000 7,385,511 Meituan, Class B(a)(b) ...... 3,613,400 140,402,149 China Galaxy Securities Co. Ltd., Class H ...... 12,254,500 7,688,546 Microport Scientific Corp...... 1,433,000 11,988,746 China Gas Holdings Ltd...... 2,484,000 9,271,312 Ming Yuan Cloud Group Holdings Ltd.(a) ...... 1,426,000 7,452,679 (b) China International Capital Corp. Ltd., Class H ...... 4,468,800 13,192,908 NetEase Inc., ADR...... 393,953 46,458,877 China Jushi Co. Ltd., Class A...... 2,970,280 7,623,820 NIO Inc., ADR(a)(c) ...... 1,235,981 47,733,586

31 Schedule of Investments (unaudited) (continued) iShares ESG Aware MSCI EM ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) Hungary — 0.5% Orient Securities Co. Ltd., Class A...... 5,152,732 $ 8,606,100 MOL Hungarian Oil & Gas PLC(a)...... 4,512,464 $ 36,497,477 Pharmaron Beijing Co. Ltd., Class H(b) ...... 310,700 7,437,382 Pinduoduo Inc., ADR(a)...... 378,146 47,222,873 India — 9.8% (a) Ping An Insurance Group Co. of China Ltd., Class A.... 1,637,401 18,503,750 Adani Green Energy Ltd...... 547,486 9,583,131 Ping An Insurance Group Co. of China Ltd., Class H.... 6,089,000 66,197,639 Asian Paints Ltd...... 777,474 31,917,279 (a) Shandong Weigao Group Medical Polymer Co. Ltd., Axis Bank Ltd...... 2,427,168 25,039,470 (a)(d) Class H...... 3,140,000 6,932,645 Axis Bank Ltd., GDR ...... 148,974 7,597,674 (a) Shanghai Fosun Pharmaceutical Group Co. Ltd., Bajaj Finance Ltd...... 224,083 17,396,228 (a)(b) Class A...... 761,700 8,311,529 Bandhan Bank Ltd...... 1,851,798 7,836,667 Shanghai Pharmaceuticals Holding Co. Ltd., Class H. . . 5,107,700 11,547,279 Bharat Petroleum Corp. Ltd...... 1,346,348 8,763,330 Shenzhen Inovance Technology Co. Ltd., Class A ...... 802,215 12,455,586 Bharti Airtel Ltd...... 1,451,601 10,726,295 Shenzhen Investment Ltd...... 46,138,000 16,390,841 Colgate-Palmolive India Ltd...... 527,238 12,525,997 Shenzhou International Group Holdings Ltd...... 729,400 18,777,522 Dabur India Ltd...... 4,554,767 34,057,629 (a) Sino Biopharmaceutical Ltd...... 6,734,000 7,567,632 Eicher Motors Ltd...... 378,860 13,924,923 Sungrow Power Supply Co. Ltd., Class A ...... 1,040,800 15,893,605 HCL Technologies Ltd...... 1,760,700 22,965,480 (a)(b) Suning.com Co. Ltd., Class A ...... 9,808,237 10,498,169 HDFC Life Insurance Co. Ltd...... 824,772 7,565,821 Sunny Optical Technology Group Co. Ltd...... 1,055,100 26,873,923 Hero MotoCorp Ltd...... 224,151 9,281,147 TAL Education Group, ADR(a) ...... 147,315 5,888,181 Hindalco Industries Ltd...... 2,656,566 14,426,178 TCL Technology Group Corp., Class A ...... 10,139,695 12,898,296 Ltd...... 1,047,559 33,819,804 Tencent Holdings Ltd...... 5,102,500 410,524,107 Housing Development Finance Corp. Ltd...... 1,902,008 66,852,788 (a) Tencent Music Entertainment Group, ADR(a) ...... 471,776 7,425,754 ICICI Bank Ltd...... 4,840,912 44,377,237 (a) Tongcheng-Elong Holdings Ltd.(a) ...... 4,646,800 12,556,841 Info Edge India Ltd...... 183,774 11,052,632 Topchoice Medical Corp., Class A(a) ...... 129,700 7,167,962 Infosys Ltd...... 3,207,350 61,643,435 (a) TravelSky Technology Ltd., Class H ...... 3,514,000 7,608,062 Kotak Mahindra Bank Ltd...... 715,665 17,823,745 Trip.com Group Ltd., ADR(a)(c) ...... 277,573 11,616,430 Mahindra & Mahindra Ltd...... 279,105 3,111,927 Unisplendour Corp. Ltd., Class A ...... 3,013,142 9,562,530 Mahindra & Mahindra Ltd., GDR...... 1,402,439 16,511,545 Vipshop Holdings Ltd., ADR(a) ...... 482,994 11,171,651 Marico Ltd...... 1,461,999 9,602,508 Weimob Inc.(a)(b)...... 3,412,000 7,813,715 Nestle India Ltd...... 99,811 24,271,483 WuXi AppTec Co. Ltd., Class A ...... 287,908 7,578,603 Piramal Enterprises Ltd...... 510,094 12,746,731 WuXi AppTec Co. Ltd., Class H(b) ...... 338,280 7,237,217 Reliance Industries Ltd...... 1,904,463 56,539,741 (b) Wuxi Biologics Cayman Inc., New(a)(b) ...... 3,814,000 59,653,318 Reliance Industries Ltd., GDR ...... 169,724 9,784,589 (a) Xiaomi Corp., Class B(a)(b)...... 10,471,800 39,541,211 Shree Cement Ltd...... 17,482 6,667,789 Xinjiang Goldwind Science & Technology Co. Ltd., Shriram Transport Finance Co. Ltd...... 383,553 7,529,695 (a) Class H...... 9,568,536 16,310,050 ...... 2,697,139 15,785,103 Xinyi Solar Holdings Ltd...... 10,024,000 17,984,163 Tata Consultancy Services Ltd...... 1,233,418 53,800,841 XPeng Inc., ADR(a) ...... 511,474 16,433,660 Tata Consumer Products Ltd...... 1,283,763 11,747,087 Yadea Group Holdings Ltd.(b)...... 7,050,000 15,708,763 Tata Steel Ltd...... 438,965 6,823,584 Yum China Holdings Inc...... 354,643 23,988,053 Titan Co. Ltd...... 772,871 16,971,711 Yunnan Baiyao Group Co. Ltd., Class A...... 407,100 8,045,901 UPL Ltd...... 808,277 9,088,334 Zai Lab Ltd., ADR(a)...... 60,395 10,729,776 Wipro Ltd...... 2,432,673 18,087,752 Zhejiang Huayou Cobalt Co. Ltd., Class A...... 560,000 9,130,566 748,247,310 ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b). . 1,322,500 6,811,557 Indonesia — 1.1% Zoomlion Heavy Industry Science and Technology Co. Aneka Tambang Tbk ...... 40,925,800 7,021,589 Ltd., Class H...... 6,054,400 7,301,292 Bank Central Asia Tbk PT ...... 15,377,500 34,291,454 2,726,175,567 Bank Mandiri Persero Tbk PT ...... 17,351,600 7,277,374 Colombia — 0.2% Bank Rakyat Indonesia Persero Tbk PT...... 1,625,900 484,913 Bancolombia SA...... 834,875 6,079,187 Kalbe Farma Tbk PT...... 163,692,900 16,607,236 Interconexion Electrica SA ESP ...... 1,241,789 6,704,589 Telkom Indonesia Persero Tbk PT ...... 35,147,900 8,477,589 Unilever Indonesia Tbk PT ...... 25,769,200 10,556,561 12,783,776 Cyprus — 0.1% 84,716,716 TCS Group Holding PLC, GDR(d) ...... 98,471 7,404,993 Kuwait — 0.3% Kuwait Finance House KSCP ...... 9,759,953 24,160,708 Czech Republic — 0.1% National Bank of Kuwait SAKP ...... 516,625 1,427,176 (a)(b) Moneta Money Bank AS ...... 2,182,034 8,180,680 25,587,884 Egypt — 0.0% Malaysia — 2.3% Commercial International Bank Egypt SAE...... 176,139 601,686 AMMB Holdings Bhd...... 10,308,100 7,106,043 CIMB Group Holdings Bhd ...... 6,568,400 6,800,920 Greece — 0.3% Hartalega Holdings Bhd(c) ...... 3,453,900 7,512,141 OPAP SA ...... 1,349,172 21,203,529 Kossan Rubber Industries...... 6,897,200 6,742,476

32 Schedule of Investments (unaudited) (continued) iShares ESG Aware MSCI EM ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Malaysia (continued) South Africa — 4.6% Malayan Banking Bhd(c)...... 7,977,400 $ 15,779,176 Absa Group Ltd.(a) ...... 894,480 $ 9,293,927 Maxis Bhd...... 10,232,100 11,505,596 Anglo American Platinum Ltd...... 55,123 7,268,211 Nestle Malaysia Bhd ...... 924,300 30,514,485 Aspen Pharmacare Holdings Ltd.(a) ...... 561,962 6,565,143 Petronas Dagangan Bhd ...... 4,237,000 19,369,368 Bidvest Group Ltd. (The) ...... 964,069 13,586,642 PPB Group Bhd ...... 1,915,400 8,581,882 Clicks Group Ltd...... 695,808 13,001,038 Public Bank Bhd...... 26,140,700 26,623,267 FirstRand Ltd...... 2,726,531 11,085,030 RHB Bank Bhd ...... 10,267,900 13,166,093 Gold Fields Ltd...... 1,190,310 15,010,121 Sime Darby Plantation Bhd...... 7,689,100 8,460,908 Growthpoint Properties Ltd...... 12,518,289 13,125,753 Supermax Corp. Bhd(c)...... 6,369,653 6,347,999 Impala Platinum Holdings Ltd...... 932,227 16,943,292 Telekom Malaysia Bhd ...... 7,313,000 10,877,638 Kumba Iron Ore Ltd...... 395,885 18,369,306 (a) 179,387,992 MTN Group Ltd...... 1,101,504 7,946,368 Mexico — 1.6% MultiChoice Group...... 1,010,778 10,109,064 Arca Continental SAB de CV ...... 1,093,700 6,156,524 Naspers Ltd., Class N...... 403,210 89,293,192 Cemex SAB de CV, CPO, NVS(a) ...... 16,398,800 13,831,702 NEPI Rockcastle PLC...... 2,015,257 14,063,112 Coca-Cola Femsa SAB de CV...... 2,792,600 13,950,381 Old Mutual Ltd...... 25,814,747 26,779,146 Fomento Economico Mexicano SAB de CV ...... 3,559,000 30,016,890 Sibanye Stillwater Ltd...... 1,493,026 7,069,048 Grupo Bimbo SAB de CV, Series A ...... 4,383,700 9,633,224 Standard Bank Group Ltd...... 1,866,158 18,363,956 Grupo Financiero Banorte SAB de CV, Class O ...... 4,123,400 28,554,100 Vodacom Group Ltd...... 3,693,304 35,061,956 (a) Wal-Mart de Mexico SAB de CV ...... 5,919,400 19,483,676 Woolworths Holdings Ltd...... 3,693,227 14,949,500 121,626,497 347,883,805 Peru — 0.2% South Korea — 11.9% Credicorp Ltd...... 123,529 16,981,532 Amorepacific Corp...... 54,105 13,907,698 AMOREPACIFIC Group...... 275,938 19,180,386 Philippines — 0.1% Celltrion Healthcare Co. Ltd.(a) ...... 70,275 7,605,860 Bank of the Philippine Islands ...... 4,356,020 7,655,331 Celltrion Inc.(a)...... 37,254 9,159,791 CJ CheilJedang Corp...... 38,769 16,975,526 Poland — 0.6% Hankook Tire & Technology Co. Ltd...... 199,502 8,733,723 Bank Polska Kasa Opieki SA(a) ...... 377,530 9,851,620 Hanwha Solutions Corp.(a) ...... 186,956 7,542,020 KGHM Polska Miedz SA(a) ...... 286,336 15,730,605 HMM Co. Ltd.(a) ...... 208,245 8,934,002 Polski Koncern Naftowy ORLEN SA ...... 783,909 17,436,482 Hyundai Motor Co...... 67,904 14,274,905 43,018,707 Kakao Corp...... 230,157 25,368,600 Qatar — 0.7% KB Financial Group Inc...... 623,069 32,931,520 Commercial Bank PSQC (The) ...... 9,267,648 13,403,416 LG Chem Ltd...... 41,764 30,637,740 Qatar National Bank QPSC ...... 8,850,847 42,349,695 LG Corp...... 93,829 8,493,165 55,753,111 LG Display Co. Ltd.(a)(c) ...... 881,300 18,996,482 Russia — 3.3% LG Electronics Inc...... 156,181 21,285,805 Gazprom PJSC...... 7,019,550 24,934,985 LG Household & Health Care Ltd...... 12,114 16,920,852 LUKOIL PJSC ...... 709,483 58,009,793 LX Holdings Corp.(a) ...... 45,501 446,728 Novatek PJSC, GDR(d)...... 164,680 32,783,184 NAVER Corp...... 139,422 45,294,969 Novolipetsk Steel PJSC...... 5,513,170 19,681,861 NCSoft Corp...... 11,276 8,778,465 PhosAgro PJSC, GDR(d) ...... 693,706 14,193,225 POSCO ...... 94,839 30,163,195 Polymetal International PLC...... 927,057 21,983,962 Samsung C&T Corp...... 99,119 12,295,806 Polyus PJSC ...... 84,720 18,339,415 Samsung Electro-Mechanics Co. Ltd...... 61,689 9,431,642 Rosneft Oil Co. PJSC ...... 785,940 5,687,430 Samsung Electronics Co. Ltd...... 4,415,268 318,511,679 Sberbank of Russia PJSC...... 9,954,530 42,055,626 Samsung Engineering Co. Ltd.(a) ...... 400,357 6,785,458 Yandex NV, Class A(a)...... 176,032 11,839,471 Samsung Fire & Marine Insurance Co. Ltd...... 76,462 14,485,334 249,508,952 Samsung Life Insurance Co. Ltd...... 110,569 8,297,193 Saudi Arabia — 2.2% Samsung SDI Co. Ltd...... 65,825 36,305,282 Al Rajhi Bank...... 793,984 21,868,604 Samsung SDS Co. Ltd...... 60,372 9,818,872 Almarai Co. JSC...... 742,283 10,917,756 Shinhan Financial Group Co. Ltd...... 959,558 36,579,820 Bank AlBilad...... 987,075 9,959,111 SK Holdings Co. Ltd...... 77,483 18,374,205 Dr Sulaiman Al Habib Medical Services Group Co...... 359,010 15,797,702 SK Hynix Inc...... 483,952 55,129,394 (a) Saudi Arabian Mining Co.(a) ...... 755,553 11,949,930 SK Innovation Co. Ltd...... 65,061 15,432,072 Saudi Arabian Oil Co.(b) ...... 1,138,363 10,720,401 SK Telecom Co. Ltd...... 75,866 21,640,430 Saudi Basic Industries Corp...... 1,746,992 58,054,734 908,718,619 Saudi British Bank (The) ...... 1,018,302 8,327,225 Taiwan — 15.0% Saudi National Bank ...... 908,376 12,861,747 Acer Inc...... 15,328,000 17,594,920 Savola Group (The)...... 935,338 10,189,913 ASE Technology Holding Co. Ltd...... 2,270,000 9,104,298 170,647,123 Asustek Computer Inc...... 496,000 7,054,398

33 Schedule of Investments (unaudited) (continued) iShares ESG Aware MSCI EM ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Brazil (continued) AU Optronics Corp.(a) ...... 9,999,000 $ 9,244,934 Cia. Energetica de Minas Gerais, Preference Cathay Financial Holding Co. Ltd...... 32,631,110 65,682,956 Shares, NVS...... 7,165,024 $ 18,669,729 Chailease Holding Co. Ltd...... 1,317,352 9,902,193 Gerdau SA, Preference Shares, NVS ...... 1,200,447 7,582,692 China Steel Corp...... 16,270,000 21,660,471 Itau Unibanco Holding SA, Preference Shares, NVS. . . . 2,804,455 15,895,696 Chunghwa Telecom Co. Ltd...... 4,311,000 17,661,435 82,784,125 CTBC Financial Holding Co. Ltd...... 64,994,000 53,955,135 Colombia — 0.1% Delta Electronics Inc...... 2,329,000 24,813,922 Bancolombia SA, Preference Shares, NVS...... 994,579 7,403,015 E.Sun Financial Holding Co. Ltd...... 44,161,509 40,645,992 Evergreen Marine Corp. Taiwan Ltd.(a) ...... 4,942,000 17,541,544 South Korea — 0.8% First Financial Holding Co. Ltd...... 54,029,960 42,882,526 LG Household & Health Care Ltd., Preference Fubon Financial Holding Co. Ltd...... 18,535,000 48,284,684 Shares, NVS...... 11,954 7,714,112 Hiwin Technologies Corp...... 646,821 8,554,154 Samsung Electronics Co. Ltd., Preference Hon Hai Precision Industry Co. Ltd...... 5,606,000 22,904,144 Shares, NVS...... 844,986 55,272,561 Hotai Motor Co. Ltd...... 498,000 10,233,869 62,986,673 Innolux Corp...... 10,631,000 9,305,930 Lite-On Technology Corp...... 4,985,039 11,896,928 Total Preferred Stocks — 2.0% MediaTek Inc...... 1,324,000 47,358,625 (Cost: $122,856,920) ...... 153,173,813 Mega Financial Holding Co. Ltd...... 12,582,000 15,012,048 President Chain Store Corp...... 3,340,000 31,863,892 Warrants Taishin Financial Holding Co. Ltd...... 79,553,224 42,434,003 Thailand — 0.0% Taiwan Semiconductor Manufacturing Co. Ltd...... 23,468,000 504,188,397 Minor International PCL (Expires 02/15/24)(a)...... 515,287 69,255 Unimicron Technology Corp...... 2,194,000 8,871,179 Minor International PCL (Expires 05/05/23)(a)...... 568,593 88,791 United Microelectronics Corp...... 10,976,000 20,864,177 Yageo Corp...... 641,000 11,635,783 158,046 Yuanta Financial Holding Co. Ltd...... 12,482,040 11,515,969 Total Warrants — 0.0% 1,142,668,506 (Cost: $0) ...... 158,046 Thailand — 2.3% Advanced Info Service PCL, NVDR...... 1,442,900 7,776,421 Short-Term Investments Bangkok Dusit Medical Services PCL, NVDR ...... 28,260,000 19,508,251 Money Market Funds — 0.7% BTS Group Holdings PCL, NVDR(c)...... 78,353,200 22,935,210 Central Pattana PCL, NVDR ...... 4,680,400 7,595,915 BlackRock Cash Funds: Institutional, SL Agency (e)(f)(g) ...... 58,211,408 58,246,335 Delta Electronics Thailand PCL, NVDR ...... 441,800 8,224,826 Shares, 0.06% Home Product Center PCL, NVDR ...... 24,121,900 10,718,617 Total Short-Term Investments — 0.7% Kasikornbank PCL, NVDR ...... 2,344,200 8,922,393 (Cost: $58,232,808)...... 58,246,335 Minor International PCL, NVDR(a)...... 8,501,500 8,702,950 PTT Exploration & Production PCL, NVDR ...... 2,659,100 10,070,784 Total Investments in Securities — 100.6% PTT Global Chemical PCL, NVDR ...... 4,740,900 9,581,102 (Cost: $5,968,193,813)...... 7,672,899,460 PTT PCL, NVDR...... 18,986,500 23,969,849 Other Assets, Less Liabilities — (0.6)%...... (49,286,852) Siam Cement PCL (The), NVDR...... 1,693,500 23,733,675 Siam Commercial Bank PCL (The), NVDR ...... 3,258,700 10,679,825 Net Assets — 100.0% ...... $ 7,623,612,608 172,419,818 (a) Non-income producing security. Turkey — 0.2% (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Turkcell Iletisim Hizmetleri AS ...... 7,614,396 14,080,732 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. United Arab Emirates — 0.8% (c) All or a portion of this security is on loan. Abu Dhabi Commercial Bank PJSC...... 5,077,102 9,407,866 (d) This security may be resold to qualified foreign investors and foreign institutional buyers Abu Dhabi Islamic Bank PJSC ...... 3,769,815 5,698,894 under Regulation S of the Securities Act of 1933. First Abu Dhabi Bank PJSC ...... 9,502,099 43,623,894 (e) Affiliate of the Fund. (f) Annualized 7-day yield as of period-end. 58,730,654 (g) All or a portion of this security was purchased with cash collateral received from loaned Total Common Stocks — 97.9% securities. (Cost: $5,787,104,085)...... 7,461,321,266

Preferred Stocks Brazil — 1.1% Banco Bradesco SA, Preference Shares, NVS ...... 7,997,835 40,636,008

34 Schedule of Investments (unaudited) (continued) iShares ESG Aware MSCI EM 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $16,678,651 $41,573,788(a) $ — $ (7,613)$ 1,509 $58,246,335 58,211,408 $880,780(b) $ — BlackRock Cash Funds: Treasury, SL (c) (a) Agency Shares ...... 3,950,000 — (3,950,000) — — — — 4,109 —

$ (7,613) $ 1,509 $58,246,335 $884,889 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 40 06/18/21 $ 2,722 $ 66,230

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 ...... $1,135,286,515 $6,326,034,751 $ — $7,461,321,266 Preferred Stocks ...... 90,187,140 62,986,673 — 153,173,813 Warrants...... 158,046 — — 158,046 Money Market Funds...... 58,246,335 — — 58,246,335 $1,283,878,036 $6,389,021,424 $ — $7,672,899,460 Derivative financial instruments(a) Assets Futures Contracts ...... $ 66,230 $ — $ — $ 66,230

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt CPO...... Certificates of Participation (Ordinary) GDR...... Global Depositary Receipt NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

35 Schedule of Investments (unaudited) iShares MSCI Australia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Hotels, Restaurants & Leisure — 2.9% Aristocrat Leisure Ltd...... 746,659 $ 23,659,501 Airlines — 0.3% Crown Resorts Ltd.(a) ...... 487,348 4,842,456 Qantas Airways Ltd.(a)...... 1,200,635 $ 4,368,723 Domino's Pizza Enterprises Ltd...... 81,572 6,941,826 Banks — 27.7% Tabcorp Holdings Ltd...... 2,894,565 11,421,623 Australia & New Zealand Banking Group Ltd...... 3,697,259 82,040,367 46,865,406 Commonwealth Bank of Australia...... 2,304,956 177,579,062 Insurance — 3.2% National Australia Bank Ltd...... 4,284,056 89,166,315 Insurance Australia Group Ltd...... 3,189,028 12,367,490 Westpac Banking Corp...... 4,769,043 97,505,719 Medibank Pvt Ltd...... 3,589,664 8,675,603 446,291,463 QBE Insurance Group Ltd...... 1,918,190 16,223,180 Beverages — 0.5% Suncorp Group Ltd...... 1,663,725 14,307,555 Treasury Wine Estates Ltd...... 940,242 8,449,387 51,573,828 Interactive Media & Services — 1.2% Biotechnology — 8.2% REA Group Ltd...... 68,327 8,626,881 CSL Ltd...... 591,172 132,532,494 Seek Ltd...... 435,679 10,279,819 Capital Markets — 4.6% 18,906,700 ASX Ltd...... 251,265 14,780,736 IT Services — 1.8% Macquarie Group Ltd...... 446,608 52,370,613 Afterpay Ltd.(a)...... 282,094 20,123,720 Magellan Financial Group Ltd...... 179,548 6,632,782 Computershare Ltd...... 704,043 8,535,863 73,784,131 28,659,583 Chemicals — 0.3% Metals & Mining — 18.3% Orica Ltd...... 531,436 5,561,138 BHP Group Ltd...... 3,827,331 140,853,957 BlueScope Steel Ltd...... 654,492 10,734,315 Commercial Services & Supplies — 1.0% Evolution Mining Ltd...... 2,224,127 9,246,296 Brambles Ltd...... 1,909,667 15,945,490 Fortescue Metals Group Ltd...... 2,200,153 38,101,497 Construction Materials — 1.2% Newcrest Mining Ltd...... 1,060,893 23,106,407 James Hardie Industries PLC...... 577,094 19,143,619 Northern Star Resources Ltd...... 1,433,857 12,888,798 Rio Tinto Ltd...... 482,296 46,012,034 Diversified Telecommunication Services — 0.9% South32 Ltd...... 6,208,360 14,263,594 Corp. Ltd...... 5,399,246 14,662,531 295,206,898 Electric Utilities — 0.6% Multi-Utilities — 0.3% AusNet Services Ltd...... 2,432,699 3,294,131 AGL Energy Ltd...... 803,574 5,031,401 Origin Energy Ltd...... 2,295,076 7,032,594 Multiline Retail — 3.9% 10,326,725 Wesfarmers Ltd...... 1,473,126 62,968,316 Equity Real Estate Investment Trusts (REITs) — 5.9% BGP Holdings PLC, NVS(a)(b) ...... 18,888,372 230 Oil, Gas & Consumable Fuels — 3.2% Dexus ...... 1,408,271 11,352,286 Ampol Ltd...... 309,070 6,808,097 Goodman Group...... 2,160,208 32,424,558 Oil Search Ltd...... 2,570,267 7,220,970 GPT Group (The) ...... 2,530,366 8,996,936 Santos Ltd...... 2,435,699 12,730,227 Mirvac Group ...... 5,115,274 11,028,799 Washington H Soul Pattinson & Co. Ltd...... 141,088 3,217,989 Scentre Group ...... 6,768,361 14,227,351 Woodside Petroleum Ltd...... 1,250,121 21,042,953 Stockland ...... 3,101,168 11,194,000 51,020,236 Vicinity Centres ...... 5,037,172 6,072,585 Real Estate Management & Development — 0.5% 95,296,745 Lendlease Corp. Ltd...... 895,776 8,505,034 Food & Staples Retailing — 4.7% Road & Rail — 0.4% Coles Group Ltd...... 1,733,085 22,145,809 Aurizon Holdings Ltd...... 2,408,369 6,726,029 Woolworths Group Ltd...... 1,644,005 52,819,620 74,965,429 Software — 1.3% Gas Utilities — 0.7% WiseTech Global Ltd...... 188,496 4,091,665 (a) APA Group ...... 1,531,955 10,913,663 Xero Ltd...... 172,071 17,569,322 21,660,987 Health Care Equipment & Supplies — 0.9% Trading Companies & Distributors — 0.4% Cochlear Ltd...... 85,417 14,958,705 Reece Ltd...... 391,512 6,189,351

Health Care Providers & Services — 1.7% Transportation Infrastructure — 2.8% Ramsay Health Care Ltd...... 237,886 11,658,191 Sydney Airport(a) ...... 1,723,645 7,803,109 Sonic Healthcare Ltd...... 589,745 15,829,734 27,487,925

36 Schedule of Investments (unaudited) (continued) iShares MSCI Australia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value

Transportation Infrastructure (continued) (a) Non-income producing security. Transurban Group ...... 3,557,360 $ 38,107,895 (b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 45,911,004 (c) Affiliate of the Fund. (d) Total Common Stocks — 99.4% Annualized 7-day yield as of period-end. (Cost: $1,622,694,032)...... 1,603,912,941

Short-Term Investments Money Market Funds — 0.0% BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) ...... 640,000 640,000

Total Short-Term Investments — 0.0% (Cost: $640,000)...... 640,000

Total Investments in Securities — 99.4% (Cost: $1,623,334,032)...... 1,604,552,941 Other Assets, Less Liabilities — 0.6% ...... 8,894,065

Net Assets — 100.0% ...... $ 1,613,447,006

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds (a) BlackRock Cash Funds: Treasury, SL Agency Shares ...... $494,000 $146,000 $ — $ — $ — $640,000 640,000 $ 343$ —

(a) Represents net amount purchased (sold).

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts ASX SPI 200 Index ...... 66 06/17/21 $ 9,115 $ 304,829

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.

37 Schedule of Investments (unaudited) (continued) iShares MSCI Australia ETF May 31, 2021

Fair Value Measurements (continued)

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 ...... $ — $1,603,912,711 $ 230 $1,603,912,941 Money Market Funds...... 640,000 — — 640,000 $ 640,000 $1,603,912,711 $ 230 $1,604,552,941 Derivative financial instruments(a) Assets Futures Contracts...... $ 304,829 $ — $ — $ 304,829

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

38 Schedule of Investments (unaudited) iShares MSCI Austria ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Machinery — 7.4% ANDRITZ AG ...... 64,599 $ 3,705,927 Aerospace & Defense — 0.9% Palfinger AG ...... 27,625 1,280,117 FACC AG(a)(b) ...... 63,045 $ 718,621 Semperit AG Holding ...... 24,605 1,090,666 Air Freight & Logistics — 3.2% 6,076,710 Oesterreichische Post AG(b) ...... 50,694 2,622,887 Metals & Mining — 6.8% voestalpine AG...... 124,243 5,589,094 Banks — 25.6% BAWAG Group AG(c) ...... 64,683 3,568,939 Oil, Gas & Consumable Fuels — 12.3% Erste Group Bank AG ...... 339,949 13,924,052 OMV AG...... 177,156 10,105,767 Raiffeisen Bank International AG...... 152,391 3,613,114 Real Estate Management & Development — 9.9% 21,106,105 CA Immobilien Anlagen AG ...... 82,220 3,567,161 Chemicals — 3.2% IMMOFINANZ AG(a) ...... 123,774 2,764,244 Lenzing AG(a) ...... 19,566 2,647,643 S IMMO AG...... 70,744 1,871,409 Commercial Services & Supplies — 1.5% 8,202,814 DO & CO AG(a)(b) ...... 13,510 1,213,211 Total Common Stocks — 98.9% Construction & Engineering — 0.9% (Cost: $77,112,813)...... 81,545,916 Porr AG(a)(b)...... 34,219 700,638 Short-Term Investments Construction Materials — 4.5% Wienerberger AG ...... 95,706 3,681,308 Money Market Funds — 4.5% BlackRock Cash Funds: Institutional, SL Agency Shares, Diversified Telecommunication Services — 2.7% 0.06%(d)(e)(f) ...... 3,622,018 3,624,191 Telekom Austria AG ...... 255,565 2,234,521 BlackRock Cash Funds: Treasury, SL Agency Shares, (d)(e) Electric Utilities — 10.7% 0.00% ...... 60,000 60,000 EVN AG ...... 61,661 1,494,401 3,684,191 Verbund AG...... 80,581 7,363,336 Total Short-Term Investments — 4.5% 8,857,737 (Cost: $3,683,526)...... 3,684,191 Electrical Equipment — 0.9% Zumtobel Group AG ...... 78,192 781,880 Total Investments in Securities — 103.4% (Cost: $80,796,339)...... 85,230,107 Electronic Equipment, Instruments & Components — 2.0% AT&S Austria Technologie & Systemtechnik AG...... 44,054 1,624,288 Other Assets, Less Liabilities — (3.4)%...... (2,784,358)

Energy Equipment & Services — 1.2% Net Assets — 100.0% ...... $ 82,445,749 (a) Schoeller-Bleckmann Oilfield Equipment AG ...... 23,086 1,022,842 (a) Non-income producing security. (b) All or a portion of this security is on loan. Food Products — 0.9% (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of Agrana Beteiligungs AG ...... 32,920 781,208 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. Insurance — 4.3% (d) Affiliate of the Fund. UNIQA Insurance Group AG ...... 201,234 1,819,389 (e) Annualized 7-day yield as of period-end. Vienna Insurance Group AG Wiener Versicherung Gruppe . . . 62,318 1,759,253 (f) All or a portion of this security was purchased with cash collateral received from loaned 3,578,642 securities.

39 Schedule of Investments (unaudited) (continued) iShares MSCI Austria 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $2,925,304 $700,023(a) $ — $ (1,864)$ 728 $3,624,191 3,622,018 $104,568(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 10,000 50,000 — — — 60,000 60,000 6 —

$ (1,864) $ 728 $3,684,191 $104,574 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Euro STOXX 50 Index ...... 18 06/18/21 $ 886 $ 14,533

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 ...... $ 7,927,645 $73,618,271 $ — $81,545,916 Money Market Funds ...... 3,684,191 — — 3,684,191 $11,611,836 $73,618,271 $ — $85,230,107 Derivative financial instruments(a) Assets Futures Contracts ...... $ 14,533 $ — $ — $ 14,533

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

40 Schedule of Investments (unaudited) iShares MSCI Belgium ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Health Care Providers & Services — 0.8% Fagron ...... 14,912 $ 337,485 Air Freight & Logistics — 0.8% bpost SA(a) ...... 24,865 $ 328,278 Health Care Technology — 0.5% AGFA-Gevaert NV(a) ...... 43,617 206,059 Banks — 9.6% KBC Group NV...... 48,701 3,969,042 Insurance — 4.5% SA/NV ...... 28,921 1,884,407 Beverages — 22.2% Anheuser-Busch InBev SA/NV...... 122,778 9,181,202 IT Services — 0.4% Econocom Group SA/NV ...... 43,827 175,100 Biotechnology — 7.7% Argenx SE(a)(b) ...... 9,033 2,470,786 Media — 1.0% Galapagos NV(a) ...... 9,726 724,669 Group Holding NV ...... 10,448 404,145 3,195,455 Metals & Mining — 1.1% Capital Markets — 0.8% Bekaert SA ...... 9,283 441,305 Gimv NV...... 4,873 313,577 Oil, Gas & Consumable Fuels — 1.0% Chemicals — 9.8% Euronav NV...... 43,741 415,918 Recticel SA ...... 12,329 221,340 Solvay SA ...... 13,619 1,831,683 Personal Products — 0.6% Tessenderlo Group SA(a) ...... 4,990 211,912 Ontex Group NV(a) ...... 17,921 239,768 SA...... 30,430 1,818,555 Pharmaceuticals — 6.0% 4,083,490 Mithra Pharmaceuticals SA(a)(b) ...... 6,358 181,227 Construction & Engineering — 0.6% UCB SA ...... 24,938 2,322,584 Cie. d'Entreprises CFE ...... 2,250 251,286 2,503,811 Distributors — 1.5% Real Estate Management & Development — 1.1% D'ieteren SA/NV...... 5,214 612,049 Immobel SA ...... 1,632 142,892 VGP NV ...... 1,768 335,903 Diversified Financial Services — 10.7% Ackermans & van Haaren NV...... 4,946 795,723 478,795 SA ...... 16,765 1,893,711 Semiconductors & Semiconductor Equipment — 1.2% KBC Ancora(a) ...... 8,992 417,151 Melexis NV ...... 4,614 479,523 SA...... 3,178 1,314,630 Textiles, Apparel & Luxury Goods — 0.2% 4,421,215 Van de Velde NV ...... 3,561 105,938 Diversified Telecommunication Services — 1.6% Proximus SADP...... 32,505 657,724 Wireless Telecommunication Services — 0.3% SA ...... 5,956 141,629 Electric Utilities — 1.7% Elia Group SA/NV ...... 6,583 702,644 Total Common Stocks — 99.5% (Cost: $42,019,644)...... 41,224,748 Electronic Equipment, Instruments & Components — 1.1% Barco NV ...... 16,010 444,781 Short-Term Investments Entertainment — 0.6% Money Market Funds — 6.3% Kinepolis Group NV(a)(b) ...... 4,034 242,327 BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(c)(d)(e)...... 2,594,766 2,596,323 Equity Real Estate Investment Trusts (REITs) — 10.0% BlackRock Cash Funds: Treasury, SL Agency Shares, Aedifica SA ...... 6,915 893,253 0.00%(c)(d)...... 30,000 30,000 Befimmo SA ...... 6,040 263,237 SA ...... 5,395 847,250 2,626,323 Intervest Offices & Warehouses NV ...... 6,602 186,656 Total Short-Term Investments — 6.3% Montea C.V.A ...... 2,625 304,922 (Cost: $2,626,230)...... 2,626,323 Retail Estates NV ...... 2,839 241,369 Warehouses De Pauw CVA...... 28,102 1,067,752 Total Investments in Securities — 105.8% Xior Student Housing NV ...... 5,396 322,756 (Cost: $44,645,874)...... 43,851,071 4,127,195 Other Assets, Less Liabilities — (5.8)%...... (2,414,928) Food & Staples Retailing — 1.7% Etablissements Franz Colruyt NV ...... 11,608 704,315 Net Assets — 100.0% ...... $ 41,436,143 (a) Health Care Equipment & Supplies — 0.4% Non-income producing security. (b) All or a portion of this security is on loan. Ion Beam Applications...... 8,698 176,285 (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period-end.

41 Schedule of Investments (unaudited) (continued) iShares MSCI Belgium ETF May 31, 2021

(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $1,341,323 $1,255,453(a) $ — $ (596) $ 143 $2,596,323 2,594,766 $16,720(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares...... 10,000 20,000 — — — 30,000 30,000 6 —

$ (596) $ 143 $2,626,323 $16,726 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Euro STOXX 50 Index ...... 4 06/18/21 $ 197 $ 4,445

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 ...... $ 1,844,134 $39,380,614 $ — $41,224,748 Money Market Funds ...... 2,626,323 — — 2,626,323 $ 4,470,457 $39,380,614 $ — $43,851,071 Derivative financial instruments(a) Assets Futures Contracts ...... $ 4,445 $ — $ — $ 4,445

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

42 Schedule of Investments (unaudited) iShares MSCI Brazil ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Oil, Gas & Consumable Fuels (continued) Petroleo Brasileiro SA...... 56,041,178 $ 286,566,263 Banks — 4.3% Ultrapar Participacoes SA ...... 14,253,556 52,783,858 Banco Bradesco SA...... 19,550,058 $ 85,752,122 Banco do Brasil SA ...... 15,356,953 98,682,648 425,111,487 Banco Inter SA ...... 3,362,324 44,083,044 Paper & Forest Products — 2.2% (a) Banco Santander Brasil SA...... 7,955,499 62,921,056 Suzano SA ...... 12,726,153 148,293,124 291,438,870 Personal Products — 2.2% Beverages — 3.7% Natura & Co. Holding SA(a) ...... 15,156,803 149,919,066 Ambev SA...... 72,115,502 248,378,314 Pharmaceuticals — 0.8% Capital Markets — 5.4% Hypera SA...... 7,288,292 50,903,511 B3 SA - Brasil, Bolsa, Balcao ...... 87,412,192 294,186,129 Banco BTG Pactual SA ...... 3,057,579 72,923,819 Road & Rail — 3.3% Localiza Rent a Car SA ...... 10,624,587 127,718,475 367,109,948 Rumo SA(a)...... 23,659,242 93,834,360 Containers & Packaging — 1.0% Klabin SA(a) ...... 13,123,836 66,328,039 221,552,835 Software — 0.5% Diversified Telecommunication Services — 1.0% TOTVS SA ...... 5,573,421 36,862,410 Telefonica Brasil SA...... 8,275,432 70,183,260 Specialty Retail — 1.2% Electric Utilities — 2.4% Petrobras Distribuidora SA ...... 8,556,371 42,357,459 Centrais Eletricas Brasileiras SA...... 5,832,523 49,062,265 Via Varejo SA(a)...... 16,854,104 41,975,991 CPFL Energia SA ...... 3,400,803 18,734,205 84,333,450 Energisa SA ...... 2,162,202 19,279,223 Transportation Infrastructure — 0.9% Equatorial Energia SA...... 16,607,010 78,801,803 CCR SA...... 23,325,191 61,672,992 165,877,496 Electrical Equipment — 2.7% Water Utilities — 0.7% WEG SA ...... 28,359,697 185,828,742 Cia. de Saneamento Basico do Estado de Sao Paulo. . . . 6,488,110 48,713,423

Food & Staples Retailing — 2.1% Wireless Telecommunication Services — 0.6% Atacadao SA ...... 8,740,965 37,568,858 TIM SA...... 17,132,485 40,006,589 Raia Drogasil SA ...... 19,356,245 104,660,472 Total Common Stocks — 74.4% 142,229,330 (Cost: $2,974,586,533)...... 5,039,426,733 Food Products — 2.4% (a) BRF SA ...... 10,899,981 53,875,609 Preferred Stocks JBS SA...... 18,645,900 108,225,430 Banks — 13.7% 162,101,039 Banco Bradesco SA, Preference Shares, NVS ...... 74,039,248 376,184,214 Health Care Providers & Services — 2.8% Itau Unibanco Holding SA, Preference Shares, NVS ..... 73,822,500 418,427,126 Hapvida Participacoes e Investimentos SA(b) ...... 13,324,430 40,906,207 Itausa SA, Preference Shares, NVS ...... 63,294,782 131,891,961 Notre Dame Intermedica Participacoes SA ...... 7,472,064 126,725,586 Rede D'Or Sao Luiz SA(b) ...... 1,634,240 22,018,983 926,503,301 Chemicals — 0.3% 189,650,776 Braskem SA, Class A, Preference Shares, NVS ...... 1,787,549 17,173,394 Independent Power and Renewable Electricity Producers — 0.5% Engie Brasil Energia SA...... 4,423,683 33,773,691 Electric Utilities — 1.8% Centrais Eletricas Brasileiras SA, Class B, Preference Insurance — 0.9% Shares, NVS...... 5,578,815 46,649,799 BB Seguridade Participacoes SA ...... 12,926,565 58,038,955 Cia. Energetica de Minas Gerais, Preference Internet & Direct Marketing Retail — 0.7% Shares, NVS...... 21,834,267 56,893,019 B2W Cia. Digital(a) ...... 4,063,200 46,582,919 Cia. Paranaense de Energia, Preference Shares, NVS . . 16,430,839 20,114,119 123,656,937 Metals & Mining — 20.9% Metals & Mining — 2.3% Cia. Siderurgica Nacional SA ...... 12,254,811 105,625,057 Bradespar SA, Preference Shares, NVS ...... 2,347,174 32,070,583 Vale SA ...... 59,411,933 1,308,460,132 Gerdau SA, Preference Shares, NVS ...... 19,842,013 125,333,206 1,414,085,189 157,403,789 Multiline Retail — 4.9% Multiline Retail — 0.9% Lojas Renner SA...... 15,552,567 139,658,871 Lojas Americanas SA, Preference Shares, NVS ...... 16,408,215 62,620,526 Magazine Luiza SA ...... 49,323,055 190,792,407 330,451,278 Oil, Gas & Consumable Fuels — 5.5% Oil, Gas & Consumable Fuels — 6.3% Petroleo Brasileiro SA, Preference Shares, NVS...... 72,346,978 372,999,846 Cosan SA ...... 19,125,482 85,761,366

43 Schedule of Investments (unaudited) (continued) iShares MSCI Brazil ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value

Textiles, Apparel & Luxury Goods — 0.4% (a) Non-income producing security. Alpargatas SA, Preference Shares, NVS ...... 2,804,979 $ 25,451,860 (b) 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 Total Preferred Stocks — 24.9% registration to qualified institutional investors. (Cost: $1,210,428,863)...... 1,685,809,653

Total Investments in Securities — 99.3% (Cost: $4,185,015,396)...... 6,725,236,386 Other Assets, Less Liabilities — 0.7% ...... 45,335,428

Net Assets — 100.0% ...... $ 6,770,571,814

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds (a) (b) BlackRock Cash Funds: Treasury, SL Agency Shares . . . $7,890,000 $ — $(7,890,000) $ — $ — $ — — $ 2,066 $ —

(a) As of period end, the entity is no longer held. (b) Represents net amount purchased (sold).

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Brazil Index ...... 736 06/18/21 $38,940 $ 3,813,417

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...... $5,039,426,733 $ — $ — $5,039,426,733 Preferred Stocks ...... 1,685,809,653 — — 1,685,809,653 $6,725,236,386 $ — $ — $6,725,236,386 Derivative financial instruments(a) Assets Futures Contracts ...... $ 3,813,417 $ — $ — $ 3,813,417

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

44 Schedule of Investments (unaudited) (continued) iShares MSCI Brazil ETF May 31, 2021

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

45 Consolidated Schedule of Investments (unaudited) iShares MSCI BRIC ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) Alibaba Group Holding Ltd.(a) ...... 292,088 $ 7,947,642 Brazil — 6.7% Alibaba Group Holding Ltd., ADR(a) ...... 36,654 7,842,490 Ambev SA...... 176,871 $ 609,174 Alibaba Health Information Technology Ltd.(a) ...... 170,000 422,263 Atacadao SA ...... 18,292 78,619 Alibaba Pictures Group Ltd.(a) ...... 680,000 91,102 B2W Cia. Digital(a) ...... 9,223 105,738 A-Living Smart City Services Co. Ltd.(b) ...... 17,000 82,052 B3 SA - Brasil, Bolsa, Balcao ...... 229,611 772,757 Aluminum Corp. of China Ltd., Class A(a)...... 40,800 33,607 Banco Bradesco SA ...... 60,012 263,228 Aluminum Corp. of China Ltd., Class H(a)...... 136,000 80,082 Banco BTG Pactual SA ...... 11,524 274,850 Anhui Conch Cement Co. Ltd., Class A ...... 5,300 40,910 Banco do Brasil SA ...... 31,965 205,405 Anhui Conch Cement Co. Ltd., Class H ...... 56,000 350,304 Banco Inter SA ...... 8,228 107,876 Anhui Gujing Distillery Co. Ltd., Class B...... 6,800 93,292 Banco Santander Brasil SA...... 15,572 123,161 ANTA Sports Products Ltd...... 43,040 879,364 BB Seguridade Participacoes SA ...... 20,400 91,594 Autohome Inc., ADR ...... 2,652 204,390 BRF SA(a) ...... 23,528 116,292 Avic Capital Co. Ltd., Class A...... 27,299 17,087 CCR SA...... 41,820 110,574 AVIC Electromechanical Systems Co. Ltd., Class A. . . 13,600 22,811 Centrais Eletricas Brasileiras SA...... 17,079 143,666 AVIC Xi'an Aircraft Industry Group Co. Ltd., Class A . . 6,800 29,846 Cia. de Saneamento Basico do Estado de Sao Paulo. 11,628 87,304 AviChina Industry & Technology Co. Ltd., Class H . . . . 97,000 67,343 Cia. Siderurgica Nacional SA ...... 27,200 234,439 Baidu Inc., ADR(a)...... 10,404 2,041,993 Cosan SA ...... 41,480 186,002 Bank of Beijing Co. Ltd., Class A...... 76,090 58,751 CPFL Energia SA ...... 13,600 74,919 Bank of Chengdu Co. Ltd., Class A ...... 27,200 57,685 Energisa SA ...... 8,568 76,396 Bank of China Ltd., Class A ...... 81,600 42,736 Engie Brasil Energia SA...... 11,309 86,341 Bank of China Ltd., Class H ...... 2,924,000 1,096,654 Equatorial Energia SA...... 34,000 161,333 Bank of Communications Co. Ltd., Class A ...... 95,200 73,369 Hapvida Participacoes e Investimentos SA(b) ...... 42,092 129,223 Bank of Communications Co. Ltd., Class H...... 275,200 185,491 Hypera SA ...... 15,980 111,609 Bank of Hangzhou Co. Ltd., Class A ...... 27,299 70,919 JBS SA...... 38,132 221,328 Bank of Jiangsu Co. Ltd., Class A...... 69,160 83,088 Klabin SA(a) ...... 24,208 122,348 Bank of Nanjing Co. Ltd., Class A...... 47,600 78,545 Localiza Rent a Car SA ...... 23,954 287,952 Bank of Ningbo Co. Ltd., Class A ...... 20,400 135,708 Lojas Renner SA...... 34,888 313,287 Co. Ltd., Class A ...... 54,490 72,926 Magazine Luiza SA ...... 116,212 449,534 Baoshan Iron & Steel Co. Ltd., Class A...... 47,600 59,164 Natura & Co. Holding SA(a) ...... 35,893 355,025 Baozun Inc., ADR(a) ...... 2,462 85,407 Notre Dame Intermedica Participacoes SA ...... 21,420 363,281 BBMG Corp., Class A ...... 27,200 11,812 Petrobras Distribuidora SA ...... 28,968 143,403 BeiGene Ltd., ADR(a)...... 1,768 633,846 Petroleo Brasileiro SA...... 143,208 732,293 Beijing Capital International Airport Co. Ltd., Class H . 136,000 91,839 Raia Drogasil SA ...... 42,712 230,947 Beijing Dabeinong Technology Group Co. Ltd., Rede D'Or Sao Luiz SA(b) ...... 9,192 123,849 Class A ...... 20,400 26,276 Rumo SA(a)...... 48,688 193,100 Beijing Enlight Media Co. Ltd., Class A...... 13,600 27,069 Sul America SA ...... 1 4 Beijing Enterprises Water Group Ltd...... 136,000 55,367 Suzano SA(a) ...... 30,139 351,199 Beijing New Building Materials PLC, Class A ...... 6,800 49,269 Telefonica Brasil SA...... 16,116 136,679 Beijing Oriental Yuhong Waterproof Technology Co. TIM SA...... 40,949 95,621 Ltd., Class A ...... 2,950 29,102 TOTVS SA ...... 23,052 152,465 Beijing Originwater Technology Co. Ltd., Class A . . . . . 15,800 17,856 Ultrapar Participacoes SA ...... 27,200 100,727 Beijing Sinnet Technology Co. Ltd., Class A ...... 13,600 32,894 Vale SA ...... 153,437 3,379,224 Co. Ltd., Class A ...... 27,200 32,590 Via Varejo SA(a)...... 47,600 118,550 Beijing-Shanghai High Speed Railway Co. Ltd., WEG SA ...... 66,038 432,718 Class A ...... 94,000 85,513 12,454,034 Bilibili Inc., ADR(a)(c)...... 6,392 685,095 China — 67.3% BOC Aviation Ltd.(b) ...... 6,800 60,514 (a) 21Vianet Group Inc., ADR ...... 4,012 89,548 BOE Technology Group Co. Ltd., Class A ...... 108,800 108,227 (a) 360 DigiTech Inc., ADR ...... 3,318 93,136 Bosideng International Holdings Ltd...... 136,000 75,299 (a) 360 Security Technology Inc., Class A ...... 27,231 52,459 Brilliance China Automotive Holdings Ltd.(d) ...... 128,000 120,398 (a)(b) 3SBio Inc...... 68,500 82,926 BYD Co. Ltd., Class A...... 6,800 191,205 (a) 51job Inc., ADR ...... 1,224 87,736 BYD Co. Ltd., Class H ...... 31,500 733,351 AAC Technologies Holdings Inc...... 29,500 179,549 BYD Electronic International Co. Ltd.(c)...... 29,500 194,018 AECC Aviation Power Co. Ltd., Class A ...... 6,800 57,812 Caitong Securities Co. Ltd., Class A ...... 13,600 24,111 (a) Agora Inc., ADR ...... 1,868 83,481 CanSino Biologics Inc., Class H(a)(b) ...... 2,600 115,047 Agricultural Bank of China Ltd., Class A ...... 163,200 83,689 CGN Power Co. Ltd., Class H(b) ...... 340,000 74,909 Agricultural Bank of China Ltd., Class H...... 952,000 386,283 Changchun High & New Technology Industry Aier Eye Hospital Group Co. Ltd., Class A...... 11,060 146,091 Group Inc., Class A...... 810 52,335 (a) Air China Ltd., Class H ...... 136,000 109,232 Changjiang Securities Co. Ltd., Class A ...... 34,000 41,577 (a)(b) Akeso Inc...... 11,000 91,659 Chaozhou Three-Circle Group Co. Ltd., Class A ...... 6,800 39,806

46 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI BRIC ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) China Aoyuan Group Ltd...... 68,000 $ 79,748 China Railway Group Ltd., Class H ...... 136,000 $ 71,792 China Bohai Bank Co. Ltd., Class H(b) ...... 138,500 59,070 China Renewable Energy Investment Ltd.(a)(d)...... 7,709 0(e) China Cinda Asset Management Co. Ltd., Class H.... 272,000 58,166 China Resources Beer Holdings Co. Ltd...... 60,000 538,870 China CITIC Bank Corp. Ltd., Class H ...... 272,000 148,675 China Resources Cement Holdings Ltd...... 116,000 123,165 China Communications Services Corp. Ltd., Class H . 800 337 China Resources Gas Group Ltd...... 45,000 281,058 China Conch Venture Holdings Ltd...... 68,000 313,116 China Resources Land Ltd...... 136,444 639,409 China Construction Bank Corp., Class A ...... 20,400 22,230 China Resources Mixc Lifestyle Services Ltd.(a)(b) . . . . 13,200 79,346 China Construction Bank Corp., Class H ...... 3,663,370 3,008,916 China Resources Pharmaceutical Group Ltd.(b)...... 68,000 48,779 China East Education Holdings Ltd.(b)...... 34,000 74,160 China Resources Power Holdings Co. Ltd...... 74,200 95,602 China Eastern Airlines Corp. Ltd., Class A...... 34,000 28,987 China Shenhua Energy Co. Ltd., Class A...... 20,400 64,141 China Education Group Holdings Ltd...... 31,000 80,107 China Shenhua Energy Co. Ltd., Class H ...... 136,000 308,011 China Everbright Bank Co. Ltd., Class A ...... 108,800 65,550 China Shipbuilding Industry Co. Ltd., Class A(a)...... 68,000 44,480 China Everbright Environment Group Ltd...... 136,000 81,810 China Southern Airlines Co. Ltd., Class A(a) ...... 74,800 74,965 China Evergrande Group...... 68,000 101,938 China State Construction Engineering Corp. Ltd., China Feihe Ltd.(b) ...... 138,000 386,647 Class A ...... 122,400 94,142 China Fortune Land Development Co. Ltd., Class A . . 9,150 7,809 China State Construction International Holdings Ltd.. . 18,000 12,776 China Galaxy Securities Co. Ltd., Class H...... 68,000 42,664 China Taiping Insurance Holdings Co. Ltd...... 54,440 100,400 China Gas Holdings Ltd...... 110,000 410,565 China Tourism Group Duty Free Corp. Ltd., Class A . . 5,500 289,950 China Gezhouba Group Co. Ltd., Class A ...... 15,000 16,680 China Tower Corp. Ltd., Class H(b) ...... 1,224,000 167,229 China Greatwall Technology Group Co. Ltd., Class A . 13,600 32,726 China Traditional Chinese Medicine Holdings China Hongqiao Group Ltd...... 102,000 164,264 Co. Ltd...... 136,000 87,777 China Huarong Asset Management Co. Ltd., China Vanke Co. Ltd., Class A...... 29,138 122,353 Class H(b)(d)...... 448,000 58,880 China Vanke Co. Ltd., Class H...... 54,401 188,261 China Huishan Dairy Holdings Co. Ltd.(a)(d)...... 51,450 0(e) China Yangtze Power Co. Ltd., Class A ...... 47,656 148,818 China International Capital Corp. Ltd., Class H(b) ..... 54,400 160,601 China Youzan Ltd.(a) ...... 544,000 118,357 China Jinmao Holdings Group Ltd...... 194,000 74,982 Chongqing Changan Automobile Co. Ltd., Class A(a). . 13,600 50,807 China Jushi Co. Ltd., Class A...... 17,373 44,591 Chongqing Rural Commercial Bank Co. Ltd., Class H. 136,000 61,461 China Lesso Group Holdings Ltd...... 68,000 179,043 Chongqing Zhifei Biological Products Co. Ltd., China Life Insurance Co. Ltd., Class A ...... 5,493 31,482 Class A ...... 4,300 132,171 China Life Insurance Co. Ltd., Class H ...... 305,000 643,845 CIFI Holdings Group Co. Ltd...... 136,000 118,864 China Literature Ltd.(a)(b)(c) ...... 13,600 142,731 CITIC Ltd...... 224,000 259,000 China Longyuan Power Group Corp. Ltd., Class H.... 136,000 192,301 CITIC Securities Co. Ltd., Class A ...... 34,000 139,688 China Medical System Holdings Ltd...... 68,000 174,474 CITIC Securities Co. Ltd., Class H ...... 68,000 188,025 China Meidong Auto Holdings Ltd...... 30,000 158,210 Contemporary Amperex Technology Co. Ltd., China Mengniu Dairy Co. Ltd...... 117,000 709,867 Class A ...... 5,400 368,709 China Merchants Bank Co. Ltd., Class A ...... 47,600 435,915 COSCO SHIPPING Holdings Co. Ltd., Class A(a) . . . . . 20,400 68,761 China Merchants Bank Co. Ltd., Class H...... 151,456 1,402,252 COSCO SHIPPING Holdings Co. Ltd., Class H(a) . . . . . 102,000 214,655 China Merchants Energy Shipping Co. Ltd., Class A . . 27,200 22,738 COSCO SHIPPING Ports Ltd...... 136,000 110,407 China Merchants Port Holdings Co. Ltd...... 86,000 139,838 Country Garden Holdings Co. Ltd.(c) ...... 278,046 352,327 China Merchants Property Operation & Service Co. Country Garden Services Holdings Co. Ltd...... 57,000 591,610 Ltd., Class A ...... 6,800 22,632 CSC Financial Co. Ltd., Class A ...... 13,600 72,810 China Merchants Securities Co. Ltd., Class A ...... 19,450 63,046 CSPC Pharmaceutical Group Ltd...... 348,160 546,917 China Merchants Shekou Industrial Zone Holdings Dali Foods Group Co. Ltd.(b)...... 102,000 63,874 Co. Ltd., Class A ...... 14,781 26,959 Daqin Railway Co. Ltd., Class A ...... 40,800 43,949 China Minsheng Banking Corp. Ltd., Class A ...... 95,200 70,676 Daqo New Energy Corp., ADR(a)...... 2,312 171,967 China Minsheng Banking Corp. Ltd., Class H...... 136,000 72,886 DHC Software Co. Ltd., Class A ...... 13,600 16,062 China Molybdenum Co. Ltd., Class A ...... 13,600 12,451 Corp. Ltd., Class A ...... 13,600 23,967 China Molybdenum Co. Ltd., Class H ...... 177,000 122,014 Dongfeng Motor Group Co. Ltd., Class H...... 136,000 127,311 China National Building Material Co. Ltd., Class H.... 172,000 229,991 Dongxing Securities Co. Ltd., Class A...... 27,299 48,986 China National Nuclear Power Co. Ltd., Class A ...... 61,200 50,128 DouYu International Holdings Ltd., ADR(a) ...... 5,032 39,753 China Northern Rare Earth Group High-Tech Co. Ltd., East Money Information Co. Ltd., Class A ...... 25,912 129,857 Class A(a) ...... 13,600 47,025 ENN Energy Holdings Ltd...... 27,900 513,259 China Oilfield Services Ltd., Class H ...... 68,000 63,938 Eve Energy Co. Ltd., Class A ...... 7,700 134,710 China Overseas Land & Investment Ltd...... 136,300 326,188 Ever Sunshine Lifestyle Services Group Ltd...... 28,000 78,228 China Pacific Insurance Group Co. Ltd., Class A...... 20,400 110,519 Everbright Securities Co. Ltd., Class A ...... 13,697 36,183 China Pacific Insurance Group Co. Ltd., Class H ..... 95,200 358,181 Fangda Carbon New Material Co. Ltd., Class A(a)..... 16,440 22,318 China Petroleum & Chemical Corp., Class A ...... 34,000 23,639 Far East Horizon Ltd...... 68,000 74,347 China Petroleum & Chemical Corp., Class H ...... 952,600 505,920 Fiberhome Telecommunication Technologies Co. Ltd., China Power International Development Ltd...... 221,000 55,539 Class A ...... 6,800 19,354 China Railway Group Ltd., Class A...... 20,400 17,299 Financial Street Holdings Co. Ltd., Class A ...... 13,600 16,481

47 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI BRIC ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) First Capital Securities Co. Ltd., Class A ...... 13,600 $ 15,284 Huaneng Power International Inc., Class A ...... 40,800 $ 27,003 Focus Media Information Technology Co. Ltd., Huatai Securities Co. Ltd., Class A...... 27,200 73,495 Class A ...... 47,639 76,811 Huatai Securities Co. Ltd., Class H(b) ...... 13,600 21,075 Foshan Haitian Flavouring & Food Co. Ltd., Class A . . 10,674 230,658 Huaxia Bank Co. Ltd., Class A...... 54,400 55,006 Fosun International Ltd...... 68,000 110,277 Huaxin Cement Co. Ltd., Class A ...... 6,800 23,324 Founder Securities Co. Ltd., Class A(a) ...... 40,899 65,322 Huayu Automotive Systems Co. Ltd., Class A ...... 7,499 28,898 Foxconn Industrial Internet Co. Ltd., Class A ...... 27,200 53,154 Huazhu Group Ltd., ADR(a) ...... 7,004 400,419 Sunner Development Co. Ltd., Class A ...... 6,800 26,578 Hubei Biocause Pharmaceutical Co. Ltd., Class A . . . . 34,000 21,181 Fuyao Glass Industry Group Co. Ltd., Class A...... 6,800 56,036 Valin Steel Co. Ltd., Class A...... 20,400 21,896 Fuyao Glass Industry Group Co. Ltd., Class H(b)...... 23,600 156,694 Hutchmed China Ltd., ADR(a) ...... 3,128 93,058 Ganfeng Lithium Co. Ltd., Class H(b) ...... 6,400 96,328 HUYA Inc., ADR(a)(c)...... 3,468 53,060 GDS Holdings Ltd., ADR(a) ...... 3,536 265,978 Iflytek Co. Ltd., Class A ...... 6,829 66,813 Geely Automobile Holdings Ltd...... 249,000 633,084 I-Mab, ADR(a)...... 1,249 101,256 GEM Co. Ltd., Class A ...... 20,499 36,379 Industrial & Commercial Bank of China Ltd., Class A. . 136,000 111,460 Gemdale Corp., Class A...... 13,600 22,969 Industrial & Commercial Bank of China Ltd., Class H . 2,121,050 1,392,489 Genscript Biotech Corp.(a) ...... 42,000 164,788 Industrial Bank Co. Ltd., Class A...... 47,600 173,041 GF Securities Co. Ltd., Class A ...... 42,400 106,741 Industrial Securities Co. Ltd., Class A ...... 34,000 59,334 GF Securities Co. Ltd., Class H...... 27,200 38,893 Inner Mongolia BaoTou Steel Union Co. Ltd., GoerTek Inc., Class A ...... 13,600 83,349 Class A(a) ...... 108,800 28,108 GOME Retail Holdings Ltd.(a)(c) ...... 482,400 77,015 Inner Mongolia Junzheng Energy & Chemical Great Wall Motor Co. Ltd., Class H ...... 136,000 379,945 Industry Group Co. Ltd., Class A ...... 47,600 42,287 Greenland Holdings Corp. Ltd., Class A ...... 34,099 31,222 Inner Mongolia Yili Industrial Group Co. Ltd., Class A . 20,400 130,123 Greentown China Holdings Ltd...... 34,000 38,807 Innovent Biologics Inc.(a)(b) ...... 45,500 550,689 Greentown Service Group Co. Ltd...... 56,000 89,025 Inspur Electronic Information Industry Co. Ltd., GSX Techedu Inc., ADR(a) ...... 4,728 87,657 Class A ...... 9,483 43,653 Guangdong Haid Group Co. Ltd., Class A ...... 6,800 84,645 iQIYI Inc., ADR(a) ...... 10,560 150,586 Guangdong Investment Ltd...... 136,000 199,867 JD Health International Inc.(a)(b)...... 13,600 180,808 Guanghui Energy Co. Ltd., Class A(a) ...... 68,000 34,567 JD.com Inc., ADR(a) ...... 33,533 2,479,430 Guangzhou Automobile Group Co. Ltd., Class H...... 136,235 115,894 Jiangsu Hengli Hydraulic Co. Ltd., Class A ...... 6,800 85,324 Guangzhou Baiyun International Airport Co. Ltd., Jiangsu Hengrui Medicine Co. Ltd., Class A ...... 13,640 185,312 Class A ...... 6,800 12,403 Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Guangzhou Baiyunshan Pharmaceutical Holdings Co. Class A ...... 4,600 157,630 Ltd., Class A ...... 13,600 69,021 Jiangsu Zhongnan Construction Group Co. Ltd., Guangzhou R&F Properties Co. Ltd., Class H ...... 54,400 73,720 Class A ...... 34,000 36,528 Guosen Securities Co. Ltd., Class A ...... 27,200 47,938 Jiangsu Zhongtian Technology Co. Ltd., Class A...... 13,600 22,672 Guotai Junan Securities Co. Ltd., Class A ...... 34,000 95,736 Jiangxi Copper Co. Ltd., Class H ...... 59,000 139,780 Guoyuan Securities Co. Ltd., Class A ...... 19,120 24,294 Jiangxi Zhengbang Technology Co. Ltd., Class A . . . . . 13,600 27,049 Haidilao International Holding Ltd.(b) ...... 30,000 172,884 Jinke Properties Group Co. Ltd., Class A...... 13,600 12,895 Haier Smart Home Co. Ltd., Class A ...... 20,479 97,078 Jinxin Fertility Group Ltd.(b) ...... 66,000 190,149 Haier Smart Home Co. Ltd., Class H(a) ...... 68,000 286,263 Jiumaojiu International Holdings Ltd.(a)(b) ...... 28,000 110,923 Haitian International Holdings Ltd...... 28,000 97,870 JOYY Inc., ADR...... 2,198 169,136 Haitong Securities Co. Ltd., Class A ...... 20,400 37,558 Kaisa Group Holdings Ltd...... 136,000 62,583 Haitong Securities Co. Ltd., Class H ...... 81,600 77,890 KE Holdings Inc., ADR(a) ...... 14,060 729,573 Hangzhou Tigermed Consulting Co. Ltd., Class A..... 100 2,758 Kingboard Holdings Ltd...... 34,000 180,917 Hangzhou Tigermed Consulting Co. Ltd., Class H(b) . . 6,800 141,150 Kingboard Laminates Holdings Ltd...... 34,000 72,573 Hansoh Pharmaceutical Group Co. Ltd.(a)(b) ...... 50,000 217,981 Kingdee International Software Group Co. Ltd.(c) . . . . . 100,000 406,362 Henan Shuanghui Investment & Development Co. Kingsoft Cloud Holdings Ltd., ADR(a)(c) ...... 2,380 92,963 Ltd., Class A ...... 6,800 37,696 Kingsoft Corp. Ltd...... 34,000 229,395 Hengan International Group Co. Ltd...... 34,000 227,922 Kuaishou Technology(a)(b) ...... 10,500 263,187 Hengli Petrochemical Co. Ltd., Class A...... 13,600 58,315 Kunlun Energy Co. Ltd...... 136,000 102,709 HengTen Networks Group Ltd.(a)...... 108,000 105,869 Kweichow Moutai Co. Ltd., Class A ...... 2,900 1,012,280 Hengtong Optic-Electric Co. Ltd., Class A ...... 6,800 12,672 KWG Group Holdings Ltd...... 68,000 104,632 Hengyi Petrochemical Co. Ltd., Class A ...... 15,730 30,918 Lee & Man Paper Manufacturing Ltd...... 68,000 59,340 Hesteel Co. Ltd., Class A(a)...... 34,000 13,275 Lenovo Group Ltd...... 272,000 326,248 Hopson Development Holdings Ltd...... 25,400 124,968 Lens Technology Co. Ltd., Class A...... 13,600 62,464 Hua Hong Semiconductor Ltd.(a)(b) ...... 25,000 134,028 Lepu Medical Technology Beijing Co. Ltd., Class A . . . 6,800 35,598 Huaan Securities Co. Ltd., Class A...... 27,200 26,750 Li Auto Inc., ADR(a)...... 19,041 443,655 Huadian Power International Corp. Ltd., Class A...... 54,400 29,516 Li Ning Co. Ltd...... 92,000 863,007 Huadong Medicine Co. Ltd., Class A ...... 6,800 56,605 Lingyi iTech Guangdong Co., Class A ...... 34,000 45,639 Hualan Biological Engineering Inc., Class A ...... 2,250 14,301 Logan Group Co. Ltd...... 68,000 109,328

48 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI BRIC ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Longfor Group Holdings Ltd.(b)...... 68,000 $ 398,080 SAIC Motor Corp. Ltd., Class A ...... 13,600 $ 43,370 LONGi Green Energy Technology Co. Ltd., Class A. . . 9,800 157,679 Sanan Optoelectronics Co. Ltd., Class A ...... 13,694 59,681 Lufax Holding Ltd., ADR(a)...... 9,792 119,364 Sany Heavy Industry Co. Ltd., Class A ...... 20,453 97,630 Luxshare Precision Industry Co. Ltd., Class A ...... 20,902 128,303 SDIC Capital Co. Ltd., Class A...... 27,200 59,452 Luzhou Laojiao Co. Ltd., Class A ...... 4,600 199,220 SDIC Power Holdings Co. Ltd., Class A ...... 27,299 41,433 Mango Excellent Media Co. Ltd., Class A ...... 6,800 79,078 Sealand Securities Co. Ltd., Class A ...... 54,500 38,088 Meinian Onehealth Healthcare Holdings Co. Ltd., Seazen Group Ltd...... 148,000 170,090 Class A(a) ...... 11,553 21,185 Seazen Holdings Co. Ltd., Class A...... 6,800 51,948 Meituan, Class B(a)(b)...... 139,900 5,435,950 SF Holding Co. Ltd., Class A ...... 7,200 78,846 Metallurgical Corp. of China Ltd., Class A ...... 74,800 35,676 Shaanxi Coal Industry Co. Ltd., Class A...... 42,005 78,545 Microport Scientific Corp.(c)...... 25,000 209,155 Shandong Gold Mining Co. Ltd., Class A ...... 9,280 31,231 Midea Group Co. Ltd., Class A...... 6,800 86,718 Shandong Gold Mining Co. Ltd., Class H(b)...... 34,000 74,631 Ming Yuan Cloud Group Holdings Ltd.(a) ...... 15,000 78,394 Shandong Hualu Hengsheng Chemical Co. Ltd., Minth Group Ltd...... 32,000 136,368 Class A ...... 8,840 39,041 Momo Inc., ADR ...... 7,117 99,852 Shandong Nanshan Aluminum Co. Ltd., Class A...... 68,000 43,035 Muyuan Foods Co. Ltd., Class A...... 8,770 122,989 Shandong Weigao Group Medical Polymer Co. Ltd., NanJi E-Commerce Co. Ltd., Class A ...... 13,600 21,830 Class H...... 124,000 273,773 Nanjing King-Friend Biochemical Pharmaceutical Co. Shanghai Baosight Software Co. Ltd., Class A...... 6,800 71,090 Ltd., Class A ...... 1,950 13,129 Shanghai Construction Group Co. Ltd., Class A ...... 61,200 28,003 Nanjing Securities Co. Ltd., Class A...... 13,600 20,156 Group Co. Ltd., Class A(a) ...... 68,000 49,317 NARI Technology Co. Ltd., Class A ...... 13,600 66,609 Shanghai Fosun Pharmaceutical Group Co. Ltd., NavInfo Co. Ltd., Class A...... 20,308 44,810 Class H...... 23,000 191,417 NetEase Inc., ADR...... 15,594 1,839,000 Shanghai International Port Group Co. Ltd., Class A . . 54,400 40,143 New China Life Insurance Co. Ltd., Class A ...... 6,800 54,521 Shanghai Lujiazui Finance & Trade Zone New China Life Insurance Co. Ltd., Class H ...... 27,200 101,824 Development Co. Ltd., Class B...... 54,476 47,283 New Hope Liuhe Co. Ltd., Class A ...... 13,600 32,590 Shanghai Pharmaceuticals Holding Co. Ltd., Class A . 13,600 49,705 New Oriental Education & Technology Shanghai Pharmaceuticals Holding Co. Ltd., Class H . 20,400 46,119 Group Inc., ADR(a) ...... 59,224 605,862 Shanghai Pudong Development Bank Co. Ltd., Nine Dragons Paper Holdings Ltd...... 68,000 102,612 Class A ...... 54,400 87,866 NIO Inc., ADR(a) ...... 50,184 1,938,106 Shanghai RAAS Blood Products Co. Ltd., Class A . . . . 39,400 47,418 Noah Holdings Ltd., ADR(a)...... 1,360 61,989 Shanghai Yuyuan Tourist Mart Group Co. Ltd., Nongfu Spring Co. Ltd., Class H(a)(b) ...... 15,600 92,271 Class A ...... 13,600 30,641 Offcn Education Technology Co. Ltd., Class A ...... 6,800 26,629 Shanxi Coking Coal Energy Group Co. Ltd., Class A. . 17,500 18,632 Offshore Oil Engineering Co. Ltd., Class A ...... 13,624 9,423 Shanxi Lu'an Environmental Energy Development OFILM Group Co. Ltd., Class A...... 6,800 9,369 Co. Ltd., Class A ...... 14,852 24,230 Orient Securities Co. Ltd., Class A ...... 34,000 56,787 Shanxi Meijin Energy Co. Ltd., Class A(a)...... 27,200 32,072 Pacific Securities Co. Ltd. (The), Class A(a)...... 27,200 15,709 Shanxi Securities Co. Ltd., Class A ...... 19,060 21,202 Pangang Group Vanadium Titanium & Resources Co. Shanxi Taigang Stainless Steel Co. Ltd., Class A . . . . . 40,800 42,456 Ltd., Class A(a) ...... 34,000 12,424 Shanxi Xinghuacun Fen Wine Factory Co. Ltd., People's Insurance Co. Group of China Ltd. (The), Class A ...... 2,900 211,520 Class A ...... 39,400 38,176 Shenergy Co. Ltd., Class A...... 47,600 45,599 People's Insurance Co. Group of China Ltd. (The), Shengyi Technology Co. Ltd., Class A...... 6,800 24,499 Class H...... 136,000 50,294 Shenwan Hongyuan Group Co. Ltd., Class A...... 108,894 82,070 Perfect World Co. Ltd., Class A ...... 10,050 33,687 Group Co. Ltd., Class A ...... 15,020 28,002 PetroChina Co. Ltd., Class A ...... 34,000 24,705 Shenzhen Inovance Technology Co. Ltd., Class A . . . . 8,098 125,734 PetroChina Co. Ltd., Class H ...... 816,000 333,680 Shenzhen International Holdings Ltd...... 34,000 51,719 Pharmaron Beijing Co. Ltd., Class H(b) ...... 6,800 162,775 Shenzhen Investment Ltd...... 136,000 48,315 PICC Property & Casualty Co. Ltd., Class H...... 272,322 260,188 Shenzhen Kaifa Technology Co. Ltd., Class A ...... 6,800 19,225 Pinduoduo Inc., ADR(a)...... 17,055 2,129,828 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Ping An Bank Co. Ltd., Class A ...... 47,600 181,215 Class A ...... 3,100 235,871 Ping An Healthcare and Technology Co. Ltd.(a)(b) ..... 21,000 246,309 Shenzhen Overseas Chinese Town Co. Ltd., Class A . 27,200 35,671 Ping An Insurance Group Co. of China Ltd., Class A . . 27,300 308,509 Shenzhou International Group Holdings Ltd...... 34,000 875,289 Ping An Insurance Group Co. of China Ltd., Class H. . 238,500 2,592,895 Shimao Group Holdings Ltd...... 34,000 96,452 Poly Developments and Holdings Group Co. Ltd., Sichuan Chuantou Energy Co. Ltd., Class A...... 21,605 39,900 Class A ...... 34,000 72,321 Sichuan Kelun Pharmaceutical Co. Ltd., Class A ..... 6,800 23,764 Postal Savings Bank of China Co. Ltd., Class H(b) .... 340,000 245,037 Sino Biopharmaceutical Ltd...... 425,000 477,613 Power Construction Corp. of China Ltd., Class A ..... 40,800 25,038 Sinolink Securities Co. Ltd., Class A ...... 9,000 19,036 RiseSun Real Estate Development Co. Ltd., Class A. . 34,000 33,624 Sinopec Co. Ltd., Class A . . . 27,200 15,607 RLX Technology Inc., ADR(a)(c) ...... 6,052 68,448 Sinopharm Group Co. Ltd., Class H...... 54,400 184,952 Rongsheng Petrochemical Co. Ltd., Class A...... 20,400 84,890 Sinotrans Ltd., Class A ...... 40,800 29,524

49 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI BRIC ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Sinotruk Hong Kong Ltd...... 34,000 $ 79,615 Xinhu Zhongbao Co. Ltd., Class A ...... 27,200 $ 13,471 Smoore International Holdings Ltd.(b) ...... 46,000 329,195 Xinjiang Goldwind Science & Technology Co. Ltd., Songcheng Performance Development Co. Ltd., Class A ...... 20,453 39,384 Class A ...... 12,480 34,786 Xinjiang Goldwind Science & Technology Co. Ltd., SooChow Securities Co. Ltd., Class A ...... 19,240 26,539 Class H...... 27,834 47,444 Southwest Securities Co. Ltd., Class A...... 68,000 52,419 Xinyi Solar Holdings Ltd...... 186,000 333,705 SSY Group Ltd...... 136,000 90,400 XPeng Inc., ADR(a)...... 13,039 418,943 Sun Art Retail Group Ltd...... 68,000 51,616 Yadea Group Holdings Ltd.(b) ...... 52,000 115,866 Sunac China Holdings Ltd...... 115,000 424,375 Yango Group Co. Ltd., Class A ...... 13,600 11,914 Sunac Services Holdings Ltd.(a)(b)...... 24,000 75,107 Yanzhou Coal Mining Co. Ltd., Class H ...... 58,000 77,363 Suning.com Co. Ltd., Class A...... 27,200 29,113 Yihai International Holding Ltd...... 19,000 151,973 Sunny Optical Technology Group Co. Ltd...... 27,300 695,345 Yonghui Superstores Co. Ltd., Class A ...... 27,293 24,554 Suzhou Dongshan Precision Manufacturing Co. Ltd., Yonyou Network Technology Co. Ltd., Class A...... 11,330 64,684 Class A ...... 6,800 19,424 Yuexiu Property Co. Ltd...... 272,000 67,611 TAL Education Group, ADR(a)...... 15,844 633,285 Yum China Holdings Inc...... 16,388 1,108,484 TBEA Co. Ltd., Class A...... 13,600 25,543 Yunda Holding Co. Ltd., Class A ...... 8,930 20,227 TCL Technology Group Corp., Class A ...... 40,800 51,900 Yunnan Baiyao Group Co. Ltd., Class A...... 6,820 134,790 Tencent Holdings Ltd...... 223,300 17,965,710 Yutong Bus Co. Ltd., Class A ...... 6,800 14,210 Tencent Music Entertainment Group, ADR(a) ...... 25,773 405,667 Zai Lab Ltd., ADR(a) ...... 3,060 543,640 Tianjin Zhonghuan Semiconductor Co. Ltd., Class A . . 13,600 61,636 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Tianma Microelectronics Co. Ltd., Class A...... 13,600 29,600 Class A ...... 1,400 84,608 Tianshui Huatian Technology Co. Ltd., Class A ...... 27,200 54,823 Zhaojin Mining Industry Co. Ltd., Class H ...... 34,000 36,700 Tingyi Cayman Islands Holding Corp...... 96,000 182,319 Zhejiang Chint Electrics Co. Ltd., Class A ...... 6,800 34,431 Tongcheng-Elong Holdings Ltd.(a)...... 27,200 73,501 Zhejiang Dahua Technology Co. Ltd., Class A ...... 13,600 49,497 TongFu Microelectronics Co. Ltd., Class A(a) ...... 6,800 20,973 Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Tonghua Dongbao Pharmaceutical Co. Ltd., Class A. . 6,800 13,292 Class A ...... 6,800 46,112 Tongling Nonferrous Metals Group Co. Ltd., Class A . . 74,800 34,027 Zhejiang Juhua Co. Ltd., Class A ...... 22,600 35,402 Tongwei Co. Ltd., Class A ...... 13,695 86,664 Zhejiang Longsheng Group Co. Ltd., Class A...... 13,600 30,443 Topsports International Holdings Ltd.(b)...... 68,000 103,494 Zhejiang NHU Co. Ltd., Class A ...... 9,636 48,437 Transfar Zhilian Co. Ltd., Class A ...... 13,600 13,818 Zhejiang Sanhua Intelligent Controls Co. Ltd., TravelSky Technology Ltd., Class H...... 57,000 123,409 Class A ...... 15,730 55,236 Trip.com Group Ltd., ADR(a) ...... 19,448 813,899 Zhenro Properties Group Ltd...... 68,000 43,284 Tsingtao Brewery Co. Ltd., Class H ...... 22,000 240,391 Zheshang Securities Co. Ltd., Class A ...... 13,600 28,465 Uni-President China Holdings Ltd...... 68,000 73,453 ZhongAn Online P&C Insurance Co. Ltd., Unisplendour Corp. Ltd., Class A ...... 9,280 29,451 Class H(a)(b)(c) ...... 20,400 105,071 Venus MedTech Hangzhou Inc., Class H(a)(b) ...... 8,500 78,258 Zhongjin Gold Corp. Ltd., Class A...... 13,600 20,874 Vipshop Holdings Ltd., ADR(a) ...... 17,340 401,074 Zhongsheng Group Holdings Ltd...... 27,500 236,522 Walvax Biotechnology Co. Ltd., Class A...... 6,800 75,124 Zhuzhou CRRC Times Electric Co. Ltd., Class H . . . . . 20,400 98,986 Wanhua Chemical Group Co. Ltd., Class A...... 7,500 128,352 Zijin Mining Group Co. Ltd., Class A ...... 27,200 48,219 Want Want China Holdings Ltd...... 136,000 101,116 Zijin Mining Group Co. Ltd., Class H ...... 253,000 396,756 Weibo Corp., ADR(a) ...... 2,438 123,948 Zoomlion Heavy Industry Science and Technology Weichai Power Co. Ltd., Class A...... 15,600 43,768 Co. Ltd., Class A ...... 33,400 56,582 Weichai Power Co. Ltd., Class H ...... 68,100 153,095 Zoomlion Heavy Industry Science and Technology Weimob Inc.(a)(b) ...... 68,000 155,725 Co. Ltd., Class H ...... 27,200 32,802 Wens Foodstuffs Group Co. Ltd., Class A ...... 16,440 36,134 ZTE Corp., Class A ...... 6,800 33,677 Western Securities Co. Ltd., Class A ...... 40,800 56,602 ZTE Corp., Class H ...... 27,248 74,514 Wharf Holdings Ltd. (The) ...... 68,000 234,741 ZTO Express Cayman Inc., ADR...... 16,252 521,527 Will Semiconductor Co. Ltd. Shanghai, Class A...... 2,000 94,931 125,582,128 Wingtech Technology Co. Ltd., Class A ...... 3,000 41,373 Cyprus — 0.2% Winning Health Technology Group Co. Ltd., Class A . . 6,850 17,869 Ozon Holdings PLC, ADR(a) ...... 1,572 83,654 Wuhu Sanqi Interactive Entertainment Network TCS Group Holding PLC, GDR ...... 4,632 348,325 Technology Group Co. Ltd., Class A...... 6,800 25,907 431,979 Co. Ltd., Class A...... 10,300 511,395 India — 17.8% WUS Printed Circuit Kunshan Co. Ltd., Class A...... 13,600 32,818 ACC Ltd...... 3,502 95,846 WuXi AppTec Co. Ltd., Class A ...... 3,440 90,551 Adani Enterprises Ltd.(a)...... 8,295 150,575 WuXi AppTec Co. Ltd., Class H(b) ...... 16,387 350,586 Adani Green Energy Ltd.(a) ...... 15,436 270,190 Wuxi Biologics Cayman Inc., New(a)(b) ...... 131,500 2,056,741 Adani Ports & Special Economic Zone Ltd.(a) ...... 20,400 216,394 XCMG Construction Machinery Co. Ltd., Class A ..... 46,000 48,543 Adani Total Gas Ltd.(a) ...... 8,151 151,456 C & D Inc., Class A ...... 13,600 17,688 Adani Transmission Ltd.(a)...... 8,456 171,917 Xiaomi Corp., Class B(a)(b)...... 557,600 2,105,481

50 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI BRIC ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) India (continued) Ambuja Cements Ltd...... 22,304 $ 100,715 Motherson Sumi Systems Ltd.(a) ...... 48,960 $ 162,006 Apollo Hospitals Enterprise Ltd...... 3,672 161,315 MRF Ltd...... 77 88,811 Asian Paints Ltd...... 14,166 581,550 Muthoot Finance Ltd...... 6,319 114,895 Aurobindo Pharma Ltd...... 10,540 145,526 Nestle India Ltd...... 1,224 297,646 Avenue Supermarts Ltd.(a)(b)...... 6,392 270,707 NTPC Ltd...... 163,132 248,704 Axis Bank Ltd.(a) ...... 87,764 905,403 Oil & Natural Gas Corp. Ltd...... 96,560 151,159 Bajaj Auto Ltd.(a) ...... 2,788 160,979 Page Industries Ltd...... 204 86,696 Bajaj Finance Ltd.(a)...... 10,557 819,571 Petronet LNG Ltd...... 36,380 121,465 Bajaj Finserv Ltd.(a) ...... 1,496 243,873 PI Industries Ltd...... 4,173 150,519 Balkrishna Industries Ltd...... 4,341 131,670 Pidilite Industries Ltd.(a) ...... 5,848 169,157 Bandhan Bank Ltd.(a)(b) ...... 26,388 111,672 Piramal Enterprises Ltd...... 4,556 113,850 Berger Paints India Ltd...... 10,132 112,632 Power Grid Corp. of India Ltd...... 87,652 272,905 Bharat Electronics Ltd...... 47,004 94,080 REC Ltd...... 33,796 68,058 Bharat Forge Ltd.(a) ...... 10,744 99,982 Reliance Industries Ltd...... 110,680 3,285,870 Bharat Petroleum Corp. Ltd...... 32,776 213,338 SBI Cards & Payment Services Ltd...... 7,233 104,103 Bharti Airtel Ltd...... 92,766 685,475 SBI Life Insurance Co. Ltd.(b) ...... 16,864 226,815 Biocon Ltd.(a) ...... 17,136 91,819 Shree Cement Ltd.(a)...... 408 155,615 Britannia Industries Ltd...... 3,808 180,934 Shriram Transport Finance Co. Ltd...... 7,480 146,843 Cholamandalam Investment and Finance Co. Ltd. .... 15,819 119,670 Siemens Ltd...... 3,060 88,189 Cipla Ltd.(a) ...... 19,380 253,128 State Bank of India(a)...... 69,564 407,126 Coal India Ltd...... 43,462 88,553 Sun Pharmaceutical Industries Ltd...... 33,728 310,722 Colgate-Palmolive India Ltd...... 4,148 98,547 Tata Consultancy Services Ltd...... 35,471 1,547,221 Container Corp. of India Ltd...... 10,404 97,865 Tata Consumer Products Ltd...... 24,140 220,893 Dabur India Ltd...... 19,856 148,470 Tata Motors Ltd.(a) ...... 63,027 276,595 Divi's Laboratories Ltd.(a) ...... 5,100 294,298 Tata Steel Ltd...... 24,412 379,477 DLF Ltd...... 30,396 120,891 Tech Mahindra Ltd...... 26,044 368,015 Dr. Reddy's Laboratories Ltd...... 4,488 327,657 Titan Co. Ltd...... 12,580 276,248 Eicher Motors Ltd.(a) ...... 5,100 187,450 Torrent Pharmaceuticals Ltd...... 1,972 74,632 GAIL India Ltd...... 58,140 128,509 Trent Ltd...... 8,520 100,633 Godrej Consumer Products Ltd.(a) ...... 13,464 159,475 UltraTech Cement Ltd...... 3,876 357,823 Grasim Industries Ltd...... 10,485 212,254 United Spirits Ltd.(a) ...... 10,812 91,526 Havells India Ltd...... 8,840 125,724 UPL Ltd...... 19,788 222,498 HCL Technologies Ltd...... 40,677 530,566 Vedanta Ltd...... 44,765 169,083 HDFC Asset Management Co. Ltd.(b) ...... 2,380 97,302 Wipro Ltd...... 54,401 404,490 HDFC Life Insurance Co. Ltd.(a)(b) ...... 30,124 276,334 Yes Bank Ltd.(a)...... 633,645 117,900 Hero MotoCorp Ltd...... 4,760 197,092 33,109,532 Hindalco Industries Ltd...... 53,362 289,776 Russia — 5.4% Hindustan Petroleum Corp. Ltd...... 27,472 105,720 Alrosa PJSC...... 99,960 159,966 Hindustan Unilever Ltd...... 31,824 1,027,418 Gazprom PJSC ...... 463,084 1,644,976 Housing Development Finance Corp. Ltd...... 65,980 2,319,100 Inter RAO UES PJSC ...... 1,564,000 107,991 (a) ICICI Bank Ltd...... 202,311 1,854,610 LUKOIL PJSC ...... 16,116 1,317,700 (b) ICICI Lombard General Insurance Co. Ltd...... 8,704 177,032 Magnit PJSC, GDR ...... 12,444 190,020 (a)(b) ICICI Prudential Life Insurance Co. Ltd...... 14,212 108,773 Mail.Ru Group Ltd., GDR(a)...... 4,284 97,722 Indian Oil Corp. Ltd...... 65,766 99,169 MMC Norilsk Nickel PJSC...... 2,448 880,246 Indraprastha Gas Ltd...... 12,172 88,636 Mobile TeleSystems PJSC, ADR...... 15,708 143,257 Indus Towers Ltd...... 26,588 88,903 Moscow Exchange MICEX-RTS PJSC ...... 59,160 135,774 (a) Info Edge India Ltd...... 3,264 196,305 Novatek PJSC, GDR...... 3,604 717,456 Infosys Ltd...... 132,219 2,541,174 Novolipetsk Steel PJSC ...... 56,440 201,489 (a)(b) InterGlobe Aviation Ltd...... 4,760 114,990 PhosAgro PJSC, GDR ...... 5,268 107,783 Ipca Laboratories Ltd...... 3,035 86,667 Polymetal International PLC ...... 13,316 315,772 ITC Ltd...... 101,342 303,184 Polyus PJSC ...... 1,300 281,412 JSW Steel Ltd...... 33,864 332,584 Rosneft Oil Co. PJSC ...... 46,242 334,629 (a) Jubilant Foodworks Ltd...... 2,856 122,562 Sberbank of Russia PJSC...... 419,830 1,773,686 (a) Kotak Mahindra Bank Ltd...... 21,488 535,162 Severstal PAO ...... 7,956 182,774 (b) Larsen & Toubro Infotech Ltd...... 2,100 114,309 Surgutneftegas PJSC ...... 258,410 128,166 Larsen & Toubro Ltd...... 25,228 511,716 Tatneft PJSC ...... 53,263 361,143 Lupin Ltd...... 8,160 137,121 VTB Bank PJSC ...... 142,800,001 94,848 Mahindra & Mahindra Ltd...... 32,368 360,892 X5 Retail Group NV, GDR ...... 3,808 115,449 Marico Ltd...... 17,748 116,570 Maruti Suzuki India Ltd...... 4,794 467,567

51 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI BRIC ETF May 31, 2021 (Percentages shown are based on Net Assets)

Shares/ Security Par Value SecurityShares Value Russia (continued) Short-Term Investments Yandex NV, Class A(a)...... 12,036 $ 809,511 Money Market Funds — 1.1% 10,101,770 BlackRock Cash Funds: Institutional, SL Agency (f)(g)(h) Total Common Stocks — 97.4% Shares, 0.06% ...... 2,102,244 $ 2,103,505 (Cost: $149,879,394) ...... 181,679,443 Total Short-Term Investments — 1.1% (Cost: $2,102,453)...... 2,103,505 Preferred Stocks Total Investments in Securities — 100.8% Brazil — 2.2% (Cost: $154,965,157) ...... 188,135,874 Alpargatas SA, Preference Shares, NVS ...... 9,112 82,681 Banco Bradesco SA, Preference Shares, NVS ...... 188,259 956,522 Other Assets, Less Liabilities — (0.8)%...... (1,530,738) Bradespar SA, Preference Shares, NVS ...... 7,913 108,119 Net Assets — 100.0%...... $ 186,605,136 Braskem SA, Class A, Preference Shares, NVS ...... 7,322 70,344 Centrais Eletricas Brasileiras SA, Class B, Preference (a) Non-income producing security. Shares, NVS...... 4,846 40,522 (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Cia. Energetica de Minas Gerais, Preference 1933, as amended. These securities may be resold in transactions exempt from Shares, NVS...... 39,612 103,215 registration to qualified institutional investors. (c) All or a portion of this security is on loan. Cia. Paranaense de Energia, Preference (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the Shares, NVS...... 39,644 48,531 fair value hierarchy. Gerdau SA, Preference Shares, NVS ...... 44,812 283,057 (e) Rounds to less than $1. Itau Unibanco Holding SA, Preference Shares, NVS . . 187,532 1,062,934 (f) Affiliate of the Fund. Itausa SA, Preference Shares, NVS ...... 169,540 353,283 (g) Annualized 7-day yield as of period-end. Lojas Americanas SA, Preference Shares, NVS ...... 30,542 116,561 (h) All or a portion of this security was purchased with cash collateral received from loaned Petroleo Brasileiro SA, Preference Shares, NVS...... 185,598 956,889 securities. 4,182,658 Russia — 0.1% Surgutneftegas PJSC, Preference Shares, NVS ...... 265,200 168,607

Total Preferred Stocks — 2.3% (Cost: $2,981,657)...... 4,351,265

Corporate Bonds & Notes India — 0.0% Britannia Industries Ltd., 5.50%, 06/03/24 (d) ...... INR 120,292 1,661

Total Corporate Bonds & Notes — 0.0% (Cost: $1,653) ...... 1,661

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $2,656,562 $ — $(551,109)(a) $ (916) $ (1,032) $2,103,505 2,102,244 $18,014(b) $ — BlackRock Cash Funds: Treasury, SL Agency (c) (a) Shares ...... 960,000 — (960,000) — — — — 999 —

$ (916) $ (1,032) $2,103,505 $19,013 $ —

(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.

52 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI BRIC ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI China Index...... 2 06/18/21 $ 120 $ 47 MSCI Emerging Markets E-Mini Index ...... 2 06/18/21 136 224 $ 271

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 Consolidated Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $ 42,301,263 $139,198,902 $ 179,278 $181,679,443 Preferred Stocks ...... 4,182,658 168,607 — 4,351,265 Corporate Bonds & Notes ...... — — 1,661 1,661 Money Market Funds ...... 2,103,505 — — 2,103,505 $ 48,587,426 $139,367,509 $ 180,939 $188,135,874 Derivative financial instruments(a) Assets Futures Contracts ...... $ 271 $ — $ — $ 271

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt GDR...... Global Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

Currency Abbreviations

INR...... Indian Rupee

53 Schedule of Investments (unaudited) iShares MSCI Canada ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Food Products — 0.4% Saputo Inc...... 559,490 $ 19,104,311 Aerospace & Defense — 0.5% CAE Inc.(a)...... 641,954 $ 19,767,964 Gas Utilities — 0.3% AltaGas Ltd...... 634,822 12,559,286 Airlines — 0.2% Air Canada(a) ...... 372,828 8,443,834 Hotels, Restaurants & Leisure — 1.0% Restaurant Brands International Inc...... 623,348 42,977,240 Auto Components — 1.5% Magna International Inc...... 647,804 63,887,561 Independent Power and Renewable Electricity Producers — 0.7% Brookfield Renewable Corp., Class A ...... 289,994 12,278,625 Banks — 26.0% Northland Power Inc...... 500,110 16,803,497 Bank of Montreal...... 1,467,187 153,258,828 Bank of Scotia (The)...... 2,749,266 184,816,764 29,082,122 Canadian Imperial Bank of Commerce ...... 1,015,740 118,310,315 Insurance — 7.1% National Bank of Canada ...... 763,937 60,081,664 Fairfax Financial Holdings Ltd...... 61,526 28,716,377 Royal Bank of Canada ...... 3,228,333 331,932,653 Great-West Lifeco Inc...... 631,805 19,565,271 Toronto-Dominion Bank (The)...... 4,116,788 296,137,476 iA Financial Corp. Inc...... 243,085 13,928,516 Intact Financial Corp...... 324,299 43,821,505 1,144,537,700 Manulife Financial Corp...... 4,401,480 92,070,195 Capital Markets — 4.0% Power Corp. of Canada ...... 1,271,582 41,419,438 Brookfield Asset Management Inc., Class A...... 2,910,062 144,581,699 Sun Life Financial Inc...... 1,327,404 71,070,312 IGM Financial Inc...... 189,585 6,982,026 Onex Corp...... 174,434 12,669,044 310,591,614 TMX Group Ltd...... 126,560 13,900,071 IT Services — 8.3% CGI Inc.(a) ...... 510,290 45,332,828 178,132,840 Nuvei Corp.(a)(b) ...... 112,066 8,420,372 Chemicals — 1.8% Shopify Inc., Class A(a) ...... 254,516 311,878,751 Nutrien Ltd...... 1,291,638 79,505,154 365,631,951 Commercial Services & Supplies — 0.6% Media — 0.9% GFL Environmental Inc...... 353,780 11,435,875 Quebecor Inc., Class B...... 386,641 10,481,762 Ritchie Bros Auctioneers Inc...... 246,768 14,593,027 Inc., Class B, NVS ...... 1,044,518 30,962,452 26,028,902 41,444,214 Construction & Engineering — 0.7% Metals & Mining — 9.5% WSP Global Inc...... 258,103 28,836,689 Agnico Eagle Mines Ltd...... 550,870 38,992,503 B2Gold Corp...... 2,364,059 12,093,775 Containers & Packaging — 0.4% Barrick Gold Corp...... 4,032,762 95,607,221 CCL Industries Inc., Class B, NVS ...... 343,693 19,255,116 First Quantum Minerals Ltd...... 1,332,935 32,770,307 Diversified Telecommunication Services — 0.7% Franco- Corp...... 432,792 63,912,994 (a) BCE Inc...... 167,073 8,273,090 Ivanhoe Mines Ltd., Class A ...... 1,349,107 9,928,034 TELUS Corp...... 964,720 21,641,416 Kinross Gold Corp...... 2,855,253 22,997,071 Kirkland Lake Gold Ltd...... 606,124 26,040,177 29,914,506 Lundin Mining Corp...... 1,504,830 15,981,929 Electric Utilities — 2.1% Pan American Silver Corp...... 472,043 15,919,070 Emera Inc...... 570,463 26,581,153 Teck Resources Ltd., Class B...... 1,068,934 25,978,976 Fortis Inc...... 1,057,948 48,008,534 Wheaton Precious Metals Corp...... 1,019,536 48,333,121 Hydro One Ltd.(b) ...... 745,908 18,949,478 Yamana Gold Inc...... 2,169,517 11,260,189 93,539,165 419,815,367 Electrical Equipment — 0.2% Multi-Utilities — 0.8% Ballard Power Systems Inc.(a)...... 533,043 9,270,505 Algonquin Power & Utilities Corp...... 1,354,543 20,765,810 Equity Real Estate Investment Trusts (REITs) — 0.3% Atco Ltd., Class I, NVS ...... 172,687 6,236,773 Canadian Apartment Properties REIT ...... 191,062 8,758,755 Canadian Utilities Ltd., Class A, NVS...... 294,325 8,534,584 RioCan REIT ...... 353,781 6,217,268 35,537,167 14,976,023 Multiline Retail — 1.2% Food & Staples Retailing — 3.4% Canadian Tire Corp. Ltd., Class A, NVS ...... 130,291 22,040,701 Alimentation Couche-Tard Inc., Class B ...... 1,918,010 69,175,693 Dollarama Inc...... 668,883 29,068,629 Empire Co. Ltd., Class A, NVS...... 384,096 12,867,319 51,109,330 George Weston Ltd...... 172,923 16,853,569 Oil, Gas & Consumable Fuels — 13.5% Loblaw Companies Ltd...... 394,341 24,080,573 Cameco Corp...... 899,769 17,689,263 Metro Inc...... 563,083 26,997,034 Canadian Natural Resources Ltd...... 2,679,371 93,951,538 149,974,188 Inc...... 2,978,043 24,873,518 Inc...... 4,586,275 174,256,051

54 Schedule of Investments (unaudited) (continued) iShares MSCI Canada ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Oil, Gas & Consumable Fuels (continued) Trading Companies & Distributors — 0.4% Ltd...... 583,647 $ 19,619,970 Toromont Industries Ltd...... 185,238 $ 16,491,327 Inter Pipeline Ltd...... 853,305 12,396,426 Keyera Corp...... 501,762 12,551,838 Wireless Telecommunication Services — 0.9% Parkland Corp./Canada ...... 341,095 11,257,363 Rogers Communications Inc., Class B, NVS...... 804,142 41,137,350 Pembina Pipeline Corp...... 1,247,636 40,164,368 Total Common Stocks — 99.7% Inc...... 3,460,007 80,367,366 (Cost: $3,900,912,691)...... 4,386,707,295 TC Energy Corp...... 2,131,881 107,507,297 594,634,998 Short-Term Investments Paper & Forest Products — 0.3% Money Market Funds — 0.1% West Fraser Timber Co. Ltd...... 190,057 14,697,343 BlackRock Cash Funds: Institutional, SL Agency Shares, Pharmaceuticals — 0.8% 0.06%(d)(e)(f) ...... 2,300,918 2,302,299 Bausch Health Cos Inc.(a) ...... 686,598 21,688,324 BlackRock Cash Funds: Treasury, SL Agency Shares, Canopy Growth Corp.(a)(c) ...... 512,865 12,842,321 0.00%(d)(e) ...... 2,130,000 2,130,000 34,530,645 4,432,299 Professional Services — 0.9% Thomson Reuters Corp...... 394,972 38,181,226 Total Short-Term Investments — 0.1% (Cost: $4,429,167)...... 4,432,299 Real Estate Management & Development — 0.3% FirstService Corp...... 88,571 14,369,463 Total Investments in Securities — 99.8% (Cost: $3,905,341,858)...... 4,391,139,594 Road & Rail — 6.8% Other Assets, Less Liabilities — 0.2% ...... 7,895,975 Canadian National Railway Co...... 1,608,223 179,053,842 Canadian Pacific Railway Ltd...... 1,511,956 121,477,132 Net Assets — 100.0% ...... $ 4,399,035,569 300,530,974 (a) Non-income producing security. Software — 2.8% (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of BlackBerry Ltd.(a) ...... 1,213,936 12,460,417 1933, as amended. These securities may be resold in transactions exempt from Constellation Software Inc...... 45,644 64,863,938 registration to qualified institutional investors. Lightspeed POS Inc.(a) ...... 215,305 15,635,700 (c) All or a portion of this security is on loan. Open Text Corp...... 618,798 29,120,207 (d) Affiliate of the Fund. (e) Annualized 7-day yield as of period-end. 122,080,262 (f) All or a portion of this security was purchased with cash collateral received from loaned Textiles, Apparel & Luxury Goods — 0.4% securities. Gildan Activewear Inc...... 450,775 16,130,958

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $12,143,692 $ — $(9,837,577)(a) $ 7,854 $ (11,670) $2,302,299 2,300,918 $66,009(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares...... 945,000 1,185,000 — — — 2,130,0002,130,000 624 —

$ 7,854 $ (11,670) $4,432,299 $66,633 $ —

(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.

55 Schedule of Investments (unaudited) (continued) iShares MSCI Canada ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P/TSX 60 Index ...... 56 06/17/21 $10,927 $ 616,146

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...... $4,386,707,295 $ — $ — $4,386,707,295 Money Market Funds ...... 4,432,299 — — 4,432,299 $4,391,139,594 $ — $ — $4,391,139,594 Derivative financial instruments(a) Assets Futures Contracts ...... $ 616,146 $ — $ — $ 616,146

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares REIT ...... Real Estate Investment Trust

56 Schedule of Investments (unaudited) iShares MSCI Chile ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Oil, Gas & Consumable Fuels — 8.4% Empresas COPEC SA ...... 3,558,527 $ 35,904,530 Banks — 22.1% Banco de Chile ...... 414,493,003 $ 42,736,546 Paper & Forest Products — 4.4% Banco de Credito e Inversiones SA ...... 426,610 20,373,645 Empresas CMPC SA ...... 7,400,861 19,102,291 Banco Santander Chile ...... 376,703,016 20,771,961 Grupo Security SA...... 22,732,263 4,362,900 Real Estate Management & Development — 2.7% Itau CorpBanca Chile SA(a)...... 2,124,312,484 6,626,565 Cencosud Shopping SA...... 849,218 1,617,558 Parque Arauco SA(a) ...... 6,765,547 9,814,479 94,871,617 Beverages — 5.6% 11,432,037 Cia. Cervecerias Unidas SA...... 1,648,137 14,786,598 Textiles, Apparel & Luxury Goods — 1.1% Vina Concha y Toro SA ...... 5,006,317 9,217,981 Forus SA...... 2,240,899 4,559,124 24,004,579 Water Utilities — 2.5% Diversified Financial Services — 0.8% Aguas Andinas SA, Class A ...... 35,224,232 6,723,477 Inversiones La Construccion SA...... 678,357 3,651,518 Inversiones Aguas Metropolitanas SA...... 7,421,164 4,087,018 Electric Utilities — 11.3% 10,810,495 Enel Americas SA ...... 196,470,357 27,118,062 Wireless Telecommunication Services — 2.2% Enel Chile SA ...... 255,612,216 15,668,376 Empresa Nacional de Telecomunicaciones SA ...... 1,781,296 9,330,352 Engie Energia Chile SA ...... 7,003,933 5,655,349 Total Common Stocks — 84.3% 48,441,787 (Cost: $317,178,452) ...... 361,354,378 Food & Staples Retailing — 5.8% Cencosud SA...... 9,241,330 19,196,966 Preferred Stocks SMU SA ...... 41,105,127 5,787,057 Beverages — 2.3% 24,984,023 Embotelladora Andina SA, Class B, Preference Independent Power and Renewable Electricity Producers — 4.4% Shares, NVS...... 4,215,904 10,066,962 AES Gener SA ...... 48,805,765 7,046,353 Colbun SA ...... 85,600,312 11,696,937 Chemicals — 12.9% 18,743,290 Sociedad Quimica y Minera de Chile SA, Class B, IT Services — 1.2% Preference Shares, NVS ...... 1,233,710 55,257,266 SONDA SA...... 8,744,543 5,159,703 Total Preferred Stocks — 15.2% Marine — 2.8% (Cost: $42,656,068) ...... 65,324,228 Cia. Sud Americana de Vapores SA ...... 168,083,542 11,827,328 Total Investments in Securities — 99.5% Metals & Mining — 3.4% (Cost: $359,834,520) ...... 426,678,606 CAP SA ...... 792,952 14,414,324 Other Assets, Less Liabilities — 0.5% ...... 1,964,576 Multiline Retail — 5.6% Net Assets — 100.0%...... $ 428,643,182 Falabella SA ...... 4,332,609 19,569,399 Ripley Corp. SA ...... 16,111,741 4,547,981 (a) Non-income producing security. 24,117,380

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds (a) (b) BlackRock Cash Funds: Treasury, SL Agency Shares . . . $2,080,000 $ — $(2,080,000) $ — $ — $ — — $ 387$ —

(a) As of period end, the entity is no longer held. (b) Represents net amount purchased (sold).

57 Schedule of Investments (unaudited) (continued) iShares MSCI Chile ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 27 06/18/21 $ 1,837 $ 40,128

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 ...... $361,354,378 $ — $ — $361,354,378 Preferred Stocks...... 65,324,228 — — 65,324,228 $426,678,606 $ — $ — $426,678,606 Derivative financial instruments(a) Assets Futures Contracts...... $ 40,128 $ — $ — $ 40,128

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

58 Schedule of Investments (unaudited) iShares MSCI Colombia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Specialty Retail — 1.1% Organizacion Terpel SA(a) ...... 198,300 $ 393,070 Banks — 7.4% Banco de Bogota SA ...... 2,287 $ 43,174 Wireless Telecommunication Services — 3.8% Bancolombia SA ...... 347,333 2,529,124 Millicom International Cellular SA, SDR(a) ...... 29,678 1,326,566 Grupo Aval Acciones y Valores SA ...... 144,144 40,429 Total Common Stocks — 75.5% 2,612,727 (Cost: $24,521,166)...... 26,546,681 Building Products — 5.2% Tecnoglass Inc...... 83,487 1,835,879 Preferred Stocks Capital Markets — 1.7% Banks — 20.5% Bolsa de Valores de Colombia ...... 194,912 599,244 Banco Davivienda SA, Preference Shares, NVS ...... 194,387 1,520,287 Construction & Engineering — 1.0% Bancolombia SA, Preference Shares, NVS ...... 629,833 4,688,077 Construcciones El Condor SA ...... 643,976 173,672 Grupo Aval Acciones y Valores SA, Preference Shares, NVS . 3,454,317 1,004,249 Constructora Conconcreto SA(a) ...... 1,706,010 174,834 7,212,613 348,506 Construction Materials — 0.6% Construction Materials — 3.4% Cementos Argos SA, Preference Shares, NVS...... 43,930 43,729 Cementos Argos SA...... 288,284 394,175 Grupo Argos SA/Colombia, Preference Shares, NVS...... 75,299 162,457 CEMEX Latam Holdings SA(a) ...... 155,915 155,578 206,186 Grupo Argos SA...... 238,414 649,402 Diversified Financial Services — 1.0% 1,199,155 Corp. Financiera Colombiana SA, Preference Shares, NVS . . 6,672 41,493 Diversified Financial Services — 5.0% Grupo de Inversiones Suramericana SA, Preference Corp. Financiera Colombiana SA(a) ...... 52,092 396,590 Shares, NVS ...... 63,062 299,323 Grupo de Inversiones Suramericana SA...... 249,230 1,345,627 340,816 1,742,217 Total Preferred Stocks — 22.1% Electric Utilities — 13.2% (Cost: $7,653,050)...... 7,759,615 Celsia SA ESP...... 231,096 260,263 Enel Americas SA ...... 7,976,872 1,101,018 Interconexion Electrica SA ESP ...... 610,255 3,294,850 Short-Term Investments 4,656,131 Money Market Funds — 0.4% Food Products — 4.4% BlackRock Cash Funds: Treasury, SL Agency Shares, (b)(c) Grupo Nutresa SA ...... 267,239 1,556,732 0.00% ...... 130,000 130,000

Gas Utilities — 4.2% Total Short-Term Investments — 0.4% Grupo Energia Bogota SA ESP ...... 2,287,378 1,436,706 (Cost: $130,000)...... 130,000 Promigas SA ESP...... 23,428 41,700 Total Investments in Securities — 98.0% 1,478,406 (Cost: $32,304,216)...... 34,436,296 Metals & Mining — 1.7% Other Assets, Less Liabilities — 2.0% ...... 689,663 Mineros SA ...... 536,475 591,164 Net Assets — 100.0% ...... $ 35,125,959 Oil, Gas & Consumable Fuels — 23.4% Canacol Energy Ltd...... 578,701 1,599,985 (a) Non-income producing security. Ecopetrol SA...... 6,984,362 4,125,068 (b) Affiliate of the Fund. Empresas COPEC SA...... 107,949 1,089,175 (c) Annualized 7-day yield as of period-end. Parex Resources Inc.(a) ...... 79,659 1,392,656 8,206,884

59 Schedule of Investments (unaudited) (continued) iShares MSCI Colombia 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares(a) ...... $56,085 $ — $(56,069)(b) $ (22) $ 6 $ — — $ 38(c) $ — (b) BlackRock Cash Funds: Treasury, SL Agency Shares ..... — 130,000 — — — 130,000130,000 4 —

$ (22) $ 6 $130,000 $ 42$ —

(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 MSCI Emerging Markets E-Mini Index ...... 12 06/18/21 $ 817 $ (4,359)

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 ...... $25,220,115 $ 1,326,566 $ — $26,546,681 Preferred Stocks ...... 7,759,615 — — 7,759,615 Money Market Funds ...... 130,000 — — 130,000 $33,109,730 $ 1,326,566 $ — $34,436,296 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (4,359) $ — $ — $ (4,359)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares SDR ...... Swedish Depositary Receipt

60 Consolidated Schedule of Investments (unaudited) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) Brilliance China Automotive Holdings Ltd.(d) ...... 560,000 $ 526,743 China — 46.4% BYD Co. Ltd., Class A ...... 15,200 427,400 360 Security Technology Inc., Class A(a) ...... 51,999 $ 100,173 BYD Co. Ltd., Class H...... 131,500 3,061,451 3SBio Inc.(a)(b) ...... 385,000 466,078 BYD Electronic International Co. Ltd...... 165,000 1,085,185 51job Inc., ADR(a) ...... 6,773 485,489 Caitong Securities Co. Ltd., Class A...... 107,900 191,291 AAC Technologies Holdings Inc...... 165,000 1,004,260 CGN Power Co. Ltd., Class H(b)...... 2,200,000 484,708 AECC Aviation Power Co. Ltd., Class A ...... 26,000 221,044 Changjiang Securities Co. Ltd., Class A ...... 198,000 242,126 Agile Group Holdings Ltd...... 280,000 397,983 Chaozhou Three-Circle Group Co. Ltd., Class A . . . . . 50,299 294,439 Agricultural Bank of China Ltd., Class A ...... 715,000 366,652 China Aoyuan Group Ltd...... 334,000 391,702 Agricultural Bank of China Ltd., Class H ...... 3,960,000 1,606,806 China Avionics Systems Co. Ltd., Class A ...... 66,000 166,068 Aier Eye Hospital Group Co. Ltd., Class A ...... 42,280 558,475 China Cinda Asset Management Co. Ltd., Class H . . . 1,625,000 347,499 Air China Ltd., Class A...... 151,700 200,805 China CITIC Bank Corp. Ltd., Class H...... 1,650,000 901,889 Air China Ltd., Class H(a) ...... 386,000 310,026 China Communications Services Corp. Ltd., Class H. 528,000 222,469 Alibaba Group Holding Ltd.(a) ...... 934,560 25,429,147 China Conch Venture Holdings Ltd...... 288,000 1,326,139 Alibaba Group Holding Ltd., ADR(a) ...... 130,820 27,990,247 China Construction Bank Corp., Class A...... 129,800 141,447 Alibaba Health Information Technology Ltd.(a) ...... 26,000 64,581 China Construction Bank Corp., Class H ...... 14,960,000 12,287,425 Alibaba Pictures Group Ltd.(a)(c) ...... 30,000 4,019 China Eastern Airlines Corp. Ltd., Class A ...... 231,072 197,001 A-Living Smart City Services Co. Ltd.(b)...... 82,500 398,194 China Education Group Holdings Ltd...... 243,000 627,938 Aluminum Corp. of China Ltd., Class A(a) ...... 305,000 251,226 China Everbright Bank Co. Ltd., Class A...... 567,800 342,091 Aluminum Corp. of China Ltd., Class H(a) ...... 880,000 518,175 China Everbright Bank Co. Ltd., Class H ...... 447,000 189,561 Anhui Conch Cement Co. Ltd., Class A...... 45,500 351,210 China Everbright Environment Group Ltd...... 793,481 477,315 Anhui Conch Cement Co. Ltd., Class H...... 224,000 1,401,218 China Everbright Ltd...... 140,000 177,171 Anhui Gujing Distillery Co. Ltd., Class B ...... 12,100 166,005 China Evergrande Group ...... 345,000 517,186 ANTA Sports Products Ltd...... 174,000 3,555,048 China Film Co. Ltd., Class A ...... 64,100 130,154 Autohome Inc., ADR...... 11,336 873,666 China Fortune Land Development Co. Ltd., Class A. . 77,020 65,729 Avic Capital Co. Ltd., Class A ...... 195,500 122,367 China Galaxy Securities Co. Ltd., Class H ...... 868,000 544,588 AVIC Shenyang Aircraft Co. Ltd., Class A...... 17,634 215,770 China Gas Holdings Ltd...... 550,000 2,052,827 AVIC Xi'an Aircraft Industry Group Co. Ltd., Class A. . 55,000 241,402 China Gezhouba Group Co. Ltd., Class A ...... 173,600 193,042 AviChina Industry & Technology Co. Ltd., Class H.... 581,000 403,362 China Great Wall Securities Co. Ltd., Class A...... 86,000 141,248 Baidu Inc., ADR(a) ...... 41,690 8,182,496 China Hongqiao Group Ltd...... 440,000 708,588 Bank of Chengdu Co. Ltd., Class A...... 132,000 279,941 China Huarong Asset Management Co. Ltd., Bank of China Ltd., Class A...... 338,600 177,333 Class H(b)(d) ...... 2,274,000 298,867 Bank of China Ltd., Class H...... 12,870,000 4,826,926 China Huishan Dairy Holdings Co. Ltd.(a)(d) ...... 20,200 0(e) Bank of Communications Co. Ltd., Class A ...... 502,100 386,957 China International Capital Corp. Ltd., Class H(b). . . . . 278,400 821,900 Bank of Communications Co. Ltd., Class H ...... 1,460,000 984,075 China Jinmao Holdings Group Ltd...... 936,000 361,767 Bank of Hangzhou Co. Ltd., Class A...... 129,800 337,203 China Lesso Group Holdings Ltd...... 184,000 484,469 Bank of Jiangsu Co. Ltd., Class A ...... 308,058 370,096 China Life Insurance Co. Ltd., Class A...... 42,200 241,857 Bank of Nanjing Co. Ltd., Class A ...... 198,000 326,722 China Life Insurance Co. Ltd., Class H ...... 1,227,000 2,590,156 Bank of Ningbo Co. Ltd., Class A...... 71,000 472,318 China Literature Ltd.(a)(b)(c)...... 5,800 60,870 Bank of Shanghai Co. Ltd., Class A ...... 205,870 275,522 China Longyuan Power Group Corp. Ltd., Class H . . . 631,000 892,221 Baoshan Iron & Steel Co. Ltd., Class A ...... 217,400 270,214 China Medical System Holdings Ltd...... 330,000 846,714 Baozun Inc., ADR(a) ...... 12,686 440,077 China Mengniu Dairy Co. Ltd...... 482,000 2,924,411 BBMG Corp., Class A ...... 403,200 175,095 China Merchants Bank Co. Ltd., Class A ...... 217,400 1,990,922 BeiGene Ltd., ADR(a) ...... 5,459 1,957,106 China Merchants Bank Co. Ltd., Class H ...... 615,331 5,697,028 Beijing Capital International Airport Co. Ltd., Class H. 488,000 329,539 China Merchants Energy Shipping Co. Ltd., Class A . 151,700 126,813 Beijing Dabeinong Technology Group Co. Ltd., China Merchants Port Holdings Co. Ltd...... 278,000 452,036 Class A ...... 132,000 170,022 China Merchants Securities Co. Ltd., Class A...... 86,070 278,993 Beijing Enlight Media Co. Ltd., Class A ...... 64,100 127,581 China Merchants Shekou Industrial Zone Holdings Beijing Enterprises Holdings Ltd...... 111,500 386,312 Co. Ltd., Class A ...... 106,975 195,114 Beijing Enterprises Water Group Ltd...... 1,282,000 521,918 China Minsheng Banking Corp. Ltd., Class A ...... 330,400 245,288 Beijing Oriental Yuhong Waterproof Technology Co. China Minsheng Banking Corp. Ltd., Class H ...... 1,196,660 641,323 Ltd., Class A...... 22,000 217,035 China Molybdenum Co. Ltd., Class A...... 348,800 319,323 Beijing Shiji Information Technology Co. Ltd., China Molybdenum Co. Ltd., Class H ...... 726,000 500,465 Class A ...... 27,202 157,526 China National Building Material Co. Ltd., Class H . . . 754,000 1,008,215 Beijing Sinnet Technology Co. Ltd., Class A...... 44,000 106,423 China National Chemical Engineering Co. Ltd., Betta Pharmaceuticals Co. Ltd., Class A...... 11,000 195,701 Class A ...... 209,800 208,216 Bilibili Inc., ADR(a)(c) ...... 17,930 1,921,737 China National Nuclear Power Co. Ltd., Class A . . . . . 348,800 285,695 BOC Aviation Ltd.(b)(c) ...... 44,000 391,562 China National Software & Service Co. Ltd., Class A . 5,300 48,033 BOE Technology Group Co. Ltd., Class A...... 370,700 368,747 China Northern Rare Earth Group High-Tech Co. Bosideng International Holdings Ltd...... 1,014,000 561,419 Ltd., Class A(a)...... 94,900 328,137

61 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) China Oilfield Services Ltd., Class H ...... 440,000 $ 413,716 Dongfeng Motor Group Co. Ltd., Class H ...... 566,000 $ 529,837 China Overseas Land & Investment Ltd...... 660,000 1,579,486 Dongxing Securities Co. Ltd., Class A ...... 107,900 193,618 China Pacific Insurance Group Co. Ltd., Class A ..... 68,400 370,564 DouYu International Holdings Ltd., ADR(a) ...... 3,520 27,808 China Pacific Insurance Group Co. Ltd., Class H..... 478,800 1,801,441 East Money Information Co. Ltd., Class A ...... 94,296 472,560 China Petroleum & Chemical Corp., Class A...... 261,200 181,600 ENN Energy Holdings Ltd...... 140,100 2,577,331 China Petroleum & Chemical Corp., Class H...... 4,400,600 2,337,133 Eve Energy Co. Ltd., Class A ...... 15,200 265,922 China Power International Development Ltd...... 1,407,000 353,588 Everbright Securities Co. Ltd., Class A ...... 64,100 169,333 China Railway Group Ltd., Class A ...... 187,796 159,249 Fangda Carbon New Material Co. Ltd., Class A(a) .... 132,040 179,249 China Railway Group Ltd., Class H...... 777,000 410,162 Far East Horizon Ltd...... 452,000 494,189 China Renewable Energy Investment Ltd.(a)(d) ...... 2,513 0(e) Financial Street Holdings Co. Ltd., Class A ...... 173,600 210,379 China Resources Beer Holdings Co. Ltd...... 250,000 2,245,292 First Capital Securities Co. Ltd., Class A...... 107,900 121,264 China Resources Cement Holdings Ltd...... 470,000 499,029 Focus Media Information Technology Co. Ltd., China Resources Gas Group Ltd...... 220,000 1,374,060 Class A ...... 195,500 315,214 China Resources Land Ltd...... 481,777 2,257,721 Foshan Haitian Flavouring & Food Co. Ltd., Class A . 30,577 660,747 China Resources Pharmaceutical Group Ltd.(b) ...... 550,000 394,536 Fosun International Ltd...... 539,500 874,922 China Resources Power Holdings Co. Ltd...... 406,000 523,107 Founder Securities Co. Ltd., Class A(a) ...... 194,534 310,701 China Resources Sanjiu Medical & Pharmaceutical Foxconn Industrial Internet Co. Ltd., Class A...... 107,900 210,859 Co. Ltd., Class A ...... 41,190 168,782 Fuyao Glass Industry Group Co. Ltd., Class A ...... 34,500 284,301 China Shenhua Energy Co. Ltd., Class A ...... 77,700 244,302 Fuyao Glass Industry Group Co. Ltd., Class H(b) . . . . . 132,000 876,422 China Shenhua Energy Co. Ltd., Class H...... 605,000 1,370,195 Ganfeng Lithium Co. Ltd., Class A...... 18,400 375,294 China Shipbuilding Industry Co. Ltd., Class A(a) ...... 392,699 256,869 G-Bits Network Technology Xiamen Co. Ltd., China South Publishing & Media Group Co. Ltd., Class A ...... 1,700 134,444 Class A ...... 110,099 167,823 GDS Holdings Ltd., ADR(a)...... 13,860 1,042,549 China Southern Airlines Co. Ltd., Class A(a)...... 184,700 185,108 Geely Automobile Holdings Ltd...... 1,003,000 2,550,132 China Southern Airlines Co. Ltd., Class H(a) ...... 440,000 298,205 GEM Co. Ltd., Class A...... 121,000 214,736 China State Construction Engineering Corp. Ltd., Gemdale Corp., Class A ...... 88,000 148,622 Class A ...... 458,340 352,524 Genscript Biotech Corp.(a)(c) ...... 232,000 910,257 China State Construction International Holdings Ltd. . 450,000 319,410 GF Securities Co. Ltd., Class A ...... 88,600 223,048 China Taiping Insurance Holdings Co. Ltd...... 330,100 608,780 GF Securities Co. Ltd., Class H ...... 286,000 408,948 China Tourism Group Duty Free Corp. Ltd., Class A. . 15,500 817,133 Giant Network Group Co. Ltd., Class A ...... 86,000 187,407 China Tower Corp. Ltd., Class H(b) ...... 7,852,000 1,072,783 GoerTek Inc., Class A ...... 55,000 337,073 China Traditional Chinese Medicine Holdings GOME Retail Holdings Ltd.(a)(c) ...... 3,080,000 491,721 Co. Ltd...... 536,000 345,943 Great Wall Motor Co. Ltd., Class H(c) ...... 550,000 1,536,541 China Vanke Co. Ltd., Class A ...... 129,800 545,040 Greenland Holdings Corp. Ltd., Class A ...... 151,700 138,899 China Vanke Co. Ltd., Class H ...... 294,700 1,019,845 Greentown Service Group Co. Ltd...... 318,000 505,537 China Yangtze Power Co. Ltd., Class A...... 195,500 610,500 GSX Techedu Inc., ADR(a)(c) ...... 4,364 80,909 China Youzan Ltd.(a)...... 680,000 147,947 Guangdong Investment Ltd...... 528,000 775,953 Chongqing Brewery Co. Ltd., Class A(a) ...... 12,599 342,734 Guanghui Energy Co. Ltd., Class A(a)...... 436,400 221,837 Chongqing Changan Automobile Co. Ltd., Class A(a) . 64,100 239,465 Guangzhou Automobile Group Co. Ltd., Class H . . . . . 568,800 483,873 Chongqing Rural Commercial Bank Co. Ltd., Guangzhou Baiyunshan Pharmaceutical Holdings Class H ...... 860,000 388,651 Co. Ltd., Class A ...... 66,000 334,956 Chongqing Zhifei Biological Products Co. Ltd., Guangzhou Haige Communications Group Inc. Co., Class A ...... 14,000 430,325 Class A ...... 165,000 260,900 CIFI Holdings Group Co. Ltd...... 538,000 470,214 Guangzhou R&F Properties Co. Ltd., Class H ...... 344,000 466,168 CITIC Ltd...... 1,100,000 1,271,874 Guosen Securities Co. Ltd., Class A...... 129,800 228,764 CITIC Securities Co. Ltd., Class A...... 86,000 353,328 Guotai Junan Securities Co. Ltd., Class A ...... 99,000 278,761 CITIC Securities Co. Ltd., Class H ...... 440,000 1,216,630 Guoyuan Securities Co. Ltd., Class A ...... 127,140 161,543 Contemporary Amperex Technology Co. Ltd., Haidilao International Holding Ltd.(b)...... 67,000 386,107 Class A ...... 22,000 1,502,148 Haier Smart Home Co. Ltd., Class A ...... 77,000 365,010 COSCO SHIPPING Holdings Co. Ltd., Class A(a) .... 121,000 407,847 Haier Smart Home Co. Ltd., Class H(a) ...... 132,000 555,688 COSCO SHIPPING Holdings Co. Ltd., Class H(a) .... 495,000 1,041,710 Haitian International Holdings Ltd...... 149,000 520,808 COSCO SHIPPING Ports Ltd...... 440,000 357,199 Haitong Securities Co. Ltd., Class A...... 129,800 238,970 Country Garden Holdings Co. Ltd...... 1,352,828 1,714,240 Haitong Securities Co. Ltd., Class H...... 528,000 503,992 Country Garden Services Holdings Co. Ltd...... 236,000 2,449,474 Hangzhou Robam Appliances Co. Ltd., Class A...... 33,000 228,865 CSPC Pharmaceutical Group Ltd...... 1,561,200 2,452,457 Hangzhou Tigermed Consulting Co. Ltd., Class A . . . . 14,200 391,613 Dali Foods Group Co. Ltd.(b) ...... 770,000 482,186 Hansoh Pharmaceutical Group Co. Ltd.(a)(b) ...... 48,000 209,262 Daqin Railway Co. Ltd., Class A...... 187,099 201,542 Henan Shuanghui Investment & Development Co. DHC Software Co. Ltd., Class A...... 73,200 86,450 Ltd., Class A...... 41,256 228,706 Dong-E-E-Jiao Co. Ltd., Class A ...... 20,300 116,442 Hengan International Group Co. Ltd...... 126,000 844,653 Dongfang Electric Corp. Ltd., Class A ...... 129,800 228,747 Hengli Petrochemical Co. Ltd., Class A ...... 66,000 283,000

62 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Hengtong Optic-Electric Co. Ltd., Class A ...... 110,000 $ 204,992 Lepu Medical Technology Beijing Co. Ltd., Class A. . . 55,000 $ 287,927 Hengyi Petrochemical Co. Ltd., Class A ...... 99,090 194,763 Li Ning Co. Ltd...... 369,500 3,466,098 Hesteel Co. Ltd., Class A(a) ...... 550,000 214,745 Liaoning Cheng Da Co. Ltd., Class A...... 64,100 216,048 Hithink RoyalFlush Information Network Co. Ltd., Logan Group Co. Ltd...... 268,000 430,880 Class A ...... 11,000 206,775 Lomon Billions Group Co. Ltd., Class A...... 44,000 235,668 Hongfa Technology Co. Ltd., Class A ...... 26,400 234,427 Longfor Group Holdings Ltd.(b) ...... 334,000 1,955,276 Hua Hong Semiconductor Ltd.(a)(b) ...... 111,000 595,083 LONGi Green Energy Technology Co. Ltd., Class A . . 33,000 530,959 Huaan Securities Co. Ltd., Class A ...... 151,700 149,189 Lufax Holding Ltd., ADR(a) ...... 8,250 100,568 Huadian Power International Corp. Ltd., Class A ..... 261,200 141,721 Luxshare Precision Industry Co. Ltd., Class A...... 64,141 393,717 Huadong Medicine Co. Ltd., Class A ...... 44,072 366,869 Luzhou Laojiao Co. Ltd., Class A...... 13,100 567,345 Huaneng Power International Inc., Class H ...... 1,100,000 394,250 Mango Excellent Media Co. Ltd., Class A...... 18,100 210,488 Huatai Securities Co. Ltd., Class A ...... 64,100 173,199 Meinian Onehealth Healthcare Holdings Co. Ltd., Huatai Securities Co. Ltd., Class H(b) ...... 286,000 443,200 Class A(a) ...... 86,084 157,852 Huaxi Securities Co. Ltd., Class A...... 129,800 205,913 Meituan, Class B(a)(b) ...... 533,000 20,710,230 Huaxia Bank Co. Ltd., Class A ...... 253,000 255,817 Momo Inc., ADR...... 32,670 458,360 Huayu Automotive Systems Co. Ltd., Class A...... 42,200 162,624 Muyuan Foods Co. Ltd., Class A ...... 33,008 462,898 Huazhu Group Ltd., ADR(a) ...... 29,810 1,704,238 NARI Technology Co. Ltd., Class A...... 66,000 323,249 Hubei Biocause Pharmaceutical Co. Ltd., Class A.... 239,300 149,077 NavInfo Co. Ltd., Class A ...... 85,027 187,612 Co. Ltd., Class A ...... 165,000 177,101 NetEase Inc., ADR ...... 62,810 7,407,183 Hundsun Technologies Inc., Class A...... 22,080 326,659 New China Life Insurance Co. Ltd., Class A...... 22,000 176,391 Hutchmed China Ltd., ADR(a) ...... 15,971 475,137 New China Life Insurance Co. Ltd., Class H ...... 171,200 640,891 HUYA Inc., ADR(a) ...... 7,810 119,493 New Hope Liuhe Co. Ltd., Class A ...... 66,000 158,157 Iflytek Co. Ltd., Class A...... 42,200 412,872 New Oriental Education & Technology Industrial & Commercial Bank of China Ltd., Class A . 458,300 375,604 Group Inc., ADR(a) ...... 246,180 2,518,421 Industrial & Commercial Bank of China Ltd., Class H. 8,910,000 5,849,499 Nine Dragons Paper Holdings Ltd...... 362,000 546,259 Industrial Bank Co. Ltd., Class A ...... 210,300 764,505 Ninestar Corp., Class A...... 55,000 227,651 Industrial Securities Co. Ltd., Class A ...... 173,600 302,951 NIO Inc., ADR(a)(c) ...... 200,200 7,731,724 Inner Mongolia BaoTou Steel Union Co. Ltd., Noah Holdings Ltd., ADR(a)(c) ...... 9,020 411,132 Class A(a) ...... 792,000 204,611 OFILM Group Co. Ltd., Class A ...... 64,100 88,313 Inner Mongolia Junzheng Energy & Chemical Oppein Home Group Inc., Class A...... 14,400 335,648 Industry Group Co. Ltd., Class A ...... 217,400 193,133 Orient Securities Co. Ltd., Class A ...... 106,932 178,598 Inner Mongolia Yili Industrial Group Co. Ltd., Class A. 77,000 491,150 Oriental Pearl Group Co. Ltd., Class A...... 101,500 142,500 Innovent Biologics Inc.(a)(b)...... 134,000 1,621,810 Ovctek China Inc., Class A...... 11,000 175,163 iQIYI Inc., ADR(a)...... 32,288 460,427 Pacific Securities Co. Ltd. (The), Class A(a) ...... 195,500 112,908 JD.com Inc., ADR(a) ...... 133,760 9,890,214 People's Insurance Co. Group of China Ltd. (The), Jiangsu Expressway Co. Ltd., Class H ...... 252,000 304,738 Class H ...... 1,870,000 691,540 Jiangsu Hengli Hydraulic Co. Ltd., Class A...... 17,820 223,600 Perfect World Co. Ltd., Class A ...... 33,096 110,936 Jiangsu Hengrui Medicine Co. Ltd., Class A ...... 55,064 748,097 PetroChina Co. Ltd., Class A...... 187,000 135,877 Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., PetroChina Co. Ltd., Class H ...... 3,748,000 1,532,640 Class A ...... 13,503 462,712 PICC Property & Casualty Co. Ltd., Class H ...... 1,350,740 1,290,556 Jiangsu Zhongtian Technology Co. Ltd., Class A ..... 107,900 179,879 Pinduoduo Inc., ADR(a) ...... 54,230 6,772,242 Jiangxi Copper Co. Ltd., Class A ...... 64,100 265,269 Ping An Bank Co. Ltd., Class A ...... 170,936 650,760 Jiangxi Copper Co. Ltd., Class H...... 238,000 563,858 Ping An Healthcare and Technology Co. Ltd.(a)(b)..... 64,100 751,828 Jinke Properties Group Co. Ltd., Class A ...... 151,700 143,841 Ping An Insurance Group Co. of China Ltd., Class A . 122,400 1,383,204 Joincare Pharmaceutical Group Industry Co. Ltd., Ping An Insurance Group Co. of China Ltd., Class H . 917,000 9,969,327 Class A ...... 84,429 195,571 Poly Developments and Holdings Group Co. Ltd., Jointown Pharmaceutical Group Co. Ltd., Class A(a). . 86,000 231,956 Class A ...... 151,700 322,681 JOYY Inc., ADR ...... 10,496 807,667 Postal Savings Bank of China Co. Ltd., Class H(b). . . . 1,650,000 1,189,148 Kaisa Group Holdings Ltd...... 770,000 354,332 Power Construction Corp. of China Ltd., Class A. .... 297,000 182,262 KE Holdings Inc., ADR(a)...... 4,802 249,176 RiseSun Real Estate Development Co. Ltd., Class A . 242,018 239,343 Kingboard Holdings Ltd...... 145,000 771,559 Rongsheng Petrochemical Co. Ltd., Class A ...... 77,019 320,496 Kingboard Laminates Holdings Ltd...... 265,500 566,712 SAIC Motor Corp. Ltd., Class A ...... 86,022 274,320 Kingdee International Software Group Co. Ltd.(c)..... 446,000 1,812,376 Sanan Optoelectronics Co. Ltd., Class A ...... 86,061 375,071 Kingsoft Corp. Ltd...... 157,000 1,059,265 Sany Heavy Industry Co. Ltd., Class A ...... 86,000 410,509 Kunlun Energy Co. Ltd...... 624,000 471,252 SDIC Capital Co. Ltd., Class A ...... 86,000 187,972 Kweichow Moutai Co. Ltd., Class A...... 12,618 4,404,466 SDIC Power Holdings Co. Ltd., Class A ...... 149,009 226,159 KWG Group Holdings Ltd...... 400,500 616,251 Seazen Group Ltd...... 452,000 519,465 Lee & Man Paper Manufacturing Ltd...... 422,000 368,260 Seazen Holdings Co. Ltd., Class A ...... 34,800 265,849 Lenovo Group Ltd...... 1,398,000 1,676,817 SF Holding Co. Ltd., Class A...... 18,600 203,684 Lens Technology Co. Ltd., Class A ...... 64,100 294,409 Shaanxi Coal Industry Co. Ltd., Class A ...... 171,673 321,010

63 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Shandong Buchang Pharmaceuticals Co. Ltd., Suning.com Co. Ltd., Class A ...... 170,932 $ 182,956 Class A ...... 61,453 $ 227,368 Sunny Optical Technology Group Co. Ltd...... 125,800 3,204,189 Shandong Gold Mining Co. Ltd., Class A ...... 29,360 98,810 Suzhou Dongshan Precision Manufacturing Co. Ltd., Shandong Gold Mining Co. Ltd., Class H(b) ...... 105,500 231,575 Class A ...... 44,100 125,969 Shandong Linglong Tyre Co. Ltd., Class A...... 42,205 319,252 Suzhou Gold Mantis Construction Decoration Co. Shandong Weigao Group Medical Polymer Co. Ltd., Ltd., Class A...... 129,899 178,979 Class H ...... 376,000 830,151 TAL Education Group, ADR(a) ...... 61,050 2,440,169 Shanghai Electric Group Co. Ltd., Class A(a) ...... 261,200 189,435 TBEA Co. Ltd., Class A ...... 96,900 181,997 Shanghai Fosun Pharmaceutical Group Co. Ltd., TCL Technology Group Corp., Class A...... 209,000 265,860 Class A ...... 22,000 240,060 Tencent Holdings Ltd...... 759,000 61,065,712 Shanghai Fosun Pharmaceutical Group Co. Ltd., Tencent Music Entertainment Group, ADR(a) ...... 1,100 17,314 Class H ...... 114,500 952,922 Tianma Microelectronics Co. Ltd., Class A ...... 79,800 173,680 Shanghai International Airport Co. Ltd., Class A...... 11,000 85,612 Tingyi Cayman Islands Holding Corp...... 352,000 668,503 Shanghai International Port Group Co. Ltd., Class A . 374,000 275,983 Toly Bread Co. Ltd., Class A ...... 44,080 242,391 Shanghai Jinjiang International Hotels Co. Ltd., Tongcheng-Elong Holdings Ltd.(a) ...... 81,200 219,423 Class A ...... 26,556 262,013 Tonghua Dongbao Pharmaceutical Co. Ltd., Class A . 86,000 168,104 Shanghai Lujiazui Finance & Trade Zone Tongling Nonferrous Metals Group Co. Ltd., Class A . 487,100 221,585 Development Co. Ltd., Class B...... 348,816 302,760 Tongwei Co. Ltd., Class A...... 55,000 348,048 Shanghai Pharmaceuticals Holding Co. Ltd., Class A. 64,100 234,270 Transfar Zhilian Co. Ltd., Class A ...... 176,055 178,875 Shanghai Pharmaceuticals Holding Co. Ltd., TravelSky Technology Ltd., Class H ...... 203,000 439,510 Class H ...... 187,000 422,762 Trip.com Group Ltd., ADR(a) ...... 83,490 3,494,057 Shanghai Pudong Development Bank Co. Ltd., Tsingtao Brewery Co. Ltd., Class A...... 17,000 280,687 Class A ...... 271,200 438,039 Tsingtao Brewery Co. Ltd., Class H...... 100,000 1,092,685 Shanxi Coking Coal Energy Group Co. Ltd., Class A . 187,080 199,186 Uni-President China Holdings Ltd...... 422,000 455,844 Shanxi Lu'an Environmental Energy Development Unisplendour Corp. Ltd., Class A...... 55,080 174,802 Co. Ltd., Class A ...... 121,000 197,403 Vipshop Holdings Ltd., ADR(a)...... 76,890 1,778,466 Shanxi Securities Co. Ltd., Class A...... 143,030 159,105 Walvax Biotechnology Co. Ltd., Class A ...... 22,000 243,048 Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Wanhua Chemical Group Co. Ltd., Class A ...... 28,000 479,180 Class A ...... 7,600 554,328 Want Want China Holdings Ltd...... 1,100,000 817,848 Shenergy Co. Ltd., Class A ...... 231,000 221,290 Weibo Corp., ADR(a)...... 12,248 622,688 Shenwan Hongyuan Group Co. Ltd., Class A ...... 341,000 257,001 Weichai Power Co. Ltd., Class A ...... 77,024 216,103 Shenzhen Energy Group Co. Ltd., Class A...... 132,020 246,127 Weichai Power Co. Ltd., Class H...... 348,200 782,786 Shenzhen Goodix Technology Co. Ltd., Class A...... 11,000 221,123 Wens Foodstuffs Group Co. Ltd., Class A...... 107,960 237,287 Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Western Securities Co. Ltd., Class A ...... 187,000 259,425 Class A ...... 33,081 85,675 Wharf Holdings Ltd. (The) ...... 203,000 700,771 Shenzhen Inovance Technology Co. Ltd., Class A.... 26,300 408,347 Winning Health Technology Group Co. Ltd., Class A . 66,000 172,169 Shenzhen International Holdings Ltd...... 275,000 418,319 Wuhan Guide Infrared Co. Ltd., Class A ...... 44,301 265,716 Shenzhen Investment Ltd...... 936,000 332,520 Wuhu Sanqi Interactive Entertainment Network Shenzhen Kangtai Biological Products Co. Ltd., Technology Group Co. Ltd., Class A ...... 44,000 167,632 Class A ...... 9,000 253,002 Wuliangye Yibin Co. Ltd., Class A ...... 37,800 1,876,770 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., WuXi AppTec Co. Ltd., Class A...... 17,920 471,708 Class A ...... 4,900 372,828 WuXi AppTec Co. Ltd., Class H(b) ...... 66,096 1,414,069 Shenzhen Overseas Chinese Town Co. Ltd., Wuxi Biologics Cayman Inc., New(a)(b) ...... 420,000 6,569,060 Class A ...... 143,000 187,535 Wuxi Lead Intelligent Equipment Co. Ltd., Class A . . . 18,200 274,434 Shenzhou International Group Holdings Ltd...... 139,700 3,596,408 XCMG Construction Machinery Co. Ltd., Class A . . . . 217,600 229,629 Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A. 42,200 193,179 Xiamen C & D Inc., Class A...... 151,700 197,296 Shimao Group Holdings Ltd...... 224,000 635,451 Xiaomi Corp., Class B(a)(b) ...... 1,991,200 7,518,713 Sichuan Chuantou Energy Co. Ltd., Class A ...... 129,800 239,714 Xinhu Zhongbao Co. Ltd., Class A...... 352,000 174,328 Sichuan Kelun Pharmaceutical Co. Ltd., Class A..... 55,000 192,209 Xinjiang Goldwind Science & Technology Co. Ltd., Sino Biopharmaceutical Ltd...... 1,874,250 2,106,272 Class A ...... 92,302 177,736 Sinolink Securities Co. Ltd., Class A...... 86,000 181,895 Xinjiang Goldwind Science & Technology Co. Ltd., Sinopharm Group Co. Ltd., Class H ...... 264,000 897,559 Class H ...... 198,162 337,777 Sinotruk Hong Kong Ltd...... 165,000 386,367 Xinyi Solar Holdings Ltd...... 616,000 1,105,172 Songcheng Performance Development Co. Ltd., XPeng Inc., ADR(a) ...... 14,520 466,528 Class A ...... 77,000 214,626 Yango Group Co. Ltd., Class A...... 173,600 152,078 SooChow Securities Co. Ltd., Class A ...... 107,920 148,860 Yantai Jereh Oilfield Services Group Co. Ltd., Spring Airlines Co. Ltd., Class A...... 20,300 208,465 Class A ...... 33,000 207,638 SSY Group Ltd...... 440,000 292,469 Yanzhou Coal Mining Co. Ltd., Class A ...... 88,000 187,312 Sun Art Retail Group Ltd...... 55,000 41,748 Yanzhou Coal Mining Co. Ltd., Class H...... 410,000 546,874 Sunac China Holdings Ltd...... 440,000 1,623,697 Yifan Pharmaceutical Co. Ltd., Class A ...... 44,000 137,558

64 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) India (continued) Yihai International Holding Ltd...... 81,000 $ 647,884 Dabur India Ltd...... 104,653 $ 782,528 Yonghui Superstores Co. Ltd., Class A ...... 217,400 195,583 Divi's Laboratories Ltd.(a) ...... 16,628 959,528 Yonyou Network Technology Co. Ltd., Class A ...... 47,218 269,574 DLF Ltd...... 98,251 390,763 Yuexiu Property Co. Ltd...... 1,720,000 427,539 Dr. Reddy's Laboratories Ltd...... 20,773 1,516,584 Yum China Holdings Inc...... 66,770 4,516,323 Eicher Motors Ltd.(a)...... 26,467 972,789 Yunda Holding Co. Ltd., Class A ...... 55,080 124,758 GAIL India Ltd...... 327,580 724,062 Yunnan Baiyao Group Co. Ltd., Class A ...... 13,100 258,908 Godrej Consumer Products Ltd.(a)...... 74,140 878,154 Yunnan Energy New Material Co. Ltd., Class A ...... 11,000 307,896 Grasim Industries Ltd...... 55,990 1,133,437 Yutong Bus Co. Ltd., Class A ...... 107,900 225,479 Havells India Ltd...... 50,271 714,962 Zai Lab Ltd., ADR(a) ...... 7,312 1,299,050 HCL Technologies Ltd...... 179,520 2,341,548 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., HDFC Asset Management Co. Ltd.(b) ...... 7,211 294,808 Class A ...... 8,000 483,472 HDFC Life Insurance Co. Ltd.(a)(b) ...... 93,433 857,082 Zhaojin Mining Industry Co. Ltd., Class H...... 256,000 276,332 Hero MotoCorp Ltd...... 19,030 787,952 Zhejiang Chint Electrics Co. Ltd., Class A...... 51,000 258,230 Hindalco Industries Ltd...... 238,150 1,293,246 Zhejiang Dahua Technology Co. Ltd., Class A ...... 64,100 233,292 Hindustan Petroleum Corp. Ltd...... 127,175 489,406 Zhejiang Expressway Co. Ltd., Class H...... 340,000 295,199 Hindustan Unilever Ltd...... 131,780 4,254,437 Zhejiang Huayou Cobalt Co. Ltd., Class A ...... 20,300 330,983 Housing Development Finance Corp. Ltd...... 264,770 9,306,277 Zhejiang Longsheng Group Co. Ltd., Class A ...... 84,039 188,119 ICICI Bank Ltd.(a)...... 802,120 7,353,133 Zhejiang NHU Co. Ltd., Class A...... 55,000 276,468 ICICI Lombard General Insurance Co. Ltd.(b) ...... 29,314 596,221 Zhejiang Semir Garment Co. Ltd., Class A...... 132,000 248,607 ICICI Prudential Life Insurance Co. Ltd.(a)(b) ...... 53,350 408,320 ZhongAn Online P&C Insurance Co. Ltd., Indian Oil Corp. Ltd...... 337,864 509,466 Class H(a)(b) ...... 88,000 453,245 Indraprastha Gas Ltd...... 17,843 129,933 Zhongjin Gold Corp. Ltd., Class A ...... 107,900 165,608 Indus Towers Ltd...... 86,900 290,571 Zhongsheng Group Holdings Ltd...... 121,500 1,044,996 Info Edge India Ltd.(a) ...... 8,690 522,639 Zhuzhou CRRC Times Electric Co. Ltd., Class H..... 122,300 593,430 Infosys Ltd...... 523,380 10,059,065 Zijin Mining Group Co. Ltd., Class A...... 231,000 409,509 InterGlobe Aviation Ltd.(a)(b)...... 20,992 507,115 Zijin Mining Group Co. Ltd., Class H...... 996,000 1,561,932 ITC Ltd...... 526,900 1,576,321 Zoomlion Heavy Industry Science and Technology JSW Steel Ltd...... 156,640 1,538,388 Co. Ltd., Class A ...... 124,400 210,744 Jubilant Foodworks Ltd.(a) ...... 4,145 177,878 Zoomlion Heavy Industry Science and Technology Kotak Mahindra Bank Ltd.(a) ...... 54,831 1,365,574 Co. Ltd., Class H ...... 154,000 185,716 Larsen & Toubro Infotech Ltd.(b) ...... 1,320 71,852 ZTE Corp., Class A...... 42,200 208,995 Larsen & Toubro Ltd...... 86,644 1,757,456 ZTE Corp., Class H...... 147,160 402,435 Lupin Ltd...... 45,435 763,491 ZTO Express Cayman Inc., ADR ...... 66,000 2,117,940 Mahindra & Mahindra Ltd...... 144,850 1,615,029 475,266,230 Marico Ltd...... 92,411 606,962 India — 12.2% Maruti Suzuki India Ltd...... 19,800 1,931,128 (a) ACC Ltd...... 3,488 95,463 Motherson Sumi Systems Ltd...... 214,280 709,043 Adani Green Energy Ltd.(a) ...... 9,001 157,552 Muthoot Finance Ltd...... 7,541 137,114 Adani Ports & Special Economic Zone Ltd.(a) ...... 101,640 1,078,151 Nestle India Ltd...... 4,583 1,114,468 Ambuja Cements Ltd...... 127,784 577,013 NTPC Ltd...... 424,270 646,824 Apollo Hospitals Enterprise Ltd...... 2,393 105,127 Oil & Natural Gas Corp. Ltd...... 487,300 762,842 Asian Paints Ltd...... 53,826 2,209,694 Page Industries Ltd...... 1,394 592,425 Aurobindo Pharma Ltd...... 54,670 754,831 Petronet LNG Ltd...... 137,500 459,084 Avenue Supermarts Ltd.(a)(b) ...... 25,410 1,076,138 PI Industries Ltd...... 6,116 220,603 (a) Axis Bank Ltd.(a) ...... 366,960 3,785,681 Pidilite Industries Ltd...... 28,401 821,516 Bajaj Auto Ltd.(a) ...... 15,840 914,598 Piramal Enterprises Ltd...... 22,674 566,600 Bajaj Finance Ltd.(a) ...... 33,256 2,581,762 Power Grid Corp. of India Ltd...... 344,850 1,073,694 Bajaj Finserv Ltd.(a)...... 7,649 1,246,914 REC Ltd...... 146,960 295,948 Balkrishna Industries Ltd...... 5,170 156,815 Reliance Industries Ltd...... 437,140 12,977,822 (b) Bandhan Bank Ltd.(a)(b) ...... 129,470 547,907 SBI Life Insurance Co. Ltd...... 58,080 781,156 (a) Berger Paints India Ltd...... 42,528 472,763 Shree Cement Ltd...... 1,736 662,126 Bharat Forge Ltd.(a) ...... 56,210 523,084 Shriram Transport Finance Co. Ltd...... 34,570 678,659 Bharat Petroleum Corp. Ltd...... 168,300 1,095,459 Siemens Ltd...... 11,440 329,700 (a) Bharti Airtel Ltd...... 225,720 1,667,910 State Bank of India ...... 318,780 1,865,671 Biocon Ltd.(a)...... 23,182 124,215 Sun Pharmaceutical Industries Ltd...... 149,050 1,373,133 Britannia Industries Ltd...... 11,440 543,561 Tata Consultancy Services Ltd...... 143,330 6,251,956 Cipla Ltd.(a) ...... 68,530 895,091 Tata Consumer Products Ltd...... 23,182 212,127 (a) Coal India Ltd...... 228,800 466,177 Tata Motors Ltd...... 312,510 1,371,453 Colgate-Palmolive India Ltd...... 9,240 219,522 Tata Steel Ltd...... 76,340 1,186,683 Container Corp. of India Ltd...... 49,008 460,995 Tech Mahindra Ltd...... 86,680 1,224,831

65 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) Malaysia (continued) Titan Co. Ltd...... 60,060 $ 1,318,876 RHB Bank Bhd...... 330,062 $ 423,224 Torrent Pharmaceuticals Ltd...... 1,517 57,412 Sime Darby Bhd...... 633,500 350,965 UltraTech Cement Ltd...... 18,040 1,665,407 Sime Darby Plantation Bhd ...... 437,000 480,865 United Spirits Ltd.(a) ...... 66,000 558,702 Supermax Corp. Bhd(c) ...... 66,067 65,842 UPL Ltd...... 102,520 1,152,743 Telekom Malaysia Bhd...... 323,300 480,889 Vedanta Ltd...... 228,030 861,297 Tenaga Nasional Bhd...... 407,000 979,447 Wipro Ltd...... 221,367 1,645,939 Top Glove Corp. Bhd(c) ...... 869,000 1,087,611 124,810,382 Westports Holdings Bhd ...... 239,300 249,518 Indonesia — 1.7% 21,032,669 Adaro Energy Tbk PT ...... 3,333,000 277,560 Pakistan — 0.0% Astra International Tbk PT ...... 3,719,800 1,365,726 Habib Bank Ltd...... 195,762 171,466 Bank Central Asia Tbk PT ...... 1,617,000 3,605,871 MCB Bank Ltd...... 145,750 156,615 Bank Mandiri Persero Tbk PT...... 3,377,000 1,416,336 328,081 Bank Negara Indonesia Persero Tbk PT...... 1,465,700 553,923 Philippines — 1.0% Bank Rakyat Indonesia Persero Tbk PT ...... 9,222,600 2,750,573 Aboitiz Equity Ventures Inc...... 458,310 386,485 Barito Pacific Tbk PT ...... 6,171,000 388,347 Ayala Corp...... 56,780 943,215 Charoen Pokphand Indonesia Tbk PT ...... 1,531,400 723,153 Ayala Land Inc...... 1,356,660 976,392 (a) Gudang Garam Tbk PT ...... 121,000 280,645 Bank of the Philippine Islands...... 214,302 376,617 Indah Kiat Pulp & Paper Tbk PT...... 649,000 386,154 BDO Unibank Inc...... 362,399 786,085 Indocement Tunggal Prakarsa Tbk PT...... 484,000 409,761 Globe Telecom Inc...... 7,725 291,884 Indofood CBP Sukses Makmur Tbk PT ...... 550,000 315,647 GT Capital Holdings Inc...... 23,930 295,233 Indofood Sukses Makmur Tbk PT ...... 924,000 410,613 International Container Terminal Services Inc...... 227,440 680,928 Kalbe Farma Tbk PT ...... 4,136,000 419,612 JG Summit Holdings Inc...... 608,345 725,213 (a) Merdeka Copper Gold Tbk PT ...... 825,000 156,020 Jollibee Foods Corp...... 98,720 398,412 Sarana Menara Nusantara Tbk PT ...... 1,093,400 89,889 Manila Electric Co...... 56,780 336,855 Semen Indonesia Persero Tbk PT...... 656,500 445,655 Metro Pacific Investments Corp...... 3,707,400 308,608 Telkom Indonesia Persero Tbk PT...... 8,445,400 2,037,010 Metropolitan Bank & Trust Co...... 394,592 396,234 Unilever Indonesia Tbk PT...... 1,320,000 540,749 PLDT Inc...... 19,630 540,059 United Tractors Tbk PT ...... 353,300 557,564 SM Investments Corp...... 46,999 953,972 17,130,808 SM Prime Holdings Inc...... 1,838,050 1,383,492 Malaysia — 2.0% Universal Robina Corp...... 205,700 598,197 AMMB Holdings Bhd ...... 396,000 272,988 10,377,881 Axiata Group Bhd ...... 545,900 488,151 South Korea — 15.8% CIMB Group Holdings Bhd...... 896,300 928,029 Alteogen Inc.(a)...... 1,210 79,248 Dialog Group Bhd ...... 764,978 534,697 Amorepacific Corp...... 6,335 1,628,413 DiGi.Com Bhd ...... 660,000 679,677 AMOREPACIFIC Group ...... 7,810 542,871 Fraser & Neave Holdings Bhd...... 49,000 315,321 BGF retail Co. Ltd...... 2,420 393,697 Genting Bhd ...... 374,000 441,415 Celltrion Healthcare Co. Ltd.(a) ...... 10,904 1,180,139 Genting Malaysia Bhd ...... 638,000 430,633 Celltrion Inc.(a) ...... 15,620 3,840,552 HAP Seng Consolidated Bhd ...... 165,000 323,922 Celltrion Pharm Inc.(a) ...... 666 83,046 (c) Hartalega Holdings Bhd ...... 315,400 685,987 Cheil Worldwide Inc...... 16,628 385,974 Hong Leong Bank Bhd ...... 138,100 614,420 CJ CheilJedang Corp...... 1,870 818,805 Hong Leong Financial Group Bhd ...... 78,600 333,520 CJ Corp...... 3,926 402,824 IHH Healthcare Bhd ...... 436,400 559,240 CJ ENM Co. Ltd...... 2,860 423,660 IOI Corp. Bhd ...... 462,000 457,138 CJ Logistics Corp.(a)...... 1,955 298,007 Kossan Rubber Industries ...... 88,000 86,026 Coway Co. Ltd...... 10,670 796,180 Kuala Lumpur Kepong Bhd ...... 86,000 461,884 Daewoo Shipbuilding & Marine Engineering (c) Malayan Banking Bhd ...... 671,000 1,327,228 Co. Ltd.(a) ...... 10,934 330,004 Malaysia Airports Holdings Bhd ...... 239,356 323,651 DB Insurance Co. Ltd...... 9,401 427,176 Maxis Bhd ...... 473,000 531,870 Doosan Bobcat Inc.(a) ...... 13,781 633,319 MISC Bhd ...... 242,000 401,917 Doosan Heavy Industries & Construction Co. Ltd.(a) . . 6,335 113,025 Nestle Malaysia Bhd...... 11,000 363,150 Douzone Bizon Co. Ltd...... 1,298 96,117 Petronas Chemicals Group Bhd...... 528,000 1,027,328 E-MART Inc...... 3,927 559,913 Petronas Dagangan Bhd...... 66,600 304,461 Fila Holdings Corp...... 11,770 574,429 Petronas Gas Bhd...... 161,600 633,264 GS Engineering & Construction Corp...... 13,530 542,340 PPB Group Bhd ...... 133,180 596,708 GS Holdings Corp...... 10,715 442,514 Press Metal Aluminium Holdings Bhd...... 660,000 829,966 Hana Financial Group Inc...... 52,140 2,175,198 Public Bank Bhd ...... 2,442,050 2,487,131 Hankook Tire & Technology Co. Ltd...... 15,983 699,698 QL Resources Bhd ...... 326,950 474,586 Hanmi Pharm Co. Ltd...... 1,555 495,814

66 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) South Korea (continued) Hanon Systems ...... 41,140 $ 624,131 Shinhan Financial Group Co. Ltd...... 72,050 $ 2,746,656 Hanwha Solutions Corp.(a) ...... 26,070 1,051,694 Shinsegae Inc...... 1,615 465,045 HLB Inc.(a) ...... 16,940 521,879 SK Chemicals Co. Ltd...... 422 95,908 Hotel Shilla Co. Ltd...... 7,211 655,828 SK Holdings Co. Ltd...... 5,830 1,382,518 Hyundai Engineering & Construction Co. Ltd...... 17,160 882,052 SK Hynix Inc...... 84,920 9,673,662 Hyundai Glovis Co. Ltd...... 3,960 669,678 SK Innovation Co. Ltd.(a)...... 8,800 2,087,306 Hyundai Heavy Industries Holdings Co. Ltd...... 11,080 699,808 SK Telecom Co. Ltd...... 4,070 1,160,949 Hyundai Mobis Co. Ltd...... 11,000 2,756,496 S-Oil Corp.(a)...... 9,680 811,542 Hyundai Motor Co...... 22,440 4,717,379 Woori Financial Group Inc...... 91,520 914,020 Hyundai Steel Co...... 17,723 847,031 Yuhan Corp...... 10,340 608,145 Industrial Bank of Korea ...... 48,730 471,593 162,273,578 Kakao Corp...... 47,190 5,201,424 Taiwan — 18.0% (a) Kangwon Land Inc...... 23,760 612,763 Accton Technology Corp...... 70,000 776,912 KB Financial Group Inc...... 64,760 3,422,807 Acer Inc...... 641,062 735,871 Kia Corp...... 43,340 3,313,457 Advantech Co. Ltd...... 64,604 768,196 (a) KMW Co. Ltd...... 3,707 180,922 Airtac International Group...... 31,000 1,114,477 Korea Aerospace Industries Ltd...... 16,947 517,657 ASE Technology Holding Co. Ltd...... 550,484 2,207,828 Korea Electric Power Corp...... 47,520 1,098,412 Asia Cement Corp...... 422,229 790,706 Korea Investment Holdings Co. Ltd...... 8,470 788,256 Asustek Computer Inc...... 122,000 1,735,154 Korea Shipbuilding & Offshore Engineering AU Optronics Corp.(a)...... 1,650,000 1,525,567 (a) Co. Ltd...... 7,734 988,023 Catcher Technology Co. Ltd...... 117,000 774,521 Korea Zinc Co. Ltd...... 1,650 667,632 Cathay Financial Holding Co. Ltd...... 1,336,624 2,690,482 (a) Korean Air Lines Co. Ltd...... 31,942 914,923 Chailease Holding Co. Ltd...... 231,565 1,740,614 KT&G Corp...... 20,350 1,538,129 Chang Hwa Commercial Bank Ltd...... 1,100,210 667,911 Kumho Petrochemical Co. Ltd...... 4,180 866,068 Cheng Shin Rubber Industry Co. Ltd...... 440,776 740,906 LG Chem Ltd...... 7,430 5,450,589 China Development Financial Holding Corp...... 2,831,200 1,269,019 LG Corp...... 16,445 1,488,560 China Life Insurance Co. Ltd...... 440,482 392,820 (a) LG Display Co. Ltd...... 47,960 1,033,781 China Steel Corp...... 2,144,867 2,855,490 LG Electronics Inc...... 18,040 2,458,660 Chunghwa Telecom Co. Ltd...... 632,000 2,589,197 LG Household & Health Care Ltd...... 1,683 2,350,817 Compal Electronics Inc...... 1,064,000 899,036 LG Innotek Co. Ltd...... 3,050 559,390 CTBC Financial Holding Co. Ltd...... 2,970,265 2,465,782 LG Uplus Corp...... 28,050 379,428 Delta Electronics Inc...... 330,000 3,515,927 Lotte Chemical Corp...... 3,488 872,203 E.Sun Financial Holding Co. Ltd...... 1,980,917 1,823,224 Lotte Shopping Co. Ltd...... 2,971 323,199 Eclat Textile Co. Ltd...... 31,604 734,727 (a) LX Holdings Corp...... 7,974 78,289 Evergreen Marine Corp. Taiwan Ltd.(a)...... 550,867 1,955,293 Meritz Securities Co. Ltd...... 75,053 301,850 Far Eastern New Century Corp...... 525,460 598,992 Mirae Asset Securities Co. Ltd...... 62,810 556,911 Far EasTone Telecommunications Co. Ltd...... 330,000 766,685 NAVER Corp...... 19,360 6,289,614 Feng TAY Enterprise Co. Ltd...... 67,564 586,842 NCSoft Corp...... 2,831 2,203,958 First Financial Holding Co. Ltd...... 1,955,234 1,551,831 (b) Netmarble Corp...... 5,240 655,624 Formosa Chemicals & Fibre Corp...... 580,950 1,791,064 NH Investment & Securities Co. Ltd...... 34,540 406,812 Formosa Petrochemical Corp...... 230,000 828,226 Orion Corp./Republic of Korea ...... 5,170 553,596 Formosa Plastics Corp...... 692,400 2,582,711 Ottogi Corp...... 3 1,468 Foxconn Technology Co. Ltd...... 202,521 475,579 Pan Ocean Co. Ltd...... 70,840 432,372 Fubon Financial Holding Co. Ltd...... 1,100,396 2,866,591 (a) Pearl Abyss Corp...... 8,680 471,632 Giant Manufacturing Co. Ltd...... 58,000 692,882 POSCO...... 11,220 3,568,480 Globalwafers Co. Ltd...... 42,000 1,268,056 POSCO Chemical Co. Ltd...... 6,600 857,464 Hiwin Technologies Corp...... 48,013 634,968 S-1 Corp...... 4,510 327,544 Hon Hai Precision Industry Co. Ltd...... 1,980,651 8,092,243 (a)(b) Co. Ltd...... 2,823 2,141,074 Hotai Motor Co. Ltd...... 51,000 1,048,047 Samsung C&T Corp...... 14,740 1,828,511 Hua Nan Financial Holdings Co. Ltd...... 1,540,956 1,013,914 Samsung Electro-Mechanics Co. Ltd...... 10,010 1,530,431 Innolux Corp...... 1,736,620 1,520,164 Samsung Electronics Co. Ltd...... 604,670 43,620,106 Inventec Corp...... 660,980 614,995 (a) Samsung Engineering Co. Ltd...... 36,410 617,096 Largan Precision Co. Ltd...... 16,000 1,745,165 Samsung Fire & Marine Insurance Co. Ltd...... 5,585 1,058,050 Lite-On Technology Corp...... 440,032 1,050,148 (a) Samsung Heavy Industries Co. Ltd...... 95,106 515,539 MediaTek Inc...... 241,176 8,626,710 Samsung Life Insurance Co. Ltd...... 13,420 1,007,048 Mega Financial Holding Co. Ltd...... 1,650,542 1,969,322 Samsung SDI Co. Ltd...... 8,800 4,853,574 Micro-Star International Co. Ltd...... 134,000 796,531 Samsung SDS Co. Ltd...... 6,441 1,047,561 Nan Ya Plastics Corp...... 912,090 2,777,566 Samsung Securities Co. Ltd...... 11,550 490,900 Nanya Technology Corp...... 257,000 757,067 Seegene Inc...... 406 24,691 Nien Made Enterprise Co. Ltd...... 32,000 469,581

67 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021 (Percentages shown are based on Net Assets)

Shares/ SecurityShares Value Security Par Value

Taiwan (continued) Thailand (continued) Novatek Microelectronics Corp...... 115,000 $ 2,208,407 PTT Global Chemical PCL, NVDR ...... 480,200 $ 970,458 Pegatron Corp...... 353,000 935,082 PTT PCL, NVDR ...... 1,683,000 2,124,734 Phison Electronics Corp...... 33,000 579,977 Ratch Group PCL, NVDR...... 165,600 271,450 Pou Chen Corp...... 422,000 572,529 Siam Cement PCL (The), NVDR ...... 143,000 2,004,084 Powertech Technology Inc...... 138,000 532,251 Siam Commercial Bank PCL (The), NVDR...... 154,000 504,708 President Chain Store Corp...... 110,000 1,049,410 Srisawad Corp. PCL, NVDR ...... 132,000 317,324 Quanta Computer Inc...... 440,000 1,423,261 Thai Oil PCL, NVDR(c)...... 253,000 476,940 Realtek Semiconductor Corp...... 87,140 1,565,700 Thai Union Group PCL, NVDR ...... 852,500 485,318 Ruentex Development Co. Ltd...... 220,658 417,007 True Corp. PCL, NVDR(c) ...... 3,084,705 311,552 Shanghai Commercial & Savings Bank Ltd. (The).... 641,980 1,051,047 24,545,334 Shin Kong Financial Holding Co. Ltd...... 1,980,562 717,357 Silergy Corp...... 4,000 528,583 Total Common Stocks — 99.5% SinoPac Financial Holdings Co. Ltd...... 2,393,699 1,168,701 (Cost: $794,414,616) ...... 1,019,818,392 Synnex Technology International Corp...... 243,050 523,793 Taishin Financial Holding Co. Ltd...... 2,174,649 1,159,966 Preferred Stocks Taiwan Business Bank...... 1,760,323 610,085 South Korea — 0.2% Taiwan Cement Corp...... 852,182 1,585,402 Hyundai Motor Co. Taiwan Cooperative Financial Holding Co. Ltd...... 1,947,500 1,470,887 Preference Shares, NVS ...... 4,730 469,626 Taiwan High Speed Rail Corp...... 440,000 466,984 Series 2, Preference Shares, NVS...... 7,150 716,239 Taiwan Mobile Co. Ltd...... 268,000 970,927 LG Chem Ltd., Preference Shares, NVS...... 1,650 549,505 Taiwan Semiconductor Manufacturing Co. Ltd...... 3,300,000 70,897,465 LG Household & Health Care Ltd., Preference Uni-President Enterprises Corp...... 861,650 2,285,451 Shares, NVS ...... 440 283,939 United Microelectronics Corp...... 2,004,000 3,809,385 Samsung Electronics Co. Ltd., Preference Vanguard International Semiconductor Corp...... 188,000 798,726 Shares, NVS ...... 880 57,563 Walsin Technology Corp...... 58,000 437,936 Win Semiconductors Corp...... 70,000 821,179 2,076,872 Winbond Electronics Corp...... 880,000 1,079,828 Total Preferred Stocks — 0.2% Wistron Corp...... 550,080 609,720 (Cost: $1,652,627)...... 2,076,872 Wiwynn Corp...... 12,000 402,399 WPG Holdings Ltd...... 250,320 467,762 Yageo Corp...... 65,151 1,182,657 Warrants Yuanta Financial Holding Co. Ltd...... 1,540,648 1,421,407 Thailand — 0.0% Zhen Ding Technology Holding Ltd...... 116,455 406,618 Minor International PCL (Expires 02/15/24)(a) ...... 21,168 2,845 (a) 184,053,429 Minor International PCL (Expires 05/05/23) ...... 23,358 3,648 Thailand — 2.4% 6,493 Advanced Info Service PCL, NVDR ...... 217,800 1,173,820 Airports of Thailand PCL, NVDR ...... 737,000 1,484,749 Total Warrants — 0.0% Bangkok Bank PCL, Foreign ...... 111,700 412,896 (Cost: $0) ...... 6,493 Bangkok Dusit Medical Services PCL, NVDR ...... 1,849,700 1,276,872 Bangkok Expressway & Metro PCL, NVDR ...... 1,640,900 430,249 Corporate Bonds & Notes Berli Jucker PCL, NVDR...... 261,200 290,167 India — 0.0% (c) BTS Group Holdings PCL, NVDR ...... 1,378,100 403,391 Britannia Industries Ltd., 5.50%, 06/03/24 (d)...... INR 349,827 4,829 Bumrungrad Hospital PCL, NVDR...... 110,200 464,949 Central Pattana PCL, NVDR ...... 459,700 746,056 Total Corporate Bonds & Notes — 0.0% Central Retail Corp. PCL, NVDR ...... 146,574 155,710 (Cost: $4,807) ...... 4,829 Charoen Pokphand Foods PCL, NVDR...... 748,000 651,735 CP ALL PCL, NVDR ...... 990,000 1,923,103 Short-Term Investments Electricity Generating PCL, NVDR ...... 73,600 411,817 Money Market Funds — 1.4% Energy Absolute PCL, NVDR ...... 374,300 721,035 BlackRock Cash Funds: Institutional, SL Agency Global Power Synergy PCL, NVDR ...... 111,700 260,652 Shares, 0.06%(f)(g)(h) ...... 14,103,231 14,111,693 Gulf Energy Development PCL, NVDR ...... 655,400 707,658 Home Product Center PCL, NVDR ...... 1,334,349 592,921 Total Short-Term Investments — 1.4% Indorama Ventures PCL, NVDR...... 440,000 642,930 (Cost: $14,106,683)...... 14,111,693 Intouch Holdings PCL, NVDR ...... 451,000 926,715 Kasikornbank PCL, NVDR ...... 121,000 460,545 Total Investments in Securities — 101.1% Krung Thai Bank PCL, NVDR ...... 830,650 289,657 (Cost: $810,178,733) ...... 1,036,018,279 Land & Houses PCL, NVDR ...... 1,892,000 487,263 Other Assets, Less Liabilities — (1.1)%...... (11,254,879) Minor International PCL, NVDR(a) ...... 677,380 693,431 Muangthai Capital PCL, NVDR...... 195,500 387,242 Net Assets — 100.0% ...... $ 1,024,763,400 PTT Exploration & Production PCL, NVDR ...... 286,010 1,083,203

68 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021

(a) Non-income producing security. (b) 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. (c) All or a portion of this security is on loan. (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (e) Rounds to less than $1. (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 cash collateral received from loaned securities.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $12,964,628 $1,151,703(a) $ — $ (3,487)$ (1,151)$14,111,693 14,103,231 $111,943(b) $ — BlackRock Cash Funds: Treasury, SL Agency (c) (a) Shares ...... 1,850,000 — (1,850,000) — — — — 364 —

$ (3,487) $ (1,151) $14,111,693 $112,307 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI China Index...... 4 06/18/21 $ 241 $ (1,317) MSCI Emerging Markets E-Mini Index ...... 25 06/18/21 1,701 424 $ (893)

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.

69 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Asia ETF May 31, 2021

Fair Value Measurements (continued)

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 Consolidated Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $ 108,287,516 $ 910,705,266 $ 825,610 $1,019,818,392 Preferred Stocks...... — 2,076,872 — 2,076,872 Warrants ...... 6,493 — — 6,493 Corporate Bonds & Notes ...... — — 4,829 4,829 Money Market Funds...... 14,111,693 — — 14,111,693 $ 122,405,702 $ 912,782,138 $ 830,439 $1,036,018,279 Derivative financial instruments(a) Assets Futures Contracts...... $ 424 $ — $ — $ 424 Liabilities Futures Contracts...... (1,317) — — (1,317) $ (893) $ — $ — $ (893)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares

Currency Abbreviations

INR...... Indian Rupee

70 Consolidated Schedule of Investments (unaudited) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Chile (continued) Empresas CMPC SA...... 4,264,208 $ 11,006,306 Argentina — 0.1% Empresas COPEC SA ...... 1,498,119 15,115,597 Globant SA(a) ...... 148,127 $ 32,272,429 Enel Americas SA ...... 82,781,098 11,425,963 YPF SA, ADR(a)...... 684,455 3,216,939 Enel Chile SA ...... 106,540,246 6,530,645 35,489,368 Falabella SA...... 2,889,404 13,050,774 Brazil — 3.7% 121,837,784 Adecoagro SA(a) ...... 376,868 4,006,107 China — 37.7% Ambev SA...... 17,790,906 61,274,970 21Vianet Group Inc., ADR(a)(c) ...... 328,982 7,342,878 Atacadao SA ...... 1,582,815 6,802,973 360 DigiTech Inc., ADR(a) ...... 324,979 9,122,161 B2W Cia. Digital(a) ...... 849,846 9,743,135 360 Security Technology Inc., Class A(a) ...... 1,407,990 2,712,420 B3 SA - Brasil, Bolsa, Balcao ...... 23,297,247 78,406,990 3SBio Inc.(a)(b) ...... 5,034,000 6,094,119 Banco Bradesco SA ...... 5,738,157 25,169,190 51job Inc., ADR(a) ...... 110,894 7,948,882 Banco BTG Pactual SA ...... 1,056,505 25,197,838 AAC Technologies Holdings Inc...... 2,769,000 16,853,301 Banco do Brasil SA ...... 3,150,703 20,246,185 AECC Aviation Power Co. Ltd., Class A ...... 613,273 5,213,867 Banco Inter SA ...... 1,169,781 15,336,864 Agile Group Holdings Ltd...... 4,742,000 6,740,131 Banco Santander Brasil SA ...... 1,503,067 11,887,949 Agora Inc., ADR(a) ...... 182,932 8,175,231 BB Seguridade Participacoes SA ...... 2,545,710 11,429,977 Agricultural Bank of China Ltd., Class A...... 18,781,000 9,630,902 BRF SA(a) ...... 2,236,831 11,056,041 Agricultural Bank of China Ltd., Class H...... 96,147,000 39,012,510 CCR SA...... 4,551,319 12,033,919 Aier Eye Hospital Group Co. Ltd., Class A...... 990,036 13,077,359 Centrais Eletricas Brasileiras SA...... 1,171,732 9,856,425 Air China Ltd., Class A ...... 1,586,693 2,100,298 Cia. de Saneamento Basico do Estado de Air China Ltd., Class H(a) ...... 6,832,000 5,487,300 Sao Paulo ...... 1,297,605 9,742,557 Akeso Inc.(a)(b) ...... 1,081,000 9,007,615 Cia. Siderurgica Nacional SA...... 2,670,886 23,020,550 Alibaba Group Holding Ltd.(a)...... 46,751,408 1,272,094,288 Cosan SA ...... 3,961,237 17,762,747 Alibaba Group Holding Ltd., ADR(a) ...... 1,320,981 282,637,095 CPFL Energia SA...... 819,686 4,515,453 Alibaba Health Information Technology Ltd.(a) . . 15,350,000 38,127,856 Energisa SA...... 662,471 5,906,907 Alibaba Pictures Group Ltd.(a)(c) ...... 51,690,000 6,925,104 Engie Brasil Energia SA...... 720,815 5,503,239 A-Living Smart City Services Co. Ltd.(b) ...... 1,801,000 8,692,690 Equatorial Energia SA ...... 3,460,907 16,422,325 Aluminum Corp. of China Ltd., Class A(a)...... 3,284,500 2,705,413 Hapvida Participacoes e Investimentos SA(b) . . . 4,312,643 13,239,881 Aluminum Corp. of China Ltd., Class H(a) ...... 15,272,000 8,992,683 Hypera SA ...... 1,450,793 10,132,752 Anhui Conch Cement Co. Ltd., Class A ...... 1,096,786 8,465,972 JBS SA ...... 3,948,407 22,917,534 Anhui Conch Cement Co. Ltd., Class H ...... 4,423,500 27,670,926 Klabin SA(a) ...... 2,736,692 13,831,277 Anhui Gujing Distillery Co. Ltd., Class A...... 116,585 4,491,027 Localiza Rent a Car SA ...... 2,314,485 27,822,493 Anhui Gujing Distillery Co. Ltd., Class B...... 349,500 4,794,929 Lojas Renner SA ...... 3,221,127 28,925,062 Anhui Kouzi Distillery Co. Ltd., Class A...... 249,952 2,640,213 Magazine Luiza SA ...... 11,181,420 43,252,188 ANTA Sports Products Ltd...... 4,108,402 83,940,043 Natura & Co. Holding SA(a) ...... 3,442,261 34,048,114 Asymchem Laboratories Tianjin Co. Ltd., Notre Dame Intermedica Participacoes SA ..... 1,963,947 33,308,378 Class A ...... 81,400 4,780,875 Petrobras Distribuidora SA ...... 2,984,386 14,773,905 Autobio Diagnostics Co. Ltd., Class A...... 142,799 1,992,774 Petroleo Brasileiro SA...... 13,993,252 71,554,419 Autohome Inc., ADR ...... 249,117 19,199,447 Raia Drogasil SA ...... 4,147,323 22,424,844 Avic Capital Co. Ltd., Class A...... 5,028,689 3,147,553 Rede D'Or Sao Luiz SA(b) ...... 900,205 12,128,940 AVIC Jonhon Optronic Technology Co. Ltd., Rumo SA(a)...... 4,861,253 19,280,100 Class A ...... 402,893 4,887,564 Sul America SA...... 1 5 AVIC Shenyang Aircraft Co. Ltd., Class A ...... 278,600 3,408,963 Suzano SA(a) ...... 2,846,408 33,168,133 AVIC Xi'an Aircraft Industry Group Co. Ltd., Telefonica Brasil SA...... 1,813,901 15,383,545 Class A ...... 876,286 3,846,131 TIM SA...... 3,282,412 7,664,861 AviChina Industry & Technology Co. Ltd., TOTVS SA ...... 1,813,687 11,995,662 Class H...... 9,656,000 6,703,726 Ultrapar Participacoes SA ...... 2,781,042 10,298,772 AVICOPTER PLC, Class A ...... 263,953 2,242,542 Vale SA ...... 14,975,844 329,820,860 Baidu Inc., ADR(a)...... 1,016,754 199,558,308 Via Varejo SA(a)...... 4,890,020 12,178,840 Bank of Beijing Co. Ltd., Class A...... 6,092,206 4,703,944 WEG SA ...... 6,379,442 41,801,705 Bank of Chengdu Co. Ltd., Class A ...... 1,599,295 3,391,729 1,215,274,611 Bank of China Ltd., Class A ...... 9,577,200 5,015,814 Chile — 0.4% Bank of China Ltd., Class H ...... 295,945,000 110,994,914 Banco de Chile ...... 169,770,986 17,504,338 Bank of Communications Co. Ltd., Class A. . . . . 11,044,673 8,511,887 Banco de Credito e Inversiones SA ...... 200,461 9,573,431 Bank of Communications Co. Ltd., Class H. . . . . 30,428,600 20,509,595 Banco Santander Chile ...... 246,887,116 13,613,720 Bank of Hangzhou Co. Ltd., Class A ...... 1,924,045 4,998,404 Cencosud SA...... 5,513,192 11,452,524 Bank of Jiangsu Co. Ltd., Class A...... 4,528,810 5,440,838 Cencosud Shopping SA...... 1,724,019 3,283,846 Bank of Nanjing Co. Ltd., Class A...... 2,733,546 4,510,653 Cia. Cervecerias Unidas SA ...... 571,599 5,128,217 Bank of Ningbo Co. Ltd., Class A ...... 1,502,581 9,995,726 Colbun SA...... 30,388,186 4,152,423 Bank of Shanghai Co. Ltd., Class A...... 3,802,642 5,089,198

71 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Baoshan Iron & Steel Co. Ltd., Class A ...... 5,238,973 $ 6,511,707 China Galaxy Securities Co. Ltd., Class A...... 1,025,900 $ 1,803,376 Baozun Inc., ADR(a)(c) ...... 230,641 8,000,936 China Galaxy Securities Co. Ltd., Class H...... 13,670,000 8,576,640 BeiGene Ltd., ADR(a)(c)...... 173,468 62,190,013 China Gas Holdings Ltd...... 11,671,000 43,560,983 Beijing Capital International Airport Co. Ltd., China Greatwall Technology Group Co. Ltd., Class H...... 7,416,000 5,007,907 Class A ...... 881,473 2,121,125 Beijing Enlight Media Co. Ltd., Class A...... 1,154,595 2,298,036 China Hongqiao Group Ltd...... 8,430,000 13,575,902 Beijing Enterprises Holdings Ltd...... 1,920,000 6,652,190 China Huarong Asset Management Co. Ltd., Beijing Enterprises Water Group Ltd...... 19,860,000 8,085,251 Class H(b)(d)...... 39,128,000 5,142,517 Beijing New Building Materials PLC, Class A . . . 486,813 3,527,177 China Huishan Dairy Holdings Co. Ltd.(a)(d). . . . . 5,603,350 7 Beijing Oriental Yuhong Waterproof Technology China International Capital Corp. Ltd., Co. Ltd., Class A ...... 478,129 4,716,854 Class H(b)(c)...... 5,835,200 17,226,829 Beijing Shiji Information Technology Co. Ltd., China Jinmao Holdings Group Ltd...... 20,894,000 8,075,591 Class A ...... 330,330 1,912,929 China Jushi Co. Ltd., Class A...... 1,192,740 3,061,407 Beijing Shunxin Agriculture Co. Ltd., Class A . . . 251,500 1,985,708 China Lesso Group Holdings Ltd...... 4,312,000 11,353,432 Beijing Sinnet Technology Co. Ltd., Class A .... 594,386 1,437,647 China Life Insurance Co. Ltd., Class A ...... 770,212 4,414,248 Beijing Tiantan Biological Products Corp. Ltd., China Life Insurance Co. Ltd., Class H...... 27,315,000 57,661,057 Class A ...... 682,445 3,663,535 China Literature Ltd.(a)(b)(c) ...... 1,535,200 16,111,772 Beijing-Shanghai High Speed Railway Co. Ltd., China Longyuan Power Group Corp. Ltd., Class A ...... 9,209,700 8,378,172 Class H...... 12,506,000 17,683,225 Betta Pharmaceuticals Co. Ltd., Class A ...... 113,996 2,028,107 China Medical System Holdings Ltd...... 5,286,000 13,562,817 BGI Genomics Co. Ltd., Class A ...... 118,300 2,396,768 China Meidong Auto Holdings Ltd...... 2,178,000 11,486,030 Bilibili Inc., ADR(a)(c)...... 611,069 65,494,375 China Mengniu Dairy Co. Ltd...... 11,746,000 71,265,833 BOC Aviation Ltd.(b)(c) ...... 816,600 7,267,039 China Merchants Bank Co. Ltd., Class A ...... 4,907,289 44,940,346 BOE Technology Group Co. Ltd., Class A ...... 8,498,100 8,453,330 China Merchants Bank Co. Ltd., Class H...... 14,542,967 134,645,716 Bosideng International Holdings Ltd...... 12,718,000 7,041,540 China Merchants Energy Shipping Co. Ltd., Brilliance China Automotive Holdings Ltd.(d) .... 11,826,000 11,123,684 Class A ...... 1,919,957 1,604,985 Burning Rock Biotech Ltd., ADR(a) ...... 164,791 4,460,892 China Merchants Port Holdings Co. Ltd...... 5,744,000 9,339,908 BYD Co. Ltd., Class A...... 458,412 12,889,815 China Merchants Securities Co. Ltd., Class A . . 1,953,279 6,331,477 BYD Co. Ltd., Class H ...... 2,923,500 68,061,991 China Merchants Shekou Industrial Zone BYD Electronic International Co. Ltd.(c) ...... 2,582,500 16,984,784 Holdings Co. Ltd., Class A ...... 1,757,390 3,205,333 Caitong Securities Co. Ltd., Class A ...... 1,437,865 2,549,120 China Minsheng Banking Corp. Ltd., Class A. . . 9,876,955 7,332,636 CanSino Biologics Inc., Class H(a)(b)(c) ...... 297,800 13,177,354 China Minsheng Banking Corp. Ltd., Class H. . . 19,612,048 10,510,637 CGN Power Co. Ltd., Class H(b) ...... 36,612,000 8,066,415 China Molybdenum Co. Ltd., Class A ...... 5,551,098 5,081,982 Changchun High & New Technology Industry China Molybdenum Co. Ltd., Class H ...... 11,433,000 7,881,295 Group Inc., Class A ...... 101,194 6,538,266 China National Building Material Co. Ltd., Changjiang Securities Co. Ltd., Class A...... 2,964,835 3,625,577 Class H...... 14,582,000 19,498,401 Chaozhou Three-Circle Group Co. Ltd., China National Chemical Engineering Co. Ltd., Class A ...... 525,030 3,073,409 Class A ...... 3,459,567 3,433,449 China Aoyuan Group Ltd...... 4,658,000 5,462,716 China National Nuclear Power Co. Ltd., China Bohai Bank Co. Ltd., Class H(b) ...... 9,692,000 4,133,608 Class A ...... 4,673,200 3,827,727 China Cinda Asset Management Co. Ltd., China National Software & Service Co. Ltd., Class H...... 34,778,000 7,437,116 Class A ...... 138,899 1,258,828 China CITIC Bank Corp. Ltd., Class H ...... 32,594,800 17,816,297 China Northern Rare Earth Group High-Tech China Communications Services Corp. Ltd., Co. Ltd., Class A(a) ...... 1,125,854 3,892,877 Class H...... 9,334,000 3,932,818 China Oilfield Services Ltd., Class H ...... 6,752,000 6,348,660 China Conch Venture Holdings Ltd...... 6,371,500 29,338,533 China Overseas Land & Investment Ltd...... 14,246,960 34,095,272 China Construction Bank Corp., Class A ...... 2,760,168 3,007,829 China Overseas Property Holdings Ltd...... 5,160,000 5,526,629 China Construction Bank Corp., Class H ...... 361,444,760 296,873,342 China Pacific Insurance Group Co. Ltd., China CSSC Holdings Ltd., Class A(a)...... 724,200 1,957,573 Class A ...... 1,589,648 8,612,082 China East Education Holdings Ltd.(b)...... 2,111,500 4,605,571 China Pacific Insurance Group Co. Ltd., China Eastern Airlines Corp. Ltd., Class A...... 4,608,997 3,929,418 Class H...... 9,947,400 37,426,177 China Education Group Holdings Ltd...... 3,007,000 7,770,408 China Petroleum & Chemical Corp., Class A . . . 6,959,989 4,838,945 China Everbright Bank Co. Ltd., Class A ...... 9,948,803 5,994,001 China Petroleum & Chemical Corp., Class H . . . 91,350,800 48,515,880 China Everbright Bank Co. Ltd., Class H ...... 11,215,000 4,755,987 China Power International Development Ltd. . . . 17,441,000 4,383,033 China Everbright Environment Group Ltd...... 14,371,813 8,645,306 China Railway Group Ltd., Class A ...... 5,542,800 4,700,248 China Everbright Ltd...... 3,788,000 4,793,745 China Railway Group Ltd., Class H ...... 13,868,000 7,320,622 China Evergrande Group...... 7,460,388 11,183,801 China Resources Beer Holdings Co. Ltd...... 5,558,000 49,917,341 China Feihe Ltd.(b) ...... 13,502,000 37,829,729 China Resources Cement Holdings Ltd...... 9,274,000 9,846,801 China Fortune Land Development Co. Ltd., China Resources Gas Group Ltd...... 3,542,000 22,122,373 Class A ...... 1,106,935 944,664 China Resources Land Ltd...... 12,127,333 56,831,548

72 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) China Resources Mixc Lifestyle Ecovacs Robotics Co. Ltd., Class A(a)...... 91,200 $ 2,617,355 Services Ltd.(a)(b)...... 1,293,600 $ 7,775,940 ENN Energy Holdings Ltd...... 3,022,900 55,610,372 China Resources Pharmaceutical Group Ltd.(b). 6,173,000 4,428,131 Eve Energy Co. Ltd., Class A...... 477,653 8,356,470 China Resources Power Holdings Co. Ltd...... 7,362,999 9,486,798 Ever Sunshine Lifestyle Services Group Ltd. . . . 2,726,000 7,616,074 China Resources Sanjiu Medical & Everbright Securities Co. Ltd., Class A ...... 1,033,983 2,731,474 Pharmaceutical Co. Ltd., Class A ...... 469,599 1,924,255 Fangda Carbon New Material Co. Ltd., China Shenhua Energy Co. Ltd., Class A ...... 1,436,539 4,516,731 Class A(a) ...... 1,450,434 1,969,015 China Shenhua Energy Co. Ltd., Class H ...... 13,005,500 29,454,653 Far East Horizon Ltd...... 7,248,000 7,924,515 China Shipbuilding Industry Co. Ltd., Fiberhome Telecommunication Technologies Class A(a) ...... 5,981,092 3,912,300 Co. Ltd., Class A ...... 423,490 1,205,343 China Southern Airlines Co. Ltd., Class A(a) .... 2,440,000 2,445,395 First Capital Securities Co. Ltd., Class A ...... 1,503,400 1,689,600 China Southern Airlines Co. Ltd., Class H(a)(c) . . 6,356,000 4,307,700 Flat Glass Group Co. Ltd., Class H ...... 1,530,000 4,720,424 China State Construction Engineering Corp. Focus Media Information Technology Co. Ltd., Ltd., Class A ...... 9,711,871 7,469,712 Class A ...... 3,807,278 6,138,647 China State Construction International Foshan Haitian Flavouring & Food Co. Ltd., Holdings Ltd...... 7,828,000 5,556,317 Class A ...... 843,052 18,217,756 China Taiping Insurance Holdings Co. Ltd...... 6,157,660 11,356,130 Fosun International Ltd.(c) ...... 9,974,500 16,175,920 China Tourism Group Duty Free Corp. Ltd., Founder Securities Co. Ltd., Class A(a)...... 2,889,087 4,614,328 Class A ...... 453,332 23,898,862 Foxconn Industrial Internet Co. Ltd., Class A . . . 1,954,997 3,820,471 China Tower Corp. Ltd., Class H(b) ...... 160,250,000 21,894,219 Fu Jian Anjoy Foods Co. Ltd., Class A ...... 42,800 1,662,606 China Traditional Chinese Medicine Holdings Fuyao Glass Industry Group Co. Ltd., Class A. . 571,972 4,713,400 Co. Ltd...... 10,446,000 6,742,021 Fuyao Glass Industry Group Co. Ltd., China TransInfo Technology Co. Ltd., Class A . . 672,800 1,633,246 Class H(b)...... 2,242,000 14,885,895 China Vanke Co. Ltd., Class A...... 2,415,459 10,142,689 Ganfeng Lithium Co. Ltd., Class A ...... 291,981 5,955,365 China Vanke Co. Ltd., Class H ...... 6,165,531 21,336,575 Ganfeng Lithium Co. Ltd., Class H(b) ...... 635,400 9,563,577 China Yangtze Power Co. Ltd., Class A ...... 5,304,815 16,565,675 GCL System Integration Technology Co. Ltd., China Youzan Ltd.(a) ...... 53,344,000 11,605,992 Class A(a) ...... 1,853,100 855,273 China Yuhua Education Corp. Ltd.(b) ...... 5,250,000 5,231,045 GDS Holdings Ltd., ADR(a)(c) ...... 339,012 25,500,483 Chindata Group Holdings Ltd., ADR(a) ...... 325,503 5,273,149 Geely Automobile Holdings Ltd...... 22,303,000 56,705,480 Chongqing Brewery Co. Ltd., Class A(a) ...... 94,500 2,570,711 GEM Co. Ltd., Class A ...... 926,400 1,644,060 Chongqing Changan Automobile Co. Ltd., Gemdale Corp., Class A...... 1,576,230 2,662,081 Class A(a) ...... 1,137,087 4,247,928 Genscript Biotech Corp.(a)(c) ...... 4,148,000 16,274,769 Chongqing Rural Commercial Bank Co. Ltd., GF Securities Co. Ltd., Class A ...... 1,672,294 4,209,947 Class H...... 11,445,000 5,172,227 GF Securities Co. Ltd., Class H...... 4,753,400 6,796,827 Chongqing Zhifei Biological Products Co. Ltd., Gigadevice Semiconductor Beijing Inc., Class A ...... 374,676 11,516,597 Class A ...... 179,494 3,826,608 CIFI Holdings Group Co. Ltd...... 12,148,000 10,617,395 GoerTek Inc., Class A ...... 873,700 5,354,565 CITIC Ltd...... 21,829,000 25,239,763 GOME Retail Holdings Ltd.(a)(c) ...... 45,313,200 7,234,231 CITIC Securities Co. Ltd., Class A ...... 2,811,651 11,551,568 Great Wall Motor Co. Ltd., Class H(c)...... 12,536,000 35,021,954 CITIC Securities Co. Ltd., Class H ...... 8,140,000 22,507,654 Greenland Holdings Corp. Ltd., Class A...... 2,540,218 2,325,872 Contemporary Amperex Technology Co. Ltd., Greentown China Holdings Ltd...... 3,377,500 3,855,021 Class A ...... 544,230 37,159,734 Greentown Service Group Co. Ltd...... 5,558,000 8,835,768 COSCO SHIPPING Holdings Co. Ltd., GSX Techedu Inc., ADR(a)(c) ...... 464,693 8,615,408 Class A(a) ...... 2,918,588 9,837,498 Guangdong Haid Group Co. Ltd., Class A ...... 456,427 5,681,491 COSCO SHIPPING Holdings Co. Ltd., Guangdong Investment Ltd...... 11,190,110 16,445,078 Class H(a)...... 8,674,500 18,255,171 Guangzhou Automobile Group Co. Ltd., COSCO SHIPPING Ports Ltd...... 7,454,000 6,051,281 Class H...... 11,297,838 9,610,959 Country Garden Holdings Co. Ltd.(c) ...... 28,817,939 36,516,735 Guangzhou Baiyun International Airport Co. Country Garden Services Holdings Co. Ltd. .... 5,598,000 58,102,355 Ltd., Class A ...... 752,291 1,372,184 CSC Financial Co. Ltd., Class A ...... 965,797 5,170,558 Guangzhou Baiyunshan Pharmaceutical CSPC Pharmaceutical Group Ltd...... 34,088,479 53,548,885 Holdings Co. Ltd., Class A ...... 566,296 2,874,005 Dada Nexus Ltd., ADR(a) ...... 223,950 5,627,864 Guangzhou Kingmed Diagnostics Group Co. Dali Foods Group Co. Ltd.(b)...... 8,648,000 5,415,516 Ltd., Class A ...... 139,284 3,323,096 Daqin Railway Co. Ltd., Class A ...... 3,731,055 4,019,068 Guangzhou R&F Properties Co. Ltd., Class H . . 6,474,000 8,773,168 Daqo New Energy Corp., ADR(a)...... 201,195 14,964,884 Guangzhou Shiyuan Electronic Technology Co. DHC Software Co. Ltd., Class A ...... 1,132,998 1,338,083 Ltd., Class A ...... 184,491 3,800,291 Dongfeng Motor Group Co. Ltd., Class H ...... 10,412,000 9,746,749 Guangzhou Tinci Materials Technology Co. Dongxing Securities Co. Ltd., Class A...... 1,202,097 2,157,063 Ltd., Class A ...... 185,400 2,728,108 DouYu International Holdings Ltd., ADR(a)...... 372,327 2,941,383 Guosen Securities Co. Ltd., Class A ...... 1,911,042 3,368,092 East Money Information Co. Ltd., Class A ...... 2,467,933 12,367,931 Guotai Junan Securities Co. Ltd., Class A ...... 2,369,140 6,670,947

73 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Haidilao International Holding Ltd.(b)(c) ...... 4,005,000 $ 23,080,004 Intco Medical Technology Co. Ltd., Class A. .... 72,700 $ 1,623,786 Haier Smart Home Co. Ltd., Class A ...... 1,571,041 7,447,344 iQIYI Inc., ADR(a)(c) ...... 1,068,790 15,240,945 Haier Smart Home Co. Ltd., Class H(a)...... 7,407,200 31,182,496 Jafron Biomedical Co. Ltd., Class A...... 279,856 3,805,488 Haitian International Holdings Ltd...... 2,680,000 9,367,551 JCET Group Co. Ltd., Class A(a) ...... 318,900 1,739,614 Haitong Securities Co. Ltd., Class A ...... 2,169,201 3,993,642 JD Health International Inc.(a)(b)...... 1,098,750 14,607,565 Haitong Securities Co. Ltd., Class H ...... 10,430,800 9,956,514 JD.com Inc., ADR(a)...... 3,258,973 240,968,464 Hangzhou First Applied Material Co. Ltd., Jiangsu Eastern Shenghong Co. Ltd., Class A. . 538,300 1,465,787 Class A ...... 128,000 1,643,582 Jiangsu Expressway Co. Ltd., Class H ...... 5,128,000 6,201,167 Hangzhou Robam Appliances Co. Ltd., Jiangsu Hengli Hydraulic Co. Ltd., Class A . . . . . 350,988 4,404,099 Class A ...... 327,864 2,273,839 Jiangsu Hengrui Medicine Co. Ltd., Class A . . . . 1,278,618 17,371,239 Hangzhou Silan Microelectronics Co. Ltd., Jiangsu King's Luck Brewery JSC Ltd., Class A ...... 268,800 1,676,950 Class A ...... 417,786 3,913,713 Hangzhou Tigermed Consulting Co. Ltd., Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A ...... 181,200 4,997,199 Class A ...... 357,550 12,252,281 Hangzhou Tigermed Consulting Co. Ltd., Jiangsu Zhongnan Construction Group Co. Class H(b)...... 356,100 7,391,692 Ltd., Class A ...... 1,449,587 1,557,385 Hansoh Pharmaceutical Group Co. Ltd.(a)(b) .... 4,508,000 19,653,200 Jiangxi Copper Co. Ltd., Class A...... 489,300 2,024,898 Henan Shuanghui Investment & Development Jiangxi Copper Co. Ltd., Class H ...... 4,452,000 10,547,455 Co. Ltd., Class A ...... 765,200 4,241,944 Jiangxi Zhengbang Technology Co. Ltd., Hengan International Group Co. Ltd.(c) ...... 2,522,500 16,909,826 Class A ...... 913,924 1,817,734 Hengli Petrochemical Co. Ltd., Class A ...... 1,454,391 6,236,261 Jinke Properties Group Co. Ltd., Class A...... 2,117,882 2,008,168 HengTen Networks Group Ltd.(a)...... 10,468,000 10,261,405 Jinxin Fertility Group Ltd.(b) ...... 4,956,000 14,278,457 Hengtong Optic-Electric Co. Ltd., Class A ...... 994,753 1,853,785 JiuGui Liquor Co. Ltd., Class A ...... 69,500 2,700,104 Hengyi Petrochemical Co. Ltd., Class A...... 1,339,829 2,633,456 Jiumaojiu International Holdings Ltd.(a)(b)...... 2,714,000 10,751,575 Hithink RoyalFlush Information Network Co. Jonjee Hi-Tech Industrial And Commercial Ltd., Class A ...... 153,100 2,877,928 Holding Co. Ltd., Class A ...... 288,325 2,270,480 Hopson Development Holdings Ltd...... 2,514,000 12,368,924 JOYY Inc., ADR(c)...... 220,892 16,997,639 Hua Hong Semiconductor Ltd.(a)(b)(c) ...... 2,021,000 10,834,798 Juewei Food Co. Ltd., Class A...... 209,514 2,826,401 Huadong Medicine Co. Ltd., Class A ...... 509,105 4,237,953 Kaisa Group Holdings Ltd...... 10,087,000 4,641,746 Huafon Chemical Co. Ltd., Class A ...... 825,200 1,607,265 KE Holdings Inc., ADR(a) ...... 1,343,645 69,721,739 Hualan Biological Engineering Inc., Class A .... 546,383 3,472,910 Kingboard Holdings Ltd...... 2,698,000 14,356,316 Huaneng Power International Inc., Class H..... 15,978,000 5,726,658 Kingboard Laminates Holdings Ltd...... 3,988,000 8,512,420 Huatai Securities Co. Ltd., Class A...... 2,481,909 6,706,140 Kingdee International Software Group Huatai Securities Co. Ltd., Class H(b) ...... 4,490,600 6,958,854 Co. Ltd.(c)...... 9,681,000 39,339,931 Huaxia Bank Co. Ltd., Class A...... 4,157,980 4,204,284 Kingfa Sci & Tech Co. Ltd., Class A ...... 514,600 1,827,739 Huaxin Cement Co. Ltd., Class A ...... 494,606 1,696,515 Kingsoft Cloud Holdings Ltd., ADR(a)(c) ...... 206,630 8,070,968 Huayu Automotive Systems Co. Ltd., Class A . . 806,568 3,108,227 Kingsoft Corp. Ltd...... 3,631,000 24,498,030 Huazhu Group Ltd., ADR(a) ...... 657,587 37,594,249 Kuaishou Technology(a)(b)(c) ...... 1,025,600 25,707,073 Hubei Biocause Pharmaceutical Co. Ltd., Kunlun Energy Co. Ltd...... 14,930,000 11,275,316 Class A ...... 2,550,699 1,589,011 Kweichow Moutai Co. Ltd., Class A ...... 286,587 100,036,673 Hundsun Technologies Inc., Class A ...... 307,532 4,549,730 KWG Group Holdings Ltd...... 4,987,500 7,674,288 Hutchmed China Ltd., ADR(a)...... 281,604 8,377,719 Lee & Man Paper Manufacturing Ltd...... 5,496,000 4,796,101 HUYA Inc., ADR(a)(c) ...... 298,897 4,573,124 Lenovo Group Ltd...... 27,664,000 33,181,305 Iflytek Co. Ltd., Class A ...... 593,975 5,811,270 Lens Technology Co. Ltd., Class A...... 1,275,900 5,860,167 I-Mab, ADR(a)...... 122,335 9,917,698 Lepu Medical Technology Beijing Co. Ltd., Industrial & Commercial Bank of China Ltd., Class A ...... 530,235 2,775,797 Class A ...... 13,981,662 11,458,796 Li Auto Inc., ADR(a)(c)...... 1,784,923 41,588,706 Industrial & Commercial Bank of China Ltd., Li Ning Co. Ltd...... 8,411,000 78,899,460 Class H...... 212,279,085 139,363,220 Lingyi iTech Guangdong Co., Class A ...... 1,832,080 2,459,264 Industrial Bank Co. Ltd., Class A...... 4,890,822 17,779,639 Logan Group Co. Ltd...... 5,507,000 8,853,935 Industrial Securities Co. Ltd., Class A ...... 2,857,951 4,987,434 Lomon Billions Group Co. Ltd., Class A ...... 445,900 2,388,281 Inner Mongolia BaoTou Steel Union Co. Ltd., Longfor Group Holdings Ltd.(b)...... 6,886,500 40,314,391 Class A(a) ...... 12,730,500 3,288,894 LONGi Green Energy Technology Co. Ltd., Inner Mongolia Junzheng Energy & Chemical Class A ...... 898,741 14,460,432 Industry Group Co. Ltd., Class A ...... 2,362,000 2,098,346 Lufax Holding Ltd., ADR(a)(c)...... 657,909 8,019,911 Inner Mongolia Yili Industrial Group Co. Ltd., Luxshare Precision Industry Co. Ltd., Class A . . 1,713,946 10,520,720 Class A ...... 1,466,870 9,356,529 Luzhou Laojiao Co. Ltd., Class A ...... 348,639 15,099,122 Innovent Biologics Inc.(a)(b) ...... 4,400,000 53,253,468 Mango Excellent Media Co. Ltd., Class A ...... 472,200 5,491,289 Inspur Electronic Information Industry Co. Ltd., Maxscend Microelectronics Co. Ltd., Class A. . . 80,340 5,391,485 Class A ...... 402,090 1,850,946

74 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Meinian Onehealth Healthcare Holdings Co. Poly Developments and Holdings Group Co. Ltd., Class A(a) ...... 1,155,780 $ 2,119,352 Ltd., Class A ...... 2,922,984 $ 6,217,470 Meituan, Class B(a)(b) ...... 13,624,400 529,389,229 Poly Property Services Co. Ltd., Class H(c) . . . . . 456,000 3,671,950 Metallurgical Corp. of China Ltd., Class A ...... 7,970,290 3,801,471 Postal Savings Bank of China Co. Ltd., Microport Scientific Corp.(c)...... 2,468,000 20,647,749 Class A ...... 6,402,700 5,642,072 Midea Group Co. Ltd., Class A ...... 850,900 10,851,191 Postal Savings Bank of China Co. Ltd., Ming Yuan Cloud Group Holdings Ltd.(a) ...... 1,488,000 7,776,709 Class H(b)...... 30,325,000 21,855,100 Minth Group Ltd...... 2,888,000 12,307,242 Power Construction Corp. of China Ltd., MMG Ltd.(a) ...... 9,148,000 5,337,411 Class A ...... 4,554,200 2,794,802 Momo Inc., ADR ...... 594,109 8,335,349 Powerlong Real Estate Holdings Ltd...... 5,478,000 5,351,976 Muyuan Foods Co. Ltd., Class A...... 886,285 12,429,101 RiseSun Real Estate Development Co. Ltd., NanJi E-Commerce Co. Ltd., Class A ...... 820,800 1,317,508 Class A ...... 2,254,900 2,229,979 Nanjing King-Friend Biochemical RLX Technology Inc., ADR(a)(c) ...... 461,677 5,221,567 Pharmaceutical Co. Ltd., Class A ...... 289,097 1,946,477 Rongsheng Petrochemical Co. Ltd., Class A . . . 1,588,772 6,611,288 Nanjing Securities Co. Ltd., Class A ...... 1,078,500 1,598,432 SAIC Motor Corp. Ltd., Class A ...... 1,936,506 6,175,431 NARI Technology Co. Ltd., Class A ...... 1,178,899 5,773,911 Sanan Optoelectronics Co. Ltd., Class A ...... 1,130,700 4,927,814 NAURA Technology Group Co. Ltd., Class A . . . 128,300 3,806,507 Sangfor Technologies Inc., Class A ...... 101,500 4,322,611 NavInfo Co. Ltd., Class A...... 875,300 1,931,354 Sany Heavy Equipment International Holdings NetEase Inc., ADR...... 1,524,391 179,771,431 Co. Ltd...... 4,156,000 4,617,392 New China Life Insurance Co. Ltd., Class A .... 704,392 5,647,651 Sany Heavy Industry Co. Ltd., Class A ...... 2,063,252 9,848,643 New China Life Insurance Co. Ltd., Class H.... 2,702,500 10,116,871 SDIC Capital Co. Ltd., Class A ...... 1,440,400 3,148,310 New Hope Liuhe Co. Ltd., Class A ...... 1,147,397 2,749,527 SDIC Power Holdings Co. Ltd., Class A ...... 1,973,290 2,994,964 New Oriental Education & Technology Seazen Group Ltd...... 8,388,000 9,639,977 Group Inc., ADR(a) ...... 5,816,202 59,499,746 Seazen Holdings Co. Ltd., Class A...... 573,373 4,380,198 Nine Dragons Paper Holdings Ltd...... 6,490,000 9,793,430 SF Holding Co. Ltd., Class A ...... 1,066,335 11,677,187 Ninestar Corp., Class A ...... 460,638 1,906,631 SG Micro Corp., Class A ...... 45,416 2,028,599 Ningbo Joyson Electronic Corp., Class A...... 416,800 1,179,106 Shaanxi Coal Industry Co. Ltd., Class A...... 2,670,876 4,994,251 Ningxia Baofeng Energy Group Co. Ltd., Shandong Gold Mining Co. Ltd., Class A...... 1,020,856 3,435,644 Class A ...... 1,385,500 3,097,988 Shandong Gold Mining Co. Ltd., Class H(b). . . . . 2,553,500 5,605,002 NIO Inc., ADR(a) ...... 4,882,951 188,579,568 Shandong Hualu Hengsheng Chemical Co. Noah Holdings Ltd., ADR(a)(c) ...... 128,959 5,877,951 Ltd., Class A ...... 261,100 1,153,114 Nongfu Spring Co. Ltd., Class H(a)(b)(c) ...... 1,452,800 8,593,005 Shandong Linglong Tyre Co. Ltd., Class A . . . . . 219,400 1,659,612 Offcn Education Technology Co. Ltd., Class A . . 552,500 2,163,625 Shandong Weigao Group Medical Polymer Co. OFILM Group Co. Ltd., Class A...... 849,365 1,170,197 Ltd., Class H...... 9,548,000 21,080,538 OneConnect Financial Technology Co. Shanghai Bairun Investment Holding Group Ltd., ADR(a) ...... 442,086 6,392,564 Co. Ltd., Class A ...... 97,200 1,890,303 Oppein Home Group Inc., Class A ...... 58,700 1,368,230 Shanghai Baosight Software Co. Ltd., Class A. . 276,030 2,885,732 Orient Securities Co. Ltd., Class A ...... 1,858,386 3,103,879 Shanghai Construction Group Co. Ltd., Oriental Pearl Group Co. Ltd., Class A ...... 1,740,978 2,444,229 Class A ...... 6,636,952 3,036,824 Ovctek China Inc., Class A ...... 277,900 4,425,255 Shanghai Electric Group Co. Ltd., Class A(a) . . . 3,376,600 2,448,871 People's Insurance Co. Group of China Ltd. Shanghai Fosun Pharmaceutical Group Co. (The), Class A ...... 3,270,800 3,169,220 Ltd., Class A ...... 514,800 5,617,402 People's Insurance Co. Group of China Ltd. Shanghai Fosun Pharmaceutical Group Co. (The), Class H ...... 24,764,000 9,157,916 Ltd., Class H(c) ...... 1,837,000 15,288,366 Perennial Energy Holdings Ltd...... 3,025,000 1,174,389 Shanghai International Airport Co. Ltd., Perfect World Co. Ltd., Class A ...... 571,600 1,915,978 Class A ...... 257,298 2,002,516 PetroChina Co. Ltd., Class A ...... 4,993,600 3,628,437 Shanghai International Port Group Co. Ltd., PetroChina Co. Ltd., Class H ...... 79,064,000 32,331,022 Class A ...... 3,677,699 2,713,860 Pharmaron Beijing Co. Ltd., Class A ...... 149,700 4,249,632 Shanghai Lujiazui Finance & Trade Zone Pharmaron Beijing Co. Ltd., Class H(b) ...... 506,400 12,121,951 Development Co. Ltd., Class B ...... 4,807,306 4,172,578 PICC Property & Casualty Co. Ltd., Class H.... 25,863,192 24,710,831 Shanghai M&G Stationery Inc., Class A ...... 313,137 4,150,480 Pinduoduo Inc., ADR(a)...... 1,657,016 206,928,158 Shanghai Pharmaceuticals Holding Co. Ltd., Ping An Bank Co. Ltd., Class A ...... 4,621,067 17,592,582 Class A ...... 712,700 2,604,744 Ping An Healthcare and Technology Shanghai Pharmaceuticals Holding Co. Ltd., Co. Ltd.(a)(b)(c)...... 1,756,100 20,597,272 Class H...... 2,730,400 6,172,777 Ping An Insurance Group Co. of China Ltd., Shanghai Pudong Development Bank Co. Ltd., Class A ...... 2,530,984 28,601,849 Class A ...... 6,824,322 11,022,572 Ping An Insurance Group Co. of China Ltd., Shanghai Putailai New Energy Technology Co. Class H...... 23,920,000 260,050,505 Ltd., Class A ...... 120,200 1,963,009

75 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) Shanghai RAAS Blood Products Co. Ltd., Tongwei Co. Ltd., Class A ...... 1,076,584 $ 6,812,787 Class A ...... 1,846,900 $ 2,222,770 Topchoice Medical Corp., Class A(a) ...... 84,900 4,692,058 Shanxi Meijin Energy Co. Ltd., Class A(a)...... 1,420,200 1,674,606 Topsports International Holdings Ltd.(b) ...... 5,597,000 8,518,440 Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Transfar Zhilian Co. Ltd., Class A ...... 2,209,798 2,245,196 Class A ...... 208,000 15,171,094 TravelSky Technology Ltd., Class H...... 3,691,000 7,991,280 Shengyi Technology Co. Ltd., Class A...... 627,600 2,261,105 Trip.com Group Ltd., ADR(a)(c) ...... 1,911,868 80,011,676 Shennan Circuits Co. Ltd., Class A ...... 137,840 1,878,778 Tsingtao Brewery Co. Ltd., Class A ...... 270,200 4,461,267 Shenwan Hongyuan Group Co. Ltd., Class A. . . 7,464,470 5,625,731 Tsingtao Brewery Co. Ltd., Class H ...... 1,896,000 20,717,311 Shenzhen Goodix Technology Co. Ltd., Unigroup Guoxin Microelectronics Co. Ltd., Class A ...... 125,100 2,514,775 Class A ...... 174,800 3,829,614 Shenzhen Inovance Technology Co. Ltd., Uni-President China Holdings Ltd...... 5,449,000 5,886,002 Class A ...... 442,265 6,866,825 Unisplendour Corp. Ltd., Class A ...... 790,154 2,507,639 Shenzhen International Holdings Ltd...... 4,218,000 6,416,253 Up Fintech Holding Ltd., ADR(a) ...... 300,154 6,840,510 Shenzhen Investment Ltd...... 12,318,000 4,376,054 Venus MedTech Hangzhou Inc., Class H(a)(b) . . . 815,500 7,508,167 Shenzhen Kangtai Biological Products Co. Ltd., Vinda International Holdings Ltd.(c)...... 1,441,000 4,575,559 Class A ...... 173,186 4,868,486 Vipshop Holdings Ltd., ADR(a) ...... 1,687,168 39,024,196 Shenzhen Mindray Bio-Medical Electronics Co. Walvax Biotechnology Co. Ltd., Class A...... 429,047 4,739,955 Ltd., Class A ...... 278,232 21,169,937 Wanhua Chemical Group Co. Ltd., Class A. . . . . 765,391 13,098,583 Shenzhen Overseas Chinese Town Co. Ltd., Want Want China Holdings Ltd.(c)...... 19,588,000 14,563,637 Class A ...... 2,697,300 3,537,328 Weibo Corp., ADR(a)(c) ...... 227,712 11,576,878 Shenzhen Sunway Communication Co. Ltd., Weichai Power Co. Ltd., Class A...... 1,601,644 4,493,672 Class A ...... 304,240 1,344,819 Weichai Power Co. Ltd., Class H ...... 7,114,800 15,994,727 Shenzhou International Group Holdings Ltd. . . . 3,151,300 81,126,410 Weimob Inc.(a)(b)(c) ...... 6,126,000 14,028,962 Shimao Group Holdings Ltd...... 4,626,000 13,123,197 Wens Foodstuffs Group Co. Ltd., Class A ...... 1,731,870 3,806,511 Shimao Services Holdings Ltd.(b) ...... 2,233,000 6,188,721 Western Securities Co. Ltd., Class A...... 1,781,680 2,471,721 Sichuan Chuantou Energy Co. Ltd., Class A.... 2,046,060 3,778,654 Wharf Holdings Ltd. (The) ...... 5,395,000 18,623,927 Sichuan Kelun Pharmaceutical Co. Ltd., Will Semiconductor Co. Ltd. Shanghai, Class A. 209,400 9,939,323 Class A ...... 560,478 1,958,711 Wingtech Technology Co. Ltd., Class A ...... 308,100 4,249,039 Sichuan Swellfun Co. Ltd., Class A ...... 144,793 2,905,343 Winning Health Technology Group Co. Ltd., Sino Biopharmaceutical Ltd...... 39,462,750 44,348,023 Class A ...... 757,624 1,976,357 Sinopharm Group Co. Ltd., Class H...... 5,127,200 17,431,681 Wuhan Guide Infrared Co. Ltd., Class A...... 490,490 2,941,938 Sinotruk Hong Kong Ltd...... 2,696,000 6,313,002 Wuhu Sanqi Interactive Entertainment Network Skshu Paint Co. Ltd., Class A ...... 43,300 1,606,784 Technology Group Co. Ltd., Class A...... 566,588 2,158,599 Smoore International Holdings Ltd.(b) ...... 4,488,000 32,117,968 Wuliangye Yibin Co. Ltd., Class A...... 904,228 44,894,931 Songcheng Performance Development Co. WUS Printed Circuit Kunshan Co. Ltd., Ltd., Class A ...... 985,913 2,748,081 Class A ...... 681,058 1,643,433 Spring Airlines Co. Ltd., Class A ...... 396,832 4,075,148 WuXi AppTec Co. Ltd., Class A ...... 585,608 15,414,960 SSY Group Ltd...... 6,204,000 4,123,814 WuXi AppTec Co. Ltd., Class H(b) ...... 1,165,070 24,925,697 Sun Art Retail Group Ltd.(c) ...... 7,553,500 5,733,572 Wuxi Biologics Cayman Inc., New(a)(b) ...... 12,698,500 198,612,391 Sunac China Holdings Ltd...... 9,649,000 35,606,932 Wuxi Lead Intelligent Equipment Co. Ltd., Sunac Services Holdings Ltd.(a)(b) ...... 2,345,000 7,338,609 Class A ...... 197,425 2,976,925 Sungrow Power Supply Co. Ltd., Class A ...... 366,200 5,592,081 XCMG Construction Machinery Co. Ltd., Suning.com Co. Ltd., Class A...... 2,807,338 3,004,812 Class A ...... 3,018,769 3,185,643 Sunny Optical Technology Group Co. Ltd...... 2,708,100 68,976,657 Xiaomi Corp., Class B(a)(b)...... 54,276,600 204,946,858 Suzhou Dongshan Precision Manufacturing Co. Xinhu Zhongbao Co. Ltd., Class A ...... 3,072,750 1,521,775 Ltd., Class A ...... 565,100 1,614,168 Xinjiang Goldwind Science & Technology Co. TAL Education Group, ADR(a) ...... 1,560,695 62,380,979 Ltd., Class A ...... 1,856,593 3,575,049 TCL Technology Group Corp., Class A ...... 3,932,655 5,002,571 Xinjiang Goldwind Science & Technology Co. Tencent Holdings Ltd...... 21,732,500 1,748,498,804 Ltd., Class H(c) ...... 2,248,646 3,832,930 Tencent Music Entertainment Group, ADR(a) . . . 2,524,096 39,729,271 Xinyi Solar Holdings Ltd...... 18,172,000 32,602,576 Thunder Software Technology Co. Ltd., XPeng Inc., ADR(a)(c)...... 1,223,700 39,317,481 Class A ...... 67,700 1,609,528 Yadea Group Holdings Ltd.(b) ...... 4,466,000 9,951,112 Tianjin Zhonghuan Semiconductor Co. Ltd., Yantai Jereh Oilfield Services Group Co. Ltd., Class A ...... 944,193 4,279,108 Class A ...... 313,298 1,971,292 Tianma Microelectronics Co. Ltd., Class A ..... 835,279 1,817,932 Yanzhou Coal Mining Co. Ltd., Class H ...... 6,770,800 9,031,161 Tingyi Cayman Islands Holding Corp...... 7,766,000 14,748,846 Yealink Network Technology Corp. Ltd., Tongcheng-Elong Holdings Ltd.(a)...... 3,556,000 9,609,221 Class A ...... 244,780 2,950,472 Tonghua Dongbao Pharmaceutical Co. Ltd., Yifeng Pharmacy Chain Co. Ltd., Class A ...... 201,659 2,817,380 Class A ...... 772,700 1,510,399 Yihai International Holding Ltd...... 1,806,000 14,445,422 Tongkun Group Co. Ltd., Class A ...... 408,200 1,368,064

76 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) Czech Republic (continued) Yihai Kerry Arawana Holdings Co. Ltd., Komercni Banka AS(a)...... 289,795 $ 10,669,191 Class A ...... 300,800 $ 4,360,256 Moneta Money Bank AS(a)(b)...... 1,779,751 6,672,477 Yonghui Superstores Co. Ltd., Class A ...... 2,709,900 2,437,953 34,812,371 Yonyou Network Technology Co. Ltd., Class A. . 870,351 4,968,950 Egypt — 0.1% Yuexiu Property Co. Ltd...... 26,970,000 6,703,909 Commercial International Bank Egypt SAE . . . . . 4,852,366 16,575,561 Yum China Holdings Inc...... 1,571,222 106,277,456 Eastern Co. SAE ...... 4,643,222 3,483,122 Yunda Holding Co. Ltd., Class A ...... 754,204 1,708,300 Fawry for Banking & Payment Technology Yunnan Baiyao Group Co. Ltd., Class A...... 326,401 6,450,970 Services SAE(a) ...... 1,000,000 1,387,269 Yunnan Energy New Material Co. Ltd., Class A. 249,400 6,980,846 21,445,952 Yutong Bus Co. Ltd., Class A ...... 1,099,267 2,297,142 Greece — 0.2% Zai Lab Ltd., ADR(a)...... 286,770 50,947,558 Eurobank Ergasias Services and Holdings SA, Zhangzhou Pientzehuang Pharmaceutical Co. Class A(a) ...... 9,810,746 9,161,128 Ltd., Class A ...... 148,850 8,995,608 FF Group(a)(d)...... 246,892 1,445,148 Zhaojin Mining Industry Co. Ltd., Class H ...... 4,593,500 4,958,320 Hellenic Telecommunications Organization SA . 864,290 15,576,966 Zhejiang Century Huatong Group Co. Ltd., JUMBO SA...... 417,642 8,136,121 Class A(a) ...... 2,080,478 2,157,681 OPAP SA...... 745,983 11,723,837 Zhejiang Chint Electrics Co. Ltd., Class A ...... 860,923 4,359,136 Zhejiang Dahua Technology Co. Ltd., Class A . . 1,110,784 4,042,691 46,043,200 Zhejiang Expressway Co. Ltd., Class H ...... 5,990,000 5,200,709 Hungary — 0.2% (a) Zhejiang Huahai Pharmaceutical Co. Ltd., MOL Hungarian Oil & Gas PLC ...... 1,626,334 13,154,030 (a) Class A ...... 462,204 1,538,772 OTP Bank Nyrt ...... 846,432 46,239,914 Zhejiang Huayou Cobalt Co. Ltd., Class A...... 304,658 4,967,321 Richter Gedeon Nyrt ...... 557,028 15,781,967 Zhejiang Longsheng Group Co. Ltd., Class A. . . 1,056,500 2,364,946 75,175,911 Zhejiang NHU Co. Ltd., Class A ...... 930,173 4,675,690 India — 9.9% Zhejiang Sanhua Intelligent Controls Co. Ltd., ACC Ltd...... 293,719 8,038,766 Class A ...... 1,137,917 3,995,795 Adani Enterprises Ltd.(a) ...... 794,262 14,417,797 Zhejiang Supor Co. Ltd., Class A ...... 249,882 2,783,754 Adani Green Energy Ltd.(a) ...... 1,497,977 26,220,414 Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Adani Ports & Special Economic Zone Ltd.(a) . . . 1,890,636 20,055,004 Class A ...... 169,247 1,826,777 Adani Total Gas Ltd.(a) ...... 779,501 14,484,164 Zhenro Properties Group Ltd.(c)...... 5,819,000 3,703,934 Adani Transmission Ltd.(a)...... 828,849 16,851,097 Zheshang Securities Co. Ltd., Class A ...... 958,500 2,006,175 Ambuja Cements Ltd...... 2,620,968 11,835,073 ZhongAn Online P&C Insurance Co. Ltd., Apollo Hospitals Enterprise Ltd...... 357,112 15,688,296 Class H(a)(b)(c)...... 1,829,200 9,421,324 Asian Paints Ltd...... 1,461,531 59,999,553 Zhongji Innolight Co. Ltd., Class A ...... 223,800 1,450,082 Aurobindo Pharma Ltd...... 1,112,494 15,360,245 Zhongsheng Group Holdings Ltd...... 2,209,500 19,003,444 Avenue Supermarts Ltd.(a)(b) ...... 617,483 26,151,008 Zhuzhou CRRC Times Electric Co. Ltd., Axis Bank Ltd.(a) ...... 8,551,073 88,215,705 Class H...... 2,108,200 10,229,515 Bajaj Auto Ltd.(a) ...... 270,238 15,603,484 Zijin Mining Group Co. Ltd., Class A ...... 5,429,500 9,625,234 Bajaj Finance Ltd.(a) ...... 1,025,389 79,603,990 Zijin Mining Group Co. Ltd., Class H ...... 20,944,000 32,844,485 Bajaj Finserv Ltd.(a) ...... 146,483 23,879,166 Zoomlion Heavy Industry Science and Balkrishna Industries Ltd...... 364,660 11,060,783 Technology Co. Ltd., Class A ...... 1,790,054 3,032,503 Bandhan Bank Ltd.(a)(b) ...... 2,493,419 10,551,957 Zoomlion Heavy Industry Science and Berger Paints India Ltd...... 960,901 10,681,864 Technology Co. Ltd., Class H ...... 4,933,400 5,949,424 Bharat Electronics Ltd...... 4,603,427 9,213,917 ZTE Corp., Class A ...... 915,900 4,535,981 Bharat Forge Ltd.(a) ...... 889,598 8,278,495 ZTE Corp., Class H ...... 2,913,600 7,967,754 Bharat Petroleum Corp. Ltd...... 3,247,389 21,137,136 ZTO Express Cayman Inc., ADR...... 1,636,046 52,500,716 Bharti Airtel Ltd...... 9,268,468 68,487,364 (a) 12,248,444,490 Biocon Ltd...... 1,502,574 8,051,201 Colombia — 0.1% Britannia Industries Ltd...... 410,398 19,499,695 Bancolombia SA...... 932,371 6,789,109 Cholamandalam Investment and Finance Ecopetrol SA ...... 19,580,322 11,564,430 Co. Ltd...... 1,549,270 11,720,197 (a) Grupo de Inversiones Suramericana SA ...... 610,024 3,293,603 Cipla Ltd...... 1,738,306 22,704,534 Interconexion Electrica SA ESP ...... 1,826,003 9,858,840 Coal India Ltd...... 4,778,713 9,736,564 Colgate-Palmolive India Ltd...... 423,813 10,068,850 31,505,982 Container Corp. of India Ltd...... 971,128 9,134,933 Cyprus — 0.1% Dabur India Ltd...... 2,112,443 15,795,495 Ozon Holdings PLC, ADR(a) ...... 153,962 8,193,073 Divi's Laboratories Ltd.(a) ...... 505,585 29,175,068 TCS Group Holding PLC, GDR ...... 456,276 34,311,832 DLF Ltd...... 2,351,369 9,351,847 42,504,905 Dr. Reddy's Laboratories Ltd...... 438,918 32,044,279 Czech Republic — 0.1% Eicher Motors Ltd.(a) ...... 519,592 19,097,500 CEZ AS ...... 582,828 17,470,703 GAIL India Ltd...... 6,125,749 13,539,960

77 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) India (continued) Godrej Consumer Products Ltd.(a) ...... 1,470,777 $ 17,420,674 UltraTech Cement Ltd...... 400,684 $ 36,990,132 Grasim Industries Ltd...... 1,094,423 22,155,016 United Spirits Ltd.(a)...... 1,160,174 9,821,092 Havells India Ltd...... 767,213 10,911,430 UPL Ltd...... 1,914,253 21,524,021 HCL Technologies Ltd...... 4,100,418 53,483,311 Vedanta Ltd...... 4,349,166 16,427,325 HDFC Asset Management Co. Ltd.(b) ...... 194,081 7,934,639 Wipro Ltd...... 5,174,608 38,474,973 HDFC Life Insurance Co. Ltd.(a)(b) ...... 2,917,595 26,763,760 Yes Bank Ltd.(a)...... 40,026,167 7,447,503 Hero MotoCorp Ltd...... 463,714 19,200,441 3,231,004,916 Hindalco Industries Ltd...... 6,068,182 32,952,568 Indonesia — 1.2% Hindustan Petroleum Corp. Ltd...... 2,525,811 9,720,038 Adaro Energy Tbk PT ...... 54,803,000 4,563,798 Hindustan Unilever Ltd...... 3,118,505 100,679,035 Aneka Tambang Tbk ...... 31,844,500 5,463,522 Housing Development Finance Corp. Ltd...... 6,480,172 227,768,529 Astra International Tbk PT...... 76,713,100 28,165,252 (a) ICICI Bank Ltd...... 19,347,767 177,363,366 Bank Central Asia Tbk PT ...... 41,922,400 93,485,941 (b) ICICI Lombard General Insurance Co. Ltd. . . . 803,504 16,342,566 Bank Mandiri Persero Tbk PT ...... 70,320,900 29,493,043 (a)(b) ICICI Prudential Life Insurance Co. Ltd. .... 1,355,878 10,377,360 Bank Negara Indonesia Persero Tbk PT ...... 27,768,676 10,494,450 Indian Oil Corp. Ltd...... 6,972,862 10,514,390 Bank Rakyat Indonesia Persero Tbk PT...... 208,373,110 62,145,747 Indraprastha Gas Ltd...... 1,187,732 8,649,054 Barito Pacific Tbk PT...... 108,232,700 6,811,180 Indus Towers Ltd...... 2,340,768 7,826,919 Charoen Pokphand Indonesia Tbk PT ...... 28,865,245 13,630,658 (a) Info Edge India Ltd...... 278,382 16,742,596 Gudang Garam Tbk PT(a) ...... 1,658,800 3,847,382 Infosys Ltd...... 12,866,621 247,289,105 Indah Kiat Pulp & Paper Tbk PT ...... 10,659,400 6,342,318 (a)(b) InterGlobe Aviation Ltd...... 369,259 8,920,392 Indocement Tunggal Prakarsa Tbk PT ...... 5,862,100 4,962,934 Ipca Laboratories Ltd...... 283,549 8,096,937 Indofood CBP Sukses Makmur Tbk PT...... 8,569,500 4,918,067 ITC Ltd...... 11,007,705 32,931,640 Indofood Sukses Makmur Tbk PT...... 16,554,200 7,356,458 JSW Steel Ltd...... 3,209,062 31,516,738 Kalbe Farma Tbk PT ...... 79,505,315 8,066,101 (a) Jubilant Foodworks Ltd...... 294,720 12,647,601 Merdeka Copper Gold Tbk PT(a) ...... 40,695,400 7,696,138 (a) Kotak Mahindra Bank Ltd...... 2,097,073 52,227,921 Sarana Menara Nusantara Tbk PT...... 88,507,600 7,276,277 (b) Larsen & Toubro Infotech Ltd...... 204,171 11,113,650 Semen Indonesia Persero Tbk PT ...... 11,553,300 7,842,784 Larsen & Toubro Ltd...... 2,591,018 52,555,294 Telkom Indonesia Persero Tbk PT ...... 182,935,900 44,123,697 Lupin Ltd...... 862,188 14,488,226 Tower Bersama Infrastructure Tbk PT...... 29,963,900 5,432,336 Mahindra & Mahindra Ltd...... 3,196,331 35,638,022 Unilever Indonesia Tbk PT ...... 28,337,300 11,608,604 Marico Ltd...... 1,789,818 11,755,645 United Tractors Tbk PT...... 6,320,053 9,974,059 Maruti Suzuki India Ltd...... 520,241 50,740,003 383,700,746 Motherson Sumi Systems Ltd.(a) ...... 4,765,117 15,767,562 Kuwait — 0.5% MRF Ltd...... 7,670 8,846,478 Agility Public Warehousing Co. KSC ...... 4,202,065 12,831,692 Muthoot Finance Ltd...... 492,055 8,946,785 Boubyan Bank KSCP ...... 5,233,357 11,668,325 Nestle India Ltd...... 129,060 31,384,092 Kuwait Finance House KSCP...... 17,717,314 43,859,109 NTPC Ltd...... 17,210,407 26,238,248 Mabanee Co. KPSC ...... 2,203,741 5,199,057 Oil & Natural Gas Corp. Ltd...... 9,462,515 14,813,050 Mobile Telecommunications Co. KSCP...... 7,545,391 14,904,573 Page Industries Ltd...... 21,923 9,316,888 National Bank of Kuwait SAKP ...... 25,755,028 71,148,233 Petronet LNG Ltd...... 2,596,774 8,670,091 PI Industries Ltd...... 330,162 11,908,889 159,610,989 Pidilite Industries Ltd.(a) ...... 577,529 16,705,372 Malaysia — 1.3% Piramal Enterprises Ltd...... 381,368 9,529,999 AMMB Holdings Bhd...... 6,707,975 4,624,243 Power Grid Corp. of India Ltd...... 8,228,415 25,619,251 Axiata Group Bhd...... 10,863,100 9,713,927 REC Ltd...... 3,216,824 6,478,031 CIMB Group Holdings Bhd ...... 23,723,900 24,563,721 Reliance Industries Ltd...... 10,767,108 319,654,150 Dialog Group Bhd...... 15,047,812 10,517,975 SBI Cards & Payment Services Ltd...... 708,456 10,196,671 DiGi.Com Bhd ...... 12,309,700 12,676,704 (c) SBI Life Insurance Co. Ltd.(b) ...... 1,566,899 21,074,263 Fraser & Neave Holdings Bhd ...... 563,000 3,622,970 Shree Cement Ltd.(a)...... 39,533 15,078,234 Genting Bhd...... 7,968,900 9,405,326 Shriram Transport Finance Co. Ltd...... 727,020 14,272,444 Genting Malaysia Bhd...... 11,443,300 7,723,916 Siemens Ltd...... 272,736 7,860,221 HAP Seng Consolidated Bhd ...... 2,452,400 4,814,458 (c) State Bank of India(a) ...... 6,707,012 39,253,030 Hartalega Holdings Bhd ...... 6,486,600 14,108,183 Sun Pharmaceutical Industries Ltd...... 3,150,730 29,026,313 Hong Leong Bank Bhd ...... 2,576,200 11,461,751 Tata Consultancy Services Ltd...... 3,491,804 152,310,077 Hong Leong Financial Group Bhd...... 985,900 4,183,428 (c) Tata Consumer Products Ltd...... 2,302,336 21,067,550 IHH Healthcare Bhd ...... 6,585,500 8,439,224 Tata Motors Ltd.(a) ...... 6,298,584 27,641,396 IOI Corp. Bhd...... 8,390,620 8,302,319 Tata Steel Ltd...... 2,375,943 36,933,345 Kossan Rubber Industries...... 4,969,500 4,858,020 Tech Mahindra Ltd...... 2,394,210 33,831,361 Kuala Lumpur Kepong Bhd...... 1,782,600 9,573,901 (c) Titan Co. Ltd...... 1,344,461 29,523,431 Malayan Banking Bhd ...... 13,995,500 27,682,886 Torrent Pharmaceuticals Ltd...... 193,897 7,338,218 Malaysia Airports Holdings Bhd...... 4,126,900 5,580,282 Trent Ltd...... 725,757 8,572,163 Maxis Bhd...... 9,357,400 10,522,030

78 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Malaysia (continued) Philippines — 0.6% MISC Bhd ...... 4,828,100 $ 8,018,580 Aboitiz Equity Ventures Inc...... 7,921,420 $ 6,680,000 Nestle Malaysia Bhd ...... 278,300 9,187,689 Ayala Corp...... 1,113,636 18,499,440 Petronas Chemicals Group Bhd ...... 9,303,300 18,101,402 Ayala Land Inc...... 29,754,600 21,414,472 Petronas Dagangan Bhd ...... 1,107,300 5,062,002 Bank of the Philippine Islands ...... 5,749,274 10,103,855 Petronas Gas Bhd ...... 2,909,800 11,402,676 BDO Unibank Inc...... 7,509,821 16,289,657 PPB Group Bhd ...... 2,526,260 11,318,818 Globe Telecom Inc...... 118,135 4,463,660 Press Metal Aluminium Holdings Bhd ...... 11,732,700 14,754,156 GT Capital Holdings Inc...... 385,152 4,751,764 Public Bank Bhd ...... 54,746,850 55,757,498 International Container Terminal Services Inc. . . 3,873,470 11,596,706 QL Resources Bhd...... 4,243,000 6,158,945 JG Summit Holdings Inc...... 11,882,623 14,165,366 RHB Bank Bhd ...... 6,238,425 7,999,268 Jollibee Foods Corp...... 1,727,369 6,971,274 Sime Darby Bhd ...... 10,233,073 5,669,224 Manila Electric Co...... 832,020 4,936,071 Sime Darby Plantation Bhd(c) ...... 8,457,073 9,305,968 Metro Pacific Investments Corp...... 55,273,500 4,601,033 Supermax Corp. Bhd(c)...... 5,791,002 5,771,315 Metropolitan Bank & Trust Co...... 6,705,365 6,733,275 Telekom Malaysia Bhd ...... 4,350,100 6,470,506 PLDT Inc...... 307,978 8,473,060 Tenaga Nasional Bhd ...... 8,169,350 19,659,573 SM Investments Corp...... 958,962 19,464,726 Top Glove Corp. Bhd(c) ...... 19,871,200 24,870,123 SM Prime Holdings Inc...... 37,382,825 28,137,882 Westports Holdings Bhd...... 3,809,500 3,972,165 Universal Robina Corp...... 3,523,470 10,246,610 415,855,172 197,528,851 Mexico — 1.8% Poland — 0.7% America Movil SAB de CV, Series L, NVS ...... 127,897,400 100,170,672 Allegro.eu SA(a)(b)...... 1,345,459 21,101,364 Arca Continental SAB de CV ...... 1,624,136 9,142,390 Bank Polska Kasa Opieki SA(a) ...... 692,691 18,075,726 Becle SAB de CV ...... 1,920,000 4,840,004 CD Projekt SA(c) ...... 258,453 11,841,080 Cemex SAB de CV, CPO, NVS(a) ...... 57,856,773 48,799,768 Cyfrowy Polsat SA ...... 1,023,983 8,494,895 Coca-Cola Femsa SAB de CV...... 1,944,493 9,713,679 Dino Polska SA(a)(b) ...... 187,673 14,525,610 Fibra Uno Administracion SA de CV ...... 12,116,700 14,301,818 KGHM Polska Miedz SA(a) ...... 533,170 29,291,065 Fomento Economico Mexicano SAB de CV .... 7,355,100 62,033,500 LPP SA(a) ...... 4,814 14,665,252 Gruma SAB de CV, Class B ...... 794,040 8,650,802 Orange Polska SA(a) ...... 2,547,255 4,612,350 Grupo Aeroportuario del Pacifico SAB de CV, PGE Polska Grupa Energetyczna SA(a) ...... 3,208,293 8,714,261 Class B...... 1,492,800 16,187,114 Polski Koncern Naftowy ORLEN SA ...... 1,103,168 24,537,757 Grupo Aeroportuario del Sureste SAB de CV, Polskie Gornictwo Naftowe i Gazownictwo SA. . 6,576,189 11,783,686 Class B(a) ...... 801,070 14,520,047 Powszechna Kasa Oszczednosci Bank Grupo Bimbo SAB de CV, Series A(c) ...... 5,964,400 13,106,828 Polski SA(a) ...... 3,277,109 36,237,267 Grupo Carso SAB de CV, Series A1(a) ...... 1,876,841 5,713,067 Powszechny Zaklad Ubezpieczen SA(a) ...... 2,197,071 22,138,918 Grupo Financiero Banorte SAB de CV, Santander Bank Polska SA(a)...... 136,784 9,915,732 Class O...... 9,803,856 67,890,645 235,934,963 Grupo Financiero Inbursa SAB de CV, Qatar — 0.6% (a) Class O ...... 9,083,300 9,252,945 Barwa Real Estate Co...... 7,301,796 6,273,441 Grupo Mexico SAB de CV, Series B ...... 11,840,788 57,753,417 Commercial Bank PSQC (The) ...... 8,086,303 11,694,886 Grupo Televisa SAB, CPO...... 9,175,800 24,365,301 Industries Qatar QSC ...... 6,600,256 23,081,214 (a) Industrias Penoles SAB de CV ...... 544,863 8,272,518 Masraf Al Rayan QSC...... 13,629,661 16,378,220 Kimberly-Clark de Mexico SAB de CV, Class A . 5,863,800 10,627,733 Mesaieed Petrochemical Holding Co...... 17,685,345 9,013,287 Megacable Holdings SAB de CV, CPO...... 1,197,960 4,551,743 Ooredoo QPSC...... 3,181,902 5,960,820 Orbia Advance Corp. SAB de CV ...... 4,147,034 11,813,571 Qatar Electricity & Water Co. QSC...... 2,063,220 8,926,747 Promotora y Operadora de Infraestructura SAB Qatar Fuel QSC ...... 1,862,260 9,011,260 de CV ...... 852,475 6,797,373 Qatar Gas Transport Co. Ltd...... 9,093,194 7,654,819 (a)(c) Telesites SAB de CV ...... 4,990,200 4,968,153 Qatar International Islamic Bank QSC...... 2,255,495 5,812,509 Wal-Mart de Mexico SAB de CV ...... 19,330,200 63,625,259 Qatar Islamic Bank SAQ ...... 4,491,715 21,006,344 577,098,347 Qatar National Bank QPSC ...... 16,655,816 79,695,054 Pakistan — 0.0% 204,508,601 Habib Bank Ltd...... 2,457,141 2,152,188 Russia — 3.0% (a) Lucky Cement Ltd...... 200,000 1,207,275 Alrosa PJSC...... 9,840,640 15,747,948 MCB Bank Ltd...... 1,743,032 1,872,968 Gazprom PJSC...... 43,357,829 154,016,539 5,232,431 Gazprom PJSC, ADR ...... 548,498 3,894,125 Peru — 0.2% Inter RAO UES PJSC ...... 134,210,000 9,266,887 Cia. de Minas Buenaventura SAA, ADR(a)...... 837,556 9,648,645 LUKOIL PJSC ...... 1,573,243 128,633,809 Credicorp Ltd...... 252,342 34,689,455 Magnit PJSC, GDR ...... 1,293,737 19,755,364 Southern Copper Corp...... 324,324 22,618,356 Mail.Ru Group Ltd., GDR(a)...... 420,449 9,590,835 66,956,456 MMC Norilsk Nickel PJSC...... 239,671 86,180,326 Mobile TeleSystems PJSC, ADR...... 1,698,634 15,491,542

79 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Russia (continued) South Africa (continued) Moscow Exchange MICEX-RTS PJSC ...... 5,222,230 $ 11,985,157 Anglo American Platinum Ltd...... 203,808 $ 26,872,985 Novatek PJSC, GDR...... 346,714 69,021,064 AngloGold Ashanti Ltd...... 1,585,550 39,153,090 Novolipetsk Steel PJSC ...... 5,661,470 20,211,288 Aspen Pharmacare Holdings Ltd.(a) ...... 1,487,229 17,374,612 PhosAgro PJSC, GDR ...... 538,613 11,020,022 Bid Corp. Ltd.(a)...... 1,292,786 27,244,541 Polymetal International PLC ...... 1,337,100 31,707,604 Bidvest Group Ltd. (The) ...... 1,062,149 14,968,885 Polyus PJSC ...... 128,881 27,898,987 Capitec Bank Holdings Ltd...... 305,834 36,989,908 Rosneft Oil Co. PJSC ...... 4,365,417 31,590,204 Clicks Group Ltd...... 957,765 17,895,654 Sberbank of Russia PJSC...... 40,499,561 171,101,436 Discovery Ltd.(a)(c) ...... 1,551,400 15,826,672 Severstal PAO...... 795,848 18,283,138 Exxaro Resources Ltd...... 990,330 11,055,766 Surgutneftegas PJSC ...... 21,272,460 10,550,717 FirstRand Ltd...... 18,362,981 74,656,841 Surgutneftegas PJSC, ADR ...... 572,331 2,807,771 Gold Fields Ltd...... 3,403,675 42,921,233 Tatneft PJSC ...... 5,318,116 36,058,837 Growthpoint Properties Ltd...... 11,417,677 11,971,732 VTB Bank PJSC ...... 12,111,051,998 8,044,206 Harmony Gold Mining Co. Ltd...... 2,132,417 11,408,448 X5 Retail Group NV, GDR ...... 464,569 14,084,497 Impala Platinum Holdings Ltd...... 3,016,428 54,823,794 Yandex NV, Class A(a)...... 1,152,078 77,485,881 Kumba Iron Ore Ltd...... 248,864 11,547,442 984,428,184 Mr. Price Group Ltd...... 974,684 16,500,229 (a) Saudi Arabia — 2.8% MTN Group Ltd...... 6,434,627 46,420,089 Abdullah Al Othaim Markets Co...... 147,630 5,067,768 MultiChoice Group ...... 1,516,916 15,171,086 (c) Advanced Petrochemical Co...... 402,984 8,840,345 Naspers Ltd., Class N ...... 1,642,924 363,835,045 Al Rajhi Bank ...... 4,629,746 127,516,524 Nedbank Group Ltd...... 1,419,707 16,765,656 Alinma Bank...... 3,682,259 19,731,988 NEPI Rockcastle PLC...... 1,638,281 11,432,452 (a) Almarai Co. JSC...... 961,045 14,135,384 Northam Platinum Ltd...... 1,389,641 23,500,441 Arab National Bank ...... 2,255,626 13,380,549 Old Mutual Ltd...... 18,011,152 18,684,021 Bank AlBilad...... 1,443,663 14,565,864 Rand Merchant Investment Holdings Ltd...... 3,203,841 7,519,550 Bank Al-Jazira ...... 1,724,128 8,512,957 Reinet Investments SCA ...... 583,733 12,095,901 Banque Saudi Fransi...... 2,275,045 22,024,557 Remgro Ltd...... 1,974,578 17,150,738 Bupa Arabia for Cooperative Insurance Co.(a) . . 232,927 7,343,422 Sanlam Ltd...... 7,152,574 30,862,025 (a) Co for Cooperative Insurance (The)...... 223,604 4,787,788 Sasol Ltd...... 2,141,635 34,818,548 Dar Al Arkan Real Estate Development Co.(a) . . 2,107,642 5,839,570 Shoprite Holdings Ltd...... 1,894,769 21,257,160 Dr Sulaiman Al Habib Medical Services Sibanye Stillwater Ltd...... 10,558,337 49,990,683 Group Co...... 202,208 8,897,863 SPAR Group Ltd. (The) ...... 722,380 10,017,527 Emaar Economic City(a) ...... 1,464,264 4,413,017 Standard Bank Group Ltd...... 4,797,189 47,206,812 Etihad Etisalat Co...... 1,478,378 13,046,197 Tiger Brands Ltd...... 630,545 10,125,323 Jarir Marketing Co...... 219,508 12,306,587 Vodacom Group Ltd...... 2,400,481 22,788,690 (a) Mobile Telecommunications Co.(a) ...... 1,545,883 6,026,481 Woolworths Holdings Ltd...... 3,806,251 15,407,000 Mouwasat Medical Services Co...... 185,150 9,145,453 1,242,720,005 National Industrialization Co.(a) ...... 1,388,708 6,956,258 South Korea — 12.2% National Petrochemical Co...... 453,429 5,701,010 Alteogen Inc.(a)(c) ...... 106,427 6,970,367 Rabigh Refining & Petrochemical Co.(a) ...... 902,643 5,439,851 Amorepacific Corp...... 121,654 31,271,179 Riyad Bank...... 5,156,288 36,158,368 AMOREPACIFIC Group...... 113,905 7,917,510 SABIC Agri-Nutrients Co...... 771,485 21,183,347 BGF retail Co. Ltd...... 32,161 5,232,098 Sahara International Petrochemical Co...... 1,396,771 10,775,850 Celltrion Healthcare Co. Ltd.(a)...... 315,829 34,182,160 Saudi Airlines Catering Co.(a) ...... 21,993 466,336 Celltrion Inc.(a) ...... 363,402 89,351,114 Saudi Arabian Mining Co.(a) ...... 1,677,271 26,527,949 Celltrion Pharm Inc.(a) ...... 62,075 7,740,383 Saudi Arabian Oil Co.(b) ...... 7,974,149 75,095,622 Cheil Worldwide Inc...... 267,725 6,214,514 Saudi Basic Industries Corp...... 3,412,015 113,385,536 CJ CheilJedang Corp.(c)...... 32,234 14,114,089 Saudi British Bank (The) ...... 3,081,525 25,199,354 CJ Corp...... 55,901 5,735,674 Saudi Cement Co...... 279,520 4,896,864 CJ ENM Co. Ltd...... 40,688 6,027,229 Saudi Electricity Co...... 3,071,892 20,232,180 CJ Logistics Corp.(a) ...... 33,697 5,136,539 Saudi Industrial Investment Group ...... 832,050 8,398,052 Coway Co. Ltd...... 195,412 14,581,356 Saudi Kayan Petrochemical Co.(a) ...... 2,961,172 14,066,666 Daewoo Shipbuilding & Marine Engineering Saudi National Bank ...... 8,266,972 117,052,520 Co. Ltd.(a)(c)...... 148,920 4,494,623 Saudi Telecom Co...... 2,276,745 75,817,055 DB Insurance Co. Ltd...... 182,065 8,272,931 Savola Group (The)...... 999,285 10,886,575 Doosan Bobcat Inc.(a) ...... 200,066 9,194,229 Yanbu National Petrochemical Co...... 967,058 17,990,031 Doosan Heavy Industries & Construction (a)(c) 901,811,738 Co. Ltd...... 811,155 14,472,165 South Africa — 3.8% Douzone Bizon Co. Ltd...... 75,161 5,565,676 Absa Group Ltd.(a) ...... 2,728,185 28,346,695 E-MART Inc...... 72,985 10,406,228 African Rainbow Minerals Ltd...... 420,409 8,112,731 Fila Holdings Corp...... 193,308 9,434,300 Green Cross Corp...... 22,079 6,755,173

80 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) South Korea (continued) GS Engineering & Construction Corp...... 230,839 $ 9,253,009 Samsung Fire & Marine Insurance Co. Ltd...... 116,157 $ 22,005,348 GS Holdings Corp...... 189,084 7,808,901 Samsung Heavy Industries Co. Ltd.(a)(c)...... 1,782,821 9,664,105 Hana Financial Group Inc...... 1,127,342 47,030,913 Samsung Life Insurance Co. Ltd...... 265,667 19,935,880 Hankook Tire & Technology Co. Ltd...... 290,518 12,718,187 Samsung SDI Co. Ltd...... 208,152 114,804,665 Hanmi Pharm Co. Ltd...... 25,655 8,180,138 Samsung SDS Co. Ltd...... 128,749 20,939,672 Hanon Systems...... 725,304 11,003,522 Samsung Securities Co. Ltd...... 241,536 10,265,809 Hanwha Solutions Corp.(a) ...... 459,421 18,533,572 Seegene Inc.(c) ...... 138,930 8,449,176 HLB Inc.(a)(c)...... 347,335 10,700,526 Shin Poong Pharmaceutical Co. Ltd.(c) ...... 117,401 6,806,539 HMM Co. Ltd.(a) ...... 977,467 41,934,704 Shinhan Financial Group Co. Ltd...... 1,641,777 62,587,053 Hotel Shilla Co. Ltd...... 119,024 10,825,030 Shinsegae Inc.(c)...... 27,496 7,917,566 HYBE Co. Ltd.(a) ...... 35,756 8,491,826 SK Biopharmaceuticals Co. Ltd.(a)(c) ...... 102,958 10,470,807 Hyundai Engineering & Construction Co. Ltd. . . 287,337 14,769,593 SK Chemicals Co. Ltd...... 29,501 6,704,723 Hyundai Glovis Co. Ltd...... 71,084 12,021,052 SK Holdings Co. Ltd...... 120,331 28,535,116 Hyundai Heavy Industries Holdings Co. Ltd..... 184,120 11,628,935 SK Hynix Inc...... 2,059,827 234,645,199 Hyundai Mobis Co. Ltd...... 251,005 62,899,490 SK Innovation Co. Ltd.(a) ...... 192,908 45,756,599 Hyundai Motor Co...... 531,195 111,668,801 SK Telecom Co. Ltd...... 148,381 42,325,002 Hyundai Steel Co...... 330,494 15,795,213 SKC Co. Ltd...... 78,699 8,976,145 Industrial Bank of Korea...... 929,304 8,993,501 S-Oil Corp.(a) ...... 171,221 14,354,655 Kakao Corp...... 1,172,769 129,266,142 Woori Financial Group Inc...... 1,914,635 19,121,657 Kangwon Land Inc.(a) ...... 389,302 10,039,972 Yuhan Corp.(c) ...... 189,443 11,142,049 KB Financial Group Inc...... 1,486,949 78,590,800 3,982,731,800 Kia Corp...... 995,387 76,099,951 Taiwan — 13.8% (a)(c) KMW Co. Ltd...... 102,473 5,001,253 Accton Technology Corp...... 1,926,000 21,376,179 Korea Aerospace Industries Ltd...... 278,004 8,491,812 Acer Inc.(c) ...... 11,261,121 12,926,573 Korea Electric Power Corp...... 940,188 21,732,185 Advantech Co. Ltd.(c) ...... 1,483,455 17,639,525 Korea Investment Holdings Co. Ltd...... 160,720 14,957,322 Airtac International Group ...... 474,000 17,040,718 Korea Shipbuilding & Offshore Engineering ASE Technology Holding Co. Ltd.(c) ...... 12,377,110 49,640,926 (a) Co. Ltd...... 148,402 18,958,438 Asia Cement Corp.(c)...... 8,148,077 15,258,868 Korea Zinc Co. Ltd...... 32,734 13,245,009 ASMedia Technology Inc.(c) ...... 107,000 5,818,588 (a) Korean Air Lines Co. Ltd...... 586,434 16,797,374 Asustek Computer Inc.(c) ...... 2,671,968 38,002,271 KT&G Corp...... 422,158 31,908,289 AU Optronics Corp.(a)(c) ...... 30,998,000 28,660,311 Kumho Petrochemical Co. Ltd...... 69,653 14,431,630 Catcher Technology Co. Ltd.(c)...... 2,533,210 16,769,448 LG Chem Ltd...... 172,969 126,888,692 Cathay Financial Holding Co. Ltd...... 28,940,710 58,254,573 LG Corp...... 334,782 30,303,623 Chailease Holding Co. Ltd.(c) ...... 4,737,990 35,614,241 (a)(c) LG Display Co. Ltd...... 874,654 18,853,227 Chang Hwa Commercial Bank Ltd.(c)...... 20,187,653 12,255,432 LG Electronics Inc...... 403,233 54,956,358 Cheng Shin Rubber Industry Co. Ltd...... 7,127,128 11,980,086 LG Household & Health Care Ltd...... 34,965 48,839,160 China Development Financial Holding Corp.(c). . 51,021,848 22,869,344 LG Innotek Co. Ltd...... 54,261 9,951,815 China Life Insurance Co. Ltd...... 8,341,679 7,439,082 LG Uplus Corp...... 774,287 10,473,667 China Steel Corp.(c) ...... 44,726,313 59,544,746 Lotte Chemical Corp...... 64,188 16,050,745 Chunghwa Telecom Co. Ltd...... 13,968,410 57,226,204 (c) Lotte Shopping Co. Ltd...... 41,135 4,474,859 Compal Electronics Inc.(c) ...... 15,571,908 13,157,625 (a) LX Holdings Corp...... 162,347 1,593,921 CTBC Financial Holding Co. Ltd...... 66,289,772 55,030,827 Meritz Securities Co. Ltd...... 1,100,185 4,424,756 Delta Electronics Inc.(c)...... 7,381,000 78,639,571 Mirae Asset Securities Co. Ltd...... 1,144,174 10,144,936 E.Sun Financial Holding Co. Ltd.(c) ...... 42,404,186 39,028,562 NAVER Corp...... 465,325 151,173,283 Eclat Textile Co. Ltd...... 723,427 16,818,160 NCSoft Corp...... 62,230 48,446,600 Evergreen Marine Corp. Taiwan Ltd.(a) ...... 9,779,810 34,713,266 (b)(c) Netmarble Corp...... 81,691 10,221,105 Far Eastern New Century Corp...... 11,156,038 12,717,198 NH Investment & Securities Co. Ltd...... 475,485 5,600,264 Far EasTone Telecommunications Co. Ltd...... 5,930,000 13,777,091 (c) Orion Corp./Republic of Korea ...... 90,476 9,688,030 Feng TAY Enterprise Co. Ltd...... 1,541,137 13,385,873 Ottogi Corp...... 23 11,253 First Financial Holding Co. Ltd...... 38,859,586 30,842,096 (c) Pan Ocean Co. Ltd...... 1,053,281 6,428,708 Formosa Chemicals & Fibre Corp...... 13,532,090 41,719,321 (a) Pearl Abyss Corp...... 116,310 6,319,754 Formosa Petrochemical Corp.(c) ...... 4,442,000 15,995,571 POSCO ...... 278,574 88,599,437 Formosa Plastics Corp...... 14,577,280 54,374,500 POSCO Chemical Co. Ltd...... 112,807 14,655,742 Foxconn Technology Co. Ltd.(c) ...... 3,514,637 8,253,398 S-1 Corp...... 65,609 4,764,932 Fubon Financial Holding Co. Ltd.(c) ...... 24,094,969 62,768,706 (a)(b) Samsung Biologics Co. Ltd...... 62,332 47,275,033 Giant Manufacturing Co. Ltd...... 1,163,203 13,895,911 Samsung C&T Corp...... 314,208 38,977,800 Globalwafers Co. Ltd.(c) ...... 829,000 25,029,012 Samsung Electro-Mechanics Co. Ltd...... 209,914 32,093,788 Hiwin Technologies Corp...... 995,803 13,169,412 Samsung Electronics Co. Ltd...... 18,007,888 1,299,065,572 Hon Hai Precision Industry Co. Ltd...... 47,064,873 192,290,510 (a) Samsung Engineering Co. Ltd...... 601,843 10,200,348 Hotai Motor Co. Ltd.(c)...... 1,141,000 23,447,479

81 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Thailand (continued) Hua Nan Financial Holdings Co. Ltd...... 32,769,327 $ 21,561,462 Bangkok Expressway & Metro PCL, NVDR. . . . . 29,670,300 $ 7,779,648 Innolux Corp.(c) ...... 32,442,002 28,398,364 Berli Jucker PCL, NVDR(c) ...... 4,519,100 5,020,259 Inventec Corp.(c) ...... 9,651,281 8,979,836 BTS Group Holdings PCL, NVDR(c) ...... 28,661,000 8,389,524 Largan Precision Co. Ltd.(c) ...... 377,000 41,120,442 Bumrungrad Hospital PCL, NVDR ...... 1,635,400 6,899,978 Lite-On Technology Corp...... 8,145,246 19,438,846 Carabao Group PCL, NVDR...... 810,200 3,432,142 MediaTek Inc...... 5,711,338 204,290,872 Central Pattana PCL, NVDR(c)...... 8,008,600 12,997,317 Mega Financial Holding Co. Ltd...... 40,456,162 48,269,738 Central Retail Corp. PCL, NVDR...... 6,909,734 7,340,444 Micro-Star International Co. Ltd...... 2,611,000 15,520,464 Charoen Pokphand Foods PCL, NVDR ...... 15,186,300 13,231,873 Nan Ya Plastics Corp...... 19,778,160 60,229,956 CP ALL PCL, NVDR ...... 21,881,900 42,506,212 Nan Ya Printed Circuit Board Corp.(c) ...... 868,000 10,300,370 Delta Electronics Thailand PCL, NVDR ...... 1,195,800 22,261,762 Nanya Technology Corp.(c) ...... 4,682,000 13,792,176 Electricity Generating PCL, NVDR(c) ...... 1,100,400 6,157,107 Nien Made Enterprise Co. Ltd...... 627,000 9,200,862 Energy Absolute PCL, NVDR(c) ...... 5,850,200 11,269,564 Novatek Microelectronics Corp.(c)...... 2,199,000 42,228,579 Global Power Synergy PCL, NVDR ...... 2,720,600 6,348,528 Oneness Biotech Co. Ltd.(a)(c) ...... 820,000 6,024,279 Gulf Energy Development PCL, NVDR(c) ...... 10,725,600 11,580,798 Pegatron Corp.(c) ...... 7,344,414 19,455,036 Home Product Center PCL, NVDR...... 24,349,114 10,819,580 Phison Electronics Corp.(c) ...... 574,535 10,097,484 Indorama Ventures PCL, NVDR ...... 6,653,780 9,722,528 Pou Chen Corp...... 8,954,220 12,148,229 Intouch Holdings PCL, NVDR ...... 7,830,300 16,089,711 Powertech Technology Inc...... 2,847,300 10,981,725 Kasikornbank PCL, NVDR ...... 1,206,600 4,592,509 President Chain Store Corp.(c)...... 2,045,000 19,509,479 Krung Thai Bank PCL, NVDR ...... 12,820,700 4,470,724 Quanta Computer Inc.(c)...... 10,447,000 33,792,745 Krungthai Card PCL, NVDR ...... 3,280,200 7,655,122 Realtek Semiconductor Corp...... 1,801,637 32,371,153 Land & Houses PCL, NVDR...... 31,693,900 8,162,405 Ruentex Development Co. Ltd.(c) ...... 3,451,687 6,523,114 Minor International PCL, NVDR(a)...... 12,128,220 12,415,609 Shanghai Commercial & Savings Bank Muangthai Capital PCL, NVDR ...... 2,862,000 5,668,981 Ltd. (The)...... 13,410,318 21,955,309 Osotspa PCL, NVDR(c)...... 3,117,600 3,687,529 Shin Kong Financial Holding Co. Ltd...... 41,471,582 15,020,946 PTT Exploration & Production PCL, NVDR ..... 5,273,039 19,970,530 Silergy Corp...... 292,000 38,586,545 PTT Global Chemical PCL, NVDR ...... 8,686,930 17,555,815 SinoPac Financial Holdings Co. Ltd...... 40,565,626 19,805,785 PTT Oil & Retail Business, NVDR ...... 10,868,600 10,425,436 Synnex Technology International Corp...... 5,186,834 11,178,068 PTT PCL, NVDR...... 38,736,400 48,903,467 Taishin Financial Holding Co. Ltd...... 37,791,877 20,158,336 Ratch Group PCL, NVDR ...... 3,051,800 5,002,485 Taiwan Business Bank ...... 23,238,817 8,054,007 SCG Packaging PCL, NVDR ...... 3,300,600 5,834,416 Taiwan Cement Corp.(c) ...... 18,428,725 34,284,858 Siam Cement PCL (The), NVDR...... 2,965,100 41,554,603 Taiwan Cooperative Financial Holding Co. Ltd. . 35,318,975 26,675,340 Siam Commercial Bank PCL (The), NVDR . . . . . 3,167,000 10,379,294 Taiwan High Speed Rail Corp...... 7,278,000 7,724,341 Sri Trang Gloves Thailand PCL, NVDR(c)...... 3,567,400 4,994,360 Taiwan Mobile Co. Ltd...... 5,959,600 21,590,808 Srisawad Corp. PCL, NVDR(c) ...... 2,937,200 7,060,938 Taiwan Semiconductor Manufacturing Co. Ltd. . 92,999,000 1,997,997,985 Thai Oil PCL, NVDR(c) ...... 4,564,700 8,605,088 Unimicron Technology Corp...... 4,587,000 18,546,991 Thai Union Group PCL, NVDR ...... 11,790,300 6,712,081 Uni-President Enterprises Corp...... 18,241,839 48,384,879 True Corp. PCL, NVDR(c) ...... 44,862,101 4,531,025 (c) United Microelectronics Corp...... 44,605,000 84,789,234 541,404,503 (c) Vanguard International Semiconductor Corp. . 3,438,000 14,606,481 Turkey — 0.2% Walsin Technology Corp...... 1,180,000 8,909,723 Akbank TAS ...... 11,362,781 6,978,227 Wan Hai Lines Ltd...... 1,777,000 9,295,520 Aselsan Elektronik Sanayi Ve Ticaret AS ...... 2,665,203 4,636,083 (c) Win Semiconductors Corp...... 1,287,000 15,097,955 BIM Birlesik Magazalar AS ...... 1,749,232 13,059,380 (c) Winbond Electronics Corp...... 11,501,000 14,112,613 Enka Insaat ve Sanayi AS...... 2 1 (c) Wistron Corp...... 10,362,940 11,486,490 Eregli Demir ve Celik Fabrikalari TAS ...... 5,319,150 11,964,459 Wiwynn Corp...... 298,000 9,992,909 Ford Otomotiv Sanayi AS ...... 280,055 5,685,616 WPG Holdings Ltd...... 6,169,449 11,528,580 KOC Holding AS...... 2,729,954 5,912,630 (c) Yageo Corp...... 1,403,861 25,483,654 Turkcell Iletisim Hizmetleri AS ...... 4,358,368 8,059,603 (a) Yang Ming Marine Transport Corp...... 5,985,000 22,061,209 Turkiye Garanti Bankasi AS ...... 8,410,312 7,845,010 Yuanta Financial Holding Co. Ltd...... 37,156,980 34,281,146 Turkiye Is Bankasi AS, Class C(c) ...... 5,610,951 3,334,179 Zhen Ding Technology Holding Ltd...... 2,387,075 8,334,781 Turkiye Petrol Rafinerileri AS(a) ...... 491,185 5,582,332 4,481,550,908 Turkiye Sise ve Cam Fabrikalari AS...... 4,834,340 4,372,307 Thailand — 1.7% 77,429,827 Advanced Info Service PCL, NVDR ...... 4,406,900 23,750,718 United Arab Emirates — 0.7% (c) Airports of Thailand PCL, NVDR ...... 15,955,200 32,143,103 Abu Dhabi Commercial Bank PJSC...... 10,509,533 19,474,156 (a)(c) Asset World Corp. PCL, NVDR ...... 28,078,300 4,286,559 Abu Dhabi Islamic Bank PJSC...... 4,784,179 7,232,326 B Grimm Power PCL, NVDR ...... 3,069,100 4,345,133 Abu Dhabi National Oil Co. for Bangkok Bank PCL, Foreign ...... 2,049,900 7,577,393 Distribution PJSC ...... 9,446,441 10,275,647 Bangkok Commercial Asset Management Aldar Properties PJSC ...... 14,586,188 14,529,089 (c) PCL, NVDR ...... 6,941,600 4,194,577 Dubai Islamic Bank PJSC ...... 6,742,493 8,756,720 Bangkok Dusit Medical Services PCL, NVDR. . . 36,327,900 25,077,628

82 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ETF May 31, 2021 (Percentages shown are based on Net Assets)

Shares/ SecurityShares Value Security Par Value

United Arab Emirates (continued) South Korea (continued) Emaar Malls PJSC(a)...... 348,165 $ 186,572 Samsung Electronics Co. Ltd., Preference Emaar Properties PJSC...... 13,532,603 14,606,634 Shares, NVS...... 3,116,835 $ 203,879,653 Emirates NBD Bank PJSC ...... 9,651,163 36,259,355 240,049,216 Emirates Telecommunications Group Co. PJSC...... 6,544,309 38,590,782 Total Preferred Stocks — 2.1% First Abu Dhabi Bank PJSC ...... 15,348,576 70,464,921 (Cost: $419,454,486) ...... 706,185,172 220,376,202 Warrants Total Common Stocks — 97.7% Thailand — 0.0% (Cost: $21,091,081,467) ...... 31,782,419,213 Minor International PCL (Expires 02/15/24)(a). . . 3 7 9 , 0 0 7 5 0 , 9 3 9 Minor International PCL (Expires 05/05/23)(a). . . 4 1 8 , 2 1 4 6 5 , 3 0 8 Preferred Stocks 116,247 Brazil — 1.3% Alpargatas SA, Preference Shares, NVS ...... 734,417 6,663,964 Total Warrants — 0.0% Banco Bradesco SA, Preference Shares, NVS . 18,146,744 92,201,353 (Cost: $0) ...... 116,247 Bradespar SA, Preference Shares, NVS ...... 863,338 11,796,208 Braskem SA, Class A, Preference Corporate Bonds & Notes Shares, NVS...... 717,088 6,889,229 India — 0.0% Centrais Eletricas Brasileiras SA, Class B, Britannia Industries Ltd., 5.50%, 06/03/24 (d) . . . INR 12,304,265 169,849 Preference Shares, NVS ...... 1,003,856 8,394,199 Cia. Energetica de Minas Gerais, Preference Total Corporate Bonds & Notes — 0.0% Shares, NVS...... 3,977,528 10,364,148 (Cost: $169,079) ...... 169,849 Cia. Paranaense de Energia, Preference Shares, NVS...... 3,626,956 4,440,006 Short-Term Investments Gerdau SA, Preference Shares, NVS ...... 4,285,519 27,069,725 Itau Unibanco Holding SA, Preference Money Market Funds — 3.0% Shares, NVS...... 18,188,895 103,094,951 BlackRock Cash Funds: Institutional, SL (e)(f)(g) Itausa SA, Preference Shares, NVS ...... 16,889,319 35,193,508 Agency Shares, 0.06% ...... 970,598,502 971,180,861 Lojas Americanas SA, Preference Total Short-Term Investments — 3.0% Shares, NVS...... 3,471,511 13,248,720 (Cost: $970,799,182) ...... 971,180,861 Petroleo Brasileiro SA, Preference Shares, NVS...... 18,091,896 93,276,521 Total Investments in Securities — 102.8% 412,632,532 (Cost: $22,481,504,214) ...... 33,460,071,342 Chile — 0.1% Other Assets, Less Liabilities — (2.8)%...... (925,258,789) Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS...... 519,045 23,247,771 Net Assets — 100.0%...... $ 32,534,812,553 (a) Colombia — 0.0% Non-income producing security. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Bancolombia SA, Preference Shares, NVS..... 1,831,660 13,633,715 1933, as amended. These securities may be resold in transactions exempt from Russia — 0.0% registration to qualified institutional investors. (c) Surgutneftegas PJSC, Preference All or a portion of this security is on loan. (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the Shares, NVS...... 26,144,500 16,621,938 fair value hierarchy. (e) South Korea — 0.7% Affiliate of the Fund. (f) Annualized 7-day yield as of period-end. Hyundai Motor Co. (g) All or a portion of this security was purchased with cash collateral received from loaned Preference Shares, NVS ...... 88,692 8,805,939 securities. Series 2, Preference Shares, NVS ...... 122,436 12,264,814 LG Chem Ltd., Preference Shares, NVS ...... 29,733 9,902,077 LG Household & Health Care Ltd., Preference Shares, NVS...... 8,053 5,196,733

83 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institu- tional, SL Agency Shares ...... $765,984,334 $205,425,545(a) $ — $ (107,562)$ (121,456)$971,180,861 970,598,502 $6,087,609(b) $ — BlackRock Cash Funds: Treasury, (c) (a) SL Agency Shares ...... 251,040,000 — (251,040,000) — — — — 54,419 —

$ (107,562) $ (121,456) $971,180,861 $6,142,028 $ —

(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.

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 Consolidated Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $ 5,459,715,876 $26,304,991,981 $ 17,711,356 $31,782,419,213 Preferred Stocks ...... 449,514,018 256,671,154 — 706,185,172 Warrants ...... 116,247 — — 116,247 Corporate Bonds & Notes ...... — — 169,849 169,849 Money Market Funds...... 971,180,861 — — 971,180,861 $ 6,880,527,002 $26,561,663,135 $ 17,881,205 $33,460,071,342

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt NVDR...... Non-Voting Depositary Receipt CPO...... Certificates of Participation (Ordinary) NVS ...... Non-Voting Shares GDR...... Global Depositary Receipt PJSC ...... Public Joint Stock Company JSC...... Joint Stock Company

Currency Abbreviations

INR...... Indian Rupee

84 Schedule of Investments (unaudited) iShares MSCI Emerging Markets ex China ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Colombia — 0.2% Bancolombia SA ...... 67,860 $ 494,126 Argentina — 0.2% Ecopetrol SA...... 683,472 403,669 Globant SA(a) ...... 5,344 $ 1,164,297 Grupo de Inversiones Suramericana SA ...... 29,834 161,078 YPF SA, ADR(a) ...... 22,388 105,224 Interconexion Electrica SA ESP ...... 79,808 430,894 1,269,521 1,489,767 Brazil — 6.0% Cyprus — 0.3% Ambev SA ...... 672,800 2,317,240 Ozon Holdings PLC, ADR(a)...... 9,701 516,238 Atacadao SA...... 58,000 249,285 TCS Group Holding PLC, GDR(c)...... 19,075 1,434,435 B2W Cia. Digital(a)...... 31,283 358,647 B3 SA - Brasil, Bolsa, Balcao ...... 819,394 2,757,674 1,950,673 Banco Bradesco SA ...... 179,016 785,213 Czech Republic — 0.2% (d) Banco BTG Pactual SA...... 46,400 1,106,649 CEZ AS ...... 21,112 632,848 (a) Banco do Brasil SA...... 104,400 670,867 Komercni Banka AS ...... 15,544 572,273 (a)(b) Banco Inter SA...... 52,044 682,343 Moneta Money Bank AS ...... 104,632 392,277 Banco Santander Brasil SA ...... 46,400 366,984 1,597,398 BRF SA(a)...... 81,685 403,746 Egypt — 0.0% CCR SA ...... 197,200 521,407 Commercial International Bank Egypt SAE ...... 13,895 47,465 Centrais Eletricas Brasileiras SA ...... 58,132 488,997 Eastern Co. SAE ...... 195,074 146,335 Cia. Siderurgica Nacional SA ...... 104,400 899,831 Fawry for Banking & Payment Technology Cosan SA...... 89,828 402,801 Services SAE(a) ...... 102,787 142,593 CPFL Energia SA ...... 77,165 425,083 336,393 Energisa SA ...... 46,400 413,725 Greece — 0.2% Engie Brasil Energia SA ...... 34,800 265,689 Eurobank Ergasias Services and Holdings SA, Equatorial Energia SA ...... 139,200 660,517 Class A(a) ...... 121,644 113,589 (b) Hapvida Participacoes e Investimentos SA ...... 174,000 534,183 Hellenic Telecommunications Organization SA...... 35,117 632,908 Hypera SA ...... 97,722 682,518 JUMBO SA ...... 10,077 196,311 JBS SA ...... 162,400 942,610 OPAP SA...... 17,256 271,195 Klabin SA(a) ...... 92,800 469,012 1,214,003 Localiza Rent a Car SA...... 82,632 993,322 Hungary — 0.4% Lojas Renner SA ...... 116,030 1,041,926 MOL Hungarian Oil & Gas PLC(a) ...... 12,663 102,420 Magazine Luiza SA...... 421,917 1,632,068 OTP Bank Nyrt(a) ...... 34,336 1,875,749 Natura & Co. Holding SA(a) ...... 127,735 1,263,453 Richter Gedeon Nyrt...... 19,140 542,283 Notre Dame Intermedica Participacoes SA ...... 69,600 1,180,410 Petrobras Distribuidora SA...... 116,000 574,246 2,520,452 Petroleo Brasileiro SA ...... 522,000 2,669,244 India — 16.0% (a) Raia Drogasil SA ...... 151,728 820,403 Adani Enterprises Ltd...... 23,560 427,672 (a) Rede D'Or Sao Luiz SA(b)...... 9,483 127,769 Adani Green Energy Ltd...... 55,456 970,695 (a) Rumo SA(a) ...... 185,600 736,104 Adani Ports & Special Economic Zone Ltd...... 72,868 772,950 (a) Suzano SA(a)...... 98,994 1,153,540 Adani Total Gas Ltd...... 25,815 479,677 (a) Telefonica Brasil SA ...... 69,600 590,272 Adani Transmission Ltd...... 26,610 541,000 TIM SA ...... 131,688 307,509 Apollo Hospitals Enterprise Ltd...... 19,049 836,842 TOTVS SA...... 56,749 375,336 Asian Paints Ltd...... 51,546 2,116,094 Ultrapar Participacoes SA ...... 41,529 153,790 Aurobindo Pharma Ltd...... 61,534 849,602 (a)(b) Vale SA...... 512,844 11,294,632 Avenue Supermarts Ltd...... 26,118 1,106,123 (a) Via Varejo SA(a) ...... 177,904 443,079 Axis Bank Ltd...... 271,287 2,798,687 (a) WEG SA...... 255,280 1,672,739 Bajaj Auto Ltd...... 2,584 149,200 Bajaj Finance Ltd.(a) ...... 37,780 2,932,973 43,434,863 Bajaj Finserv Ltd.(a)...... 5,716 931,803 Chile — 0.6% Bandhan Bank Ltd.(a)(b) ...... 81,420 344,563 Banco de Chile...... 5,160,038 532,029 Bharat Electronics Ltd...... 15,805 31,634 Banco de Credito e Inversiones SA ...... 7,656 365,628 Bharat Forge Ltd.(a) ...... 84,913 790,190 Banco Santander Chile ...... 9,486,248 523,086 Bharat Petroleum Corp. Ltd...... 119,388 777,092 Cencosud SA ...... 158,137 328,497 Bharti Airtel Ltd...... 332,736 2,458,682 Cencosud Shopping SA ...... 153,147 291,708 Britannia Industries Ltd...... 14,422 685,248 Cia. Cervecerias Unidas SA ...... 28,420 254,976 Cholamandalam Investment and Finance Co. Ltd...... 24,307 183,882 Empresas CMPC SA ...... 152,555 393,758 Cipla Ltd.(a) ...... 64,392 841,043 Empresas COPEC SA...... 60,436 609,782 Coal India Ltd...... 273,230 556,702 Enel Americas SA ...... 3,781,273 521,915 Dabur India Ltd...... 108,056 807,973 Enel Chile SA ...... 4,151,292 254,464 Divi's Laboratories Ltd.(a) ...... 19,908 1,148,802 Falabella SA ...... 120,640 544,903 DLF Ltd...... 207,921 826,942 4,620,746

85 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ex China ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) Indonesia (continued) Dr. Reddy's Laboratories Ltd...... 16,262 $ 1,187,247 Bank Negara Indonesia Persero Tbk PT...... 960,400 $ 362,958 Eicher Motors Ltd.(a)...... 18,332 673,789 Bank Rakyat Indonesia Persero Tbk PT ...... 6,991,200 2,085,074 Godrej Consumer Products Ltd.(a)...... 83,880 993,520 Barito Pacific Tbk PT ...... 669,800 42,151 Grasim Industries Ltd...... 44,680 904,482 Charoen Pokphand Indonesia Tbk PT ...... 741,800 350,291 HCL Technologies Ltd...... 145,506 1,897,890 Gudang Garam Tbk PT(a) ...... 20,000 46,388 HDFC Life Insurance Co. Ltd.(a)(b) ...... 118,238 1,084,624 Indah Kiat Pulp & Paper Tbk PT...... 307,200 182,783 Hero MotoCorp Ltd...... 23,438 970,469 Indocement Tunggal Prakarsa Tbk PT...... 89,000 75,349 Hindalco Industries Ltd...... 263,514 1,430,983 Indofood CBP Sukses Makmur Tbk PT ...... 337,900 193,922 Hindustan Unilever Ltd...... 111,643 3,604,326 Indofood Sukses Makmur Tbk PT ...... 93,800 41,683 Housing Development Finance Corp. Ltd...... 231,884 8,150,382 Kalbe Farma Tbk PT ...... 737,800 74,852 ICICI Bank Ltd.(a)...... 721,422 6,613,364 Merdeka Copper Gold Tbk PT(a) ...... 4,152,800 785,360 ICICI Lombard General Insurance Co. Ltd.(b) ...... 33,904 689,578 Sarana Menara Nusantara Tbk PT ...... 9,067,300 745,430 Indus Towers Ltd...... 25,942 86,743 Semen Indonesia Persero Tbk PT...... 106,000 71,957 Info Edge India Ltd.(a)...... 14,224 855,467 Telkom Indonesia Persero Tbk PT...... 5,898,200 1,422,632 Infosys Ltd...... 470,686 9,046,316 Unilever Indonesia Tbk PT...... 1,706,800 699,204 InterGlobe Aviation Ltd.(a)(b) ...... 545 13,166 United Tractors Tbk PT ...... 359,700 567,664 ITC Ltd...... 454,884 1,360,872 12,968,636 JSW Steel Ltd...... 144,356 1,417,745 Kuwait — 0.8% (a) Kotak Mahindra Bank Ltd...... 74,478 1,854,886 Agility Public Warehousing Co. KSC...... 167,541 511,614 (b) Larsen & Toubro Infotech Ltd...... 3,379 183,929 Boubyan Bank KSCP...... 205,902 459,080 Larsen & Toubro Ltd...... 92,350 1,873,195 Kuwait Finance House KSCP ...... 628,533 1,555,930 Lupin Ltd...... 8,076 135,709 Mabanee Co. KPSC...... 74,630 176,067 Mahindra & Mahindra Ltd...... 126,254 1,407,690 Mobile Telecommunications Co. KSCP ...... 331,072 653,974 Maruti Suzuki India Ltd...... 18,332 1,787,952 National Bank of Kuwait SAKP ...... 876,988 2,422,678 Motherson Sumi Systems Ltd.(a) ...... 277,050 916,746 5,779,343 Muthoot Finance Ltd...... 43,096 783,593 Malaysia — 2.2% Nestle India Ltd...... 4,796 1,166,265 AMMB Holdings Bhd ...... 290,000 199,916 NTPC Ltd...... 819,718 1,249,707 Axiata Group Bhd ...... 510,400 456,406 Oil & Natural Gas Corp. Ltd...... 203,416 318,437 CIMB Group Holdings Bhd...... 962,800 996,883 Pidilite Industries Ltd.(a)...... 31,374 907,512 Dialog Group Bhd ...... 510,400 356,754 Piramal Enterprises Ltd...... 7,630 190,666 DiGi.Com Bhd...... 429,200 441,996 Power Grid Corp. of India Ltd...... 321,796 1,001,915 Genting Bhd ...... 481,600 568,410 REC Ltd...... 366,728 738,516 Genting Malaysia Bhd ...... 583,900 394,117 Reliance Industries Ltd...... 396,438 11,769,460 Hartalega Holdings Bhd ...... 266,800 580,283 SBI Life Insurance Co. Ltd.(b) ...... 61,632 828,930 Hong Leong Bank Bhd ...... 128,900 573,488 Shree Cement Ltd.(a) ...... 1,576 601,100 IHH Healthcare Bhd ...... 348,000 445,957 Shriram Transport Finance Co. Ltd...... 19,075 374,470 IOI Corp. Bhd ...... 243,600 241,036 Siemens Ltd...... 26,589 766,292 Kossan Rubber Industries ...... 109,000 106,555 State Bank of India(a) ...... 258,028 1,510,118 Kuala Lumpur Kepong Bhd ...... 81,200 436,105 Sun Pharmaceutical Industries Ltd...... 148,266 1,365,911 Malayan Banking Bhd(d) ...... 568,400 1,124,287 Tata Consultancy Services Ltd...... 127,634 5,567,307 Malaysia Airports Holdings Bhd ...... 260,644 352,436 Tata Consumer Products Ltd...... 114,098 1,044,055 Maxis Bhd ...... 320,000 359,827 Tata Motors Ltd.(a) ...... 255,498 1,121,255 MISC Bhd...... 208,800 346,778 Tata Steel Ltd...... 112,752 1,752,697 Nestle Malaysia Bhd...... 11,600 382,958 Tech Mahindra Ltd...... 106,542 1,505,491 Petronas Chemicals Group Bhd...... 324,800 631,962 Titan Co. Ltd...... 49,706 1,091,509 Petronas Dagangan Bhd...... 39,200 179,202 Torrent Pharmaceuticals Ltd...... 18,822 712,337 Petronas Gas Bhd...... 116,000 454,571 Trent Ltd...... 66,651 787,238 PPB Group Bhd ...... 104,440 467,940 UltraTech Cement Ltd...... 15,613 1,441,353 Press Metal Aluminium Holdings Bhd...... 502,600 632,032 UPL Ltd...... 76,054 855,157 Public Bank Bhd ...... 2,019,600 2,056,883 Vedanta Ltd...... 272,484 1,029,205 RHB Bank Bhd...... 232,000 297,484 Wipro Ltd...... 171,854 1,277,793 Sime Darby Bhd...... 371,800 205,981 Yes Bank Ltd.(a) ...... 1,442,617 268,422 Sime Darby Plantation Bhd ...... 359,600 395,696 115,533,852 Supermax Corp. Bhd ...... 184,900 184,271 Indonesia — 1.8% Telekom Malaysia Bhd...... 220,400 327,831 Adaro Energy Tbk PT...... 7,134,000 594,094 Tenaga Nasional Bhd...... 348,000 837,463 Aneka Tambang Tbk...... 3,732,500 640,380 Top Glove Corp. Bhd(d) ...... 730,800 914,645 Astra International Tbk PT ...... 447,300 164,226 15,950,153 Bank Central Asia Tbk PT...... 1,275,300 2,843,888 Bank Mandiri Persero Tbk PT ...... 2,332,700 978,350

86 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ex China ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Mexico — 2.8% Poland (continued) America Movil SAB de CV, Series L, NVS ...... 4,675,200 $ 3,661,669 Polskie Gornictwo Naftowe i Gazownictwo SA ...... 399,927 $ 716,618 Arca Continental SAB de CV...... 69,600 391,784 Powszechna Kasa Oszczednosci Bank Polski SA(a)..... 121,828 1,347,137 Cemex SAB de CV, CPO, NVS(a) ...... 2,030,000 1,712,220 Powszechny Zaklad Ubezpieczen SA(a) ...... 87,116 877,830 Coca-Cola Femsa SAB de CV ...... 81,200 405,633 Santander Bank Polska SA(a) ...... 8,655 627,417 Fibra Uno Administracion SA de CV ...... 324,800 383,374 9,608,079 Fomento Economico Mexicano SAB de CV...... 278,400 2,348,048 Qatar — 1.0% Gruma SAB de CV, Class B...... 8,060 87,811 Commercial Bank PSQC (The)...... 272,600 394,250 Grupo Aeroportuario del Pacifico SAB de CV, Class B. . . 58,000 628,920 Industries Qatar QSC...... 274,920 961,400 (a) Grupo Aeroportuario del Sureste SAB de CV, Class B . 29,615 536,796 Masraf Al Rayan QSC ...... 647,280 777,810 Grupo Bimbo SAB de CV, Series A...... 91,100 200,193 Mesaieed Petrochemical Holding Co...... 635,680 323,973 Grupo Financiero Banorte SAB de CV, Class O ...... 349,600 2,420,942 Ooredoo QPSC ...... 182,700 342,261 (a) Grupo Financiero Inbursa SAB de CV, Class O ...... 308,800 314,567 Qatar Electricity & Water Co. QSC ...... 63,800 276,038 Grupo Mexico SAB de CV, Series B ...... 452,400 2,206,580 Qatar Fuel QSC...... 5,925 28,670 Grupo Televisa SAB, CPO ...... 383,700 1,018,872 Qatar Gas Transport Co. Ltd...... 315,762 265,814 (a) Industrias Penoles SAB de CV ...... 10,515 159,647 Qatar International Islamic Bank QSC ...... 83,172 214,338 Kimberly-Clark de Mexico SAB de CV, Class A...... 220,400 399,460 Qatar Islamic Bank SAQ...... 171,680 802,894 Megacable Holdings SAB de CV, CPO ...... 68,900 261,791 Qatar National Bank QPSC ...... 657,836 3,147,626 Orbia Advance Corp. SAB de CV...... 150,800 429,581 7,535,074 Promotora y Operadora de Infraestructura SAB de CV . . 37,720 300,768 Russia — 4.7% Telesites SAB de CV(a) ...... 37,400 37,235 Alrosa PJSC ...... 440,713 705,272 Wal-Mart de Mexico SAB de CV ...... 765,600 2,519,969 Gazprom PJSC ...... 1,599,640 5,682,273 20,425,860 Inter RAO UES PJSC ...... 6,329,600 437,044 Pakistan — 0.0% LUKOIL PJSC...... 55,923 4,572,459 MCB Bank Ltd...... 53,708 57,712 Magnit PJSC, GDR(c)...... 21,350 326,015 Mail.Ru Group Ltd., GDR(a)(c) ...... 28,606 652,530 Peru — 0.2% MMC Norilsk Nickel PJSC ...... 9,081 3,265,324 Cia. de Minas Buenaventura SAA, ADR(a) ...... 30,160 347,443 Credicorp Ltd...... 2,024 278,240 Mobile TeleSystems PJSC, ADR ...... 45,789 417,596 Southern Copper Corp...... 12,876 897,972 Moscow Exchange MICEX-RTS PJSC ...... 165,900 380,745 Novatek PJSC, GDR(c) ...... 13,257 2,639,098 1,523,655 Novolipetsk Steel PJSC ...... 192,010 685,470 Philippines — 0.8% PhosAgro PJSC, GDR(c)...... 26,003 532,021 Aboitiz Equity Ventures Inc...... 103,000 86,858 Polymetal International PLC ...... 35,607 844,374 Ayala Corp...... 6,690 111,133 Polyus PJSC...... 4,888 1,058,110 Ayala Land Inc...... 1,607,700 1,157,066 Rosneft Oil Co. PJSC ...... 28,411 205,595 Bank of the Philippine Islands...... 304,380 534,922 Sberbank of Russia PJSC ...... 1,513,917 6,395,955 BDO Unibank Inc...... 75,320 163,378 Severstal PAO ...... 34,345 789,013 Globe Telecom Inc...... 5,220 197,234 Surgutneftegas PJSC ...... 1,483,800 735,935 GT Capital Holdings Inc...... 26,054 321,438 Tatneft PJSC...... 112,378 761,965 International Container Terminal Services Inc...... 148,480 444,531 VTB Bank PJSC, GDR(c) ...... 188,589 250,693 JG Summit Holdings Inc...... 222,240 264,934 X5 Retail Group NV, GDR(c)...... 6,552 198,639 Jollibee Foods Corp...... 79,140 319,391 Yandex NV, Class A(a) ...... 40,792 2,743,568 Manila Electric Co...... 13,080 77,599 34,279,694 Metro Pacific Investments Corp...... 3,723,600 309,957 Saudi Arabia — 4.5% Metropolitan Bank & Trust Co...... 405,047 406,733 Abdullah Al Othaim Markets Co...... 8,816 302,631 PLDT Inc...... 21,040 578,850 Advanced Petrochemical Co...... 27,376 600,553 SM Investments Corp...... 9,730 197,497 Al Rajhi Bank ...... 163,226 4,495,714 SM Prime Holdings Inc...... 460,000 346,240 Alinma Bank ...... 114,611 614,162 Universal Robina Corp...... 79,200 230,322 Almarai Co. JSC ...... 32,721 481,272 5,748,083 Arab National Bank...... 68,556 406,680 Poland — 1.3% Bank AlBilad ...... 50,228 506,776 (a)(b) Allegro.eu SA ...... 54,873 860,595 Bank Al-Jazira...... 97,208 479,969 (a) Bank Polska Kasa Opieki SA ...... 27,028 705,294 Banque Saudi Fransi ...... 80,736 781,600 CD Projekt SA ...... 9,529 436,573 Bupa Arabia for Cooperative Insurance Co.(a) ...... 9,976 314,510 (a)(b) Dino Polska SA ...... 6,612 511,759 Co for Cooperative Insurance (The) ...... 15,776 337,794 (a) KGHM Polska Miedz SA ...... 19,604 1,076,996 Dar Al Arkan Real Estate Development Co.(a) ...... 59,160 163,913 (a) LPP SA ...... 200 609,275 Dr Sulaiman Al Habib Medical Services Group Co...... 9,512 418,561 (a) Orange Polska SA ...... 100,920 182,737 Emaar Economic City(a) ...... 55,450 167,116 (a) PGE Polska Grupa Energetyczna SA ...... 134,560 365,488 Etihad Etisalat Co...... 50,460 445,293 Polski Koncern Naftowy ORLEN SA...... 58,012 1,290,360 Jarir Marketing Co...... 10,208 572,306

87 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ex China ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Saudi Arabia (continued) South Korea (continued) National Industrialization Co.(a)...... 47,452 $ 237,695 AMOREPACIFIC Group ...... 4,176 $ 290,273 Riyad Bank ...... 182,932 1,282,807 BGF retail Co. Ltd...... 1,625 264,362 SABIC Agri-Nutrients Co...... 25,752 707,096 Celltrion Healthcare Co. Ltd.(a) ...... 9,636 1,042,904 Sahara International Petrochemical Co...... 75,284 580,803 Celltrion Inc.(a) ...... 13,463 3,310,202 Saudi Airlines Catering Co.(a) ...... 1,576 33,417 Celltrion Pharm Inc.(a) ...... 2,213 275,948 Saudi Arabian Mining Co.(a) ...... 49,764 787,074 CJ CheilJedang Corp...... 1,394 610,382 Saudi Arabian Oil Co.(b)...... 283,852 2,673,143 CJ ENM Co. Ltd...... 1,740 257,751 Saudi Basic Industries Corp...... 122,148 4,059,131 CJ Logistics Corp.(a)...... 1,214 185,054 Saudi British Bank (The)...... 93,728 766,466 Coway Co. Ltd...... 8,120 605,902 Saudi Cement Co...... 15,544 272,313 Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) . . 5,800 175,052 Saudi Electricity Co...... 111,476 734,206 DB Insurance Co. Ltd...... 6,284 285,541 Saudi Industrial Investment Group ...... 47,847 482,930 Doosan Bobcat Inc.(a) ...... 6,794 312,225 Saudi Kayan Petrochemical Co.(a)...... 124,932 593,473 Doosan Heavy Industries & Construction Co. Ltd.(a) . . . . . 14,933 266,426 Saudi National Bank...... 298,769 4,230,287 Douzone Bizon Co. Ltd...... 4,443 329,004 Saudi Telecom Co...... 84,100 2,800,583 E-MART Inc...... 3,364 479,640 Savola Group (The) ...... 33,226 361,976 Fila Holdings Corp...... 8,120 396,293 Yanbu National Petrochemical Co...... 33,176 617,168 Green Cross Corp...... 109 33,349 32,309,418 GS Engineering & Construction Corp...... 11,832 474,277 South Africa — 6.0% GS Holdings Corp...... 8,932 368,879 Absa Group Ltd.(a)...... 99,689 1,035,800 Hana Financial Group Inc...... 39,672 1,655,053 Anglo American Platinum Ltd...... 6,802 896,874 Hankook Tire & Technology Co. Ltd...... 10,677 467,414 AngloGold Ashanti Ltd...... 57,072 1,409,319 Hanmi Pharm Co. Ltd...... 1,398 445,755 Aspen Pharmacare Holdings Ltd.(a) ...... 56,840 664,036 Hanon Systems ...... 23,780 360,764 (a) Bid Corp. Ltd.(a) ...... 53,528 1,128,064 Hanwha Solutions Corp...... 18,233 735,540 (a) Bidvest Group Ltd. (The)...... 48,058 677,282 HLB Inc...... 14,746 454,288 (a) Capitec Bank Holdings Ltd...... 10,564 1,277,691 HMM Co. Ltd...... 26,051 1,117,624 Clicks Group Ltd...... 37,700 704,417 Hotel Shilla Co. Ltd...... 5,336 485,300 (a) Discovery Ltd.(a)...... 55,691 568,134 HYBE Co. Ltd...... 763 181,208 Exxaro Resources Ltd...... 30,856 344,468 Hyundai Engineering & Construction Co. Ltd...... 12,064 620,109 FirstRand Ltd...... 684,487 2,782,862 Hyundai Glovis Co. Ltd...... 3,132 529,654 Gold Fields Ltd...... 123,656 1,559,334 Hyundai Heavy Industries Holdings Co. Ltd...... 6,960 439,590 Growthpoint Properties Ltd...... 514,466 539,431 Hyundai Mobis Co. Ltd...... 9,288 2,327,485 Harmony Gold Mining Co. Ltd...... 74,704 399,667 Hyundai Motor Co...... 20,065 4,218,102 Impala Platinum Holdings Ltd...... 115,536 2,099,875 Hyundai Steel Co...... 11,136 532,220 Kumba Iron Ore Ltd...... 5,916 274,506 Industrial Bank of Korea ...... 35,202 340,673 Mr. Price Group Ltd...... 47,037 796,280 Kakao Corp...... 41,772 4,604,236 (a) MTN Group Ltd.(a) ...... 243,948 1,759,867 Kangwon Land Inc...... 14,036 361,984 MultiChoice Group ...... 69,141 691,498 KB Financial Group Inc...... 55,680 2,942,896 Naspers Ltd., Class N ...... 49,430 10,946,560 Kia Corp...... 37,004 2,829,053 Nedbank Group Ltd...... 54,637 645,221 Korea Aerospace Industries Ltd...... 13,456 411,022 NEPI Rockcastle PLC ...... 66,711 465,531 Korea Electric Power Corp...... 33,408 772,217 Northam Platinum Ltd.(a)...... 46,632 788,601 Korea Investment Holdings Co. Ltd...... 6,612 615,342 (a) Old Mutual Ltd...... 661,084 685,781 Korea Shipbuilding & Offshore Engineering Co. Ltd. . . . 5,340 682,188 Rand Merchant Investment Holdings Ltd...... 134,096 314,729 Korea Zinc Co. Ltd...... 1,160 469,366 (a) Reinet Investments SCA...... 20,068 415,842 Korean Air Lines Co. Ltd...... 13,735 393,415 Remgro Ltd...... 84,555 734,426 KT&G Corp...... 16,936 1,280,087 Sanlam Ltd...... 271,589 1,171,856 Kumho Petrochemical Co. Ltd...... 2,204 456,654 Sasol Ltd.(a) ...... 80,156 1,303,170 LG Chem Ltd...... 6,367 4,670,781 Shoprite Holdings Ltd...... 68,437 767,786 LG Corp...... 9,492 859,192 (a) Sibanye Stillwater Ltd...... 350,412 1,659,100 LG Display Co. Ltd...... 32,480 700,109 SPAR Group Ltd. (The) ...... 29,331 406,744 LG Electronics Inc...... 15,567 2,121,616 Standard Bank Group Ltd...... 187,842 1,848,462 LG Household & Health Care Ltd...... 1,392 1,944,348 Tiger Brands Ltd...... 24,786 398,015 LG Innotek Co. Ltd...... 1,972 361,677 Vodacom Group Ltd...... 89,436 849,050 LG Uplus Corp...... 19,952 269,888 Woolworths Holdings Ltd.(a)...... 144,304 584,116 Lotte Chemical Corp...... 2,552 638,149 Lotte Shopping Co. Ltd...... 1,973 214,632 43,594,395 LX Holdings Corp.(a)...... 4,603 45,192 South Korea — 19.9% Mirae Asset Securities Co. Ltd...... 60,088 532,776 Alteogen Inc.(a)...... 7,888 516,619 NAVER Corp...... 17,643 5,731,801 Amorepacific Corp...... 4,176 1,073,441 NCSoft Corp...... 2,436 1,896,447

88 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ex China ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) Taiwan (continued) Netmarble Corp.(b) ...... 2,900 $ 362,845 Formosa Petrochemical Corp...... 262,000 $ 943,458 NH Investment & Securities Co. Ltd...... 22,852 269,151 Formosa Plastics Corp...... 580,000 2,163,450 Orion Corp./Republic of Korea ...... 3,944 422,317 Foxconn Technology Co. Ltd...... 140,000 328,761 Pearl Abyss Corp.(a) ...... 7,459 405,288 Fubon Financial Holding Co. Ltd...... 928,000 2,417,491 POSCO...... 10,558 3,357,933 Giant Manufacturing Co. Ltd...... 10,000 119,462 POSCO Chemical Co. Ltd...... 4,542 590,091 Globalwafers Co. Ltd...... 25,000 754,795 S-1 Corp...... 1,740 126,370 Hiwin Technologies Corp...... 5,000 66,125 Samsung Biologics Co. Ltd.(a)(b)...... 2,436 1,847,558 Hon Hai Precision Industry Co. Ltd...... 1,740,200 7,109,845 Samsung C&T Corp...... 11,484 1,424,601 Hotai Motor Co. Ltd...... 2,600 53,430 Samsung Electro-Mechanics Co. Ltd...... 8,816 1,347,880 Hua Nan Financial Holdings Co. Ltd...... 1,402,831 923,030 Samsung Electronics Co. Ltd...... 646,400 46,630,454 Innolux Corp...... 1,262,000 1,104,702 Samsung Engineering Co. Ltd.(a)...... 22,620 383,376 Inventec Corp...... 298,000 277,268 Samsung Fire & Marine Insurance Co. Ltd...... 3,834 726,332 Largan Precision Co. Ltd...... 1,000 109,073 Samsung Heavy Industries Co. Ltd.(a) ...... 68,564 371,664 Lite-On Technology Corp...... 348,000 830,511 Samsung Life Insurance Co. Ltd...... 9,068 680,471 MediaTek Inc...... 200,000 7,153,871 Samsung SDI Co. Ltd...... 7,774 4,287,691 Mega Financial Holding Co. Ltd...... 1,508,000 1,799,250 Samsung SDS Co. Ltd...... 5,800 943,309 Micro-Star International Co. Ltd...... 116,000 689,534 Samsung Securities Co. Ltd...... 8,004 340,188 Nan Ya Plastics Corp...... 696,000 2,119,512 Shin Poong Pharmaceutical Co. Ltd...... 2,536 147,029 Nanya Technology Corp...... 261,000 768,850 Shinhan Financial Group Co. Ltd...... 62,292 2,374,666 Novatek Microelectronics Corp...... 60,000 1,152,212 Shinsegae Inc...... 1,160 334,026 Pegatron Corp...... 348,000 921,837 SK Biopharmaceuticals Co. Ltd.(a)...... 981 99,767 Pou Chen Corp...... 356,000 482,987 SK Chemicals Co. Ltd...... 109 24,773 Powertech Technology Inc...... 171,000 659,528 SK Holdings Co. Ltd...... 4,988 1,182,847 President Chain Store Corp...... 43,000 410,224 SK Hynix Inc...... 75,052 8,549,549 Quanta Computer Inc...... 464,000 1,500,893 SK Innovation Co. Ltd.(a)...... 7,888 1,870,985 Realtek Semiconductor Corp...... 64,000 1,149,929 SK Telecom Co. Ltd...... 3,795 1,082,506 Shanghai Commercial & Savings Bank Ltd. (The) ...... 580,437 950,289 S-Oil Corp.(a)...... 4,176 350,103 Shin Kong Financial Holding Co. Ltd...... 1,628,930 589,996 Woori Financial Group Inc...... 36,462 364,150 Silergy Corp...... 10,000 1,321,457 Yuhan Corp...... 9,299 546,919 SinoPac Financial Holdings Co. Ltd...... 1,624,259 793,029 143,714,210 Synnex Technology International Corp...... 232,000 499,980 Taiwan — 21.9% Taishin Financial Holding Co. Ltd...... 1,631,130 870,051 Accton Technology Corp...... 38,000 421,752 Taiwan Business Bank...... 1,624,755 563,100 Acer Inc...... 464,000 532,623 Taiwan Cement Corp...... 700,983 1,304,111 Advantech Co. Ltd...... 26,299 312,717 Taiwan Cooperative Financial Holding Co. Ltd...... 1,398,443 1,056,201 Airtac International Group...... 3,000 107,853 Taiwan High Speed Rail Corp...... 348,000 369,342 ASE Technology Holding Co. Ltd...... 464,000 1,860,967 Taiwan Mobile Co. Ltd...... 233,000 844,127 Asia Cement Corp...... 348,000 651,698 Taiwan Semiconductor Manufacturing Co. Ltd...... 3,336,000 71,670,892 Asustek Computer Inc...... 116,000 1,649,819 Unimicron Technology Corp...... 232,000 938,064 AU Optronics Corp.(a)...... 1,160,000 1,072,520 Uni-President Enterprises Corp...... 696,000 1,846,079 Catcher Technology Co. Ltd...... 116,000 767,902 United Microelectronics Corp...... 1,624,000 3,087,047 Cathay Financial Holding Co. Ltd...... 1,044,063 2,101,588 Vanguard International Semiconductor Corp...... 119,000 505,576 Chailease Holding Co. Ltd...... 118,419 890,125 Walsin Technology Corp...... 85,000 641,802 Chang Hwa Commercial Bank Ltd...... 933,599 566,765 Win Semiconductors Corp...... 4,000 46,924 Cheng Shin Rubber Industry Co. Ltd...... 341,000 573,191 Winbond Electronics Corp...... 573,000 703,115 China Development Financial Holding Corp...... 1,740,000 779,914 Wistron Corp...... 464,598 514,970 China Life Insurance Co. Ltd...... 353,857 315,569 WPG Holdings Ltd...... 356,520 666,213 China Steel Corp...... 1,624,000 2,162,053 Yageo Corp...... 7,000 127,068 (a) Chunghwa Telecom Co. Ltd...... 468,000 1,917,317 Yang Ming Marine Transport Corp...... 218,000 803,566 Compal Electronics Inc...... 580,000 490,076 Yuanta Financial Holding Co. Ltd...... 1,516,320 1,398,962 CTBC Financial Holding Co. Ltd...... 2,552,000 2,118,557 Zhen Ding Technology Holding Ltd...... 174,000 607,543 Delta Electronics Inc...... 239,000 2,546,384 158,363,545 E.Sun Financial Holding Co. Ltd...... 1,856,286 1,708,515 Thailand — 2.8% Eclat Textile Co. Ltd...... 30,000 697,437 Advanced Info Service PCL, NVDR ...... 180,500 972,794 Evergreen Marine Corp. Taiwan Ltd.(a)...... 348,000 1,235,220 Airports of Thailand PCL, NVDR(d) ...... 661,200 1,332,043 Far Eastern New Century Corp...... 464,000 528,931 Asset World Corp. PCL, NVDR(a)...... 2,101,200 320,779 Far EasTone Telecommunications Co. Ltd...... 348,000 808,504 B Grimm Power PCL, NVDR...... 15,100 21,378 Feng TAY Enterprise Co. Ltd...... 21,000 182,400 Bangkok Bank PCL, Foreign ...... 24,900 92,042 First Financial Holding Co. Ltd...... 1,515,859 1,203,108 Bangkok Commercial Asset Management Formosa Chemicals & Fibre Corp...... 464,000 1,430,508 PCL, NVDR(d) ...... 447,900 270,651

89 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ex China ETF May 31, 2021 (Percentages shown are based on Net Assets)

Shares/ SecurityShares Value Security Par Value Thailand (continued) Preferred Stocks Bangkok Dusit Medical Services PCL, NVDR ...... 1,415,200 $ 976,931 Brazil — 2.1% Berli Jucker PCL, NVDR(d) ...... 220,400 244,842 Alpargatas SA, Preference Shares, NVS ...... 81,200 $ 736,794 Bumrungrad Hospital PCL, NVDR...... 69,600 293,652 Banco Bradesco SA, Preference Shares, NVS...... 665,544 3,381,546 Central Pattana PCL, NVDR ...... 348,000 564,776 Bradespar SA, Preference Shares, NVS...... 30,790 420,699 Central Retail Corp. PCL, NVDR ...... 322,700 342,815 Braskem SA, Class A, Preference Shares, NVS...... 6,322 60,737 Charoen Pokphand Foods PCL, NVDR...... 336,400 293,106 Centrais Eletricas Brasileiras SA, Class B, Preference CP ALL PCL, NVDR ...... 838,400 1,628,616 Shares, NVS ...... 23,200 193,997 Delta Electronics Thailand PCL, NVDR ...... 40,500 753,973 Cia. Energetica de Minas Gerais, Preference Energy Absolute PCL, NVDR ...... 243,600 469,260 Shares, NVS ...... 42,044 109,554 Global Power Synergy PCL, NVDR ...... 116,000 270,686 Cia. Paranaense de Energia, Preference Shares, NVS . . 134,372 164,494 Gulf Energy Development PCL, NVDR ...... 518,600 559,950 Gerdau SA, Preference Shares, NVS...... 150,800 952,537 Home Product Center PCL, NVDR ...... 1,114,100 495,053 Itau Unibanco Holding SA, Preference Shares, NVS . . . . 685,328 3,884,450 Intouch Holdings PCL, NVDR ...... 266,800 548,221 Itausa SA, Preference Shares, NVS ...... 601,842 1,254,102 Krungthai Card PCL, NVDR(d)...... 116,000 270,713 Lojas Americanas SA, Preference Shares, NVS...... 144,581 551,781 Land & Houses PCL, NVDR ...... 1,511,700 389,321 Petroleo Brasileiro SA, Preference Shares, NVS ...... 638,000 3,289,341 Minor International PCL, NVDR(a) ...... 595,500 609,611 Muangthai Capital PCL, NVDR...... 137,800 272,951 15,000,032 Osotspa PCL, NVDR ...... 139,200 164,647 Chile — 0.1% PTT Exploration & Production PCL, NVDR ...... 220,400 834,719 Sociedad Quimica y Minera de Chile SA, Class B, PTT Global Chemical PCL, NVDR...... 359,600 726,732 Preference Shares, NVS ...... 19,542 875,277 PTT Oil & Retail Business, NVDR ...... 536,000 514,145 Colombia — 0.1% PTT PCL, NVDR ...... 1,659,300 2,094,813 Bancolombia SA, Preference Shares, NVS ...... 58,348 434,306 Ratch Group PCL, NVDR...... 162,400 266,205 Siam Cement PCL (The), NVDR ...... 116,000 1,625,690 Russia — 0.1% Siam Commercial Bank PCL (The), NVDR...... 139,200 456,204 Surgutneftegas PJSC, Preference Shares, NVS ...... 1,537,200 977,309 Sri Trang Gloves Thailand PCL, NVDR ...... 150,800 211,120 Srisawad Corp. PCL, NVDR ...... 162,400 390,405 South Korea — 1.1% Thai Oil PCL, NVDR...... 185,600 349,882 Hyundai Motor Co., Series 2, Preference Shares, NVS . . 5,223 523,205 Thai Union Group PCL, NVDR ...... 464,000 264,150 LG Chem Ltd., Preference Shares, NVS...... 299 99,577 Samsung Electronics Co. Ltd., Preference Shares, NVS. 115,043 7,525,238 19,892,876 Turkey — 0.4% 8,148,020 Akbank TAS...... 391,929 240,695 Total Preferred Stocks — 3.5% Aselsan Elektronik Sanayi Ve Ticaret AS ...... 145,833 253,674 (Cost: $23,718,666) ...... 25,434,944 BIM Birlesik Magazalar AS...... 61,697 460,616 Eregli Demir ve Celik Fabrikalari TAS...... 223,532 502,795 Ford Otomotiv Sanayi AS ...... 9,484 192,542 Warrants KOC Holding AS ...... 159,081 344,543 Thailand — 0.0% Turkcell Iletisim Hizmetleri AS...... 134,524 248,765 Minor International PCL (Expires 02/15/24)(a) ...... 11,659 1,567 Turkiye Garanti Bankasi AS...... 271,976 253,695 Minor International PCL (Expires 05/05/23)(a) ...... 12,865 2,009 Turkiye Is Bankasi AS, Class C ...... 167,733 99,672 3,576 Turkiye Petrol Rafinerileri AS(a)...... 7,085 80,521 Turkiye Sise ve Cam Fabrikalari AS ...... 57,007 51,559 Total Warrants — 0.0% 2,729,077 (Cost: $0) ...... 3,576 United Arab Emirates — 1.0% Abu Dhabi Commercial Bank PJSC ...... 365,400 677,086 Corporate Bonds & Notes Aldar Properties PJSC...... 552,044 549,883 India — 0.0% Dubai Islamic Bank PJSC...... 247,428 321,344 Britannia Industries Ltd., 5.50%, 06/03/24 (e) ...... INR 418,238 5,773 Emaar Malls PJSC(a) ...... 15,772 8,452 Emaar Properties PJSC ...... 526,524 568,312 Total Corporate Bonds & Notes — 0.0% Emirates NBD Bank PJSC ...... 359,832 1,351,886 (Cost: $5,747) ...... 5,773 Emirates Telecommunications Group Co. PJSC...... 260,249 1,534,648 First Abu Dhabi Bank PJSC...... 473,962 2,175,948 7,187,559

Total Common Stocks — 96.2% (Cost: $632,568,228) ...... 695,635,037

90 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ex China ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value Short-Term Investments (b) 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 Money Market Funds — 0.2% registration to qualified institutional investors. BlackRock Cash Funds: Institutional, SL Agency (c) This security may be resold to qualified foreign investors and foreign institutional buyers Shares, 0.06%(f)(g)(h) ...... 1,657,136 $ 1,658,130 under Regulation S of the Securities Act of 1933. (d) All or a portion of this security is on loan. Total Short-Term Investments — 0.2% (e) Security is valued using significant unobservable inputs and is classified as Level 3 in the (Cost: $1,658,086)...... 1,658,130 fair value hierarchy. (f) Affiliate of the Fund. Total Investments in Securities — 99.9% (g) Annualized 7-day yield as of period-end. (Cost: $657,950,727) ...... 722,737,460 (h) All or a portion of this security was purchased with cash collateral received from loaned Other Assets, Less Liabilities — 0.1% ...... 799,826 securities.

Net Assets — 100.0%...... $ 723,537,286 (a) Non-income producing security.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $ — $ 1,659,660(a) $ — $ (1,574)$ 44 $1,658,130 1,657,136 $25,191(b) $ — BlackRock Cash Funds: Treasury, SL Agency (c) (a) Shares ...... 110,000 — (110,000) — — — — 41 — iShares MSCI India ETF(c) ...... 10,289,973 59,512,139 (71,974,324) 2,920,281 (748,069) — — 14,852 —

$ 2,918,707 $ (748,025) $1,658,130 $40,084 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 21 06/18/21 $ 1,429 $ 46,004

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.

91 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets ex China ETF May 31, 2021

Fair Value Measurements (continued)

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 ...... $110,637,688 $584,997,349 $ — $695,635,037 Preferred Stocks ...... 16,309,615 9,125,329 — 25,434,944 Warrants...... 3,576 — — 3,576 Corporate Bonds & Notes ...... — — 5,773 5,773 Money Market Funds ...... 1,658,130 — — 1,658,130 $128,609,009 $594,122,678 $ 5,773 $722,737,460 Derivative financial instruments(a) Assets Futures Contracts ...... $ 46,004 $ — $ — $ 46,004

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt CPO...... Certificates of Participation (Ordinary) GDR...... Global Depositary Receipt NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

Currency Abbreviations

INR...... Indian Rupee

92 Consolidated Schedule of Investments (unaudited) iShares MSCI Emerging Markets Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) GDS Holdings Ltd., ADR(a)...... 20,702 $ 1,557,204 Brazil — 0.1% Giant Network Group Co. Ltd., Class A ...... 990,253 2,157,913 Raia Drogasil SA...... 688,940 $ 3,725,143 GOME Retail Holdings Ltd.(a)(d) ...... 12,441,000 1,986,200 China — 32.5% Guangdong Haid Group Co. Ltd., Class A ...... 934,188 11,628,543 Agricultural Bank of China Ltd., Class A ...... 19,672,298 10,087,960 Guangdong Investment Ltd...... 11,972,000 17,594,151 Agricultural Bank of China Ltd., Class H ...... 58,284,000 23,649,257 Guangzhou Haige Communications Group Inc. Co., Alibaba Group Holding Ltd.(a) ...... 1,382,536 37,618,464 Class A ...... 1,377,300 2,177,801 (b) Alibaba Group Holding Ltd., ADR(a) ...... 43,204 9,243,928 Haidilao International Holding Ltd...... 656,000 3,780,395 (b) Anhui Gujing Distillery Co. Ltd., Class B ...... 651,700 8,940,930 Hangzhou Tigermed Consulting Co. Ltd., Class H . . 590,500 12,257,214 (a)(b) ANTA Sports Products Ltd...... 927,000 18,939,826 Hansoh Pharmaceutical Group Co. Ltd...... 5,314,000 23,167,060 Apeloa Pharmaceutical Co. Ltd., Class A ...... 662,800 2,716,246 Hengan International Group Co. Ltd...... 1,862,500 12,485,451 AVIC Jonhon Optronic Technology Co. Ltd., Class A . 619,186 7,511,451 Hengtong Optic-Electric Co. Ltd., Class A ...... 1,167,100 2,174,964 Bank of China Ltd., Class A...... 19,755,100 10,346,229 Hualan Biological Engineering Inc., Class A...... 437,480 2,780,702 Bank of China Ltd., Class H...... 77,306,000 28,993,809 Huaxia Bank Co. Ltd., Class A ...... 5,319,020 5,378,254 Bank of Communications Co. Ltd., Class A ...... 13,753,874 10,599,809 Iflytek Co. Ltd., Class A...... 563,800 5,516,047 Bank of Communications Co. Ltd., Class H ...... 8,598,000 5,795,255 Industrial & Commercial Bank of China Ltd., Class A . 2,394,700 1,962,598 Bank of Hangzhou Co. Ltd., Class A...... 2,821,793 7,330,630 Industrial & Commercial Bank of China Ltd., Class H. 51,675,000 33,925,125 Bank of Jiangsu Co. Ltd., Class A ...... 6,947,888 8,347,078 Industrial Bank Co. Ltd., Class A ...... 3,272,012 11,894,768 Bank of Ningbo Co. Ltd., Class A...... 459,296 3,055,407 Inner Mongolia BaoTou Steel Union Co. Ltd., (a) Bank of Shanghai Co. Ltd., Class A ...... 7,368,932 9,862,078 Class A ...... 16,537,400 4,272,398 (a) BeiGene Ltd., ADR(a) ...... 56,077 20,104,165 JD.com Inc., ADR ...... 430,418 31,825,107 Beijing Capital International Airport Co. Ltd., Class H. 5,768,000 3,895,038 Jiangsu Expressway Co. Ltd., Class H ...... 11,454,000 13,851,047 Beijing Sinnet Technology Co. Ltd., Class A...... 921,473 2,228,776 Jiangsu Hengrui Medicine Co. Ltd., Class A ...... 1,842,431 25,031,173 Beijing Tiantan Biological Products Corp. Ltd., Jiangsu Zhongtian Technology Co. Ltd., Class A . . . . . 1,724,300 2,874,562 Class A ...... 755,995 4,058,369 Jinyu Bio-Technology Co. Ltd., Class A ...... 633,404 2,012,548 (a) BOE Technology Group Co. Ltd., Class A...... 4,276,800 4,254,269 Jointown Pharmaceutical Group Co. Ltd., Class A . . 1,121,778 3,025,615 (d) BYD Co. Ltd., Class H...... 271,000 6,309,150 Kingdee International Software Group Co. Ltd...... 2,074,000 8,427,953 CGN Power Co. Ltd., Class H(b)...... 46,596,000 10,266,106 Kweichow Moutai Co. Ltd., Class A...... 21,590 7,536,252 Changchun High & New Technology Industry Laobaixing Pharmacy Chain JSC, Class A...... 244,742 2,212,117 Group Inc., Class A ...... 103,500 6,687,259 Lenovo Group Ltd...... 11,738,000 14,079,025 China CITIC Bank Corp. Ltd., Class H...... 14,594,000 7,977,071 Liaoning Cheng Da Co. Ltd., Class A...... 556,200 1,874,666 (a)(b) China Conch Venture Holdings Ltd...... 1,416,500 6,522,488 Meituan, Class B ...... 852,200 33,113,055 (d) China Construction Bank Corp., Class A...... 2,281,884 2,486,630 Microport Scientific Corp...... 548,000 4,584,670 China Construction Bank Corp., Class H ...... 6,142,000 5,044,743 Midea Group Co. Ltd., Class A ...... 158,000 2,014,912 China Feihe Ltd.(b) ...... 2,970,000 8,321,308 NavInfo Co. Ltd., Class A ...... 1,176,500 2,595,953 China Gas Holdings Ltd...... 1,585,000 5,915,873 NetEase Inc., ADR ...... 108,997 12,854,016 China Huishan Dairy Holdings Co. Ltd.(a)(c) ...... 22,241,266 29 New Oriental Education & Technology (a) China Life Insurance Co. Ltd., Class H ...... 1,233,000 2,602,822 Group Inc., ADR ...... 1,362,979 13,943,275 China Mengniu Dairy Co. Ltd...... 2,142,000 12,996,034 Offcn Education Technology Co. Ltd., Class A ...... 640,900 2,509,805 China Merchants Bank Co. Ltd., Class H ...... 1,448,500 13,410,903 PetroChina Co. Ltd., Class A...... 2,815,000 2,045,428 (b) China Minsheng Banking Corp. Ltd., Class A ...... 2,660,854 1,975,414 Pharmaron Beijing Co. Ltd., Class H ...... 87,100 2,084,956 (a) China National Medicines Corp. Ltd., Class A...... 452,200 2,592,024 Pinduoduo Inc., ADR ...... 162,521 20,295,623 China Petroleum & Chemical Corp., Class H...... 7,252,000 3,851,495 Ping An Insurance Group Co. of China Ltd., Class H . 3,113,500 33,848,965 (b) China Resources Beer Holdings Co. Ltd...... 3,246,000 29,152,876 Postal Savings Bank of China Co. Ltd., Class H . . . . 35,737,000 25,755,506 China Resources Gas Group Ltd...... 1,792,000 11,192,347 Sangfor Technologies Inc., Class A...... 102,100 4,348,163 China Shenhua Energy Co. Ltd., Class A ...... 1,757,113 5,524,672 SDIC Power Holdings Co. Ltd., Class A ...... 4,068,272 6,174,627 China Shenhua Energy Co. Ltd., Class H...... 961,500 2,177,590 SF Holding Co. Ltd., Class A...... 250,100 2,738,787 China Tourism Group Duty Free Corp. Ltd., Class A. . 440,881 23,242,467 Shandong Gold Mining Co. Ltd., Class A ...... 2,032,668 6,840,852 (b) China Tower Corp. Ltd., Class H(b) ...... 85,546,000 11,687,756 Shandong Gold Mining Co. Ltd., Class H ...... 3,590,500 7,881,245 China Yangtze Power Co. Ltd., Class A...... 12,789,605 39,938,893 Shandong Weigao Group Medical Polymer Co. Ltd., Chongqing Zhifei Biological Products Co. Ltd., Class H ...... 2,652,000 5,855,214 Class A ...... 139,600 4,290,952 Shanghai Fosun Pharmaceutical Group Co. Ltd., Country Garden Services Holdings Co. Ltd...... 665,000 6,902,120 Class H ...... 250,000 2,080,616 Da An Gene Co. Ltd. of Sun Yat-Sen University, Shanghai Jahwa United Co. Ltd., Class A ...... 403,800 3,728,691 Class A ...... 789,300 2,938,399 Shanghai Lujiazui Finance & Trade Zone Dali Foods Group Co. Ltd.(b) ...... 3,790,500 2,373,672 Development Co. Ltd., Class B ...... 10,317,242 8,955,015 Daqin Railway Co. Ltd., Class A...... 8,360,833 9,006,234 Shanghai M&G Stationery Inc., Class A ...... 325,100 4,309,043 ENN Energy Holdings Ltd...... 773,800 14,235,107 Shanghai Pharmaceuticals Holding Co. Ltd., Foshan Haitian Flavouring & Food Co. Ltd., Class A . 204,871 4,427,117 Class H ...... 2,658,200 6,009,550 Fuyao Glass Industry Group Co. Ltd., Class A ...... 243,303 2,004,966

93 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) India (continued) Shanghai Pudong Development Bank Co. Ltd., Cipla Ltd.(a) ...... 1,176,034 $ 15,360,532 Class A ...... 3,161,268 $ 5,106,046 Colgate-Palmolive India Ltd...... 122,415 2,908,307 Shanghai RAAS Blood Products Co. Ltd., Class A . . . 2,666,300 3,208,930 Dabur India Ltd...... 2,686,100 20,084,935 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Divi's Laboratories Ltd.(a) ...... 186,126 10,740,506 Class A ...... 150,000 11,413,104 Dr. Reddy's Laboratories Ltd...... 282,068 20,593,062 Shenzhou International Group Holdings Ltd...... 1,090,300 28,068,456 Eicher Motors Ltd.(a)...... 407,317 14,970,855 Sichuan Chuantou Energy Co. Ltd., Class A ...... 2,063,057 3,810,044 HCL Technologies Ltd...... 2,762,654 36,034,347 Sino Biopharmaceutical Ltd...... 6,354,000 7,140,590 Hindustan Unilever Ltd...... 909,225 29,353,775 Sinopec Shanghai Petrochemical Co. Ltd., Class A . . 3,392,764 1,946,765 Housing Development Finance Corp. Ltd...... 286,696 10,076,943 Sinopharm Group Co. Ltd., Class H ...... 1,765,600 6,002,765 Infosys Ltd...... 2,756,771 52,983,564 Songcheng Performance Development Co. Ltd., Ipca Laboratories Ltd...... 198,357 5,664,221 Class A ...... 1,470,459 4,098,679 ITC Ltd...... 744,302 2,226,721 Sun Art Retail Group Ltd...... 8,073,000 6,127,904 Lupin Ltd...... 725,239 12,186,932 Suning.com Co. Ltd., Class A ...... 2,243,079 2,400,862 Marico Ltd...... 2,646,423 17,381,885 TAL Education Group, ADR(a) ...... 218,422 8,730,327 Maruti Suzuki India Ltd...... 24,616 2,400,841 Tencent Holdings Ltd...... 487,600 39,230,094 MRF Ltd...... 11,592 13,370,061 Tencent Music Entertainment Group, ADR(a) ...... 472,750 7,441,085 Nestle India Ltd...... 28,527 6,937,037 Tianjin 712 Communication & Broadcasting Co. Ltd., Page Industries Ltd...... 34,687 14,741,362 Class A ...... 321,300 1,841,106 Pidilite Industries Ltd.(a)...... 835,283 24,161,060 Tianjin Zhonghuan Semiconductor Co. Ltd., Class A . 693,300 3,142,054 Reliance Industries Ltd...... 372,133 11,047,893 Topchoice Medical Corp., Class A(a) ...... 180,299 9,964,351 Sun Pharmaceutical Industries Ltd...... 1,336,228 12,310,091 TravelSky Technology Ltd., Class H ...... 1,274,000 2,758,302 Tata Consultancy Services Ltd...... 944,356 41,192,156 Uni-President China Holdings Ltd...... 1,894,000 2,045,896 Tech Mahindra Ltd...... 1,394,222 19,701,040 Vipshop Holdings Ltd., ADR(a)...... 191,335 4,425,579 Titan Co. Ltd...... 482,241 10,589,678 Walvax Biotechnology Co. Ltd., Class A ...... 493,001 5,446,496 UltraTech Cement Ltd...... 24,333 2,246,361 Want Want China Holdings Ltd...... 3,241,000 2,409,677 Wipro Ltd...... 5,185,593 38,556,650 (b) WuXi AppTec Co. Ltd., Class H ...... 518,064 11,083,545 523,651,837 (a)(b) Wuxi Biologics Cayman Inc., New ...... 664,500 10,393,191 Kuwait — 1.5% (a)(b) Xiaomi Corp., Class B ...... 5,929,400 22,389,241 Mobile Telecommunications Co. KSCP ...... 15,674,828 30,962,825 Yum China Holdings Inc...... 727,636 49,217,299 National Bank of Kuwait SAKP...... 10,223,402 28,242,135 Yunnan Baiyao Group Co. Ltd., Class A ...... 352,867 6,974,043 59,204,960 Zhaojin Mining Industry Co. Ltd., Class H...... 9,783,500 10,560,514 Malaysia — 3.9% Zhejiang Supor Co. Ltd., Class A...... 174,885 1,948,267 DiGi.Com Bhd ...... 10,891,500 11,216,221 Zhongjin Gold Corp. Ltd., Class A ...... 2,416,968 3,709,625 Fraser & Neave Holdings Bhd...... 1,004,200 6,462,143 Zhongsheng Group Holdings Ltd...... 857,000 7,370,877 Hong Leong Bank Bhd ...... 3,378,400 15,030,813 Zijin Mining Group Co. Ltd., Class A...... 2,958,200 5,244,197 IHH Healthcare Bhd ...... 11,941,700 15,303,117 ZTE Corp., Class H...... 1,236,400 3,381,154 IOI Corp. Bhd ...... 1,744,100 1,725,745 ZTO Express Cayman Inc., ADR ...... 476,781 15,299,902 Kuala Lumpur Kepong Bhd ...... 677,700 3,639,758 1,301,979,278 Malayan Banking Bhd(d) ...... 16,566,400 32,768,087 Czech Republic — 0.2% Maxis Bhd ...... 6,171,300 6,939,385 CEZ AS...... 94,859 2,843,469 Nestle Malaysia Bhd...... 490,300 16,186,576 (a) Komercni Banka AS ...... 202,739 7,464,108 Petronas Chemicals Group Bhd...... 3,286,500 6,394,533 10,307,577 Petronas Dagangan Bhd...... 956,000 4,370,337 Egypt — 0.2% PPB Group Bhd ...... 2,546,200 11,408,159 Commercial International Bank Egypt SAE ...... 2,371,063 8,099,492 Public Bank Bhd ...... 6,674,000 6,797,205 Telekom Malaysia Bhd...... 2,630,800 3,913,153 Greece — 0.3% Tenaga Nasional Bhd...... 4,303,000 10,355,186 Hellenic Telecommunications Organization SA...... 719,992 12,976,305 Westports Holdings Bhd(d) ...... 2,872,800 2,995,468 Hungary — 0.7% 155,505,886 OTP Bank Nyrt(a) ...... 97,691 5,336,782 Mexico — 0.6% Richter Gedeon Nyrt...... 742,591 21,039,421 Wal-Mart de Mexico SAB de CV ...... 7,434,500 24,470,621

26,376,203 Pakistan — 0.1% India — 13.1% Lucky Cement Ltd.(a) ...... 402,576 2,430,100 ACC Ltd...... 278,516 7,622,677 Apollo Hospitals Enterprise Ltd...... 53,511 2,350,793 Peru — 0.6% Asian Paints Ltd...... 783,120 32,149,061 Cia. de Minas Buenaventura SAA, ADR(a) ...... 323,456 3,726,213 Bajaj Auto Ltd.(a) ...... 187,208 10,809,350 Credicorp Ltd...... 154,533 21,243,652 Bharti Airtel Ltd...... 1,065,448 7,872,900 24,969,865 Britannia Industries Ltd...... 316,248 15,026,241

94 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Philippines — 1.7% South Korea (continued) Bank of the Philippine Islands...... 7,022,058 $ 12,340,664 LG Uplus Corp...... 319,196 $ 4,317,718 BDO Unibank Inc...... 8,145,133 17,667,721 NAVER Corp...... 123,611 40,158,343 Globe Telecom Inc...... 250,060 9,448,368 NCSoft Corp...... 28,640 22,296,491 International Container Terminal Services Inc...... 3,330,670 9,971,628 Netmarble Corp.(b)(d) ...... 52,579 6,578,637 Manila Electric Co...... 1,287,600 7,638,861 Pearl Abyss Corp.(a) ...... 245,625 13,346,140 Metropolitan Bank & Trust Co...... 4,026,733 4,043,493 S-1 Corp...... 160,275 11,640,164 SM Investments Corp...... 121,985 2,476,015 Samsung Biologics Co. Ltd.(a)(b)...... 16,420 12,453,572 Universal Robina Corp...... 2,089,500 6,076,479 Samsung Electronics Co. Ltd...... 520,475 37,546,388 69,663,229 Samsung SDS Co. Ltd...... 90,555 14,727,819 Poland — 0.3% SK Hynix Inc...... 144,833 16,498,652 Cyfrowy Polsat SA ...... 478,187 3,967,008 SK Telecom Co. Ltd...... 141,413 40,337,412 (d) Dino Polska SA(a)(b) ...... 82,010 6,347,451 Yuhan Corp...... 243,849 14,341,926 10,314,459 315,159,747 Qatar — 1.9% Taiwan — 16.8% Masraf Al Rayan QSC ...... 20,797,353 24,991,349 Accton Technology Corp...... 482,000 5,349,594 Qatar Electricity & Water Co. QSC ...... 2,588,809 11,200,765 Advantech Co. Ltd...... 2,674,855 31,806,272 Qatar Fuel QSC...... 1,056,190 5,110,781 Asustek Computer Inc...... 2,014,000 28,644,271 (a) Qatar Islamic Bank SAQ...... 3,177,322 14,859,340 AU Optronics Corp...... 14,354,000 13,271,505 Qatar National Bank QPSC ...... 3,969,637 18,993,992 Cathay Financial Holding Co. Ltd...... 3,351,034 6,745,275 China Steel Corp...... 7,313,000 9,735,896 75,156,227 Chunghwa Telecom Co. Ltd...... 14,378,000 58,904,225 Russia — 1.0% Compal Electronics Inc...... 25,121,000 21,226,218 Polymetal International PLC ...... 359,105 8,515,712 Delta Electronics Inc...... 417,000 4,442,853 Polyus PJSC...... 111,224 24,076,760 E.Sun Financial Holding Co. Ltd...... 18,112,335 16,670,486 Rosneft Oil Co. PJSC ...... 744,100 5,384,657 Far EasTone Telecommunications Co. Ltd...... 14,966,000 34,770,310 Yandex NV, Class A(a) ...... 50,557 3,400,337 First Financial Holding Co. Ltd...... 65,590,900 52,058,219 41,377,466 Formosa Petrochemical Corp...... 2,120,000 7,634,086 Saudi Arabia — 7.7% Formosa Plastics Corp...... 2,272,840 8,477,887 Abdullah Al Othaim Markets Co...... 366,133 12,568,429 Hon Hai Precision Industry Co. Ltd...... 2,299,000 9,392,905 Advanced Petrochemical Co...... 385,034 8,446,572 Hua Nan Financial Holdings Co. Ltd...... 54,393,563 35,789,711 Al Rajhi Bank ...... 1,470,492 40,501,580 Lite-On Technology Corp...... 7,699,752 18,375,663 Alinma Bank ...... 4,594,513 24,620,451 MediaTek Inc...... 59,000 2,110,392 Bank AlBilad ...... 209,616 2,114,924 Mega Financial Holding Co. Ltd...... 11,957,000 14,266,337 Bank Al-Jazira ...... 864,452 4,268,269 Pou Chen Corp...... 3,071,000 4,166,439 (a) Bupa Arabia for Cooperative Insurance Co...... 386,101 12,172,495 President Chain Store Corp...... 3,093,000 29,507,491 Co for Cooperative Insurance (The) ...... 394,995 8,457,596 Quanta Computer Inc...... 2,619,000 8,471,638 Dr Sulaiman Al Habib Medical Services Group Co. . . . 93,186 4,100,511 Synnex Technology International Corp...... 11,135,000 23,996,872 (a) Emaar Economic City ...... 862,022 2,597,972 Taiwan Business Bank...... 31,038,704 10,757,257 Etihad Etisalat Co...... 2,754,813 24,310,314 Taiwan Cooperative Financial Holding Co. Ltd...... 72,100,599 54,455,374 Jarir Marketing Co...... 551,133 30,898,949 Taiwan High Speed Rail Corp...... 7,124,000 7,560,897 (a) Mobile Telecommunications Co...... 1,789,159 6,974,870 Taiwan Mobile Co. Ltd...... 15,473,000 56,056,542 SABIC Agri-Nutrients Co...... 711,418 19,534,035 Taiwan Semiconductor Manufacturing Co. Ltd...... 2,944,000 63,249,132 (a) Saudi Airlines Catering Co...... 67,505 1,431,366 Uni-President Enterprises Corp...... 2,843,000 7,540,808 Saudi Basic Industries Corp...... 903,693 30,030,851 United Microelectronics Corp...... 4,913,000 9,339,076 Saudi Electricity Co...... 1,475,911 9,720,686 WPG Holdings Ltd...... 10,136,440 18,941,523 Saudi Telecom Co...... 1,784,370 59,420,655 673,715,154 Yanbu National Petrochemical Co...... 391,549 7,283,926 Thailand — 5.0% 309,454,451 Advanced Info Service PCL, NVDR ...... 7,143,100 38,497,301 South Korea — 7.9% Airports of Thailand PCL, NVDR ...... 16,797,800 33,840,592 Amorepacific Corp...... 9,529 2,449,431 Bangkok Dusit Medical Services PCL, NVDR ...... 34,835,100 24,047,129 (a) Celltrion Healthcare Co. Ltd...... 21,474 2,324,130 Bangkok Expressway & Metro PCL, NVDR(d) ...... 64,522,700 16,918,058 (a)(d) Celltrion Inc...... 25,559 6,284,294 Bumrungrad Hospital PCL, NVDR(d)...... 2,552,900 10,771,038 (a) CJ Logistics Corp...... 41,935 6,392,283 CP ALL PCL, NVDR ...... 13,980,100 27,156,741 Coway Co. Ltd...... 84,250 6,286,611 Home Product Center PCL, NVDR ...... 24,155,500 10,733,547 Hanon Systems ...... 455,551 6,911,124 Intouch Holdings PCL, NVDR ...... 8,098,500 16,640,809 Kakao Corp...... 176,552 19,460,095 PTT Oil & Retail Business, NVDR ...... 12,339,600 11,836,456 Kia Corp...... 26,733 2,043,808 Siam Cement PCL (The), NVDR ...... 429,800 6,023,462 (a)(d) KMW Co. Ltd...... 76,726 3,744,656 Sri Trang Gloves Thailand PCL, NVDR ...... 1,252,300 1,753,220 KT&G Corp...... 302,768 22,884,344 LG Household & Health Care Ltd...... 1,529 2,135,709

95 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

Par/ SecurityShares Value Security Shares Value Thailand (continued) Corporate Bonds & Notes Thai Union Group PCL, NVDR ...... 7,211,700 $ 4,105,537 India — 0.0% 202,323,890 Britannia Industries Ltd., 5.50%, 06/03/24 (c) ...... INR 9,171,192 $ 126,600 Turkey — 0.5% BIM Birlesik Magazalar AS(d)...... 2,118,498 15,816,239 Total Corporate Bonds & Notes — 0.0% Turkcell Iletisim Hizmetleri AS...... 1,723,740 3,187,583 (Cost: $126,026)...... 126,600 19,003,822 United Arab Emirates — 2.0% Short-Term Investments Abu Dhabi National Oil Co. for Distribution PJSC .... 14,298,154 15,553,242 Money Market Funds — 1.2% Dubai Islamic Bank PJSC...... 3,444,056 4,472,920 BlackRock Cash Funds: Institutional, SL Agency Emirates Telecommunications Group Co. PJSC...... 7,213,514 42,536,981 Shares, 0.06%(e)(f)(g) ...... 48,140,166 48,169,050 First Abu Dhabi Bank PJSC...... 3,590,079 16,481,961 79,045,104 Total Short-Term Investments — 1.2% (Cost: $48,143,885)...... 48,169,050 Total Common Stocks — 98.6% (Cost: $2,946,538,937)...... 3,948,910,816 Total Investments in Securities — 100.9% (Cost: $3,034,353,034)...... 4,039,645,950 Preferred Stocks Other Assets, Less Liabilities — (0.9)%...... (35,407,210) Russia — 0.7% Net Assets — 100.0% ...... $ 4,004,238,740 Surgutneftegas PJSC, Preference Shares, NVS ..... 41,387,000 26,312,691 (a) Non-income producing security. South Korea — 0.4% (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of LG Household & Health Care Ltd., Preference 1933, as amended. These securities may be resold in transactions exempt from Shares, NVS ...... 16,812 10,849,059 registration to qualified institutional investors. (c) Samsung Electronics Co. Ltd., Preference Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Shares, NVS ...... 80,684 5,277,734 (d) All or a portion of this security is on loan. 16,126,793 (e) Affiliate of the Fund. (f) Annualized 7-day yield as of period-end. Total Preferred Stocks — 1.1% (g) All or a portion of this security was purchased with cash collateral received from loaned (Cost: $39,544,186)...... 42,439,484 securities.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $54,438,073 $ — $(6,244,033)(a) $ (18,373) $ (6,617) $48,169,050 48,140,166 $901,485(b) $ — BlackRock Cash Funds: Treasury, SL Agency (c) (a) Shares ...... 7,040,000 — (7,040,000) — — — — 4,376 —

$ (18,373) $ (6,617) $48,169,050 $905,861 $ —

(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.

96 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Min Vol Factor ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts 2-Year U.S. Treasury Note ...... 9 09/30/21 $ 1,988 $ 965 MSCI Emerging Markets E-Mini Index ...... 143 06/18/21 9,730 89,871 $ 90,836

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 Consolidated Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $ 531,234,842 $3,417,675,945 $ 29 $3,948,910,816 Preferred Stocks...... — 42,439,484 — 42,439,484 Corporate Bonds & Notes ...... — — 126,600 126,600 Money Market Funds...... 48,169,050 — — 48,169,050 $ 579,403,892 $3,460,115,429 $ 126,629 $4,039,645,950 Derivative financial instruments(a) Assets Futures Contracts...... $ 90,836 $ — $ — $ 90,836

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt JSC...... Joint Stock Company NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

Currency Abbreviations

INR...... Indian Rupee

97 Schedule of Investments (unaudited) iShares MSCI Emerging Markets Multifactor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) Hopson Development Holdings Ltd...... 586,200 $ 2,884,114 Brazil — 1.2% Hua Hong Semiconductor Ltd.(a)(b)...... 417,000 2,235,582 Adecoagro SA(a) ...... 88,935 $ 945,379 Huaxin Cement Co. Ltd., Class A ...... 74,700 256,223 BB Seguridade Participacoes SA ...... 624,178 2,802,496 Hunan Valin Steel Co. Ltd., Class A...... 338,420 363,239 Sul America SA...... 1 6 Inner Mongolia Junzheng Energy & Chemical Industry Telefonica Brasil SA ...... 452,346 3,836,309 Group Co. Ltd., Class A ...... 451,400 401,013 TIM SA...... 755,506 1,764,205 Intco Medical Technology Co. Ltd., Class A...... 18,200 406,505 9,348,395 Jiangsu Expressway Co. Ltd., Class H ...... 1,090,000 1,318,111 China — 41.7% Jiangxi Copper Co. Ltd., Class H ...... 990,000 2,345,458 (a) 360 DigiTech Inc., ADR ...... 76,690 2,152,688 Jilin Aodong Pharmaceutical Group Co. Ltd., Class A ...... 62,700 154,804 (a)(b) 3SBio Inc...... 1,134,000 1,372,811 JOYY Inc., ADR ...... 2,159 166,135 Agile Group Holdings Ltd...... 1,048,000 1,489,595 Kingboard Holdings Ltd...... 591,500 3,147,428 (a) Alibaba Group Holding Ltd...... 398,128 10,832,965 Kingboard Laminates Holdings Ltd...... 834,500 1,781,247 (a) Alibaba Group Holding Ltd., ADR ...... 50,115 10,722,605 Kingfa Sci & Tech Co. Ltd., Class A ...... 137,700 489,078 Anhui Conch Cement Co. Ltd., Class H ...... 1,101,000 6,887,236 Kingsoft Corp. Ltd...... 857,000 5,782,102 Apeloa Pharmaceutical Co. Ltd., Class A...... 63,100 258,593 KWG Group Holdings Ltd...... 1,134,500 1,745,660 Bank of Communications Co. Ltd., Class H ...... 7,805,000 5,260,754 Lee & Man Paper Manufacturing Ltd...... 1,163,000 1,014,895 Beijing Enterprises Holdings Ltd...... 450,000 1,559,107 Lenovo Group Ltd...... 6,442,000 7,726,792 Bosideng International Holdings Ltd...... 2,888,000 1,598,991 Li Ning Co. Ltd...... 1,869,500 17,536,861 (c) Brilliance China Automotive Holdings Ltd...... 2,760,000 2,596,091 Nine Dragons Paper Holdings Ltd...... 1,464,000 2,209,181 BYD Electronic International Co. Ltd...... 602,500 3,962,568 Noah Holdings Ltd., ADR(a)(d)...... 30,098 1,371,867 C&S Paper Co. Ltd., Class A ...... 70,200 366,959 Northeast Securities Co. Ltd., Class A ...... 125,200 175,141 China Cinda Asset Management Co. Ltd., Class H ...... 7,864,000 1,681,680 Perennial Energy Holdings Ltd...... 715,000 277,583 China CITIC Bank Corp. Ltd., Class H ...... 7,962,000 4,352,024 PICC Property & Casualty Co. Ltd., Class H...... 6,151,000 5,876,936 China Communications Services Corp. Ltd., Class H ...... 2,134,000 899,147 Postal Savings Bank of China Co. Ltd., Class H(b) ...... 7,082,000 5,103,968 (d) China Conch Venture Holdings Ltd...... 1,448,500 6,669,837 Sailun Group Co. Ltd., Class A ...... 163,900 276,291 China Construction Bank Corp., Class H ...... 26,813,000 22,022,909 Sany Heavy Equipment International Holdings Co. Ltd. .... 981,000 1,089,909 China Everbright Bank Co. Ltd., Class H ...... 2,826,000 1,198,432 Shandong Buchang Pharmaceuticals Co. Ltd., Class A . . . . 61,100 226,062 China Everbright Ltd...... 826,000 1,045,310 Shandong Hualu Hengsheng Chemical Co. Ltd., Class A . . 116,675 515,280 China Hongqiao Group Ltd...... 2,033,500 3,274,804 Shandong Sun Paper Industry JSC Ltd., Class A ...... 140,400 315,472 China Lesso Group Holdings Ltd...... 968,000 2,548,730 Shandong Weigao Group Medical Polymer Co. Ltd., China Longyuan Power Group Corp. Ltd., Class H ...... 2,978,000 4,210,830 Class H...... 2,216,000 4,892,592 China Medical System Holdings Ltd...... 1,212,000 3,109,749 Shanghai Bairun Investment Holding Group Co. Ltd., China Meidong Auto Holdings Ltd...... 500,000 2,636,830 Class A...... 28,933 562,676 China Merchants Port Holdings Co. Ltd...... 1,306,000 2,123,593 Shanghai Pharmaceuticals Holding Co. Ltd., Class H...... 696,600 1,574,845 China National Building Material Co. Ltd., Class H...... 3,450,000 4,613,186 Shanxi Taigang Stainless Steel Co. Ltd., Class A ...... 304,800 317,172 China Power International Development Ltd...... 3,498,000 879,069 Shenzhen International Holdings Ltd...... 1,076,500 1,637,529 China Resources Cement Holdings Ltd...... 2,180,000 2,314,646 Shenzhen Investment Ltd...... 2,270,000 806,433 (b) China Resources Pharmaceutical Group Ltd...... 1,410,000 1,011,447 Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(a) . . . 56,400 310,440 China Resources Power Holdings Co. Ltd...... 1,716,000 2,210,967 Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A ...... 64,400 294,805 China Resources Sanjiu Medical & Pharmaceutical Co. Sinopharm Group Co. Ltd., Class H...... 1,196,400 4,067,573 Ltd., Class A ...... 52,400 214,717 Sinotruk Hong Kong Ltd...... 615,500 1,441,266 China Shenhua Energy Co. Ltd., Class H ...... 926,000 2,097,190 SSY Group Ltd...... 1,214,000 806,949 China Taiping Insurance Holdings Co. Ltd...... 1,442,200 2,659,746 Sun Art Retail Group Ltd...... 1,228,500 932,507 China Traditional Chinese Medicine Holdings Co. Ltd...... 2,470,000 1,594,179 Tangshan Co. Ltd., Class A ...... 72,100 159,540 Chongqing Rural Commercial Bank Co. Ltd., Class H...... 2,017,000 911,523 Tencent Holdings Ltd...... 324,100 26,075,622 (a) COSCO SHIPPING Holdings Co. Ltd., Class H ...... 2,301,000 4,842,371 Tingyi Cayman Islands Holding Corp.(d) ...... 1,756,000 3,334,918 COSCO SHIPPING Ports Ltd...... 1,626,000 1,320,014 Uni-President China Holdings Ltd...... 1,155,000 1,247,629 Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A. . . 75,080 279,507 Vinda International Holdings Ltd.(d) ...... 321,000 1,019,261 (b) Dali Foods Group Co. Ltd...... 1,831,500 1,146,915 Vipshop Holdings Ltd., ADR(a) ...... 398,661 9,221,029 Daqin Railway Co. Ltd., Class A ...... 795,428 856,830 Want Want China Holdings Ltd...... 4,327,000 3,217,115 (a) Daqo New Energy Corp., ADR ...... 18,286 1,360,113 Weifu High-Technology Group Co. Ltd., Class A ...... 44,800 169,572 Dongfeng Motor Group Co. Ltd., Class H ...... 2,420,000 2,265,380 Wharf Holdings Ltd. (The) ...... 1,225,000 4,228,788 Far East Horizon Ltd...... 1,484,000 1,622,514 Wuchan Zhongda Group Co. Ltd., Class A ...... 270,800 306,952 (b) Fuyao Glass Industry Group Co. Ltd., Class H ...... 541,200 3,593,330 Yadea Group Holdings Ltd.(b)...... 1,068,000 2,379,711 GF Securities Co. Ltd., Class H...... 986,400 1,410,441 Yanzhou Coal Mining Co. Ltd., Class H ...... 1,356,000 1,808,686 Great Wall Motor Co. Ltd., Class H ...... 2,764,000 7,721,816 Youngor Group Co. Ltd., Class A ...... 247,700 291,031 Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A . 24,600 586,917 Yuexiu Property Co. Ltd...... 6,212,000 1,544,111 Haitian International Holdings Ltd...... 569,000 1,988,857 Yum China Holdings Inc...... 261,260 17,671,626 (a) Hesteel Co. Ltd., Class A ...... 586,200 228,879 Zhejiang Expressway Co. Ltd., Class H ...... 1,278,000 1,109,600

98 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Multifactor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) Qatar (continued) Zhejiang Semir Garment Co. Ltd., Class A ...... 120,700 $ 227,325 Ooredoo QPSC...... 714,059 $ 1,337,683 Zhejiang Weixing New Building Materials Co. Ltd., Qatar Electricity & Water Co. QSC...... 235,225 1,017,726 Class A...... 85,200 313,962 5,644,833 Zhongsheng Group Holdings Ltd...... 509,000 4,377,802 Russia — 0.3% Zhuzhou CRRC Times Electric Co. Ltd., Class H ...... 488,100 2,368,383 Inter RAO UES PJSC ...... 32,582,100 2,249,718 Zhuzhou Kibing Group Co. Ltd., Class A ...... 143,700 381,502 Zoomlion Heavy Industry Science and Technology Co. Saudi Arabia — 4.3% Ltd., Class H...... 1,199,000 1,445,932 Abdullah Al Othaim Markets Co...... 39,323 1,349,860 320,303,213 Advanced Petrochemical Co...... 94,583 2,074,887 Cyprus — 0.9% Arab National Bank ...... 535,009 3,173,715 TCS Group Holding PLC, GDR ...... 88,388 6,646,754 Banque Saudi Fransi...... 76,021 735,954 Bupa Arabia for Cooperative Insurance Co.(a) ...... 53,501 1,686,711 Hungary — 0.5% Co for Cooperative Insurance (The)...... 54,616 1,169,433 Richter Gedeon Nyrt ...... 125,070 3,543,539 Dr Sulaiman Al Habib Medical Services Group Co...... 46,813 2,059,937 Jarir Marketing Co...... 52,431 2,939,513 India — 13.5% Mobile Telecommunications Co.(a) ...... 392,677 1,530,815 ACC Ltd...... 66,979 1,833,142 Mouwasat Medical Services Co...... 43,692 2,158,159 (a) Adani Enterprises Ltd...... 235,675 4,278,077 National Petrochemical Co...... 107,002 1,345,347 (a) Adani Total Gas Ltd...... 235,116 4,368,768 SABIC Agri-Nutrients Co...... 191,013 5,244,813 Ambuja Cements Ltd...... 619,698 2,798,268 Saudi Airlines Catering Co.(a) ...... 5,834 123,703 Apollo Hospitals Enterprise Ltd...... 83,331 3,660,816 Saudi Cement Co...... 66,975 1,173,324 Aurobindo Pharma Ltd...... 261,236 3,606,895 Saudi Industrial Investment Group ...... 196,616 1,984,486 Balkrishna Industries Ltd...... 77,570 2,352,835 Yanbu National Petrochemical Co...... 225,707 4,198,792 Cipla Ltd.(a)...... 431,464 5,635,480 Colgate-Palmolive India Ltd...... 66,683 1,584,239 32,949,449 Container Corp. of India Ltd...... 217,319 2,044,215 South Africa — 6.1% Dr. Reddy's Laboratories Ltd...... 103,794 7,577,734 African Rainbow Minerals Ltd...... 100,051 1,930,707 (a) ...... 345,958 4,041,668 HCL Technologies Ltd...... 967,891 12,624,570 Aspen Pharmacare Holdings Ltd. Exxaro Resources Ltd...... 223,897 2,499,523 HDFC Asset Management Co. Ltd.(b) ...... 47,470 1,940,722 Hero MotoCorp Ltd...... 106,884 4,425,616 Gold Fields Ltd...... 791,425 9,980,077 Indus Towers Ltd...... 306,957 1,026,384 Harmony Gold Mining Co. Ltd...... 494,391 2,644,996 Infosys Ltd...... 1,109,633 21,326,512 Impala Platinum Holdings Ltd...... 706,213 12,835,472 Ipca Laboratories Ltd...... 62,199 1,776,135 Kumba Iron Ore Ltd...... 57,440 2,665,251 Jubilant Foodworks Ltd.(a) ...... 70,457 3,023,589 Mr. Price Group Ltd...... 228,222 3,863,524 Larsen & Toubro Infotech Ltd.(b) ...... 46,732 2,543,765 Rand Merchant Investment Holdings Ltd...... 682,943 1,602,896 Lupin Ltd...... 2,624 44,094 Reinet Investments SCA ...... 122,302 2,534,297 MRF Ltd...... 1,702 1,963,065 Tiger Brands Ltd...... 148,405 2,383,095 Page Industries Ltd...... 4,973 2,113,437 46,981,506 REC Ltd...... 792,450 1,595,834 South Korea — 12.0% Tech Mahindra Ltd...... 473,919 6,696,708 Coway Co. Ltd...... 49,354 3,682,723 Wipro Ltd...... 364,404 2,709,468 DB Insurance Co. Ltd...... 41,035 1,864,607 103,550,368 E-MART Inc...... 17,399 2,480,756 Indonesia — 0.1% Hana Financial Group Inc...... 142,187 5,931,815 Gudang Garam Tbk PT(a) ...... 428,900 994,781 Hankook Tire & Technology Co. Ltd...... 66,274 2,901,318 Kia Corp...... 226,950 17,350,924 Kuwait — 0.5% Kumho Petrochemical Co. Ltd...... 16,301 3,377,457 Mobile Telecommunications Co. KSCP...... 1,929,181 3,810,753 LG Electronics Inc...... 94,849 12,926,907 LG Innotek Co. Ltd...... 12,662 2,322,292 Malaysia — 0.5% LG Uplus Corp...... 190,766 2,580,464 Kossan Rubber Industries...... 1,140,400 1,114,818 POSCO ...... 51,845 16,489,112 Sime Darby Bhd ...... 2,426,300 1,344,194 S-1 Corp...... 15,247 1,107,332 Supermax Corp. Bhd...... 1,334,273 1,329,737 Samsung Electronics Co. Ltd...... 217,284 15,674,584 3,788,749 SK Telecom Co. Ltd...... 13,397 3,821,433 Philippines — 0.3% 92,511,724 Globe Telecom Inc...... 22,150 836,925 Taiwan — 14.9% PLDT Inc...... 67,430 1,855,127 Acer Inc...... 507,000 581,982 2,692,052 Asustek Computer Inc...... 629,000 8,946,001 Qatar — 0.7% Catcher Technology Co. Ltd...... 429,000 2,839,912 Barwa Real Estate Co...... 851,922 731,941 Compal Electronics Inc...... 3,733,000 3,154,232 Commercial Bank PSQC (The) ...... 1,768,344 2,557,483 Innolux Corp...... 7,793,000 6,821,665

99 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Multifactor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Brazil (continued) Inventec Corp...... 2,308,000 $ 2,147,431 Itausa SA, Preference Shares, NVS ...... 2,237,392 $ 4,662,217 Lite-On Technology Corp...... 1,886,718 4,502,703 5,782,578 Nien Made Enterprise Co. Ltd...... 144,000 2,113,117 Novatek Microelectronics Corp...... 515,000 9,889,822 Total Preferred Stocks — 0.8% Pegatron Corp...... 1,781,000 4,717,792 (Cost: $5,661,704)...... 5,782,578 Phison Electronics Corp...... 141,000 2,478,083 Pou Chen Corp...... 2,102,000 2,851,792 Short-Term Investments Powertech Technology Inc...... 625,000 2,410,557 Money Market Funds — 0.5% Synnex Technology International Corp...... 1,190,000 2,564,551 BlackRock Cash Funds: Institutional, SL Agency Shares, Taiwan Semiconductor Manufacturing Co. Ltd...... 1,450,000 31,151,917 0.06%(e)(f)(g)...... 4,021,461 4,023,874 United Microelectronics Corp...... 10,383,000 19,736,949 Wan Hai Lines Ltd...... 495,000 2,589,354 Total Short-Term Investments — 0.5% Wistron Corp...... 2,406,063 2,666,928 (Cost: $4,021,897)...... 4,023,874 WPG Holdings Ltd...... 1,422,160 2,657,528 Total Investments in Securities — 100.0% 114,822,316 (Cost: $579,107,443) ...... 768,798,439 Thailand — 0.5% Krung Thai Bank PCL, NVDR ...... 3,115,600 1,086,445 Other Assets, Less Liabilities — (0.0)%...... (181,122) Krungthai Card PCL, NVDR ...... 804,700 1,877,958 Net Assets — 100.0%...... $ 768,617,317 Srisawad Corp. PCL, NVDR...... 336,600 809,176 3,773,579 (a) Non-income producing security. (b) United Arab Emirates — 0.7% Security exempt from registration pursuant to Rule 144A under the Securities Act of Abu Dhabi Islamic Bank PJSC...... 1,295,436 1,958,333 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. Aldar Properties PJSC ...... 3,435,374 3,421,925 (c) Security is valued using significant unobservable inputs and is classified as Level 3 in the 5,380,258 fair value hierarchy. (d) All or a portion of this security is on loan. Total Common Stocks — 98.7% (e) Affiliate of the Fund. (Cost: $569,423,842) ...... 758,991,987 (f) Annualized 7-day yield as of period-end. (g) All or a portion of this security was purchased with cash collateral received from loaned Preferred Stocks securities. Brazil — 0.8% Cia. Paranaense de Energia, Preference Shares, NVS .... 915,201 1,120,361

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $7,386,667 $ — $(3,359,068)(a) $ (3,613) $ (112) $4,023,874 4,021,461 $70,551(b) $ — BlackRock Cash Funds: Treasury, SL Agency (c) (a) Shares ...... 1,110,000 — (1,110,000) — — — — 473 —

$ (3,613) $ (112) $4,023,874 $71,024 $ —

(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.

100 Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Multifactor ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 38 06/18/21 $ 2,586 $ 48,025

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 ...... $ 82,395,325 $674,000,571 $ 2,596,091 $758,991,987 Preferred Stocks ...... 5,782,578 — — 5,782,578 Money Market Funds ...... 4,023,874 — — 4,023,874 $ 92,201,777 $674,000,571 $ 2,596,091 $768,798,439 Derivative financial instruments(a) Assets Futures Contracts ...... $ 48,025 $ — $ — $ 48,025

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt GDR...... Global Depositary Receipt JSC...... Joint Stock Company NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

101 Consolidated Schedule of Investments (unaudited) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Brazil (continued) Locaweb Servicos de Internet SA(c)...... 139,712 $ 701,281 Argentina — 0.4% LOG Commercial Properties e Participacoes SA ...... 17,764 101,062 Arcos Dorados Holdings Inc., Class A...... 39,176 $ 253,469 Lojas Quero Quero S/A ...... 64,900 272,964 Banco BBVA Argentina SA, ADR(a) ...... 16,100 54,257 M. Dias Branco SA ...... 36,167 203,260 Banco Macro SA, ADR(a) ...... 14,632 239,818 Mahle-Metal Leve SA ...... 17,700 93,701 Despegar.com Corp.(a) ...... 18,096 264,564 Marfrig Global Foods SA ...... 129,800 457,514 Grupo Financiero Galicia SA, ADR...... 35,636 316,448 Minerva SA...... 100,300 190,720 Loma Negra Cia Industrial Argentina SA, ADR ...... 20,945 139,284 Movida Participacoes SA...... 47,200 163,652 Pampa Energia SA, ADR(a)(b)...... 11,269 172,303 MPM Corporeos SA ...... 38,940 143,456 Transportadora de Gas del Sur SA, Class B, ADR(a)(b) ..... 24,190 111,516 MRV Engenharia e Participacoes SA ...... 100,404 335,020 1,551,659 Multiplan Empreendimentos Imobiliarios SA...... 76,700 377,635 Brazil — 6.0% Odontoprev SA ...... 88,500 224,659 Aeris Industria E Comercio De Equipamentos Para Omega Geracao SA(a) ...... 41,300 315,077 (a) Geracao De Energia SA ...... 64,133 116,903 Pet Center Comercio e Participacoes SA ...... 76,523 342,699 AES Brasil Energia SA...... 53,141 142,445 Petro Rio SA(a) ...... 200,718 759,861 Aliansce Sonae Shopping Centers SA ...... 47,249 271,978 Qualicorp Consultoria e Corretora de Seguros SA ...... 72,924 408,857 Alupar Investimento SA ...... 53,108 279,312 Santos Brasil Participacoes SA...... 177,104 305,158 (a) Anima Holding SA ...... 94,612 228,737 Sao Martinho SA ...... 60,638 400,476 Arezzo Industria e Comercio SA...... 17,700 301,006 Sendas Distribuidora SA ...... 51,901 890,793 (a) BK Brasil Operacao e Assessoria a Restaurantes SA .... 76,700 156,735 Sequoia Logistica e Transportes SA(a) ...... 16,992 76,618 Boa Vista Servicos SA ...... 60,573 116,341 SIMPAR SA ...... 41,941 418,147 (a) BR Malls Participacoes SA ...... 253,700 544,230 SLC Agricola SA...... 31,978 325,198 BR Properties SA...... 70,949 130,689 Smiles Fidelidade SA ...... 23,600 102,113 (a) C&A Modas Ltda ...... 41,404 111,619 Sul America SA...... 79,473 528,834 Cia Brasileira de Distribuicao ...... 53,100 401,737 Transmissora Alianca de Energia Eletrica SA...... 64,900 481,797 Cia. de Locacao das Americas ...... 110,979 575,156 Trisul SA ...... 41,404 82,543 Cia. de Saneamento de Minas Gerais-COPASA...... 61,714 207,817 Tupy SA(a)...... 23,600 111,396 Cia. de Saneamento do Parana ...... 81,996 317,021 Vamos Locacao de Caminhoes Maquinas e Cia. Hering ...... 42,938 271,056 Equipamentos SA(a)...... 15,399 156,599 Cielo SA ...... 401,200 324,089 Vivara Participacoes SA...... 35,400 204,519 (a) Cogna Educacao ...... 611,122 494,836 YDUQS Participacoes SA ...... 94,400 595,921 Construtora Tenda SA ...... 29,604 136,668 21,657,994 Cruzeiro do Sul Educacional SA...... 15,283 41,054 Chile — 0.8% CVC Brasil Operadora e Agencia de Viagens SA(a) ...... 59,096 282,230 AES Gener SA ...... 1,255,756 181,300 Cyrela Brazil Realty SA Empreendimentos Aguas Andinas SA, Class A ...... 796,264 151,988 e Participacoes ...... 95,993 440,208 CAP SA ...... 23,777 432,220 Duratex SA...... 106,200 419,363 Cia. Sud Americana de Vapores SA ...... 5,712,262 401,948 EcoRodovias Infraestrutura e Logistica SA(a) ...... 70,903 169,921 Empresa Nacional de Telecomunicaciones SA ...... 46,256 242,287 EDP - Energias do Brasil SA ...... 94,400 337,809 Engie Energia Chile SA ...... 185,555 149,827 Embraer SA(a) ...... 227,917 755,685 Forus SA...... 61,537 125,198 Enauta Participacoes SA...... 12,980 38,354 Grupo Security SA...... 442,559 84,938 Eneva SA(a) ...... 222,253 787,227 Inversiones Aguas Metropolitanas SA...... 175,702 96,763 Construtora e Incorporadora SA ...... 35,400 71,388 Inversiones La Construccion SA...... 19,529 105,122 Ez Tec Empreendimentos e Participacoes SA ...... 35,589 212,645 Itau CorpBanca Chile SA(a)...... 58,691,971 183,083 Fleury SA ...... 61,065 310,147 Parque Arauco SA(a) ...... 179,065 259,762 Grendene SA...... 123,900 241,300 Ripley Corp. SA ...... 309,160 87,269 GRUPO DE MODA SOMA SA(a) ...... 70,800 206,353 SMU SA...... 903,703 127,229 Grupo Mateus SA(a)...... 135,995 212,668 Vina Concha y Toro SA ...... 141,246 260,072 Grupo SBF SA(a) ...... 35,400 226,934 Guararapes Confeccoes SA...... 37,392 141,986 2,889,006 Hidrovias do Brasil SA(a) ...... 118,552 156,274 China — 10.7% (a) Iguatemi Empresa de Shopping Centers SA...... 23,600 195,848 111 Inc...... 10,266 99,888 (a) Instituto Hermes Pardini SA ...... 23,600 95,864 361 Degrees International Ltd...... 354,000 159,164 (c) Intelbras SA Industria de Telecomunicacao AK Medical Holdings Ltd...... 118,000 212,107 (a)(c) Eletronica Brasileira(a) ...... 21,240 115,743 Alphamab Oncology ...... 118,000 306,592 (d) Iochpe Maxion SA(a) ...... 41,409 131,735 Anxin-China Holdings Ltd...... 1,084,000 1 IRB Brasil Resseguros S/A...... 305,738 348,463 Aoyuan Healthy Life Group Co. Ltd...... 118,000 88,519 (a)(c) JHSF Participacoes SA ...... 112,204 164,053 Ascentage Pharma Group International ...... 47,200 289,990 (a)(c) Light SA...... 110,094 345,384 Ascletis Pharma Inc...... 236,000 115,696 Linx SA ...... 42,893 309,453 Asia Cement China Holdings Corp...... 165,000 156,533

102 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) BAIOO Family Interactive Ltd.(c) ...... 354,000 $ 76,567 China Zhongwang Holdings Ltd.(a) ...... 613,600 $ 154,007 BC Technology Group Ltd.(a) ...... 59,000 145,480 Chinasoft International Ltd...... 760,000 977,622 Beijing Capital Land Ltd., Class H(a) ...... 944,000 131,262 CIMC Enric Holdings Ltd...... 236,000 221,013 Beijing Chunlizhengda Medical Instruments Co. Ltd., CMGE Technology Group Ltd...... 354,000 154,617 Class H(a)...... 29,500 106,415 COFCO Joycome Foods Ltd...... 768,000 338,359 Beijing Energy International Holding Co. Ltd.(a) ...... 1,888,000 66,899 Colour Life Services Group Co. Ltd.(b) ...... 118,000 51,988 Beijing Enterprises Urban Resources Group Ltd.(a) ...... 708,000 112,056 Concord New Energy Group Ltd...... 2,950,000 197,440 Beijing Gas Blue Sky Holdings Ltd.(a)(d) ...... 2,912,000 43,525 Consun Pharmaceutical Group Ltd...... 118,000 87,412 Beijing Jingneng Clean Energy Co. Ltd., Class H ...... 472,000 104,007 Cosmopolitan International Holdings Ltd.(a)...... 708,000 103,086 Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(b) ...... 118,000 209,334 CPMC Holdings Ltd...... 354,000 211,177 BEST Inc., ADR(a)(b) ...... 94,400 134,048 CStone Pharmaceuticals(a)(c) ...... 177,000 305,666 Binjiang Service Group Co. Ltd...... 29,500 108,394 Dexin China Holdings Co. Ltd...... 590,000 242,193 Bit Digital Inc.(a)...... 12,272 103,698 Differ Group Holding Co. Ltd.(a) ...... 550,000 136,167 Boshiwa International Holding Ltd.(b)(d)...... 32,000 0(e) Digital China Holdings Ltd...... 295,000 200,042 C&D International Investment Group Ltd.(a) ...... 118,000 215,253 Dongyue Group Ltd...... 413,000 332,212 Canaan Inc., ADR(a) ...... 28,497 239,375 Ebang International Holdings Inc., Class A(a)(b) ...... 42,716 123,449 Canvest Environmental Protection Group Co. Ltd...... 295,000 154,705 Edvantage Group Holdings Ltd...... 118,000 125,964 Cathay Media And Education Group Inc.(a)(c) ...... 118,000 98,517 EHang Holdings Ltd., ADR(a) ...... 7,257 196,012 Central China Management Co. Ltd.(a) ...... 354,000 120,419 E-House China Enterprise Holdings Ltd.(b) ...... 247,800 246,253 Central China New Life Ltd...... 177,000 166,007 Excellence Commercial Property & Facilities Management Central China Real Estate Ltd...... 354,000 97,156 Group Ltd.(a) ...... 59,000 74,998 CGN New Energy Holdings Co. Ltd.(a) ...... 408,000 126,611 Fanhua Inc., ADR...... 16,225 215,630 Broad Homes Industrial Group Co Ltd., Fantasia Holdings Group Co. Ltd...... 708,000 93,920 Class H(c)...... 35,400 77,094 FIH Mobile Ltd.(a)(b) ...... 1,180,000 179,279 Chaowei Power Holdings Ltd...... 236,000 84,261 FinVolution Group, ADR...... 37,347 280,849 China Animal Healthcare Ltd.(a)(b)(d)...... 126,000 0(e) FriendTimes Inc...... 236,000 77,498 China BlueChemical Ltd., Class H ...... 760,000 238,909 Fu Shou Yuan International Group Ltd...... 354,000 377,474 China Datang Corp. Renewable Power Co. Ltd., Class H . . 826,000 184,133 Fufeng Group Ltd...... 590,400 198,473 China Dongxiang Group Co. Ltd...... 1,416,000 176,968 Ganglong China Property Group Ltd...... 177,000 101,543 China Everbright Greentech Ltd.(c)...... 295,000 114,400 GCL-Poly Energy Holdings Ltd.(a)(b)...... 5,940,000 1,515,443 China Foods Ltd...... 590,000 241,006 Gemdale Properties & Investment Corp. Ltd...... 2,124,000 312,074 China Grand Pharmaceutical and Healthcare Holdings Genertec Universal Medical Group Co. Ltd.(c) ...... 413,000 377,302 Ltd., Class A(b) ...... 386,500 402,890 Genetron Holdings Ltd.(a) ...... 5,369 113,662 China Harmony Auto Holding Ltd...... 324,500 147,597 Glory Sun Financial Group Ltd.(a) ...... 5,192,000 157,939 China High Speed Transmission Equipment Group Grand Baoxin Auto Group Ltd.(a)...... 23,500 1,971 Co. Ltd.(a)(b)...... 177,000 116,776 Greatview Aseptic Packaging Co. Ltd...... 295,000 142,542 China Huiyuan Juice Group Ltd.(a)(d) ...... 379,000 1 Greenland Hong Kong Holdings Ltd...... 472,000 161,699 China Isotope & Radiation Corp.(b)...... 23,600 91,246 Greentown Management Holdings Co. Ltd.(a)(c)...... 177,000 124,919 China Kepei Education Group Ltd...... 236,000 180,136 Hainan Meilan International Airport Co. Ltd., Class H(a) . . . . 55,000 253,282 China Lilang Ltd...... 177,000 111,298 Hangzhou Steam Turbine Co. Ltd., Class B ...... 165,280 261,428 China Logistics Property Holdings Co. Ltd.(a)(b)(c) ...... 413,000 224,013 Harbin Electric Co. Ltd., Class H(a)...... 200,000 56,172 China Lumena New Materials Corp.(a)(b)(d) ...... 5,249 16,990 Hi Sun Technology China Ltd.(a) ...... 708,000 133,100 China Machinery Engineering Corp., Class H ...... 295,000 131,949 Homeland Interactive Technology Ltd...... 118,000 74,958 China Maple Leaf Educational Systems Ltd.(a)...... 590,000 127,841 Hope Education Group Co. Ltd.(c)...... 944,000 277,307 China Metal Recycling Holdings Ltd.(a)(d) ...... 12,000 0(e) Hua Han Health Industry Holdings Ltd.(a)(d)...... 1,112,400 1 China Modern Dairy Holdings Ltd.(a)(b) ...... 1,003,000 250,733 Hua Medicine(a)(c)...... 206,500 131,531 China New Higher Education Group Ltd.(c) ...... 295,000 224,391 Huabao International Holdings Ltd...... 295,000 476,592 China Online Education Group, ADR(a)...... 3,894 41,199 iClick Interactive Asia Group Ltd., ADR(a)(b)...... 20,532 233,449 China Oriental Group Co. Ltd...... 474,000 154,184 iDreamSky Technology Holdings Ltd.(a)(b)(c) ...... 236,000 135,285 China Overseas Grand Oceans Group Ltd...... 531,000 336,395 IMAX China Holding Inc.(c) ...... 59,100 95,015 China Renaissance Holdings Ltd.(c)...... 59,100 167,358 Inke Ltd.(a)...... 354,000 106,258 China Resources Medical Holdings Co. Ltd...... 324,500 345,801 Inner Mongolia Yitai Coal Co. Ltd., Class B...... 383,500 244,513 China Sanjiang Fine Chemicals Co. Ltd...... 236,000 97,003 IVD Medical Holding Ltd...... 299,000 117,228 China SCE Group Holdings Ltd...... 708,000 321,887 JH Educational Technology Inc...... 118,000 73,741 China Shineway Pharmaceutical Group Ltd.(b)...... 118,000 128,407 JHBP CY Holdings Ltd.(a)(c) ...... 59,000 128,720 China South City Holdings Ltd...... 1,652,000 183,041 Jiayuan International Group Ltd...... 472,000 240,230 China Tian Lun Gas Holdings Ltd...... 177,000 187,587 Jinchuan Group International Resources Co. Ltd.(b)...... 1,180,000 200,422 China Tobacco International HK Co. Ltd.(b) ...... 59,000 133,984 JinkoSolar Holding Co. Ltd., ADR(a)(b)...... 12,213 447,118 China Travel International Investment Hong Kong Ltd.(a) . . . 946,000 154,830 JNBY Design Ltd...... 88,500 162,155 China Water Affairs Group Ltd.(b) ...... 354,000 272,311 Joy Spreader Interactive Technology Ltd.(a) ...... 295,000 102,186

103 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) China (continued) JW Cayman Therapeutics Co. Ltd.(a)(c)...... 29,500 $ 110,646 Tianjin Port Development Holdings Ltd...... 442,000 $ 38,728 Kangji Medical Holdings Ltd...... 118,000 208,131 Tianli Education International Holdings Ltd...... 354,000 202,707 Koolearn Technology Holding Ltd.(a)(c) ...... 118,000 183,274 Tianneng Power International Ltd.(b) ...... 236,000 433,719 KWG Living Group Holdings Ltd.(a) ...... 354,000 369,876 Times Neighborhood Holdings Ltd.(b) ...... 236,000 192,835 LexinFintech Holdings Ltd., ADR(a)(b) ...... 34,456 314,928 Tong Ren Tang Technologies Co. Ltd., Class H...... 236,000 237,189 Lifetech Scientific Corp.(a)(b) ...... 1,222,000 808,187 Tongda Group Holdings Ltd.(a)...... 1,770,000 139,196 Lonking Holdings Ltd...... 767,000 267,737 Tongdao Liepin Group(a) ...... 82,600 246,920 Lu Thai Textile Co. Ltd., Class B ...... 1,000 454 Towngas China Co. Ltd...... 354,000 232,691 Luye Pharma Group Ltd.(b)(c) ...... 590,000 420,079 Untrade SMI Holdings(a)(d)...... 468,800 1 LVGEM China Real Estate Investment Co. Ltd...... 472,000 128,325 Viva Biotech Holdings(c) ...... 206,500 289,438 Maoyan Entertainment(a)(b)(c) ...... 153,400 262,479 West China Cement Ltd...... 826,000 142,651 Meitu Inc.(a)(c)...... 767,000 194,560 Wuling Motors Holdings Ltd...... 590,000 141,388 MH Development Ltd.(a)(b)(d) ...... 164,000 24,513 XD Inc.(a)...... 59,000 478,373 Mobvista Inc.(a)(c) ...... 177,000 184,671 Xiabuxiabu Catering Management China Holdings National Agricultural Holdings Ltd.(b)(d) ...... 354,000 456 Co. Ltd.(c)...... 118,000 140,644 NetDragon Websoft Holdings Ltd...... 88,500 261,575 Xtep International Holdings Ltd...... 413,000 441,801 Newborn Town Inc.(a) ...... 118,000 105,466 YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Nexteer Automotive Group Ltd...... 295,000 362,828 Class H(b)(c)...... 106,200 101,940 Niu Technologies, ADR(a)(b)...... 10,325 344,029 Yixin Group Ltd.(a)(c) ...... 472,000 151,939 Ocumension Therapeutics(a)(c)...... 59,000 216,263 Yuexiu REIT...... 590,000 312,303 OneSmart International Education Group Ltd., ADR(a)(b) . . . 27,140 39,353 Yuexiu Transport Infrastructure Ltd...... 354,000 215,380 PAX Global Technology Ltd...... 295,000 368,256 Yuzhou Group Holdings Co. Ltd...... 590,000 169,374 Peijia Medical Ltd.(a)(c) ...... 59,000 219,906 Zepp Health Corp., ADR(a)(b) ...... 10,502 104,915 Poly Property Group Co. Ltd...... 750,000 214,416 Zhengzhou Coal Mining Machinery Group Co. Ltd., Pou Sheng International Holdings Ltd.(a) ...... 826,000 204,155 Class H...... 82,600 99,728 Powerlong Commercial Management Holdings Ltd...... 59,000 229,271 Zhou Hei Ya International Holdings Co. Ltd.(b)(c) ...... 265,500 338,806 Q Technology Group Co. Ltd...... 177,000 293,723 Zhuguang Holdings Group Co. Ltd.(a)(b) ...... 590,000 185,449 (a)(b) Qudian Inc., ADR ...... 68,971 142,770 38,816,327 (a)(b) Qutoutiao Inc., ADR ...... 33,630 72,641 Colombia — 0.2% Radiance Holdings Group Co. Ltd...... 64,000 36,202 Cementos Argos SA ...... 156,567 214,076 (b)(c) Redco Properties Group Ltd...... 354,000 124,140 Corp. Financiera Colombiana SA(a) ...... 29,736 226,388 (a) ReneSola Ltd., ADR ...... 11,859 96,651 Grupo Argos SA ...... 102,896 280,273 Road King Infrastructure Ltd...... 59,000 78,338 720,737 Ronshine China Holdings Ltd...... 236,000 160,609 Cyprus — 0.1% Scholar Education Group ...... 59,000 40,579 Globaltrans Investment PLC, GDR...... 17,043 111,481 Shanghai Fudan Microelectronics Group Co. Ltd., Lenta PLC, GDR(a)...... 38,291 128,024 Class H(a)...... 118,000 196,968 QIWI PLC, SP ADR ...... 10,029 109,557 Shanghai Haohai Biological Technology Co. Ltd., Class H(c)...... 11,800 149,604 349,062 Shanghai Industrial Holdings Ltd...... 59,000 93,832 Egypt — 0.2% (a) Shanghai Jin Jiang Capital Co. Ltd., Class H ...... 708,000 172,449 Cleopatra Hospital ...... 470,267 118,318 (a) Sheng Ye Capital Ltd.(b) ...... 147,500 141,591 Egyptian Financial Group-Hermes Holding Co...... 193,090 169,114 Shoucheng Holdings Ltd...... 709,200 164,554 EISewedy Electric Co...... 65,018 33,169 Shougang Fushan Resources Group Ltd...... 944,000 250,286 Heliopolis Housing...... 145,350 44,896 Shui On Land Ltd...... 1,241,500 207,925 Juhayna Food Industries ...... 208,550 58,596 Sichuan Languang Justbon Services Group Co. Ltd., Medinet Nasr Housing ...... 226,300 46,430 Class H...... 17,700 118,011 Palm Hills Developments SAE...... 487,050 52,229 Sihuan Pharmaceutical Holdings Group Ltd.(b) ...... 1,239,000 607,198 Six of October Development & Investment ...... 76,650 82,941 Sino-Ocean Group Holding Ltd...... 944,000 198,078 Talaat Moustafa Group...... 296,550 109,725 Sinopec Engineering Group Co. Ltd., Class H ...... 442,500 280,508 Telecom Egypt Co...... 105,650 76,843 Sinopec Kantons Holdings Ltd...... 354,000 139,548 792,261 Skyfame Realty Holdings Ltd...... 1,534,000 197,641 Greece — 1.2% Skyworth Group Ltd.(a) ...... 708,000 201,739 Aegean Airlines SA(a) ...... 10,950 75,698 SOHO China Ltd.(a) ...... 708,000 218,865 Alpha Services and Holdings SA(a) ...... 445,335 596,593 Sohu.com Ltd., ADR(a) ...... 10,561 186,190 Athens Water Supply & Sewage Co. SA ...... 17,008 182,062 SOS Ltd., ADR(a) ...... 56,817 191,473 GEK Terna Holding Real Estate Construction SA(a) ...... 18,832 222,504 So-Young International Inc., ADR(a)(b) ...... 10,266 100,607 Holding Co. ADMIE IPTO SA ...... 67,320 220,314 Superb Summit International Group Ltd.(a)(d) ...... 11,913 8 LAMDA Development SA(a) ...... 27,750 244,305 TCL Electronics Holdings Ltd...... 295,000 196,066 Motor Oil Hellas Corinth Refineries SA...... 18,350 303,416 Tiangong International Co. Ltd.(b) ...... 354,000 158,162 Mytilineos SA...... 31,357 587,830

104 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Greece (continued) India (continued) National Bank of Greece SA(a)...... 178,192 $ 559,586 Chambal Fertilizers and Chemicals Ltd...... 67,024 $ 267,237 Piraeus Financial Holdings SA(a)(b)...... 201,839 374,547 Cholamandalam Financial Holdings Ltd.(a) ...... 34,869 305,548 Public Power Corp. SA(a)(b)...... 35,261 389,134 City Union Bank Ltd.(a) ...... 125,021 297,398 Sarantis SA ...... 15,003 161,365 Coforge Ltd...... 6,726 328,555 Terna Energy SA ...... 15,095 215,786 Computer Age Management Services Ltd...... 5,782 199,496 Titan Cement International SA...... 13,350 288,688 Coromandel International Ltd...... 36,934 407,542 (a) 4,421,828 CreditAccess Grameen Ltd...... 18,054 157,746 Hungary — 0.1% CRISIL Ltd...... 7,080 189,474 Magyar Telekom Telecommunications PLC...... 195,880 276,441 Crompton Greaves Consumer Electricals Ltd...... 177,354 972,810 Cummins India Ltd...... 42,952 465,914 India — 17.4% Cyient Ltd.(a) ...... 29,382 334,320 3M India Ltd.(a) ...... 1,003 353,413 Dalmia Bharat Ltd.(a) ...... 27,317 664,025 Aarti Drugs Ltd...... 9,440 94,700 DCB Bank Ltd.(a) ...... 60,298 87,189 Aarti Industries Ltd...... 30,916 715,315 Deepak Nitrite Ltd.(a) ...... 22,597 555,863 Aavas Financiers Ltd.(a) ...... 10,561 331,429 Dhani Services Ltd.(a) ...... 73,632 176,996 Adani Power Ltd.(a) ...... 252,343 322,037 Dilip Buildcon Ltd.(c)...... 13,865 102,852 Aditya Birla Capital Ltd.(a) ...... 153,990 258,039 Dixon Technologies India Ltd.(a) ...... 9,662 536,761 Aditya Birla Fashion and Retail Ltd.(a) ...... 103,073 276,650 Dr Lal PathLabs Ltd.(c) ...... 11,269 459,827 Advanced Enzyme Technologies Ltd...... 18,998 112,343 Edelweiss Financial Services Ltd...... 168,268 151,365 Aegis Logistics Ltd...... 50,563 251,477 EID Parry India Ltd.(a) ...... 28,556 164,932 Affle India Ltd.(a) ...... 3,304 240,886 Emami Ltd...... 67,142 464,687 AIA Engineering Ltd.(a) ...... 15,163 401,633 Endurance Technologies Ltd.(a)(c) ...... 13,334 280,277 Ajanta Pharma Ltd...... 9,853 261,796 Engineers India Ltd...... 143,606 168,422 Alembic Pharmaceuticals Ltd.(a) ...... 20,768 272,666 EPL Ltd...... 30,680 96,549 Alkyl Amines Chemicals...... 3,894 197,523 Eris Lifesciences Ltd.(c) ...... 15,930 153,884 Alok Industries Ltd.(a) ...... 365,505 104,244 Escorts Ltd...... 22,243 358,882 Amara Raja Batteries Ltd...... 30,739 314,456 Exide Industries Ltd...... 156,645 413,404 Amber Enterprises India Ltd.(a) ...... 6,313 237,530 Federal Bank Ltd.(a)...... 505,158 607,751 APL Apollo Tubes Ltd.(a) ...... 18,880 338,018 Fine Organic Industries Ltd...... 1,888 75,642 Apollo Tyres Ltd.(a)...... 112,277 344,632 Finolex Industries Ltd.(a)...... 92,040 215,794 Ashok Leyland Ltd.(a) ...... 465,628 793,853 Firstsource Solutions Ltd...... 103,309 202,329 Aster DM Healthcare Ltd.(a)(c) ...... 60,357 122,328 Fortis Healthcare Ltd.(a) ...... 151,394 475,839 Astral Ltd...... 29,544 762,453 Gillette India Ltd...... 3,776 291,646 AstraZeneca Pharma India Ltd...... 2,065 107,452 Glenmark Pharmaceuticals Ltd...... 46,433 380,092 Atul Ltd.(a) ...... 5,192 614,708 GMM Pfaudler Ltd...... 2,478 163,972 AU Small Finance Bank Ltd.(a)(c)...... 26,373 359,584 GMR Infrastructure Ltd.(a) ...... 785,526 282,655 Avanti Feeds Ltd...... 25,960 214,155 Godrej Industries Ltd.(a) ...... 22,656 164,018 Bajaj Consumer Care Ltd...... 40,592 161,224 Godrej Properties Ltd.(a)...... 35,937 678,281 Bajaj Electricals Ltd.(a) ...... 15,871 230,269 Granules India Ltd...... 49,442 217,415 Balaji Amines Ltd...... 2,950 114,495 Graphite India Ltd.(a) ...... 20,650 213,472 Balrampur Chini Mills Ltd...... 47,790 200,335 Great Eastern Shipping Co. Ltd. (The) ...... 37,229 210,995 BASF India Ltd...... 2,832 95,066 Gujarat Fluorochemicals Ltd.(a) ...... 10,502 120,314 Bata India Ltd...... 19,411 413,711 Gujarat Gas Ltd...... 55,873 414,150 Bayer CropScience Ltd./India ...... 4,661 340,539 Gujarat Narmada Valley Fertilizers & Chemicals Ltd...... 22,656 117,598 BEML Ltd...... 5,428 97,292 Gujarat State Petronet Ltd...... 96,288 359,961 Bharat Heavy Electricals Ltd.(a) ...... 286,150 280,831 Happiest Minds Technologies Ltd.(a) ...... 18,349 219,802 Birla Corp. Ltd...... 8,909 154,653 HEG Ltd.(a) ...... 3,540 102,314 Birlasoft Ltd...... 53,100 232,741 Hemisphere Properties India Ltd.(a) ...... 16,904 31,848 Blue Dart Express Ltd.(a) ...... 2,124 176,293 ICICI Securities Ltd.(c)...... 29,205 242,460 Blue Star Ltd.(a)...... 19,706 223,953 IDFC First Bank Ltd.(a) ...... 742,751 599,367 Brigade Enterprises Ltd.(a) ...... 7,599 27,052 IDFC Ltd.(a)...... 374,001 293,882 Can Fin Homes Ltd...... 22,184 168,510 IIFL Finance Ltd...... 41,123 141,190 Canara Bank(a) ...... 85,845 189,933 IIFL Wealth Management Ltd...... 13,511 221,630 Carborundum Universal Ltd...... 35,164 290,493 India Cements Ltd. (The)...... 66,434 166,811 Ltd...... 160,598 297,909 Indiabulls Housing Finance Ltd...... 86,671 266,308 Ceat Ltd.(a) ...... 6,372 115,987 Indiabulls Real Estate Ltd.(a)...... 66,080 92,450 Central Depository Services India Ltd...... 12,744 173,634 IndiaMART Intermesh Ltd.(a)(c)...... 4,248 432,728 Century Textiles & Industries Ltd...... 23,128 160,238 Indian Energy Exchange Ltd.(c) ...... 39,117 192,809 CESC Ltd...... 20,591 194,546 Indian Hotels Co. Ltd. (The) ...... 225,262 432,268 CG Power and Industrial Solutions Ltd.(a) ...... 154,448 182,610 Indian Railway Catering & Tourism Corp. Ltd...... 17,228 452,888

105 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) India (continued) Indigo Paints Ltd.(a) ...... 2,714 $ 94,297 Ramco Cements Ltd. (The)...... 42,480 $ 566,527 Intellect Design Arena Ltd.(a) ...... 24,078 257,173 Ratnamani Metals & Tubes Ltd.(a) ...... 6,962 189,677 IRB Infrastructure Developers Ltd...... 46,905 73,403 RBL Bank Ltd.(a)(c) ...... 126,201 371,519 JB Chemicals & Pharmaceuticals Ltd...... 12,744 254,030 Redington India Ltd.(a) ...... 97,940 356,228 Jindal Steel & Power Ltd.(a) ...... 134,343 755,740 Relaxo Footwears Ltd.(a) ...... 18,821 294,277 JK Cement Ltd.(a) ...... 12,508 490,852 Route Mobile Ltd.(a) ...... 5,900 136,437 JK Lakshmi Cement Ltd.(a) ...... 27,140 204,724 Sanofi India Ltd...... 3,009 320,946 JM Financial Ltd...... 196,411 238,681 Schaeffler India Ltd...... 3,363 243,676 Johnson Controls-Hitachi India Ltd.(a) ..... 3,658 113,772 Shriram City Union Finance Ltd...... 6,687 154,650 JSW Energy Ltd...... 84,901 137,456 SKF India Ltd...... 5,439 174,280 Jubilant Ingrevia Ltd.(a)...... 23,906 160,182 Sobha Ltd...... 13,629 92,620 Jubilant Pharmova Ltd.(a)...... 22,538 271,839 Solara Active Pharma Sciences Ltd...... 3,599 86,934 Just Dial Ltd.(a) ...... 13,157 171,013 Sonata Software Ltd...... 18,113 169,154 Kajaria Ceramics Ltd...... 27,671 368,597 Spandana Sphoorty Financial Ltd.(a) ...... 9,322 73,336 Karur Vysya Bank Ltd. (The)(a) ...... 173,873 137,120 SpiceJet Ltd.(a) ...... 96,819 106,187 Kaveri Seed Co. Ltd...... 10,679 105,936 SRF Ltd...... 9,794 880,456 KEC International Ltd.(a)...... 40,179 227,876 Sterlite Technologies Ltd...... 60,239 208,037 KEI Industries Ltd...... 26,845 227,956 Strides Pharma Science Ltd...... 19,765 209,760 KPIT Technologies Ltd.(a)...... 51,271 172,016 Sun TV Network Ltd...... 22,892 171,012 KRBL Ltd.(a) ...... 4,967 14,304 Sundaram Finance Ltd...... 20,532 707,960 L&T Finance Holdings Ltd.(a) ...... 246,291 317,578 Sundram Fasteners Ltd...... 33,748 368,523 L&T Technology Services Ltd.(c) ...... 8,614 321,763 Supreme Industries Ltd...... 21,653 677,627 Laurus Labs Ltd.(c)...... 105,138 758,983 Supreme Petrochem Ltd...... 9,440 101,193 LIC Housing Finance Ltd...... 98,648 634,814 Suven Pharmaceuticals Ltd...... 34,161 242,681 Linde India Ltd...... 6,195 136,139 Syngene International Ltd.(a)(c) ...... 41,064 329,585 Mahanagar Gas Ltd...... 18,467 303,048 Tanla Platforms Ltd...... 20,886 261,787 Mahindra & Mahindra Financial Services Ltd.(a) ...... 205,143 460,454 Tata Chemicals Ltd...... 54,398 528,849 Mahindra CIE Automotive Ltd.(a) ...... 47,790 131,934 Tata Communications Ltd...... 37,066 547,117 Manappuram Finance Ltd...... 174,404 391,883 Tata Elxsi Ltd...... 11,505 578,024 Max Financial Services Ltd.(a) ...... 67,614 871,252 Tata Power Co. Ltd. (The)...... 461,085 676,512 Max Healthcare Institute Ltd.(a) ...... 72,216 222,629 TeamLease Services Ltd.(a) ...... 4,484 213,772 Metropolis Healthcare Ltd.(c) ...... 8,909 315,766 Thermax Ltd.(a) ...... 13,570 265,120 Minda Industries Ltd...... 25,901 217,492 Thyrocare Technologies Ltd.(c)...... 7,965 117,076 Mindspace Business Parks REIT(c) ...... 47,200 179,828 Torrent Power Ltd...... 54,929 328,276 Mindtree Ltd...... 19,942 657,421 TTK Prestige Ltd...... 2,124 250,003 Motilal Oswal Financial Services Ltd...... 16,697 187,083 Tube Investments of India Ltd...... 32,863 533,337 Mphasis Ltd...... 28,497 764,741 TV18 Broadcast Ltd.(a) ...... 144,255 83,507 Multi Commodity Exchange of India Ltd...... 8,169 174,320 UTI Asset Management Co. Ltd...... 10,443 109,034 Natco Pharma Ltd...... 30,975 448,626 Vaibhav Global Ltd...... 14,455 167,796 National Aluminium Co. Ltd...... 293,171 298,478 Vakrangee Ltd...... 163,017 95,084 Navin Fluorine International Ltd...... 10,797 479,314 Varun Beverages Ltd...... 36,462 508,351 NBCC India Ltd...... 254,821 167,541 Vinati Organics Ltd...... 9,617 231,546 NCC Ltd./India...... 114,283 127,460 VIP Industries Ltd.(a) ...... 25,901 131,534 Nippon Life India Asset Management Ltd.(c) ...... 44,250 226,540 V-Mart Retail Ltd.(a) ...... 4,543 173,107 Oberoi Realty Ltd.(a) ...... 41,300 344,563 Ltd.(a)...... 2,773,708 330,794 Oil India Ltd...... 84,665 154,549 Voltas Ltd...... 69,580 968,637 Oracle Financial Services Software Ltd...... 5,900 283,399 Wockhardt Ltd.(a) ...... 9,440 83,687 Orient Electric Ltd...... 50,504 213,103 Yes Bank Ltd.(a)...... 100 19 Persistent Systems Ltd...... 15,753 552,036 Yes Bank Ltd., New, Phoenix Mills Ltd. (The)(a) ...... 30,326 329,688 (Acquired 03/16/20, Cost: $336,376)(a)(f) ...... 433,083 66,202 PNB Housing Finance Ltd.(a)(c) ...... 24,426 177,023 Zee Entertainment Enterprises Ltd...... 271,754 785,288 (a) Poly Medicure Ltd...... 6,431 90,635 63,141,207 (a) Polycab India Ltd...... 9,263 214,367 Indonesia — 1.6% (a) Prestige Estates Projects Ltd...... 46,610 175,430 Ace Hardware Indonesia Tbk PT ...... 2,419,000 253,152 Procter & Gamble Health Ltd...... 2,714 222,551 Agung Semesta Sejahtera Tbk PT(a) ...... 2,120,580 7,422 (a) PVR Ltd...... 15,635 282,503 AKR Corporindo Tbk PT ...... 666,800 151,096 (c) Quess Corp. Ltd...... 23,836 224,099 Astra Agro Lestari Tbk PT ...... 188,800 116,544 Radico Khaitan Ltd...... 31,270 263,565 Bank BTPN Syariah Tbk PT ...... 743,400 150,828 Rain Industries Ltd...... 48,203 117,105 Bank Pembangunan Daerah Jawa Barat Dan Banten Ltd...... 26,255 188,528 Tbk PT ...... 932,400 90,287

106 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Indonesia (continued) Malaysia (continued) Bank Tabungan Negara Persero Tbk PT(a) ...... 1,604,800 $ 183,486 Bursa Malaysia Bhd ...... 224,350 $ 443,433 Bintang Oto Global Tbk PT(a) ...... 873,200 81,598 Carlsberg Brewery Malaysia Bhd ...... 59,000 314,020 Bukit Asam Tbk PT ...... 1,168,200 180,707 Comfort Glove Bhd(b) ...... 165,200 85,211 Bumi Serpong Damai Tbk PT(a)...... 2,719,900 213,340 D&O Green Technologies Bhd...... 123,900 127,715 Ciputra Development Tbk PT...... 3,239,363 243,610 DRB-Hicom Bhd(b) ...... 395,300 173,169 Hanson International Tbk PT(a)(d) ...... 25,794,200 90,284 Dufu Technology Corp. Bhd ...... 88,500 90,250 Indo Tambangraya Megah Tbk PT ...... 129,900 117,475 Frontken Corp. Bhd...... 368,750 268,309 Indosat Tbk PT(a) ...... 448,400 199,125 Gamuda Bhd(a) ...... 448,400 343,620 Industri Jamu Dan Farmasi Sido Muncul Tbk PT ...... 2,596,000 140,840 Globetronics Technology Bhd...... 247,866 127,534 Inti Agri Resources Tbk PT(a)(d) ...... 12,327,500 43,148 Greatech Technology Bhd(a)(b) ...... 135,800 176,472 Japfa Comfeed Indonesia Tbk PT ...... 1,534,000 213,449 Heineken Malaysia Bhd ...... 35,700 202,243 Jasa Marga Persero Tbk PT...... 802,400 221,676 IGB REIT...... 625,400 249,646 Lippo Karawaci Tbk PT(a) ...... 8,000,500 91,752 IJM Corp. Bhd ...... 1,014,800 434,079 Medco Energi Internasional Tbk PT(a)...... 2,926,512 141,221 Inari Amertron Bhd...... 885,050 684,422 Media Nusantara Citra Tbk PT(a) ...... 1,764,100 114,098 IOI Properties Group Bhd ...... 436,600 135,200 Metro Healthcare Indonesia TBK PT(a) ...... 4,643,300 105,299 Lotte Chemical Titan Holding Bhd(c)...... 135,700 98,074 Mitra Adiperkasa Tbk PT(a) ...... 3,416,100 167,278 Magnum Bhd ...... 466,250 223,244 Pabrik Kertas Tjiwi Kimia Tbk PT ...... 430,700 278,190 Mah Sing Group Bhd(b) ...... 442,657 97,884 Pacific Strategic Financial Tbk PT(a) ...... 2,631,400 137,254 Malaysia Building Society Bhd...... 1,056,200 155,686 Pakuwon Jati Tbk PT(a) ...... 5,770,200 201,803 Malaysian Pacific Industries Bhd ...... 29,500 278,851 Panin Financial Tbk PT(a) ...... 6,567,200 90,031 Malaysian Resources Corp. Bhd...... 950,000 98,765 Pelayaran Tamarin Samudra Tbk PT(a)...... 2,224,400 7,786 My EG Services Bhd(b)...... 861,400 401,857 Perusahaan Gas Negara Tbk PT(a) ...... 2,855,600 222,638 Padini Holdings Bhd(a) ...... 194,700 133,730 Perusahaan Perkebunan London Sumatra Indonesia Pavilion REIT...... 306,900 95,051 Tbk PT ...... 1,262,600 105,101 Pentamaster Corp. Bhd ...... 194,750 221,083 PP Persero Tbk PT ...... 1,215,525 94,803 Sapura Energy Bhd(a) ...... 3,563,600 103,235 Smartfren Telecom Tbk PT(a) ...... 22,726,800 136,553 Scientex Bhd ...... 301,700 300,715 Sugih Energy Tbk PT(a)(d) ...... 1,824,800 6,387 Serba Dinamik Holdings Bhd ...... 578,320 158,100 Summarecon Agung Tbk PT(a) ...... 3,251,200 213,542 Sime Darby Property Bhd ...... 1,056,600 158,427 Surya Citra Media Tbk PT(a) ...... 1,439,600 169,599 SKP Resources Bhd ...... 442,500 163,681 Timah Tbk PT(a) ...... 849,600 95,108 SP Setia Bhd Group(a) ...... 596,000 149,958 Transcoal Pacific Tbk PT...... 295,000 168,826 Sunway Bhd(b)...... 435,400 165,325 Waskita Karya Persero Tbk PT ...... 1,688,400 122,248 Sunway Construction Group Bhd ...... 271,520 106,395 Wijaya Karya Persero Tbk PT ...... 1,180,048 103,119 Sunway REIT...... 737,500 247,828 XL Axiata Tbk PT ...... 1,097,500 188,820 Syarikat Takaful Malaysia Keluarga Bhd ...... 118,100 126,857 5,659,523 TIME dotCom Bhd ...... 141,600 476,277 Kuwait — 0.8% UMW Holdings Bhd...... 124,000 92,696 Boubyan Petrochemicals Co. KSCP ...... 160,893 482,669 Unisem M Bhd...... 59,000 102,016 Boursa Kuwait Securities Co. KPSC ...... 31,093 128,112 United Plantations BHD ...... 8,300 28,177 Gulf Bank KSCP...... 307,390 228,793 UWC BHD ...... 118,000 152,814 (a)(b) Humansoft Holding Co. KSC ...... 34,279 410,413 Velesto Energy Bhd ...... 1,864,500 60,866 Kuwait International Bank KSCP(a)...... 327,096 236,940 ViTrox Corp. Bhd ...... 76,800 282,358 National Industries Group Holding SAK ...... 489,995 362,478 VS Industry Bhd ...... 1,050,450 312,021 National Real Estate Co. KPSC(a) ...... 232,047 132,272 Yinson Holdings Bhd...... 242,000 283,864 (a) Qurain Petrochemical Industries Co...... 197,035 250,754 YTL Corp. Bhd ...... 928,700 150,433 Shamal Az-Zour Al-Oula for the First Phase of Az-Zour 10,728,383 Power Plant KSC ...... 290,634 231,773 Mexico — 1.8% Warba Bank KSCP(a) ...... 480,437 389,522 Alsea SAB de CV(a)(b) ...... 177,100 297,597 (a) 2,853,726 SAB de CV, CPO ...... 300,900 81,124 (b)(c) Malaysia — 3.0% Banco del Bajio SA ...... 236,000 411,501 AirAsia Group Bhd(a) ...... 454,300 91,673 Bolsa Mexicana de Valores SAB de CV ...... 147,500 326,576 Alliance Bank Malaysia Bhd(a) ...... 377,800 236,828 Concentradora Fibra Danhos SA de CV...... 82,600 98,657 (a) ATA IMS Bhd ...... 129,800 74,361 Controladora Nemak SAB de CV ...... 743,400 116,821 Axis Real Estate Investment Trust ...... 495,600 227,807 Controladora Vuela Cia. de Aviacion SAB de CV, (a) Berjaya Sports Toto Bhd ...... 348,200 166,740 Class A ...... 265,500 460,273 Bermaz Auto Bhd ...... 419,000 133,804 Corp Inmobiliaria Vesta SAB de CV...... 218,300 448,590 (a) BIMB Holdings Bhd ...... 247,800 226,730 Genomma Lab Internacional SAB de CV, Class B ...... 265,600 277,761 (a) British American Tobacco Malaysia Bhd...... 53,244 202,949 Gentera SAB de CV ...... 348,100 195,564 (a) Bumi Armada Bhd(a) ...... 826,000 85,900 Grupo Aeroportuario del Centro Norte SAB de CV ...... 118,000 756,354 Grupo Cementos de Chihuahua SAB de CV ...... 59,020 437,065

107 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Mexico (continued) Poland (continued) Grupo Comercial Chedraui SA de CV...... 100,400 $ 158,781 Jastrzebska Spolka Weglowa SA(a)(b) ...... 18,231 $ 181,056 Grupo Herdez SAB de CV(b)...... 76,700 172,862 KRUK SA(a) ...... 6,136 430,926 Grupo Rotoplas SAB de CV ...... 64,900 107,917 LiveChat Software SA...... 4,952 159,207 Grupo Traxion SAB de CV(a)(c) ...... 64,900 116,812 mBank SA(a)...... 4,602 378,213 La Comer SAB de CV(b)...... 177,000 339,373 Mercator Medical SA(a)...... 944 62,959 Macquarie Mexico Real Estate Management SA de CV(c) . . 259,700 291,540 Neuca SA ...... 826 177,265 PLA Administradora Industrial S. de RL de CV(b)...... 271,400 418,042 Tauron Polska Energia SA(a) ...... 334,707 305,550 Prologis Property Mexico SA de CV...... 153,431 361,970 TEN Square Games SA(b)...... 1,593 186,226 Qualitas Controladora SAB de CV ...... 53,100 289,067 Warsaw Stock Exchange...... 11,210 149,737 Regional SAB de CV...... 70,800 382,117 5,017,752 6,546,364 Qatar — 0.8% Pakistan — 0.4% Aamal Co...... 654,546 177,120 Bank Alfalah Ltd...... 380,668 79,933 Al Meera Consumer Goods Co. QSC ...... 34,456 175,112 Engro Corp. Ltd./Pakistan ...... 126,732 258,529 Baladna ...... 366,862 154,512 Fauji Fertilizer Co. Ltd...... 207,149 144,172 Doha Bank QPSC ...... 511,176 391,756 Hub Power Co. Ltd. (The) ...... 299,366 153,272 Gulf International Services QSC(a) ...... 205,250 82,828 Millat Tractors Ltd...... 13,265 97,403 Gulf Warehousing Co...... 119,180 164,601 Pakistan Oilfields Ltd...... 42,126 101,374 Medicare Group ...... 59,295 150,674 Pakistan State Oil Co. Ltd...... 107,498 167,697 Qatar Aluminum Manufacturing Co...... 893,673 397,891 Searle Co. Ltd. (The)...... 68,204 108,245 Qatar Insurance Co. SAQ(a) ...... 531,708 366,586 TRG Pakistan(a) ...... 118,000 134,826 Qatar National Cement Co. QSC ...... 91,391 122,693 United Bank Ltd./Pakistan...... 178,770 149,458 Qatar Navigation QSC ...... 205,910 409,558 1,394,909 United Development Co. QSC...... 551,228 237,526 Peru — 0.1% Vodafone Qatar QSC ...... 560,382 263,891 Intercorp Financial Services Inc...... 11,387 320,430 3,094,748 Russia — 0.8% Philippines — 0.9% Aeroflot PJSC(a) ...... 436,016 416,867 AC Energy Corp...... 2,183,056 332,043 Credit Bank of Moscow PJSC(a) ...... 4,177,200 377,932 Alliance Global Group Inc...... 1,380,600 299,859 Detsky Mir PJSC(c) ...... 210,040 436,879 (a) Bloomberry Resorts Corp...... 1,463,200 204,417 Federal Grid Co. Unified Energy System PJSC...... 38,940,000 116,217 (a) Cebu Air Inc...... 88,510 84,450 LSR Group PJSC...... 10,621 111,672 Inc...... 288,100 141,044 Mosenergo PJSC...... 4,900,000 159,948 Cosco Capital Inc...... 1,475,000 157,378 Novorossiysk Commercial Sea Port PJSC ...... 616,945 60,599 D&L Industries Inc...... 826,100 127,551 Rostelecom PJSC(a) ...... 329,220 463,143 DMCI Holdings Inc...... 731,600 85,087 Sistema PJSFC, GDR ...... 60,298 518,380 (a) DoubleDragon Properties Corp...... 306,910 78,080 Sovcomflot OAO(a)...... 127,120 162,670 First Gen Corp...... 291,150 180,912 Unipro PJSC ...... 5,546,000 219,238 Manila Water Co. Inc.(a) ...... 395,400 117,270 Megaworld Corp...... 1,829,000 116,264 3,043,545 Puregold Price Club Inc...... 236,000 183,976 Saudi Arabia — 2.4% Robinsons Land Corp...... 654,900 232,717 Al Hammadi Co. for Development and Investment...... 24,721 225,353 Robinsons Retail Holdings Inc...... 90,400 97,213 Al Jouf Agricultural Development Co...... 3,961 95,375 (a) ...... 6,962 163,364 Security Bank Corp...... 109,680 279,902 Al Rajhi Co. for Co-operative Insurance Aldrees Petroleum and Transport Services Co...... 14,160 237,872 Semirara Mining & Power Corp...... 371,800 102,198 Alujain Holding(a) ...... 8,850 134,275 Vista Land & Lifescapes Inc...... 1,298,100 102,585 Arabian Cement Co./Saudi Arabia ...... 18,762 230,132 Wilcon Depot Inc...... 566,500 218,243 Arriyadh Development Co...... 38,763 245,586 3,141,189 Aseer Trading Tourism & Manufacturing Co.(a)...... 15,458 107,581 Poland — 1.4% City Cement Co...... 30,562 253,444 (a)(b) Alior Bank SA ...... 33,158 304,059 Dallah Healthcare Co...... 9,971 175,212 (a) AmRest Holdings SE ...... 26,550 230,913 Dur Hospitality Co.(a)...... 17,110 153,774 Asseco Poland SA...... 21,122 421,119 Eastern Province Cement Co...... 18,585 247,288 (a) Bank Millennium SA ...... 217,238 294,443 Fawaz Abdulaziz Al Hokair & Co.(a) ...... 28,910 190,556 Budimex SA ...... 4,071 330,530 Halwani Brothers Co...... 3,304 90,856 (a) CCC SA ...... 11,741 385,027 Herfy Food Services Co...... 8,555 145,323 (a)(b) Ciech SA ...... 11,800 150,529 Leejam Sports Co. JSC(a) ...... 10,679 218,691 (a) Enea SA ...... 72,157 170,320 Maharah Human Resources Co...... 9,440 197,807 (a)(b) Eurocash SA ...... 32,037 131,678 National Agriculture Development Co. (The)(a)...... 22,184 241,044 (a) Grupa Azoty SA ...... 16,638 156,035 National Gas & Industrialization Co.(a) ...... 14,160 146,310 Grupa Lotos SA ...... 29,205 411,960 Qassim Cement Co. (The) ...... 16,815 381,115

108 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Saudi Arabia (continued) South Africa (continued) Saudi Airlines Catering Co.(a) ...... 4,366 $ 92,576 Transaction Capital Ltd.(a) ...... 180,304 $ 477,671 Saudi Arabia Refineries Co...... 2,124 100,407 Truworths International Ltd...... 135,818 541,547 Saudi Ceramic Co.(a)...... 16,044 252,274 Vukile Property Fund Ltd...... 257,653 187,894 Saudi Chemical Co. Holding...... 20,473 208,140 Wilson Bayly Holmes-Ovcon Ltd.(a) ...... 20,001 168,847 Saudi Fisheries Co.(a) ...... 6,667 101,154 Zeder Investments Ltd...... 394,946 92,279 (a) Saudi Ground Services Co...... 33,394 328,130 13,960,183 Saudi Industrial Services Co...... 7,552 98,100 South Korea — 17.8% Saudi Pharmaceutical Industries & Medical ABLBio Inc.(a) ...... 10,148 190,403 Appliances Corp...... 22,833 282,502 Ace Technologies Corp.(a)(b) ...... 9,558 145,482 (a) Saudi Public Transport Co...... 22,420 154,538 Advanced Process Systems Corp...... 4,993 130,187 (a) Saudi Real Estate Co...... 38,350 199,421 Aekyung Industrial Co. Ltd.(b)...... 4,956 130,268 (a) Saudi Research & Media Group ...... 14,396 465,473 AfreecaTV Co. Ltd...... 3,315 292,419 Saudia Dairy & Foodstuff Co...... 6,962 331,092 Ahnlab Inc...... 2,335 142,169 (a) Seera Group Holding ...... 53,985 310,008 Amicogen Inc.(a) ...... 5,251 168,467 Southern Province Cement Co...... 23,659 548,852 Ananti Inc.(a)...... 20,414 182,170 United Electronics Co...... 10,856 352,834 Anterogen Co. Ltd.(a)(b)...... 2,714 121,551 United International Transportation Co...... 13,334 153,679 Aprogen KIC Inc.(a) ...... 49,914 96,509 Yamama Cement Co...... 42,067 383,625 Aprogen pharmaceuticals Inc.(a) ...... 102,247 111,007 Yanbu Cement Co...... 31,565 371,180 AptaBio Therapeutics Inc.(a) ...... 2,360 133,626 8,614,943 APTC Co. Ltd...... 4,366 104,883 South Africa — 3.8% Asiana Airlines Inc.(a) ...... 6,975 108,343 Adcock Ingram Holdings Ltd...... 21,417 70,182 BGF Co. Ltd...... 15,340 96,482 AECI Ltd...... 33,571 247,740 BH Co. Ltd...... 9,676 162,094 Alexander Forbes Group Holdings Ltd...... 360,077 104,773 Binex Co. Ltd.(a) ...... 8,850 178,848 Astral Foods Ltd...... 14,691 154,308 Bioneer Corp.(a) ...... 6,431 100,180 AVI Ltd...... 107,616 572,390 BNK Financial Group Inc...... 98,412 701,070 Barloworld Ltd.(a) ...... 52,097 447,585 Boditech Med Inc.(b) ...... 6,136 111,330 Coronation Fund Managers Ltd...... 78,411 308,950 Boryung Pharmaceutical Co. Ltd.(b) ...... 8,363 169,311 Dis-Chem Pharmacies Ltd.(a)(c) ...... 101,244 223,848 Bukwang Pharmaceutical Co. Ltd.(b) ...... 12,921 245,052 Distell Group Holdings Ltd.(a) ...... 45,430 559,352 Cafe24 Corp.(a) ...... 5,251 146,535 DRDGOLD Ltd...... 153,813 195,721 Cellid Co. Ltd.(a) ...... 1,947 150,814 Equites Property Fund Ltd...... 185,791 246,036 Cellivery Therapeutics Inc.(a) ...... 4,312 378,090 Fortress REIT Ltd., Series A...... 367,157 380,977 Chabiotech Co. Ltd.(a)...... 14,886 261,537 Foschini Group Ltd. (The)(a) ...... 107,380 1,031,989 Chong Kun Dang Pharmaceutical Corp.(b)...... 2,301 269,178 Hyprop Investments Ltd...... 75,520 144,067 Chunbo Co. Ltd...... 1,475 221,241 Imperial Logistics Ltd...... 58,823 212,350 CJ CGV Co. Ltd.(a)(b)...... 8,332 249,433 Investec Ltd...... 87,969 365,948 CMG Pharmaceutical Co. Ltd.(a) ...... 46,610 193,621 Investec Property Fund Ltd...... 191,278 148,234 Com2uSCorp...... 2,950 342,116 JSE Ltd...... 31,152 259,885 Cosmax Inc.(a) ...... 2,742 310,701 KAP Industrial Holdings Ltd.(a)...... 937,392 312,889 CosmoAM&T Co. Ltd.(a)...... 6,254 140,839 Liberty Holdings Ltd.(a) ...... 39,353 189,180 COWELL FASHION Co. Ltd...... 23,305 136,003 Life Healthcare Group Holdings Ltd.(a) ...... 444,093 699,270 Creative & Innovative System(a) ...... 14,632 155,929 Massmart Holdings Ltd.(a) ...... 33,807 159,722 CrystalGenomics Inc.(a) ...... 23,010 168,394 Momentum Metropolitan Holdings ...... 278,598 393,600 CS Wind Corp...... 7,913 539,223 Motus Holdings Ltd...... 50,740 349,772 Cuckoo Homesys Co. Ltd...... 3,016 139,035 Netcare Ltd.(a) ...... 331,639 357,358 Daea TI Co. Ltd...... 22,715 126,537 Ninety One Ltd...... 52,864 174,535 Daeduck Electronics Co. Ltd./New...... 13,334 180,456 Oceana Group Ltd...... 25,700 134,269 Daejoo Electronic Materials Co. Ltd...... 4,189 167,672 Pick n Pay Stores Ltd...... 117,115 494,167 Daesang Corp...... 9,322 249,688 PSG Group Ltd...... 51,802 295,974 Daewoo Engineering & Construction Co. Ltd.(a) ...... 61,364 457,658 Redefine Properties Ltd.(a) ...... 1,778,496 534,279 Daewoong Co. Ltd...... 6,962 229,740 Resilient REIT Ltd...... 91,981 330,047 Daewoong Pharmaceutical Co. Ltd...... 1,593 219,578 Reunert Ltd...... 63,425 243,946 Daishin Securities Co. Ltd...... 16,853 280,741 Royal Bafokeng Platinum Ltd...... 50,563 373,685 Daou Technology Inc...... 9,743 238,977 Santam Ltd.(a) ...... 11,682 228,855 DB HiTek Co. Ltd...... 12,054 557,208 Sappi Ltd.(a) ...... 177,531 555,133 Dentium Co. Ltd...... 2,787 147,335 Steinhoff International Holdings NV(a)(b) ...... 1,318,768 178,946 Devsisters Co. Ltd.(a) ...... 1,475 151,025 Stor-Age Property REIT Ltd...... 159,182 153,277 DGB Financial Group Inc...... 60,299 511,491 Super Group Ltd./South Africa(a)...... 134,107 306,530 Digital Power Communications Co. Ltd...... 9,676 132,858 Telkom SA SOC Ltd...... 102,070 352,176 DIO Corp.(a) ...... 5,148 180,844

109 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) South Korea (continued) DL E&C Co. Ltd.(a) ...... 5,192 $ 626,390 Helixmith Co. Ltd.(a)...... 11,210 $ 317,199 DL Holdings Co. Ltd...... 3,835 282,035 HFR Inc.(a) ...... 2,729 56,208 Dong-A Socio Holdings Co. Ltd...... 1,475 165,000 Hite Jinro Co. Ltd...... 11,682 414,439 Dong-A ST Co. Ltd...... 2,773 214,356 HLB Life Science Co. Ltd.(a) ...... 28,746 265,659 Dongjin Semichem Co. Ltd...... 11,776 301,757 HS Industries Co. Ltd...... 18,172 133,852 DongKook Pharmaceutical Co. Ltd...... 9,882 254,994 Huchems Fine Chemical Corp...... 7,225 142,227 Dongkuk Steel Mill Co. Ltd.(b)...... 20,495 421,566 Hugel Inc.(a) ...... 2,360 424,799 Dongsuh Cos. Inc...... 10,466 281,180 Huons Global Co. Ltd...... 1,652 103,436 Dongsung Pharmaceutical Co. Ltd.(a) ...... 3,971 38,954 Hwaseung Enterprise Co. Ltd...... 8,673 149,180 Dongwha Enterprise Co. Ltd.(a) ...... 1,475 87,402 Hyosung Advanced Materials Corp.(a)...... 898 302,664 Dongwon F&B Co. Ltd...... 669 141,517 Hyosung Chemical Corp.(a)...... 649 202,588 Doosan Co. Ltd...... 1,770 138,540 Hyosung Corp...... 2,961 260,991 Doosan Fuel Cell Co. Ltd.(a) ...... 13,430 528,969 Hyosung Heavy Industries Corp.(a) ...... 1,652 105,339 Doosan Infracore Co. Ltd.(a) ...... 49,796 577,429 Hyosung TNC Corp...... 826 521,227 DoubleUGames Co. Ltd...... 3,776 228,777 Hyundai Autoever Corp...... 1,947 196,728 Duk San Neolux Co. Ltd.(a) ...... 2,891 109,783 Hyundai Bioscience Co. Ltd.(a)(b) ...... 10,903 358,381 Ecopro BM Co. Ltd...... 3,304 520,118 Hyundai Construction Equipment Co. Ltd.(a)...... 4,604 238,072 Ecopro Co. Ltd...... 6,290 275,811 Hyundai Department Store Co. Ltd...... 5,171 431,274 Ecopro HN Co. Ltd.(a) ...... 1,286 176,994 Hyundai Electric & Energy System Co. Ltd.(a) ...... 7,362 144,558 ENF Technology Co. Ltd...... 3,481 110,580 Hyundai Elevator Co. Ltd...... 9,145 444,047 Enzychem Lifesciences Corp.(a) ...... 1,888 169,126 Hyundai Home Shopping Network Corp...... 1,593 134,140 Eo Technics Co Ltd...... 3,245 329,334 Hyundai Marine & Fire Insurance Co. Ltd...... 15,517 339,460 Eoflow Co. Ltd.(a) ...... 2,360 119,778 Hyundai Mipo Dockyard Co. Ltd.(a) ...... 7,832 593,836 Eone Diagnomics Genome Center Co. Ltd.(a) ...... 21,535 96,337 Hyundai Rotem Co. Ltd.(a)(b)...... 22,538 427,815 Eubiologics Co. Ltd.(a) ...... 9,794 417,522 Hyundai Wia Corp...... 5,349 404,178 Eugene Technology Co. Ltd...... 5,900 246,106 Iljin Diamond Co. Ltd...... 2,834 108,060 Eutilex Co. Ltd.(a)(b) ...... 2,695 83,689 Iljin Materials Co. Ltd.(b) ...... 7,703 453,407 F&F Co. Ltd./New(a)...... 1,249 503,385 Ilyang Pharmaceutical Co. Ltd...... 4,838 165,517 Fine Semitech Corp...... 4,071 108,838 Innocean Worldwide Inc...... 3,382 203,272 Foosung Co. Ltd.(a) ...... 20,960 188,723 iNtRON Biotechnology Inc.(a) ...... 9,484 194,630 GemVax & Kael Co. Ltd.(a) ...... 11,682 244,540 IS Dongseo Co. Ltd...... 5,428 291,826 Geneone Life Science Inc.(a) ...... 13,688 280,192 ITM Semiconductor Co. Ltd...... 2,832 111,580 Genexine Inc.(a) ...... 6,077 550,698 JB Financial Group Co. Ltd...... 41,849 288,452 Grand Korea Leisure Co. Ltd.(a) ...... 12,313 209,368 Jeil Pharmaceutical Co. Ltd...... 2,006 78,569 Green Cross Cell Corp...... 3,658 135,478 Jejuair Co. Ltd.(a) ...... 4,518 102,144 Green Cross Holdings Corp...... 7,024 215,739 JETEMA Co. Ltd.(a) ...... 3,481 120,327 Green Cross LabCell Corp...... 1,829 162,666 Jin Air Co. Ltd.(a)...... 8,029 164,466 GS Retail Co. Ltd...... 6,667 234,429 Jusung Engineering Co. Ltd.(a) ...... 10,561 136,784 G-treeBNT Co. Ltd.(a) ...... 2,264 22,908 JW Pharmaceutical Corp...... 6,269 162,912 Hana Materials Inc...... 2,478 97,672 JYP Entertainment Corp.(b) ...... 8,808 312,181 Hana Tour Service Inc.(a) ...... 3,327 267,302 KCC Corp...... 1,593 438,516 Hanall Biopharma Co. Ltd.(a) ...... 11,387 224,962 KCC Glass Corp...... 2,950 169,405 Handsome Co. Ltd...... 5,784 232,368 KEPCO Engineering & Construction Co. Inc.(b) ...... 4,543 236,529 Hanil Cement Co. Ltd./New ...... 1,192 176,799 KEPCO Plant Service & Engineering Co. Ltd...... 8,555 353,072 Hanjin Heavy Industries & Construction Co. Ltd.(a)...... 11,800 90,266 KG Dongbu Steel Co. Ltd...... 6,018 107,688 Hanjin Transportation Co. Ltd...... 2,978 108,452 KH FEELUX Co. Ltd.(a)...... 35,912 104,334 Hankook & Co. Co. Ltd...... 8,760 159,735 KIWOOM Securities Co. Ltd...... 4,221 461,475 Hankook Shell Oil Co. Ltd...... 45 10,924 Koh Young Technology Inc.(b)...... 18,150 414,768 Hanmi Semiconductor Co. Ltd...... 6,844 200,049 Kolmar BNH Co. Ltd.(b)...... 2,950 139,993 Hansae Co. Ltd...... 5,310 125,003 Kolmar Korea Co. Ltd...... 6,254 333,860 Hansol Chemical Co. Ltd...... 3,068 684,528 Kolon Industries Inc...... 6,254 349,124 Hanssem Co. Ltd...... 3,665 356,388 KoMiCo Ltd...... 1,711 104,339 Hanwha Aerospace Co. Ltd...... 11,712 491,032 Komipharm International Co. Ltd.(a) ...... 15,104 138,113 Hanwha Corp...... 11,387 320,510 KONA I Co. Ltd.(a) ...... 3,540 139,342 Hanwha Investment & Securities Co. Ltd.(a) ...... 33,158 139,957 Korea Electric Terminal Co. Ltd...... 2,227 173,153 Hanwha Life Insurance Co. Ltd...... 100,654 346,796 Korea Line Corp.(a) ...... 47,554 142,887 Hanwha Systems Co. Ltd.(b)...... 14,809 229,393 Korea Petrochemical Ind. Co Ltd...... 1,121 267,607 HDC Holdings Co. Ltd...... 13,518 171,355 Korea REIT & Trust Co. Ltd...... 57,407 124,290 HDC Hyundai Development Co-Engineering & Korea United Pharm Inc...... 3,363 163,766 Construction, Class E ...... 13,629 361,621 Korean Reinsurance Co...... 31,601 277,490

110 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) South Korea (continued) KPM Tech Co. Ltd.(a)...... 37,996 $ 105,636 Sam Chun Dang Pharm Co. Ltd.(a) ...... 4,720 $ 224,594 Kuk-Il Paper Manufacturing Co. Ltd.(a)(b) ...... 33,232 181,730 Sam Kang M&T Co. Ltd.(a) ...... 8,673 150,085 Kumho Tire Co. Inc.(a)...... 24,957 114,755 Samwha Capacitor Co. Ltd...... 3,543 189,440 Kyung Dong Navien Co. Ltd...... 3,189 179,399 Samyang Holdings Corp...... 1,062 108,137 L&C Bio Co. Ltd...... 4,838 133,372 Sang-A Frontec Co. Ltd...... 3,186 135,640 L&F Co. Ltd...... 5,564 441,413 Seah Besteel Corp...... 4,189 115,649 LEENO Industrial Inc...... 3,422 501,384 Sebang Global Battery Co. Ltd...... 1,939 163,870 LegoChem Biosciences Inc.(a) ...... 6,018 263,447 Seojin System Co. Ltd.(a)...... 4,602 178,294 LEMON Co. Ltd./Korea(a) ...... 2,447 17,885 Seoul Semiconductor Co. Ltd.(b) ...... 14,844 263,342 LG Hausys Ltd...... 2,478 208,463 SFA Engineering Corp...... 6,903 262,182 LG International Corp...... 10,030 278,396 SFA Semicon Co. Ltd.(a)(b)...... 26,196 170,598 LIG Nex1 Co. Ltd...... 4,410 174,969 Shinsegae International Inc...... 1,003 212,018 LOTTE Fine Chemical Co. Ltd...... 6,696 397,996 Shinsung E&G Co. Ltd.(a) ...... 48,085 123,707 LOTTE Reit Co. Ltd...... 48,307 257,678 Silicon Works Co. Ltd...... 4,012 386,631 Lotte Tour Development Co. Ltd.(a)(b) ...... 13,216 261,974 SillaJen Inc.(a)(d) ...... 19,774 214,530 LS Corp...... 6,053 378,211 SIMMTECH Co. Ltd...... 7,198 145,386 LS Electric Co. Ltd...... 5,841 297,264 SK Discovery Co. Ltd...... 3,610 168,371 Maeil Dairies Co. Ltd...... 3,127 221,535 SK Materials Co. Ltd...... 1,475 423,780 Mando Corp.(a) ...... 10,800 640,693 SK Networks Co. Ltd...... 48,769 264,876 Mcnex Co. Ltd...... 4,505 195,734 SL Corp...... 5,293 157,307 Medipost Co. Ltd.(a)(b) ...... 6,077 175,857 SM Entertainment Co. Ltd.(a) ...... 6,682 261,405 MedPacto Inc.(a)(b) ...... 3,776 268,503 S-MAC Co. Ltd.(a)...... 81,833 105,957 Medy-Tox Inc...... 1,607 245,000 SNT Motiv Co. Ltd...... 3,254 187,538 MegaStudyEdu Co. Ltd...... 3,016 176,259 Solid Inc.(a) ...... 17,169 109,986 Meritz Financial Group Inc...... 14,060 235,723 SOLUM Co. Ltd.(a) ...... 8,909 217,016 Meritz Fire & Marine Insurance Co. Ltd...... 17,464 279,183 Solus Advanced Materials Co Ltd...... 3,835 173,571 Mezzion Pharma Co. Ltd.(a) ...... 2,360 301,479 Soulbrain Co. Ltd./New ...... 1,465 431,169 Mirae Asset Maps Asia Pacific Real Estate 1 Investment. . . 39,790 178,648 Soulbrain Holdings Co. Ltd.(a) ...... 2,301 76,949 Myoung Shin Industrial Co. Ltd.(a) ...... 4,248 99,355 ST Pharm Co. Ltd.(a) ...... 3,068 312,965 Namhae Chemical Corp...... 16,579 142,855 Taekwang Industrial Co. Ltd...... 118 132,170 Namsun Aluminum Co. Ltd.(a) ...... 26,609 88,408 Taeyoung Engineering & Construction Co. Ltd...... 7,946 93,604 Naturecell Co. Ltd.(a) ...... 16,461 210,075 Taihan Electric Wire Co. Ltd.(a) ...... 89,149 162,653 NEPES Corp.(a)...... 6,728 223,708 Telcon RF Pharmaceutical Inc.(a) ...... 27,848 118,979 Neptune Co.(a)...... 3,481 79,726 TES Co. Ltd./Korea ...... 5,192 143,554 NEXTIN Inc.(a) ...... 1,475 79,916 Tesna Inc...... 4,130 165,507 NHN Corp.(a) ...... 3,835 251,585 Theragen Etex Co. Ltd.(a) ...... 7,612 56,624 NHN KCP Corp.(a) ...... 5,192 233,349 Tokai Carbon Korea Co. Ltd...... 1,380 212,912 NICE Information Service Co. Ltd...... 12,603 260,283 Tongyang Life Insurance Co. Ltd...... 25,869 131,011 NKMax Co. Ltd.(a) ...... 11,448 146,910 Toptec Co. Ltd...... 7,670 81,473 NongShim Co. Ltd...... 1,180 318,856 TY Holdings Co. Ltd./Korea(a)(b) ...... 8,201 209,806 OCI Co. Ltd.(a) ...... 6,254 712,372 Unison Co. Ltd.(a) ...... 38,881 148,009 OliX Pharmaceuticals Inc.(a) ...... 2,891 112,554 UniTest Inc.(a) ...... 6,313 116,064 OptoElectronics Solutions Co. Ltd...... 3,245 127,100 Vaxcell-Bio Therapeutics Co. Ltd.(a)...... 2,773 247,766 Orion Holdings Corp...... 14,455 222,849 Vidente Co. Ltd.(a) ...... 11,564 97,258 Oscotec Inc.(a)(b)...... 7,729 268,928 Vieworks Co. Ltd...... 5,074 169,403 Osstem Implant Co. Ltd...... 3,660 289,289 Webzen Inc.(a) ...... 5,490 157,972 Ottogi Corp...... 236 115,461 Wemade Co. Ltd...... 3,436 181,474 Paradise Co. Ltd.(a) ...... 17,349 308,705 WONIK IPS Co. Ltd...... 10,267 463,878 Park Systems Corp...... 1,357 172,950 Wonik QnC Corp.(a) ...... 4,484 106,288 Partron Co. Ltd...... 14,952 140,028 Woori Technology Investment Co. Ltd.(a) ...... 16,756 136,471 PharmaResearch Co. Ltd...... 1,357 102,377 YG Entertainment Inc.(a)(b) ...... 3,906 177,970 Pharmicell Co. Ltd.(a) ...... 18,762 286,365 Youngone Corp.(b) ...... 7,976 337,727 PI Advanced Materials Co. Ltd...... 5,525 223,380 Yungjin Pharmaceutical Co. Ltd.(a)(b) ...... 33,715 187,497 Poongsan Corp...... 6,510 234,741 Yuyang DNU Co. Ltd.(a)(d) ...... 8,823 9,651 Posco ICT Co. Ltd...... 21,260 154,656 Zinus Inc...... 3,599 336,937 Posco International Corp...... 17,582 325,904 64,574,676 PSK Inc...... 2,714 106,765 Taiwan — 20.7% (b) RFHIC Corp...... 5,487 191,277 AcBel Polytech Inc...... 236,000 224,189 (b) Rsupport Co. Ltd...... 9,263 68,533 ADATA Technology Co. Ltd...... 59,000 217,535 S&S Tech Corp...... 5,605 146,536 Adimmune Corp.(a)...... 50,000 94,267

111 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Taiwan (continued) Advanced Ceramic X Corp...... 13,000 $ 225,872 Eva Airways Corp...... 826,000 $ 506,202 Advanced Wireless Semiconductor Co...... 59,596 301,358 Evergreen International Storage & Transport Corp...... 118,000 93,771 Alchip Technologies Ltd...... 16,000 335,599 Everlight Electronics Co. Ltd...... 118,000 194,499 AmTRAN Technology Co. Ltd.(a) ...... 295,312 190,996 Far Eastern Department Stores Ltd...... 413,000 333,598 AP Memory Technology Corp...... 10,000 257,094 Far Eastern International Bank ...... 885,122 334,991 Arcadyan Technology Corp...... 59,541 207,727 Faraday Technology Corp...... 59,000 144,817 Ardentec Corp...... 177,000 271,031 Farglory Land Development Co. Ltd...... 118,000 233,399 Asia Optical Co. Inc...... 118,000 348,060 Feng Hsin Steel Co. Ltd...... 177,000 479,052 Asia Pacific Telecom Co. Ltd.(a)...... 649,910 203,876 Firich Enterprises Co. Ltd...... 118,376 131,286 Asia Vital Components Co. Ltd...... 118,000 311,910 First Copper Technology Co. Ltd.(a) ...... 59,000 146,271 ASPEED Technology Inc...... 6,000 479,369 Fitipower Integrated Technology Inc...... 50,000 601,417 BES Engineering Corp...... 472,000 152,844 FLEXium Interconnect Inc...... 118,418 507,423 Bizlink Holding Inc...... 59,770 523,842 FocalTech Systems Co. Ltd...... 59,000 449,358 Brighton-Best International Taiwan Inc...... 177,000 213,093 Formosa Sumco Technology Corp...... 25,000 151,395 Capital Securities Corp...... 649,530 408,742 Formosa Taffeta Co. Ltd...... 295,000 328,569 Career Technology MFG. Co. Ltd...... 177,369 188,005 Foxsemicon Integrated Technology Inc...... 18,200 153,108 Cathay Real Estate Development Co. Ltd...... 177,300 126,546 Fulgent Sun International Holding Co. Ltd...... 59,330 260,395 Center Laboratories Inc...... 118,871 290,102 Fusheng Precision Co. Ltd...... 54,000 427,084 Century Iron & Steel Industrial Co. Ltd...... 59,000 234,528 General Interface Solution Holding Ltd...... 59,000 208,598 Chang Wah Electromaterials Inc...... 59,000 72,444 Genius Electronic Optical Co. Ltd...... 21,585 363,277 Charoen Pokphand Enterprise...... 59,000 169,177 Getac Technology Corp...... 118,000 219,768 Cheng Loong Corp...... 236,000 351,239 Gigabyte Technology Co. Ltd...... 186,000 735,696 Cheng Uei Precision Industry Co. Ltd...... 118,000 170,854 Global Lighting Technologies Inc...... 59,000 204,538 Chicony Electronics Co. Ltd...... 177,000 495,877 Global Unichip Corp...... 24,000 310,430 Chicony Power Technology Co. Ltd...... 59,000 147,227 Gold Circuit Electronics Ltd.(a) ...... 118,000 234,427 Chilisin Electronics Corp...... 59,459 213,175 Goldsun Building Materials Co. Ltd...... 354,426 325,841 China Airlines Ltd.(a) ...... 885,000 557,692 Gourmet Master Co. Ltd...... 49,821 298,947 China General Plastics Corp...... 118,000 150,956 Grand Pacific Petrochemical(a) ...... 295,000 284,451 China Man-Made Fiber Corp.(a)...... 472,223 172,663 Grape King Bio Ltd...... 59,000 353,930 China Motor Corp.(a) ...... 118,200 292,371 Great Wall Enterprise Co. Ltd...... 177,789 369,566 China Petrochemical Development Corp...... 1,062,600 498,932 Greatek Electronics Inc...... 118,000 305,858 China Steel Chemical Corp...... 59,000 228,452 Hannstar Board Corp...... 118,481 189,126 Chin-Poon Industrial Co. Ltd...... 118,000 122,723 HannStar Display Corp.(a) ...... 767,320 646,150 Chipbond Technology Corp...... 236,000 579,605 Highwealth Construction Corp...... 236,000 358,012 ChipMOS Technologies Inc...... 236,000 386,679 Holtek Semiconductor Inc...... 59,000 200,686 Chong Hong Construction Co. Ltd...... 59,424 168,852 Holy Stone Enterprise Co. Ltd...... 59,050 281,416 Chroma ATE Inc...... 118,000 799,655 Hota Industrial Manufacturing Co. Ltd...... 59,773 202,031 Chung Hung Steel Corp.(a) ...... 295,000 557,327 Hotai Finance Co. Ltd...... 59,000 176,856 Chung Hwa Pulp Corp.(a)...... 118,000 103,645 Hsin Kuang Steel Co. Ltd...... 59,000 136,590 Chung-Hsin Electric & Machinery Manufacturing Corp. .... 118,000 217,635 HTC Corp.(a) ...... 236,000 314,947 Cleanaway Co. Ltd...... 29,000 179,815 Huaku Development Co. Ltd...... 118,080 398,925 Clevo Co...... 177,000 190,657 Hung Sheng Construction Ltd...... 236,416 168,307 CMC Magnetics Corp...... 413,238 152,384 IBF Financial Holdings Co. Ltd...... 826,607 508,729 Compeq Manufacturing Co. Ltd...... 354,000 489,187 International CSRC Investment Holdings Co...... 295,945 290,014 Coretronic Corp...... 118,400 245,144 International Games System Co. Ltd...... 19,000 629,417 Co-Tech Development Corp...... 59,000 169,247 ITE Technology Inc...... 59,000 253,482 CSBC Corp. Taiwan(a)...... 177,548 141,056 ITEQ Corp...... 59,559 271,485 CTCI Corp...... 177,000 241,192 Jentech Precision Industrial Co. Ltd...... 4,000 41,079 Cub Elecparts Inc...... 17,361 125,538 Jih Sun Financial Holdings Co. Ltd...... 354,000 164,619 Darfon Electronics Corp...... 118,000 181,141 Johnson Health Tech Co. Ltd...... 59,000 167,923 Darwin Precisions Corp.(a) ...... 177,000 87,862 Kenda Rubber Industrial Co. Ltd...... 236,675 345,342 Dynapack International Technology Corp...... 59,000 231,850 Kindom Development Co. Ltd...... 118,000 159,309 E Ink Holdings Inc...... 295,000 656,096 King Slide Works Co. Ltd...... 14,000 193,509 Elan Microelectronics Corp...... 118,000 897,361 King Yuan Electronics Co. Ltd...... 354,000 549,630 Elite Material Co. Ltd...... 118,000 696,901 King's Town Bank Co. Ltd...... 295,000 437,106 Elite Semiconductor Microelectronics Technology Inc...... 59,000 284,982 Kinpo Electronics ...... 389,000 190,441 eMemory Technology Inc...... 17,000 575,715 Kinsus Interconnect Technology Corp...... 118,000 464,641 ENNOSTAR Inc.(a) ...... 177,184 481,093 KMC Kuei Meng International Inc...... 27,000 228,427 Episil Holdings Inc.(a) ...... 59,000 142,952 Kuoyang Construction Co. Ltd...... 59,187 65,122 Eternal Materials Co. Ltd...... 295,399 431,756 LandMark Optoelectronics Corp...... 21,400 196,210

112 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Taiwan (continued) Lealea Enterprise Co. Ltd.(a)...... 236,590 $ 108,736 Sunny Friend Environmental Technology Co. Ltd...... 20,000 $ 153,775 Lien Hwa Industrial Holdings Corp...... 354,478 617,195 Sunonwealth Electric Machine Industry Co. Ltd...... 59,000 92,198 Longchen Paper & Packaging Co. Ltd...... 236,357 199,465 Sunplus Technology Co. Ltd...... 118,000 126,828 Lotes Co. Ltd...... 21,968 468,895 Supreme Electronics Co. Ltd...... 195,705 279,250 Lotus Pharmaceutical Co. Ltd.(a)...... 59,000 197,765 Systex Corp...... 59,000 186,427 Lung Yen Life Service Corp...... 118,000 250,952 TA Chen Stainless Pipe ...... 413,866 686,091 Macronix International Co. Ltd...... 590,000 894,564 Taichung Commercial Bank Co. Ltd...... 944,960 386,632 Makalot Industrial Co. Ltd...... 50,391 509,595 TaiMed Biologics Inc.(a) ...... 59,000 161,337 Medigen Vaccine Biologics Corp.(a) ...... 44,000 555,938 Tainan Spinning Co. Ltd...... 354,190 356,030 Mercuries & Associates Holding Ltd...... 118,579 94,406 Taita Chemical Co. Ltd...... 59,000 87,590 Mercuries Life Insurance Co. Ltd.(a)...... 531,696 180,153 Taiwan Cogeneration Corp...... 177,000 248,719 Merida Industry Co. Ltd...... 59,000 685,676 Taiwan Fertilizer Co. Ltd...... 295,000 588,699 Merry Electronics Co. Ltd...... 59,224 229,562 Taiwan Glass Industry Corp.(a)...... 354,000 418,408 Microbio Co. Ltd.(a) ...... 118,000 237,380 Taiwan Hon Chuan Enterprise Co. Ltd...... 118,004 300,265 Mitac Holdings Corp...... 354,383 360,282 Taiwan Mask Corp...... 59,000 179,869 momo.com Inc...... 14,000 626,182 Taiwan Paiho Ltd...... 118,050 406,452 Motech Industries Inc.(a)...... 118,000 131,182 Taiwan Secom Co. Ltd...... 118,450 392,276 Nan Kang Rubber Tire Co. Ltd...... 177,000 243,132 Taiwan Semiconductor Co. Ltd...... 118,000 210,308 Nantex Industry Co. Ltd...... 118,000 556,731 Taiwan Shin Kong Security Co. Ltd...... 177,366 243,881 Newmax Technology Co. Ltd.(a)...... 148,000 254,042 Taiwan Styrene Monomer ...... 242,000 171,500 Nuvoton Technology Corp...... 59,000 174,039 Taiwan Surface Mounting Technology Corp...... 59,000 252,663 OBI Pharma Inc.(a)...... 59,184 243,894 Taiwan TEA Corp.(a) ...... 236,000 167,810 Oriental Union Chemical Corp...... 162,000 126,427 Taiwan Union Technology Corp...... 59,000 223,056 Pan Jit International Inc...... 59,000 108,630 Tanvex BioPharma Inc.(a) ...... 59,000 125,272 Pan-International Industrial Corp...... 118,722 168,959 TCI Co. Ltd...... 26,528 230,224 Parade Technologies Ltd...... 21,000 1,157,345 Teco Electric and Machinery Co. Ltd...... 590,000 702,057 PChome Online Inc...... 59,305 207,371 Test Research Inc...... 118,000 243,820 PharmaEngine Inc...... 59,756 137,647 Tong Hsing Electronic Industries Ltd...... 59,641 392,255 PharmaEssentia Corp.(a) ...... 59,648 183,198 Tong Yang Industry Co. Ltd...... 118,133 140,677 Pharmally International Holding Co. Ltd.(d) ...... 21,603 35,262 Topco Scientific Co. Ltd...... 59,000 280,456 Pixart Imaging Inc...... 59,635 394,684 TPK Holding Co. Ltd.(a) ...... 118,000 195,556 Poya International Co. Ltd.(a) ...... 17,453 337,841 Transcend Information Inc...... 118,000 301,306 President Securities Corp...... 295,215 303,780 Tripod Technology Corp...... 177,000 819,068 Primax Electronics Ltd...... 118,000 225,761 TSEC Corp.(a) ...... 118,000 139,538 Prince Housing & Development Corp...... 472,917 202,931 TSRC Corp...... 236,000 264,269 Qisda Corp...... 590,000 651,061 TTY Biopharm Co. Ltd...... 59,450 175,516 Radiant Opto-Electronics Corp...... 177,000 751,756 Tung Ho Steel Enterprise Corp...... 236,000 409,868 Radium Life Tech Co. Ltd...... 295,341 118,069 TXC Corp...... 118,000 468,909 Rexon Industrial Corp. Ltd...... 59,000 164,203 U-Ming Marine Transport Corp...... 118,000 254,372 RichWave Technology Corp...... 15,000 279,560 Union Bank of Taiwan...... 531,167 224,124 Ritek Corp.(a) ...... 295,387 106,126 Unitech Printed Circuit Board Corp...... 236,420 178,195 Roo Hsing Co. Ltd.(a) ...... 236,000 83,418 United Integrated Services Co. Ltd...... 59,400 493,687 Ruentex Industries Ltd...... 118,000 352,285 United Renewable Energy Co. Ltd.(a) ...... 767,879 370,358 Run Long Construction Co. Ltd...... 118,000 244,699 Unizyx Holding Corp.(a) ...... 59,000 66,157 Sanyang Motor Co. Ltd...... 177,820 178,562 UPC Technology Corp...... 236,741 219,379 ScinoPharm Taiwan Ltd...... 118,708 118,129 USI Corp...... 236,070 307,688 SDI Corp...... 59,000 205,998 Visual Photonics Epitaxy Co. Ltd...... 59,425 242,478 Sercomm Corp...... 59,000 141,269 Voltronic Power Technology Corp...... 17,934 798,109 Shin Zu Shing Co. Ltd...... 59,856 239,351 Wafer Works Corp...... 177,681 329,646 Shinkong Synthetic Fibers Corp...... 413,135 320,853 Wah Lee Industrial Corp...... 59,000 165,257 Sigurd Microelectronics Corp...... 177,124 320,648 Walsin Lihwa Corp...... 767,000 730,212 Simplo Technology Co. Ltd...... 59,600 783,378 Wisdom Marine Lines Co. Ltd...... 106,000 257,027 Sinbon Electronics Co. Ltd...... 59,000 565,668 Wistron NeWeb Corp...... 118,481 282,254 Sincere Navigation Corp...... 59,000 55,677 WT Microelectronics Co. Ltd...... 118,757 232,042 Sino-American Silicon Products Inc...... 177,000 1,072,799 XinTec Inc.(a) ...... 59,000 323,111 Sinyi Realty Inc...... 118,778 132,689 Xxentria Technology Materials Corp...... 118,000 285,149 Sitronix Technology Corp...... 57,000 592,843 YFY Inc...... 413,000 568,994 Solar Applied Materials Technology Corp...... 118,943 204,322 Yieh Phui Enterprise Co. Ltd.(a) ...... 354,797 298,909 Sonix Technology Co. Ltd...... 59,000 200,317 Yulon Finance Corp...... 59,080 288,016 Standard Foods Corp...... 106,000 205,144 Yulon Motor Co. Ltd.(a) ...... 177,026 251,118

113 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Turkey (continued) YungShin Global Holding Corp...... 118,200 $ 184,498 Bera Holding AS(a) ...... 113,634 $ 337,489 Yungtay Engineering Co. Ltd...... 59,000 131,679 Coca-Cola Icecek AS ...... 31,034 287,581 74,976,927 Dogan Sirketler Grubu Holding AS...... 425,036 145,788 (b) Thailand — 3.6% Emlak Konut Gayrimenkul Yatirim Ortakligi AS ...... 686,406 156,202 (c) AEON Thana Sinsap Thailand PCL, NVDR(b) ...... 29,500 190,313 Enerjisa Enerji AS ...... 92,512 115,236 (a)(b) Amata Corp. PCL, NVDR ...... 359,976 222,060 Gubre Fabrikalari TAS ...... 17,325 124,288 AP Thailand PCL, NVDR...... 1,020,700 279,196 Haci Omer Sabanci Holding AS...... 284,557 294,278 (a) Bangchak Corp. PCL, NVDR ...... 472,100 385,121 Hektas Ticaret TAS ...... 123,369 135,556 Bangkok Chain Hospital PCL, NVDR ...... 672,800 438,740 Jantsa Jant Sanayi Ve Ticaret AS...... 4,898 49,376 Bangkok Land PCL, NVDR(b)...... 5,534,200 201,794 Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, (a) Bangkok Life Assurance PCL, NVDR(b) ...... 247,800 249,208 Class D ...... 236,939 217,417 (a)(b) Banpu PCL, NVDR(b) ...... 1,368,800 573,477 Koza Altin Isletmeleri AS ...... 12,185 170,134 (a)(b) Central Plaza Hotel PCL, NVDR(a) ...... 212,400 225,658 Koza Anadolu Metal Madencilik Isletmeleri AS ...... 80,948 150,211 (a)(c) CH Karnchang PCL, NVDR ...... 460,300 298,558 Mavi Giyim Sanayi Ve Ticaret AS, Class B ...... 20,350 119,888 (a)(b) Chularat Hospital PCL, NVDR ...... 2,714,800 305,380 Migros Ticaret AS ...... 32,391 131,034 (a)(b)(c) CK Power PCL, NVDR...... 991,300 174,192 MLP Saglik Hizmetleri AS ...... 43,601 119,740 Com7 PCL, NVDR(b) ...... 236,000 535,293 Nuh Cimento Sanayi AS ...... 21,122 113,479 Eastern Polymer Group PCL, NVDR(b) ...... 431,400 150,458 Otomotiv Ve Savunma Sanayi AS ...... 3,009 106,368 (a)(b) Eastern Water Resources Development and Management Oyak Cimento Fabrikalari AS ...... 97,291 82,580 (a) PCL, NVDR(b)...... 696,200 218,270 Pegasus Hava Tasimaciligi AS ...... 14,809 143,759 (a) Esso Thailand PCL, NVDR(a)(b) ...... 437,100 118,054 Petkim Petrokimya Holding AS ...... 403,383 291,294 (a) GFPT PCL, NVDR ...... 478,000 163,611 Sasa Polyester Sanayi AS ...... 4,492 16,163 (a) Gunkul Engineering PCL, NVDR ...... 2,196,199 245,770 TAV Havalimanlari Holding AS ...... 84,665 237,022 (b) Hana Microelectronics PCL, NVDR(b) ...... 218,300 420,786 Tekfen Holding AS ...... 81,361 142,891 IRPC PCL, NVDR ...... 3,764,200 486,029 Tofas Turk Otomobil Fabrikasi AS...... 41,477 140,520 (a) Jasmine International PCL, NVDR(b) ...... 2,029,600 181,553 Turk Hava Yollari AO ...... 153,282 237,990 (a)(b) KCE Electronics PCL, NVDR(b) ...... 295,300 668,381 Turkiye Halk Bankasi AS ...... 226,206 119,893 (b) Khon Kaen Sugar Industry PCL, NVDR(a) ...... 1,162,430 159,950 Turkiye Sinai Kalkinma Bankasi AS ...... 460,790 71,547 Kiatnakin Phatra Bank PCL, NVDR(b) ...... 106,232 193,713 Ulker Biskuvi Sanayi AS...... 52,005 132,354 (a) Major Cineplex Group PCL, NVDR(a)(b) ...... 348,100 227,147 Elektronik Sanayi ve Ticaret AS ...... 27,848 100,914 MBK PCL, NVDR ...... 501,500 218,239 Yapi ve Kredi Bankasi AS ...... 811,368 203,653 Mega Lifesciences PCL, NVDR...... 165,200 191,420 4,907,527 Plan B Media PCL, NVDR(b)...... 826,500 158,433 United Arab Emirates — 0.6% Pruksa Holding PCL, NVDR(b) ...... 519,200 239,172 Agthia Group PJSC...... 90,860 169,196 PTG Energy PCL, NVDR(b)...... 324,600 201,350 Air Arabia PJSC(a) ...... 942,938 353,530 Quality Houses PCL, NVDR...... 2,849,767 209,697 Amanat Holdings PJSC ...... 657,319 171,421 Sansiri PCL, NVDR ...... 5,646,700 258,246 Aramex PJSC ...... 244,024 272,798 Siam Global House PCL, NVDR...... 1 1 DAMAC Properties Dubai Co. PJSC(a) ...... 605,871 224,582 Siamgas & Petrochemicals PCL, NVDR(b)...... 371,800 136,701 Dana Gas PJSC ...... 1,110,911 238,052 Sino-Thai Engineering & Construction PCL, NVDR(b) ...... 436,628 223,284 Drake & Scull International PJSC(a)(d) ...... 241,185 24,295 Sri Trang Agro-Industry PCL, NVDR(b) ...... 318,680 440,515 Dubai Financial Market PJSC ...... 583,215 178,980 Star Petroleum Refining PCL, NVDR(a)(b) ...... 696,200 217,061 Dubai Investments PJSC...... 785,585 354,668 Supalai PCL, NVDR(b) ...... 601,900 409,890 Emaar Development PJSC(a) ...... 265,714 256,422 (b) Super Energy Corp. PCL, NVDR ...... 6,678,800 209,436 2,243,944 Taokaenoi Food & Marketing PCL, Class R, NVDR(b) ...... 247,900 59,439 Thai Vegetable Oil PCL, NVDR...... 206,600 219,847 Total Common Stocks — 98.9% Thanachart Capital PCL, NVDR(b) ...... 135,700 148,619 (Cost: $284,641,849) ...... 358,765,141 Thonburi Healthcare Group PCL, NVDR ...... 312,700 255,056 Thoresen Thai Agencies PCL, NVDR ...... 436,600 244,778 Preferred Stocks Tipco Asphalt PCL, NVDR(b)...... 277,400 173,210 Brazil — 0.9% Tisco Financial Group PCL, NVDR ...... 70,800 201,653 Azul SA, Preference Shares, NVS ...... 94,504 779,721 TOA Paint Thailand PCL ...... 188,800 226,410 Banco ABC Brasil SA, Preference Shares, NVS ...... 28,983 95,930 TPI Polene Power PCL, NVDR(b) ...... 1,404,200 199,414 Banco do Estado do Rio Grande do Sul SA, Class B, TTW PCL, NVDR(b) ...... 767,000 289,619 Preference Shares, NVS ...... 76,804 200,863 VGI PCL, NVDR(b) ...... 1,563,500 309,890 Banco Pan SA, Preference Shares, NVS...... 96,288 421,607 WHA Corp. PCL, NVDR(b)...... 3,186,000 315,758 Cia. de Saneamento do Parana, Preference Shares, NVS . 11,800 9,192 13,069,850 Cia. Energetica de Sao Paulo, Class B, Preference Turkey — 1.3% Shares, NVS...... 59,000 273,621 Anadolu Efes Biracilik Ve Malt Sanayii AS...... 79,768 212,882

114 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Brazil (continued) Short-Term Investments Gol Linhas Aereas Inteligentes SA, Preference Money Market Funds — 5.3% Shares, NVS...... 53,100 $ 273,157 BlackRock Cash Funds: Institutional, SL Agency Shares, Marcopolo SA, Preference Shares, NVS ...... 218,373 112,293 0.06%(g)(h)(i)...... 18,999,973 $ 19,011,373 Metalurgica Gerdau SA, Preference Shares, NVS ...... 253,995 722,261 Randon SA Implementos e Participacoes, Preference Total Short-Term Investments — 5.3% Shares, NVS...... 64,925 183,749 (Cost: $19,005,656) ...... 19,011,373 Unipar Carbocloro SA, Preference Shares, NVS...... 15,073 299,077 Total Investments in Securities — 105.2% 3,371,471 (Cost: $306,220,032) ...... 381,329,928 Chile — 0.1% Embotelladora Andina SA, Class B, Preference Other Assets, Less Liabilities — (5.2)%...... (18,765,971) Shares, NVS...... 61,773 147,505 Net Assets — 100.0%...... $ 362,563,957 Total Preferred Stocks — 1.0% (a) Non-income producing security. (Cost: $2,572,527)...... 3,518,976 (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 Rights 1933, as amended. These securities may be resold in transactions exempt from Greece — 0.0% registration to qualified institutional investors. (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the Aegean Airlines SA (Expires 06/09/21)(a) ...... 10,950 8,012 fair value hierarchy. (e) South Korea — 0.0% Rounds to less than $1. (f) Restricted security as to resale, excluding 144A securities. The Fund held restricted Cosmax Inc. (Expires 06/18/21)(a) ...... 283 5,963 (a) securities with a current value of $66,202, representing less than 0.05% of its net assets Korea Line Corp. (Expires 06/09/21) ...... 12,080 9,423 as of period end, and an original cost of $336,376. (a) Solid Inc. (Expires 06/09/21) ...... 2,589 3,203 (g) Affiliate of the Fund. 18,589 (h) Annualized 7-day yield as of period-end. (i) All or a portion of this security was purchased with cash collateral received from loaned Total Rights — 0.0% securities. (Cost: $0) ...... 26,601

Warrants Thailand — 0.0% MBK PCL, NVDR (Expires 12/31/24)(a) ...... 23,104 7,837

Total Warrants — 0.0% (Cost: $0) ...... 7,837

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $9,452,869 $9,560,931(a) $ — $ (43) $ (2,384)$19,011,373 18,999,973 $333,102(b) $ — BlackRock Cash Funds: Treasury, SL Agency (c) (a) Shares ...... — 0 — — — — — 113 —

$ (43) $ (2,384)$19,011,373 $333,215 $ —

(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.

115 Consolidated Schedule of Investments (unaudited) (continued) iShares MSCI Emerging Markets Small-Cap ETF May 31, 2021

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 Consolidated Schedule of Investments above. Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $ 71,298,885 $286,957,203 $ 509,053 $358,765,141 Preferred Stocks ...... 3,518,976 — — 3,518,976 Rights ...... 11,215 15,386 — 26,601 Warrants...... — 7,837 — 7,837 Money Market Funds ...... 19,011,373 — — 19,011,373 $ 93,840,449 $286,980,426 $ 509,053 $381,329,928

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt PJSC ...... Public Joint Stock Company CPO...... Certificates of Participation (Ordinary) REIT ...... Real Estate Investment Trust GDR...... Global Depositary Receipt NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares

116 Schedule of Investments (unaudited) iShares MSCI Eurozone ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks France (continued) Eiffage SA...... 97,868 $ 10,770,144 Austria — 0.6% Electricite de France SA...... 562,166 7,827,972 Erste Group Bank AG ...... 329,035 $ 13,477,023 Engie SA ...... 2,145,459 31,759,440 OMV AG ...... 173,018 9,869,717 EssilorLuxottica SA ...... 335,187 57,912,294 Raiffeisen Bank International AG...... 174,780 4,143,945 Eurazeo SE ...... 46,595 4,147,856 Verbund AG ...... 80,105 7,319,840 Eurofins Scientific SE(a) ...... 156,637 16,855,950 voestalpine AG ...... 136,442 6,137,868 Faurecia SE(a) ...... 105,260 5,663,399 40,948,393 Faurecia SE(a) ...... 32,562 1,749,743 Belgium — 2.6% Gecina SA...... 54,035 8,591,026 Ageas SA/NV...... 204,774 13,342,470 Getlink SE...... 520,308 8,297,664 Anheuser-Busch InBev SA/NV...... 895,037 66,929,866 Hermes International...... 37,202 52,216,519 Elia Group SA/NV...... 36,295 3,873,987 Iliad SA...... 17,644 2,920,567 Etablissements Franz Colruyt NV ...... 64,934 3,939,867 Ipsen SA ...... 44,424 4,481,320 Groupe Bruxelles Lambert SA ...... 132,846 15,005,785 Kering SA ...... 88,112 80,638,876 KBC Group NV ...... 294,112 23,969,586 Klepierre SA...... 244,408 7,035,646 Proximus SADP ...... 178,918 3,620,324 La Francaise des Jeux SAEM(b) ...... 112,574 6,384,280 Sofina SA ...... 18,344 7,588,286 Legrand SA...... 313,433 32,725,137 Solvay SA ...... 87,264 11,736,541 L'Oreal SA...... 295,936 132,804,105 UCB SA ...... 148,716 13,850,568 LVMH Moet Hennessy Louis Vuitton SE...... 326,103 259,705,405 Umicore SA ...... 230,261 13,760,841 Natixis SA(a) ...... 1,122,490 5,544,478 177,618,121 Orange SA ...... 2,340,150 29,675,329 Finland — 3.1% Orpea SA(a) ...... 60,656 7,572,226 Elisa OYJ ...... 167,775 9,872,502 Pernod Ricard SA...... 245,557 53,898,573 Fortum OYJ ...... 523,048 14,860,326 Publicis Groupe SA ...... 261,312 17,663,684 Kesko OYJ, Class B ...... 322,190 11,103,618 Remy Cointreau SA...... 26,993 5,623,198 Kone OYJ, Class B ...... 398,352 32,117,085 Renault SA(a) ...... 227,059 9,342,119 OYJ...... 496,242 32,609,530 Safran SA ...... 401,483 59,847,321 OYJ(a)...... 6,349,095 32,881,959 Sanofi ...... 1,330,968 140,801,808 Orion OYJ, Class B ...... 125,155 5,368,703 Sartorius Stedim Biotech ...... 32,294 13,943,266 Sampo OYJ, Class A...... 585,842 27,230,938 Schneider Electric SE ...... 632,803 99,776,000 Stora Enso OYJ, Class R...... 685,770 11,965,944 SCOR SE(a) ...... 188,207 6,106,166 UPM-Kymmene OYJ...... 626,262 23,784,625 SEB SA ...... 32,588 6,047,207 Wartsila OYJ Abp ...... 559,236 7,523,724 Societe Generale SA...... 950,066 30,368,050 (a) 209,318,954 Sodexo SA ...... 104,529 10,083,068 France — 33.6% Suez SA...... 405,613 9,867,051 Accor SA(a) ...... 200,460 8,017,201 Teleperformance...... 68,844 26,385,643 Aeroports de Paris(a) ...... 34,696 4,788,226 Thales SA ...... 124,359 12,696,767 Air Liquide SA ...... 556,412 94,301,352 TOTAL SE...... 2,934,689 136,014,927 (a) Airbus SE(a) ...... 690,827 89,638,886 Ubisoft Entertainment SA ...... 109,389 7,964,494 (a) Alstom SA(a) ...... 327,025 18,310,226 Unibail-Rodamco-Westfield ...... 147,564 12,813,960 Amundi SA(b) ...... 72,373 6,411,671 Valeo SA ...... 270,828 8,813,300 Arkema SA ...... 72,802 9,557,041 Veolia Environnement SA ...... 633,024 19,820,750 SE ...... 116,355 7,767,051 Vinci SA ...... 625,347 70,719,625 AXA SA ...... 2,272,612 62,642,101 Vivendi SE ...... 847,124 30,666,108 BioMerieux ...... 48,388 5,544,002 Wendel SE ...... 31,911 4,439,763 (a)(b) BNP Paribas SA ...... 1,321,270 89,948,344 Worldline SA ...... 279,094 26,598,449 Bollore SA...... 1,038,353 5,402,554 2,278,061,568 Bouygues SA...... 268,767 10,926,296 Germany — 25.7% Bureau Veritas SA(a) ...... 346,545 10,625,911 adidas AG ...... 223,648 81,288,670 SE ...... 187,809 34,908,786 Allianz SE, Registered ...... 484,301 127,253,087 SA ...... 715,562 14,577,160 Aroundtown SA ...... 1,179,462 9,862,068 Cie. de Saint-Gobain(a) ...... 594,878 39,700,526 BASF SE ...... 1,078,893 87,685,478 Cie. Generale des Etablissements Michelin SCA ...... 198,686 30,415,253 Bayer AG, Registered ...... 1,154,006 72,490,266 CNP Assurances...... 204,391 3,694,349 Bayerische Motoren Werke AG ...... 388,000 40,948,290 Covivio ...... 60,663 5,698,793 Bechtle AG ...... 32,265 6,191,811 Credit Agricole SA ...... 1,366,129 20,309,798 Beiersdorf AG ...... 118,470 13,978,745 SA ...... 766,223 54,470,474 Brenntag SE...... 181,572 17,065,388 Dassault Aviation SA...... 2,946 3,684,918 Carl Zeiss Meditec AG, Bearer...... 47,614 8,803,065 Dassault Systemes SE ...... 154,767 35,453,637 Commerzbank AG(a) ...... 1,183,568 9,516,934 Edenred...... 289,571 15,686,339 Continental AG(a) ...... 129,152 19,029,645

117 Schedule of Investments (unaudited) (continued) iShares MSCI Eurozone ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Germany (continued) Italy (continued) Covestro AG(b)...... 225,328 $ 15,738,865 Ferrari NV ...... 148,065 $ 31,193,719 Daimler AG, Registered ...... 1,005,349 93,221,526 FinecoBank Banca Fineco SpA(a) ...... 716,013 11,979,375 Delivery Hero SE(a)(b) ...... 184,462 25,235,362 Infrastrutture Wireless Italiane SpA(b) ...... 401,008 4,474,430 Deutsche Bank AG, Registered(a) ...... 2,427,739 36,123,685 Intesa Sanpaolo SpA...... 19,400,425 57,136,365 Deutsche Boerse AG...... 222,692 36,291,134 Mediobanca Banca di Credito Finanziario SpA(a) ...... 728,074 8,654,927 Deutsche Lufthansa AG, Registered(a)(c) ...... 358,981 4,669,514 Moncler SpA...... 226,292 16,009,012 Deutsche Post AG, Registered ...... 1,164,370 79,162,079 Nexi SpA(a)(b) ...... 519,174 10,457,823 AG, Registered...... 3,907,093 80,886,600 Poste Italiane SpA(b) ...... 617,793 8,707,206 Deutsche Wohnen SE...... 401,558 25,546,920 Prysmian SpA ...... 299,944 10,318,942 E.ON SE ...... 2,638,114 31,784,239 Recordati Industria Chimica e Farmaceutica SpA...... 124,100 6,871,304 Evonik Industries AG...... 247,778 8,829,980 SpA...... 2,370,012 13,880,785 Fresenius Medical Care AG & Co. KGaA ...... 241,176 19,198,133 Telecom Italia SpA/Milano ...... 11,704,411 6,250,849 Fresenius SE & Co. KGaA ...... 490,282 26,347,394 Tenaris SA...... 553,938 6,307,818 GEA Group AG ...... 181,525 7,933,416 Terna SPA...... 1,657,398 12,620,013 Hannover Rueck SE ...... 70,379 12,275,200 UniCredit SpA ...... 2,492,830 31,883,289 HeidelbergCement AG ...... 174,933 15,907,652 437,587,519 (a) HelloFresh SE ...... 194,019 17,663,840 Netherlands — 14.8% Henkel AG & Co. KGaA ...... 122,349 12,034,523 ABN AMRO Bank NV, CVA(a)(b) ...... 502,064 6,695,609 Infineon Technologies AG ...... 1,534,003 62,123,777 Adyen NV(a)(b) ...... 23,172 53,298,028 KION Group AG ...... 85,086 9,064,619 Aegon NV ...... 2,111,807 9,949,568 Knorr-Bremse AG ...... 85,519 10,599,705 Akzo Nobel NV ...... 226,061 29,055,340 LANXESS AG ...... 98,381 7,345,951 ArcelorMittal SA(a) ...... 842,021 27,644,071 LEG Immobilien SE ...... 84,183 12,303,729 Argenx SE(a)...... 53,992 14,768,372 Merck KGaA...... 151,450 27,215,598 ASM International NV ...... 55,698 17,481,207 MTU Aero Engines AG ...... 62,482 16,049,049 ASML Holding NV...... 492,764 329,832,309 Muenchener Rueckversicherungs-Gesellschaft AG in Davide Campari-Milano NV...... 619,527 7,990,364 Muenchen, Registered ...... 164,567 47,378,825 EXOR NV ...... 127,867 10,927,734 Nemetschek SE ...... 68,786 5,065,725 Heineken Holding NV ...... 134,588 13,542,352 Puma SE ...... 114,508 13,087,593 Heineken NV ...... 303,788 36,171,839 Rational AG ...... 6,078 5,453,116 ING Groep NV ...... 4,581,928 63,688,538 RWE AG ...... 753,288 28,312,868 InPost SA(a) ...... 234,930 4,694,349 SAP SE ...... 1,226,605 169,354,555 JDE Peet's NV(a)...... 89,975 3,537,847 (b) Scout24 AG ...... 105,573 8,544,579 Just Eat Takeaway.com NV(a)(b)...... 140,245 12,692,082 Siemens AG, Registered ...... 898,609 145,024,495 Koninklijke NV...... 1,231,826 35,545,356 (b) Siemens Healthineers AG ...... 315,709 17,659,785 Koninklijke DSM NV...... 202,456 37,232,308 Symrise AG...... 151,125 19,962,321 Koninklijke KPN NV ...... 3,964,444 13,155,696 (a)(b) TeamViewer AG ...... 190,136 7,501,515 Koninklijke NV ...... 1,067,918 59,927,494 Telefonica Deutschland Holding AG...... 1,229,015 3,349,299 Koninklijke NV ...... 81,151 3,827,664 Uniper SE ...... 119,367 4,310,800 NN Group NV...... 330,718 16,764,275 (d) United Internet AG, Registered ...... 114,803 4,775,398 Prosus NV...... 572,520 59,356,946 Volkswagen AG...... 37,865 13,439,699 QIAGEN NV(a) ...... 271,437 13,319,392 Vonovia SE...... 630,112 39,275,184 Randstad NV ...... 140,462 10,910,663 (a)(b) Zalando SE ...... 194,898 20,741,518 Stellantis NV...... 2,394,453 47,392,607 1,740,903,212 STMicroelectronics NV ...... 802,193 29,933,421 Ireland — 2.1% NV...... 314,238 30,063,478 CRH PLC...... 922,181 47,818,812 999,398,909 (a) Flutter Entertainment PLC ...... 195,499 36,199,684 Portugal — 0.6% Kerry Group PLC, Class A...... 187,223 25,217,699 EDP - Energias de Portugal SA...... 3,263,890 18,726,605 Kingspan Group PLC ...... 181,995 17,024,054 EDP Renovaveis SA ...... 338,496 7,962,504 Smurfit Kappa Group PLC...... 287,717 15,203,701 SGPS SA ...... 596,174 7,399,541 141,463,950 Jeronimo Martins SGPS SA ...... 297,681 5,746,401 Italy — 6.5% 39,835,051 Amplifon SpA ...... 147,720 7,005,290 Spain — 7.6% Assicurazioni Generali SpA...... 1,293,561 26,519,411 ACS Actividades de Construccion y Servicios SA ...... 278,659 8,657,078 (a)(c) Atlantia SpA ...... 584,156 11,453,549 Aena SME SA(a)(b) ...... 88,099 15,397,403 CNH Industrial NV ...... 1,195,769 20,603,262 Amadeus IT Group SA(a) ...... 529,268 39,769,147 DiaSorin SpA ...... 29,716 5,236,596 Banco Bilbao Vizcaya Argentaria SA ...... 7,844,593 49,091,426 Enel SpA ...... 9,553,848 93,736,064 Banco Santander SA...... 20,369,216 85,130,169 SpA ...... 2,964,723 36,287,490 CaixaBank SA ...... 5,242,727 17,952,102

118 Schedule of Investments (unaudited) (continued) iShares MSCI Eurozone ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Spain (continued) Rights Cellnex Telecom SA(b)...... 598,512 $ 35,777,023 Spain — 0.0% Enagas SA ...... 213,004 4,991,577 Ferrovial SA (Expires 06/01/21)(a)(e)...... 507,036 $ 123,228 Endesa SA ...... 375,313 10,203,068 Ferrovial SA ...... 563,171 16,493,983 Total Rights — 0.0% Grifols SA ...... 352,529 9,804,184 (Cost: $120,602)...... 123,228 Iberdrola SA ...... 6,809,071 91,282,497 Industria de Diseno Textil SA ...... 1,282,812 49,497,704 Short-Term Investments Naturgy Energy Group SA...... 343,273 8,966,408 Red Electrica Corp. SA...... 392,304 7,854,948 Money Market Funds — 0.5% SA...... 1,758,548 23,440,287 BlackRock Cash Funds: Institutional, SL Agency Shares, (f)(g)(h) Siemens Gamesa Renewable Energy SA(a) ...... 281,831 9,232,524 0.06% ...... 16,652,074 16,662,065 Telefonica SA...... 5,860,776 28,782,598 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)...... 19,080,000 19,080,000 512,324,126 Switzerland — 0.2% 35,742,065 (a) ...... 466,961 14,798,305 Siemens Energy AG Total Short-Term Investments — 0.5% United Kingdom — 0.2% (Cost: $35,734,774)...... 35,742,065 Coca-Cola Europacific Partners PLC...... 240,329 14,544,711 Total Investments in Securities — 100.1% Total Common Stocks — 97.6% (Cost: $6,418,840,591)...... 6,777,117,744 (Cost: $6,258,010,088)...... 6,606,802,819 Other Assets, Less Liabilities — (0.1)%...... (4,261,741)

Preferred Stocks Net Assets — 100.0% ...... $ 6,772,856,003 (a) Germany — 1.9% Non-income producing security. (b) Bayerische Motoren Werke AG, Preference Security exempt from registration pursuant to Rule 144A under the Securities Act of Shares, NVS...... 66,367 5,985,184 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. Fuchs Petrolub SE, Preference Shares, NVS...... 82,310 4,153,306 (c) All or a portion of this security is on loan. Henkel AG & Co. KGaA, Preference Shares, NVS ...... 208,806 23,862,578 (d) This security may be resold to qualified foreign investors and foreign institutional buyers Porsche Automobil Holding SE, Preference under Regulation S of the Securities Act of 1933. Shares, NVS...... 178,929 20,154,633 (e) Security is valued using significant unobservable inputs and is classified as Level 3 in the Sartorius AG, Preference Shares, NVS...... 31,637 15,644,713 fair value hierarchy. Volkswagen AG, Preference Shares, NVS...... 217,998 60,611,660 (f) Affiliate of the Fund. (g) Annualized 7-day yield as of period-end. 130,412,074 (h) All or a portion of this security was purchased with cash collateral received from loaned Italy — 0.1% securities. Telecom Italia SpA/Milano, Preference Shares, NVS..... 7,073,023 4,037,558

Total Preferred Stocks — 2.0% (Cost: $124,975,127) ...... 134,449,632

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $89,475,081 $ — $(72,801,934)(a) $ 11,637 $ (22,719) $16,662,065 16,652,074 $310,963(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares...... 1,650,000 17,430,000 — — — 19,080,00019,080,000 4,413 —

$ 11,637 $ (22,719) $35,742,065 $315,376 $ —

(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.

119 Schedule of Investments (unaudited) (continued) iShares MSCI Eurozone ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Euro STOXX 50 Index ...... 532 06/18/21 $26,177 $ 90,463

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 ...... $ 51,674,570 $6,555,128,249 $ — $6,606,802,819 Preferred Stocks...... — 134,449,632 — 134,449,632 Rights ...... — — 123,228 123,228 Money Market Funds...... 35,742,065 — — 35,742,065 $ 87,416,635 $6,689,577,881 $ 123,228 $6,777,117,744 Derivative financial instruments(a) Assets Futures Contracts...... $ 90,463 $ — $ — $ 90,463

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

120 Schedule of Investments (unaudited) iShares MSCI France ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Entertainment (continued) Vivendi SE ...... 286,451 $ 10,369,601 Aerospace & Defense — 7.1% Airbus SE(a) ...... 234,871 $ 30,475,900 14,861,842 Dassault Aviation SA ...... 1,001 1,252,072 Equity Real Estate Investment Trusts (REITs) — 1.5% Safran SA ...... 136,498 20,347,162 Covivio ...... 20,852 1,958,875 Thales SA ...... 42,617 4,351,097 Gecina SA...... 18,398 2,925,099 Klepierre SA ...... 81,999 2,360,463 56,426,231 Unibail-Rodamco-Westfield(a)(c) ...... 50,002 4,342,005 Auto Components — 2.0% Cie. Generale des Etablissements Michelin SCA ...... 67,518 10,335,791 11,586,442 Faurecia SE(a) ...... 47,084 2,533,303 Food & Staples Retailing — 0.6% Valeo SA ...... 91,054 2,963,085 Carrefour SA ...... 244,626 4,983,429 15,832,179 Food Products — 2.3% Automobiles — 0.4% Danone SA ...... 260,504 18,519,121 Renault SA(a) ...... 77,027 3,169,200 Health Care Equipment & Supplies — 0.2% Banks — 6.0% BioMerieux ...... 16,482 1,888,407 BNP Paribas SA ...... 449,212 30,581,089 Credit Agricole SA ...... 467,328 6,947,614 Health Care Providers & Services — 0.3% (a) Societe Generale SA...... 323,765 10,348,873 Orpea SA ...... 20,582 2,569,433 47,877,576 Hotels, Restaurants & Leisure — 1.0% Beverages — 2.5% Accor SA(a) ...... 68,049 2,721,553 Pernod Ricard SA...... 83,675 18,366,257 La Francaise des Jeux SAEM(b) ...... 37,815 2,144,559 Remy Cointreau SA...... 9,151 1,906,342 Sodexo SA(a) ...... 35,132 3,388,900 20,272,599 8,255,012 Building Products — 1.7% Household Durables — 0.3% Cie. de Saint-Gobain(a) ...... 201,987 13,480,058 SEB SA ...... 10,955 2,032,869

Capital Markets — 0.5% Insurance — 3.1% Amundi SA(b) ...... 24,287 2,151,635 AXA SA ...... 772,654 21,297,375 Natixis SA(a) ...... 374,986 1,852,223 CNP Assurances...... 68,223 1,233,124 4,003,858 SCOR SE(a) ...... 63,537 2,061,387 Chemicals — 4.4% 24,591,886 Air Liquide SA ...... 189,172 32,061,090 IT Services — 3.6% Arkema SA ...... 24,642 3,234,865 Atos SE(c) ...... 39,813 2,657,639 35,295,955 Capgemini SE ...... 63,974 11,891,095 Construction & Engineering — 3.9% Edenred ...... 98,330 5,326,631 Bouygues SA ...... 90,744 3,689,053 Worldline SA(a)(b)...... 94,697 9,024,892 Eiffage SA...... 33,302 3,664,807 28,900,257 Vinci SA...... 212,609 24,043,657 Life Sciences Tools & Services — 1.3% 31,397,517 Eurofins Scientific SE(a) ...... 53,260 5,731,391 Diversified Financial Services — 0.4% Sartorius Stedim Biotech ...... 11,075 4,781,745 Eurazeo SE ...... 15,920 1,417,188 10,513,136 Wendel SE ...... 10,681 1,486,043 Machinery — 0.8% 2,903,231 Alstom SA(a) ...... 111,387 6,236,591 Diversified Telecommunication Services — 1.4% Media — 0.8% Iliad SA...... 5,880 973,302 Publicis Groupe SA ...... 88,832 6,004,701 Orange SA ...... 795,041 10,081,876 11,055,178 Metals & Mining — 1.2% Electric Utilities — 0.3% ArcelorMittal SA(a) ...... 286,934 9,420,221 Electricite de France SA...... 189,023 2,632,081 Multi-Utilities — 2.6% Electrical Equipment — 5.6% Engie SA ...... 728,431 10,783,035 Legrand SA...... 106,588 11,128,716 Suez SA...... 138,530 3,369,918 Schneider Electric SE ...... 215,143 33,922,260 Veolia Environnement SA ...... 214,758 6,724,334 45,050,976 20,877,287 Entertainment — 1.9% Oil, Gas & Consumable Fuels — 5.8% Bollore SA...... 349,100 1,816,368 TOTAL SE...... 997,750 46,243,024 Ubisoft Entertainment SA(a)...... 36,752 2,675,873

121 Schedule of Investments (unaudited) (continued) iShares MSCI France ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Personal Products — 5.7% Short-Term Investments L'Oreal SA...... 100,614 $ 45,151,493 Money Market Funds — 0.2% Pharmaceuticals — 6.2% BlackRock Cash Funds: Institutional, SL Agency Shares, Ipsen SA ...... 14,935 1,506,585 0.06%(d)(e)(f)...... 1,139,856 $ 1,140,540 Sanofi ...... 452,509 47,870,486 BlackRock Cash Funds: Treasury, SL Agency Shares, (d)(e) 49,377,071 0.00% ...... 400,000 400,000 Professional Services — 1.6% 1,540,540 Bureau Veritas SA(a) ...... 117,571 3,605,012 Total Short-Term Investments — 0.2% Teleperformance ...... 23,405 8,970,368 (Cost: $1,540,519)...... 1,540,540 12,575,380 Semiconductors & Semiconductor Equipment — 1.3% Total Investments in Securities — 99.8% STMicroelectronics NV ...... 272,734 10,176,929 (Cost: $757,758,796) ...... 795,401,279

Software — 1.5% Other Assets, Less Liabilities — 0.2% ...... 1,963,807 Dassault Systemes SE ...... 52,834 12,103,081 Net Assets — 100.0%...... $ 797,365,086 Textiles, Apparel & Luxury Goods — 19.2% (a) Non-income producing security. EssilorLuxottica SA ...... 113,959 19,689,389 (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Hermes International...... 12,648 17,752,662 1933, as amended. These securities may be resold in transactions exempt from Kering SA ...... 29,957 27,416,229 registration to qualified institutional investors. LVMH Moet Hennessy Louis Vuitton SE...... 110,870 88,295,840 (c) All or a portion of this security is on loan. (d) Affiliate of the Fund. 153,154,120 (e) Annualized 7-day yield as of period-end. Transportation Infrastructure — 0.6% (f) All or a portion of this security was purchased with cash collateral received from loaned (a) Aeroports de Paris ...... 11,768 1,624,044 securities. Getlink SE...... 176,724 2,818,324 4,442,368

Total Common Stocks — 99.6% (Cost: $756,218,277) ...... 793,860,739

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $8,568,912 $ — $(7,423,885)(a) $ (5,278) $ 791 $1,140,540 1,139,856 $103,088(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 529,000 — (129,000) — — 400,000 400,000 175 —

$ (5,278) $ 791 $1,540,540 $103,263 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts CAC 40 Index ...... 31 06/18/21 $ 2,433 $ 23,520

122 Schedule of Investments (unaudited) (continued) iShares MSCI France ETF May 31, 2021

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...... $ — $793,860,739 $ — $793,860,739 Money Market Funds ...... 1,540,540 — — 1,540,540 $ 1,540,540 $793,860,739 $ — $795,401,279 Derivative financial instruments(a) Assets Futures Contracts ...... $ 23,520 $ — $ — $ 23,520

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

123 Schedule of Investments (unaudited) iShares MSCI Frontier and Select EM ETF May 31, 2021 (Formerly iShares MSCI Frontier 100 ETF) (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Kenya (continued) PLC ...... 58,694,205 $ 22,364,892 Argentina — 1.4% Globant SA(a)...... 26,046 $ 5,674,642 37,005,595 Grupo Financiero Galicia SA, ADR...... 66,600 591,408 Kuwait — 13.0% Agility Public Warehousing Co. KSC ...... 2,005,503 6,124,131 6,266,050 ALAFCO Aviation Lease & Finance Co. KSCP(a) ...... 505,555 379,649 Bahrain — 6.5% Alimtiaz Investment Group KSC(a) ...... 1,225,271 512,989 Ahli United Bank BSC...... 30,504,262 21,985,672 Boubyan Bank KSCP ...... 1,476,760 3,292,593 Aluminium Bahrain BSC(a) ...... 874,831 1,489,963 Boubyan Petrochemicals Co. KSCP ...... 643,148 1,929,406 Bahrain Telecommunications Co. BSC ...... 2,474,386 3,925,408 Burgan Bank SAK ...... 1,291,012 978,072 GFH Financial Group ...... 11,897,025 2,202,996 Gulf Bank KSCP...... 2,383,979 1,774,419 Ithmaar Holding BSC(a)(b) ...... 7,341,331 527,395 Humansoft Holding Co. KSC ...... 144,228 1,726,801 30,131,434 Integrated Holding Co. KCSC ...... 270,030 384,027 Bangladesh — 6.4% Jazeera Airways Co. KSCP(a) ...... 56,282 120,624 Bangladesh Import Co. Ltd...... 4,082,625 4,260,969 Kuwait Finance House KSCP ...... 4,485,128 11,102,909 Beximco Pharmaceuticals Ltd...... 2,194,326 4,448,238 Kuwait International Bank KSCP(a)...... 903,252 654,291 BRAC Bank Ltd...... 4,595,291 2,804,918 Kuwait Projects Co. Holding KSCP ...... 1,198,438 598,881 City Bank Ltd. (The) ...... 4,164,368 1,352,068 Mabanee Co. KPSC ...... 928,086 2,189,537 GrameenPhone Ltd...... 586,669 2,392,390 Mezzan Holding Co. KSCC...... 188,626 401,484 LafargeHolcim Bangladesh Ltd...... 2,577,934 1,893,123 Mobile Telecommunications Co. KSCP...... 3,075,930 6,075,951 National Bank Ltd...... 11,945,441 1,170,569 National Bank of Kuwait SAKP ...... 6,848,687 18,919,489 Olympic Industries Ltd...... 826,745 1,700,342 National Industries Group Holding SAK ...... 1,634,101 1,208,838 Square Pharmaceuticals Ltd...... 3,398,437 8,546,246 National Real Estate Co. KPSC(a) ...... 1,299,616 740,809 Summit Power Ltd...... 2,309,809 1,216,263 Warba Bank KSCP(a) ...... 1,261,743 1,022,978 29,785,126 60,137,878 Colombia — 1.1% Lithuania — 0.3% Bancolombia SA...... 150,049 1,092,590 AB Ignitis Grupe ...... 25,867 667,145 Ecopetrol SA ...... 2,640,192 1,559,337 Siauliu Bankas AB ...... 626,100 526,894 Grupo Argos SA ...... 159,932 435,629 1,194,039 Grupo de Inversiones Suramericana SA ...... 140,202 756,970 Mauritius — 0.3% Interconexion Electrica SA ESP ...... 234,649 1,266,902 Lighthouse Capital Ltd.(e)...... 2,573,507 1,474,601 5,111,428 Croatia — 0.4% Morocco — 9.7% Valamar Riviera DD(a) ...... 337,169 1,613,707 Attijariwafa Bank...... 219,022 11,258,922 Banque Centrale Populaire...... 139,679 4,206,937 Egypt — 0.7% Ciments du Maroc SA...... 18,348 3,903,631 Commercial International Bank Egypt SAE ...... 779,851 2,663,951 Co. Sucrerie Marocaine et de Raffinage...... 110,675 3,189,265 Eastern Co. SAE ...... 559,893 420,005 Hightech Payment Systems SA(a)...... 682 462,633 3,083,956 Label Vie...... 5,663 2,369,910 Estonia — 0.8% ...... 945,884 14,940,507 LHV Group AS...... 70,229 2,137,428 Societe d'Exploitation des Ports ...... 116,538 3,234,179 Tallink Grupp AS(a)...... 1,487,942 1,310,048 TOTAL Maroc SA ...... 7,435 1,208,053 (c) Tallinna Sadam AS ...... 121,033 294,914 44,774,037 3,742,390 Nigeria — 6.5% Jordan — 1.4% Access Bank PLC ...... 98,285,949 1,750,151 Arab Bank PLC ...... 466,128 3,418,710 Afriland Properties PLC(a) ...... 8,020 35 Jordan Islamic Bank ...... 285,895 1,286,537 Dangote Cement PLC...... 14,311,534 6,681,824 Jordan Petroleum Refinery Co...... 375,802 1,839,257 FBN Holdings PLC...... 95,143,544 1,485,727 6,544,504 Guaranty Trust Bank PLC ...... 80,697,900 4,976,809 Kazakhstan — 4.9% MTN Nigeria Communications PLC ...... 13,381,351 4,736,504 Halyk Savings Bank of Kazakhstan JSC, GDR(d) ...... 526,534 8,402,657 Nestle Nigeria PLC ...... 1,581,044 4,768,882 Kaspi.KZ JSC(d) ...... 52,980 4,858,266 United Bank for Africa PLC ...... 94,428,459 1,464,206 NAC Kazatomprom JSC, GDR ...... 330,275 9,577,975 Zenith Bank PLC ...... 86,002,243 4,286,105 22,838,898 30,150,243 Kenya — 8.0% Oman — 3.0% East African Breweries Ltd.(a)...... 2,062,734 3,551,315 Bank Dhofar SAOG...... 603,537 178,710 Equity Group Holdings PLC/Kenya(a) ...... 14,892,566 5,911,125 Bank Muscat SAOG ...... 7,324,687 7,423,028 KCB Group Ltd...... 13,266,216 5,178,263 Bank Nizwa SAOG ...... 4,863,209 1,187,381 National Bank of Oman SAOG(a) ...... 461,305 200,099 Oman Telecommunications Co. SAOG...... 1,331,251 2,724,742

124 Schedule of Investments (unaudited) (continued) iShares MSCI Frontier and Select EM ETF May 31, 2021 (Formerly iShares MSCI Frontier 100 ETF) (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Oman (continued) Vietnam (continued) Omani Qatari Telecommunications Co. SAOG...... 1,572,090 $ 1,633,340 KIDO Group Corp...... 213,220 $ 522,360 Sohar International Bank SAOG(a) ...... 3,290,673 769,248 Kinh Bac City Development Share Holding Corp.(a) ...... 712,820 1,028,749 14,116,548 Masan Group Corp...... 1,356,680 6,478,508 (a) Peru — 1.8% No Va Land Investment Group Corp...... 832,622 4,864,153 (a) Cia. de Minas Buenaventura SAA, ADR(a)...... 88,514 1,019,681 Drilling & Well Services JSC ...... 367,000 347,276 Credicorp Ltd...... 32,580 4,478,773 PetroVietnam Gas JSC ...... 172,000 616,203 Intercorp Financial Services Inc...... 14,549 409,409 PetroVietnam Power Corp...... 1,486,040 756,471 Southern Copper Corp...... 36,754 2,563,224 PetroVietnam Technical Services Corp...... 721,798 808,919 Phat Dat Real Estate Development Corp.(a) ...... 354,254 1,183,209 8,471,087 Saigon - Hanoi Commercial Joint Stock Bank(a) ...... 1,554,550 2,050,811 Philippines — 1.9% Saigon Beer Alcohol Beverage Corp...... 188,280 1,269,142 Aboitiz Equity Ventures Inc...... 362,500 305,690 Saigon Thuong Tin Commercial JSB(a)...... 1,344,580 1,972,282 Ayala Corp...... 45,740 759,821 SSI Securities Corp...... 1,162,630 2,238,981 Ayala Land Inc...... 1,286,300 925,754 Thaiholdings JSC(a) ...... 236,300 2,042,478 Bank of the Philippine Islands ...... 310,940 546,450 Thanh Thanh Cong - Bien Hoa JSC ...... 810,090 699,527 BDO Unibank Inc...... 340,050 737,607 Viet Capital Securities JSC...... 159,200 548,468 Globe Telecom Inc...... 5,450 205,925 Vietjet Aviation JSC(a) ...... 477,090 2,276,750 GT Capital Holdings Inc...... 22,190 273,766 Vietnam Construction and Import-Export JSC ...... 199,000 408,431 International Container Terminal Services Inc...... 183,940 550,694 Vietnam Dairy Products JSC ...... 2,368,574 9,296,468 JG Summit Holdings Inc...... 467,080 556,810 Vietnam Electrical Equipment JSC(a)...... 729,190 839,689 Jollibee Foods Corp...... 90,050 363,422 Vietnam National Petroleum Group ...... 307,020 727,600 Manila Electric Co...... 46,480 275,749 Viglacera Corp. JSC ...... 504,560 653,524 Metro Pacific Investments Corp...... 2,867,000 238,653 Vincom Retail JSC(a)...... 2,194,980 2,800,767 Metropolitan Bank & Trust Co...... 362,700 364,210 Vingroup JSC(a) ...... 2,510,720 12,798,125 PLDT Inc...... 14,025 385,855 Vinh Hoan Corp...... 283,900 492,224 SM Investments Corp...... 39,900 809,878 Vinhomes JSC(a)(c)...... 1,918,960 8,540,572 SM Prime Holdings Inc...... 1,645,000 1,238,184 Universal Robina Corp...... 140,750 409,315 93,317,588 8,947,783 Total Common Stocks — 96.7% Romania — 7.5% (Cost: $329,153,457) ...... 448,139,284 Banca Transilvania SA ...... 22,926,204 15,364,392 BRD-Groupe Societe Generale SA ...... 1,114,234 4,389,225 Preferred Stocks OMV Petrom SA...... 59,616,723 6,047,365 Societatea Energetica Electrica SA ...... 735,530 2,325,953 Colombia — 0.4% Societatea Nationala de Gaze Naturale ROMGAZ SA ..... 605,346 4,877,069 Bancolombia SA, Preference Shares, NVS...... 251,881 1,874,843 Transelectrica SA...... 28,267 170,958 Total Preferred Stocks — 0.4% Transgaz SA Medias...... 24,974 1,779,701 (Cost: $1,949,479)...... 1,874,843 34,954,663 Slovenia — 0.1% Short-Term Investments Pozavarovalnica Sava dd(a) ...... 8,687 279,665 Money Market Funds — 0.0% Sri Lanka — 0.9% BlackRock Cash Funds: Institutional, SL Agency Shares, Commercial Bank of Ceylon PLC ...... 829,743 363,666 0.06%(f)(g)(h)...... 24,646 24,661 John Keells Holdings PLC...... 4,001,088 2,811,848 Sampath Bank PLC...... 3,650,653 1,022,550 Total Short-Term Investments — 0.0% (Cost: $24,656)...... 24,661 4,198,064 Vietnam — 20.1% Total Investments in Securities — 97.1% An PHAT Holdings JSC(a) ...... 175,518 558,252 (Cost: $331,127,592) ...... 450,038,788 Bank for Foreign Trade of Vietnam JSC...... 1,131,480 4,842,337 Other Assets, Less Liabilities — 2.9% ...... 13,415,724 Bank for Investment and Development of Vietnam JSC .... 488,950 1,032,958 Bao Viet Holdings...... 203,710 478,121 Net Assets — 100.0%...... $ 463,454,512 Dat Xanh Group JSC(a) ...... 351,300 426,179 (a) Duc Giang Chemicals JSC ...... 110,400 343,006 Non-income producing security. (b) FLC Group JSC(a) ...... 480,600 249,214 Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Ho Chi Minh City Development Joint Stock (c) (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of Commercial Bank ...... 796,992 1,169,010 1933, as amended. These securities may be resold in transactions exempt from Hoa Phat Group JSC ...... 6,962,903 15,916,028 registration to qualified institutional investors. Hoa Sen Group(a)...... 449,690 855,959 (d) This security may be resold to qualified foreign investors and foreign institutional buyers Hoang Huy Investment Financial Services JSC...... 555,430 536,982 under Regulation S of the Securities Act of 1933. Khang Dien House Trading and Investment JSC ...... 378,700 647,855 (e) All or a portion of this security is on loan.

125 Schedule of Investments (unaudited) (continued) iShares MSCI Frontier and Select EM ETF May 31, 2021 (Formerly iShares MSCI Frontier 100 ETF)

(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 cash collateral received from loaned securities.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares . . $ 20,350 $ 4,494(a) $ — $ (187) $ 4 $ 24,661 24,646 $ 609(b) $ — (c) (a) BlackRock Cash Funds: Treasury, SL Agency Shares . . . 680,000 — (680,000) — — — — 220 —

$ (187) $ 4 $ 24,661 $ 829$ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 219 06/18/21 $14,902 $ 266,655

Forward Foreign Currency Exchange Contracts Unrealized Appreciation Currency Purchased Currency Sold Counterparty Settlement Date (Depreciation) USD 1,428,107 NGN 614,800,000 JPM 10/28/21 ...... $ 255 USD 8,356,117 NGN 3,723,485,718 CITI 10/28/21 ...... (291,550) USD 1,043,084 NGN 460,000,000 JPM 10/28/21 ...... (25,250) (316,800) Net unrealized depreciation ...... $ (316,545)

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.

126 Schedule of Investments (unaudited) (continued) iShares MSCI Frontier and Select EM ETF May 31, 2021 (Formerly iShares MSCI Frontier 100 ETF)

Fair Value Measurements (continued)

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 ...... $216,809,886 $230,802,003 $ 527,395 $448,139,284 Preferred Stocks ...... 1,874,843 — — 1,874,843 Money Market Funds ...... 24,661 — — 24,661 $218,709,390 $230,802,003 $ 527,395 $450,038,788 Derivative financial instruments(a) Assets Futures Contracts ...... $ 266,655 $ — $ — $ 266,655 Forward Foreign Currency Exchange Contracts...... — 255 — 255 Liabilities Forward Foreign Currency Exchange Contracts...... — (316,800) — (316,800) $ 266,655 $ (316,545) $ — $ (49,890)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Counterparty Abbreviations Portfolio Abbreviations - Equity CITI...... Citibank N.A. ADR ...... American Depositary Receipt JPM...... JPMorgan Chase Bank N.A. GDR...... Global Depositary Receipt JSC...... Joint Stock Company NVS ...... Non-Voting Shares

Currency Abbreviations

NGN...... Nigerian Naira USD ...... United States Dollar

127 Schedule of Investments (unaudited) iShares MSCI Germany ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Insurance (continued) Hannover Rueck SE ...... 115,646 $ 20,170,473 Aerospace & Defense — 0.8% Muenchener Rueckversicherungs-Gesellschaft AG in MTU Aero Engines AG ...... 102,309 $ 26,278,963 Muenchen, Registered ...... 268,695 77,357,267 Air Freight & Logistics — 4.1% 305,298,258 Deutsche Post AG, Registered ...... 1,901,108 129,250,721 Interactive Media & Services — 0.4% Scout24 AG(c)...... 171,147 13,851,828 Airlines — 0.2% Deutsche Lufthansa AG, Registered(a)(b) ...... 571,047 7,428,002 Internet & Direct Marketing Retail — 3.3% Delivery Hero SE(a)(c) ...... 301,178 41,202,718 Auto Components — 1.0% (a) (a) HelloFresh SE ...... 316,781 28,840,313 Continental AG ...... 210,975 31,085,693 Zalando SE(a)(c) ...... 318,218 33,865,532 Automobiles — 7.7% 103,908,563 Bayerische Motoren Werke AG ...... 635,010 67,016,943 IT Services — 0.3% Daimler AG, Registered ...... 1,641,602 152,218,427 Bechtle AG ...... 52,572 10,088,823 Volkswagen AG...... 62,255 22,096,619 Life Sciences Tools & Services — 0.7% 241,331,989 QIAGEN NV(a) ...... 442,706 21,723,548 Banks — 0.5% Commerzbank AG(a) ...... 1,921,513 15,450,664 Machinery — 1.7% GEA Group AG ...... 294,240 12,859,543 Capital Markets — 3.8% (a) KION Group AG ...... 138,394 14,743,776 Deutsche Bank AG, Registered ...... 3,963,855 58,980,413 Knorr-Bremse AG ...... 139,124 17,243,809 Deutsche Boerse AG...... 364,400 59,384,662 Rational AG(b) ...... 9,813 8,804,117 118,365,075 53,651,245 Chemicals — 7.3% Multi-Utilities — 3.1% BASF SE ...... 1,761,546 143,167,119 (c) E.ON SE ...... 4,305,907 51,877,961 Covestro AG ...... 370,537 25,881,523 RWE AG ...... 1,232,073 46,308,345 Evonik Industries AG...... 402,183 14,332,459 LANXESS AG ...... 159,494 11,909,161 98,186,306 Symrise AG...... 246,747 32,593,170 Personal Products — 0.7% Beiersdorf AG ...... 193,324 22,811,066 227,883,432 Construction Materials — 0.8% Pharmaceuticals — 5.2% HeidelbergCement AG ...... 285,407 25,953,681 Bayer AG, Registered ...... 1,884,187 118,357,458 Merck KGaA...... 247,873 44,542,832 Diversified Telecommunication Services — 4.7% Deutsche Telekom AG, Registered...... 6,392,386 132,338,383 162,900,290 Telefonica Deutschland Holding AG...... 1,984,058 5,406,934 Real Estate Management & Development — 4.6% United Internet AG, Registered ...... 186,809 7,770,593 Aroundtown SA ...... 1,916,105 16,021,507 Deutsche Wohnen SE...... 655,637 41,711,300 145,515,910 LEG Immobilien SE ...... 138,272 20,209,083 Electrical Equipment — 0.8% Vonovia SE...... 1,031,047 64,265,655 Siemens Energy AG(a) ...... 766,496 24,290,768 142,207,545 Health Care Equipment & Supplies — 1.4% Semiconductors & Semiconductor Equipment — 3.3% Carl Zeiss Meditec AG, Bearer...... 77,192 14,271,564 Infineon Technologies AG ...... 2,504,620 101,431,649 Siemens Healthineers AG(c) ...... 515,434 28,831,784 Software — 9.5% 43,103,348 Nemetschek SE ...... 110,758 8,156,741 Health Care Providers & Services — 2.4% SAP SE ...... 2,002,721 276,511,122 Fresenius Medical Care AG & Co. KGaA ...... 393,187 31,298,539 TeamViewer AG(a)(c)...... 308,506 12,171,616 Fresenius SE & Co. KGaA ...... 801,979 43,097,761 296,839,479 74,396,300 Textiles, Apparel & Luxury Goods — 5.0% Household Products — 0.6% adidas AG ...... 365,158 132,722,887 Henkel AG & Co. KGaA ...... 199,305 19,604,088 Puma SE ...... 202,479 23,142,162 Independent Power and Renewable Electricity Producers — 0.2% 155,865,049 Uniper SE ...... 175,468 6,336,822 Trading Companies & Distributors — 0.9% Brenntag SE...... 296,315 27,849,725 Industrial Conglomerates — 7.6% Siemens AG, Registered ...... 1,467,190 236,786,510 Total Common Stocks — 92.4% (Cost: $2,941,573,002)...... 2,889,675,340 Insurance — 9.8% Allianz SE, Registered ...... 790,735 207,770,518

128 Schedule of Investments (unaudited) (continued) iShares MSCI Germany ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Preferred Stocks Money Market Funds (continued) BlackRock Cash Funds: Treasury, SL Agency Shares, Automobiles — 4.5% 0.00%(d)(e) ...... 1,690,000 $ 1,690,000 Bayerische Motoren Werke AG, Preference Shares, NVS...... 109,298 $ 9,856,836 16,909,579 Porsche Automobil Holding SE, Preference Total Short-Term Investments — 0.5% Shares, NVS...... 293,678 33,080,005 (Cost: $16,908,058)...... 16,909,579 Volkswagen AG, Preference Shares, NVS...... 355,932 98,962,512 141,899,353 Total Investments in Securities — 99.7% Chemicals — 0.2% (Cost: $3,144,633,616)...... 3,119,115,709 Fuchs Petrolub SE, Preference Shares, NVS...... 133,294 6,725,924 Other Assets, Less Liabilities — 0.3% ...... 7,901,833 Health Care Equipment & Supplies — 0.8% Net Assets — 100.0% ...... $ 3,127,017,542 Sartorius AG, Preference Shares, NVS...... 50,264 24,855,892 (a) Non-income producing security. Household Products — 1.3% (b) All or a portion of this security is on loan. Henkel AG & Co. KGaA, Preference Shares, NVS ...... 341,698 39,049,621 (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 Total Preferred Stocks — 6.8% registration to qualified institutional investors. (Cost: $186,152,556) ...... 212,530,790 (d) Affiliate of the Fund. (e) Annualized 7-day yield as of period-end. (f) Short-Term Investments All or a portion of this security was purchased with cash collateral received from loaned securities. Money Market Funds — 0.5% BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f)...... 15,210,453 15,219,579

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $96,021,836 $ — $(80,800,449)(a) $ 124 $ (1,932)$15,219,579 15,210,453 $210,405(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 2,194,000 — (504,000) — — 1,690,000 1,690,000 769 —

$ 124 $ (1,932)$16,909,579 $211,174 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts DAX Index ...... 46 06/18/21 $21,616 $ 1,047,394

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.

129 Schedule of Investments (unaudited) (continued) iShares MSCI Germany ETF May 31, 2021

Fair Value Measurements (continued)

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 ...... $ — $2,889,675,340 $ — $2,889,675,340 Preferred Stocks ...... — 212,530,790 — 212,530,790 Money Market Funds...... 16,909,579 — — 16,909,579 $ 16,909,579 $3,102,206,130 $ — $3,119,115,709 Derivative financial instruments(a) Assets Futures Contracts ...... $ 1,047,394 $ — $ — $ 1,047,394

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

130 Schedule of Investments (unaudited) iShares MSCI Global Agriculture Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks India (continued) Bayer CropScience Ltd./India ...... 2,256 $ 164,827 Australia — 1.1% Chambal Fertilizers and Chemicals Ltd...... 27,810 110,884 Australian Agricultural Co. Ltd.(a) ...... 52,335 $ 50,230 Coromandel International Ltd...... 19,665 216,990 Costa Group Holdings Ltd...... 64,125 168,243 EID Parry India Ltd.(a) ...... 12,150 70,175 Elders Ltd...... 26,325 227,099 Escorts Ltd...... 11,385 183,692 Inghams Group Ltd...... 56,115 152,892 Gujarat Narmada Valley Fertilizers & Chemicals Ltd...... 13,005 67,504 Nufarm Ltd./Australia(a) ...... 54,450 203,817 Kaveri Seed Co. Ltd...... 4,095 40,622 Select Harvests Ltd...... 20,478 91,574 KRBL Ltd.(a) ...... 1,431 4,121 Tassal Group Ltd...... 35,235 100,297 PI Industries Ltd...... 14,148 510,316 994,152 Rallis India Ltd...... 13,995 60,349 Brazil — 0.6% Sumitomo Chemical India Ltd...... 15,975 71,351 (a) Adecoagro SA ...... 16,830 178,903 Tata Consumer Products Ltd...... 101,340 927,313 Sao Martinho SA...... 29,929 197,662 UPL Ltd...... 83,970 944,166 SLC Agricola SA ...... 16,130 164,033 3,461,096 540,598 Indonesia — 0.8% Canada — 6.7% Astra Agro Lestari Tbk PT ...... 81,000 50,000 Ag Growth International Inc...... 3,195 108,012 Charoen Pokphand Indonesia Tbk PT...... 1,246,500 588,618 Nutrien Ltd...... 96,186 5,920,608 Inti Agri Resources Tbk PT(a)(b) ...... 2,230,700 7,808 Rogers Sugar Inc...... 15,705 73,582 Japfa Comfeed Indonesia Tbk PT...... 697,500 97,054 (a) Village Farms International Inc...... 12,105 116,035 Perusahaan Perkebunan London Sumatra Indonesia Tbk PT. 526,500 43,827 6,218,237 787,307 China — 2.8% Ireland — 0.1% Beijing Dabeinong Technology Group Co. Ltd., Class A ...... 45,000 57,962 Origin Enterprises PLC ...... 22,140 101,092 China BlueChemical Ltd., Class H ...... 292,000 91,791 China Huishan Dairy Holdings Co. Ltd.(a)(b) ...... 295,050 0(c) Israel — 1.1% China Modern Dairy Holdings Ltd.(a)(d)...... 505,000 126,242 ICL Group Ltd...... 118,710 857,013 (a) COFCO Joycome Foods Ltd...... 398,000 175,348 Israel Corp. Ltd. (The) ...... 675 210,326 ENN Natural Gas Co. Ltd...... 18,000 49,461 1,067,339 First Tractor Co. Ltd., Class H(a)...... 64,000 34,480 Italy — 3.2% Fujian Sunner Development Co. Ltd., Class A ...... 13,500 52,764 CNH Industrial NV ...... 172,845 2,978,143 Heilongjiang Agriculture Co. Ltd., Class A ...... 18,000 43,724 Henan Shuanghui Investment & Development Co. Ltd., Japan — 5.7% Class A ...... 28,700 159,101 Chubu Shiryo Co. Ltd...... 3,000 32,255 Inner Mongolia Yili Industrial Group Co. Ltd., Class A ...... 61,400 391,644 Hokuto Corp...... 3,900 68,514 Jiangsu Yangnong Chemical Co. Ltd., Class A...... 2,900 50,433 Kubota Corp...... 173,300 3,903,396 Jiangxi Zhengbang Technology Co. Ltd., Class A ...... 32,200 64,044 Kumiai Chemical Industry Co. Ltd...... 13,500 101,530 Muyuan Foods Co. Ltd., Class A ...... 38,190 535,570 Maruha Nichiro Corp...... 6,800 147,796 New Hope Liuhe Co. Ltd., Class A ...... 45,000 107,834 Mitsui DM Sugar Holdings Co. Ltd...... 2,400 39,638 Shandong Hualu Hengsheng Chemical Co. Ltd., Class A..... 21,080 93,097 NH Foods Ltd...... 14,000 555,590 Sinofert Holdings Ltd...... 360,000 48,194 Nihon Nohyaku Co. Ltd...... 7,000 33,177 Tongwei Co. Ltd., Class A ...... 45,600 288,564 Sakata Seed Corp...... 4,700 158,561 Wens Foodstuffs Group Co. Ltd., Class A ...... 64,520 141,810 Starzen Co. Ltd...... 2,000 38,071 Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a) .... 13,500 35,604 Taki Chemical Co. Ltd...... 800 39,597 YAMABIKO Corp...... 5,600 61,881 2,547,667 Yukiguni Maitake Co. Ltd...... 3,100 48,529 Egypt — 0.0% Misr Fertilizers Production Co. SAE ...... 7,740 35,456 5,228,535 Malaysia — 1.7% France — 0.1% Genting Plantations Bhd...... 45,000 87,093 Vilmorin & Cie SA ...... 990 70,835 IOI Corp. Bhd ...... 423,000 418,549 Kuala Lumpur Kepong Bhd ...... 73,800 396,361 Germany — 0.9% Leong Hup International Berhad ...... 130,500 23,190 K+S AG, Registered(a)...... 32,355 447,166 QL Resources Bhd ...... 184,507 267,822 KWS Saat SE & Co. KGaA ...... 1,935 178,513 Sime Darby Plantation Bhd ...... 292,500 321,860 Suedzucker AG(d) ...... 12,060 201,509 United Plantations BHD ...... 18,000 61,106 827,188 1,575,981 Hong Kong — 1.5% Netherlands — 0.5% WH Group Ltd.(e) ...... 1,632,500 1,395,225 ForFarmers NV ...... 5,535 35,784 (a) India — 3.7% OCI NV ...... 16,065 408,694 Balrampur Chini Mills Ltd...... 21,180 88,786 444,478

131 Schedule of Investments (unaudited) (continued) iShares MSCI Global Agriculture Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Norway — 6.4% Thailand (continued) Aker BioMarine ASA(a)...... 3,465 $ 33,478 Khon Kaen Sugar Industry PCL, NVDR(a) ...... 252,054 $ 34,683 Atlantic Sapphire ASA(a) ...... 10,125 114,470 Thaifoods Group PCL, NVDR(d) ...... 193,500 30,684 Austevoll Seafood ASA ...... 15,345 199,891 667,078 Bakkafrost P/F ...... 8,505 749,103 Turkey — 0.2% (a)(d) Grieg Seafood ASA ...... 8,550 84,414 Gubre Fabrikalari TAS(a)(d) ...... 8,464 60,720 Leroy Seafood Group ASA...... 50,220 452,534 Hektas Ticaret TAS(a)...... 65,381 71,840 Mowi ASA ...... 74,212 1,928,625 Turk Traktor ve Ziraat Makineleri AS...... 2,160 46,797 Norway Royal Salmon ASA ...... 2,184 47,268 179,357 Salmar ASA...... 9,540 700,438 United Kingdom — 0.5% Yara International ASA ...... 29,430 1,567,455 Cranswick PLC ...... 8,910 499,524 5,877,676 Pakistan — 0.3% United States — 55.0% Engro Corp. Ltd./Pakistan ...... 46,983 95,844 AGCO Corp...... 10,755 1,488,169 Engro Fertilizers Ltd...... 91,223 42,113 American Vanguard Corp...... 4,545 83,583 Fauji Fertilizer Co. Ltd...... 91,089 63,396 AppHarvest Inc.(a) ...... 9,090 151,349 Millat Tractors Ltd...... 5,804 42,618 Archer-Daniels-Midland Co...... 94,279 6,272,382 243,971 Bunge Ltd...... 23,670 2,055,029 Poland — 0.1% Cal-Maine Foods Inc...... 6,255 218,362 Grupa Azoty SA(a) ...... 8,325 78,074 CF Industries Holdings Inc...... 36,180 1,923,691 Corteva Inc...... 125,685 5,718,667 Russia — 0.6% Darling Ingredients Inc.(a) ...... 27,360 1,873,066 PhosAgro PJSC, GDR ...... 22,950 469,557 Deere & Co...... 50,310 18,166,941 Ros Agro PLC, GDR ...... 5,760 73,775 FMC Corp...... 21,870 2,552,010 543,332 Fresh Del Monte Produce Inc...... 5,985 200,318 (a) Saudi Arabia — 2.0% Hydrofarm Holdings Group Inc...... 1,980 123,334 Al Jouf Agricultural Development Co...... 2,475 59,594 Ingredion Inc...... 11,310 1,073,658 Almarai Co. JSC ...... 42,615 626,796 Lamb Weston Holdings Inc...... 24,708 2,038,163 National Agriculture Development Co. (The)(a) ...... 8,640 93,880 Lindsay Corp...... 1,845 303,742 SABIC Agri-Nutrients Co...... 36,045 989,720 Mosaic Co. (The)...... 60,840 2,198,758 (a) Saudi Fisheries Co.(a) ...... 3,240 49,158 Pilgrim's Pride Corp...... 8,190 196,888 Sanderson Farms Inc...... 3,375 549,281 1,819,148 Scotts Miracle-Gro Co. (The) ...... 7,065 1,535,719 Singapore — 1.7% Toro Co. (The) ...... 18,270 2,029,614 Bumitama Agri Ltd...... 9,024 3,101 Vital Farms Inc.(a) ...... 2,610 55,567 China XLX Fertiliser Ltd...... 69,000 30,720 First Resources Ltd...... 94,500 95,649 50,808,291 Golden Agri-Resources Ltd...... 1,080,000 187,660 Total Common Stocks — 98.7% Japfa Ltd...... 67,540 44,377 (Cost: $75,554,168)...... 91,243,236 Wilmar International Ltd...... 326,700 1,177,174 1,538,681 Preferred Stocks South Africa — 0.1% Astral Foods Ltd...... 6,570 69,008 Chile — 1.1% Oceana Group Ltd...... 13,439 70,212 Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS...... 22,915 1,026,352 139,220 South Korea — 0.1% Total Preferred Stocks — 1.1% Dongwon Industries Co. Ltd...... 180 47,633 (Cost: $986,387)...... 1,026,352 Harim Holdings Co. Ltd...... 5,490 51,422 Namhae Chemical Corp...... 3,960 34,122 Warrants 133,177 Thailand — 0.0% Sweden — 0.1% Thaifoods Group PCL (Expires 05/14/24)(a)(d) ...... 15,480 792 Scandi Standard AB...... 7,650 56,377 Total Warrants — 0.0% Taiwan — 0.4% (Cost: $0) ...... 792 Charoen Pokphand Enterprise ...... 26,000 74,552 Taiwan Fertilizer Co. Ltd...... 124,000 247,453 Taiwan TEA Corp.(a) ...... 90,000 63,996 386,001 Thailand — 0.7% Charoen Pokphand Foods PCL, NVDR...... 657,000 572,446 GFPT PCL, NVDR ...... 85,500 29,265

132 Schedule of Investments (unaudited) (continued) iShares MSCI Global Agriculture Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value Short-Term Investments (b) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Money Market Funds — 0.4% (c) Rounds to less than $1. BlackRock Cash Funds: Institutional, SL Agency Shares, (d) All or a portion of this security is on loan. 0.06%(f)(g)(h) ...... 391,037 $ 391,272 (e) 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 Total Short-Term Investments — 0.4% registration to qualified institutional investors. (Cost: $391,230)...... 391,272 (f) Affiliate of the Fund. (g) Annualized 7-day yield as of period-end. Total Investments in Securities — 100.2% (h) All or a portion of this security was purchased with cash collateral received from loaned (Cost: $76,931,785)...... 92,661,652 securities. Other Assets, Less Liabilities — (0.2)%...... (217,620)

Net Assets — 100.0% ...... $ 92,444,032 (a) Non-income producing security.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares. . $179,138 $212,249(a) $ — $ (94) $ (21) $391,272 391,037 $ 3,962(b) $ — (c) (a) BlackRock Cash Funds: Treasury, SL Agency Shares . . . 20,000 — (20,000) — — — — 11 —

$ (94) $ (21) $391,272 $ 3,973 $ —

(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.

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 ...... $59,717,865 $31,517,563 $ 7,808 $91,243,236 Preferred Stocks ...... 1,026,352 — — 1,026,352 Warrants ...... 792 — — 7 9 2 Money Market Funds...... 391,272 — — 391,272 $61,136,281 $31,517,563 $ 7,808 $92,661,652

Portfolio Abbreviations - Equity

GDR...... Global Depositary Receipt NVS ...... Non-Voting Shares NVDR...... Non-Voting Depositary Receipt PJSC ...... Public Joint Stock Company

133 Schedule of Investments (unaudited) iShares MSCI Global Energy Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) Shanxi Lu'an Environmental Energy Development Co. Ltd., Argentina — 0.0% Class A ...... 9,100 $ 14,846 YPF SA, ADR(a)...... 7,735 $ 36,354 Shanxi Meijin Energy Co. Ltd., Class A(a)...... 9,100 10,730 Australia — 2.0% Yanzhou Coal Mining Co. Ltd., Class A...... 9,100 19,370 Beach Energy Ltd...... 67,158 65,780 Yanzhou Coal Mining Co. Ltd., Class H ...... 58,000 77,363 Cooper Energy Ltd.(a) ...... 61,425 13,033 958,050 New Hope Corp. Ltd...... 16,926 18,988 Colombia — 0.2% Oil Search Ltd...... 78,442 220,377 Ecopetrol SA ...... 197,470 116,629 Paladin Energy Ltd.(a) ...... 89,180 33,989 Santos Ltd...... 74,529 389,527 Finland — 1.5% Washington H Soul Pattinson & Co. Ltd...... 4,303 98,145 Neste OYJ...... 16,744 1,100,298 (a) Whitehaven Coal Ltd...... 35,061 42,583 France — 6.1% Woodside Petroleum Ltd...... 38,129 641,815 TOTAL SE...... 99,190 4,597,189 1,524,237 Austria — 0.4% Greece — 0.1% OMV AG...... 5,824 332,227 Hellenic Petroleum SA ...... 2,535 19,404 Motor Oil Hellas Corinth Refineries SA(b) ...... 2,527 41,784 Brazil — 1.2% 61,188 (a) 3R Petroleum Oleo Gas SA ...... 1,274 10,015 Hungary — 0.2% Enauta Participacoes SA ...... 4,095 12,100 MOL Hungarian Oil & Gas PLC(a) ...... 16,107 130,276 Petro Rio SA(a)...... 24,222 91,698 Petroleo Brasileiro SA...... 147,966 756,623 India — 5.4% 870,436 Bharat Petroleum Corp. Ltd...... 34,034 221,526 Canada — 7.3% Coal India Ltd...... 61,061 124,411 Advantage Energy Ltd.(a) ...... 7,397 24,676 Hindustan Petroleum Corp. Ltd...... 27,027 104,008 ARC Resources Ltd...... 27,209 209,239 Indian Oil Corp. Ltd...... 76,895 115,950 Birchcliff Energy Ltd...... 10,738 31,466 Oil & Natural Gas Corp. Ltd...... 100,737 157,698 Cameco Corp...... 15,743 309,504 Oil India Ltd...... 10,738 19,601 Canacol Energy Ltd...... 6,032 16,677 Reliance Industries Ltd...... 69,073 2,050,641 (c) Canadian Natural Resources Ltd...... 46,865 1,643,311 Reliance Industries Ltd., GDR ...... 21,884 1,261,613 Cenovus Energy Inc...... 52,052 434,754 4,055,448 Crescent Point Energy Corp...... 20,748 86,905 Indonesia — 0.3% Denison Mines Corp.(a) ...... 29,939 38,661 Adaro Energy Tbk PT ...... 582,400 48,500 Energy Fuels Inc./Canada(a) ...... 5,551 36,025 Bukit Asam Tbk PT...... 139,100 21,517 Enerplus Corp...... 10,283 69,373 Indo Tambangraya Megah Tbk PT ...... 18,200 16,459 Freehold Royalties Ltd...... 3,913 29,249 Medco Energi Internasional Tbk PT(a) ...... 309,412 14,931 Imperial Oil Ltd...... 10,192 342,616 Sugih Energy Tbk PT(a)(d) ...... 206,700 724 MEG Energy Corp.(a)...... 10,920 75,840 United Tractors Tbk PT...... 66,300 104,632 (a) NexGen Energy Ltd...... 13,468 64,885 206,763 (a) Paramount Resources Ltd., Class A ...... 2,912 34,976 Israel — 0.1% (a) Parex Resources Inc...... 5,187 90,683 Equital Ltd.(a) ...... 820 23,082 Peyto Exploration & Development Corp...... 6,487 30,877 Naphtha Israel Petroleum Corp. Ltd.(a)(b) ...... 1,275 6,026 PrairieSky Royalty Ltd...... 7,917 87,031 Oil Refineries Ltd.(a) ...... 71,188 19,693 Suncor Energy Inc...... 60,515 1,405,613 Paz Oil Co. Ltd...... 364 46,390 Tourmaline Oil Corp...... 11,102 270,646 95,191 Vermilion Energy Inc.(a)...... 6,188 47,945 Italy — 1.7% Whitecap Resources Inc...... 22,314 112,858 Eni SpA ...... 100,100 1,225,200 5,493,810 Saras SpA(a)...... 24,661 21,379 China — 1.3% 1,246,579 China Shenhua Energy Co. Ltd., Class A...... 18,200 57,224 Japan — 1.4% China Shenhua Energy Co. Ltd., Class H ...... 138,000 312,540 Cosmo Energy Holdings Co. Ltd...... 2,036 42,075 Guanghui Energy Co. Ltd., Class A(a) ...... 9,100 4,626 Holdings Inc...... 122,100 501,485 Inner Mongolia Yitai Coal Co. Ltd., Class B ...... 45,500 29,010 Idemitsu Kosan Co. Ltd...... 8,268 193,998 Perennial Energy Holdings Ltd...... 30,000 11,647 Inpex Corp...... 40,600 277,200 PetroChina Co. Ltd., Class A ...... 49,500 35,967 Japan Petroleum Exploration Co. Ltd...... 1,300 23,270 PetroChina Co. Ltd., Class H ...... 822,000 336,134 Shaanxi Coal Industry Co. Ltd., Class A ...... 20,800 38,894 1,038,028 Shanxi Coking Coal Energy Group Co. Ltd., Class A ...... 9,110 9,699 Netherlands — 7.7% PLC, Class A ...... 162,890 3,108,443

134 Schedule of Investments (unaudited) (continued) iShares MSCI Global Energy Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Netherlands (continued) United Arab Emirates — 0.0% Royal Dutch Shell PLC, Class B ...... 146,965 $ 2,672,006 Dana Gas PJSC ...... 142,623 $ 30,562 5,780,449 United Kingdom — 5.0% Norway — 1.1% BP PLC ...... 807,443 3,517,428 BW Energy Ltd.(a) ...... 2,912 8,332 Cairn Energy PLC...... 19,579 45,179 DNO ASA(a) ...... 17,745 18,745 Diversified Energy Co. PLC...... 26,026 38,622 ASA...... 38,766 834,002 Energean PLC(a) ...... 4,550 49,752 861,079 Harbour Energy PLC(a) ...... 181,818 52,925 Pakistan — 0.0% Serica Energy PLC...... 6,825 11,235 Mari Petroleum Co. Ltd...... 1,820 18,384 PLC(a) ...... 48,139 34,899 Pakistan Oilfields Ltd...... 2,639 6,351 3,750,040 Pakistan Petroleum Ltd...... 18,200 10,960 United States — 45.9% 35,695 Corp.(a)...... 10,738 138,627 Philippines — 0.0% APA Corp...... 14,924 310,419 Semirara Mining & Power Corp...... 36,400 10,005 Arch Resources Inc.(a) ...... 637 36,354 Bonanza Creek Energy Inc.(a) ...... 819 35,184 Poland — 0.4% Brigham Minerals Inc., Class A ...... 1,820 33,015 Grupa Lotos SA...... 3,822 53,912 Cabot Oil & Gas Corp...... 15,834 259,678 Polski Koncern Naftowy ORLEN SA ...... 11,830 263,135 Resources Corp.(a) ...... 1,638 47,518 317,047 Callon Petroleum Co.(a) ...... 1,820 70,015 Portugal — 0.3% Centennial Resource Development Inc./DE, Class A(a) ...... 7,189 38,030 Galp Energia SGPS SA ...... 19,747 245,094 Chesapeake Energy Corp...... 2,912 153,754 Chevron Corp...... 76,440 7,933,708 Russia — 3.9% Cimarex Energy Co...... 4,095 277,436 LUKOIL PJSC ...... 16,471 1,346,726 CNX Resources Corp.(a)...... 8,736 118,984 Novatek PJSC, GDR(e) ...... 3,647 726,016 (a) ...... 3,185 17,931 Rosneft Oil Co. PJSC ...... 45,800 331,430 Comstock Resources Inc. ConocoPhillips...... 53,690 2,992,681 Surgutneftegas PJSC ...... 282,100 139,916 Contango Oil & Gas Co.(a)...... 4,277 18,648 Surgutneftegas PJSC, ADR ...... 481 2,360 Continental Resources Inc./OK ...... 2,912 94,844 Tatneft PJSC ...... 56,147 380,698 CVR Energy Inc...... 1,183 24,547 2,927,146 Delek U.S. Holdings Inc...... 2,548 56,795 Saudi Arabia — 1.2% Denbury Inc.(a) ...... 2,002 134,174 (a) Rabigh Refining & Petrochemical Co...... 8,736 52,648 Corp...... 25,389 674,332 (c) Saudi Arabian Oil Co...... 87,269 821,846 Diamondback Energy Inc...... 6,825 546,478 874,494 EOG Resources Inc...... 23,114 1,856,979 South Africa — 0.1% EQT Corp.(a) ...... 11,102 231,810 Exxaro Resources Ltd...... 9,919 110,733 Extraction Oil & Gas Inc.(a) ...... 637 31,289 Exxon Mobil Corp...... 167,986 9,805,343 South Korea — 0.8% Hess Corp...... 10,920 915,314 SK Innovation Co. Ltd.(a) ...... 2,002 474,862 HollyFrontier Corp...... 6,097 197,970 S-Oil Corp.(a) ...... 1,729 144,954 Kosmos Energy Ltd.(a) ...... 16,289 51,799 619,816 Magnolia Oil & Gas Corp., Class A(a) ...... 5,579 72,081 Spain — 1.1% Corp...... 31,304 379,091 Repsol SA...... 59,150 788,431 Marathon Petroleum Corp...... 25,844 1,597,159 Matador Resources Co...... 4,641 142,200 Sweden — 0.4% Murphy Oil Corp...... 6,097 132,244 Lundin Energy AB...... 7,917 271,640 Northern Oil and Gas Inc.(a) ...... 1,820 33,142 Thailand — 0.7% Inc...... 819 72,572 Bangchak Corp. PCL, NVDR ...... 45,500 37,117 Corp...... 36,946 959,118 Banpu PCL, NVDR(b)...... 163,800 68,626 Ovintiv Inc...... 10,374 276,260 Esso Thailand PCL, NVDR(a) ...... 45,500 12,289 Par Pacific Holdings Inc.(a) ...... 1,547 21,534 IRPC PCL, NVDR...... 445,900 57,574 PBF Energy Inc., Class A(a)...... 3,822 61,687 PTT Exploration & Production PCL, NVDR ...... 54,631 206,903 PDC Energy Inc.(a) ...... 3,913 165,207 Star Petroleum Refining PCL, NVDR(a)...... 72,800 22,698 Pioneer Natural Resources Co...... 8,190 1,246,436 Thai Oil PCL, NVDR(b) ...... 45,500 85,774 Range Resources Corp.(a)...... 9,737 132,034 490,981 SM Energy Co...... 4,277 85,112 (a) Turkey — 0.1% Southwestern Energy Co...... 26,663 137,848 (a) Turkiye Petrol Rafinerileri AS(a) ...... 4,914 55,848 Talos Energy Inc...... 1,183 16,775 Tellurian Inc.(a) ...... 10,556 46,024 Pacific Land Corp...... 247 358,921

135 Schedule of Investments (unaudited) (continued) iShares MSCI Global Energy Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value

United States (continued) (a) Non-income producing security. Valero Energy Corp...... 16,198 $ 1,302,319 (b) All or a portion of this security is on loan. Viper Energy Partners LP ...... 2,366 42,659 (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of Whiting Petroleum Corp.(a) ...... 1,547 70,837 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 34,454,916 (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Total Common Stocks — 97.9% (e) This security may be resold to qualified foreign investors and foreign institutional buyers (Cost: $72,254,571)...... 73,486,679 under Regulation S of the Securities Act of 1933. (f) Affiliate of the Fund. Preferred Stocks (g) Annualized 7-day yield as of period-end. (h) All or a portion of this security was purchased with cash collateral received from loaned Brazil — 1.3% securities. Petroleo Brasileiro SA, Preference Shares, NVS...... 188,643 972,588

Russia — 0.2% Surgutneftegas PJSC, Preference Shares, NVS ...... 263,900 167,780

Total Preferred Stocks — 1.5% (Cost: $830,752)...... 1,140,368

Short-Term Investments Money Market Funds — 0.2% BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(f)(g)(h)...... 172,411 172,514

Total Short-Term Investments — 0.2% (Cost: $172,410)...... 172,514

Total Investments in Securities — 99.6% (Cost: $73,257,733)...... 74,799,561 Other Assets, Less Liabilities — 0.4% ...... 319,710

Net Assets — 100.0% ...... $ 75,119,271

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares.... $459,354 $ — $(286,712)(a) $ (138) $ 10 $172,514 172,411 $ 3,929(b) $ — (c) (a) BlackRock Cash Funds: Treasury, SL Agency Shares .... 10,000 — (10,000) — — — — 34 —

$ (138) $ 10 $172,514 $ 3,963 $ —

(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.

136 Schedule of Investments (unaudited) (continued) iShares MSCI Global Energy Producers ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts FTSE 100 Index...... 1 06/18/21 $ 100 $ (44) S&P Select Sector Energy E-Mini Index ...... 7 06/18/21 379 1,247 $ 1,203

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 ...... $42,506,505 $30,979,450 $ 724 $73,486,679 Preferred Stocks ...... 972,588 167,780 — 1,140,368 Money Market Funds...... 172,514 — — 172,514 $43,651,607 $31,147,230 $ 724 $74,799,561 Derivative financial instruments(a) Assets Futures Contracts...... $ 1,247 $ — $ — $ 1,247 Liabilities Futures Contracts...... (44) — — (44) $ 1,203 $ — $ — $ 1,203

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt GDR...... Global Depositary Receipt NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

137 Schedule of Investments (unaudited) iShares MSCI Global Gold Miners ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks South Africa (continued) DRDGOLD Ltd...... 1,475,895 $ 1,878,014 Australia — 6.8% Gold Fields Ltd...... 2,054,128 25,903,092 De Grey Mining Ltd.(a)(b) ...... 2,856,086 $ 3,407,798 Harmony Gold Mining Co. Ltd...... 1,489,502 7,968,847 Newcrest Mining Ltd...... 1,218,917 26,548,193 Resolute Mining Ltd.(a) ...... 3,743,746 1,756,247 59,248,030 St. Barbara Ltd...... 2,289,399 3,353,541 Turkey — 0.5% (a)(b) West African Resources Ltd.(a) ...... 2,634,395 2,235,352 Koza Altin Isletmeleri AS ...... 230,493 3,218,278 (a) Westgold Resources Ltd...... 1,654,066 2,899,659 United Kingdom — 0.8% 40,200,790 Centamin PLC...... 3,216,643 5,014,611 Canada — 52.8% Agnico Eagle Mines Ltd...... 366,889 25,969,685 United States — 23.0% (a)(b) Alamos Gold Inc., Class A...... 1,021,153 9,264,382 Coeur Mining Inc...... 652,998 6,791,179 (a)(b) Argonaut Gold Inc.(a)...... 910,658 2,374,548 McEwen Mining Inc...... 1,517,085 2,230,115 B2Gold Corp...... 2,514,743 12,864,626 Newmont Corp...... 1,731,374 127,221,362 Barrick Gold Corp...... 3,813,068 90,398,798 136,242,656 Calibre Mining Corp.(a) ...... 853,686 1,505,195 Centerra Gold Inc...... 629,107 5,093,056 Total Common Stocks — 99.6% Eldorado Gold Corp.(a) ...... 495,062 5,864,275 (Cost: $476,617,936) ...... 589,579,662 Endeavour Mining Corp...... 477,788 11,532,882 Equinox Gold Corp.(a) ...... 681,567 6,414,815 Short-Term Investments (a) IAMGOLD Corp...... 1,449,132 5,218,099 Money Market Funds — 0.6% Kinross Gold Corp...... 2,906,529 23,410,063 BlackRock Cash Funds: Institutional, SL Agency Shares, Kirkland Lake Gold Ltd...... 607,734 26,109,345 0.06%(c)(d)(e) ...... 3,334,608 3,336,609 (a)(b) Lundin Gold Inc...... 215,397 2,150,315 BlackRock Cash Funds: Treasury, SL Agency Shares, (a) New Gold Inc...... 2,249,854 4,767,705 0.00%(c)(d) ...... 160,000 160,000 Pretium Resources Inc.(a) ...... 469,730 5,334,792 3,496,609 SSR Mining Inc...... 555,320 10,181,978 Torex Gold Resources Inc.(a) ...... 296,365 4,329,988 Total Short-Term Investments — 0.6% Wesdome Gold Mines Ltd.(a) ...... 392,695 3,617,976 (Cost: $3,495,011)...... 3,496,609 Wheaton Precious Metals Corp...... 925,470 43,873,736 Yamana Gold Inc...... 2,338,295 12,136,178 Total Investments in Securities — 100.2% (Cost: $480,112,947) ...... 593,076,271 312,412,437 Indonesia — 0.9% Other Assets, Less Liabilities — (0.2)%...... (1,193,858) Aneka Tambang Tbk ...... 29,415,300 5,046,747 Net Assets — 100.0%...... $ 591,882,413 Peru — 1.5% (a) (a) Non-income producing security. Cia. de Minas Buenaventura SAA, ADR ...... 557,970 6,427,815 (b) All or a portion of this security is on loan. Hochschild Mining PLC ...... 892,079 2,484,664 (c) Affiliate of the Fund. 8,912,479 (d) Annualized 7-day yield as of period-end. (e) Russia — 3.3% All or a portion of this security was purchased with cash collateral received from loaned Polymetal International PLC...... 813,185 19,283,634 securities.

South Africa — 10.0% AngloGold Ashanti Ltd...... 951,582 23,498,077

138 Schedule of Investments (unaudited) (continued) iShares MSCI Global Gold Miners 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $6,578,219 $ — $(3,238,527)(a) $ (2,282) $ (801) $3,336,609 3,334,608 $56,664(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 240,000 — (80,000) — — 160,000 160,000 131 —

$ (2,282) $ (801) $3,496,609 $56,795 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P/TSX 60 Index ...... 10 06/17/21 $ 1,951 $ 13,929

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...... $481,799,263 $107,780,399 $ — $589,579,662 Money Market Funds ...... 3,496,609 — — 3,496,609 $485,295,872 $107,780,399 $ — $593,076,271 Derivative financial instruments(a) Assets Futures Contracts ...... $ 13,929 $ — $ — $ 13,929

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt

139 Schedule of Investments (unaudited) iShares MSCI Global Metals & Mining Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) Aluminum Corp. of China Ltd., Class H(a)...... 4,664,000 $ 2,746,325 Australia — 31.9% Anhui Honglu Steel Construction Group Co. Ltd., Alumina Ltd...... 2,818,222 $ 3,726,677 Class A ...... 35,500 293,350 BHP Group Ltd...... 3,316,208 122,043,538 Baoshan Iron & Steel Co. Ltd., Class A...... 1,501,793 1,866,632 BHP Group PLC ...... 2,385,817 71,943,339 China Hongqiao Group Ltd...... 2,573,500 4,144,435 BlueScope Steel Ltd...... 574,957 9,429,862 China Metal Recycling Holdings Ltd.(a)(c) ...... 132,000 0(d) Champion Iron Ltd.(a) ...... 352,715 1,782,074 China Molybdenum Co. Ltd., Class A ...... 1,166,000 1,067,463 Deterra Royalties Ltd...... 491,469 1,590,917 China Molybdenum Co. Ltd., Class H ...... 3,828,000 2,638,817 Fortescue Metals Group Ltd...... 1,920,479 33,258,198 China Northern Rare Earth Group High-Tech Co. Ltd., Galaxy Resources Ltd.(a) ...... 449,493 1,314,792 Class A(a) ...... 233,270 806,580 IGO Ltd...... 780,197 4,565,373 China Oriental Group Co. Ltd...... 1,644,000 534,764 Iluka Resources Ltd...... 485,639 2,890,016 China Zhongwang Holdings Ltd.(a) ...... 1,865,600 468,245 Jupiter Mines Ltd...... 1,523,639 340,334 Ganfeng Lithium Co. Ltd., Class A ...... 74,700 1,523,612 Lynas Rare Earths Ltd.(a) ...... 1,036,171 4,407,468 Ganfeng Lithium Co. Ltd., Class H(e) ...... 151,400 2,278,762 Mineral Resources Ltd...... 184,154 6,442,425 GEM Co. Ltd., Class A ...... 306,617 544,146 Mount Gibson Iron Ltd...... 486,222 322,267 Guangdong Hongda Blasting Co. Ltd., Class A ...... 58,300 268,309 Nickel Mines Ltd...... 1,169,747 927,055 Hesteel Co. Ltd., Class A(a) ...... 757,900 295,919 Orocobre Ltd.(a)...... 334,059 1,697,993 Hunan Valin Steel Co. Ltd., Class A ...... 466,400 500,604 OZ Minerals Ltd...... 384,239 7,483,080 Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) . . 3,126,921 807,832 Perenti Global Ltd...... 686,774 354,932 Inner Mongolia Eerduosi Resources Co. Ltd., Class B . . . 291,576 402,487 Pilbara Minerals Ltd.(a) ...... 2,154,973 2,049,923 Jiangsu Shagang Co. Ltd., Class A ...... 174,900 263,159 Rio Tinto Ltd...... 415,874 39,675,238 Jiangxi Copper Co. Ltd., Class A...... 140,700 582,267 Rio Tinto PLC...... 1,269,460 109,171,324 Jiangxi Copper Co. Ltd., Class H ...... 1,296,000 3,070,418 Sandfire Resources Ltd...... 196,471 1,073,992 Jinchuan Group International Resources Co. Ltd...... 4,081,000 693,156 Sims Ltd...... 198,220 2,382,662 MMG Ltd.(a)(b) ...... 2,750,000 1,604,491 South32 Ltd...... 5,481,366 12,593,339 Pangang Group Vanadium Titanium & Resources Co. Western Areas Ltd...... 377,865 710,547 Ltd., Class A(a) ...... 641,300 234,345 442,177,365 Shandong Nanshan Aluminum Co. Ltd., Class A...... 874,500 553,441 Austria — 0.4% Shanxi Taigang Stainless Steel Co. Ltd., Class A ...... 427,200 444,540 voestalpine AG ...... 133,600 6,010,020 Shenghe Resources Holding Co. Ltd., Class A(a) ...... 58,300 160,548 Shougang Fushan Resources Group Ltd...... 2,332,000 618,290 Belgium — 0.1% Tiangong International Co. Ltd...... 1,166,000 520,951 Bekaert SA ...... 41,976 1,995,500 Tongling Nonferrous Metals Group Co. Ltd., Class A . .... 641,300 291,732 Brazil — 7.6% Xiamen Tungsten Co. Ltd., Class A ...... 131,799 419,561 Cia. Siderurgica Nacional SA ...... 784,325 6,760,151 Yintai Gold Co. Ltd., Class A...... 179,540 296,589 Vale SA ...... 4,476,648 98,591,565 Yunnan Aluminium Co. Ltd., Class A(a) ...... 116,600 255,224 105,351,716 Zhejiang Huayou Cobalt Co. Ltd., Class A...... 77,400 1,261,975 Canada — 4.1% 33,227,308 Altius Minerals Corp...... 45,474 668,530 Finland — 0.1% Capstone Mining Corp.(a)...... 245,443 1,107,292 Outokumpu OYJ(a) ...... 357,962 1,995,929 ERO Copper Corp.(a)...... 74,624 1,730,859 France — 0.3% First Quantum Minerals Ltd...... 663,189 16,304,551 SA ...... 55,100 3,063,990 Hudbay Minerals Inc...... 269,929 2,026,618 Eramet SA(a)...... 11,077 803,972 Ivanhoe Mines Ltd., Class A(a) ...... 688,278 5,065,015 Labrador Iron Ore Royalty Corp...... 73,458 2,762,466 3,867,962 Largo Resources Ltd.(a) ...... 37,312 524,138 Germany — 0.8% Lithium Americas Corp.(a)(b) ...... 94,024 1,452,331 Aurubis AG ...... 35,566 3,389,963 (a) Lundin Mining Corp...... 756,336 8,032,607 Salzgitter AG ...... 44,891 1,462,799 (a) New Pacific Metals Corp.(a)(b)...... 97,944 550,507 thyssenkrupp AG ...... 466,400 5,489,965 Solaris Resources Inc.(a) ...... 8,745 91,790 10,342,727 Stelco Holdings Inc...... 41,393 1,123,869 India — 2.9% Teck Resources Ltd., Class B...... 535,631 13,017,778 APL Apollo Tubes Ltd.(a)...... 58,300 1,043,772 Turquoise Hill Resources Ltd.(a)...... 114,645 2,034,675 Hindalco Industries Ltd...... 1,766,306 9,591,723 Wallbridge Mining Co. Ltd.(a)(b)...... 640,134 333,831 Jindal Steel & Power Ltd.(a)...... 467,677 2,630,895 56,826,857 JSW Steel Ltd...... 958,808 9,416,615 Chile — 0.1% National Aluminium Co. Ltd...... 1,093,708 1,113,506 (a) CAP SA ...... 78,122 1,420,106 Ratnamani Metals & Tubes Ltd...... 18,656 508,276 Tata Steel Ltd...... 491,510 7,640,380 China — 2.4% Tata Steel Ltd., GDR(f) ...... 211,629 3,170,768 Aluminum Corp. of China Ltd., Class A(a) ...... 932,800 768,339

140 Schedule of Investments (unaudited) (continued) iShares MSCI Global Metals & Mining Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) South Africa (continued) Vedanta Ltd...... 1,282,656 $ 4,844,747 Anglo American Platinum Ltd...... 59,466 $ 7,840,855 39,960,682 Impala Platinum Holdings Ltd...... 896,690 16,297,405 Indonesia — 0.2% Kumba Iron Ore Ltd...... 72,875 3,381,444 (a) Merdeka Copper Gold Tbk PT(a) ...... 11,251,900 2,127,911 Northam Platinum Ltd...... 408,990 6,916,495 Timah Tbk PT(a) ...... 2,973,300 332,846 Royal Bafokeng Platinum Ltd...... 164,989 1,219,347 Sibanye Stillwater Ltd...... 3,182,192 15,066,762 2,460,757 Japan — 4.5% 53,219,872 Asahi Holdings Inc...... 100,000 2,168,786 South Korea — 2.8% Daido Steel Co. Ltd...... 25,300 1,235,815 Dongkuk Steel Mill Co. Ltd...... 66,462 1,367,072 Dowa Holdings Co. Ltd...... 58,300 2,395,399 Hyundai Steel Co...... 99,299 4,745,771 Hitachi Metals Ltd.(a) ...... 240,700 4,635,258 Korea Zinc Co. Ltd...... 10,094 4,084,289 (a)(b) JFE Holdings Inc...... 580,500 7,667,609 Namsun Aluminum Co. Ltd...... 73,033 242,651 Kobe Steel Ltd...... 408,100 2,743,069 Poongsan Corp...... 23,320 840,886 Kyoei Steel Ltd...... 18,400 236,524 POSCO ...... 84,546 26,889,544 (a) Maruichi Steel Tube Ltd...... 60,400 1,515,705 Sam Kang M&T Co. Ltd...... 26,235 453,992 Mitsubishi Materials Corp...... 124,000 2,604,602 Seah Besteel Corp...... 14,575 402,383 Mitsui Mining & Smelting Co. Ltd...... 61,100 1,789,159 SeAH Steel Holdings Corp...... 1 64 Nippon Light Metal Holdings Co. Ltd...... 62,940 1,067,004 Young Poong Corp...... 583 366,454 Nippon Steel Corp...... 966,705 17,989,756 39,393,106 Sumitomo Metal Mining Co. Ltd...... 275,900 12,263,419 Spain — 0.2% Toho Titanium Co. Ltd...... 62,600 537,731 Acerinox SA ...... 186,560 2,667,271 Tokyo Steel Manufacturing Co. Ltd...... 116,600 1,180,521 UACJ Corp.(a) ...... 28,638 604,667 Sweden — 1.4% Yamato Kogyo Co. Ltd...... 58,300 1,894,362 Boliden AB ...... 313,329 12,545,461 Yodogawa Steel Works Ltd...... 19,600 411,552 Granges AB ...... 121,883 1,617,305 SSAB AB, Class A(a) ...... 274,010 1,427,678 62,940,938 SSAB AB, Class B(a) ...... 655,307 3,166,286 Malaysia — 0.3% Press Metal Aluminium Holdings Bhd ...... 3,457,900 4,348,393 18,756,730 Switzerland — 3.7% Mexico — 1.3% PLC ...... 11,311,955 51,458,578 Grupo Mexico SAB de CV, Series B...... 3,576,300 17,443,395 Taiwan — 2.0% Netherlands — 2.0% Century Iron & Steel Industrial Co. Ltd...... 115,000 457,131 AMG Advanced Metallurgical Group NV...... 33,814 1,232,132 China Metal Products ...... 208,011 248,708 ArcelorMittal SA(a) ...... 809,868 26,588,468 China Steel Corp...... 13,191,612 17,562,172 27,820,600 Chun Yuan Steel Industry Co. Ltd...... 475,000 364,719 (a) Norway — 0.7% Chung Hung Steel Corp...... 1,060,000 2,002,599 Norsk Hydro ASA ...... 1,528,248 10,003,644 Feng Hsin Steel Co. Ltd...... 583,000 1,577,895 Hsin Kuang Steel Co. Ltd...... 200,000 463,016 Peru — 0.5% TA Chen Stainless Pipe ...... 1,282,099 2,125,414 Southern Copper Corp...... 98,582 6,875,109 Tung Ho Steel Enterprise Corp...... 804,000 1,396,331 YC INOX Co. Ltd...... 370,263 430,263 Poland — 0.7% Yieh Phui Enterprise Co. Ltd.(a) ...... 1,166,644 982,872 Jastrzebska Spolka Weglowa SA(a) ...... 63,547 631,099 KGHM Polska Miedz SA(a) ...... 159,247 8,748,643 27,611,120 Turkey — 0.3% 9,379,742 Eregli Demir ve Celik Fabrikalari TAS ...... 1,535,622 3,454,102 Qatar — 0.1% Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Qatar Aluminum Manufacturing Co...... 3,151,966 1,403,354 Class D(a) ...... 892,573 819,032 (a)(b) Russia — 3.0% Koza Anadolu Metal Madencilik Isletmeleri AS ...... 236,698 439,228 Alrosa PJSC...... 2,987,012 4,780,107 4,712,362 MMC Norilsk Nickel PJSC...... 72,320 26,004,653 United Kingdom — 6.1% Novolipetsk Steel PJSC ...... 1,559,310 5,566,693 Anglo American PLC ...... 1,464,042 64,993,567 Severstal PAO ...... 237,366 5,453,045 Antofagasta PLC...... 450,097 9,854,032 41,804,498 Central Asia Metals PLC ...... 187,391 723,346 (a) Saudi Arabia — 0.6% Eurasia Mining PLC ...... 2,035,536 705,940 Saudi Arabian Mining Co.(a) ...... 492,779 7,793,860 Evraz PLC...... 575,454 5,196,406 Ferrexpo PLC ...... 311,529 1,978,793 South Africa — 3.8% Hill & Smith Holdings PLC...... 80,283 1,744,327 African Rainbow Minerals Ltd...... 129,426 2,497,564 85,196,411

141 Schedule of Investments (unaudited) (continued) iShares MSCI Global Metals & Mining Producers ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States — 13.8% Brazil (continued) Alcoa Corp.(a)...... 206,772 $ 8,202,645 Metalurgica Gerdau SA, Preference Shares, NVS ...... 874,500 $ 2,486,730 (a)(b) Allegheny Technologies Inc...... 144,935 3,549,458 14,339,772 Arconic Corp.(a) ...... 112,208 4,058,563 Carpenter Technology Corp...... 55,968 2,681,987 Total Preferred Stocks — 1.0% Century Aluminum Co.(a) ...... 61,278 833,994 (Cost: $9,592,247)...... 14,339,772 Cleveland-Cliffs Inc.(b)...... 536,052 10,785,366 Commercial Metals Co...... 132,341 4,164,771 Short-Term Investments Compass Minerals International Inc...... 39,311 2,747,839 Money Market Funds — 0.8% Coronado Global Resources Inc.(a)(e) ...... 934,339 493,177 BlackRock Cash Funds: Institutional, SL Agency Shares, Freeport-McMoRan Inc...... 1,648,566 70,426,740 0.06%(g)(h)(i) ...... 11,112,926 11,119,593 Kaiser Aluminum Corp...... 18,274 2,364,473 Materion Corp...... 23,903 1,884,752 Total Short-Term Investments — 0.8% MP Materials Corp.(a) ...... 53,636 1,506,099 (Cost: $11,118,503)...... 11,119,593 Nucor Corp...... 339,634 34,826,070 Piedmont Lithium Inc.(a) ...... 22,154 1,437,795 Total Investments in Securities — 100.5% Reliance Steel & Aluminum Co...... 71,146 11,957,508 (Cost: $1,167,909,934)...... 1,394,677,903 Schnitzer Steel Industries Inc., Class A...... 31,482 1,715,139 Other Assets, Less Liabilities — (0.5)%...... (6,799,742) Steel Dynamics Inc...... 236,726 14,778,804 SunCoke Energy Inc...... 98,527 741,908 Net Assets — 100.0% ...... $ 1,387,878,161 United States Steel Corp...... 292,279 7,578,795 (a) Non-income producing security. Warrior Met Coal Inc...... 60,130 1,100,379 (b) All or a portion of this security is on loan. Worthington Industries Inc...... 43,941 2,916,364 (c) Security is valued using significant unobservable inputs and is classified as Level 3 in the 190,752,626 fair value hierarchy. (d) Rounds to less than $1. Total Common Stocks — 98.7% (e) Security exempt from registration pursuant to Rule 144A under the Securities Act of (Cost: $1,147,199,184)...... 1,369,218,538 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (f) This security may be resold to qualified foreign investors and foreign institutional buyers Preferred Stocks under Regulation S of the Securities Act of 1933. Brazil — 1.0% (g) Affiliate of the Fund. (h) Bradespar SA, Preference Shares, NVS ...... 252,439 3,449,197 Annualized 7-day yield as of period-end. (i) Cia. Ferro Ligas da Bahia-Ferbasa, Preference All or a portion of this security was purchased with cash collateral received from loaned securities. Shares, NVS...... 58,300 443,316 Gerdau SA, Preference Shares, NVS ...... 1,260,264 7,960,529

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $1,607,682 $9,513,721(a) $ — $ (1,290)$ (520) $11,119,593 11,112,926 $54,735(b) $ — BlackRock Cash Funds: Treasury, SL Agency (c) (a) Shares ...... — 0 — — — — — 169 —

$ (1,290) $ (520) $11,119,593 $54,904 $ —

(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.

142 Schedule of Investments (unaudited) (continued) iShares MSCI Global Metals & Mining Producers ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 31 06/18/21 $ 2,109 $ 49,108 S&P Select Sector Energy E-Mini Index ...... 13 06/18/21 704 23,728 $ 72,836

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 ...... $ 385,203,994 $ 984,014,544 $ 0(a) $1,369,218,538 Preferred Stocks...... 14,339,772 — — 14,339,772 Money Market Funds...... 11,119,593 — — 11,119,593 $ 410,663,359 $ 984,014,544 $ 0(a) $1,394,677,903 Derivative financial instruments(b) Assets Futures Contracts...... $ 72,836 $ — $ — $ 72,836

(a) Rounds to less than $1. (b) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

GDR...... Global Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

143 Schedule of Investments (unaudited) iShares MSCI Global Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks China (continued) SF Holding Co. Ltd., Class A ...... 408,500 $ 4,473,389 Australia — 0.3% Shenzhen International Holdings Ltd...... 1,800,000 2,738,088 Woolworths Group Ltd...... 562,953 $ 18,086,906 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Belgium — 0.2% Class A ...... 117,800 8,963,091 Etablissements Franz Colruyt NV ...... 88,052 5,342,551 Tencent Holdings Ltd...... 189,900 15,278,496 Proximus SADP ...... 245,919 4,976,059 Will Semiconductor Co. Ltd. Shanghai, Class A...... 83,800 3,977,628 WuXi AppTec Co. Ltd., Class A ...... 154,320 4,062,166 10,318,610 Wuxi Biologics Cayman Inc., New(a)(c)...... 498,000 7,789,028 Canada — 3.1% Xiaomi Corp., Class B(a)(c) ...... 5,137,200 19,397,917 Agnico Eagle Mines Ltd...... 265,732 18,809,439 Yadea Group Holdings Ltd.(c) ...... 1,288,000 2,869,913 BCE Inc...... 117,531 5,819,879 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., CGI Inc.(a) ...... 177,179 15,740,118 Class A ...... 58,300 3,523,305 Empire Co. Ltd., Class A, NVS...... 106,399 3,564,395 ZTO Express Cayman Inc., ADR...... 408,649 13,113,546 Franco-Nevada Corp...... 308,519 45,560,854 Intact Financial Corp...... 126,809 17,135,302 263,578,622 Loblaw Companies Ltd...... 151,054 9,224,166 Denmark — 1.4% Metro Inc...... 115,056 5,516,364 Coloplast A/S, Class B ...... 192,066 30,195,694 TELUS Corp...... 691,940 15,522,184 Novo Nordisk A/S, Class B ...... 514,744 40,626,133 Thomson Reuters Corp...... 146,008 14,114,328 Tryg A/S...... 214,924 5,045,862 Waste Connections Inc...... 118,264 14,361,980 75,867,689 165,369,009 Finland — 0.3% China — 5.0% Elisa OYJ ...... 229,953 13,531,285 Agricultural Bank of China Ltd., Class A ...... 7,915,799 4,059,224 France — 1.1% Agricultural Bank of China Ltd., Class H...... 6,684,000 2,712,093 Eurofins Scientific SE(a) ...... 58,115 6,253,845 Alibaba Group Holding Ltd.(a) ...... 131,080 3,566,654 Hermes International...... 22,967 32,236,353 Alibaba Group Holding Ltd., ADR(a) ...... 4,096 876,380 Orange SA ...... 1,510,450 19,153,943 Anhui Conch Cement Co. Ltd., Class A ...... 423,900 3,272,038 Bank of Communications Co. Ltd., Class A ...... 3,807,400 2,934,280 57,644,141 Bank of Communications Co. Ltd., Class H...... 5,669,000 3,821,040 Germany — 1.3% Baoshan Iron & Steel Co. Ltd., Class A...... 2,151,000 2,673,555 Deutsche Telekom AG, Registered...... 2,689,693 55,683,374 (a) BeiGene Ltd., ADR(a)(b)...... 36,234 12,990,251 HelloFresh SE ...... 83,803 7,629,576 Beijing-Shanghai High Speed Railway Co. Ltd., Class A . 3,923,700 3,569,436 Telefonica Deutschland Holding AG...... 1,683,078 4,586,707 Changchun High & New Technology Industry Group Inc., 67,899,657 Class A ...... 39,100 2,526,298 Hong Kong — 2.5% China Conch Venture Holdings Ltd...... 1,863,500 8,580,767 CLP Holdings Ltd...... 1,602,254 16,286,219 China Construction Bank Corp., Class H ...... 11,339,000 9,313,309 Ltd.(b) ...... 1,231,100 25,607,763 China Feihe Ltd.(c) ...... 1,121,000 3,140,803 HK Electric Investments & HK Electric Investments Ltd.. . 4,285,500 4,345,475 China Huishan Dairy Holdings Co. Ltd.(a)(d)...... 2,093,055 3 HKT Trust & HKT Ltd...... 6,124,000 8,302,373 China Meidong Auto Holdings Ltd...... 508,000 2,679,019 Hong Kong & China Gas Co. Ltd.(b) ...... 11,809,886 20,546,289 China Tourism Group Duty Free Corp. Ltd., Class A . .... 189,400 9,984,833 Jardine Matheson Holdings Ltd...... 337,900 21,900,261 China Tower Corp. Ltd., Class H(c) ...... 36,680,000 5,011,419 Link REIT ...... 1,463,200 13,935,943 China Yangtze Power Co. Ltd., Class A ...... 2,204,200 6,883,192 MTR Corp. Ltd.(b) ...... 2,508,500 13,967,373 Chongqing Zhifei Biological Products Co. Ltd., Class A . . 154,500 4,748,941 Ltd...... 1,097,500 6,709,162 Chow Tai Fook Jewellery Group Ltd...... 1,495,200 2,868,937 Holdings Ltd...... 736,000 2,940,159 CITIC Securities Co. Ltd., Class A ...... 673,800 2,768,283 134,541,017 (a) COSCO SHIPPING Holdings Co. Ltd., Class A ...... 934,900 3,151,208 India — 3.4% Country Garden Services Holdings Co. Ltd...... 949,000 9,849,792 ACC Ltd...... 120,921 3,309,475 East Money Information Co. Ltd., Class A ...... 529,900 2,655,569 Adani Green Energy Ltd.(a) ...... 265,502 4,647,316 Guangdong Investment Ltd...... 1,767,147 2,597,014 Adani Total Gas Ltd.(a) ...... 238,079 4,423,824 (a)(c) Hansoh Pharmaceutical Group Co. Ltd...... 1,914,000 8,344,327 Adani Transmission Ltd.(a)...... 126,037 2,562,423 (a) I-Mab, ADR ...... 49,803 4,037,529 Ambuja Cements Ltd...... 1,118,780 5,051,890 Industrial & Commercial Bank of China Ltd., Class A..... 6,098,551 4,998,122 Asian Paints Ltd...... 457,271 18,772,134 Industrial & Commercial Bank of China Ltd., Class H .... 11,947,000 7,843,318 Avenue Supermarts Ltd.(a)(c)...... 131,337 5,562,250 Jiangsu Hengrui Medicine Co. Ltd., Class A ...... 517,200 7,026,653 Bajaj Auto Ltd.(a) ...... 68,228 3,939,470 Lenovo Group Ltd...... 4,048,000 4,855,333 Bharat Petroleum Corp. Ltd...... 693,403 4,513,335 LONGi Green Energy Technology Co. Ltd., Class A...... 193,600 3,114,957 Dabur India Ltd...... 857,401 6,411,095 Microport Scientific Corp...... 363,000 3,036,926 Dr. Reddy's Laboratories Ltd...... 65,840 4,806,810 Perennial Energy Holdings Ltd...... 1,290,000 500,814 Eicher Motors Ltd.(a) ...... 193,761 7,121,647 Ping An Bank Co. Ltd., Class A ...... 1,874,400 7,135,914 HCL Technologies Ltd...... 962,180 12,550,080 (c) Postal Savings Bank of China Co. Ltd., Class H ...... 12,854,000 9,263,824 Hero MotoCorp Ltd...... 82,499 3,415,936

144 Schedule of Investments (unaudited) (continued) iShares MSCI Global Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) Japan (continued) Hindustan Petroleum Corp. Ltd...... 1,081,680 $ 4,162,612 MEIJI Holdings Co. Ltd...... 103,500 $ 6,394,907 Hindustan Unilever Ltd...... 168,709 5,446,667 Mizuho Financial Group Inc...... 1,028,200 15,618,880 Indian Oil Corp. Ltd...... 3,043,673 4,589,560 MonotaRO Co. Ltd...... 404,100 9,312,150 Infosys Ltd...... 550,691 10,583,966 NEC Corp...... 395,300 18,333,615 Ipca Laboratories Ltd...... 112,293 3,206,604 Co. Ltd...... 468,200 11,016,387 Larsen & Toubro Infotech Ltd.(c)...... 53,022 2,886,149 Nintendo Co. Ltd...... 31,600 19,489,481 Larsen & Toubro Ltd...... 215,987 4,381,004 Nippon Paint Holdings Co. Ltd...... 168,100 2,412,242 Maruti Suzuki India Ltd...... 40,700 3,969,541 Nippon Prologis REIT Inc...... 3,339 10,321,789 MRF Ltd...... 2,495 2,877,700 Nippon Telegraph & Telephone Corp...... 1,126,100 30,099,800 Petronet LNG Ltd...... 1,220,821 4,076,069 Nissin Foods Holdings Co. Ltd...... 32,500 2,341,763 Pidilite Industries Ltd.(a) ...... 246,461 7,129,032 Nitori Holdings Co. Ltd...... 82,400 14,180,373 Sun Pharmaceutical Industries Ltd...... 439,116 4,045,386 Nomura Research Institute Ltd...... 146,490 4,640,681 Tata Consultancy Services Ltd...... 257,121 11,215,440 NTT Data Corp...... 695,200 11,228,070 Tech Mahindra Ltd...... 392,148 5,541,243 Obic Co. Ltd...... 93,200 17,349,140 UltraTech Cement Ltd...... 66,350 6,125,264 Odakyu Electric Railway Co. Ltd...... 138,400 3,549,007 Wipro Ltd...... 531,240 3,949,950 Ono Pharmaceutical Co. Ltd...... 124,500 2,797,328 Wipro Ltd., ADR ...... 1,058,230 8,391,764 Oracle Corp. Japan(a) ...... 62,100 5,616,077 Yes Bank Ltd.(a)...... 16,509,760 3,071,903 Oriental Land Co. Ltd...... 184,100 27,236,783 182,737,539 Pan Pacific International Holdings Corp...... 547,900 10,737,764 (a) Ireland — 0.6% PeptiDream Inc...... 89,600 4,166,850 Horizon Therapeutics PLC(a)...... 88,791 8,138,583 Rinnai Corp...... 58,400 5,656,368 Kerry Group PLC, Class A...... 156,256 21,046,649 Secom Co. Ltd...... 299,800 23,312,911 Seven & i Holdings Co. Ltd...... 77,400 3,326,982 29,185,232 SG Holdings Co. Ltd...... 117,300 2,609,794 Israel — 0.4% Shimano Inc...... 56,100 12,645,315 Azrieli Group Ltd...... 42,625 3,248,423 Shionogi & Co. Ltd...... 48,629 2,456,472 Bank Hapoalim BM(a) ...... 459,821 3,899,800 Softbank Corp...... 2,136,300 27,275,349 Bank Leumi Le-Israel BM(a)...... 658,520 5,148,696 Suntory Beverage & Food Ltd...... 224,600 8,258,432 Check Point Software Technologies Ltd.(a)(b) ...... 25,385 2,969,537 (a) (e) Sysmex Corp...... 146,300 14,799,453 Isracard Ltd...... 0 1 Takeda Pharmaceutical Co. Ltd...... 118,600 4,004,273 Nice Ltd.(a)(b) ...... 22,042 4,781,229 Tobu Railway Co. Ltd...... 305,200 7,716,566 20,047,686 Toho Co. Ltd...... 159,600 6,567,813 Italy — 0.3% Toho Gas Co. Ltd...... 119,000 6,489,264 DiaSorin SpA ...... 40,702 7,172,564 Toyo Suisan Kaisha Ltd...... 143,400 5,727,990 (c) Infrastrutture Wireless Italiane SpA ...... 206,114 2,299,811 USS Co. Ltd...... 142,100 2,467,070 Recordati Industria Chimica e Farmaceutica SpA ...... 93,938 5,201,262 Welcia Holdings Co. Ltd...... 160,800 4,894,762 14,673,637 Yamada Holdings Co. Ltd...... 1,094,000 5,286,944 Japan — 10.9% 575,816,779 ABC-Mart Inc...... 58,600 3,326,078 Kuwait — 0.2% Ajinomoto Co. Inc...... 227,900 5,209,844 Mobile Telecommunications Co. KSCP...... 3,497,705 6,909,092 Asahi Intecc Co. Ltd...... 99,200 2,437,313 National Bank of Kuwait SAKP ...... 1,193,936 3,298,247 Canon Inc...... 1,050,300 24,455,488 10,207,339 Capcom Co. Ltd...... 263,000 8,620,065 Malaysia — 0.5% Chugai Pharmaceutical Co. Ltd...... 586,300 22,286,556 Hong Leong Bank Bhd(b) ...... 1,051,300 4,677,331 East Japan Railway Co...... 75,100 5,219,940 IHH Healthcare Bhd...... 1,984,700 2,543,365 FUJIFILM Holdings Corp...... 185,500 12,828,886 Malayan Banking Bhd(b) ...... 2,992,000 5,918,130 Hamamatsu Photonics KK...... 226,600 13,690,526 Maxis Bhd ...... 3,166,700 3,560,830 Hankyu Hanshin Holdings Inc...... 82,800 2,569,622 Petronas Chemicals Group Bhd(b) ...... 1,691,300 3,290,757 Hirose Electric Co. Ltd...... 52,200 7,380,804 Public Bank Bhd ...... 6,667,000 6,790,075 Japan Post Bank Co. Ltd...... 654,800 5,543,177 Japan Post Holdings Co. Ltd...... 1,521,200 12,581,256 26,780,488 Japan Tobacco Inc...... 122,400 2,403,171 Netherlands — 0.5% KDDI Corp...... 577,200 19,508,058 Koninklijke Ahold Delhaize NV...... 616,174 17,780,210 Keio Corp...... 127,000 7,833,894 Koninklijke KPN NV ...... 1,705,770 5,660,464 (a) Keyence Corp...... 56,300 27,467,931 QIAGEN NV ...... 90,137 4,423,015 Kintetsu Group Holdings Co. Ltd.(a) ...... 179,800 6,295,318 27,863,689 Kirin Holdings Co. Ltd...... 119,800 2,413,882 New Zealand — 0.2% Koei Tecmo Holdings Co. Ltd...... 94,700 4,459,012 Fisher & Paykel Healthcare Corp. Ltd...... 186,214 4,019,933 Lawson Inc...... 80,900 3,620,645 Spark New Zealand Ltd...... 1,776,504 5,827,532 (b) McDonald's Holdings Co. Japan Ltd...... 118,200 5,326,468 9,847,465

145 Schedule of Investments (unaudited) (continued) iShares MSCI Global Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Norway — 0.2% Taiwan (continued) ASA ...... 632,494 $ 10,923,063 Asustek Computer Inc...... 1,140,000 $ 16,213,738 AU Optronics Corp.(a) ...... 12,215,000 11,293,816 Peru — 0.0% Chang Hwa Commercial Bank Ltd...... 6,720,481 4,079,840 Credicorp Ltd...... 18,349 2,522,437 China Development Financial Holding Corp...... 22,458,000 10,066,271 Philippines — 0.2% China Steel Corp...... 8,848,000 11,779,462 BDO Unibank Inc...... 2,695,769 5,847,430 Chunghwa Telecom Co. Ltd...... 6,145,000 25,175,021 PLDT Inc...... 122,265 3,363,742 Compal Electronics Inc...... 6,768,000 5,718,683 CTBC Financial Holding Co. Ltd...... 3,864,000 3,207,721 9,211,172 E.Sun Financial Holding Co. Ltd...... 9,043,490 8,323,575 Qatar — 0.2% Evergreen Marine Corp. Taiwan Ltd.(a) ...... 1,153,000 4,092,554 Qatar Islamic Bank SAQ ...... 539,676 2,523,896 Far EasTone Telecommunications Co. Ltd...... 2,580,000 5,994,080 Qatar National Bank QPSC...... 2,162,519 10,347,260 First Financial Holding Co. Ltd...... 16,601,034 13,175,917 12,871,156 Formosa Petrochemical Corp...... 816,000 2,938,403 Russia — 0.3% Hua Nan Financial Holdings Co. Ltd...... 13,507,074 8,887,344 Polymetal International PLC ...... 235,072 5,574,429 Inventec Corp...... 3,455,000 3,214,634 Polyus PJSC ...... 55,681 12,053,317 Lite-On Technology Corp...... 3,420,000 8,161,921 17,627,746 Mega Financial Holding Co. Ltd...... 17,589,000 20,986,084 Saudi Arabia — 1.1% Nan Ya Plastics Corp...... 1,075,000 3,273,672 Alinma Bank...... 1,584,382 8,490,171 Novatek Microelectronics Corp...... 519,000 9,966,636 Bank AlBilad...... 389,549 3,930,362 Quanta Computer Inc...... 4,107,000 13,284,848 Bank Al-Jazira ...... 649,586 3,207,359 Synnex Technology International Corp...... 2,156,250 4,646,902 Jarir Marketing Co...... 95,063 5,329,651 Taishin Financial Holding Co. Ltd...... 9,429,084 5,029,511 SABIC Agri-Nutrients Co...... 308,478 8,470,154 Taiwan Cooperative Financial Holding Co. Ltd...... 15,090,252 11,397,205 Saudi Basic Industries Corp...... 121,840 4,048,896 Taiwan Mobile Co. Ltd...... 2,668,000 9,665,795 Saudi Telecom Co...... 636,750 21,204,180 Taiwan Semiconductor Manufacturing Co. Ltd...... 564,000 12,117,021 Yanbu National Petrochemical Co...... 187,513 3,488,275 WPG Holdings Ltd...... 2,577,760 4,816,948 58,169,048 249,740,185 Singapore — 0.6% Thailand — 0.5% Oversea-Chinese Banking Corp. Ltd.(b) ...... 517,800 4,836,577 Advanced Info Service PCL, NVDR ...... 719,600 3,878,240 Singapore Exchange Ltd...... 500,400 3,905,206 Airports of Thailand PCL, NVDR ...... 5,420,000 10,919,049 Singapore Telecommunications Ltd...... 11,400,500 20,754,470 Bangkok Dusit Medical Services PCL, NVDR...... 7,639,600 5,273,717 29,496,253 Bumrungrad Hospital PCL, NVDR ...... 706,600 2,981,243 South Korea — 0.3% Home Product Center PCL, NVDR...... 7,729,300 3,434,531 NAVER Corp...... 12,024 3,906,318 26,486,780 SK Telecom Co. Ltd...... 41,920 11,957,489 United Arab Emirates — 0.3% 15,863,807 Abu Dhabi National Oil Co. for Distribution PJSC ...... 2,813,187 3,060,128 Sweden — 0.3% Emirates Telecommunications Group Co. PJSC ...... 1,755,846 10,353,953 Telefonaktiebolaget LM Ericsson, Class B ...... 898,778 11,905,506 13,414,081 Telia Co. AB ...... 692,604 3,016,507 United Kingdom — 0.2% 14,922,013 Admiral Group PLC ...... 94,264 3,925,122 Switzerland — 6.4% AstraZeneca PLC...... 34,417 3,922,629 Chocoladefabriken Lindt & Spruengli AG, Registered .... 175 17,762,646 7,847,751 EMS-Chemie Holding AG, Registered...... 11,308 10,593,602 United States — 51.8% Givaudan SA, Registered ...... 3,133 13,960,803 ...... 94,912 11,071,485 Kuehne + Nagel International AG, Registered ...... 87,174 29,401,181 PLC, Class A...... 39,912 11,261,570 Logitech International SA, Registered ...... 241,102 29,810,808 Activision Blizzard Inc...... 366,666 35,658,269 Nestle SA, Registered...... 547,881 67,417,450 Allstate Corp. (The) ...... 145,761 19,912,410 Novartis AG, Registered...... 280,747 24,589,513 Alphabet Inc., Class C, NVS(a)...... 6,238 15,043,311 Partners Group Holding AG ...... 7,785 11,810,809 .com Inc.(a) ...... 5,715 18,419,845 Roche Holding AG, Bearer ...... 24,223 9,056,206 Ameren Corp...... 66,370 5,588,354 Roche Holding AG, NVS ...... 218,132 75,655,786 American Electric Power Co. Inc...... 191,004 16,426,344 Schindler Holding AG, Registered...... 27,149 7,839,816 American Tower Corp...... 22,871 5,842,626 Sonova Holding AG, Registered(a) ...... 31,087 11,020,921 American Water Works Co. Inc...... 98,878 15,328,068 Swiss Prime Site AG, Registered ...... 84,072 8,568,142 Amgen Inc...... 27,908 6,640,430 AG, Registered...... 41,874 23,524,698 Amphenol Corp., Class A...... 208,182 14,002,321 341,012,381 Anthem Inc...... 22,900 9,119,238 Taiwan — 4.7% Aon PLC, Class A...... 86,084 21,811,103 Acer Inc...... 4,198,000 4,818,859 Arthur J Gallagher & Co...... 62,394 9,147,584 Advantech Co. Ltd...... 623,482 7,413,724 AT&T Inc...... 649,233 19,106,927

146 Schedule of Investments (unaudited) (continued) iShares MSCI Global Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States (continued) United States (continued) Automatic Data Processing Inc...... 98,519 $ 19,311,694 Kimberly-Clark Corp...... 127,432 $ 16,646,442 AutoZone Inc.(a) ...... 13,619 19,156,485 Kroger Co. (The)...... 1,060,564 39,219,657 Baxter International Inc...... 164,494 13,508,247 Liberty Broadband Corp., Class C, NVS(a)...... 189,210 31,463,731 Berkshire Hathaway Inc., Class B(a)...... 96,528 27,939,064 MarketAxess Holdings Inc...... 12,121 5,654,931 Bio-Rad Laboratories Inc., Class A(a)...... 6,204 3,737,103 Marsh & McLennan Companies Inc...... 220,904 30,562,068 Black Knight Inc.(a) ...... 253,873 18,631,739 Masimo Corp.(a)(b) ...... 15,651 3,374,356 Holding Corp...... 135,027 11,467,843 Mastercard Inc., Class A ...... 43,119 15,547,849 Bristol-Myers Squibb Co...... 102,130 6,711,984 McCormick & Co. Inc./MD, NVS ...... 251,170 22,369,200 Broadridge Financial Solutions Inc...... 123,360 19,673,453 McDonald's Corp...... 189,548 44,333,382 Brown & Brown Inc...... 228,120 11,980,862 Medtronic PLC...... 209,462 26,515,795 Campbell Soup Co...... 157,763 7,678,325 Merck & Co. Inc...... 696,457 52,854,122 Cboe Global Markets Inc...... 82,412 9,172,456 Corp...... 39,541 9,872,597 CH Robinson Worldwide Inc...... 216,348 20,990,083 Moderna Inc.(a) ...... 16,176 2,992,722 Church & Dwight Co. Inc...... 215,819 18,502,163 Mondelez International Inc., Class A ...... 92,385 5,869,219 Inc...... 701,952 37,133,261 Solutions Inc...... 214,004 43,937,161 Citrix Systems Inc...... 198,742 22,847,380 Newmont Corp...... 1,007,942 74,063,578 Clorox Co. (The) ...... 139,349 24,627,149 NextEra Energy Inc...... 676,439 49,528,864 CME Group Inc...... 77,741 17,006,621 O'Reilly Automotive Inc.(a) ...... 25,575 13,685,694 CMS Energy Corp...... 134,102 8,413,559 Old Dominion Freight Line Inc...... 9,603 2,549,116 Technology Solutions Corp., Class A ...... 44,249 3,166,458 Oracle Corp...... 177,722 13,993,830 Colgate-Palmolive Co...... 174,204 14,594,811 Palo Alto Networks Inc.(a)...... 17,660 6,414,995 Comcast Corp., Class A ...... 300,377 17,223,617 Paychex Inc...... 379,553 38,387,990 Consolidated Edison Inc...... 553,538 42,755,275 PepsiCo Inc...... 361,950 53,546,883 Cooper Companies Inc. (The) ...... 11,649 4,583,299 Inc...... 458,388 17,753,367 Costco Wholesale Corp...... 26,971 10,202,320 Pool Corp...... 5,272 2,301,492 Crown Castle International Corp...... 136,479 25,862,771 Procter & Gamble Co. (The) ...... 271,220 36,574,017 Danaher Corp...... 76,196 19,516,843 Progressive Corp. (The)...... 173,537 17,194,046 Dollar General Corp...... 201,390 40,874,114 Public Storage ...... 143,889 40,645,765 Dominion Energy Inc...... 342,764 26,098,051 Regeneron Pharmaceuticals Inc.(a) ...... 110,467 55,501,935 Domino's Pizza Inc...... 8,177 3,490,516 Republic Services Inc...... 360,894 39,402,407 Duke Energy Corp...... 403,394 40,428,147 Seagen Inc.(a) ...... 26,706 4,148,777 Duke Realty Corp...... 223,044 10,362,624 Southern Co. (The) ...... 512,134 32,735,605 Electronic Arts Inc...... 211,832 30,277,148 Starbucks Corp...... 98,639 11,233,009 Eli Lilly & Co...... 244,147 48,765,922 Stryker Corp...... 22,820 5,825,261 Erie Indemnity Co., Class A, NVS...... 39,120 7,868,206 T-Mobile U.S. Inc.(a)...... 181,695 25,700,758 Evergy Inc...... 57,485 3,563,495 Take-Two Interactive Software Inc.(a)...... 126,042 23,388,354 Eversource Energy...... 95,747 7,773,699 Target Corp...... 134,609 30,545,474 Expeditors International of Washington Inc...... 160,312 20,149,615 Tradeweb Markets Inc., Class A ...... 89,691 7,514,312 Extra Space Storage Inc...... 131,074 19,636,196 Travelers Companies Inc. (The) ...... 22,573 3,604,908 F5 Networks Inc.(a)...... 39,141 7,257,916 Tyler Technologies Inc.(a)(b) ...... 65,597 26,446,087 Fidelity National Information Services Inc...... 147,354 21,952,799 UnitedHealth Group Inc...... 31,301 12,893,508 Fiserv Inc.(a) ...... 194,867 22,448,678 VeriSign Inc.(a) ...... 40,078 8,813,954 General Mills Inc...... 136,473 8,578,693 Verizon Communications Inc...... 1,227,153 69,321,873 Genuine Parts Co...... 45,983 6,029,291 Vertex Pharmaceuticals Inc.(a) ...... 170,726 35,618,565 Inc...... 750,517 49,616,679 Visa Inc., Class A ...... 241,837 54,969,550 Henry Schein Inc.(a)(b) ...... 46,779 3,557,075 Inc...... 348,853 49,547,592 Hershey Co. (The) ...... 200,908 34,767,129 Walt Disney Co. (The)(a)...... 55,348 9,887,920 Home Depot Inc. (The) ...... 64,589 20,598,078 Waste Management Inc...... 487,154 68,532,825 Hormel Foods Corp...... 480,088 23,303,472 WEC Energy Group Inc...... 417,467 39,204,326 Humana Inc...... 16,422 7,187,909 West Pharmaceutical Services Inc...... 57,278 19,904,678 Corp...... 55,149 3,150,111 Western Union Co. (The)...... 664,344 16,256,498 Intercontinental Exchange Inc...... 69,983 7,899,681 Xcel Energy Inc...... 582,297 41,273,211 International Business Machines Corp...... 40,118 5,766,561 Zoom Communications Inc., Class A(a)...... 21,703 7,195,196 Intuit Inc...... 21,432 9,410,577 2,747,156,878 Jack Henry & Associates Inc...... 122,998 18,960,142 JM Smucker Co. (The) ...... 85,217 11,358,574 Total Common Stocks — 99.3% Johnson & Johnson ...... 309,814 52,436,020 (Cost: $4,281,461,937)...... 5,261,261,541 Juniper Networks Inc...... 114,617 3,017,866 Kellogg Co...... 299,923 19,641,957 Keysight Technologies Inc.(a)(b) ...... 300,855 42,835,735

147 Schedule of Investments (unaudited) (continued) iShares MSCI Global Min Vol Factor ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value Rights (a) Non-income producing security. (b) All or a portion of this security is on loan. Singapore — 0.0% (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of (a) (f) Singapore Airlines Ltd. (Expires 06/16/21) ...... 2,222,088 $ 0 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. Total Rights — 0.0% (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the (f) (Cost: $0) ...... 0 fair value hierarchy. (e) Rounds to less than 1. Short-Term Investments (f) Rounds to less than $1. (g) Affiliate of the Fund. Money Market Funds — 0.8% (h) Annualized 7-day yield as of period-end. BlackRock Cash Funds: Institutional, SL Agency Shares, (i) All or a portion of this security was purchased with cash collateral received from loaned 0.06%(g)(h)(i) ...... 43,432,794 43,458,854 securities. Total Short-Term Investments — 0.8% (Cost: $43,441,525)...... 43,458,854

Total Investments in Securities — 100.1% (Cost: $4,324,903,462)...... 5,304,720,395 Other Assets, Less Liabilities — (0.1)%...... (4,809,143)

Net Assets — 100.0% ...... $ 5,299,911,252

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $105,527,162 $ — $(62,029,734)(a) $ 66,899 $ (105,473)$43,458,854 43,432,794 $160,711(b) $ — BlackRock Cash Funds: Treasury, SL (c) (a) Agency Shares ...... 13,570,000 — (13,570,000) — — — — 4,712 —

$ 66,899 $ (105,473)$43,458,854 $165,423 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts 2-Year U.S. Treasury Note ...... 11 09/30/21 $ 2,430 $ 1,359 MSCI EAFE Index ...... 49 06/18/21 5,726 169,296 MSCI Emerging Markets E-Mini Index ...... 42 06/18/21 2,858 61,533 S&P 500 E-Mini Index ...... 53 06/18/21 11,136 225,416 $ 457,604

148 Schedule of Investments (unaudited) (continued) iShares MSCI Global Min Vol Factor ETF May 31, 2021

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 ...... $3,072,262,656 $2,188,998,882 $ 3 $5,261,261,541 (a) (a) Rights ...... — 0 — 0 Money Market Funds...... 43,458,854 — — 43,458,854 $3,115,721,510 $2,188,998,882 $ 3 $5,304,720,395 Derivative financial instruments(b) Assets Futures Contracts...... $ 457,604 $ — $ — $ 457,604

(a) Rounds to less than $1. (b) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt NVDR...... Non-Voting Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company REIT ...... Real Estate Investment Trust

149 Schedule of Investments (unaudited) iShares MSCI Global Silver and Metals Miners ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks United Kingdom — 1.0% SolGold PLC(a)(b) ...... 7,685,754 $ 3,782,620 Canada — 67.2% Agnico Eagle Mines Ltd...... 105,159 $ 7,443,522 United States — 19.4% Dundee Precious Metals Inc...... 1,307,366 9,317,844 Coeur Mining Inc.(a)(b) ...... 1,570,312 16,331,245 Eldorado Gold Corp.(a) ...... 1,289,746 15,277,733 Hecla Mining Co...... 4,036,701 36,330,309 Endeavour Silver Corp.(a)(b) ...... 1,399,670 10,543,435 Newmont Corp...... 265,874 19,536,421 First Majestic Silver Corp...... 1,501,682 26,899,879 72,197,975 Fortuna Silver Mines Inc.(a)(b)...... 1,571,253 10,951,492 Kinross Gold Corp...... 537,976 4,333,021 Total Common Stocks — 99.6% Lundin Gold Inc.(a)(b) ...... 617,931 6,168,824 (Cost: $283,296,094) ...... 370,235,853 MAG Silver Corp.(a)(b) ...... 717,450 15,387,715 New Gold Inc.(a)(b) ...... 5,486,892 11,627,369 Short-Term Investments Orla Mining Ltd.(a) ...... 924,789 4,363,476 Money Market Funds — 4.5% Pan American Silver Corp...... 1,595,608 53,809,917 BlackRock Cash Funds: Institutional, SL Agency Shares, Seabridge Gold Inc.(a)...... 458,671 8,759,190 0.06%(c)(d)(e) ...... 16,496,403 16,506,301 Silvercorp Metals Inc...... 1,485,871 9,655,302 BlackRock Cash Funds: Treasury, SL Agency Shares, SilverCrest Metals Inc.(a)(b) ...... 1,162,012 11,484,974 0.00%(c)(d) ...... 120,000 120,000 SSR Mining Inc...... 1,521,896 27,904,471 Victoria Gold Corp.(a)(b) ...... 287,270 4,189,974 16,626,301 Wheaton Precious Metals Corp...... 193,685 9,182,021 Total Short-Term Investments — 4.5% Yamana Gold Inc...... 478,143 2,481,650 (Cost: $16,618,576) ...... 16,626,301 249,781,809 Japan — 3.6% Total Investments in Securities — 104.1% Asahi Holdings Inc...... 613,600 13,307,672 (Cost: $299,914,670) ...... 386,862,154 Other Assets, Less Liabilities — (4.1)%...... (15,372,240) Mexico — 4.6% Industrias Penoles SAB de CV(a) ...... 1,133,104 17,203,634 Net Assets — 100.0%...... $ 371,489,914 Peru — 2.6% (a) Non-income producing security. Cia. de Minas Buenaventura SAA, ADR(a)...... 128,996 1,486,034 (b) All or a portion of this security is on loan. Hochschild Mining PLC ...... 2,925,619 8,148,584 (c) Affiliate of the Fund. (d) 9,634,618 Annualized 7-day yield as of period-end. (e) All or a portion of this security was purchased with cash collateral received from loaned Russia — 0.7% securities. Polymetal International PLC...... 109,170 2,588,826

South Africa — 0.5% Harmony Gold Mining Co. Ltd...... 324,990 1,738,699

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $21,943,086 $ — $(5,426,886)(a) $ (8,623) $ (1,276) $16,506,301 16,496,403 $327,106(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 140,000 — (20,000) — — 120,000 120,000 59 —

$ (8,623) $ (1,276) $16,626,301 $327,165 $ —

(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.

150 Schedule of Investments (unaudited) (continued) iShares MSCI Global Silver and Metals Miners ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P/TSX 60 Index ...... 6 06/17/21 $ 1,171 $ 6,761

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...... $340,669,452 $ 29,566,401 $ — $370,235,853 Money Market Funds ...... 16,626,301 — — 16,626,301 $357,295,753 $ 29,566,401 $ — $386,862,154 Derivative financial instruments(a) Assets Futures Contracts ...... $ 6,761 $ — $ — $ 6,761

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt

151 Schedule of Investments (unaudited) iShares MSCI Hong Kong ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Real Estate Management & Development — 18.2% CK Asset Holdings Ltd...... 5,632,767 $ 37,333,027 Banks — 6.1% ESR Cayman Ltd.(a)(b)...... 4,240,400 13,407,592 Bank of East Asia Ltd. (The) ...... 3,459,810 $ 6,967,805 Ltd...... 4,775,000 12,057,428 BOC Hong Kong Holdings Ltd...... 8,163,500 29,532,723 Henderson Land Development Co. Ltd...... 3,397,762 16,251,635 Hang Seng Bank Ltd...... 1,659,000 34,508,390 Hongkong Land Holdings Ltd...... 2,778,000 13,605,813 71,008,918 Co. Ltd...... 3,510,266 18,944,449 Beverages — 1.2% Sino Land Co. Ltd...... 7,720,000 12,123,759 (a) Budweiser Brewing Co. APAC Ltd...... 4,037,300 13,711,092 Ltd...... 3,079,500 47,298,269 Swire Pacific Ltd., Class A...... 1,272,500 9,560,856 Building Products — 1.5% Swire Properties Ltd...... 2,981,600 8,777,133 Xinyi Glass Holdings Ltd...... 4,390,000 17,537,091 Wharf Real Estate Investment Co. Ltd...... 3,996,150 23,415,103 Capital Markets — 14.5% 212,775,064 Futu Holdings Ltd., ADR(b)...... 90,632 12,894,215 Road & Rail — 1.7% Hong Kong Exchanges & Clearing Ltd...... 2,512,226 157,329,260 MTR Corp. Ltd.(c) ...... 3,471,583 19,329,836 170,223,475 Specialty Retail — 0.5% Diversified Telecommunication Services — 1.1% Chow Tai Fook Jewellery Group Ltd...... 3,269,800 6,273,978 HKT Trust & HKT Ltd...... 9,100,500 12,337,646 Total Common Stocks — 99.2% Electric Utilities — 6.3% (Cost: $1,131,897,745)...... 1,160,464,414 CK Infrastructure Holdings Ltd...... 1,675,000 10,435,517 CLP Holdings Ltd...... 3,556,700 36,152,317 HK Electric Investments & HK Electric Investments Ltd.. . 7,285,000 7,386,952 Short-Term Investments Power Assets Holdings Ltd...... 3,178,500 19,430,589 Money Market Funds — 1.9% 73,405,375 BlackRock Cash Funds: Institutional, SL Agency Shares, (d)(e)(f) Equity Real Estate Investment Trusts (REITs) — 3.6% 0.06% ...... 19,775,049 19,786,914 Link REIT ...... 4,429,100 42,184,038 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) ...... 3,130,000 3,130,000 Food Products — 1.6% 22,916,914 WH Group Ltd.(a)...... 21,785,500 18,619,101 Total Short-Term Investments — 1.9% Gas Utilities — 3.4% (Cost: $22,916,914)...... 22,916,914 Hong Kong & China Gas Co. Ltd...... 23,104,805 40,196,663 Total Investments in Securities — 101.1% Hotels, Restaurants & Leisure — 7.2% (Cost: $1,154,814,659)...... 1,183,381,328 Galaxy Entertainment Group Ltd.(b) ...... 4,653,000 37,756,337 Melco Resorts & Entertainment Ltd., ADR(b) ...... 537,595 9,241,258 Other Assets, Less Liabilities — (1.1)%...... (13,269,536) Ltd.(b) ...... 5,377,600 23,883,806 Net Assets — 100.0% ...... $ 1,170,111,792 SJM Holdings Ltd...... 5,473,000 6,190,996 Wynn Macau Ltd.(b) ...... 4,146,800 7,010,400 (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 84,082,797 1933, as amended. These securities may be resold in transactions exempt from Industrial Conglomerates — 6.5% registration to qualified institutional investors. (b) Non-income producing security. CK Hutchison Holdings Ltd...... 5,792,267 45,393,586 (c) All or a portion of this security is on loan. Jardine Matheson Holdings Ltd...... 479,500 31,077,760 (d) Affiliate of the Fund. 76,471,346 (e) Annualized 7-day yield as of period-end. Insurance — 21.2% (f) All or a portion of this security was purchased with cash collateral received from loaned AIA Group Ltd...... 19,340,200 248,115,608 securities.

Machinery — 4.6% Co. Ltd...... 2,939,147 54,192,386

152 Schedule of Investments (unaudited) (continued) iShares MSCI Hong Kong 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $21,124,049 $ — $(1,331,697)(a) $ (7,548) $ 2,110 $19,786,914 19,775,049 $33,760(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 495,000 2,635,000 — — — 3,130,000 3,130,000 380 —

$ (7,548) $ 2,110 $22,916,914 $34,140 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI EAFE Index ...... 81 06/18/21 $ 9,465 $ 231,678

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 ...... $ 22,135,473 $1,138,328,941 $ — $1,160,464,414 Money Market Funds...... 22,916,914 — — 22,916,914 $ 45,052,387 $1,138,328,941 $ — $1,183,381,328 Derivative financial instruments(a) Assets Futures Contracts ...... $ 231,678 $ — $ — $ 231,678

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt REIT ...... Real Estate Investment Trust

153 Schedule of Investments (unaudited) iShares MSCI Israel ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Health Care Equipment & Supplies — 1.6% Inmode Ltd.(a)(b) ...... 21,270 $ 1,815,607 Aerospace & Defense — 1.9% Nano-X Imaging Ltd.(a)(b) ...... 28,545 713,625 Elbit Systems Ltd...... 22,765 $ 2,965,411 2,529,232 Banks — 17.8% Hotels, Restaurants & Leisure — 0.6% Bank Hapoalim BM(a) ...... 974,893 8,268,190 Fattal Holdings 1998 Ltd.(a)...... 5,323 581,987 Bank Leumi Le-Israel BM(a) ...... 1,247,382 9,752,765 NEOGAMES SA(a) ...... 5,376 344,602 (a) FIBI Holdings Ltd...... 15,257 565,012 926,589 (a) First International Bank of Israel Ltd...... 47,619 1,517,002 Household Durables — 1.0% (a) Israel Discount Bank Ltd., Class A ...... 999,366 4,965,833 Azorim-Investment Development & Construction (a) Mizrahi Tefahot Bank Ltd...... 120,440 3,584,872 Co. Ltd.(a)...... 72,554 293,224 28,653,674 Electra Consumer Products 1970 Ltd...... 9,464 506,081 Biotechnology — 0.2% Maytronics Ltd...... 37,289 724,326 (a) UroGen Pharma Ltd...... 16,569 291,946 1,523,631 Independent Power and Renewable Electricity Producers — 2.6% Building Products — 0.2% (a)(b) Caesarstone Ltd...... 20,747 342,325 Doral Group Renewable Energy Resources Ltd...... 49,550 224,136 Energix-Renewable Energies Ltd...... 187,076 730,648 Capital Markets — 0.4% Enlight Renewable Energy Ltd.(a)(b) ...... 789,800 1,677,758 Altshuler Shaham Provident Funds & Pension Ltd...... 49,494 348,938 Kenon Holdings Ltd./Singapore...... 20,868 748,666 Electreon Wireless Ltd.(a) ...... 3,739 317,431 OPC Energy Ltd.(a)(b) ...... 72,365 761,974 666,369 4,143,182 Chemicals — 3.4% Industrial Conglomerates — 0.2% ICL Group Ltd...... 604,773 4,366,088 Arad Investment & Industrial Development Ltd...... 2,789 317,573 Israel Corp. Ltd. (The)(a)...... 3,313 1,032,313 Insurance — 2.8% 5,398,401 Clal Insurance Enterprises Holdings Ltd.(a) ...... 51,981 1,077,217 Communications Equipment — 1.5% Harel Insurance Investments & Financial Services Ltd. .... 101,484 1,032,619 AudioCodes Ltd...... 22,735 732,323 IDI Insurance Co. Ltd...... 6,947 270,078 Gilat Satellite Networks Ltd...... 26,301 260,602 Menora Mivtachim Holdings Ltd...... 21,783 469,452 Ituran Location and Control Ltd...... 16,164 391,331 (a) (a) Migdal Insurance & Financial Holdings Ltd...... 317,486 456,939 Radware Ltd...... 35,757 1,044,104 Phoenix Holdings Ltd. (The)...... 131,512 1,217,260 2,428,360 4,523,565 Construction & Engineering — 2.9% Internet & Direct Marketing Retail — 2.9% Ashtrom Group Ltd...... 34,661 817,406 Fiverr International Ltd.(a)(b) ...... 23,040 4,730,342 Elco Ltd.(b) ...... 8,244 474,735 Electra Ltd./Israel ...... 1,771 1,011,203 IT Services — 9.0% Shapir Engineering and Industry Ltd...... 122,777 947,501 Formula Systems 1985 Ltd...... 7,898 703,620 Shikun & Binui Ltd.(a) ...... 201,960 1,341,531 Malam - Team Ltd...... 6,596 215,159 4,592,376 Matrix IT Ltd...... 29,415 736,909 Consumer Finance — 0.4% One Software Technologies Ltd...... 3,386 458,624 (a) Isracard Ltd.(a) ...... 171,427 687,265 Wix.com Ltd...... 47,743 12,406,496 14,520,808 Distributors — 0.2% Life Sciences Tools & Services — 0.3% Tadiran Holdings Ltd...... 2,568 324,456 Compugen Ltd.(a)(b) ...... 71,315 547,699 Diversified Telecommunication Services — 1.3% (a) Machinery — 2.4% Bezeq The Israeli Telecommunication Corp. Ltd...... 1,777,982 2,001,157 Kornit Digital Ltd.(a) ...... 37,436 3,900,831

Equity Real Estate Investment Trusts (REITs) — 0.5% Oil, Gas & Consumable Fuels — 1.5% REIT 1 Ltd...... 153,837 838,012 Delek Group Ltd.(a)(b) ...... 7,399 394,295 (a) Food & Staples Retailing — 1.6% Equital Ltd...... 17,199 484,408 (a)(b) M Yochananof & Sons Ltd...... 2,731 169,162 Naphtha Israel Petroleum Corp. Ltd...... 28,075 132,749 (a) Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. . . . 7,707 503,113 Oil Refineries Ltd...... 1,517,543 419,809 Shufersal Ltd...... 228,288 1,934,861 Paz Oil Co. Ltd...... 8,212 1,046,566 2,607,136 2,477,827 Food Products — 0.8% Pharmaceuticals — 6.5% (a) (a) (c) Mehadrin Ltd...... 0 28 Taro Pharmaceutical Industries Ltd...... 8,232 584,637 (a)(b) Strauss Group Ltd...... 44,979 1,298,196 Teva Pharmaceutical Industries Ltd., ADR ...... 940,750 9,783,800 1,298,224 10,368,437

154 Schedule of Investments (unaudited) (continued) iShares MSCI Israel ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Professional Services — 0.5% Specialty Retail (continued) Danel Adir Yeoshua Ltd...... 4,398 $ 856,037 Delek Automotive Systems Ltd.(b)...... 44,120 $ 593,126 Fox Wizel Ltd...... 6,420 743,260 Real Estate Management & Development — 10.0% 1,336,393 AFI Properties Ltd.(a)...... 9,303 415,850 (a) Technology Hardware, Storage & Peripherals — 0.9% Airport City Ltd...... 59,135 1,059,117 (a) Alony Hetz Properties & Investments Ltd...... 125,902 1,857,851 Nano Dimension Ltd., ADR ...... 213,042 1,512,598 Amot Investments Ltd...... 175,275 1,212,194 Textiles, Apparel & Luxury Goods — 0.2% Azrieli Group Ltd...... 36,422 2,775,697 Delta-Galil Industries Ltd.(b) ...... 7,688 274,923 Bayside Land Corp. Ltd...... 119,588 1,127,490 Big Shopping Centers Ltd.(a) ...... 8,537 1,068,542 Wireless Telecommunication Services — 0.5% Blue Square Real Estate Ltd...... 4,653 333,585 Cellcom Israel Ltd.(a) ...... 77,056 311,298 Brack Capital Properties NV(a)...... 2,261 230,934 Partner Communications Co. Ltd.(a)...... 118,597 556,597 Gazit-Globe Ltd...... 58,627 444,657 867,895 Israel Canada T.R Ltd...... 94,561 400,895 Isras Investment Co. Ltd...... 1,379 315,271 Total Common Stocks — 99.9% Mega Or Holdings Ltd...... 20,336 700,029 (Cost: $153,062,357) ...... 160,636,831 Melisron Ltd.(a)(b) ...... 18,255 1,257,683 Mivne Real Estate KD Ltd...... 528,510 1,596,043 Short-Term Investments Prashkovsky Investments and Construction Ltd...... 5,999 196,506 Money Market Funds — 7.9% Property & Building Corp. Ltd...... 1,626 195,032 BlackRock Cash Funds: Institutional, SL Agency Shares, (a) Summit Real Estate Holdings Ltd...... 31,777 505,247 0.06%(d)(e)(f)...... 12,661,393 12,668,990 YH Dimri Construction & Development Ltd...... 6,441 369,351 BlackRock Cash Funds: Treasury, SL Agency Shares, 16,061,974 0.00%(d)(e) ...... 90,000 90,000 Semiconductors & Semiconductor Equipment — 3.6% 12,758,990 Camtek Ltd./Israel(a) ...... 24,209 885,845 Nova Measuring Instruments Ltd.(a)...... 24,170 2,454,724 Total Short-Term Investments — 7.9% Tower Semiconductor Ltd.(a)...... 87,413 2,434,126 (Cost: $12,756,938) ...... 12,758,990 5,774,695 Total Investments in Securities — 107.8% Software — 18.9% (Cost: $165,819,295) ...... 173,395,821 Check Point Software Technologies Ltd.(a) ...... 96,236 11,257,687 Cognyte Software Ltd.(a)(b) ...... 56,285 1,448,776 Other Assets, Less Liabilities — (7.8)%...... (12,578,333) CyberArk Software Ltd.(a) ...... 33,273 4,210,366 Net Assets — 100.0%...... $ 160,817,488 Hilan Ltd...... 12,612 620,733 Magic Software Enterprises Ltd...... 23,213 377,813 (a) Non-income producing security. Nice Ltd.(a) ...... 53,859 11,682,798 (b) All or a portion of this security is on loan. Sapiens International Corp. NV...... 25,468 749,315 (c) Rounds to less than 1. (d) Affiliate of the Fund. 30,347,488 (e) Annualized 7-day yield as of period-end. Specialty Retail — 0.8% (f) All or a portion of this security was purchased with cash collateral received from loaned (a) Arko Corp...... 1 7 securities.

155 Schedule of Investments (unaudited) (continued) iShares MSCI Israel 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $3,214,776 $9,457,459(a) $ — $ (3,731)$ 486 $12,668,990 12,661,393 $80,808(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 46,000 44,000 — — — 90,000 90,000 32 —

$ (3,731) $ 486 $12,758,990 $80,840 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Euro STOXX 50 Index ...... 3 06/18/21 $ 148 $ (5)

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...... $ 55,326,807 $105,310,024 $ — $160,636,831 Money Market Funds ...... 12,758,990 — — 12,758,990 $ 68,085,797 $105,310,024 $ — $173,395,821 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (5) $ — $ — $ (5)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt REIT ...... Real Estate Investment Trust

156 Schedule of Investments (unaudited) iShares MSCI Italy ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Oil, Gas & Consumable Fuels — 6.8% Eni SpA ...... 3,309,547 $ 40,508,052 Automobiles — 13.5% Ferrari NV...... 131,852 $ 27,778,032 Pharmaceuticals — 1.6% Stellantis NV ...... 2,678,443 53,013,526 Recordati Industria Chimica e Farmaceutica SpA...... 170,919 9,463,629 80,791,558 Textiles, Apparel & Luxury Goods — 3.5% Banks — 20.1% Moncler SpA ...... 299,851 21,212,938 FinecoBank Banca Fineco SpA(a)...... 945,849 15,824,685 Intesa Sanpaolo SpA ...... 22,035,744 64,897,666 Transportation Infrastructure — 2.5% Mediobanca Banca di Credito Finanziario SpA(a) ...... 1,031,172 12,257,983 Atlantia SpA(a)(c) ...... 763,380 14,967,595 UniCredit SpA ...... 2,127,919 27,216,078 Total Common Stocks — 98.5% 120,196,412 (Cost: $582,586,072) ...... 589,583,000 Beverages — 2.0% Davide Campari-Milano NV ...... 939,427 12,116,282 Preferred Stocks Diversified Financial Services — 2.5% Diversified Telecommunication Services — 1.1% EXOR NV ...... 172,544 14,745,908 Telecom Italia SpA/Milano, Preference Shares, NVS...... 11,357,854 6,483,507 Diversified Telecommunication Services — 2.5% Total Preferred Stocks — 1.1% Infrastrutture Wireless Italiane SpA(b) ...... 584,893 6,526,212 (Cost: $7,337,351)...... 6,483,507 Telecom Italia SpA/Milano...... 16,387,958 8,752,140 15,278,352 Short-Term Investments Electric Utilities — 20.8% Enel SpA...... 10,998,712 107,912,118 Money Market Funds — 0.1% Terna SPA...... 2,137,515 16,275,793 BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f)...... 6,637 6,641 124,187,911 BlackRock Cash Funds: Treasury, SL Agency Shares, Electrical Equipment — 2.2% 0.00%(d)(e) ...... 390,000 390,000 Prysmian SpA ...... 391,657 13,474,135 396,641 Energy Equipment & Services — 1.6% Tenaris SA ...... 843,030 9,599,775 Total Short-Term Investments — 0.1% (Cost: $396,640) ...... 396,641 Gas Utilities — 3.0% Snam SpA ...... 3,070,385 17,982,758 Total Investments in Securities — 99.7% (Cost: $590,320,063) ...... 596,463,148 Health Care Equipment & Supplies — 1.3% Other Assets, Less Liabilities — 0.3% ...... 1,829,064 DiaSorin SpA...... 42,863 7,553,379 Net Assets — 100.0%...... $ 598,292,212 Health Care Providers & Services — 1.6% Amplifon SpA...... 206,348 9,785,591 (a) Non-income producing security. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Insurance — 6.3% 1933, as amended. These securities may be resold in transactions exempt from Assicurazioni Generali SpA ...... 1,234,754 25,313,803 registration to qualified institutional investors. Poste Italiane SpA(b) ...... 867,151 12,221,671 (c) All or a portion of this security is on loan. (d) Affiliate of the Fund. 37,535,474 (e) IT Services — 2.3% Annualized 7-day yield as of period-end. (f) All or a portion of this security was purchased with cash collateral received from loaned Nexi SpA(a)(b) ...... 678,784 13,672,878 securities. Machinery — 4.4% CNH Industrial NV ...... 1,538,605 26,510,373

157 Schedule of Investments (unaudited) (continued) iShares MSCI Italy 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares.... $ — $ 6,640(a) $ — $ — $ 1 $ 6,641 6,637$ 1(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares ...... 100,000 290,000 — — — 390,000390,000 55 —

$ — $ 1 $396,641 $ 56$ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts FTSE/MIB Index...... 13 06/18/21 $ 1,995 $ 22,092

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...... $ — $589,583,000 $ — $589,583,000 Preferred Stocks ...... — 6,483,507 — 6,483,507 Money Market Funds ...... 396,641 — — 396,641 $ 396,641 $596,066,507 $ — $596,463,148 Derivative financial instruments(a) Assets Futures Contracts ...... $ 22,092 $ — $ — $ 22,092

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

158 Schedule of Investments (unaudited) iShares MSCI Japan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Capital Markets (continued) SBI Holdings Inc...... 751,810 $ 18,825,453 Air Freight & Logistics — 0.4% SG Holdings Co. Ltd...... 988,700 $ 21,997,467 131,898,332 Yamato Holdings Co. Ltd...... 899,900 24,587,593 Chemicals — 4.0% Asahi Kasei Corp...... 3,873,900 42,236,381 46,585,060 JSR Corp...... 628,400 18,376,015 Airlines — 0.2% Kansai Paint Co. Ltd...... 540,100 14,475,818 ANA Holdings Inc.(a) ...... 493,500 11,868,995 Mitsubishi Chemical Holdings Corp...... 3,953,600 31,344,616 Japan Airlines Co. Ltd.(a) ...... 445,500 10,086,933 Mitsubishi Gas Chemical Co. Inc...... 487,900 11,284,068 21,955,928 Mitsui Chemicals Inc...... 571,600 18,972,904 Auto Components — 2.4% Nippon Paint Holdings Co. Ltd...... 2,197,900 31,539,960 Aisin Corp...... 454,800 19,768,423 Nippon Sanso Holdings Corp...... 468,100 9,156,184 Bridgestone Corp...... 1,763,100 76,734,811 Nissan Chemical Corp...... 380,600 19,540,651 Denso Corp...... 1,338,200 90,882,129 Nitto Denko Corp...... 465,600 35,815,252 Koito Manufacturing Co. Ltd...... 324,300 20,839,771 Shin-Etsu Chemical Co. Ltd...... 1,094,200 186,583,956 Stanley Electric Co. Ltd...... 397,100 11,713,511 Sumitomo Chemical Co. Ltd...... 4,600,700 24,974,217 Sumitomo Electric Industries Ltd...... 2,329,000 35,338,771 Toray Industries Inc...... 4,282,200 27,516,178 Industries Corp...... 452,800 38,287,427 Tosoh Corp...... 803,100 13,901,569 293,564,843 485,717,769 Automobiles — 7.2% Commercial Services & Supplies — 0.7% Honda Motor Co. Ltd...... 5,034,200 152,109,771 Dai Nippon Printing Co. Ltd...... 726,700 15,524,478 Motors Ltd...... 1,702,900 22,280,068 Secom Co. Ltd...... 648,400 50,420,585 (a) Mazda Motor Corp...... 1,755,900 14,826,481 Sohgo Security Services Co. Ltd...... 220,600 10,034,065 (a) Nissan Motor Co. Ltd...... 7,168,200 35,131,189 Toppan Printing Co. Ltd...... 809,900 14,078,037 Subaru Corp...... 1,900,100 36,631,646 90,057,165 Suzuki Motor Corp...... 1,137,300 48,786,167 Construction & Engineering — 0.6% Toyota Motor Corp...... 6,549,300 542,328,681 Kajima Corp...... 1,387,600 19,061,905 Yamaha Motor Co. Ltd...... 868,600 25,105,504 Obayashi Corp...... 2,005,200 16,751,776 877,199,507 Shimizu Corp...... 1,704,400 13,874,749 Banks — 4.7% Taisei Corp...... 589,400 20,417,499 Chiba Bank Ltd. (The) ...... 1,636,900 10,349,603 70,105,929 Concordia Financial Group Ltd...... 3,361,700 12,247,266 Consumer Finance — 0.0% Japan Post Bank Co. Ltd...... 1,250,600 10,586,892 Acom Co. Ltd...... 1,183,400 5,255,224 Mitsubishi UFJ Financial Group Inc...... 37,745,880 212,899,506 Mizuho Financial Group Inc...... 7,448,858 113,151,937 Diversified Financial Services — 0.7% Resona Holdings Inc...... 6,593,400 27,962,712 Mitsubishi HC Capital Inc...... 2,038,400 11,276,594 Shizuoka Bank Ltd. (The) ...... 1,378,300 10,853,479 ORIX Corp...... 3,771,700 65,968,218 Sumitomo Mitsui Financial Group Inc...... 4,030,800 144,587,322 Tokyo Century Corp...... 113,900 6,642,148 Sumitomo Mitsui Trust Holdings Inc...... 1,042,932 35,712,677 83,886,960 578,351,394 Diversified Telecommunication Services — 0.9% Beverages — 1.2% Nippon Telegraph & Telephone Corp...... 3,974,900 106,246,067 Asahi Group Holdings Ltd...... 1,409,000 66,691,972 Ito En Ltd...... 165,700 9,125,254 Electric Utilities — 0.6% Kirin Holdings Co. Ltd...... 2,540,100 51,181,147 Chubu Electric Power Co. Inc...... 1,997,500 23,793,193 Suntory Beverage & Food Ltd...... 429,400 15,788,827 Kansai Electric Power Co. Inc. (The)...... 2,184,100 20,594,192 Tohoku Electric Power Co. Inc...... 1,319,900 10,674,036 142,787,200 Tokyo Electric Power Co. Holdings Inc.(a) ...... 4,714,200 14,499,905 Biotechnology — 0.1% PeptiDream Inc.(a) ...... 295,800 13,756,186 69,561,326 Electrical Equipment — 2.1% Building Products — 1.8% Fuji Electric Co. Ltd...... 391,900 18,182,854 AGC Inc...... 597,000 25,828,929 Mitsubishi Electric Corp...... 5,635,800 86,358,765 Daikin Industries Ltd...... 769,800 150,596,235 Nidec Corp...... 1,381,800 156,388,504 Lixil Corp...... 822,400 21,479,254 260,930,123 TOTO Ltd...... 437,200 23,338,898 Electronic Equipment, Instruments & Components — 5.7% 221,243,316 Azbil Corp...... 380,900 15,156,063 Capital Markets — 1.1% Hamamatsu Photonics KK ...... 433,200 26,172,708 Daiwa Securities Group Inc...... 4,460,400 25,462,086 Hirose Electric Co. Ltd...... 100,258 14,175,951 Japan Exchange Group Inc...... 1,573,400 36,120,608 Ibiden Co. Ltd...... 328,700 15,115,428 Nomura Holdings Inc...... 9,457,900 51,490,185 Keyence Corp...... 600,804 293,123,316 Kyocera Corp...... 991,100 60,377,853

159 Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Electronic Equipment, Instruments & Components (continued) Health Care Providers & Services — 0.1% Murata Manufacturing Co. Ltd...... 1,775,100 $ 133,299,830 Medipal Holdings Corp...... 566,300 $ 10,760,859 Omron Corp...... 573,200 44,727,523 Shimadzu Corp...... 731,400 25,423,340 Health Care Technology — 0.7% TDK Corp...... 400,200 50,469,911 M3 Inc...... 1,362,400 91,471,516 Yokogawa Electric Corp...... 705,100 11,063,929 Hotels, Restaurants & Leisure — 0.8% 689,105,852 McDonald's Holdings Co. Japan Ltd.(b)...... 248,500 11,198,201 Entertainment — 2.6% Oriental Land Co. Ltd...... 617,700 91,385,992 Capcom Co. Ltd...... 543,100 17,800,598 102,584,193 Koei Tecmo Holdings Co. Ltd...... 179,960 8,473,535 Household Durables — 4.6% Konami Holdings Corp...... 285,600 18,172,186 Casio Computer Co. Ltd...... 599,900 10,362,718 Nexon Co. Ltd...... 1,506,700 35,451,496 Iida Group Holdings Co. Ltd...... 454,580 12,005,282 Nintendo Co. Ltd...... 345,600 213,150,777 Corp...... 6,818,715 76,859,093 Square Enix Holdings Co. Ltd...... 264,800 14,085,987 Rinnai Corp...... 111,600 10,809,087 Toho Co. Ltd...... 345,500 14,217,917 Sekisui Chemical Co. Ltd...... 1,182,800 19,968,660 321,352,496 Sekisui House Ltd...... 1,902,800 39,287,338 Equity Real Estate Investment Trusts (REITs) — 1.5% Sharp Corp...... 661,400 11,973,003 Daiwa House REIT Investment Corp...... 6,103 16,982,962 Group Corp...... 3,894,000 380,675,943 GLP J-REIT ...... 12,803 21,786,140 561,941,124 Japan Metropolitan Fund Invest ...... 21,582 21,705,911 Household Products — 0.6% Japan Real Estate Investment Corp...... 3,848 23,082,682 Lion Corp...... 692,700 12,075,366 Nippon Building Fund Inc...... 4,592 28,984,257 Pigeon Corp...... 356,900 9,995,549 Nippon Prologis REIT Inc...... 6,354 19,642,002 Unicharm Corp...... 1,246,100 48,909,589 Nomura Real Estate Master Fund Inc...... 13,104 20,664,365 70,980,504 Orix JREIT Inc...... 8,153 15,066,917 Industrial Conglomerates — 1.7% United Urban Investment Corp...... 9,148 13,052,337 Hitachi Ltd...... 2,988,700 155,305,986 180,967,573 Corp...... 1,265,300 52,679,343 Food & Staples Retailing — 1.7% 207,985,329 Aeon Co. Ltd...... 2,019,300 53,701,646 Insurance — 2.6% Cosmos Pharmaceutical Corp...... 61,800 8,561,812 Dai-ichi Life Holdings Inc...... 3,145,300 63,648,034 Kobe Bussan Co. Ltd...... 426,200 10,693,392 Japan Post Holdings Co. Ltd...... 4,863,400 40,223,299 Lawson Inc...... 153,300 6,860,877 Japan Post Insurance Co. Ltd...... 694,900 13,242,955 Seven & i Holdings Co. Ltd...... 2,326,680 100,010,621 MS&AD Insurance Group Holdings Inc...... 1,374,440 41,683,175 Tsuruha Holdings Inc...... 122,100 14,776,262 Sompo Holdings Inc...... 979,550 39,168,956 Welcia Holdings Co. Ltd...... 289,800 8,821,530 T&D Holdings Inc...... 1,661,400 22,433,829 203,426,140 Tokio Marine Holdings Inc...... 1,950,900 91,578,893 Food Products — 1.2% 311,979,141 Ajinomoto Co. Inc...... 1,441,400 32,950,721 Interactive Media & Services — 0.4% Kikkoman Corp...... 449,000 28,906,454 Kakaku.com Inc...... 407,300 12,325,716 MEIJI Holdings Co. Ltd...... 378,756 23,402,025 Z Holdings Corp...... 8,192,600 38,260,260 NH Foods Ltd...... 254,300 10,091,900 Nisshin Seifun Group Inc...... 610,875 9,109,588 50,585,976 Nissin Foods Holdings Co. Ltd...... 197,200 14,209,095 Internet & Direct Marketing Retail — 0.5% (a)(b) Toyo Suisan Kaisha Ltd...... 268,700 10,732,991 Mercari Inc...... 315,600 14,819,134 Yakult Honsha Co. Ltd...... 396,100 21,246,163 Rakuten Group Inc...... 2,673,700 30,410,514 ZOZO Inc.(b)...... 388,000 13,007,541 150,648,937 Gas Utilities — 0.5% 58,237,189 Osaka Gas Co. Ltd...... 1,158,000 21,701,541 IT Services — 2.5% Toho Gas Co. Ltd...... 228,300 12,449,572 Ltd...... 607,200 98,110,176 Tokyo Gas Co. Ltd...... 1,161,300 22,861,244 GMO Payment Gateway Inc...... 127,448 15,174,400 Itochu Techno-Solutions Corp...... 295,300 9,250,421 57,012,357 NEC Corp...... 758,300 35,169,188 Health Care Equipment & Supplies — 3.0% Nomura Research Institute Ltd...... 1,088,312 34,476,816 Asahi Intecc Co. Ltd...... 644,100 15,825,334 NTT Data Corp...... 1,948,900 31,476,388 Hoya Corp...... 1,151,300 149,665,705 Obic Co. Ltd...... 215,300 40,078,003 Olympus Corp...... 3,598,300 76,626,129 Otsuka Corp...... 353,900 18,831,108 Sysmex Corp...... 517,300 52,329,168 SCSK Corp...... 161,400 9,295,991 Terumo Corp...... 1,993,500 76,166,831 TIS Inc...... 691,300 17,662,789 370,613,167 309,525,280

160 Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Leisure Products — 1.0% Pharmaceuticals — 5.7% Bandai Namco Holdings Inc...... 616,998 $ 43,966,160 Astellas Pharma Inc...... 5,749,050 $ 93,659,717 Shimano Inc...... 229,000 51,618,129 Chugai Pharmaceutical Co. Ltd...... 2,073,900 78,833,512 Yamaha Corp...... 408,100 24,288,235 Daiichi Sankyo Co. Ltd...... 5,254,407 120,483,542 119,872,524 Eisai Co. Ltd...... 732,500 48,889,144 Machinery — 5.7% Hisamitsu Pharmaceutical Co. Inc...... 158,100 8,600,223 Daifuku Co. Ltd...... 312,800 26,040,905 Kyowa Kirin Co. Ltd...... 837,000 25,113,925 Fanuc Corp...... 592,700 140,968,490 Nippon Shinyaku Co. Ltd...... 151,800 10,796,662 Harmonic Drive Systems Inc...... 131,700 7,051,960 Ono Pharmaceutical Co. Ltd...... 1,142,000 25,659,027 Ltd...... 887,100 8,195,861 Otsuka Holdings Co. Ltd...... 1,205,800 49,568,468 Hitachi Construction Machinery Co. Ltd...... 335,200 11,024,588 Santen Pharmaceutical Co. Ltd...... 1,112,500 14,777,386 Hoshizaki Corp...... 168,800 14,895,403 Shionogi & Co. Ltd...... 817,800 41,310,790 Komatsu Ltd...... 2,703,800 78,563,765 Sumitomo Dainippon Pharma Co. Ltd...... 540,500 10,215,057 Kubota Corp...... 3,172,200 71,450,399 Taisho Pharmaceutical Holdings Co. Ltd...... 102,000 5,754,940 Kurita Water Industries Ltd...... 305,000 13,928,059 Takeda Pharmaceutical Co. Ltd...... 4,867,700 164,347,368 Makita Corp...... 691,700 33,163,959 698,009,761 MinebeaMitsumi Inc...... 1,119,400 30,169,092 Professional Services — 2.0% Misumi Group Inc...... 876,100 27,952,400 Nihon M&A Center Inc...... 935,000 22,272,989 Mitsubishi Heavy Industries Ltd...... 989,700 29,777,031 Persol Holdings Co. Ltd...... 537,800 10,086,463 Miura Co. Ltd...... 267,300 12,189,481 Recruit Holdings Co. Ltd...... 4,189,600 210,870,257 Nabtesco Corp...... 347,800 15,814,561 243,229,709 NGK Insulators Ltd...... 796,000 13,811,082 Real Estate Management & Development — 2.0% NSK Ltd...... 1,191,600 11,207,455 Daito Trust Construction Co. Ltd...... 202,200 21,117,343 SMC Corp...... 177,000 105,191,863 Daiwa House Industry Co. Ltd...... 1,748,700 50,733,797 THK Co. Ltd...... 366,600 11,807,414 Hulic Co. Ltd...... 832,100 9,291,457 Yaskawa Electric Corp...... 741,200 35,586,173 Mitsubishi Estate Co. Ltd...... 3,651,800 58,652,081 698,789,941 Mitsui Fudosan Co. Ltd...... 2,831,700 65,376,710 Marine — 0.2% Nomura Real Estate Holdings Inc...... 348,300 8,869,361 Nippon Yusen KK...... 498,900 20,393,575 Sumitomo Realty & Development Co. Ltd...... 955,600 31,487,420

Media — 0.5% 245,528,169 CyberAgent Inc...... 1,249,300 24,924,334 Road & Rail — 2.5% Dentsu Group Inc...... 657,500 22,346,878 Central Japan Railway Co...... 445,300 65,677,172 Hakuhodo DY Holdings Inc...... 721,500 11,837,468 East Japan Railway Co...... 933,600 64,891,287 Hankyu Hanshin Holdings Inc...... 706,700 21,931,786 59,108,680 Keio Corp...... 317,600 19,590,904 Metals & Mining — 1.0% Keisei Electric Railway Co. Ltd...... 393,600 12,055,307 (a) Hitachi Metals Ltd...... 662,200 12,752,256 Kintetsu Group Holdings Co. Ltd.(a) ...... 520,600 18,227,711 JFE Holdings Inc...... 1,517,850 20,048,718 Nippon Express Co. Ltd...... 237,200 18,877,407 Nippon Steel Corp...... 2,641,070 49,148,609 Odakyu Electric Railway Co. Ltd...... 910,300 23,342,930 Sumitomo Metal Mining Co. Ltd...... 763,300 33,927,754 Tobu Railway Co. Ltd...... 583,100 14,742,888 115,877,337 Tokyu Corp...... 1,551,100 20,623,943 Multiline Retail — 0.3% West Japan Railway Co...... 502,200 28,356,528 Pan Pacific International Holdings Corp...... 1,277,800 25,042,372 308,317,863 Ryohin Keikaku Co. Ltd...... 785,300 14,810,940 Semiconductors & Semiconductor Equipment — 3.3% 39,853,312 Advantest Corp...... 616,200 55,197,130 Oil, Gas & Consumable Fuels — 0.6% Disco Corp...... 89,300 27,149,953 Inc...... 9,476,095 38,919,916 Lasertec Corp...... 232,900 43,431,265 Idemitsu Kosan Co. Ltd...... 647,929 15,202,848 Renesas Electronics Corp.(a) ...... 2,674,500 26,480,398 Inpex Corp...... 3,160,900 21,581,281 Rohm Co. Ltd...... 270,300 25,394,792 75,704,045 SUMCO Corp...... 854,200 19,653,448 Paper & Forest Products — 0.1% Tokyo Electron Ltd...... 461,352 203,968,436 Oji Holdings Corp...... 2,589,800 15,249,995 401,275,422 Software — 0.3% Personal Products — 1.8% Oracle Corp. Japan(a) ...... 118,800 10,743,800 Kao Corp...... 1,488,400 90,472,582 Trend Micro Inc...... 406,400 20,455,175 Kobayashi Pharmaceutical Co. Ltd...... 164,200 14,512,390 Kose Corp...... 103,600 16,144,571 31,198,975 Pola Orbis Holdings Inc...... 278,300 7,198,137 Specialty Retail — 1.9% Shiseido Co. Ltd...... 1,235,200 88,900,014 ABC-Mart Inc...... 97,500 5,534,003 Fast Retailing Co. Ltd...... 180,200 145,438,822 217,227,694

161 Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Specialty Retail (continued) Short-Term Investments Hikari Tsushin Inc...... 64,700 $ 12,805,276 Money Market Funds — 0.1% Nitori Holdings Co. Ltd...... 247,400 42,575,536 BlackRock Cash Funds: Institutional, SL Agency USS Co. Ltd...... 677,100 11,755,475 Shares, 0.06%(c)(d)(e) ...... 9,679,819 $ 9,685,627 Yamada Holdings Co. Ltd...... 2,161,600 10,446,305 BlackRock Cash Funds: Treasury, SL Agency Shares, 228,555,417 0.00%(c)(d) ...... 4,400,000 4,400,000 Technology Hardware, Storage & Peripherals — 1.7% 14,085,627 Brother Industries Ltd...... 733,800 15,173,189 Canon Inc...... 3,088,850 71,921,673 Total Short-Term Investments — 0.1% FUJIFILM Holdings Corp...... 1,112,400 76,931,821 (Cost: $14,084,659) ...... 14,085,627 Ricoh Co. Ltd...... 2,070,200 24,319,001 Seiko Epson Corp...... 863,800 15,126,395 Total Investments in Securities — 99.1% (Cost: $11,654,309,286) ...... 12,083,853,144 203,472,079 Tobacco — 0.6% Other Assets, Less Liabilities — 0.9% ...... 110,287,690 Japan Tobacco Inc...... 3,705,500 72,752,867 Net Assets — 100.0%...... $ 12,194,140,834 Trading Companies & Distributors — 3.7% (a) Non-income producing security. Itochu Corp...... 3,670,500 108,125,279 (b) All or a portion of this security is on loan. Marubeni Corp...... 4,828,300 42,208,369 (c) Affiliate of the Fund. Mitsubishi Corp...... 3,899,600 105,493,212 (d) Annualized 7-day yield as of period-end. Mitsui & Co. Ltd...... 4,772,000 104,275,028 (e) All or a portion of this security was purchased with cash collateral received from loaned MonotaRO Co. Ltd...... 778,200 17,932,975 securities. Sumitomo Corp...... 3,476,200 48,060,286 Toyota Tsusho Corp...... 656,000 29,110,637 455,205,786 Wireless Telecommunication Services — 4.7% KDDI Corp...... 4,980,600 168,333,049 Softbank Corp...... 8,869,300 113,239,365 SoftBank Group Corp...... 3,871,900 290,291,990 571,864,404

Total Common Stocks — 99.0% (Cost: $11,640,224,627) ...... 12,069,767,517

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $ — $9,684,539(a) $ — $ 120 $ 968 $ 9,685,6279,679,819 $15,584(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares...... 4,320,000 80,000 — — — 4,400,000 4,400,000 2,727 —

$ 120 $ 968 $14,085,627 $18,311 $ —

(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.

162 Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Mini TOPIX Index ...... 726 06/10/21 $127,472 $ (1,534,076)

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 ...... $ 21,786,140 $12,047,981,377 $ — $12,069,767,517 Money Market Funds ...... 14,085,627 — — 14,085,627 $ 35,871,767 $12,047,981,377 $ — $12,083,853,144 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (1,534,076) $ — $ — $ (1,534,076)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

163 Schedule of Investments (unaudited) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Banks (continued) Hyakugo Bank Ltd. (The) ...... 16,200 $ 45,963 Air Freight & Logistics — 0.3% Hyakujushi Bank Ltd. (The) ...... 1,800 23,737 Kintetsu World Express Inc...... 2,700 $ 60,776 Iyo Bank Ltd. (The)...... 18,900 99,074 Konoike Transport Co. Ltd...... 2,700 27,578 Juroku Bank Ltd. (The) ...... 2,700 48,559 Maruwa Unyu Kikan Co. Ltd...... 2,700 37,566 Keiyo Bank Ltd. (The) ...... 9,000 33,609 Mitsui-Soko Holdings Co. Ltd...... 900 18,642 Kiyo Bank Ltd. (The) ...... 4,500 59,197 SBS Holdings Inc...... 1,800 50,708 Kyushu Financial Group Inc...... 28,800 107,244 195,270 Mebuki Financial Group Inc...... 81,900 172,505 Auto Components — 3.3% Musashino Bank Ltd. (The) ...... 1,800 27,731 Daikyonishikawa Corp...... 2,700 18,564 Nanto Bank Ltd. (The) ...... 1,800 30,357 Eagle Industry Co. Ltd...... 1,800 18,303 Nishi-Nippon Financial Holdings Inc...... 9,900 60,646 Exedy Corp...... 2,700 39,268 North Pacific Bank Ltd...... 20,700 45,834 FCC Co. Ltd...... 2,700 41,586 Ogaki Kyoritsu Bank Ltd. (The)...... 2,700 45,763 Futaba Industrial Co. Ltd...... 4,500 20,307 San-in Godo Bank Ltd. (The) ...... 11,700 55,698 G-Tekt Corp...... 1,800 24,456 Senshu Ikeda Holdings Inc...... 16,200 23,577 Ichikoh Industries Ltd...... 2,700 17,603 Seven Bank Ltd...... 48,600 100,240 JTEKT Corp...... 17,100 176,192 Shiga Bank Ltd. (The) ...... 2,700 49,469 KYB Corp...... 1,800 62,353 Shinsei Bank Ltd...... 10,800 166,960 Musashi Seimitsu Industry Co. Ltd...... 3,600 71,784 Suruga Bank Ltd...... 13,500 43,416 NGK Spark Plug Co. Ltd...... 12,600 196,703 Toho Bank Ltd. (The) ...... 15,300 28,508 NHK Spring Co. Ltd...... 15,300 121,386 TOMONY Holdings Inc...... 9,900 26,707 Nifco Inc./Japan...... 6,300 213,014 Yamaguchi Financial Group Inc...... 16,000 92,937 Nippon Seiki Co. Ltd...... 3,600 36,518 2,860,059 NOK Corp...... 7,200 87,620 Beverages — 0.6% Pacific Industrial Co. Ltd...... 3,600 38,548 Coca-Cola Bottlers Japan Holdings Inc...... 9,900 161,858 Piolax Inc...... 2,700 35,678 Sapporo Holdings Ltd...... 5,400 105,037 Shoei Co. Ltd...... 1,800 64,207 Takara Holdings Inc...... 11,700 153,802 Sumitomo Riko Co. Ltd...... 2,700 16,396 Sumitomo Rubber Industries Ltd...... 13,500 173,246 420,697 Tachi-S Co. Ltd...... 2,700 31,321 Biotechnology — 0.5% (a) Tokai Rika Co. Ltd...... 3,600 57,353 AnGes Inc...... 9,900 92,372 (a) Topre Corp...... 2,700 40,175 GNI Group Ltd...... 3,697 71,370 (a) Toyo Tire Corp...... 9,000 179,196 Healios KK ...... 1,800 27,294 (a) Toyoda Gosei Co. Ltd...... 5,400 136,465 Modalis Therapeutics Corp...... 900 11,167 Toyota Boshoku Corp...... 5,400 103,398 Pharma Foods International Co. Ltd...... 1,800 51,367 (a) TPR Co. Ltd...... 1,800 23,735 SanBio Co. Ltd...... 2,700 35,401 TS Tech Co. Ltd...... 7,200 102,207 Takara Bio Inc...... 3,600 97,683 Unipres Corp...... 2,700 23,078 386,654 Yokohama Rubber Co. Ltd. (The) ...... 9,900 197,604 Building Products — 1.2% 2,368,264 Aica Kogyo Co. Ltd...... 4,500 158,820 Automobiles — 0.3% Bunka Shutter Co. Ltd...... 4,500 44,331 Mitsubishi Motors Corp.(a) ...... 54,900 150,792 Central Glass Co. Ltd...... 1,800 34,135 Nissan Shatai Co. Ltd...... 5,400 34,734 Nichias Corp...... 4,500 111,180 Nichiha Corp...... 1,800 47,413 185,526 Co. Ltd.(a)...... 7,200 39,546 Banks — 4.0% Nitto Boseki Co. Ltd...... 1,800 56,296 77 Bank Ltd. (The) ...... 4,700 56,542 Noritz Corp...... 1,800 31,244 Aomori Bank Ltd. (The)...... 1,800 35,497 Sanwa Holdings Corp...... 15,300 183,555 Aozora Bank Ltd...... 9,900 222,168 Sekisui Jushi Corp...... 1,800 33,862 Awa Bank Ltd. (The)...... 2,700 50,462 Shin Nippon Air Technologies Co. Ltd...... 900 16,612 Bank of Kyoto Ltd. (The)...... 4,500 220,413 Sinko Industries Ltd...... 1,800 31,107 Bank of Nagoya Ltd. (The)...... 900 21,673 Takara Standard Co. Ltd...... 1,800 26,121 Bank of Okinawa Ltd. (The)...... 1,800 42,325 Takasago Thermal Engineering Co. Ltd...... 3,600 58,730 Chugoku Bank Ltd. (The) ...... 11,700 91,165 Daishi Hokuetsu Financial Group Inc...... 2,700 58,113 872,952 Fukuoka Financial Group Inc...... 13,500 245,309 Capital Markets — 1.0% Gunma Bank Ltd. (The)...... 28,800 92,150 GMO Financial Holdings Inc...... 2,700 20,179 Hachijuni Bank Ltd. (The)...... 29,700 100,126 JAFCO Group Co. Ltd...... 2,700 194,418 (a) Hirogin Holdings Inc...... 22,500 119,822 M&A Capital Partners Co. Ltd...... 900 37,766 Hokkoku Bank Ltd. (The) ...... 1,800 37,858 Marusan Securities Co. Ltd...... 4,500 26,655 Hokuhoku Financial Group Inc...... 9,900 78,705 Matsui Securities Co. Ltd...... 9,900 74,822

164 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Capital Markets (continued) Chemicals (continued) Monex Group Inc...... 12,600 $ 92,808 Ube Industries Ltd...... 8,100 $ 169,158 Okasan Securities Group Inc...... 11,700 46,085 Zeon Corp...... 10,800 157,211 SPARX Group Co. Ltd...... 7,200 18,332 4,776,211 Strike Co. Ltd...... 900 34,269 Commercial Services & Supplies — 1.5% Tokai Tokyo Financial Holdings Inc...... 15,300 56,421 Aeon Delight Co. Ltd...... 1,800 54,012 (a) Uzabase Inc...... 1,800 41,344 Central Security Patrols Co. Ltd...... 900 23,869 (a) WealthNavi Inc...... 1,800 69,433 Daiseki Co. Ltd...... 2,760 103,601 712,532 Duskin Co. Ltd...... 2,700 62,530 Chemicals — 6.7% Japan Elevator Service Holdings Co. Ltd...... 4,500 93,705 Adeka Corp...... 6,300 110,284 Kokuyo Co. Ltd...... 7,200 110,756 Air Water Inc...... 15,300 254,697 Matsuda Sangyo Co. Ltd...... 960 19,495 C.I. Takiron Corp...... 3,600 19,238 Mitsubishi Pencil Co. Ltd...... 2,700 35,239 Chugoku Marine Paints Ltd...... 3,600 28,053 Nippon Kanzai Co. Ltd...... 900 19,222 Daicel Corp...... 20,700 163,537 Nippon Parking Development Co. Ltd...... 14,400 19,873 Dainichiseika Color & Chemicals Manufacturing Co. Ltd...... 900 18,793 Okamura Corp...... 4,500 57,113 Denka Co. Ltd...... 6,300 231,770 Park24 Co. Ltd.(a) ...... 9,000 186,484 DIC Corp...... 6,300 159,490 Pilot Corp...... 1,800 55,813 Fujimi Inc...... 1,800 81,976 Prestige International Inc...... 7,200 44,809 Fujimori Kogyo Co. Ltd...... 900 33,659 Raksul Inc.(a)...... 1,800 76,596 Fuso Chemical Co. Ltd...... 1,800 64,113 Sato Holdings Corp...... 1,800 41,824 JCU Corp...... 1,800 58,264 Toppan Forms Co. Ltd...... 3,600 35,888 JSP Corp...... 900 13,598 1,040,829 Kaneka Corp...... 3,600 145,883 Construction & Engineering — 4.4% Kanto Denka Kogyo Co. Ltd...... 3,600 31,598 Chiyoda Corp.(a) ...... 12,600 44,508 KeePer Technical Laboratory Co. Ltd...... 900 18,800 Chudenko Corp...... 2,700 57,143 KH Neochem Co. Ltd...... 2,700 68,636 COMSYS Holdings Corp...... 9,000 252,369 Konishi Co. Ltd...... 2,700 37,540 Dai-Dan Co. Ltd...... 900 21,780 Kumiai Chemical Industry Co. Ltd...... 6,349 47,749 Daiho Corp...... 900 33,314 Kuraray Co. Ltd...... 24,300 250,012 Corp...... 900 41,017 Kureha Corp...... 900 51,904 Hazama Ando Corp...... 14,400 106,933 Lintec Corp...... 3,600 78,884 Hibiya Engineering Ltd...... 900 14,848 Nihon Nohyaku Co. Ltd...... 2,700 12,797 JDC Corp...... 3,600 18,454 Nihon Parkerizing Co. Ltd...... 6,300 62,357 JGC Holdings Corp...... 18,000 169,800 Nippon Kayaku Co. Ltd...... 10,800 100,047 JTOWER Inc.(a) ...... 900 50,525 Nippon Shokubai Co. Ltd...... 1,800 90,551 Kandenko Co. Ltd...... 8,100 66,655 Nippon Soda Co. Ltd...... 1,800 54,676 Kinden Corp...... 9,900 165,294 NOF Corp...... 5,400 277,747 Kumagai Gumi Co. Ltd...... 2,700 72,919 Okamoto Industries Inc...... 900 33,318 Kyowa Exeo Corp...... 8,100 197,776 Osaka Organic Chemical Industry Ltd...... 900 33,166 Kyudenko Corp...... 3,600 110,466 Osaka Soda Co. Ltd...... 900 20,135 Maeda Corp...... 10,800 93,563 Sakata INX Corp...... 3,600 33,284 Maeda Road Construction Co. Ltd...... 2,700 52,747 Sanyo Chemical Industries Ltd...... 900 45,452 Meisei Industrial Co. Ltd...... 2,700 18,171 Shikoku Chemicals Corp...... 2,700 30,101 Mirait Holdings Corp...... 7,200 126,122 Shin-Etsu Polymer Co. Ltd...... 3,600 34,558 Nichireki Co. Ltd...... 1,800 21,812 Showa Denko KK ...... 10,800 332,942 Nippo Corp...... 4,500 115,828 Sumitomo Bakelite Co. Ltd...... 2,700 108,654 Nippon Densetsu Kogyo Co. Ltd...... 2,700 43,849 Sumitomo Seika Chemicals Co. Ltd...... 900 28,787 Nippon Koei Co. Ltd...... 900 25,770 T. Hasegawa Co. Ltd...... 2,700 51,616 Nippon Road Co. Ltd. (The)...... 900 61,593 Taiyo Holdings Co. Ltd...... 1,800 81,768 Nishimatsu Construction Co. Ltd...... 3,600 109,777 Takasago International Corp...... 900 22,033 Okumura Corp...... 2,700 70,160 Taki Chemical Co. Ltd...... 400 19,799 Penta-Ocean Construction Co. Ltd...... 21,600 151,518 Teijin Ltd...... 14,400 230,585 Raito Kogyo Co. Ltd...... 3,600 59,402 Tenma Corp...... 900 19,708 Raiznext Corp...... 1,800 18,948 Toagosei Co. Ltd...... 8,100 86,869 Sanki Engineering Co. Ltd...... 3,600 45,249 Tokai Carbon Co. Ltd...... 15,300 223,452 Shinnihon Corp...... 1,800 13,941 Tokuyama Corp...... 5,400 112,166 SHO-BOND Holdings Co. Ltd...... 3,600 149,533 Tokyo Ohka Kogyo Co. Ltd...... 2,700 165,841 Sumitomo Densetsu Co. Ltd...... 900 18,639 Toyo Gosei Co. Ltd...... 400 42,198 Sumitomo Mitsui Construction Co. Ltd...... 11,700 49,702 Toyo Ink SC Holdings Co. Ltd...... 2,700 49,667 Taihei Dengyo Kaisha Ltd...... 900 21,711 Toyobo Co. Ltd...... 6,300 77,090

165 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Construction & Engineering (continued) Electric Utilities — 1.1% Taikisha Ltd...... 1,800 $ 51,454 Chugoku Electric Power Co. Inc. (The) ...... 23,400 $ 226,267 Takamatsu Construction Group Co. Ltd...... 900 16,737 Hokkaido Electric Power Co. Inc...... 14,400 65,361 Toa Corp./Tokyo...... 900 20,073 Hokuriku Electric Power Co...... 13,500 76,524 Toda Corp...... 18,000 126,745 Kyushu Electric Power Co. Inc...... 32,400 260,354 Toenec Corp...... 900 30,193 Okinawa Electric Power Co. Inc. (The) ...... 3,692 47,012 Tokyu Construction Co. Ltd...... 6,340 40,402 Shikoku Electric Power Co. Inc...... 12,600 84,178 Totetsu Kogyo Co. Ltd...... 1,800 38,484 759,696 Toyo Construction Co. Ltd...... 5,400 27,454 Electrical Equipment — 1.4% Yokogawa Bridge Holdings Corp...... 2,700 49,039 Daihen Corp...... 1,800 81,141 Yurtec Corp...... 2,700 18,022 Denyo Co. Ltd...... 900 16,568 3,110,439 Fujikura Ltd.(a) ...... 18,900 80,092 Construction Materials — 0.5% Co. Ltd...... 5,400 142,805 Maeda Kosen Co. Ltd...... 1,800 55,970 GS Yuasa Corp...... 5,400 151,242 Mitani Sekisan Co. Ltd...... 900 32,481 Idec Corp./Japan...... 2,700 50,026 Sumitomo Osaka Cement Co. Ltd...... 2,700 74,171 Mabuchi Motor Co. Ltd...... 3,600 140,684 Taiheiyo Cement Corp...... 9,000 205,547 Nippon Carbon Co. Ltd...... 900 35,126 368,169 Nissin Electric Co. Ltd...... 3,600 42,120 Consumer Finance — 0.6% Nitto Kogyo Corp...... 1,800 28,985 AEON Financial Service Co. Ltd...... 9,000 103,763 Sanyo Denki Co. Ltd...... 900 62,258 Aiful Corp...... 25,200 82,585 Sinfonia Technology Co. Ltd...... 1,800 20,863 Credit Saison Co. Ltd...... 12,600 153,715 Tatsuta Electric Wire and Cable Co. Ltd...... 2,700 13,983 Jaccs Co. Ltd...... 1,800 40,927 Toyo Tanso Co. Ltd...... 900 19,951 Orient Corp...... 42,300 58,694 Ushio Inc...... 7,200 103,000 439,684 988,844 Containers & Packaging — 0.7% Electronic Equipment, Instruments & Components — 4.2% FP Corp...... 4,000 153,117 Ai Holdings Corp...... 2,700 52,974 Fuji Seal International Inc...... 3,600 77,391 Alps Alpine Co. Ltd...... 17,100 182,141 Pack Corp. (The)...... 900 22,434 Amano Corp...... 4,500 116,962 Rengo Co. Ltd...... 14,400 119,938 Anritsu Corp...... 10,800 205,086 Toyo Seikan Group Holdings Ltd...... 11,700 158,856 Canon Electronics Inc...... 1,800 27,804 Canon Marketing Japan Inc...... 3,600 83,419 531,736 Citizen Watch Co. Ltd...... 21,600 84,150 Distributors — 0.3% CONEXIO Corp...... 900 11,994 Arata Corp...... 900 34,545 Daiwabo Holdings Co. Ltd...... 7,200 111,639 Doshisha Co. Ltd...... 1,800 27,179 Dexerials Corp...... 4,500 91,131 Paltac Corp...... 2,700 141,773 Elematec Corp...... 1,800 20,054 203,497 Enplas Corp...... 900 33,558 Diversified Consumer Services — 0.3% Espec Corp...... 1,800 32,904 Benesse Holdings Inc...... 5,400 123,371 Hioki E.E. Corp...... 900 41,794 Litalico Inc...... 900 43,756 Horiba Ltd...... 2,900 184,984 Riso Kyoiku Co. Ltd...... 9,000 25,146 Hosiden Corp...... 4,500 41,238 192,273 Iriso Electronics Co. Ltd...... 1,800 75,487 Diversified Financial Services — 0.7% Japan Aviation Electronics Industry Ltd...... 3,600 62,907 eGuarantee Inc...... 2,700 52,199 Japan Display Inc.(a)...... 43,200 15,726 Financial Products Group Co. Ltd...... 5,400 35,683 Kaga Electronics Co. Ltd...... 900 24,134 Fuyo General Lease Co. Ltd...... 900 59,271 Koa Corp...... 1,800 26,223 Japan Investment Adviser Co. Ltd...... 900 11,765 Macnica Fuji Electronics Holdings Inc...... 3,600 79,110 Japan Securities Finance Co. Ltd...... 7,200 58,340 Maruwa Co. Ltd./Aichi ...... 900 87,899 Mizuho Leasing Co. Ltd...... 1,800 56,515 Meiko Electronics Co. Ltd...... 1,800 48,634 Ricoh Leasing Co. Ltd...... 900 27,654 Nichicon Corp...... 3,600 37,569 Zenkoku Hosho Co. Ltd...... 4,500 183,956 Nippon Ceramic Co. Ltd...... 1,800 45,846 485,383 Co. Ltd...... 6,300 149,825 Diversified Telecommunication Services — 0.3% Nippon Signal Co. Ltd...... 3,600 30,699 ARTERIA Networks Corp...... 1,800 25,942 Nissha Co. Ltd...... 2,700 37,358 Internet Initiative Japan Inc...... 4,500 123,387 Nohmi Bosai Ltd...... 1,800 33,525 Usen-Next Holdings Co. Ltd...... 900 17,245 Oki Electric Industry Co. Ltd...... 7,200 63,884 V-Cube Inc...... 1,800 39,452 Optex Group Co. Ltd...... 2,700 47,173 Vision Inc./Tokyo Japan(a) ...... 2,700 24,546 Restar Holdings Corp...... 900 14,879 Riken Keiki Co. Ltd...... 900 22,499 230,572

166 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Electronic Equipment, Instruments & Components (continued) Equity Real Estate Investment Trusts (REITs) (continued) Ryosan Co. Ltd...... 1,800 $ 33,066 Nippon Accommodations Fund Inc...... 36 $ 207,717 Ryoyo Electro Corp...... 900 21,831 Nippon REIT Investment Corp...... 36 145,903 Sanshin Electronics Co. Ltd...... 900 17,481 NTT UD REIT Investment Corp...... 99 144,489 Siix Corp...... 2,700 38,225 One REIT Inc...... 18 50,430 Taiyo Yuden Co. Ltd...... 9,900 472,182 Samty Residential Investment Corp...... 18 19,734 Tamura Corp...... 5,400 27,315 Sekisui House Reit Inc...... 333 274,362 Topcon Corp...... 8,100 125,808 SOSiLA Logistics REIT Inc...... 45 59,431 V Technology Co. Ltd...... 900 42,912 Star Asia Investment Corp...... 117 62,449 Yokowo Co. Ltd...... 900 18,787 Starts Proceed Investment Corp...... 18 37,033 3,022,816 Takara Leben Real Estate Investment Corp...... 36 39,108 Energy Equipment & Services — 0.0% Tokyu REIT Inc...... 72 126,654 Modec Inc...... 1,800 34,639 6,337,294 Food & Staples Retailing — 2.9% Entertainment — 1.1% Aeon Hokkaido Corp...... 1,800 16,702 Akatsuki Inc...... 900 28,714 Ain Holdings Inc...... 2,200 134,275 Amuse Inc...... 900 17,812 Arcs Co. Ltd...... 3,600 78,065 Avex Inc...... 2,700 36,920 Axial Retailing Inc...... 900 31,878 COLOPL Inc...... 4,500 32,464 Belc Co. Ltd...... 900 45,090 Daiichikosho Co. Ltd...... 2,700 104,690 Cawachi Ltd...... 900 18,165 DeNA Co. Ltd...... 7,200 143,445 cocokara fine Inc...... 1,800 129,586 GungHo Online Entertainment Inc...... 3,600 66,872 Create SD Holdings Co. Ltd...... 1,800 52,640 Marvelous Inc...... 2,700 19,870 Daikokutenbussan Co. Ltd...... 700 48,263 (a) Shochiku Co. Ltd...... 900 103,991 Fuji Co. Ltd./Ehime...... 1,800 33,309 Toei Animation Co. Ltd...... 900 100,635 G-7 Holdings Inc...... 900 24,295 Toei Co. Ltd...... 500 102,886 Genky DrugStores Co. Ltd...... 900 27,219 758,299 Halows Co. Ltd...... 900 22,604 Equity Real Estate Investment Trusts (REITs) — 8.9% Heiwado Co. Ltd...... 2,700 57,084 Activia Properties Inc...... 54 244,780 Inageya Co. Ltd...... 1,800 24,154 Advance Residence Investment Corp...... 108 345,803 JM Holdings Co. Ltd...... 900 16,879 AEON REIT Investment Corp...... 117 163,986 Kato Sangyo Co. Ltd...... 1,800 53,727 Comforia Residential REIT Inc...... 54 166,568 Kusuri no Aoki Holdings Co. Ltd...... 1,400 97,875 CRE Logistics REIT Inc...... 36 58,512 Life Corp...... 900 27,493 Daiwa Office Investment Corp...... 27 191,106 Matsumotokiyoshi Holdings Co. Ltd...... 6,300 270,197 Daiwa Securities Living Investments Corp...... 144 146,804 Maxvalu Tokai Co. Ltd...... 900 20,003 Frontier Real Estate Investment Corp...... 36 164,925 Mitsubishi Shokuhin Co. Ltd...... 900 23,480 Fukuoka REIT Corp...... 54 87,454 Nihon Chouzai Co. Ltd...... 900 13,094 Global One Real Estate Investment Corp...... 81 90,746 Okuwa Co. Ltd...... 1,800 18,088 Hankyu Hanshin REIT Inc...... 54 75,921 Qol Holdings Co. Ltd...... 1,800 24,238 Heiwa Real Estate REIT Inc...... 72 106,692 Retail Partners Co. Ltd...... 1,800 18,571 Hoshino Resorts REIT Inc...... 18 105,684 San-A Co. Ltd...... 900 34,692 Hulic Reit Inc...... 99 157,517 Shoei Foods Corp...... 900 32,431 Ichigo Office REIT Investment Corp...... 99 87,007 Sugi Holdings Co. Ltd...... 3,000 235,197 Industrial & Infrastructure Fund Investment Corp...... 153 272,407 Sundrug Co. Ltd...... 5,400 180,260 Invesco Office J-Reit Inc...... 723 148,089 United Super Markets Holdings Inc...... 4,500 44,101 Invincible Investment Corp...... 495 200,535 Valor Holdings Co. Ltd...... 2,700 54,444 Itochu Advance Logistics Investment Corp...... 45 58,044 YAKUODO Holdings Co. Ltd...... 900 19,467 Japan Excellent Inc...... 99 141,478 Yaoko Co. Ltd...... 1,800 102,614 Japan Hotel REIT Investment Corp...... 360 219,314 Yokohama Reito Co. Ltd...... 3,600 28,571 Japan Logistics Fund Inc...... 63 177,177 2,058,751 Japan Prime Realty Investment Corp...... 63 246,549 Food Products — 3.7% Kenedix Office Investment Corp...... 36 265,818 Ariake Japan Co. Ltd...... 1,800 104,351 Kenedix Residential Next Investment Corp...... 81 165,992 Calbee Inc...... 7,200 165,258 Kenedix Retail REIT Corp...... 45 116,102 Chubu Shiryo Co. Ltd...... 1,800 19,353 LaSalle Logiport REIT ...... 135 219,361 DyDo Group Holdings Inc...... 900 40,385 Mirai Corp...... 135 61,104 Ezaki Glico Co. Ltd...... 3,600 136,675 Mitsubishi Estate Logistics REIT Investment Corp...... 29 120,687 Fuji Oil Holdings Inc...... 3,600 90,141 Mitsui Fudosan Logistics Park Inc...... 46 235,240 Fujicco Co. Ltd...... 1,800 31,242 Mori Hills REIT Investment Corp...... 126 180,880 Fujiya Co. Ltd...... 900 17,202 Mori Trust Hotel Reit Inc...... 27 32,979 Hokuto Corp...... 1,800 31,622 Mori Trust Sogo REIT Inc...... 81 114,723

167 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Food Products (continued) Health Care Providers & Services (continued) House Foods Group Inc...... 4,500 $ 130,680 Tokai Corp./Gifu...... 1,800 $ 39,289 Itoham Yonekyu Holdings Inc...... 11,700 75,318 1,071,338 J-Oil Mills Inc...... 1,800 30,515 Health Care Technology — 0.4% Kagome Co. Ltd...... 6,300 166,235 EM Systems Co. Ltd...... 2,700 20,305 Kameda Seika Co. Ltd...... 900 36,407 JMDC Inc.(a) ...... 2,000 89,599 Kewpie Corp...... 8,100 184,318 Medical Data Vision Co. Ltd...... 1,800 33,074 KEY Coffee Inc...... 900 16,970 Medley Inc.(a) ...... 1,800 73,947 Kotobuki Spirits Co. Ltd...... 1,800 113,240 MedPeer Inc.(a) ...... 900 38,400 Marudai Food Co. Ltd...... 900 13,683 255,325 Maruha Nichiro Corp...... 3,600 78,245 Hotels, Restaurants & Leisure — 3.3% Megmilk Brand Co. Ltd...... 3,600 68,792 Arcland Service Holdings Co. Ltd...... 900 18,584 Mitsui DM Sugar Holdings Co. Ltd...... 900 14,864 Atom Corp...... 9,000 62,420 Morinaga & Co. Ltd./Japan ...... 2,700 82,900 Colowide Co. Ltd...... 4,500 78,048 Morinaga Industry Co. Ltd...... 2,700 138,901 Create Restaurants Holdings Inc.(a) ...... 7,200 52,426 Nagatanien Holdings Co. Ltd...... 900 17,815 Curves Holdings Co. Ltd...... 4,500 34,898 Nichirei Corp...... 9,000 230,033 Doutor Nichires Holdings Co. Ltd...... 2,700 39,999 Nippn Corp., New ...... 3,600 50,839 Food & Life Companies Ltd...... 9,000 401,731 Nippon Suisan Kaisha Ltd...... 23,400 107,619 Fuji Kyuko Co. Ltd...... 1,800 83,487 Nisshin Oillio Group Ltd. (The) ...... 1,800 49,061 Fujio Food Group Inc...... 900 10,771 Prima Meat Packers Ltd...... 1,800 49,086 Hiday Hidaka Corp...... 1,884 29,538 Riken Vitamin Co. Ltd...... 1,800 23,558 HIS Co. Ltd.(a) ...... 2,700 61,745 S Foods Inc...... 1,800 52,502 Ichibanya Co. Ltd...... 900 38,528 Sakata Seed Corp...... 1,800 60,725 Kappa Create Co. Ltd.(a)...... 1,800 23,759 Showa Sangyo Co. Ltd...... 900 24,357 KFC Holdings Japan Ltd...... 900 22,798 Starzen Co. Ltd...... 900 17,132 Kisoji Co. Ltd...... 1,800 37,900 Yamazaki Baking Co. Ltd...... 9,900 147,530 KOMEDA Holdings Co. Ltd...... 3,600 65,972 Yukiguni Maitake Co. Ltd...... 1,800 28,178 Koshidaka Holdings Co. Ltd...... 3,600 20,811 2,645,732 Kura Sushi Inc...... 1,800 63,277 Gas Utilities — 0.3% Kyoritsu Maintenance Co. Ltd...... 2,780 92,463 Nippon Gas Co. Ltd...... 9,100 139,695 Matsuyafoods Holdings Co. Ltd...... 900 28,226 Saibu Gas Holdings Co. Ltd...... 1,800 40,039 Monogatari Corp. (The)...... 900 53,969 Shizuoka Gas Co. Ltd...... 3,600 34,169 MOS Food Services Inc...... 1,800 50,175 213,903 Ohsho Food Service Corp...... 900 45,370 Health Care Equipment & Supplies — 1.7% Plenus Co. Ltd...... 1,800 31,631 CYBERDYNE Inc.(a)...... 9,000 43,975 Resorttrust Inc...... 6,300 98,740 Eiken Chemical Co. Ltd...... 2,700 52,549 Ringer Hut Co. Ltd.(a)...... 1,800 36,362 Hogy Medical Co. Ltd...... 1,800 53,882 Rock Field Co. Ltd...... 900 12,835 Japan Lifeline Co. Ltd...... 4,500 56,546 Round One Corp...... 4,500 61,086 Jeol Ltd...... 2,700 137,506 Royal Holdings Co. Ltd.(a) ...... 1,800 33,269 Mani Inc...... 6,300 137,574 Saizeriya Co. Ltd...... 2,700 59,447 Menicon Co. Ltd...... 2,700 167,611 Skylark Holdings Co. Ltd.(a) ...... 16,200 226,870 Nagaileben Co. Ltd...... 1,800 42,054 Tokyotokeiba Co. Ltd...... 900 43,930 Nakanishi Inc...... 5,400 112,907 Toridoll Holdings Corp...... 3,600 55,570 Nihon Kohden Corp...... 6,300 177,443 Tosho Co. Ltd...... 900 14,713 Nipro Corp...... 10,800 130,456 Yoshinoya Holdings Co. Ltd.(a) ...... 5,400 98,474 Paramount Bed Holdings Co. Ltd...... 2,700 49,164 Zensho Holdings Co. Ltd...... 7,200 178,360 Taiko Pharmaceutical Co. Ltd...... 1,800 17,221 2,368,182 1,178,888 Household Durables — 2.0% Health Care Providers & Services — 1.5% Chofu Seisakusho Co. Ltd...... 1,800 33,091 Alfresa Holdings Corp...... 15,300 234,689 ES-Con Japan Ltd...... 2,700 18,754 As One Corp...... 1,100 124,698 Fujitsu General Ltd...... 4,500 109,937 BML Inc...... 1,800 60,958 Haseko Corp...... 20,700 288,392 Elan Corp...... 2,700 34,165 LEC Inc...... 1,800 18,018 H.U. Group Holdings Inc...... 4,500 120,368 Nikon Corp...... 24,300 246,876 Japan Medical Dynamic Marketing Inc...... 900 16,435 Open House Co. Ltd...... 6,300 291,265 Ship Healthcare Holdings Inc...... 6,300 148,067 Pressance Corp...... 1,200 18,167 Solasto Corp...... 4,500 53,233 Sangetsu Corp...... 3,600 49,800 Suzuken Co. Ltd...... 5,400 169,540 Sumitomo Forestry Co. Ltd...... 10,800 216,652 Toho Holdings Co. Ltd...... 4,500 69,896 Tama Home Co. Ltd...... 900 17,186

168 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Household Durables (continued) IT Services (continued) Tamron Co. Ltd...... 900 $ 19,933 Hennge KK(a) ...... 500 $ 22,801 Token Corp...... 900 77,993 Infocom Corp...... 1,800 41,453 Zojirushi Corp...... 2,700 40,873 Infomart Corp...... 16,200 135,232 1,446,937 Information Services International-Dentsu Ltd...... 1,800 62,534 (a) Household Products — 0.1% JIG-SAW Inc...... 600 46,183 Earth Corp...... 900 51,517 Kanematsu Electronics Ltd...... 900 29,326 S.T. Corp...... 900 14,118 Mitsubishi Research Institute Inc...... 900 31,902 NEC Networks & System Integration Corp...... 5,400 85,899 65,635 NET One Systems Co. Ltd...... 7,300 220,569 Independent Power and Renewable Electricity Producers — 0.5% Nihon Ltd...... 5,400 155,312 Electric Power Development Co. Ltd...... 11,700 164,956 NS Solutions Corp...... 2,700 78,183 eRex Co. Ltd...... 1,800 30,050 NSD Co. Ltd...... 5,400 86,977 RENOVA Inc.(a) ...... 2,700 89,048 Oro Co. Ltd...... 900 29,111 West Holdings Corp...... 2,280 73,392 Relia Inc...... 2,700 29,616 357,446 SB Technology Corp...... 900 24,762 Industrial Conglomerates — 0.7% SHIFT Inc.(a) ...... 900 126,038 Katakura Industries Co. Ltd...... 1,800 24,971 TechMatrix Corp...... 2,700 42,518 Keihan Holdings Co. Ltd...... 8,100 254,699 TKC Corp...... 2,700 83,338 Mie Kotsu Group Holdings Inc...... 3,600 15,569 Transcosmos Inc...... 1,800 48,836 Nisshinbo Holdings Inc...... 11,700 95,697 Uchida Yoko Co. Ltd...... 900 38,718 Noritsu Koki Co. Ltd...... 1,800 37,227 Zuken Inc...... 900 25,739 TOKAI Holdings Corp...... 8,100 64,722 2,078,622 492,885 Leisure Products — 0.8% Insurance — 0.1% Heiwa Corp...... 4,516 74,688 Anicom Holdings Inc...... 6,300 55,037 Mizuno Corp...... 1,800 36,657 (a) Lifenet Insurance Co...... 2,700 30,073 Roland Corp...... 900 52,185 85,110 Sankyo Co. Ltd...... 3,600 87,307 Interactive Media & Services — 0.6% Sega Sammy Holdings Inc...... 14,400 182,187 Bengo4.com Inc.(a) ...... 900 73,436 Snow Peak Inc...... 900 28,735 Dip Corp...... 2,700 79,028 Tomy Co. Ltd...... 7,200 62,233 GA Technologies Co. Ltd./Japan(a) ...... 900 14,731 Universal Entertainment Corp.(a) ...... 1,800 38,536 giftee Inc.(a) ...... 900 27,874 Yonex Co. Ltd...... 4,500 25,078 Gree Inc...... 9,000 46,197 587,606 Kamakura Shinsho Ltd...... 1,800 19,923 Life Sciences Tools & Services — 0.0% Lifull Co. Ltd...... 6,300 20,969 EPS Holdings Inc...... 1,800 29,346 Mixi Inc...... 3,600 86,851 MTI Ltd...... 1,800 11,459 Machinery — 6.3% ZIGExN Co. Ltd...... 4,500 16,263 Aichi Corp...... 1,800 14,238 396,731 Aida Engineering Ltd...... 3,600 28,399 Internet & Direct Marketing Retail — 0.4% Amada Co. Ltd...... 27,900 294,315 ASKUL Corp...... 2,700 43,831 Anest Iwata Corp...... 2,700 24,717 Belluna Co. Ltd...... 3,600 35,516 CKD Corp...... 4,500 106,164 Demae-Can Co. Ltd.(a) ...... 2,700 44,561 Daiwa Industries Ltd...... 2,700 25,845 Enigmo Inc...... 1,800 21,629 DMG Mori Co. Ltd...... 9,000 153,912 Media Do Co. Ltd...... 900 45,684 Ebara Corp...... 8,100 396,611 Oisix ra daichi Inc.(a)...... 1,800 50,703 Fuji Corp./Aichi...... 5,400 133,067 Open Door Inc.(a)...... 900 21,477 Fujitec Co. Ltd...... 5,400 117,874 Fukushima Galilei Co. Ltd...... 900 34,479 263,401 Furukawa Co. Ltd...... 2,700 30,818 IT Services — 2.9% Giken Ltd...... 1,800 73,074 Argo Graphics Inc...... 900 24,485 Glory Ltd...... 3,600 73,391 BASE Inc.(a) ...... 5,800 90,834 Hirata Corp...... 900 52,790 Bell System24 Holdings Inc...... 2,700 39,992 Hitachi Zosen Corp...... 13,500 87,799 Change Inc.(a)...... 2,700 72,368 Hosokawa Micron Corp...... 500 27,360 Comture Corp...... 1,800 37,321 IHI Corp.(a)...... 10,800 259,360 Digital Garage Inc...... 2,700 109,786 Japan Steel Works Ltd. (The) ...... 4,500 115,785 DTS Corp...... 2,700 62,302 Kawasaki Heavy Industries Ltd.(a) ...... 11,700 278,905 Future Corp...... 1,800 33,111 Kitz Corp...... 4,500 30,942 GMO GlobalSign Holdings KK ...... 400 18,403 Komori Corp...... 3,600 25,912 GMO internet Inc...... 5,400 144,973 Kyokuto Kaihatsu Kogyo Co. Ltd...... 2,700 42,383

169 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Machinery (continued) Media (continued) Makino Milling Machine Co. Ltd...... 1,800 $ 70,772 TBS Holdings Inc...... 2,700 $ 44,932 Max Co. Ltd...... 1,800 27,417 TV Asahi Holdings Corp...... 1,800 30,605 Meidensha Corp...... 2,700 55,123 ValueCommerce Co. Ltd...... 900 24,524 METAWATER Co. Ltd...... 1,800 32,979 Vector Inc...... 1,800 14,848 Mitsubishi Logisnext Co. Ltd...... 1,800 16,664 Wowow Inc...... 900 19,023 Mitsuboshi Belting Ltd...... 1,800 28,648 Zenrin Co. Ltd...... 2,700 28,526 Morita Holdings Corp...... 2,700 37,690 564,571 Nachi-Fujikoshi Corp...... 900 33,957 Metals & Mining — 2.0% Nikkiso Co. Ltd...... 3,600 39,074 Aichi Steel Corp...... 900 25,206 Nissei ASB Machine Co. Ltd...... 900 43,175 Asahi Holdings Inc...... 6,300 136,633 Nitta Corp...... 1,800 42,178 Daido Steel Co. Ltd...... 1,800 87,924 Nitto Kohki Co. Ltd...... 900 15,292 Dowa Holdings Co. Ltd...... 3,600 147,915 Nittoku Co. Ltd...... 900 29,376 Kobe Steel Ltd...... 25,200 169,383 Noritake Co. Ltd./Nagoya Japan ...... 900 34,188 Kyoei Steel Ltd...... 1,800 23,138 (a) NTN Corp...... 32,400 89,933 Maruichi Steel Tube Ltd...... 4,500 112,925 Obara Group Inc...... 900 31,120 Mitsubishi Materials Corp...... 9,000 189,044 Oiles Corp...... 1,896 26,601 Mitsui Mining & Smelting Co. Ltd...... 4,500 131,771 OKUMA Corp...... 1,800 92,271 Nippon Light Metal Holdings Co. Ltd...... 4,900 83,068 Organo Corp...... 900 52,242 Osaka Steel Co. Ltd...... 900 9,234 OSG Corp...... 6,300 99,896 Sanyo Special Steel Co. Ltd.(a)...... 1,800 26,258 (a) Ryobi Ltd...... 1,800 25,864 Toho Titanium Co. Ltd...... 2,700 23,193 Shibaura Machine Co. Ltd...... 1,800 40,868 Tokyo Steel Manufacturing Co. Ltd...... 7,200 72,897 Shibuya Corp...... 900 26,917 UACJ Corp.(a)...... 2,714 57,304 Shima Seiki Manufacturing Ltd...... 1,800 34,595 Yamato Kogyo Co. Ltd...... 3,600 116,976 Shinmaywa Industries Ltd...... 4,500 39,727 Yodogawa Steel Works Ltd...... 1,800 37,796 Sodick Co. Ltd...... 2,700 27,486 1,450,665 Star Micronics Co. Ltd...... 2,700 44,206 Multiline Retail — 1.6% Sumitomo Heavy Industries Ltd...... 9,000 275,759 H2O Retailing Corp...... 7,235 57,500 Tadano Ltd...... 8,100 77,540 Isetan Mitsukoshi Holdings Ltd...... 27,900 198,306 Takeuchi Manufacturing Co. Ltd...... 2,700 70,857 Izumi Co. Ltd...... 2,700 100,224 Takuma Co. Ltd...... 5,400 91,004 J Front Retailing Co. Ltd...... 19,800 193,032 Teikoku Sen-I Co. Ltd...... 1,800 33,121 Kintetsu Department Store Co. Ltd.(a) ...... 900 25,227 Tocalo Co. Ltd...... 4,500 57,206 Marui Group Co. Ltd...... 15,300 289,325 Tsubaki Nakashima Co. Ltd...... 3,600 57,377 Matsuya Co. Ltd.(a) ...... 1,800 14,987 Tsubakimoto Chain Co...... 1,800 50,193 Seria Co. Ltd...... 3,600 130,290 Tsugami Corp...... 3,600 54,568 Takashimaya Co. Ltd...... 11,700 131,880 Tsukishima Kikai Co. Ltd...... 1,800 18,930 Tsurumi Manufacturing Co. Ltd...... 1,800 28,248 1,140,771 Union Tool Co...... 900 30,440 Oil, Gas & Consumable Fuels — 0.7% YAMABIKO Corp...... 2,700 29,835 Cosmo Energy Holdings Co. Ltd...... 4,500 92,994 Yamashin-Filter Corp...... 2,700 19,646 Itochu Enex Co. Ltd...... 4,500 41,101 Iwatani Corp...... 4,000 234,601 4,461,123 Japan Petroleum Exploration Co. Ltd...... 2,700 48,331 Marine — 0.7% Mitsuuroko Group Holdings Co. Ltd...... 2,700 29,813 Iino Kaiun Kaisha Ltd...... 6,300 24,857 San-Ai Oil Co. Ltd...... 4,500 48,155 Kawasaki Kisen Kaisha Ltd.(a) ...... 3,600 96,201 Mitsui OSK Lines Ltd...... 9,000 357,639 494,995 NS United Kaiun Kaisha Ltd...... 900 17,240 Paper & Forest Products — 0.4% Daiken Corp...... 900 15,896 495,937 Daio Paper Corp...... 7,200 110,161 Media — 0.8% Hokuetsu Corp...... 9,900 52,974 Digital Holdings Inc...... 900 18,763 Nippon Paper Industries Co. Ltd...... 8,100 94,889 Direct Marketing MiX Inc...... 900 29,635 Tokushu Tokai Paper Co. Ltd...... 900 35,391 Fuji Media Holdings Inc...... 3,600 40,401 Gakken Holdings Co. Ltd...... 1,800 21,768 309,311 Kadokawa Corp...... 3,608 142,554 Personal Products — 1.1% (a) Nippon Holdings Inc...... 4,500 53,283 Euglena Co. Ltd...... 8,100 60,553 Proto Corp...... 1,800 19,007 Fancl Corp...... 6,300 197,248 RPA Holdings Inc.(a) ...... 1,800 11,997 Kitanotatsujin Corp...... 5,400 23,364 Septeni Holdings Co. Ltd...... 5,400 22,254 Mandom Corp...... 2,700 47,001 SKY Perfect JSAT Holdings Inc...... 10,800 42,451 Milbon Co. Ltd...... 1,800 101,840 Noevir Holdings Co. Ltd...... 900 41,284

170 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Personal Products (continued) Real Estate Management & Development (continued) Premier Anti-Aging Co. Ltd.(a) ...... 400 $ 61,017 Sun Frontier Fudousan Co. Ltd...... 1,800 $ 15,050 Rohto Pharmaceutical Co. Ltd...... 8,100 198,293 Takara Leben Co. Ltd...... 7,200 22,400 Shinnihonseiyaku Co. Ltd...... 900 16,848 TKP Corp.(a) ...... 900 20,738 YA-MAN Ltd...... 2,700 36,531 TOC Co. Ltd...... 2,700 17,269 783,979 Tokyo Tatemono Co. Ltd...... 15,300 225,401 Pharmaceuticals — 1.4% Tokyu Fudosan Holdings Corp...... 49,500 291,301 Daito Pharmaceutical Co. Ltd...... 900 26,837 Tosei Corp...... 1,800 16,986 JCR Pharmaceuticals Co. Ltd...... 4,900 148,165 1,464,752 Kaken Pharmaceutical Co. Ltd...... 2,700 111,023 Road & Rail — 3.2% Kissei Pharmaceutical Co. Ltd...... 1,800 34,553 Fukuyama Transporting Co. Ltd...... 2,700 99,359 KYORIN Holdings Inc...... 3,600 55,863 Hamakyorex Co. Ltd...... 900 24,753 Mochida Pharmaceutical Co. Ltd...... 1,800 58,285 Hitachi Transport System Ltd...... 2,700 85,515 Nichi-Iko Pharmaceutical Co. Ltd...... 4,550 36,100 Keikyu Corp...... 18,000 230,682 Sawai Group Holdings Co. Ltd...... 3,600 156,268 Kyushu Railway Co...... 10,800 244,764 Seikagaku Corp...... 2,700 28,237 Maruzen Showa Unyu Co. Ltd...... 900 28,788 Sosei Group Corp.(a) ...... 6,300 89,202 Nagoya Railroad Co. Ltd.(a) ...... 15,300 291,845 Torii Pharmaceutical Co. Ltd...... 900 19,903 Nankai Electric Railway Co. Ltd...... 8,100 172,279 Towa Pharmaceutical Co. Ltd...... 1,800 38,656 Nikkon Holdings Co. Ltd...... 4,500 95,120 Tsumura & Co...... 4,500 140,864 Nishi-Nippon Railroad Co. Ltd...... 4,500 111,241 Zeria Pharmaceutical Co. Ltd...... 1,800 34,183 Sakai Moving Service Co. Ltd...... 900 45,592 978,139 Sankyu Inc...... 4,500 193,841 (a) Professional Services — 2.6% Seibu Holdings Inc...... 18,000 206,595 Altech Corp...... 980 17,355 Seino Holdings Co. Ltd...... 9,900 138,341 BayCurrent Consulting Inc...... 1,100 332,757 Senko Group Holdings Co. Ltd...... 9,000 82,316 Benefit One Inc...... 6,300 177,798 Sotetsu Holdings Inc...... 6,300 121,495 BeNext-Yumeshin Group Co...... 4,916 57,184 Tonami Holdings Co. Ltd...... 900 40,630 en-japan Inc...... 2,700 93,774 Trancom Co. Ltd...... 900 68,728 Fullcast Holdings Co. Ltd...... 1,800 33,589 2,281,884 Funai Soken Holdings Inc...... 2,700 56,833 Semiconductors & Semiconductor Equipment — 1.9% Grace Technology Inc...... 1,800 31,825 Ferrotec Holdings Corp...... 2,700 64,900 Insource Co. Ltd...... 1,800 35,060 Japan Material Co. Ltd...... 4,500 51,341 IR Japan Holdings Ltd...... 700 87,585 Megachips Corp...... 900 26,768 JAC Recruitment Co. Ltd...... 900 14,597 Micronics Japan Co. Ltd...... 1,800 25,236 Link And Motivation Inc...... 2,700 13,521 Mimasu Semiconductor Industry Co. Ltd...... 900 20,902 Makuake Inc.(a) ...... 400 22,026 Mitsui High-Tec Inc...... 1,800 67,198 Meitec Corp...... 1,800 99,750 Optorun Co. Ltd...... 1,800 44,241 Nomura Co. Ltd...... 6,300 50,615 Rorze Corp...... 900 80,629 Inc...... 9,000 164,407 RS Technologies Co. Ltd...... 900 43,452 Pasona Group Inc...... 1,800 30,958 Sanken Electric Co. Ltd.(a) ...... 1,800 87,083 SMS Co. Ltd...... 5,400 143,232 SCREEN Holdings Co. Ltd...... 3,408 320,959 S-Pool Inc...... 5,400 41,932 Shinko Electric Industries Co. Ltd...... 5,400 174,300 TechnoPro Holdings Inc...... 3,200 227,661 Tokyo Seimitsu Co. Ltd...... 2,700 132,988 UT Group Co. Ltd...... 1,800 48,353 Tri Chemical Laboratories Inc...... 2,200 68,413 WDB Holdings Co. Ltd...... 900 20,812 Ulvac Inc...... 3,600 167,907 World Holdings Co. Ltd...... 900 21,211 1,376,317 1,822,835 Software — 1.9% Real Estate Management & Development — 2.1% AI inside Inc.(a) ...... 100 15,033 Aeon Mall Co. Ltd...... 8,100 130,631 Alpha Systems Inc...... 900 29,458 Daibiru Corp...... 3,600 40,766 Broadleaf Co. Ltd...... 7,200 34,251 Goldcrest Co. Ltd...... 900 14,184 Chatwork Co. Ltd.(a) ...... 900 8,603 Heiwa Real Estate Co. Ltd...... 2,700 101,310 Computer Engineering & Consulting Ltd...... 1,800 22,692 Ichigo Inc...... 20,700 65,525 Cybozu Inc...... 1,800 39,743 Katitas Co. Ltd...... 4,500 124,693 Digital Arts Inc...... 900 65,678 Keihanshin Building Co. Ltd...... 2,700 33,269 Ebase Co. Ltd...... 1,800 14,171 Leopalace21 Corp.(a) ...... 16,200 19,848 Freee KK(a) ...... 2,700 202,025 Relo Group Inc...... 9,000 181,555 Fuji Soft Inc...... 1,800 89,546 SAMTY Co. Ltd...... 1,800 31,520 Fukui Computer Holdings Inc...... 900 35,274 SRE Holdings Corp.(a) ...... 900 45,351 Justsystems Corp...... 2,700 144,377 Starts Corp. Inc...... 2,700 66,955 Miroku Jyoho Service Co. Ltd...... 1,800 26,124

171 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Software (continued) Textiles, Apparel & Luxury Goods (continued) Money Forward Inc.(a) ...... 2,700 $ 134,257 Gunze Ltd...... 900 $ 35,652 OBIC Business Consultants Co. Ltd...... 1,800 97,735 Japan Wool Textile Co. Ltd. (The) ...... 3,600 30,865 Optim Corp.(a)...... 900 19,937 Onward Holdings Co. Ltd...... 8,100 21,881 PKSHA Technology Inc.(a) ...... 900 20,051 Seiko Holdings Corp...... 2,400 46,428 Plaid Inc.(a) ...... 900 26,598 Seiren Co. Ltd...... 3,600 66,318 Rakus Co. Ltd...... 6,300 115,558 Wacoal Holdings Corp...... 3,600 81,599 Sansan Inc.(a) ...... 1,600 119,888 Yondoshi Holdings Inc...... 900 15,087 Sourcenext Corp...... 7,200 19,177 775,410 Systena Corp...... 5,400 94,581 Thrifts & Mortgage Finance — 0.0% 1,374,757 Aruhi Corp...... 2,700 38,436 Specialty Retail — 2.2% Adastria Co. Ltd...... 1,800 30,816 Trading Companies & Distributors — 1.6% Alpen Co. Ltd...... 900 21,979 Advan Co. Ltd...... 900 7,671 AOKI Holdings Inc...... 2,700 15,615 Daiichi Jitsugyo Co. Ltd...... 900 34,990 Arcland Sakamoto Co. Ltd...... 1,800 23,951 Hanwa Co. Ltd...... 2,700 75,553 Autobacs Seven Co. Ltd...... 5,400 71,632 Inaba Denki Sangyo Co. Ltd...... 3,600 83,471 Bic Camera Inc...... 8,100 79,531 Inabata & Co. Ltd...... 3,600 55,841 DCM Holdings Co. Ltd...... 9,900 91,770 Japan Pulp & Paper Co. Ltd...... 900 28,983 EDION Corp...... 6,300 61,956 Kamei Corp...... 1,800 18,847 Geo Holdings Corp...... 2,700 27,112 Kanamoto Co. Ltd...... 2,700 65,531 IDOM Inc...... 4,500 24,703 Kanematsu Corp...... 6,300 83,595 JINS Holdings Inc...... 900 65,404 Nagase & Co. Ltd...... 8,100 117,943 Joshin Denki Co. Ltd...... 1,800 43,038 Nichiden Corp...... 900 16,271 Joyful Honda Co. Ltd...... 4,500 53,408 Nippon Steel Trading Corp...... 944 36,775 Keiyo Co. Ltd...... 2,700 17,908 Nishio Rent All Co. Ltd...... 1,800 52,694 Kohnan Shoji Co. Ltd...... 1,800 48,997 Sojitz Corp...... 97,200 297,643 Kojima Co. Ltd...... 2,700 19,617 Trusco Nakayama Corp...... 3,600 90,023 Komeri Co. Ltd...... 2,700 63,434 Wakita & Co. Ltd...... 2,700 27,268 K's Holdings Corp...... 14,400 170,174 Yamazen Corp...... 4,500 39,353 Nafco Co. Ltd...... 900 15,801 Yuasa Trading Co. Ltd...... 900 24,550 Nextage Co. Ltd...... 3,600 52,418 1,157,002 Nishimatsuya Chain Co. Ltd...... 2,700 37,547 Transportation Infrastructure — 0.8% Nojima Corp...... 2,700 73,688 Japan Airport Terminal Co. Ltd.(a) ...... 4,500 198,982 PAL GROUP Holdings Co. Ltd...... 1,800 26,012 Kamigumi Co. Ltd...... 8,100 159,435 Sanrio Co. Ltd.(a) ...... 3,600 59,167 Mitsubishi Logistics Corp...... 4,500 134,689 Shimamura Co. Ltd...... 1,800 170,504 Sumitomo Warehouse Co. Ltd. (The)...... 4,500 60,006 T-Gaia Corp...... 1,800 30,488 553,112 United Arrows Ltd.(a)...... 1,800 30,240 Wireless Telecommunication Services — 0.1% VT Holdings Co. Ltd...... 6,300 26,486 Okinawa Cellular Telephone Co...... 900 40,944 World Co. Ltd.(a) ...... 1,800 22,532 Xebio Holdings Co. Ltd...... 1,800 15,384 Total Common Stocks — 99.1% Yellow Hat Ltd...... 2,700 47,335 (Cost: $78,366,274)...... 70,581,296 1,538,647 Technology Hardware, Storage & Peripherals — 0.8% Short-Term Investments Eizo Corp...... 900 38,409 Money Market Funds — 0.0% Elecom Co. Ltd...... 3,600 68,308 BlackRock Cash Funds: Treasury, SL Agency Shares, Konica Minolta Inc...... 36,900 199,681 0.00%(b)(c)...... 30,000 30,000 Maxell Holdings Ltd.(a)...... 3,600 40,508 MCJ Co. Ltd...... 5,400 54,326 Total Short-Term Investments — 0.0% Riso Kagaku Corp...... 1,800 28,267 (Cost: $30,000) ...... 30,000 Sun Corp...... 900 30,277 Total Investments in Securities — 99.1% Toshiba TEC Corp...... 1,800 69,091 (Cost: $78,396,274)...... 70,611,296 Wacom Co. Ltd...... 11,700 70,669 Other Assets, Less Liabilities — 0.9% ...... 615,167 599,536 Textiles, Apparel & Luxury Goods — 1.1% Net Assets — 100.0% ...... $ 71,226,463 Asics Corp...... 12,600 299,187 (a) Descente Ltd.(a) ...... 2,700 46,543 Non-income producing security. (b) Fujibo Holdings Inc...... 900 32,927 Affiliate of the Fund. (c) Annualized 7-day yield as of period-end. Goldwin Inc...... 1,800 98,923

172 Schedule of Investments (unaudited) (continued) iShares MSCI Japan Small-Cap 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares(a) . $ 44,412 $ — $(44,384)(b) $ (28) $ — $ — —$ 345(c) $ — (b) BlackRock Cash Funds: Treasury, SL Agency Shares...... 30,000 0 — — — 30,00030,000 12 —

$ (28) $ — $ 30,000 $ 357$ —

(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 Mini TOPIX Index...... 36 06/10/21 $ 632 $ (5,212)

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 ...... $ 74,033 $70,507,263 $ — $70,581,296 Money Market Funds ...... 30,000 — — 30,000 $ 104,033 $70,507,263 $ — $70,611,296 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (5,212) $ — $ — $ (5,212)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

173 Schedule of Investments (unaudited) iShares MSCI Malaysia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Industrial Conglomerates — 2.5% HAP Seng Consolidated Bhd ...... 1,496,600 $ 2,938,068 Banks — 33.2% Sime Darby Bhd ...... 6,544,155 3,625,527 AMMB Holdings Bhd...... 4,383,937 $ 3,022,132 CIMB Group Holdings Bhd ...... 15,512,312 16,061,444 6,563,595 Hong Leong Bank Bhd ...... 1,564,040 6,958,558 Marine — 2.0% Hong Leong Financial Group Bhd ...... 552,000 2,342,279 MISC Bhd ...... 3,220,720 5,349,020 (a) Malayan Banking Bhd ...... 9,607,881 19,004,242 Metals & Mining — 3.7% Public Bank Bhd ...... 35,012,600 35,658,946 Press Metal Aluminium Holdings Bhd ...... 7,769,400 9,770,210 RHB Bank Bhd ...... 4,339,902 5,564,873 88,612,474 Oil, Gas & Consumable Fuels — 1.2% Beverages — 0.7% Petronas Dagangan Bhd ...... 716,800 3,276,838 Fraser & Neave Holdings Bhd ...... 308,700 1,986,520 Transportation Infrastructure — 2.3% Chemicals — 4.2% Malaysia Airports Holdings Bhd...... 2,593,800 3,507,265 Petronas Chemicals Group Bhd ...... 5,772,100 11,230,757 Westports Holdings Bhd...... 2,460,400 2,565,459 6,072,724 Diversified Telecommunication Services — 1.5% Wireless Telecommunication Services — 7.5% Telekom Malaysia Bhd ...... 2,722,800 4,049,998 Axiata Group Bhd...... 6,615,900 5,916,025 Electric Utilities — 4.9% DiGi.Com Bhd ...... 7,479,700 7,702,701 Tenaga Nasional Bhd ...... 5,488,012 13,206,922 Maxis Bhd...... 5,644,400 6,346,907 19,965,633 Energy Equipment & Services — 2.5% Dialog Group Bhd...... 9,504,354 6,643,262 Total Common Stocks — 99.1% (Cost: $149,794,892) ...... 264,508,899 Food Products — 12.2% IOI Corp. Bhd...... 6,046,430 5,982,799 Short-Term Investments Kuala Lumpur Kepong Bhd...... 1,040,000 5,585,581 Nestle Malaysia Bhd ...... 169,200 5,585,904 Money Market Funds — 9.2% PPB Group Bhd ...... 1,539,619 6,898,208 BlackRock Cash Funds: Institutional, SL Agency Shares, (b)(c)(d) QL Resources Bhd...... 2,633,850 3,823,176 0.06% ...... 24,170,657 24,185,160 Sime Darby Plantation Bhd...... 4,139,455 4,554,961 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c) ...... 250,000 250,000 32,430,629 Gas Utilities — 2.8% 24,435,160 Petronas Gas Bhd ...... 1,903,600 7,459,665 Total Short-Term Investments — 9.2% Health Care Equipment & Supplies — 11.8% (Cost: $24,432,407) ...... 24,435,160 Hartalega Holdings Bhd(a) ...... 4,121,800 8,964,806 Total Investments in Securities — 108.3% Kossan Rubber Industries...... 3,075,900 3,006,899 (Cost: $174,227,299) ...... 288,944,059 Supermax Corp. Bhd(a)...... 3,598,753 3,586,519 Top Glove Corp. Bhd(a)...... 12,823,800 16,049,835 Other Assets, Less Liabilities — (8.3)%...... (22,149,061) 31,608,059 Net Assets — 100.0%...... $ 266,794,998 Health Care Providers & Services — 2.0% IHH Healthcare Bhd ...... 4,221,900 5,410,304 (a) All or a portion of this security is on loan. (b) Affiliate of the Fund. Hotels, Restaurants & Leisure — 4.1% (c) Annualized 7-day yield as of period-end. Genting Bhd...... 5,128,200 6,052,579 (d) All or a portion of this security was purchased with cash collateral received from loaned Genting Malaysia Bhd...... 7,140,600 4,819,710 securities. 10,872,289

174 Schedule of Investments (unaudited) (continued) iShares MSCI Malaysia 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $10,675,467 $13,512,233(a) $ — $ (3,322)$ 782 $24,185,160 24,170,657 $1,120,447(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares ...... 140,000 110,000 — — — 250,000 250,000 61 —

$ (3,322) $ 782 $24,435,160 $1,120,508 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 31 06/18/21 $ 2,109 $ 36,277

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...... $ 28,480,750 $236,028,149 $ — $264,508,899 Money Market Funds ...... 24,435,160 — — 24,435,160 $ 52,915,910 $236,028,149 $ — $288,944,059 Derivative financial instruments(a) Assets Futures Contracts ...... $ 36,277 $ — $ — $ 36,277

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

175 Schedule of Investments (unaudited) iShares MSCI Mexico ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Food Products (continued) Grupo Herdez SAB de CV ...... 2,410,324 $ 5,432,244 Airlines — 1.0% Controladora Vuela Cia. de Aviacion SAB de CV, 52,627,934 Class A(a)(b) ...... 7,436,205 $ 12,891,463 Hotels, Restaurants & Leisure — 0.7% Alsea SAB de CV(a)(b)...... 5,337,066 8,968,350 Auto Components — 0.8% Controladora Nemak SAB de CV(a) ...... 37,416,951 5,879,860 Household Products — 1.8% Nemak SAB de CV(a)(c) ...... 11,964,500 4,012,595 Kimberly-Clark de Mexico SAB de CV, Class A ...... 12,183,654 22,082,032 9,892,455 Industrial Conglomerates — 1.0% Banks — 13.6% Grupo Carso SAB de CV, Series A1(a) ...... 4,075,420 12,405,498 Banco del Bajio SA(b)(c) ...... 6,865,960 11,971,824 Grupo Financiero Banorte SAB de CV, Class O ...... 18,193,561 125,988,446 Insurance — 0.8% Grupo Financiero Inbursa SAB de CV, Class O(a)...... 18,698,466 19,047,689 Qualitas Controladora SAB de CV ...... 1,868,620 10,172,430 Regional SAB de CV...... 2,078,400 11,217,392 Media — 4.8% 168,225,351 Grupo Televisa SAB, CPO ...... 18,517,147 49,170,193 Beverages — 13.3% Megacable Holdings SAB de CV, CPO...... 2,759,300 10,484,176 Arca Continental SAB de CV ...... 3,619,829 20,376,304 59,654,369 Becle SAB de CV...... 4,900,830 12,354,186 Metals & Mining — 5.6% Coca-Cola Femsa SAB de CV...... 3,400,678 16,988,024 Grupo Mexico SAB de CV, Series B ...... 10,655,786 51,973,572 Fomento Economico Mexicano SAB de CV ...... 13,629,610 114,953,217 Industrias Penoles SAB de CV(a) ...... 1,155,303 17,540,676 164,671,731 69,514,248 Building Products — 0.4% (b) Pharmaceuticals — 0.7% Grupo Rotoplas SAB de CV ...... 3,301,785 5,490,266 Genomma Lab Internacional SAB de CV, Class B(a) .... 7,973,613 8,338,707

Capital Markets — 0.8% Real Estate Management & Development — 1.0% Bolsa Mexicana de Valores SAB de CV...... 4,197,187 9,292,898 Corp Inmobiliaria Vesta SAB de CV...... 6,072,949 12,479,456

Chemicals — 2.5% Road & Rail — 0.5% Alpek SAB de CV...... 5,412,817 6,149,817 Grupo Traxion SAB de CV(a)(c) ...... 3,237,500 5,827,110 Orbia Advance Corp. SAB de CV ...... 8,509,242 24,240,104 30,389,921 Transportation Infrastructure — 7.8% (a)(b) Construction Materials — 5.2% Grupo Aeroportuario del Centro Norte SAB de CV . . 2,825,192 18,108,859 Cemex SAB de CV, CPO, NVS(a) ...... 63,372,729 53,452,247 Grupo Aeroportuario del Pacifico SAB de CV, Class B . . 3,090,949 33,516,576 Grupo Cementos de Chihuahua SAB de CV ...... 1,545,900 11,447,949 Grupo Aeroportuario del Sureste SAB de CV, Class B(a)...... 1,617,265 29,314,248 64,900,196 Promotora y Operadora de Infraestructura SAB de CV. . 1,926,155 15,358,567 Consumer Finance — 0.6% Gentera SAB de CV(a) ...... 12,936,177 7,267,588 96,298,250 Wireless Telecommunication Services — 15.2% Diversified Telecommunication Services — 1.3% America Movil SAB de CV, Series L, NVS...... 241,204,518 188,914,072 Axtel SAB de CV, CPO(a)...... 14,695,600 3,962,013 Telesites SAB de CV(a)(b)...... 11,889,746 11,837,215 Total Common Stocks — 99.7% (Cost: $1,380,144,125)...... 1,235,708,171 15,799,228 Equity Real Estate Investment Trusts (REITs) — 5.1% Concentradora Fibra Danhos SA de CV...... 4,091,700 4,887,115 Short-Term Investments Fibra Uno Administracion SA de CV ...... 24,441,500 28,849,265 Money Market Funds — 0.6% Macquarie Mexico Real Estate Management SA BlackRock Cash Funds: Institutional, SL Agency de CV(c) ...... 7,448,500 8,361,706 Shares, 0.06%(d)(e)(f) ...... 6,638,234 6,642,217 PLA Administradora Industrial S. de RL de CV ...... 7,180,804 11,060,702 BlackRock Cash Funds: Treasury, SL Agency Shares, Prologis Property Mexico SA de CV...... 4,430,591 10,452,529 0.00%(d)(e) ...... 510,000 510,000 63,611,317 7,152,217 Food & Staples Retailing — 11.0% Grupo Comercial Chedraui SA de CV...... 3,876,700 6,130,939 Total Short-Term Investments — 0.6% La Comer SAB de CV(b)...... 4,685,471 8,983,740 (Cost: $7,150,993)...... 7,152,217 Wal-Mart de Mexico SAB de CV ...... 36,724,533 120,878,622 Total Investments in Securities — 100.3% 135,993,301 (Cost: $1,387,295,118)...... 1,242,860,388 Food Products — 4.2% Other Assets, Less Liabilities — (0.3)%...... (3,765,133) Gruma SAB de CV, Class B ...... 1,772,280 19,308,403 Grupo Bimbo SAB de CV, Series A(b) ...... 12,690,404 27,887,287 Net Assets — 100.0% ...... $ 1,239,095,255 (a) Non-income producing security.

176 Schedule of Investments (unaudited) (continued) iShares MSCI Mexico ETF May 31, 2021

(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) Affiliate of the Fund. (e) Annualized 7-day yield as of period-end. (f) All or a portion of this security was purchased with cash collateral received from loaned securities.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $13,960,657 $ — $(7,312,716)(a) $ (6,433) $ 709 $6,642,217 6,638,234 $66,576(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 574,000 — (64,000) — — 510,000 510,000 388 —

$ (6,433) $ 709 $7,152,217 $66,964 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MEX BOLSA Index ...... 113 06/18/21 $ 2,884 $ 71,836

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...... $1,235,708,171 $ — $ — $1,235,708,171 Money Market Funds ...... 7,152,217 — — 7,152,217 $1,242,860,388 $ — $ — $1,242,860,388 Derivative financial instruments(a) Assets Futures Contracts ...... $ 71,836 $ — $ — $ 71,836

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

177 Schedule of Investments (unaudited) (continued) iShares MSCI Mexico ETF May 31, 2021

Portfolio Abbreviations - Equity

CPO...... Certificates of Participation (Ordinary) NVS ...... Non-Voting Shares

178 Schedule of Investments (unaudited) iShares MSCI Netherlands ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Food & Staples Retailing — 4.5% Koninklijke Ahold Delhaize NV ...... 417,033 $ 12,033,832 Air Freight & Logistics — 1.1% Sligro Food Group NV(a)...... 35,219 1,127,881 InPost SA(a) ...... 53,874 $ 1,076,505 PostNL NV ...... 366,274 2,149,036 13,161,713 Food Products — 0.7% 3,225,541 ForFarmers NV ...... 47,533 307,305 Banks — 7.9% JDE Peet's NV(a)...... 43,867 1,724,865 ABN AMRO Bank NV, CVA(a)(b) ...... 212,127 2,828,961 ING Groep NV ...... 1,376,351 19,131,200 2,032,170 Van Lanschot Kempen NV(a)...... 38,200 1,109,273 Health Care Equipment & Supplies — 6.5% Koninklijke Philips NV ...... 337,478 18,937,981 23,069,434 Beverages — 6.1% Hotels, Restaurants & Leisure — 0.6% Coca-Cola Europacific Partners PLC...... 88,202 5,337,985 Basic-Fit NV(a)(b) ...... 37,070 1,810,594 Heineken Holding NV ...... 28,127 2,830,161 Heineken NV ...... 81,609 9,717,131 Household Durables — 0.3% TomTom NV(a) ...... 93,198 840,938 17,885,277 Biotechnology — 0.3% Insurance — 4.3% Pharming Group NV(a)(c)...... 704,895 863,556 Aegon NV ...... 782,668 3,687,462 ASR Nederland NV ...... 66,298 2,849,706 Capital Markets — 0.4% NN Group NV...... 121,310 6,149,270 Traders(b) ...... 28,617 1,248,614 12,686,438 Chemicals — 8.9% Internet & Direct Marketing Retail — 8.0% Akzo Nobel NV ...... 81,007 10,411,729 Just Eat Takeaway.com NV(a)(b)...... 51,394 4,651,124 Corbion NV...... 32,116 1,863,541 Prosus NV...... 179,595 18,619,805 Koninklijke DSM NV...... 65,366 12,021,017 23,270,929 (a) OCI NV ...... 66,914 1,702,293 IT Services — 4.9% 25,998,580 Adyen NV(a)(b) ...... 6,151 14,147,944 Construction & Engineering — 1.6% Arcadis NV ...... 46,049 2,004,363 Leisure Products — 0.5% (a) Westminster ...... 49,732 1,701,424 Accell Group NV ...... 24,567 1,379,948 (a) Koninklijke BAM Groep NV ...... 369,597 1,085,357 Machinery — 0.9% 4,791,144 NV ...... 48,900 2,757,294 Distributors — 0.2% B&S Group Sarl(b)...... 42,008 470,224 Metals & Mining — 0.4% AMG Advanced Metallurgical Group NV...... 30,033 1,094,358 Diversified Financial Services — 0.0% SNS REAAL NV(a)(c)(d) ...... 68,952 1 Oil, Gas & Consumable Fuels — 0.6% Koninklijke Vopak NV ...... 37,061 1,748,063 Diversified Telecommunication Services — 1.7% Koninklijke KPN NV ...... 1,477,167 4,901,863 Professional Services — 5.4% Brunel International NV...... 29,007 398,122 Electric Utilities — 0.0% Intertrust NV(a)(b) ...... 72,148 1,325,146 Fastned BV(a)...... 1,218 94,786 Randstad NV ...... 52,732 4,096,062 Wolters Kluwer NV...... 103,564 9,908,076 Electrical Equipment — 2.3% Alfen Beheer BV(a)(b) ...... 14,292 1,238,303 15,727,406 SIF Holding NV ...... 18,172 360,334 Semiconductors & Semiconductor Equipment — 26.3% NV(b) ...... 60,661 3,757,718 ASM International NV ...... 19,895 6,244,185 TKH Group NV ...... 27,560 1,469,197 ASML Holding NV...... 100,660 67,376,919 BE Semiconductor Industries NV ...... 36,513 2,973,174 6,825,552 Energy Equipment & Services — 1.0% 76,594,278 Fugro NV(a) ...... 118,443 1,279,697 Software — 0.2% (a) SBM Offshore NV...... 89,959 1,550,821 CM.Com ...... 14,354 497,374 2,830,518 Trading Companies & Distributors — 2.7% Equity Real Estate Investment Trusts (REITs) — 1.3% AerCap Holdings NV(a) ...... 61,582 3,633,338 Eurocommercial Properties NV(a) ...... 49,987 1,482,179 IMCD NV ...... 25,578 4,129,865 NSI NV...... 23,914 997,338 7,763,203 Vastned Retail NV ...... 16,386 489,051 Wereldhave NV ...... 48,763 869,109 Total Common Stocks — 99.6% 3,837,677 (Cost: $242,614,245) ...... 290,493,398

179 Schedule of Investments (unaudited) (continued) iShares MSCI Netherlands ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value Short-Term Investments (a) Non-income producing security. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Money Market Funds — 0.4% 1933, as amended. These securities may be resold in transactions exempt from BlackRock Cash Funds: Institutional, SL Agency Shares, registration to qualified institutional investors. 0.06%(e)(f)(g)...... 903,341 $ 903,883 (c) All or a portion of this security is on loan. BlackRock Cash Funds: Treasury, SL Agency Shares, (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the 0.00%(e)(f)...... 250,000 250,000 fair value hierarchy. (e) Affiliate of the Fund. 1,153,883 (f) Annualized 7-day yield as of period-end. (g) Total Short-Term Investments — 0.4% All or a portion of this security was purchased with cash collateral received from loaned securities. (Cost: $1,153,401)...... 1,153,883

Total Investments in Securities — 100.0% (Cost: $243,767,646) ...... 291,647,281 Other Assets, Less Liabilities — (0.0)%...... (55,959)

Net Assets — 100.0%...... $ 291,591,322

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $3,761,800 $ — $(2,855,475)(a) $ (2,351) $ (91) $ 903,883 903,341 $48,267(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares...... 90,000 160,000 — — — 250,000250,000 52 —

$ (2,351) $ (91) $1,153,883 $48,319 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Euro STOXX 50 Index ...... 22 06/18/21 $ 1,083 $ 9,417

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.

180 Schedule of Investments (unaudited) (continued) iShares MSCI Netherlands ETF May 31, 2021

Fair Value Measurements (continued)

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 ...... $ 13,573,477 $276,919,920 $ 1 $290,493,398 Money Market Funds ...... 1,153,883 — — 1,153,883 $ 14,727,360 $276,919,920 $ 1 $291,647,281 Derivative financial instruments(a) Assets Futures Contracts ...... $ 9,417 $ — $ — $ 9,417

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

181 Schedule of Investments (unaudited) iShares MSCI Pacific ex Japan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Australia (continued) Westpac Banking Corp...... 4,905,907 $ 100,303,979 Australia — 59.9% WiseTech Global Ltd...... 205,013 4,450,198 Afterpay Ltd.(a)...... 292,015 $ 20,831,454 Woodside Petroleum Ltd...... 1,282,466 21,587,408 AGL Energy Ltd...... 795,840 4,982,977 Woolworths Group Ltd...... 1,696,801 54,515,882 Ampol Ltd...... 316,532 6,972,467 APA Group ...... 1,550,881 11,048,492 1,632,295,335 Aristocrat Leisure Ltd...... 764,328 24,219,381 China — 0.5% ASX Ltd...... 267,372 15,728,235 Chow Tai Fook Jewellery Group Ltd...... 2,771,600 5,318,049 (a) Aurizon Holdings Ltd...... 2,398,156 6,697,507 Futu Holdings Ltd., ADR ...... 67,387 9,587,148 AusNet Services Ltd...... 2,493,721 3,376,761 14,905,197 Australia & New Zealand Banking Group Ltd...... 3,813,424 84,618,011 Hong Kong — 27.2% BHP Group Ltd...... 3,946,389 145,235,545 AIA Group Ltd...... 16,225,014 208,150,857 BlueScope Steel Ltd...... 680,469 11,160,363 Bank of East Asia Ltd. (The) ...... 1,817,720 3,660,756 Brambles Ltd...... 1,931,027 16,123,844 BOC Hong Kong Holdings Ltd...... 4,992,500 18,061,140 Cochlear Ltd...... 89,563 15,684,775 Budweiser Brewing Co. APAC Ltd.(b)(c) ...... 2,349,200 7,978,128 Coles Group Ltd...... 1,779,865 22,743,576 CK Asset Holdings Ltd...... 3,224,732 21,372,978 Commonwealth Bank of Australia...... 2,372,192 182,759,077 CK Hutchison Holdings Ltd...... 3,630,732 28,453,790 Computershare Ltd...... 724,826 8,787,837 CK Infrastructure Holdings Ltd...... 907,208 5,652,050 Crown Resorts Ltd.(a) ...... 483,016 4,799,412 CLP Holdings Ltd...... 2,216,500 22,529,764 CSL Ltd...... 611,459 137,080,556 ESR Cayman Ltd.(a)(b)...... 2,818,200 8,910,781 Dexus ...... 1,396,429 11,256,826 Galaxy Entertainment Group Ltd.(a) ...... 2,953,000 23,961,845 Domino's Pizza Enterprises Ltd...... 78,706 6,697,928 Hang Lung Properties Ltd...... 2,736,736 6,910,576 Evolution Mining Ltd...... 2,261,857 9,403,150 Hang Seng Bank Ltd...... 1,048,500 21,809,552 Fortescue Metals Group Ltd...... 2,268,430 39,283,895 Henderson Land Development Co. Ltd...... 1,964,442 9,396,006 Goodman Group...... 2,226,336 33,417,134 HK Electric Investments & HK Electric Investments Ltd.. . 3,661,500 3,712,742 GPT Group (The) ...... 2,516,938 8,949,192 HKT Trust & HKT Ltd...... 5,144,338 6,974,235 Insurance Australia Group Ltd...... 3,263,669 12,656,958 Hong Kong & China Gas Co. Ltd...... 14,397,384 25,047,897 James Hardie Industries PLC...... 599,660 19,892,188 Hong Kong Exchanges & Clearing Ltd...... 1,456,500 91,213,954 Lendlease Corp. Ltd...... 915,781 8,694,973 Hongkong Land Holdings Ltd.(c) ...... 1,565,300 7,666,371 Macquarie Group Ltd...... 463,690 54,373,700 Jardine Matheson Holdings Ltd.(c) ...... 290,800 18,847,576 Magellan Financial Group Ltd...... 190,548 7,039,139 Link REIT ...... 2,853,586 27,178,384 Medibank Pvt Ltd...... 3,653,050 8,828,796 Melco Resorts & Entertainment Ltd., ADR(a) ...... 300,180 5,160,094 Mirvac Group ...... 5,170,214 11,147,253 MTR Corp. Ltd.(c) ...... 2,166,786 12,064,703 National Australia Bank Ltd...... 4,415,260 91,897,133 New World Development Co. Ltd...... 2,054,480 11,087,761 Newcrest Mining Ltd...... 1,091,991 23,783,726 Power Assets Holdings Ltd...... 1,887,000 11,535,480 Northern Star Resources Ltd...... 1,485,337 13,351,547 Sands China Ltd.(a) ...... 3,272,400 14,533,875 Oil Search Ltd...... 2,616,877 7,351,918 Sino Land Co. Ltd...... 4,446,800 6,983,411 Orica Ltd...... 537,904 5,628,821 SJM Holdings Ltd...... 2,790,000 3,156,017 Origin Energy Ltd...... 2,278,033 6,980,371 Sun Hung Kai Properties Ltd...... 1,758,500 27,008,932 Qantas Airways Ltd.(a)...... 1,241,509 4,517,450 Swire Pacific Ltd., Class A...... 701,000 5,266,923 QBE Insurance Group Ltd...... 1,961,488 16,589,375 Swire Properties Ltd...... 1,599,400 4,708,260 Ramsay Health Care Ltd...... 244,617 11,988,060 Techtronic Industries Co. Ltd...... 1,871,207 34,501,565 REA Group Ltd...... 72,494 9,153,001 WH Group Ltd.(b)...... 13,063,500 11,164,794 Reece Ltd...... 384,905 6,084,902 Wharf Real Estate Investment Co. Ltd...... 2,252,600 13,198,919 Rio Tinto Ltd...... 497,554 47,467,679 Wynn Macau Ltd.(a) ...... 2,103,600 3,556,255 Santos Ltd...... 2,485,260 12,989,259 Xinyi Glass Holdings Ltd...... 2,504,000 10,002,933 Scentre Group ...... 6,854,181 14,407,748 741,419,304 Seek Ltd...... 456,176 10,763,445 Malta — 0.0% Sonic Healthcare Ltd...... 611,626 16,417,056 BGP Holdings PLC, NVS(a)(d) ...... 27,004,595 329 South32 Ltd...... 6,493,195 14,917,998 Stockland ...... 3,144,113 11,349,015 New Zealand — 2.6% (a) Suncorp Group Ltd...... 1,731,271 14,888,431 a2 Milk Co. Ltd. (The) ...... 1,006,039 4,271,153 (a) Sydney Airport(a) ...... 1,714,776 7,762,958 Auckland International Airport Ltd...... 1,684,243 8,881,425 Tabcorp Holdings Ltd...... 2,916,487 11,508,125 Fisher & Paykel Healthcare Corp. Ltd...... 778,582 16,807,799 Telstra Corp. Ltd...... 5,571,844 15,131,249 Mercury NZ Ltd...... 924,510 4,386,382 Transurban Group ...... 3,647,963 39,078,471 Meridian Energy Ltd...... 1,707,978 6,463,903 Treasury Wine Estates Ltd...... 958,147 8,610,288 Ryman Healthcare Ltd...... 545,991 5,178,254 Vicinity Centres ...... 4,990,662 6,016,514 Spark New Zealand Ltd...... 2,378,084 7,800,917 (a) Washington H Soul Pattinson & Co. Ltd...... 144,014 3,284,727 Xero Ltd...... 180,525 18,432,518 Wesfarmers Ltd...... 1,521,293 65,027,199 72,222,351

182 Schedule of Investments (unaudited) (continued) iShares MSCI Pacific ex Japan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Singapore — 8.9% Short-Term Investments Ascendas REIT ...... 4,292,180 $ 9,500,475 Money Market Funds — 0.7% CapitaLand Integrated Commercial Trust...... 6,085,618 9,605,949 BlackRock Cash Funds: Institutional, SL Agency Shares, CapitaLand Ltd...... 3,538,300 9,781,932 0.06%(f)(g)(h)...... 17,605,035 $ 17,615,599 City Developments Ltd.(c)...... 545,200 3,158,782 BlackRock Cash Funds: Treasury, SL Agency Shares, DBS Group Holdings Ltd...... 2,413,900 54,770,154 0.00%(f)(g)...... 930,000 930,000 Genting Singapore Ltd...... 8,321,700 5,311,617 Keppel Corp. Ltd...... 1,961,800 7,898,653 18,545,599 Mapletree Commercial Trust...... 2,868,500 4,549,818 Total Short-Term Investments — 0.7% Mapletree Logistics Trust...... 3,872,854 5,820,283 (Cost: $18,542,740)...... 18,545,599 Oversea-Chinese Banking Corp. Ltd...... 4,499,124 42,024,642 Singapore Airlines Ltd.(a) ...... 1,838,450 6,920,650 Total Investments in Securities — 100.0% Singapore Exchange Ltd...... 905,600 7,067,455 (Cost: $2,397,183,933)...... 2,726,993,773 Singapore Technologies Engineering Ltd...... 2,081,500 6,084,789 Other Assets, Less Liabilities — (0.0)%...... (623,346) Singapore Telecommunications Ltd...... 11,117,028 20,238,413 United Overseas Bank Ltd...... 1,579,200 31,106,085 Net Assets — 100.0% ...... $ 2,726,370,427 UOL Group Ltd...... 626,400 3,498,522 (a) Venture Corp. Ltd...... 397,900 5,715,689 Non-income producing security. (b) Wilmar International Ltd...... 2,627,000 9,465,678 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 242,519,586 registration to qualified institutional investors. Taiwan — 0.2% (c) All or a portion of this security is on loan. Sea Ltd.(a) ...... 20,084 5,086,072 (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Total Common Stocks — 99.3% (e) Rounds to less than $1. (Cost: $2,378,641,193)...... 2,708,448,174 (f) Affiliate of the Fund. (g) Annualized 7-day yield as of period-end. (h) Rights All or a portion of this security was purchased with cash collateral received from loaned securities. Singapore — 0.0% Singapore Airlines Ltd. (Expires 06/16/21)(a)...... 3,842,360 0(e)

Total Rights — 0.0% (Cost: $0) ...... 0(e)

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $45,230,315 $ — $(27,601,536)(a) $ (3,367) $ (9,813) $17,615,599 17,605,035 $82,270(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares...... 660,000 270,000 — — — 930,000 930,000 474 —

$ (3,367) $ (9,813) $18,545,599 $82,744 $ —

(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.

183 Schedule of Investments (unaudited) (continued) iShares MSCI Pacific ex Japan ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts ASX SPI 200 Index ...... 89 06/17/21 $12,291 $ 199,393 MSCI Singapore Index...... 201 06/29/21 5,465 27,951 $ 227,344

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 ...... $ 19,833,314 $2,688,614,531 $ 329 $2,708,448,174 (a) (a) Rights ...... — 0 — 0 Money Market Funds...... 18,545,599 — — 18,545,599 $ 38,378,913 $2,688,614,531 $ 329 $2,726,993,773 Derivative financial instruments(b) Assets Futures Contracts...... $ 227,344 $ — $ — $ 227,344

(a) Rounds to less than $1. (b) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt NVS ...... Non-Voting Shares REIT ...... Real Estate Investment Trust

184 Schedule of Investments (unaudited) iShares MSCI Russia ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Oil, Gas & Consumable Fuels (continued) Novatek PJSC, GDR(a)...... 127,130 $ 25,308,029 Banks — 18.5% Rosneft Oil Co. PJSC ...... 2,391,720 17,307,607 Sberbank of Russia PJSC...... 17,563,680 $ 74,202,554 Surgutneftegas PJSC ...... 20,965,946 10,398,692 TCS Group Holding PLC, GDR(a) ...... 290,459 21,842,438 Tatneft PJSC ...... 3,157,446 21,408,678 VTB Bank PJSC...... 7,745,645,016 5,144,687 206,547,864 101,189,679 Wireless Telecommunication Services — 2.3% Capital Markets — 2.0% Mobile TeleSystems PJSC, ADR...... 1,384,607 12,627,616 Moscow Exchange MICEX-RTS PJSC...... 4,783,510 10,978,283 Total Common Stocks — 95.9% Chemicals — 1.9% (Cost: $408,544,063) ...... 526,079,169 PhosAgro PJSC, GDR(a) ...... 509,329 10,420,871

Electric Utilities — 1.6% Preferred Stocks Inter RAO UES PJSC ...... 129,851,600 8,965,950 Oil, Gas & Consumable Fuels — 2.4% Food & Staples Retailing — 4.7% Surgutneftegas PJSC, Preference Shares, NVS...... 20,333,200 12,927,277 Magnit PJSC, GDR(a) ...... 956,840 14,610,947 (a) Total Preferred Stocks — 2.4% X5 Retail Group NV, GDR ...... 368,316 11,166,362 (Cost: $11,193,392) ...... 12,927,277 25,777,309 Interactive Media & Services — 6.0% Short-Term Investments Mail.Ru Group Ltd., GDR(a)(b) ...... 347,511 7,927,051 Yandex NV, Class A(b)...... 374,676 25,199,769 Money Market Funds — 0.1% BlackRock Cash Funds: Treasury, SL Agency Shares, 33,126,820 0.00%(c)(d) ...... 490,000 490,000 Internet & Direct Marketing Retail — 0.9% Ozon Holdings PLC, ADR(b) ...... 97,744 5,201,437 Total Short-Term Investments — 0.1% (Cost: $490,000) ...... 490,000 Metals & Mining — 20.3% Alrosa PJSC ...... 7,990,990 12,787,959 Total Investments in Securities — 98.4% MMC Norilsk Nickel PJSC...... 92,322 33,196,924 (Cost: $420,227,455) ...... 539,496,446 Novolipetsk Steel PJSC...... 4,175,610 14,906,810 Other Assets, Less Liabilities — 1.6% ...... 8,859,276 Polymetal International PLC...... 735,369 17,438,328 Polyus PJSC ...... 88,437 19,144,038 Net Assets — 100.0%...... $ 548,355,722 Severstal PAO...... 599,364 13,769,281 (a) This security may be resold to qualified foreign investors and foreign institutional buyers 111,243,340 under Regulation S of the Securities Act of 1933. Oil, Gas & Consumable Fuels — 37.7% (b) Non-income producing security. Gazprom PJSC...... 20,799,550 73,884,574 (c) Affiliate of the Fund. LUKOIL PJSC ...... 712,302 58,240,284 (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 May 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds (a) BlackRock Cash Funds: Treasury, SL Agency Shares ..... $1,490,000 $ — $(1,000,000) $ — $ — $490,000 490,000 $ 574$ —

(a) Represents net amount purchased (sold).

185 Schedule of Investments (unaudited) (continued) iShares MSCI Russia ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 108 06/18/21 $ 7,349 $ 205,915

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...... $ 56,803,472 $469,275,697 $ — $526,079,169 Preferred Stocks ...... — 12,927,277 — 12,927,277 Money Market Funds ...... 490,000 — — 490,000 $ 57,293,472 $482,202,974 $ — $539,496,446 Derivative financial instruments(a) Assets Futures Contracts ...... $ 205,915 $ — $ — $ 205,915

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt GDR...... Global Depositary Receipt NVS ...... Non-Voting Shares PJSC ...... Public Joint Stock Company

186 Schedule of Investments (unaudited) iShares MSCI Singapore ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Real Estate Management & Development (continued) City Developments Ltd.(b) ...... 3,035,500 $ 17,587,095 Aerospace & Defense — 3.6% UOL Group Ltd.(b)...... 3,222,100 17,995,829 Singapore Technologies Engineering Ltd...... 8,766,100 $ 25,625,686 52,851,353 Airlines — 3.9% Singapore Airlines Ltd.(a)(b) ...... 7,363,467 27,718,991 Total Common Stocks — 99.1% (Cost: $649,408,504) ...... 708,213,370 Banks — 44.6% DBS Group Holdings Ltd...... 6,216,000 141,037,853 Rights Oversea-Chinese Banking Corp. Ltd.(b) ...... 11,190,050 104,522,090 United Overseas Bank Ltd...... 3,730,500 73,481,034 Airlines — 0.0% Singapore Airlines Ltd., (Expires 06/16/21)(a) ...... 15,354,952 0(c) 319,040,977 Capital Markets — 4.0% Total Rights — 0.0% Singapore Exchange Ltd...... 3,694,700 28,834,062 (Cost: $0) ...... 0(c)

Diversified Telecommunication Services — 4.4% Short-Term Investments Singapore Telecommunications Ltd...... 17,285,768 31,468,528 Money Market Funds — 1.7% Electronic Equipment, Instruments & Components — 3.3% BlackRock Cash Funds: Institutional, SL Agency Shares, Venture Corp. Ltd...... 1,629,900 23,412,922 0.06%(d)(e)(f)...... 12,077,422 12,084,669 BlackRock Cash Funds: Treasury, SL Agency Shares, Entertainment — 3.1% (d)(e) Sea Ltd.(a) ...... 88,494 22,410,220 0.00% ...... 250,000 250,000 12,334,669 Equity Real Estate Investment Trusts (REITs) — 12.9% Ascendas REIT...... 14,126,594 31,268,343 Total Short-Term Investments — 1.7% CapitaLand Integrated Commercial Trust...... 9,300,123 14,679,940 (Cost: $12,331,466) ...... 12,334,669 Mapletree Commercial Trust(b) ...... 13,379,300 21,221,330 Total Investments in Securities — 100.8% Mapletree Logistics Trust(b)...... 16,897,878 25,394,821 (Cost: $661,739,970) ...... 720,548,039 92,564,434 Food Products — 4.3% Other Assets, Less Liabilities — (0.8)%...... (5,406,380) Wilmar International Ltd...... 8,446,800 30,435,740 Net Assets — 100.0%...... $ 715,141,659 Hotels, Restaurants & Leisure — 3.3% (a) Non-income producing security. (b) Genting Singapore Ltd...... 36,399,742 23,233,412 (b) All or a portion of this security is on loan. (c) Rounds to less than $1. Industrial Conglomerates — 4.3% (d) Affiliate of the Fund. (b) Keppel Corp. Ltd...... 7,604,400 30,617,045 (e) Annualized 7-day yield as of period-end. (f) All or a portion of this security was purchased with cash collateral received from loaned Real Estate Management & Development — 7.4% securities. CapitaLand Ltd...... 6,246,300 17,268,429

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $35,870,668 $ — $(23,769,491)(a) $ (18,516) $ 2,008 $12,084,669 12,077,422 $102,202(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares...... 200,000 50,000 — — — 250,000 250,000 164 —

$ (18,516) $ 2,008 $12,334,669 $102,366 $ —

(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.

187 Schedule of Investments (unaudited) (continued) iShares MSCI Singapore ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Singapore Index...... 250 06/29/21 $ 6,797 $ 42,292

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...... $ 22,410,220 $685,803,150 $ — $708,213,370 (a) (a) Rights ...... — 0 — 0 Money Market Funds ...... 12,334,669 — — 12,334,669 $ 34,744,889 $685,803,150 $ — $720,548,039 Derivative financial instruments(b) Assets Futures Contracts ...... $ 42,292 $ — $ — $ 42,292

(a) Rounds to less than $1. (b) Shown at the unrealized appreciation (depreciation) on the contracts.

188 Schedule of Investments (unaudited) iShares MSCI South Africa ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Metals & Mining (continued) Gold Fields Ltd...... 1,044,775 $ 13,174,886 Banks — 11.4% Harmony Gold Mining Co. Ltd...... 754,849 4,038,448 Absa Group Ltd.(a) ...... 882,376 $ 9,168,162 Impala Platinum Holdings Ltd...... 914,808 16,626,701 Capitec Bank Holdings Ltd...... 96,049 11,616,902 Kumba Iron Ore Ltd...... 86,743 4,024,928 Nedbank Group Ltd...... 490,669 5,794,427 Northam Platinum Ltd.(a) ...... 439,177 7,426,993 Standard Bank Group Ltd...... 1,518,918 14,946,936 Sibanye Stillwater Ltd...... 3,236,947 15,326,011 41,526,427 84,390,629 Capital Markets — 1.1% Multiline Retail — 1.4% Reinet Investments SCA ...... 191,199 3,961,955 Woolworths Holdings Ltd.(a) ...... 1,307,553 5,292,733 Chemicals — 3.0% Oil, Gas & Consumable Fuels — 1.0% Sasol Ltd.(a) ...... 669,352 10,882,277 Exxaro Resources Ltd...... 343,695 3,836,914 Diversified Financial Services — 7.8% Pharmaceuticals — 1.6% FirstRand Ltd...... 5,513,918 22,417,477 Aspen Pharmacare Holdings Ltd.(a) ...... 493,128 5,760,987 Remgro Ltd...... 684,808 5,948,087 28,365,564 Real Estate Management & Development — 1.1% Equity Real Estate Investment Trusts (REITs) — 1.3% NEPI Rockcastle PLC ...... 584,876 4,081,453 Growthpoint Properties Ltd...... 4,561,756 4,783,120 Specialty Retail — 1.6% Food & Staples Retailing — 6.9% Mr. Price Group Ltd...... 337,736 5,717,465 Bid Corp. Ltd.(a) ...... 408,495 8,608,740 Wireless Telecommunication Services — 6.0% Clicks Group Ltd...... 313,443 5,856,622 MTN Group Ltd.(a) ...... 1,982,802 14,304,146 Shoprite Holdings Ltd...... 627,941 7,044,786 Vodacom Group Ltd...... 794,815 7,545,485 SPAR Group Ltd. (The)...... 268,887 3,728,762 21,849,631 25,238,910 Food Products — 1.1% Total Common Stocks — 99.9% Tiger Brands Ltd...... 239,169 3,840,588 (Cost: $371,318,796) ...... 363,527,252 Industrial Conglomerates — 1.5% Bidvest Group Ltd. (The) ...... 380,909 5,368,158 Short-Term Investments Money Market Funds — 0.0% Insurance — 6.6% (a) BlackRock Cash Funds: Treasury, SL Agency Shares, Discovery Ltd...... 536,738 5,475,555 0.00%(b)(c) ...... 230,000 230,000 Old Mutual Ltd...... 6,054,076 6,280,247 Rand Merchant Investment Holdings Ltd...... 1,183,583 2,777,919 Total Short-Term Investments — 0.0% Sanlam Ltd...... 2,189,637 9,447,876 (Cost: $230,000) ...... 230,000 23,981,597 Total Investments in Securities — 99.9% Internet & Direct Marketing Retail — 21.9% (Cost: $371,548,796) ...... 363,757,252 Naspers Ltd., Class N ...... 359,504 79,614,245 Other Assets, Less Liabilities — 0.1% ...... 199,118 Media — 1.4% MultiChoice Group ...... 503,396 5,034,599 Net Assets — 100.0%...... $ 363,956,370 (a) Metals & Mining — 23.2% Non-income producing security. (b) African Rainbow Minerals Ltd...... 162,571 3,137,171 Affiliate of the Fund. (c) Annualized 7-day yield as of period-end. Anglo American Platinum Ltd...... 64,580 8,515,158 AngloGold Ashanti Ltd...... 490,827 12,120,333

189 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares(a) ...... $4,406,550 $ — $(4,403,573)(b) $ (2,977) $ — $ — — $ 7,428(c) $ — (b) BlackRock Cash Funds: Treasury, SL Agency Shares. . 130,000 100,000 — — — 230,000230,000 118 —

$ (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.

190 Schedule of Investments (unaudited) iShares MSCI South Korea ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Diversified Telecommunication Services — 0.4% LG Uplus Corp...... 1,791,708 $ 24,236,173 Aerospace & Defense — 0.3% Korea Aerospace Industries Ltd...... 675,765 $ 20,641,680 Electric Utilities — 0.6% Korea Electric Power Corp...... 1,850,956 42,784,335 Air Freight & Logistics — 0.4% Hyundai Glovis Co. Ltd...... 164,368 27,796,357 Electrical Equipment — 0.4% Doosan Heavy Industries & Construction Co. Ltd.(a)(b) . . 1,440,766 25,705,326 Airlines — 0.7% Korean Air Lines Co. Ltd.(a)...... 1,699,191 48,670,349 Electronic Equipment, Instruments & Components — 4.9% LG Display Co. Ltd.(a)(b) ...... 1,874,157 40,397,583 Auto Components — 2.5% LG Innotek Co. Ltd...... 136,784 25,087,062 Hankook Tire & Technology Co. Ltd...... 699,926 30,641,097 Samsung Electro-Mechanics Co. Ltd...... 406,046 62,080,445 Hanon Systems ...... 1,769,655 26,847,279 Samsung SDI Co. Ltd...... 376,352 207,574,106 Hyundai Mobis Co. Ltd...... 462,767 115,965,053 335,139,196 173,453,429 Entertainment — 2.2% Automobiles — 5.0% HYBE Co. Ltd.(a)...... 31,258 7,423,579 Hyundai Motor Co...... 965,505 202,970,257 NCSoft Corp...... 122,211 95,142,334 Kia Corp...... 1,846,047 141,135,143 Netmarble Corp.(b)(c) ...... 230,986 28,900,762 344,105,400 Pearl Abyss Corp.(a) ...... 390,404 21,212,768 Banks — 5.9% 152,679,443 Hana Financial Group Inc...... 2,063,408 86,082,097 Food & Staples Retailing — 0.6% Industrial Bank of Korea...... 2,271,516 21,982,990 BGF retail Co. Ltd...... 88,542 14,404,417 KB Financial Group Inc...... 2,665,179 140,864,649 E-MART Inc...... 191,389 27,288,313 Shinhan Financial Group Co. Ltd...... 3,055,546 116,482,092 Woori Financial Group Inc...... 4,042,075 40,368,619 41,692,730 Food Products — 0.8% 405,780,447 CJ CheilJedang Corp...... 76,549 33,518,006 Biotechnology — 2.8% Orion Corp./Republic of Korea...... 209,907 22,476,516 Alteogen Inc.(a) ...... 184,447 12,080,236 Ottogi Corp...... 66 32,290 Celltrion Inc.(a)(b)...... 642,944 158,083,231 Green Cross Corp...... 21,194 6,484,403 56,026,812 Seegene Inc.(b) ...... 244,307 14,857,790 Health Care Providers & Services — 0.7% Celltrion Healthcare Co. Ltd.(a) ...... 456,648 49,422,995 191,505,660 Capital Markets — 1.8% Hotels, Restaurants & Leisure — 0.4% Korea Investment Holdings Co. Ltd...... 356,498 33,177,299 Kangwon Land Inc.(a) ...... 987,094 25,456,834 Meritz Securities Co. Ltd...... 4,160,954 16,734,645 Mirae Asset Securities Co. Ltd...... 3,421,440 30,336,549 Household Durables — 2.0% NH Investment & Securities Co. Ltd...... 1,484,011 17,478,688 Coway Co. Ltd...... 409,913 30,587,106 Samsung Securities Co. Ltd...... 577,793 24,557,468 LG Electronics Inc...... 757,041 103,176,615 122,284,649 133,763,721 Chemicals — 5.4% Industrial Conglomerates — 3.1% Hanwha Solutions Corp.(a) ...... 1,171,588 47,263,208 CJ Corp...... 162,154 16,637,671 Kumho Petrochemical Co. Ltd...... 214,447 44,431,966 LG Corp...... 654,989 59,287,954 (a) LG Chem Ltd...... 309,486 227,036,484 LX Holdings Corp...... 317,627 3,118,457 Lotte Chemical Corp...... 138,714 34,686,594 Samsung C&T Corp...... 596,486 73,994,653 SK Chemicals Co. Ltd...... 50,747 11,533,324 SK Holdings Co. Ltd...... 248,137 58,842,843 SKC Co. Ltd...... 60,685 6,921,528 211,881,578 371,873,104 Insurance — 1.5% Commercial Services & Supplies — 0.2% DB Insurance Co. Ltd...... 464,805 21,120,478 S-1 Corp...... 183,504 13,327,198 Samsung Fire & Marine Insurance Co. Ltd...... 223,606 42,361,010 Samsung Life Insurance Co. Ltd...... 534,117 40,080,599 Communications Equipment — 0.2% 103,562,087 (a)(b) KMW Co. Ltd...... 280,681 13,698,797 Interactive Media & Services — 6.8% Construction & Engineering — 1.2% Kakao Corp...... 1,825,162 201,174,869 GS Engineering & Construction Corp...... 605,891 24,286,687 NAVER Corp...... 818,238 265,826,519 Hyundai Engineering & Construction Co. Ltd...... 657,873 33,815,752 467,001,388 Samsung Engineering Co. Ltd.(a) ...... 1,396,800 23,673,692 Internet & Direct Marketing Retail — 0.2% 81,776,131 CJ ENM Co. Ltd...... 111,503 16,517,256 Construction Materials — 0.7% IT Services — 0.6% POSCO Chemical Co. Ltd...... 342,815 44,538,088 Samsung SDS Co. Ltd...... 249,655 40,603,762

191 Schedule of Investments (unaudited) (continued) iShares MSCI South Korea ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Leisure Products — 0.4% Technology Hardware, Storage & Peripherals — 22.1% HLB Inc.(a)(b) ...... 842,385 $ 25,951,783 Samsung Electronics Co. Ltd...... 20,933,610 $ 1,510,123,344

Life Sciences Tools & Services — 1.3% Textiles, Apparel & Luxury Goods — 0.3% Samsung Biologics Co. Ltd.(a)(c) ...... 119,170 90,383,201 Fila Holdings Corp...... 460,781 22,488,186

Machinery — 1.8% Tobacco — 0.9% Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) . 502,101 15,154,140 KT&G Corp...... 799,410 60,422,413 Doosan Bobcat Inc.(a) ...... 535,371 24,603,498 Hyundai Heavy Industries Holdings Co. Ltd...... 418,293 26,419,194 Wireless Telecommunication Services — 1.0% Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) . . 299,741 38,292,079 SK Telecom Co. Ltd...... 247,671 70,647,020 (a) Samsung Heavy Industries Co. Ltd...... 3,757,309 20,367,176 Total Common Stocks — 98.0% 124,836,087 (Cost: $2,482,965,676)...... 6,699,979,412 Marine — 1.0% HMM Co. Ltd.(a) ...... 1,060,143 45,481,620 Preferred Stocks Pan Ocean Co. Ltd...... 3,364,913 20,537,772 Automobiles — 0.8% 66,019,392 Hyundai Motor Co. Media — 0.3% Preference Shares, NVS ...... 233,585 23,191,890 Cheil Worldwide Inc...... 737,333 17,115,197 Series 2, Preference Shares, NVS ...... 306,571 30,710,220 Metals & Mining — 3.4% 53,902,110 Hyundai Steel Co...... 730,888 34,931,138 Chemicals — 0.4% Korea Zinc Co. Ltd...... 68,178 27,586,554 LG Chem Ltd., Preference Shares, NVS ...... 80,835 26,920,741 POSCO ...... 523,565 166,517,923 Personal Products — 0.2% 229,035,615 LG Household & Health Care Ltd., Preference Multiline Retail — 0.5% Shares, NVS...... 21,033 13,572,939 Lotte Shopping Co. Ltd...... 129,764 14,116,340 Shinsegae Inc...... 69,220 19,932,132 Technology Hardware, Storage & Peripherals — 0.1% 34,048,472 Samsung Electronics Co. Ltd., Preference Oil, Gas & Consumable Fuels — 2.2% Shares, NVS...... 105,110 6,875,497 GS Holdings Corp...... 464,166 19,169,397 Total Preferred Stocks — 1.5% SK Innovation Co. Ltd.(a) ...... 409,086 97,032,700 (Cost: $45,803,313)...... 101,271,287 S-Oil Corp.(a) ...... 365,795 30,667,155 146,869,252 Short-Term Investments Personal Products — 2.5% Amorepacific Corp...... 235,953 60,651,754 Money Market Funds — 2.3% AMOREPACIFIC Group...... 273,699 19,024,754 BlackRock Cash Funds: Institutional, SL Agency (d)(e)(f) LG Household & Health Care Ltd...... 64,040 89,451,160 Shares, 0.06% ...... 157,352,866 157,447,278 169,127,668 Total Short-Term Investments — 2.3% Pharmaceuticals — 1.4% (Cost: $157,371,463) ...... 157,447,278 Celltrion Pharm Inc.(a)...... 110,109 13,729,936 Hanmi Pharm Co. Ltd...... 65,354 20,838,227 Total Investments in Securities — 101.8% Shin Poong Pharmaceutical Co. Ltd...... 198,836 11,527,883 (Cost: $2,686,140,452)...... 6,958,697,977 (a) SK Biopharmaceuticals Co. Ltd...... 182,414 18,551,465 Other Assets, Less Liabilities — (1.8)%...... (122,782,678) Yuhan Corp...... 466,908 27,461,093 92,108,604 Net Assets — 100.0% ...... $ 6,835,915,299 Road & Rail — 0.2% (a) Non-income producing security. CJ Logistics Corp.(a) ...... 104,941 15,996,485 (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 Semiconductors & Semiconductor Equipment — 5.9% 1933, as amended. These securities may be resold in transactions exempt from SK Hynix Inc...... 3,551,618 404,582,576 registration to qualified institutional investors. (d) Affiliate of the Fund. Software — 0.1% (e) Annualized 7-day yield as of period-end. Douzone Bizon Co. Ltd...... 133,996 9,922,411 (f) All or a portion of this security was purchased with cash collateral received from loaned securities. Specialty Retail — 0.4% Hotel Shilla Co. Ltd...... 268,029 24,376,781

192 Schedule of Investments (unaudited) (continued) iShares MSCI South Korea 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $204,524,418 $ — $(46,966,323)(a) $ (88,667) $ (22,150) $157,447,278 157,352,866 $2,027,946(b) $ — BlackRock Cash Funds: Treasury, SL (c) (a) Agency Shares ...... 13,820,000 — (13,820,000) — — — — 3,775 —

$ (88,667) $ (22,150) $157,447,278 $2,031,721 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts KOSPI 200 Index...... 334 06/10/21 $32,021 $ 1,072,976

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 ...... $ 16,445,655 $6,683,533,757 $ — $6,699,979,412 Preferred Stocks ...... — 101,271,287 — 101,271,287 Money Market Funds...... 157,447,278 — — 157,447,278 $ 173,892,933 $6,784,805,044 $ — $6,958,697,977 Derivative financial instruments(a) Assets Futures Contracts ...... $ 1,072,976 $ — $ — $ 1,072,976

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

193 Schedule of Investments (unaudited) iShares MSCI Spain ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Rights Banks — 25.8% Construction & Engineering — 0.0% Banco Bilbao Vizcaya Argentaria SA...... 4,029,901 $ 25,219,101 Ferrovial SA, (Expires 06/01/21)(b)(c) ...... 733,434 $ 178,251 Banco Santander SA...... 21,407,518 89,469,601 CaixaBank SA...... 6,993,843 23,948,259 Total Rights — 0.0% (Cost: $174,453) ...... 178,251 138,636,961 Biotechnology — 2.9% Short-Term Investments Grifols SA ...... 555,514 15,449,400 Money Market Funds — 0.5% Construction & Engineering — 7.0% BlackRock Cash Funds: Institutional, SL Agency Shares, ACS Actividades de Construccion y Servicios SA...... 459,343 14,270,374 0.06%(d)(e)(f)...... 1,741,411 1,742,455 Ferrovial SA ...... 791,174 23,171,667 BlackRock Cash Funds: Treasury, SL Agency Shares, 37,442,041 0.00%(d)(e) ...... 810,000 810,000 Diversified Telecommunication Services — 9.2% 2,552,455 Cellnex Telecom SA(a) ...... 433,555 25,916,452 Telefonica SA...... 4,800,939 23,577,679 Total Short-Term Investments — 0.5% 49,494,131 (Cost: $2,552,337)...... 2,552,455 Electric Utilities — 24.2% Total Investments in Securities — 100.1% Endesa SA ...... 596,112 16,205,597 (Cost: $625,753,476) ...... 538,005,184 Iberdrola SA...... 7,384,048 98,990,646 Red Electrica Corp. SA ...... 748,334 14,983,595 Other Assets, Less Liabilities — (0.1)%...... (347,758) 130,179,838 Net Assets — 100.0%...... $ 537,657,426 Electrical Equipment — 2.9% (a) Siemens Gamesa Renewable Energy SA(b) ...... 471,361 15,441,352 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 Gas Utilities — 4.9% registration to qualified institutional investors. (b) Enagas SA ...... 485,737 11,382,854 Non-income producing security. (c) Naturgy Energy Group SA...... 565,432 14,769,278 Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 26,152,132 (d) Affiliate of the Fund. IT Services — 4.6% (e) Annualized 7-day yield as of period-end. Amadeus IT Group SA(b) ...... 331,261 24,890,920 (f) All or a portion of this security was purchased with cash collateral received from loaned securities. Oil, Gas & Consumable Fuels — 4.4% Repsol SA...... 1,784,369 23,784,464

Specialty Retail — 9.7% Industria de Diseno Textil SA ...... 1,352,936 52,203,460

Transportation Infrastructure — 4.0% Aena SME SA(a)(b) ...... 123,587 21,599,779

Total Common Stocks — 99.6% (Cost: $623,026,686) ...... 535,274,478

194 Schedule of Investments (unaudited) (continued) iShares MSCI Spain 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $ — $1,744,468(a) $ — $ (2,131)$ 118 $1,742,455 1,741,411 $ 5,331(b) $ — (a) BlackRock Cash Funds: Treasury, SL Agency Shares. . . 240,000 570,000 — — — 810,000 810,000 134 —

$ (2,131) $ 118 $2,552,455 $ 5,465 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts IBEX 35 Index...... 6 06/18/21 $ 668 $ (1,517)

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 ...... $ — $535,274,478 $ — $535,274,478 Rights ...... — — 178,251 178,251 Money Market Funds ...... 2,552,455 — — 2,552,455 $ 2,552,455 $535,274,478 $ 178,251 $538,005,184 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (1,517) $ — $ — $ (1,517)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

195 Schedule of Investments (unaudited) iShares MSCI Sweden ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Machinery (continued) Atlas Copco AB, Class A ...... 526,569 $ 31,910,905 Banks — 13.2% Atlas Copco AB, Class B ...... 305,990 15,745,442 Nordea Bank Abp ...... 2,540,616 $ 27,190,109 Epiroc AB, Class A ...... 516,765 11,675,825 Skandinaviska Enskilda Banken AB, Class A ...... 1,276,215 16,291,066 Epiroc AB, Class B...... 305,342 6,081,073 Svenska Handelsbanken AB, Class A ...... 1,143,748 12,794,446 Sandvik AB ...... 885,264 23,266,569 Swedbank AB, Class A...... 710,130 12,742,277 SKF AB, Class B...... 299,057 8,048,158 69,017,898 Volvo AB, Class A...... 157,427 4,217,870 Building Products — 7.0% Volvo AB, Class B...... 1,121,035 29,268,626 Assa Abloy AB, Class B ...... 785,952 24,073,655 139,497,761 Nibe Industrier AB, Class B...... 1,117,844 12,140,883 Metals & Mining — 1.7% 36,214,538 Boliden AB ...... 214,383 8,583,737 Capital Markets — 1.3% EQT AB ...... 187,303 6,758,795 Oil, Gas & Consumable Fuels — 1.0% Lundin Energy AB...... 156,591 5,372,785 Commercial Services & Supplies — 0.8% Securitas AB, Class B ...... 246,170 3,931,275 Paper & Forest Products — 1.5% Svenska Cellulosa AB SCA, Class B ...... 474,808 7,864,529 Communications Equipment — 5.8% Telefonaktiebolaget LM Ericsson, Class B ...... 2,288,758 30,317,634 Real Estate Management & Development — 1.0% Fastighets AB Balder, Class B(a) ...... 82,273 5,220,641 Construction & Engineering — 1.4% Skanska AB, Class B...... 266,545 7,479,931 Software — 1.4% Sinch AB(a) ...... 39,661 7,306,467 Diversified Financial Services — 10.7% Industrivarden AB, Class A ...... 83,999 3,407,538 Specialty Retail — 2.8% (a) Industrivarden AB, Class C ...... 125,547 4,919,455 H & M Hennes & Mauritz AB, Class B ...... 572,693 14,595,059 Investor AB, Class B ...... 1,428,671 32,936,445 Tobacco — 2.3% Kinnevik AB(a) ...... 194,138 3,693,792 Swedish Match AB ...... 1,271,891 11,776,597 Kinnevik AB, Class B...... 188,234 7,172,295 L E Lundbergforetagen AB, Class B...... 59,749 3,748,013 Wireless Telecommunication Services — 1.0% 55,877,538 AB, Class B...... 389,372 5,228,640 Diversified Telecommunication Services — 1.7% Total Common Stocks — 98.2% Telia Co. AB ...... 2,084,202 9,077,350 (Cost: $427,071,967) ...... 511,580,021 Electronic Equipment, Instruments & Components — 4.2% Hexagon AB, Class B ...... 1,544,842 21,989,045 Short-Term Investments Entertainment — 1.1% Money Market Funds — 0.0% Embracer Group AB(a)...... 200,745 5,970,096 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) ...... 210,000 210,000 Food & Staples Retailing — 0.7% ICA Gruppen AB ...... 79,068 3,819,218 Total Short-Term Investments — 0.0% (Cost: $210,000) ...... 210,000 Hotels, Restaurants & Leisure — 4.9% Evolution AB(b)...... 133,197 25,465,518 Total Investments in Securities — 98.2% (Cost: $427,281,967) ...... 511,790,021 Household Durables — 1.9% Other Assets, Less Liabilities — 1.8% ...... 9,362,836 AB, Series B...... 176,402 4,990,053 Husqvarna AB, Class B ...... 328,768 4,805,025 Net Assets — 100.0%...... $ 521,152,857 9,795,078 (a) Non-income producing security. Household Products — 3.2% (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Essity AB, Class B ...... 477,215 16,448,490 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. Industrial Conglomerates — 0.8% (c) Affiliate of the Fund. Investment AB Latour, Class B...... 116,394 3,971,401 (d) Annualized 7-day yield as of period-end. Machinery — 26.8% Alfa Laval AB ...... 246,624 9,283,293

196 Schedule of Investments (unaudited) (continued) iShares MSCI Sweden 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares(a) ...... $3,686,386 $ — $(3,685,184)(b) $ (2,003) $ 801 $ — — $ 1,832(c) $ — (b) BlackRock Cash Funds: Treasury, SL Agency Shares. . 80,000 130,000 — — — 210,000210,000 69 —

$ (2,003) $ 801 $210,000 $ 1,901 $ —

(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 OMXS 30 Index ...... 351 06/18/21 $ 9,486 $ (20,282)

Forward Foreign Currency Exchange Contracts Unrealized Appreciation Currency Purchased Currency Sold Counterparty Settlement Date (Depreciation) USD 1,184,491 EUR 991,191 SCB 06/18/21 ...... $ (27,958) USD 7,662,871 SEK 65,192,175 SCB 06/18/21 ...... (202,425) (230,383) Net unrealized depreciation ...... $ (230,383)

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.

197 Schedule of Investments (unaudited) (continued) iShares MSCI Sweden ETF May 31, 2021

Fair Value Measurements (continued)

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...... $ 25,682,837 $485,897,184 $ — $511,580,021 Money Market Funds ...... 210,000 — — 210,000 $ 25,892,837 $485,897,184 $ — $511,790,021 Derivative financial instruments(a) Liabilities Forward Foreign Currency Exchange Contracts ...... $ — $ (230,383) $ — $ (230,383) Futures Contracts ...... (20,282) — — (20,282) $ (20,282) $ (230,383) $ — $ (250,665)

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Counterparty Abbreviations

SCB ...... Standard Chartered Bank

Currency Abbreviations

EUR ...... Euro SEK...... Swedish Krona USD ...... United States Dollar

198 Schedule of Investments (unaudited) iShares MSCI Switzerland ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Machinery (continued) Schindler Holding AG, Registered...... 27,790 $ 8,024,917 Banks — 0.3% Banque Cantonale Vaudoise, Registered ...... 49,809 $ 4,622,433 22,083,012 Marine — 1.3% Building Products — 1.8% Kuehne + Nagel International AG, Registered ...... 62,085 20,939,412 Geberit AG, Registered...... 39,656 28,645,127 Pharmaceuticals — 24.3% Capital Markets — 8.5% Novartis AG, Registered ...... 1,872,874 164,037,582 Credit Suisse Group AG, Registered ...... 2,536,275 27,561,220 Roche Holding AG, NVS...... 607,752 210,789,593 Julius Baer Group Ltd...... 254,637 17,385,809 Roche Holding AG, Bearer...... 7,691 2,875,419 Partners Group Holding AG...... 19,921 30,222,623 Vifor Pharma AG ...... 61,914 9,014,603 UBS Group AG, Registered...... 3,695,937 59,779,026 386,717,197 134,948,678 Professional Services — 2.1% Chemicals — 6.6% Adecco Group AG, Registered ...... 185,548 12,747,243 Clariant AG, Registered ...... 300,496 6,490,578 SGS SA, Registered ...... 6,629 20,622,363 EMS-Chemie Holding AG, Registered ...... 10,221 9,575,275 33,369,606 Givaudan SA, Registered...... 9,522 42,430,503 Real Estate Management & Development — 0.6% Sika AG, Registered...... 145,458 46,702,518 Swiss Prime Site AG, Registered ...... 97,631 9,949,998 105,198,874 Construction Materials — 2.1% Software — 0.8% Holcim Ltd., Registered...... 548,481 32,534,902 Temenos AG, Registered ...... 83,616 12,826,140

Diversified Telecommunication Services — 1.0% Technology Hardware, Storage & Peripherals — 1.4% Swisscom AG, Registered ...... 29,599 16,628,637 Logitech International SA, Registered ...... 178,537 22,075,023

Electrical Equipment — 3.9% Textiles, Apparel & Luxury Goods — 5.3% ABB Ltd., Registered ...... 1,824,975 62,172,958 Cie. Financiere Richemont SA, Class A, Registered...... 528,821 64,266,837 Swatch Group AG (The), Bearer ...... 35,895 12,985,598 Food Products — 22.1% Swatch Group AG (The), Registered ...... 91,601 6,339,619 Barry Callebaut AG, Registered...... 4,676 10,692,149 83,592,054 Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS ...... 1,254 11,954,475 Total Common Stocks — 98.8% Chocoladefabriken Lindt & Spruengli AG, Registered ..... 123 12,484,602 (Cost: $1,294,421,227)...... 1,571,752,980 Nestle SA, Registered...... 2,576,461 317,036,786 352,168,012 Short-Term Investments Health Care Equipment & Supplies — 4.7% Money Market Funds — 0.1% Alcon Inc...... 507,941 35,184,201 BlackRock Cash Funds: Treasury, SL Agency Shares, (a) Sonova Holding AG, Registered ...... 61,666 21,861,747 0.00%(b)(c)...... 720,000 720,000 Straumann Holding AG, Registered ...... 11,780 18,407,599 75,453,547 Total Short-Term Investments — 0.1% Insurance — 7.5% (Cost: $720,000)...... 720,000 Baloise Holding AG, Registered...... 58,346 9,609,676 Total Investments in Securities — 98.9% Swiss Life Holding AG, Registered ...... 34,192 17,709,260 (Cost: $1,295,141,227)...... 1,572,472,980 Swiss Re AG...... 301,638 28,937,562 Zurich Insurance Group AG...... 151,139 63,048,808 Other Assets, Less Liabilities — 1.1% ...... 17,825,600

119,305,306 Net Assets — 100.0% ...... $ 1,590,298,580 Life Sciences Tools & Services — 3.1% (a) Lonza Group AG, Registered ...... 75,499 48,522,064 Non-income producing security. (b) Affiliate of the Fund. (c) Machinery — 1.4% Annualized 7-day yield as of period-end. Schindler Holding AG, Participation Certificates, NVS ..... 47,626 14,058,095

199 Schedule of Investments (unaudited) (continued) iShares MSCI Switzerland 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares(a) ...... $4,438,176 $ — $(4,437,730)(b) $ (1,261) $ 815 $ — — $50,366(c) $ — (b) BlackRock Cash Funds: Treasury, SL Agency Shares . . 1,330,000 — (610,000) — — 720,000720,000 390 —

$ (1,261) $ 815 $720,000 $50,756 $ —

(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 Euro STOXX 50 Index ...... 376 06/18/21 $18,501 $ 364,512

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 ...... $ 24,439,077 $1,547,313,903 $ — $1,571,752,980 Money Market Funds...... 720,000 — — 720,000 $ 25,159,077 $1,547,313,903 $ — $1,572,472,980 Derivative financial instruments(a) Assets Futures Contracts ...... $ 364,512 $ — $ — $ 364,512

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

200 Schedule of Investments (unaudited) iShares MSCI Taiwan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Household Durables — 0.5% Nien Made Enterprise Co. Ltd...... 2,264,000 $ 33,222,891 Auto Components — 0.5% Cheng Shin Rubber Industry Co. Ltd...... 22,616,670 $ 38,016,666 Industrial Conglomerates — 0.6% Far Eastern New Century Corp...... 35,058,843 39,964,926 Banks — 9.5% Chang Hwa Commercial Bank Ltd.(a) ...... 61,128,199 37,109,439 Insurance — 5.2% CTBC Financial Holding Co. Ltd...... 127,916,325 106,190,456 Cathay Financial Holding Co. Ltd...... 57,732,315 116,209,014 E.Sun Financial Holding Co. Ltd.(a) ...... 87,164,980 80,226,132 China Development Financial Holding Corp.(a) ...... 127,916,508 57,335,568 First Financial Holding Co. Ltd.(a) ...... 83,729,013 66,454,085 China Life Insurance Co. Ltd...... 33,960,307 30,285,690 Hua Nan Financial Holdings Co. Ltd...... 76,937,915 50,623,376 Fubon Financial Holding Co. Ltd.(a) ...... 47,544,515 123,856,050 Mega Financial Holding Co. Ltd.(a) ...... 79,240,271 94,544,488 Shin Kong Financial Holding Co. Ltd.(a) ...... 127,916,403 46,331,132 Shanghai Commercial & Savings Bank Ltd. (The) ...... 32,828,306 53,746,348 374,017,454 SinoPac Financial Holdings Co. Ltd...... 103,012,724 50,294,993 Leisure Products — 0.6% Taishin Financial Holding Co. Ltd...... 93,956,706 50,116,877 Giant Manufacturing Co. Ltd.(a) ...... 3,396,590 40,576,505 Taiwan Business Bank ...... 88,296,547 30,601,427 Taiwan Cooperative Financial Holding Co. Ltd...... 79,206,412 59,822,177 Machinery — 1.2% 679,729,798 Airtac International Group ...... 1,254,000 45,082,405 Chemicals — 4.3% Hiwin Technologies Corp...... 3,005,390 39,746,035 Formosa Chemicals & Fibre Corp...... 27,168,610 83,760,598 84,828,440 Formosa Plastics Corp...... 29,438,518 109,808,188 Marine — 1.5% Nan Ya Plastics Corp...... 37,332,938 113,689,100 Evergreen Marine Corp. Taiwan Ltd.(c) ...... 23,772,533 84,380,195 307,257,886 Wan Hai Lines Ltd...... 1,908,000 9,980,783 (c) Communications Equipment — 0.7% Yang Ming Marine Transport Corp...... 3,396,000 12,517,939 Accton Technology Corp.(a)...... 4,528,000 50,255,108 106,878,917 Metals & Mining — 1.6% Construction Materials — 1.7% China Steel Corp...... 87,164,977 116,043,913 Asia Cement Corp.(a) ...... 24,870,136 46,574,195 Taiwan Cement Corp.(a) ...... 39,620,646 73,710,375 Oil, Gas & Consumable Fuels — 0.6% (a) 120,284,570 Formosa Petrochemical Corp...... 12,428,950 44,756,452 Diversified Financial Services — 2.1% (a) Pharmaceuticals — 0.3% Chailease Holding Co. Ltd...... 10,188,017 76,580,680 Oneness Biotech Co. Ltd.(a)(c) ...... 2,479,000 18,212,423 Yuanta Financial Holding Co. Ltd...... 79,240,657 73,107,678 149,688,358 Real Estate Management & Development — 0.4% (a) Diversified Telecommunication Services — 1.5% Ruentex Development Co. Ltd...... 16,951,614 32,035,727 Chunghwa Telecom Co. Ltd...... 26,036,648 106,667,726 Semiconductors & Semiconductor Equipment — 38.6% (a) Electrical Equipment — 0.0% ASE Technology Holding Co. Ltd...... 24,904,432 99,884,307 (a) Ya Hsin Industrial Co. Ltd.(b)...... 6,845,461 2 ASMedia Technology Inc...... 360,000 19,576,557 Globalwafers Co. Ltd.(a) ...... 2,099,000 63,372,612 Electronic Equipment, Instruments & Components — 14.0% MediaTek Inc...... 9,695,175 346,790,148 AU Optronics Corp.(a)(c) ...... 80,372,830 74,311,579 Nanya Technology Corp.(a) ...... 14,716,000 43,350,204 Delta Electronics Inc...... 13,584,180 144,730,265 Novatek Microelectronics Corp.(a)...... 4,711,544 90,478,312 Foxconn Technology Co. Ltd.(a)...... 14,235,499 33,429,123 Phison Electronics Corp.(a) ...... 2,264,698 39,802,190 Hon Hai Precision Industry Co. Ltd...... 80,372,002 328,371,720 Powertech Technology Inc.(a) ...... 9,056,036 34,928,143 Innolux Corp.(a) ...... 84,900,873 74,318,654 Realtek Semiconductor Corp...... 3,875,063 69,625,712 Largan Precision Co. Ltd.(a) ...... 727,794 79,382,523 Silergy Corp.(a) ...... 637,000 84,176,812 Nan Ya Printed Circuit Board Corp.(a) ...... 3,356,000 39,824,932 Taiwan Semiconductor Manufacturing Co. Ltd...... 73,427,882 1,577,530,514 Pacific Electric Wire & Cable Co. Ltd.(b) ...... 197 — United Microelectronics Corp.(a) ...... 83,768,501 159,234,772 Synnex Technology International Corp...... 16,980,364 36,594,128 Vanguard International Semiconductor Corp.(a) ...... 9,061,000 38,496,023 Unimicron Technology Corp.(a) ...... 12,452,000 50,348,187 Win Semiconductors Corp.(a) ...... 3,396,000 39,838,894 Walsin Technology Corp.(a) ...... 2,379,000 17,962,908 Winbond Electronics Corp.(a) ...... 40,752,000 50,005,843 WPG Holdings Ltd...... 21,508,604 40,192,189 2,757,091,043 Yageo Corp.(a) ...... 3,249,125 58,979,897 (a) Specialty Retail — 0.7% Zhen Ding Technology Holding Ltd...... 5,755,072 20,094,578 Hotai Motor Co. Ltd...... 2,560,000 52,607,841 998,540,683 Food & Staples Retailing — 0.7% Technology Hardware, Storage & Peripherals — 8.0% (a) President Chain Store Corp.(a)...... 5,247,215 50,058,890 Acer Inc...... 35,092,737 40,282,743 Advantech Co. Ltd.(a) ...... 3,705,827 44,065,395 Food Products — 1.3% Asustek Computer Inc.(a) ...... 5,660,857 80,511,976 Uni-President Enterprises Corp...... 35,092,189 93,078,956 Catcher Technology Co. Ltd...... 6,768,743 44,808,004 Compal Electronics Inc.(a) ...... 47,544,554 40,173,204

201 Schedule of Investments (unaudited) (continued) iShares MSCI Taiwan ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Technology Hardware, Storage & Peripherals (continued) Short-Term Investments Inventec Corp.(a)...... 36,224,868 $ 33,704,685 Money Market Funds — 10.3% Lite-On Technology Corp.(a) ...... 20,376,071 48,628,036 BlackRock Cash Funds: Institutional, SL Agency Micro-Star International Co. Ltd.(a) ...... 7,471,000 44,409,569 Shares, 0.06%(d)(e)(f) ...... 717,128,483 $ 717,558,760 Pegatron Corp.(a) ...... 18,112,037 47,978,005 BlackRock Cash Funds: Treasury, SL Agency Shares, Quanta Computer Inc.(a) ...... 22,640,240 73,234,024 0.00%(d)(e) ...... 19,310,000 19,310,000 Wistron Corp.(a)...... 33,960,921 37,642,963 Wiwynn Corp.(a) ...... 1,132,000 37,959,639 736,868,760 573,398,243 Total Short-Term Investments — 10.3% Textiles, Apparel & Luxury Goods — 1.9% (Cost: $736,753,870) ...... 736,868,760 Eclat Textile Co. Ltd...... 2,240,601 52,089,271 Feng TAY Enterprise Co. Ltd...... 5,011,747 43,530,595 Total Investments in Securities — 110.0% Pou Chen Corp...... 31,696,103 43,002,239 (Cost: $3,801,056,396)...... 7,866,620,576 138,622,105 Other Assets, Less Liabilities — (10.0)%...... (716,671,786) Transportation Infrastructure — 0.4% Taiwan High Speed Rail Corp...... 29,432,000 31,236,989 Net Assets — 100.0% ...... $ 7,149,948,790 (a) All or a portion of this security is on loan. Wireless Telecommunication Services — 1.3% (b) Security is valued using significant unobservable inputs and is classified as Level 3 in the Far EasTone Telecommunications Co. Ltd...... 16,980,259 39,450,011 fair value hierarchy. Taiwan Mobile Co. Ltd...... 14,692,609 53,229,293 (c) Non-income producing security. 92,679,304 (d) Affiliate of the Fund. (e) Annualized 7-day yield as of period-end. Total Common Stocks — 99.7% (f) All or a portion of this security was purchased with cash collateral received from loaned (Cost: $3,064,302,526)...... 7,129,751,816 securities.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $201,949,066 $515,669,595(a) $ — $ (52,469)$ (7,432)$717,558,760 717,128,483 $2,934,853(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares ...... 18,470,000 840,000 — — — 19,310,000 19,310,000 3,339 —

$ (52,469) $ (7,432) $736,868,760 $2,938,192 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts FTSE Taiwan Index...... 234 06/29/21 $14,021 $ 407,350

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.

202 Schedule of Investments (unaudited) (continued) iShares MSCI Taiwan ETF May 31, 2021

Fair Value Measurements (continued)

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 ...... $ 53,229,293 $7,076,522,521 $ 2 $7,129,751,816 Money Market Funds...... 736,868,760 — — 736,868,760 $ 790,098,053 $7,076,522,521 $ 2 $7,866,620,576 Derivative financial instruments(a) Assets Futures Contracts...... $ 407,350 $ — $ — $ 407,350

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

203 Schedule of Investments (unaudited) iShares MSCI Thailand ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Diversified Telecommunication Services (continued) True Corp. PCL, NVDR(b) ...... 25,116,618 $ 2,536,752 Airlines — 0.2% Asia Aviation PCL, NVDR(a)(b) ...... 5,808,700 $ 490,476 3,363,280 Bangkok Airways PCL, NVDR(a) ...... 1,585,400 369,723 Electronic Equipment, Instruments & Components — 5.1% Delta Electronics Thailand PCL, NVDR ...... 672,400 12,517,820 860,199 Hana Microelectronics PCL, NVDR(b) ...... 1,214,300 2,340,634 Auto Components — 0.7% Jay Mart PCL, NVDR(b) ...... 894,500 1,135,756 Sri Trang Agro-Industry PCL, NVDR ...... 1,992,645 2,754,456 KCE Electronics PCL, NVDR(b) ...... 1,780,300 4,029,527 Banks — 4.6% Synnex Thailand PCL, NVDR ...... 544,300 460,950 Bangkok Bank PCL, Foreign ...... 1,235,600 4,567,358 20,484,687 Kasikornbank PCL, NVDR ...... 662,400 2,521,198 Entertainment — 0.4% Kiatnakin Phatra Bank PCL, NVDR ...... 460,173 839,123 Major Cineplex Group PCL, NVDR(a)(b) ...... 1,154,400 753,286 Krung Thai Bank PCL, NVDR ...... 7,525,500 2,624,228 RS PCL, NVDR(a)...... 1,045,700 844,278 Siam Commercial Bank PCL (The), NVDR ...... 1,830,300 5,998,491 1,597,564 Thanachart Capital PCL, NVDR ...... 635,400 695,890 Food & Staples Retailing — 6.9% Tisco Financial Group PCL, NVDR ...... 433,000 1,233,270 Berli Jucker PCL, NVDR(b) ...... 2,599,600 2,887,891 18,479,558 CP ALL PCL, NVDR ...... 12,589,200 24,454,878 Beverages — 1.5% 27,342,769 Carabao Group PCL, NVDR...... 646,800 2,739,953 Food Products — 3.6% (b) Osotspa PCL, NVDR ...... 2,596,800 3,071,521 Charoen Pokphand Foods PCL, NVDR(b) ...... 8,354,800 7,279,565 5,811,474 GFPT PCL, NVDR(b) ...... 1,100,400 376,647 Building Products — 0.2% Ichitan Group PCL, NVDR(b)...... 1,121,200 423,082 Dynasty Ceramic PCL, NVDR ...... 7,987,640 786,373 Khon Kaen Sugar Industry PCL, NVDR(a) ...... 3,329,778 458,177 R&B Food Supply PCL, NVDR(b) ...... 1,072,100 624,003 Capital Markets — 0.6% (b) (b) Taokaenoi Food & Marketing PCL, Class R, NVDR ...... 1,042,500 249,960 Bangkok Commercial Asset Management PCL, NVDR . . . 3,823,500 2,310,413 Thai Union Group PCL, NVDR ...... 6,184,200 3,520,593 Chemicals — 4.5% Thai Vegetable Oil PCL, NVDR...... 960,353 1,021,929 (b) Eastern Polymer Group PCL, NVDR...... 2,115,500 737,816 Thaifoods Group PCL, NVDR ...... 2,423,900 384,372 Indorama Ventures PCL, NVDR(b) ...... 3,633,010 5,308,568 14,338,328 PTT Global Chemical PCL, NVDR ...... 4,860,607 9,823,023 Health Care Equipment & Supplies — 0.8% TOA Paint Thailand PCL ...... 1,303,200 1,562,805 Sri Trang Gloves Thailand PCL, NVDR(b) ...... 2,161,200 3,025,680 Vinythai PCL, NVDR ...... 513,300 628,279 Health Care Providers & Services — 5.7% 18,060,491 Bangkok Chain Hospital PCL, NVDR ...... 2,958,725 1,929,418 Construction & Engineering — 0.7% Bangkok Dusit Medical Services PCL, NVDR ...... 20,558,300 14,191,665 CH Karnchang PCL, NVDR ...... 2,367,900 1,535,856 Bumrungrad Hospital PCL, NVDR ...... 1,028,876 4,340,970 Sino-Thai Engineering & Construction PCL, NVDR ...... 2,295,928 1,174,096 Chularat Hospital PCL, NVDR ...... 10,645,500 1,197,482 2,709,952 Thonburi Healthcare Group PCL, NVDR ...... 1,099,400 896,732 Construction Materials — 6.6% 22,556,267 Siam Cement PCL (The), NVDR...... 1,681,700 23,568,303 Hotels, Restaurants & Leisure — 2.9% Siam City Cement PCL, NVDR ...... 191,400 1,113,864 (a) (b) Asset World Corp. PCL, NVDR ...... 17,204,800 2,626,562 Tipco Asphalt PCL, NVDR ...... 1,526,900 953,403 Central Plaza Hotel PCL, NVDR(a)(b) ...... 871,000 925,369 TPI Polene PCL, NVDR...... 12,464,600 804,860 Minor International PCL, NVDR(a)...... 6,716,010 6,875,152 26,440,430 MK Restaurants Group PCL, NVDR ...... 693,200 1,181,170 Consumer Finance — 3.7% (b) 11,608,253 AEON Thana Sinsap Thailand PCL, NVDR ...... 188,200 1,214,132 Independent Power and Renewable Electricity Producers — 7.9% JMT Network Services PCL, NVDR...... 857,100 1,219,721 (b) Absolute Clean Energy PCL...... 4,357,300 512,815 Krungthai Card PCL, NVDR ...... 1,946,400 4,542,384 B Grimm Power PCL, NVDR ...... 1,685,600 2,386,418 Muangthai Capital PCL, NVDR ...... 1,603,300 3,175,778 Banpu Power PCL, NVDR(b)...... 1,642,500 1,003,081 Ratchthani Leasing PCL, NVDR(b) ...... 4,871,527 654,259 (b) BCPG PCL, NVDR ...... 1,703,550 762,546 Srisawad Corp. PCL, NVDR ...... 1,630,360 3,919,335 CK Power PCL, NVDR...... 4,370,760 768,035 14,725,609 Electricity Generating PCL, NVDR(b) ...... 568,900 3,183,186 Containers & Packaging — 1.4% Energy Absolute PCL, NVDR...... 3,216,800 6,196,700 Polyplex Thailand PCL, NVDR ...... 583,700 499,432 Global Power Synergy PCL, NVDR ...... 1,522,800 3,553,458 SCG Packaging PCL, NVDR ...... 2,757,300 4,874,034 Gulf Energy Development PCL, NVDR(b)...... 6,324,300 6,828,564 5,373,466 Gunkul Engineering PCL, NVDR ...... 8,675,922 970,896 Diversified Telecommunication Services — 0.8% Ratch Group PCL, NVDR ...... 1,715,100 2,811,377 Jasmine International PCL, NVDR(b) ...... 9,239,868 826,528 SPCG PCL, NVDR ...... 942,600 594,082 Super Energy Corp. PCL, NVDR ...... 35,599,350 1,116,338

204 Schedule of Investments (unaudited) (continued) iShares MSCI Thailand ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Independent Power and Renewable Electricity Producers (continued) Specialty Retail (continued) TPI Polene Power PCL, NVDR(b) ...... 5,438,300 $ 772,307 PTG Energy PCL, NVDR(b)...... 1,808,400 $ 1,121,754 31,459,803 Singer Thailand PCL, NVDR ...... 578,400 766,531 Industrial Conglomerates — 0.4% 11,200,802 Thoresen Thai Agencies PCL, NVDR ...... 2,954,000 1,656,151 Transportation Infrastructure — 5.8% Airports of Thailand PCL, NVDR...... 9,240,200 18,615,166 Insurance — 0.6% Bangkok Aviation Fuel Services PCL, NVDR(a)(b) ...... 416,300 332,728 Bangkok Life Assurance PCL, NVDR ...... 1,102,700 1,108,966 Bangkok Expressway & Metro PCL, NVDR(b)...... 16,497,953 4,325,816 TQM Corp. PCL, NVDR(b) ...... 290,300 1,077,493 23,273,710 2,186,459 Water Utilities — 0.5% Marine — 0.6% Eastern Water Resources Development and Management (a) Precious Shipping PCL, NVDR ...... 1,669,200 960,480 PCL, NVDR(b)...... 1,265,600 396,785 Regional Container Lines PCL, NVDR ...... 709,700 1,231,174 TTW PCL, NVDR(b) ...... 2,993,766 1,130,446 2,191,654 WHA Utilities and Power PCL, NVDR(b) ...... 2,493,700 362,141 Media — 0.6% 1,889,372 (b) Plan B Media PCL, NVDR ...... 4,198,100 804,738 Wireless Telecommunication Services — 5.6% (b) VGI PCL, NVDR ...... 7,415,800 1,469,832 Advanced Info Service PCL, NVDR...... 2,564,419 13,820,779 2,274,570 Intouch Holdings PCL, NVDR ...... 4,148,000 8,523,316 Multiline Retail — 1.0% 22,344,095 Central Retail Corp. PCL, NVDR ...... 3,906,034 4,149,512 Total Common Stocks — 99.6% Oil, Gas & Consumable Fuels — 15.2% (Cost: $452,897,230) ...... 396,284,765 Bangchak Corp. PCL, NVDR(b) ...... 2,220,900 1,811,723 Banpu PCL, NVDR ...... 8,769,600 3,674,139 Warrants Esso Thailand PCL, NVDR(a)(b) ...... 2,259,300 610,205 IRPC PCL, NVDR(b) ...... 24,287,000 3,135,908 Entertainment — 0.0% Prima Marine PCL, NVDR(b)...... 2,150,600 509,124 RS PCL, NVDR, NVDR (Expires 05/23/24)(a) ...... 200,760 0(c) PTT Exploration & Production PCL, NVDR ...... 2,995,784 11,345,904 Food Products — 0.0% PTT Oil & Retail Business, NVDR ...... 6,468,100 6,204,365 Thaifoods Group PCL, (Expires 05/14/24)(a)...... 253,080 12,958 PTT PCL, NVDR...... 21,554,100 27,211,362 Siamgas & Petrochemicals PCL, NVDR...... 1,185,800 435,989 Hotels, Restaurants & Leisure — 0.0% (a)(b) Star Petroleum Refining PCL, NVDR ...... 3,754,600 1,170,610 Minor International PCL, (Expires 05/05/23)(a) ...... 239,755 37,440 Thai Oil PCL, NVDR ...... 2,421,300 4,564,484 Minor International PCL, (Expires 02/15/24)(a) ...... 217,278 29,202 60,673,813 66,642 Pharmaceuticals — 0.2% Real Estate Management & Development — 0.0% Mega Lifesciences PCL, NVDR...... 753,400 872,978 MBK PCL, NVDR (Expires 12/31/24)(a) ...... 83,920 28,466

Real Estate Management & Development — 6.2% Total Warrants — 0.0% (b) Amata Corp. PCL, NVDR ...... 1,853,000 1,143,066 (Cost: $0) ...... 108,066 AP Thailand PCL, NVDR...... 5,103,086 1,395,865 (b) Bangkok Land PCL, NVDR ...... 24,371,000 888,643 Short-Term Investments Central Pattana PCL, NVDR(b) ...... 4,354,300 7,066,681 Land & Houses PCL, NVDR...... 18,049,400 4,648,419 Money Market Funds — 10.2% MBK PCL, NVDR ...... 1,828,500 795,715 BlackRock Cash Funds: Institutional, SL Agency Shares, (d)(e)(f) Origin Property PCL, NVDR ...... 1,582,500 462,870 0.06% ...... 37,753,203 37,775,855 Pruksa Holding PCL, NVDR(b) ...... 1,647,300 758,837 BlackRock Cash Funds: Treasury, SL Agency Shares, (d)(e) Quality Houses PCL, NVDR...... 16,129,632 1,186,880 0.00% ...... 2,930,000 2,930,000 Sansiri PCL, NVDR(b) ...... 25,508,137 1,166,589 40,705,855 SC Asset Corp. PCL, NVDR...... 3,167,204 315,946 Siam Future Development PCL, NVDR ...... 2,292,553 531,694 Total Short-Term Investments — 10.2% Singha Estate PCL, NVDR(a)(b) ...... 6,613,000 499,050 (Cost: $40,699,048) ...... 40,705,855 Supalai PCL, NVDR ...... 2,765,300 1,883,151 Total Investments in Securities — 109.8% (b) WHA Corp. PCL, NVDR ...... 17,679,640 1,752,194 (Cost: $493,596,278) ...... 437,098,686 24,495,600 Other Assets, Less Liabilities — (9.8)%...... (39,108,504) Road & Rail — 1.3% BTS Group Holdings PCL, NVDR(b)...... 17,037,000 4,986,997 Net Assets — 100.0%...... $ 397,990,182 Specialty Retail — 2.8% (a) Non-income producing security. Com7 PCL, NVDR(b) ...... 1,161,300 2,634,049 (b) All or a portion of this security is on loan. Dohome PCL, NVDR(b) ...... 1,261,310 1,007,525 (c) Rounds to less than $1. (d) Home Product Center PCL, NVDR...... 12,762,273 5,670,943 Affiliate of the Fund.

205 Schedule of Investments (unaudited) (continued) iShares MSCI Thailand ETF May 31, 2021

(e) Annualized 7-day yield as of period-end. (f) All or a portion of this security was purchased with cash collateral received from loaned securities.

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $20,275,791 $17,514,690(a) $ — $ (14,082)$ (544) $37,775,855 37,753,203 $1,336,217(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares ...... 1,411,000 1,519,000 — — — 2,930,000 2,930,000 395 —

$ (14,082) $ (544) $40,705,855 $1,336,612 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 21 06/18/21 $ 1,429 $ 23,951

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...... $ 5,242,582 $391,042,183 $ — $396,284,765 Warrants ...... 79,600 28,466 — 108,066 Money Market Funds ...... 40,705,855 — — 40,705,855 $ 46,028,037 $391,070,649 $ — $437,098,686 Derivative financial instruments(a) Assets Futures Contracts ...... $ 23,951 $ — $ — $ 23,951

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

206 Schedule of Investments (unaudited) (continued) iShares MSCI Thailand ETF May 31, 2021

Portfolio Abbreviations - Equity

NVDR...... Non-Voting Depositary Receipt

207 Schedule of Investments (unaudited) iShares MSCI Turkey ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Health Care Providers & Services — 1.0% MLP Saglik Hizmetleri AS(a)(b)(c) ...... 893,301 $ 2,453,245 Aerospace & Defense — 3.0% Selcuk Ecza Deposu Ticaret ve Sanayi AS ...... 142,999 150,621 Aselsan Elektronik Sanayi Ve Ticaret AS ...... 4,314,489 $ 7,504,992 2,603,866 Airlines — 4.1% Household Durables — 1.1% Pegasus Hava Tasimaciligi AS(a)(b)...... 353,465 3,431,278 Vestel Elektronik Sanayi ve Ticaret AS(a) ...... 748,913 2,713,860 Turk Hava Yollari AO(a)(b) ...... 4,300,577 6,677,201 Independent Power and Renewable Electricity Producers — 0.4% 10,108,479 Aksa Enerji Uretim AS(a) ...... 667,252 1,004,880 Automobiles — 5.2% Ford Otomotiv Sanayi AS ...... 528,113 10,721,636 Industrial Conglomerates — 11.2% Tofas Turk Otomobil Fabrikasi AS...... 678,821 2,299,785 Bera Holding AS(a) ...... 2,153,683 6,396,369 (b) 13,021,421 Dogan Sirketler Grubu Holding AS ...... 9,480,276 3,251,749 Banks — 16.4% Enka Insaat ve Sanayi AS...... 1 1 Akbank TAS ...... 20,419,450 12,540,202 KOC Holding AS...... 4,944,677 10,709,354 Turkiye Garanti Bankasi AS(b) ...... 15,170,290 14,150,613 Turkiye Sise ve Cam Fabrikalari AS...... 8,313,329 7,518,798 Turkiye Halk Bankasi AS(a)(b) ...... 3,096,123 1,641,000 27,876,271 Turkiye Is Bankasi AS, Class C(b) ...... 9,083,487 5,397,653 Insurance — 0.3% Turkiye Vakiflar Bankasi TAO, Class D(a) ...... 3,882,855 1,597,084 Anadolu Anonim Turk Sigorta Sirketi ...... 939,333 728,840 Yapi ve Kredi Bankasi AS(b) ...... 22,206,960 5,573,939 Machinery — 1.5% 40,900,491 Jantsa Jant Sanayi Ve Ticaret AS...... 59,876 603,601 Beverages — 4.2% Otokar Otomotiv Ve Savunma Sanayi AS ...... 44,751 1,581,952 Anadolu Efes Biracilik Ve Malt Sanayii AS...... 1,717,982 4,584,896 Turk Traktor ve Ziraat Makineleri AS ...... 66,333 1,437,143 Coca-Cola Icecek AS ...... 620,008 5,745,395 3,622,696 10,330,291 Metals & Mining — 13.5% Capital Markets — 0.4% Eregli Demir ve Celik Fabrikalari TAS ...... 9,069,880 20,401,045 Is Yatirim Menkul Degerler AS ...... 472,182 921,514 Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, (a)(b) Chemicals — 4.6% Class D ...... 6,194,257 5,683,899 (a)(b) Gubre Fabrikalari TAS(a) ...... 263,321 1,889,044 Koza Altin Isletmeleri AS ...... 315,260 4,401,844 (a)(b) Hektas Ticaret TAS(a) ...... 2,136,090 2,347,106 Koza Anadolu Metal Madencilik Isletmeleri AS ...... 1,732,099 3,214,167 Petkim Petrokimya Holding AS(a) ...... 10,086,884 7,284,007 33,700,955 11,520,157 Oil, Gas & Consumable Fuels — 3.7% (a)(b) Construction & Engineering — 1.2% Turkiye Petrol Rafinerileri AS ...... 803,555 9,132,426 Tekfen Holding AS(b) ...... 1,727,922 3,034,681 Textiles, Apparel & Luxury Goods — 2.0% Construction Materials — 1.0% Aksa Akrilik Kimya Sanayii AS ...... 1,470,527 2,761,461 (a)(c) Nuh Cimento Sanayi AS ...... 318,602 1,711,708 Mavi Giyim Sanayi Ve Ticaret AS, Class B ...... 376,381 2,217,373 Oyak Cimento Fabrikalari AS(a)(b) ...... 923,455 783,819 4,978,834 2,495,527 Transportation Infrastructure — 1.7% (a)(b) Diversified Financial Services — 2.8% TAV Havalimanlari Holding AS ...... 1,545,118 4,325,591 Haci Omer Sabanci Holding AS...... 5,965,436 6,169,219 Wireless Telecommunication Services — 4.6% Turkiye Sinai Kalkinma Bankasi AS(b) ...... 5,060,042 785,670 Turkcell Iletisim Hizmetleri AS ...... 6,216,002 11,494,787 6,954,889 Electric Utilities — 1.1% Total Common Stocks — 99.5% Enerjisa Enerji AS(c)...... 2,283,727 2,844,687 (Cost: $363,950,905) ...... 247,615,292

Entertainment — 0.4% Short-Term Investments Fenerbahce Futbol AS(a) ...... 234,924 929,740 Money Market Funds — 10.7% Equity Real Estate Investment Trusts (REITs) — 1.4% BlackRock Cash Funds: Institutional, SL Agency Shares, Emlak Konut Gayrimenkul Yatirim Ortakligi AS(b) ...... 14,923,855 3,396,154 0.06%(d)(e)(f)...... 26,140,247 26,155,931 Food & Staples Retailing — 11.3% BIM Birlesik Magazalar AS ...... 3,016,070 22,517,313 Migros Ticaret AS(a)(b)...... 803,218 3,249,331 Sok Marketler Ticaret AS(a) ...... 1,769,137 2,299,327 28,065,971 Food Products — 1.4% Ulker Biskuvi Sanayi AS...... 1,337,236 3,403,292

208 Schedule of Investments (unaudited) (continued) iShares MSCI Turkey ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value

Money Market Funds (continued) (a) Non-income producing security. BlackRock Cash Funds: Treasury, SL Agency Shares, (b) All or a portion of this security is on loan. 0.00%(d)(e) ...... 460,000 $ 460,000 (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 26,615,931 registration to qualified institutional investors. (d) Total Short-Term Investments — 10.7% Affiliate of the Fund. (e) Annualized 7-day yield as of period-end. (Cost: $26,609,080) ...... 26,615,931 (f) All or a portion of this security was purchased with cash collateral received from loaned Total Investments in Securities — 110.2% securities. (Cost: $390,559,985) ...... 274,231,223 Other Assets, Less Liabilities — (10.2)% ...... (25,483,578)

Net Assets — 100.0%...... $ 248,747,645

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $15,057,193 $11,105,178(a) $ — $ (3,159)$ (3,281)$26,155,931 26,140,247 $1,079,039(b) $ — BlackRock Cash Funds: Treasury, SL (a) Agency Shares ...... 401,000 59,000 — — — 460,000 460,000 160 —

$ (3,159) $ (3,281) $26,615,931 $1,079,199 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 8 06/18/21 $ 544 $ 6,617

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.

209 Schedule of Investments (unaudited) (continued) iShares MSCI Turkey ETF May 31, 2021

Fair Value Measurements (continued)

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...... $130,450,491 $117,164,801 $ — $247,615,292 Money Market Funds ...... 26,615,931 — — 26,615,931 $157,066,422 $117,164,801 $ — $274,231,223 Derivative financial instruments(a) Assets Futures Contracts ...... $ 6,617 $ — $ — $ 6,617

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

210 Schedule of Investments (unaudited) iShares MSCI USA Equal Weighted ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Beverages (continued) Constellation Brands Inc., Class A ...... 2,944 $ 705,736 Aerospace & Defense — 1.9% Keurig Dr Pepper Inc...... 19,284 712,737 Boeing Co. (The)(a) ...... 3,051 $ 753,658 Molson Coors Beverage Co., Class B(a) ...... 11,956 697,274 General Dynamics Corp...... 3,618 687,094 Monster Beverage Corp.(a) ...... 7,604 716,829 HEICO Corp...... 2,061 289,488 PepsiCo Inc...... 4,747 702,271 HEICO Corp., Class A...... 3,446 456,457 Howmet Aerospace Inc.(a) ...... 20,568 729,753 5,068,191 Huntington Ingalls Industries Inc...... 3,196 691,007 Biotechnology — 2.6% L3Harris Technologies Inc...... 3,179 693,213 AbbVie Inc...... 5,935 671,842 (a) Lockheed Martin Corp...... 1,773 677,641 Alexion Pharmaceuticals Inc...... 3,970 700,903 (a) Northrop Grumman Corp...... 1,857 679,420 Alnylam Pharmaceuticals Inc...... 5,116 726,421 Raytheon Technologies Corp...... 8,008 710,390 Amgen Inc...... 2,750 654,335 (a) Teledyne Technologies Inc.(a) ...... 1,667 699,256 Inc...... 2,476 662,280 (a) Textron Inc...... 10,140 694,286 BioMarin Pharmaceutical Inc...... 8,987 694,695 (a) TransDigm Group Inc.(a)...... 1,164 755,250 Exact Sciences Corp...... 7,362 813,722 Gilead Sciences Inc...... 10,049 664,339 8,516,913 Horizon Therapeutics PLC(a)...... 7,400 678,284 Air Freight & Logistics — 0.8% Incyte Corp.(a) ...... 8,442 707,271 CH Robinson Worldwide Inc...... 7,006 679,722 Moderna Inc.(a) ...... 4,333 801,648 Expeditors International of Washington Inc...... 5,741 721,586 Neurocrine Biosciences Inc.(a) ...... 7,473 719,052 FedEx Corp...... 2,242 705,804 Novavax Inc.(a) ...... 5,000 738,100 United Parcel Service Inc., Class B ...... 3,201 686,935 Regeneron Pharmaceuticals Inc.(a) ...... 1,325 665,720 XPO Logistics Inc.(a) ...... 4,807 706,293 Seagen Inc.(a) ...... 4,696 729,524 3,500,340 Vertex Pharmaceuticals Inc.(a) ...... 3,209 669,494 Airlines — 0.3% 11,297,630 Delta Air Lines Inc.(a) ...... 14,850 708,048 Building Products — 1.4% Southwest Airlines Co.(a) ...... 11,164 686,139 A O Smith Corp...... 9,783 695,278 1,394,187 Allegion PLC ...... 4,987 700,574 Auto Components — 0.7% Corp...... 15,698 721,009 (a) Aptiv PLC ...... 4,999 751,950 Fortune Brands Home & Security Inc...... 6,517 672,294 Autoliv Inc...... 6,802 721,216 Johnson Controls International PLC...... 10,515 699,668 BorgWarner Inc...... 13,425 688,568 Lennox International Inc...... 1,990 696,361 Lear Corp...... 3,757 726,453 Masco Corp...... 10,866 655,328 2,888,187 ...... 6,518 695,145 Automobiles — 0.5% Trane Technologies PLC ...... 3,776 703,846 (a) Ford Motor Co...... 57,336 833,092 6,239,503 (a) General Motors Co...... 12,388 734,732 Capital Markets — 4.3% (a)(b) Tesla Inc...... 1,207 754,641 Ameriprise Financial Inc...... 2,696 700,529 2,322,465 Apollo Global Management Inc...... 12,091 693,298 Banks — 2.4% Bank of New York Mellon Corp. (The) ...... 13,307 693,029 Bank of America Corp...... 16,214 687,311 BlackRock Inc.(c) ...... 816 715,665 Citigroup Inc...... 8,954 704,769 Blackstone Group Inc. (The)...... 7,895 731,630 Citizens Financial Group Inc...... 13,663 681,784 Carlyle Group Inc. (The)...... 16,083 701,862 Fifth Third Bancorp...... 16,149 680,519 Cboe Global Markets Inc...... 6,157 685,274 First Republic Bank/CA...... 3,648 698,373 Charles Schwab Corp. (The) ...... 9,497 701,353 Huntington Bancshares Inc./OH ...... 43,696 693,019 CME Group Inc...... 3,205 701,126 JPMorgan Chase & Co...... 4,212 691,779 FactSet Research Systems Inc...... 2,126 710,849 KeyCorp...... 29,479 679,196 Franklin Resources Inc...... 20,031 685,260 M&T Bank Corp...... 4,148 666,542 Goldman Sachs Group Inc. (The) ...... 1,878 698,654 PNC Financial Services Group Inc. (The)...... 3,484 678,265 Intercontinental Exchange Inc...... 6,175 697,034 Regions Financial Corp...... 29,639 693,849 Invesco Ltd...... 24,971 712,423 SVB Financial Group(a)...... 1,201 700,051 KKR & Co. Inc...... 12,510 696,682 Truist Financial Corp...... 11,187 691,133 MarketAxess Holdings Inc...... 1,528 712,873 U.S. Bancorp...... 11,136 676,846 Moody's Corp...... 2,104 705,576 Wells Fargo & Co...... 14,450 675,104 Morgan Stanley...... 7,872 715,958 10,298,540 MSCI Inc...... 1,524 713,430 Beverages — 1.2% Nasdaq Inc...... 4,236 709,361 Boston Beer Co. Inc. (The), Class A, NVS(a) ...... 109 115,339 Northern Trust Corp...... 5,746 696,358 Brown-Forman Corp., Class B, NVS ...... 8,907 715,767 Raymond James Financial Inc...... 5,179 686,684 Coca-Cola Co. (The) ...... 12,701 702,238 S&P Global Inc...... 1,850 702,019

211 Schedule of Investments (unaudited) (continued) iShares MSCI USA Equal Weighted ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Capital Markets (continued) Containers & Packaging (continued) SEI Investments Co...... 11,028 $ 699,616 Westrock Co...... 11,194 $ 652,834 State Street Corp...... 8,030 698,449 5,340,576 T Rowe Price Group Inc...... 3,621 692,878 Distributors — 0.5% Tradeweb Markets Inc., Class A ...... 8,274 693,196 Genuine Parts Co...... 5,233 686,151 18,951,066 LKQ Corp.(a) ...... 13,557 690,865 Chemicals — 2.7% Pool Corp...... 1,590 694,114 Air Products & Chemicals Inc...... 2,299 688,918 2,071,130 Albemarle Corp...... 4,402 735,486 Diversified Financial Services — 0.5% Celanese Corp...... 4,098 678,014 Berkshire Hathaway Inc., Class B(a)...... 2,397 693,788 CF Industries Holdings Inc...... 12,694 674,940 Equitable Holdings Inc...... 20,480 650,240 Corteva Inc...... 15,024 683,592 Voya Financial Inc...... 10,110 662,407 Dow Inc...... 9,776 668,874 2,006,435 DuPont de Nemours Inc...... 8,127 687,463 Diversified Telecommunication Services — 0.6% Eastman Chemical Co...... 5,338 669,385 AT&T Inc...... 22,124 651,109 Ecolab Inc...... 3,144 676,212 PLC, Class A(a) ...... 7,626 208,266 FMC Corp...... 5,860 683,803 Liberty Global PLC, Class C, NVS(a) ...... 17,022 463,339 International Flavors & Fragrances Inc...... 4,863 688,941 Inc...... 47,634 659,254 Linde PLC ...... 2,304 692,583 Verizon Communications Inc...... 11,979 676,694 LyondellBasell Industries NV, Class A ...... 6,005 676,283 Mosaic Co. (The) ...... 18,706 676,035 2,658,662 PPG Industries Inc...... 3,848 691,563 Electric Utilities — 2.5% RPM International Inc...... 7,189 672,387 Alliant Energy Corp...... 12,277 701,631 Sherwin-Williams Co. (The)...... 2,476 702,020 American Electric Power Co. Inc...... 8,121 698,406 Duke Energy Corp...... 6,769 678,389 11,646,499 Edison International...... 12,021 671,613 Commercial Services & Supplies — 0.9% Entergy Corp...... 6,574 691,979 Cintas Corp...... 1,973 697,534 Evergy Inc...... 11,166 692,180 Copart Inc.(a) ...... 5,647 728,519 Eversource Energy...... 8,262 670,792 Republic Services Inc...... 6,299 687,725 Exelon Corp...... 15,393 694,532 Rollins Inc.(b) ...... 19,243 655,994 FirstEnergy Corp...... 18,388 697,089 Waste Connections Inc...... 5,681 689,901 NextEra Energy Inc...... 9,670 708,038 Waste Management Inc...... 4,896 688,769 NRG Energy Inc...... 20,355 654,413 4,148,442 PG&E Corp.(a) ...... 64,059 649,558 Communications Equipment — 0.8% Pinnacle West Capital Corp...... 8,119 686,705 (a) Arista Networks Inc...... 2,131 723,219 PPL Corp...... 23,809 693,080 Cisco Systems Inc...... 13,103 693,149 Southern Co. (The) ...... 10,769 688,355 (a) F5 Networks Inc...... 3,849 713,720 Xcel Energy Inc...... 9,794 694,199 Juniper Networks Inc...... 26,169 689,030 10,970,959 Inc...... 3,459 710,167 Electrical Equipment — 1.3% 3,529,285 AMETEK Inc...... 5,180 699,818 Construction Materials — 0.3% Eaton Corp. PLC...... 4,703 683,111 Martin Marietta Materials Inc...... 1,845 670,934 Emerson Electric Co...... 7,263 694,996 Vulcan Materials Co...... 3,590 658,119 Generac Holdings Inc.(a)...... 2,366 777,752 1,329,053 Plug Power Inc.(a) ...... 27,993 859,385 Consumer Finance — 0.8% Rockwell Automation Inc...... 2,620 690,946 Ally Financial Inc...... 12,788 699,632 Sensata Technologies Holding PLC(a) ...... 11,971 711,437 American Express Co...... 4,420 707,775 Sunrun Inc.(a)(b) ...... 17,439 779,872 Capital One Financial Corp...... 4,330 696,177 5,897,317 Discover Financial Services ...... 5,866 687,847 Electronic Equipment, Instruments & Components — 1.6% Synchrony Financial ...... 14,773 700,388 Amphenol Corp., Class A...... 10,446 702,598 3,491,819 Arrow Electronics Inc.(a) ...... 5,721 688,408 Containers & Packaging — 1.2% CDW Corp./DE ...... 4,103 678,718 Amcor PLC ...... 56,465 666,287 Cognex Corp...... 9,387 745,234 Avery Dennison Corp...... 3,137 691,803 Corning Inc...... 15,697 684,860 Ball Corp...... 7,837 643,888 IPG Photonics Corp.(a) ...... 3,543 741,408 Crown Holdings Inc...... 6,229 643,082 Keysight Technologies Inc.(a) ...... 4,980 709,053 International Paper Co...... 10,805 681,795 TE Connectivity Ltd...... 5,176 702,280 Packaging Corp. of America ...... 4,470 664,466 Trimble Inc.(a) ...... 9,109 708,589 Sealed Air Corp...... 12,248 696,421

212 Schedule of Investments (unaudited) (continued) iShares MSCI USA Equal Weighted ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Electronic Equipment, Instruments & Components (continued) Food & Staples Retailing (continued) Zebra Technologies Corp., Class A(a)...... 1,441 $ 716,249 Walmart Inc...... 5,003 $ 710,576 7,077,397 3,409,056 Energy Equipment & Services — 0.4% Food Products — 2.2% Co...... 26,366 643,330 Archer-Daniels-Midland Co...... 10,249 681,866 Co...... 29,166 654,777 Bunge Ltd...... 7,748 672,681 Ltd...... 20,347 637,472 Campbell Soup Co...... 14,062 684,398 1,935,579 Conagra Brands Inc...... 18,394 700,811 Entertainment — 1.3% General Mills Inc...... 11,049 694,540 Activision Blizzard Inc...... 7,532 732,487 Hershey Co. (The) ...... 4,021 695,834 Electronic Arts Inc...... 5,053 722,225 Hormel Foods Corp...... 14,922 724,314 Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) . . 15,829 706,765 JM Smucker Co. (The) ...... 5,193 692,175 Live Nation Entertainment Inc.(a) ...... 8,218 740,524 Kellogg Co...... 10,457 684,829 Inc.(a) ...... 1,422 714,996 Kraft Heinz Co. (The) ...... 15,823 689,725 Inc.(a) ...... 2,230 773,163 Lamb Weston Holdings Inc...... 8,940 737,461 Take-Two Interactive Software Inc.(a)...... 4,134 767,105 McCormick & Co. Inc./MD, NVS ...... 7,790 693,777 Walt Disney Co. (The)(a)...... 4,086 729,964 Mondelez International Inc., Class A ...... 11,104 705,437 Tyson Foods Inc., Class A ...... 8,598 683,541 5,887,229 Equity Real Estate Investment Trusts (REITs) — 5.7% 9,741,389 Alexandria Real Estate Equities Inc...... 4,017 716,070 Gas Utilities — 0.3% American Tower Corp...... 2,822 720,908 Atmos Energy Corp...... 7,045 698,653 AvalonBay Communities Inc...... 3,500 724,290 UGI Corp...... 15,839 729,386 Boston Properties Inc...... 6,295 740,040 1,428,039 Camden Property Trust...... 5,634 706,391 Health Care Equipment & Supplies — 4.0% Crown Castle International Corp...... 3,812 722,374 Abbott Laboratories ...... 5,954 694,534 Digital Realty Trust Inc...... 4,682 709,604 ABIOMED Inc.(a) ...... 2,595 738,485 Duke Realty Corp...... 15,460 718,272 Align Technology Inc.(a)...... 1,243 733,556 Equinix Inc...... 971 715,355 Baxter International Inc...... 8,378 688,001 Equity LifeStyle Properties Inc...... 9,991 707,962 Becton Dickinson and Co...... 2,883 697,369 Equity Residential...... 9,381 726,559 Boston Scientific Corp.(a) ...... 16,633 707,734 Essex Property Trust Inc...... 2,409 711,354 Cooper Companies Inc. (The) ...... 1,789 703,882 Extra Space Storage Inc...... 4,759 712,946 Danaher Corp...... 2,767 708,739 Healthpeak Properties Inc...... 20,824 695,105 DENTSPLY SIRONA Inc...... 10,048 672,412 Host Hotels & Resorts Inc.(a)...... 39,921 685,444 Dexcom Inc.(a) ...... 2,138 789,756 Invitation Homes Inc...... 19,723 715,353 Edwards Lifesciences Corp.(a) ...... 7,728 741,115 Iron Mountain Inc...... 15,902 692,373 Hologic Inc.(a)...... 11,113 700,786 Medical Properties Trust Inc...... 33,074 700,177 IDEXX Laboratories Inc.(a)...... 1,326 740,054 Mid-America Apartment Communities Inc...... 4,413 709,169 Insulet Corp.(a)...... 3,046 821,415 Omega Healthcare Investors Inc...... 19,302 706,839 Intuitive Surgical Inc.(a) ...... 850 715,853 Prologis Inc...... 6,078 716,232 Masimo Corp.(a)...... 3,267 704,365 Public Storage ...... 2,507 708,177 Medtronic PLC...... 5,559 703,714 Realty Income Corp...... 10,667 729,623 Novocure Ltd.(a)(b)...... 3,971 810,084 Regency Centers Corp...... 10,899 704,075 ResMed Inc...... 3,562 733,238 SBA Communications Corp...... 2,405 716,979 STERIS PLC ...... 3,530 673,736 Simon Property Group Inc...... 5,676 729,309 Stryker Corp...... 2,758 704,035 Sun Communities Inc...... 4,232 708,521 Teleflex Inc...... 1,766 710,268 UDR Inc...... 14,956 712,354 West Pharmaceutical Services Inc...... 2,124 738,111 Ventas Inc...... 12,788 709,095 Zimmer Biomet Holdings Inc...... 4,188 704,966 VEREIT Inc...... 15,367 731,008 17,336,208 VICI Properties Inc...... 22,239 692,300 Health Care Providers & Services — 2.7% Vornado Realty Trust...... 15,027 710,477 AmerisourceBergen Corp...... 5,872 673,753 Welltower Inc...... 9,490 709,567 Anthem Inc...... 1,759 700,469 Weyerhaeuser Co...... 18,228 691,935 Cardinal Health Inc...... 12,294 689,325 WP Carey Inc...... 9,400 709,230 Centene Corp.(a) ...... 9,824 723,046 24,915,467 Cigna Corp...... 2,616 677,152 Food & Staples Retailing — 0.8% CVS Health Corp...... 8,199 708,722 Costco Wholesale Corp...... 1,807 683,534 DaVita Inc.(a) ...... 5,576 669,510 Kroger Co. (The)...... 18,557 686,238 HCA Healthcare Inc...... 3,309 710,740 Sysco Corp...... 8,248 668,088 Henry Schein Inc.(a) ...... 8,617 655,237 Walgreens Boots Alliance Inc...... 12,545 660,620 Humana Inc...... 1,539 673,620

213 Schedule of Investments (unaudited) (continued) iShares MSCI USA Equal Weighted ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Health Care Providers & Services (continued) Industrial Conglomerates (continued) Laboratory Corp. of America Holdings(a)...... 2,594 $ 712,001 General Electric Co...... 52,770 $ 741,946 McKesson Corp...... 3,480 669,517 Honeywell International Inc...... 3,063 707,278 Molina Healthcare Inc.(a) ...... 2,646 665,099 Roper Technologies Inc...... 1,602 720,916 (a) Oak Street Health Inc...... 12,186 735,913 2,856,618 Quest Diagnostics Inc...... 5,257 692,189 Insurance — 4.9% UnitedHealth Group Inc...... 1,696 698,616 Aflac Inc...... 12,286 696,370 Universal Health Services Inc., Class B ...... 4,315 688,803 Alleghany Corp.(a)...... 970 695,073 11,743,712 Allstate Corp. (The) ...... 4,980 680,318 Health Care Technology — 0.5% American Financial Group Inc./OH ...... 5,352 712,137 Cerner Corp...... 9,095 711,684 American International Group Inc...... 13,441 710,222 Teladoc Health Inc.(a)(b)...... 5,080 764,946 Aon PLC, Class A...... 2,718 688,660 Veeva Systems Inc., Class A(a) ...... 2,807 817,791 Arch Capital Group Ltd.(a) ...... 17,158 684,433 2,294,421 Arthur J Gallagher & Co...... 4,731 693,612 Hotels, Restaurants & Leisure — 3.3% Assurant Inc...... 4,285 690,528 (a) Airbnb Inc., Class A(a) ...... 5,259 738,364 Athene Holding Ltd., Class A ...... 11,130 697,072 Aramark ...... 17,972 671,254 Brown & Brown Inc...... 13,277 697,308 Booking Holdings Inc.(a) ...... 312 736,804 Chubb Ltd...... 4,121 700,529 Caesars Entertainment Inc.(a)...... 6,982 750,216 Cincinnati Financial Corp...... 5,761 701,171 Carnival Corp.(a) ...... 25,186 744,498 Erie Indemnity Co., Class A, NVS...... 3,354 674,590 Chipotle Mexican Grill Inc.(a)...... 522 716,174 Everest Re Group Ltd...... 2,549 662,638 Darden Restaurants Inc...... 4,992 715,004 Fidelity National Financial Inc...... 14,263 670,218 Domino's Pizza Inc...... 1,602 683,846 Globe Life Inc...... 6,557 691,239 DraftKings Inc., Class A(a)(b) ...... 16,003 799,350 Hartford Financial Services Group Inc. (The) ...... 10,466 683,953 Expedia Group Inc.(a) ...... 4,094 724,433 Lincoln National Corp...... 9,871 688,897 Hilton Worldwide Holdings Inc.(a)...... 5,703 714,415 Loews Corp...... 11,861 692,445 (a) Las Vegas Sands Corp.(a) ...... 12,238 706,744 Markel Corp...... 578 708,333 Marriott International Inc./MD, Class A(a) ...... 4,963 712,588 Marsh & McLennan Companies Inc...... 5,156 713,333 McDonald's Corp...... 2,996 700,734 MetLife Inc...... 10,555 689,875 MGM Resorts International ...... 17,906 767,630 Principal Financial Group Inc...... 10,365 677,767 Royal Caribbean Cruises Ltd.(a)...... 8,205 765,280 Progressive Corp. (The)...... 6,503 644,317 Starbucks Corp...... 6,256 712,433 Prudential Financial Inc...... 6,415 686,213 Vail Resorts Inc.(a) ...... 2,191 716,194 Reinsurance Group of America Inc...... 5,455 687,494 Wynn Resorts Ltd.(a) ...... 5,567 734,120 RenaissanceRe Holdings Ltd...... 4,467 688,454 Yum! Brands Inc...... 5,846 701,345 Travelers Companies Inc. (The) ...... 4,330 691,501 W R Berkley Corp...... 8,733 681,087 14,511,426 Willis Towers Watson PLC...... 2,607 681,365 Household Durables — 1.3% DR Horton Inc...... 7,247 690,567 21,361,152 Garmin Ltd...... 4,954 704,657 Interactive Media & Services — 1.3% (a) Lennar Corp., Class A...... 7,073 700,298 Alphabet Inc., Class A ...... 153 360,598 (a) Mohawk Industries Inc.(a) ...... 3,174 668,698 Alphabet Inc., Class C, NVS ...... 150 361,734 (a) Newell Brands Inc...... 23,622 677,715 Inc., Class A ...... 2,199 722,877 (a) NVR Inc.(a) ...... 143 698,874 IAC/InterActiveCorp...... 3,095 493,560 (a) PulteGroup Inc...... 11,951 690,648 Match Group Inc...... 4,968 712,312 (a) Whirlpool Corp...... 2,822 669,068 Pinterest Inc., Class A ...... 11,992 783,077 Snap Inc., Class A, NVS(a)...... 12,899 801,286 5,500,525 Twitter Inc.(a)...... 13,238 767,804 Household Products — 0.8% Zillow Group Inc., Class A(a) ...... 1,775 209,965 Church & Dwight Co. Inc...... 7,860 673,838 Zillow Group Inc., Class C, NVS(a)(b) ...... 4,532 531,694 Clorox Co. (The) ...... 3,845 679,527 Colgate-Palmolive Co...... 8,308 696,044 5,744,907 Kimberly-Clark Corp...... 5,196 678,753 Internet & Direct Marketing Retail — 1.0% (a) Procter & Gamble Co. (The) ...... 5,039 679,509 Amazon.com Inc...... 212 683,291 Chewy Inc., Class A(a)(b)...... 9,926 730,752 3,407,671 eBay Inc...... 10,816 658,478 Independent Power and Renewable Electricity Producers — 0.3% Etsy Inc.(a)...... 4,215 694,337 AES Corp. (The) ...... 27,626 701,976 MercadoLibre Inc.(a)(b)...... 521 707,867 Vistra Corp...... 43,734 707,179 Wayfair Inc., Class A(a)(b) ...... 2,300 705,042 1,409,155 4,179,767 Industrial Conglomerates — 0.6% IT Services — 4.2% 3M Co...... 3,381 686,478 Accenture PLC, Class A...... 2,437 687,624

214 Schedule of Investments (unaudited) (continued) iShares MSCI USA Equal Weighted ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

IT Services (continued) Machinery (continued) Akamai Technologies Inc.(a)(b) ...... 6,111 $ 697,937 Snap-on Inc...... 2,736 $ 696,640 Automatic Data Processing Inc...... 3,564 698,615 Stanley Black & Decker Inc...... 3,225 699,180 Black Knight Inc.(a) ...... 9,724 713,644 Westinghouse Air Brake Technologies Corp...... 8,638 714,881 Broadridge Financial Solutions Inc...... 4,277 682,096 Xylem Inc./NY ...... 5,898 696,672 Cognizant Technology Solutions Corp., Class A ...... 9,839 704,079 11,789,555 (a) EPAM Systems Inc...... 1,549 739,803 Media — 2.3% Fidelity National Information Services Inc...... 4,658 693,949 USA Inc., Class A(a) ...... 18,776 677,063 (a) Fiserv Inc...... 6,155 709,056 Inc...... 406 737,117 (a) FleetCor Technologies Inc...... 2,553 700,645 Charter Communications Inc., Class A(a) ...... 1,010 701,475 (a) Gartner Inc...... 3,029 702,243 Comcast Corp., Class A ...... 12,538 718,929 Global Payments Inc...... 3,529 683,603 Discovery Inc., Class A(a)(b) ...... 7,499 240,793 (a) GoDaddy Inc., Class A ...... 8,560 693,018 Discovery Inc., Class C, NVS(a) ...... 13,954 419,318 International Business Machines Corp...... 4,777 686,646 Corp., Class A(a)...... 15,309 666,248 Jack Henry & Associates Inc...... 4,435 683,655 Fox Corp., Class A, NVS ...... 13,027 486,558 Mastercard Inc., Class A ...... 1,911 689,068 Fox Corp., Class B...... 5,985 217,136 (a)(b) MongoDB Inc...... 2,638 770,138 Interpublic Group of Companies Inc. (The) ...... 21,265 716,418 (a)(b) Okta Inc...... 3,093 688,007 Liberty Broadband Corp., Class A(a)...... 604 97,884 Paychex Inc...... 6,948 702,721 Liberty Broadband Corp., Class C, NVS(a)...... 3,682 612,280 (a) PayPal Holdings Inc...... 2,847 740,277 Liberty Media Corp.-Liberty SiriusXM, Class A(a) ...... 5,592 244,147 (a)(b) Snowflake Inc., Class A ...... 3,275 779,548 Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) ...... 11,267 490,227 (a) Square Inc., Class A ...... 3,431 763,466 News Corp., Class A, NVS ...... 25,779 695,775 (a) Twilio Inc., Class A ...... 2,343 787,248 Omnicom Group Inc...... 8,337 685,635 (a) VeriSign Inc...... 3,158 694,507 Sirius XM Holdings Inc.(b)...... 118,341 739,631 Visa Inc., Class A ...... 3,065 696,675 ViacomCBS Inc., Class B, NVS...... 18,138 769,414 Western Union Co. (The) ...... 27,894 682,566 9,916,048 18,470,834 Metals & Mining — 0.6% Leisure Products — 0.3% Freeport-McMoRan Inc...... 15,671 669,465 Hasbro Inc...... 7,224 693,287 Newmont Corp...... 9,361 687,846 (a) Peloton Interactive Inc., Class A ...... 7,550 832,841 Nucor Corp...... 6,481 664,562 1,526,128 Steel Dynamics Inc...... 10,705 668,313 Life Sciences Tools & Services — 2.2% 2,690,186 (a) 10X Genomics Inc., Class A ...... 4,839 871,020 Mortgage Real Estate Investment — 0.3% Agilent Technologies Inc...... 5,337 737,200 AGNC Investment Corp...... 38,103 706,430 (a) Avantor Inc...... 22,470 722,411 Annaly Capital Management Inc...... 75,690 701,646 Bio-Rad Laboratories Inc., Class A(a)...... 1,178 709,592 1,408,076 Bio-Techne Corp...... 1,809 748,618 Multi-Utilities — 1.6% Charles River Laboratories International Inc.(a) ...... 2,172 734,114 Ameren Corp...... 8,316 700,207 Illumina Inc.(a) ...... 1,763 715,143 CenterPoint Energy Inc...... 27,707 700,987 IQVIA Holdings Inc.(a) ...... 2,994 719,039 CMS Energy Corp...... 11,015 691,081 Mettler-Toledo International Inc.(a)...... 553 719,425 Consolidated Edison Inc...... 8,811 680,562 PerkinElmer Inc...... 4,850 703,590 Dominion Energy Inc...... 8,935 680,311 PPD Inc.(a)...... 15,043 693,783 DTE Energy Co...... 4,926 679,739 Thermo Fisher Scientific Inc...... 1,534 720,213 NiSource Inc...... 27,256 695,028 Waters Corp.(a) ...... 2,246 723,774 Public Service Enterprise Group Inc...... 11,143 692,203 9,517,922 Sempra Energy ...... 5,045 683,547 Machinery — 2.7% WEC Energy Group Inc...... 7,240 679,908 Caterpillar Inc...... 2,832 682,739 6,883,573 Cummins Inc...... 2,605 670,214 Multiline Retail — 0.5% Deere & Co...... 1,807 652,508 Dollar General Corp...... 3,401 690,267 Dover Corp...... 4,610 693,805 Dollar Tree Inc.(a) ...... 6,332 617,370 Fortive Corp...... 9,839 713,524 Target Corp...... 3,304 749,744 IDEX Corp...... 3,099 690,023 Illinois Tool Works Inc...... 2,918 676,276 2,057,381 Ingersoll Rand Inc.(a) ...... 14,228 706,278 Oil, Gas & Consumable Fuels — 2.3% (a) Nordson Corp...... 3,401 753,968 Cheniere Energy Inc...... 8,241 699,661 Otis Worldwide Corp...... 8,771 687,032 Chevron Corp...... 6,256 649,310 PACCAR Inc...... 7,406 678,093 ConocoPhillips...... 11,893 662,916 Parker-Hannifin Corp...... 2,190 674,849 Devon Energy Corp...... 25,474 676,589 Pentair PLC ...... 10,191 702,873 EOG Resources Inc...... 8,136 653,646

215 Schedule of Investments (unaudited) (continued) iShares MSCI USA Equal Weighted ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Oil, Gas & Consumable Fuels (continued) Semiconductors & Semiconductor Equipment (continued) Exxon Mobil Corp...... 11,148 $ 650,709 Intel Corp...... 12,566 $ 717,770 Hess Corp...... 8,007 671,147 KLA Corp...... 2,335 739,938 Inc...... 36,861 676,031 Lam Research Corp...... 1,173 762,274 Marathon Petroleum Corp...... 11,269 696,424 Marvell Technology Inc...... 16,252 784,972 Occidental Petroleum Corp...... 26,319 683,241 Maxim Integrated Products Inc...... 7,600 775,276 ONEOK Inc...... 12,602 664,630 Microchip Technology Inc...... 4,844 760,266 ...... 7,822 658,769 Micron Technology Inc.(a) ...... 8,646 727,475 Pioneer Natural Resources Co...... 4,306 655,330 Monolithic Power Systems Inc...... 2,228 764,471 Valero Energy Corp...... 8,492 682,757 NVIDIA Corp...... 1,227 797,280 Williams Companies Inc. (The) ...... 26,142 688,580 NXP Semiconductors NV...... 3,634 768,300 (a) 10,069,740 ON Semiconductor Corp...... 18,925 757,757 (a) Personal Products — 0.2% Qorvo Inc...... 4,060 741,843 Estee Lauder Companies Inc. (The), Class A ...... 2,341 717,563 QUALCOMM Inc...... 5,356 720,596 Skyworks Solutions Inc...... 4,237 720,290 Pharmaceuticals — 1.7% SolarEdge Technologies Inc.(a) ...... 3,196 824,600 Bristol-Myers Squibb Co...... 10,600 696,632 Teradyne Inc...... 5,803 768,027 Catalent Inc.(a) ...... 6,818 714,731 Texas Instruments Inc...... 3,840 728,909 Elanco Animal Health Inc.(a) ...... 19,811 712,800 Xilinx Inc...... 5,888 747,776 Eli Lilly & Co...... 3,553 709,676 17,490,698 (a) Jazz Pharmaceuticals PLC ...... 3,926 699,338 Software — 7.1% Johnson & Johnson ...... 4,075 689,694 Adobe Inc.(a)...... 1,439 726,091 Merck & Co. Inc...... 8,689 659,408 ANSYS Inc.(a)...... 2,166 731,978 Pfizer Inc...... 17,291 669,680 Autodesk Inc.(a) ...... 2,530 723,226 Royalty Pharma PLC, Class A ...... 16,755 672,211 Avalara Inc.(a)...... 5,759 761,167 Viatris Inc...... 43,049 656,067 Bentley Systems Inc., Class B ...... 13,988 802,352 Zoetis Inc...... 4,078 720,501 Cadence Design Systems Inc.(a) ...... 5,709 724,986 7,600,738 Ceridian HCM Holding Inc.(a) ...... 7,914 707,986 Professional Services — 1.6% Citrix Systems Inc...... 5,950 684,012 Booz Allen Hamilton Holding Corp...... 8,340 708,316 Cloudflare Inc., Class A(a) ...... 9,800 804,188 Clarivate PLC(a)...... 24,581 738,413 Coupa Software Inc.(a) ...... 3,087 735,323 CoStar Group Inc.(a)...... 850 725,900 Crowdstrike Holdings Inc., Class A(a)...... 3,691 819,956 Equifax Inc...... 2,912 684,436 Datadog Inc., Class A(a) ...... 8,591 782,211 IHS Markit Ltd...... 6,689 704,419 DocuSign Inc.(a)...... 3,733 752,648 Jacobs Engineering Group Inc...... 4,982 707,843 Dropbox Inc., Class A(a)(b) ...... 26,595 727,373 Holdings Inc...... 6,719 690,377 Dynatrace Inc.(a) ...... 14,908 771,340 Robert Half International Inc...... 7,726 685,992 Fair Isaac Corp.(a)...... 1,421 719,111 TransUnion ...... 6,414 686,298 Fortinet Inc.(a)...... 3,392 741,288 Verisk Analytics Inc...... 4,019 694,604 Guidewire Software Inc.(a) ...... 7,564 739,305 7,026,598 HubSpot Inc.(a) ...... 1,439 725,803 Real Estate Management & Development — 0.2% Intuit Inc...... 1,656 727,133 CBRE Group Inc., Class A(a)...... 7,996 701,889 Microsoft Corp...... 2,832 707,094 NortonLifeLock Inc...... 26,547 734,290 Road & Rail — 1.6% Oracle Corp...... 8,761 689,841 AMERCO...... 1,121 644,620 Palantir Technologies Inc., Class A(a)...... 34,252 786,083 CSX Corp...... 6,911 691,929 Palo Alto Networks Inc.(a)...... 2,071 752,291 JB Hunt Transport Services Inc...... 3,937 675,353 Paycom Software Inc.(a) ...... 2,159 711,606 Kansas City Southern ...... 2,329 693,297 PTC Inc.(a)...... 5,447 730,661 Knight-Swift Transportation Holdings Inc...... 14,187 677,146 RingCentral Inc., Class A(a) ...... 2,961 777,174 (a) Lyft Inc., Class A ...... 14,098 804,855 salesforce.com Inc.(a) ...... 3,234 770,015 Norfolk Southern Corp...... 2,428 682,025 ServiceNow Inc.(a) ...... 1,531 725,510 Old Dominion Freight Line Inc...... 2,563 680,348 Slack Technologies Inc., Class A(a)...... 16,885 743,615 (a) Uber Technologies Inc...... 14,648 744,558 Splunk Inc.(a) ...... 6,090 738,108 Union Pacific Corp...... 3,087 693,741 SS&C Technologies Holdings Inc...... 9,360 691,423 6,987,872 Synopsys Inc.(a)...... 2,947 749,540 Semiconductors & Semiconductor Equipment — 4.0% Trade Desk Inc. (The), Class A(a) ...... 1,374 808,104 Advanced Micro Devices Inc.(a) ...... 9,319 746,266 Tyler Technologies Inc.(a) ...... 1,776 716,012 Analog Devices Inc...... 4,693 772,468 Unity Software Inc.(a) ...... 8,095 764,654 Applied Materials Inc...... 5,618 776,014 VMware Inc., Class A(a)(b) ...... 4,243 669,927 Broadcom Inc...... 1,580 746,281 Workday Inc., Class A(a) ...... 3,031 693,250 Enphase Energy Inc.(a) ...... 5,885 841,849 Zendesk Inc.(a)...... 5,258 718,558

216 Schedule of Investments (unaudited) (continued) iShares MSCI USA Equal Weighted ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Software (continued) Trading Companies & Distributors — 0.5% Zoom Video Communications Inc., Class A(a)...... 2,254 $ 747,269 Fastenal Co...... 12,924 $ 685,489 Zscaler Inc.(a) ...... 4,264 828,069 United Rentals Inc.(a)...... 2,033 678,941 31,160,571 WW Grainger Inc...... 1,483 685,383 Specialty Retail — 2.2% 2,049,813 Advance Auto Parts Inc...... 3,386 642,426 Water Utilities — 0.3% AutoZone Inc.(a)...... 452 635,783 American Water Works Co. Inc...... 4,607 714,177 Best Buy Co. Inc...... 5,783 672,216 Essential Utilities Inc...... 15,033 718,578 (a) Burlington Stores Inc...... 2,061 666,466 1,432,755 (a) CarMax Inc...... 5,581 642,875 Wireless Telecommunication Services — 0.2% (a) Carvana Co...... 3,072 814,357 T-Mobile U.S. Inc.(a)...... 4,947 699,753 Home Depot Inc. (The) ...... 2,167 691,078 L Brands Inc.(a) ...... 9,943 694,717 Total Common Stocks — 99.7% Lowe's Companies Inc...... 3,574 696,322 (Cost: $336,857,007) ...... 436,147,052 O'Reilly Automotive Inc.(a) ...... 1,253 670,505 Ross Stores Inc...... 5,404 683,012 Short-Term Investments TJX Companies Inc. (The)...... 9,639 651,018 Money Market Funds — 2.2% Tractor Supply Co...... 3,721 676,106 BlackRock Cash Funds: Institutional, SL Agency Shares, Ulta Beauty Inc.(a)...... 2,106 727,328 0.06%(c)(d)(e) ...... 8,939,277 8,944,640 9,564,209 BlackRock Cash Funds: Treasury, SL Agency Shares, Technology Hardware, Storage & Peripherals — 1.1% 0.00%(c)(d) ...... 640,000 640,000 Apple Inc...... 5,503 685,729 9,584,640 Technologies Inc., Class C(a) ...... 7,044 694,820 Hewlett Packard Enterprise Co...... 41,932 669,235 Total Short-Term Investments — 2.2% HP Inc...... 20,980 613,245 (Cost: $9,581,515)...... 9,584,640 NetApp Inc...... 8,843 684,183 Holdings PLC ...... 6,635 635,301 Total Investments in Securities — 101.9% Corp...... 9,076 682,788 (Cost: $346,438,522) ...... 445,731,692 4,665,301 Other Assets, Less Liabilities — (1.9)%...... (8,163,079) Textiles, Apparel & Luxury Goods — 0.5% Net Assets — 100.0%...... $ 437,568,613 Lululemon Athletica Inc.(a) ...... 2,209 713,794 Nike Inc., Class B ...... 5,093 694,991 (a) Non-income producing security. VF Corp...... 8,010 638,557 (b) All or a portion of this security is on loan. (c) 2,047,342 Affiliate of the Fund. (d) Annualized 7-day yield as of period-end. Tobacco — 0.3% (e) All or a portion of this security was purchased with cash collateral received from loaned Altria Group Inc...... 13,813 679,876 securities. Philip Morris International Inc...... 7,111 685,714 1,365,590

217 Schedule of Investments (unaudited) (continued) iShares MSCI USA Equal Weighted 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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares...... $3,935,032 $5,011,416(a) $ — $ 867 $ (2,675) $ 8,944,6408,939,277 $14,296(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares...... 370,000 270,000 — — — 640,000 640,000 140 — BlackRock Inc...... 366,021 247,511 (110,774) 11,530 201,377 715,665 816 7,721 — $ 12,397 $ 198,702 $10,300,305 $22,157 $ —

(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.

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts S&P 500 E-Mini Index ...... 2 06/18/21 $ 420 $ 548 S&P MidCap 400 E-Mini Index ...... 1 06/18/21 273 4,605 $ 5,153

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 ...... $436,147,052 $ — $ — $436,147,052 Money Market Funds ...... 9,584,640 — — 9,584,640 $445,731,692 $ — $ — $445,731,692 Derivative financial instruments(a) Assets Futures Contracts...... $ 5,153 $ — $ — $ 5,153

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

NVS ...... Non-Voting Shares

218 Schedule of Investments (unaudited) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Austria (continued) OMV AG...... 4,924 $ 280,887 Australia — 2.4% Raiffeisen Bank International AG...... 6,764 160,371 Afterpay Ltd.(a) ...... 5,965 $ 425,525 AGL Energy Ltd...... 19,345 121,124 772,577 APA Group...... 36,877 262,712 Belgium — 0.3% Aristocrat Leisure Ltd...... 15,560 493,052 Ageas SA/NV ...... 6,128 399,282 ASX Ltd...... 5,931 348,893 Anheuser-Busch InBev SA/NV...... 15,980 1,194,967 Aurizon Holdings Ltd...... 52,685 147,137 Etablissements Franz Colruyt NV ...... 1,646 99,871 Australia & New Zealand Banking Group Ltd...... 63,510 1,409,256 Groupe Bruxelles Lambert SA ...... 4,721 533,266 BHP Group Ltd...... 63,682 2,343,634 KBC Group NV ...... 5,580 454,760 BHP Group PLC ...... 48,469 1,461,563 Proximus SADP...... 5,028 101,739 BlueScope Steel Ltd...... 15,234 249,853 Solvay SA ...... 1,668 224,337 Brambles Ltd...... 36,871 307,868 UCB SA ...... 3,428 319,265 Cochlear Ltd...... 2,079 364,086 Umicore SA...... 5,625 336,161 Coles Group Ltd...... 26,750 341,818 3,663,648 Commonwealth Bank of Australia ...... 38,826 2,991,244 Canada — 3.5% Computershare Ltd...... 18,758 227,423 Agnico Eagle Mines Ltd...... 5,767 408,208 Crown Resorts Ltd.(a)...... 11,356 112,837 Algonquin Power & Utilities Corp...... 14,409 220,897 CSL Ltd...... 10,247 2,297,234 Alimentation Couche-Tard Inc., Class B ...... 19,994 721,111 Dexus ...... 31,853 256,772 Ballard Power Systems Inc.(a)...... 11,016 191,587 Fortescue Metals Group Ltd...... 38,031 658,608 Bank of Montreal...... 14,124 1,475,359 Goodman Group ...... 41,663 625,358 Bank of Nova Scotia (The)...... 27,059 1,819,015 GPT Group (The) ...... 73,373 260,884 Barrick Gold Corp...... 42,844 1,015,730 Insurance Australia Group Ltd...... 55,913 216,838 Bausch Health Cos Inc.(a) ...... 7,196 227,308 James Hardie Industries PLC ...... 14,625 485,147 BCE Inc...... 1,615 79,971 Lendlease Corp. Ltd...... 21,877 207,713 BlackBerry Ltd.(a) ...... 11,930 122,455 Macquarie Group Ltd...... 7,672 899,642 Brookfield Asset Management Inc., Class A...... 28,871 1,434,409 Magellan Financial Group Ltd...... 3,077 113,669 CAE Inc.(a)...... 6,260 192,767 Medibank Pvt Ltd...... 73,974 178,783 Cameco Corp...... 12,917 253,945 Mirvac Group ...... 148,832 320,890 Canadian Imperial Bank of Commerce ...... 10,001 1,164,886 National Australia Bank Ltd...... 72,289 1,504,589 Canadian National Railway Co...... 15,654 1,742,861 Newcrest Mining Ltd...... 18,668 406,592 Canadian Natural Resources Ltd...... 27,651 969,576 Northern Star Resources Ltd...... 24,669 221,747 Canadian Pacific Railway Ltd...... 15,448 1,241,160 Oil Search Ltd...... 44,138 124,002 Canadian Tire Corp. Ltd., Class A, NVS ...... 2,161 365,566 Orica Ltd...... 9,082 95,037 Canadian Utilities Ltd., Class A, NVS...... 9,240 267,934 Origin Energy Ltd...... 50,605 155,064 Canopy Growth Corp.(a) ...... 7,992 200,123 QBE Insurance Group Ltd...... 32,924 278,456 CCL Industries Inc., Class B, NVS ...... 3,344 187,345 Ramsay Health Care Ltd...... 4,295 210,487 CGI Inc.(a) ...... 5,799 515,168 Rio Tinto Ltd...... 8,270 788,975 Constellation Software Inc...... 561 797,228 Rio Tinto PLC...... 24,999 2,149,870 Dollarama Inc...... 8,072 350,797 Santos Ltd...... 47,862 250,152 Emera Inc...... 5,354 249,474 Scentre Group ...... 131,235 275,861 Enbridge Inc...... 44,739 1,699,863 Sonic Healthcare Ltd...... 13,417 360,135 Fairfax Financial Holdings Ltd...... 605 282,375 South32 Ltd...... 124,458 285,940 First Quantum Minerals Ltd...... 17,479 429,723 Stockland...... 56,137 202,633 Fortis Inc...... 9,536 432,733 Suncorp Group Ltd...... 31,763 273,153 Franco-Nevada Corp...... 4,528 668,677 Sydney Airport(a) ...... 34,482 156,103 George Weston Ltd...... 3,606 351,451 Tabcorp Holdings Ltd...... 59,600 235,175 Gildan Activewear Inc...... 4,694 167,975 Telstra Corp. Ltd...... 105,330 286,041 Great-West Lifeco Inc...... 8,654 267,991 Transurban Group...... 67,631 724,491 Hydro One Ltd.(b) ...... 7,318 185,911 Treasury Wine Estates Ltd...... 23,283 209,230 IGM Financial Inc...... 4,747 174,822 Vicinity Centres ...... 101,389 122,230 Imperial Oil Ltd...... 7,489 251,751 Wesfarmers Ltd...... 21,178 905,247 Intact Financial Corp...... 3,128 422,677 Westpac Banking Corp...... 74,502 1,523,235 Inter Pipeline Ltd...... 15,112 219,540 WiseTech Global Ltd...... 3,162 68,637 Kinross Gold Corp...... 50,001 402,723 Woodside Petroleum Ltd...... 18,898 318,105 Kirkland Lake Gold Ltd...... 5,960 256,052 Woolworths Group Ltd...... 28,686 921,642 Lightspeed POS Inc.(a) ...... 5,304 385,183 31,182,392 Loblaw Companies Ltd...... 4,749 289,999 Austria — 0.1% Magna International Inc...... 6,372 628,418 Erste Group Bank AG ...... 8,089 331,319 Manulife Financial Corp...... 43,309 905,938

219 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Canada (continued) France — 3.4% Metro Inc...... 7,257 $ 347,937 Accor SA(a) ...... 4,827 $ 193,051 National Bank of Canada ...... 9,198 723,399 Air Liquide SA ...... 10,673 1,808,872 Nutrien Ltd...... 13,057 803,707 Airbus SE(a)...... 12,817 1,663,081 Onex Corp...... 3,496 253,913 Alstom SA(a) ...... 6,214 347,924 Open Text Corp...... 7,289 343,015 Atos SE(c)...... 3,329 222,221 Pembina Pipeline Corp...... 13,268 427,128 AXA SA...... 43,839 1,208,375 Power Corp. of Canada ...... 14,104 459,412 BioMerieux ...... 918 105,179 Restaurant Brands International Inc...... 5,828 401,816 BNP Paribas SA ...... 25,431 1,731,271 RioCan REIT ...... 3,513 61,737 Bollore SA ...... 64,501 335,599 Ritchie Bros Auctioneers Inc...... 2,423 143,288 Bouygues SA ...... 7,869 319,902 Rogers Communications Inc., Class B, NVS...... 9,089 464,964 Bureau Veritas SA(a) ...... 8,090 248,059 Royal Bank of Canada ...... 31,784 3,267,986 Capgemini SE ...... 3,728 692,938 Saputo Inc...... 8,289 283,036 Carrefour SA...... 14,817 301,846 Shaw Communications Inc., Class B, NVS ...... 12,990 385,060 Cie. de Saint-Gobain(a) ...... 11,545 770,482 Shopify Inc., Class A(a) ...... 2,497 3,059,773 Cie. Generale des Etablissements Michelin SCA...... 4,228 647,231 Sun Life Financial Inc...... 13,060 699,243 Credit Agricole SA...... 26,039 387,113 Suncor Energy Inc...... 35,711 829,478 Danone SA ...... 14,503 1,031,012 TC Energy Corp...... 20,980 1,057,987 Dassault Systemes SE ...... 3,122 715,180 Teck Resources Ltd., Class B...... 11,467 278,690 Edenred ...... 6,789 367,767 TELUS Corp...... 9,553 214,301 Electricite de France SA ...... 12,520 174,337 Thomson Reuters Corp...... 4,091 395,470 Engie SA ...... 37,785 559,335 Toronto-Dominion Bank (The)...... 40,820 2,936,350 EssilorLuxottica SA ...... 6,455 1,115,270 Waste Connections Inc.(c) ...... 6,545 794,825 Eurofins Scientific SE(a) ...... 3,500 376,640 West Fraser Timber Co. Ltd...... 1,530 118,317 Faurecia SE(a) ...... 797 42,827 Wheaton Precious Metals Corp...... 10,748 509,530 Getlink SE ...... 18,687 298,013 WSP Global Inc...... 3,657 408,580 Hermes International ...... 816 1,145,333 44,307,624 Iliad SA...... 748 123,815 China — 0.0% Ipsen SA ...... 1,026 103,499 Futu Holdings Ltd., ADR(a) ...... 2,346 333,765 Kering SA ...... 1,675 1,532,937 Klepierre SA ...... 4,607 132,619 Denmark — 0.8% Legrand SA...... 6,789 708,831 Ambu A/S, Class B...... 3,468 129,018 L'Oreal SA...... 5,630 2,526,516 AP Moller - Maersk A/S, Class A ...... 168 442,561 LVMH Moet Hennessy Louis Vuitton SE ...... 5,956 4,743,303 AP Moller - Maersk A/S, Class B, NVS ...... 50 137,619 Orange SA ...... 41,329 524,091 Carlsberg A/S, Class B ...... 3,007 549,332 Pernod Ricard SA...... 4,625 1,015,165 Chr Hansen Holding A/S...... 2,506 224,385 Publicis Groupe SA ...... 5,033 340,211 Coloplast A/S, Class B ...... 3,116 489,883 Renault SA(a) ...... 4,242 174,533 Danske Bank A/S ...... 18,820 348,469 Safran SA ...... 7,628 1,137,073 Demant A/S(a)...... 5,108 278,892 Sanofi ...... 25,006 2,645,360 DSV Panalpina A/S ...... 5,167 1,246,120 Sartorius Stedim Biotech ...... 616 265,964 Genmab A/S(a) ...... 1,697 684,286 Schneider Electric SE ...... 11,775 1,856,601 Novo Nordisk A/S, Class B ...... 39,684 3,132,057 SCOR SE(a) ...... 5,225 169,519 Novozymes A/S, Class B ...... 6,075 441,458 Societe Generale SA ...... 16,784 536,486 Orsted A/S(b)...... 4,243 641,371 Sodexo SA(a) ...... 2,461 237,393 Vestas Wind Systems A/S ...... 22,539 873,731 Suez SA...... 10,121 246,206 9,619,182 Teleperformance ...... 1,655 634,307 Finland — 0.4% Thales SA ...... 3,128 319,362 Elisa OYJ...... 4,308 253,499 TOTAL SE...... 55,761 2,584,372 Fortum OYJ...... 11,687 332,040 Ubisoft Entertainment SA(a) ...... 2,717 197,822 Kesko OYJ, Class B...... 13,367 460,666 Unibail-Rodamco-Westfield(a) ...... 2,782 241,579 Kone OYJ, Class B...... 7,889 636,050 Valeo SA ...... 6,231 202,770 Neste OYJ...... 10,507 690,446 Veolia Environnement SA...... 12,873 403,069 Nokia OYJ(a) ...... 121,383 628,642 Vinci SA ...... 11,982 1,355,028 Nordea Bank Abp ...... 72,547 776,410 Vivendi SE...... 17,234 623,875 Sampo OYJ, Class A ...... 8,656 402,346 Worldline SA(a)(b)...... 6,585 627,569 Stora Enso OYJ, Class R...... 22,650 395,218 43,018,733 UPM-Kymmene OYJ ...... 10,204 387,535 Germany — 2.5% Wartsila OYJ Abp ...... 10,565 142,137 adidas AG ...... 4,128 1,500,392 5,104,989 Allianz SE, Registered...... 9,389 2,467,018 BASF SE ...... 20,517 1,667,490

220 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Germany (continued) Hong Kong (continued) Bayer AG, Registered ...... 22,092 $ 1,387,735 Techtronic Industries Co. Ltd...... 38,500 $ 709,868 Bayerische Motoren Werke AG ...... 6,792 716,806 WH Group Ltd.(b)...... 236,500 202,126 Beiersdorf AG...... 3,778 445,781 Wynn Macau Ltd.(a) ...... 89,200 150,798 Brenntag SE ...... 5,328 500,762 12,181,430 (a) Commerzbank AG ...... 28,095 225,909 Ireland — 0.7% (a) Continental AG ...... 2,379 350,529 CRH PLC...... 19,902 1,031,999 (b) Covestro AG ...... 4,091 285,751 Flutter Entertainment PLC(a) ...... 3,487 645,672 Daimler AG, Registered ...... 19,302 1,789,788 Horizon Therapeutics PLC(a)...... 4,590 420,720 (a)(b) Delivery Hero SE ...... 4,219 577,181 Kerry Group PLC, Class A ...... 4,187 563,961 (a) Deutsche Bank AG, Registered ...... 46,129 686,379 Kingspan Group PLC...... 3,440 321,782 Deutsche Boerse AG ...... 4,905 799,346 Linde PLC ...... 11,776 3,539,866 (a)(c) Deutsche Lufthansa AG, Registered ...... 7,076 92,042 Seagate Technology Holdings PLC...... 5,308 508,241 Deutsche Post AG, Registered...... 22,645 1,539,567 Smurfit Kappa Group PLC ...... 8,775 463,694 Deutsche Telekom AG, Registered ...... 71,199 1,473,997 STERIS PLC...... 2,020 385,537 Deutsche Wohnen SE...... 7,874 500,940 Trane Technologies PLC ...... 6,070 1,131,448 E.ON SE ...... 52,546 633,079 9,012,920 Fresenius Medical Care AG & Co. KGaA ...... 5,232 416,479 Israel — 0.2% Fresenius SE & Co. KGaA...... 8,876 476,990 Bank Hapoalim BM(a)...... 61,041 517,696 GEA Group AG ...... 5,128 224,116 Check Point Software Technologies Ltd.(a)...... 2,857 334,212 Hannover Rueck SE...... 1,557 271,565 CyberArk Software Ltd.(a)...... 896 113,380 HeidelbergCement AG ...... 3,928 357,195 Isracard Ltd.(a) ...... 1 4 HelloFresh SE(a) ...... 3,686 335,580 Nice Ltd.(a)...... 1,796 389,578 Infineon Technologies AG...... 28,523 1,155,119 Teva Pharmaceutical Industries Ltd., ADR(a)(c) ...... 27,901 290,170 LANXESS AG...... 3,628 270,897 Wix.com Ltd.(a)(c) ...... 1,632 424,092 LEG Immobilien SE ...... 1,895 276,963 Merck KGaA ...... 3,220 578,635 2,069,132 MTU Aero Engines AG ...... 1,191 305,919 Italy — 0.7% Muenchener Rueckversicherungs-Gesellschaft AG in Amplifon SpA ...... 6,324 299,902 Muenchen, Registered...... 3,228 929,341 Assicurazioni Generali SpA...... 23,313 477,942 (a) Puma SE ...... 3,575 408,602 Atlantia SpA ...... 14,355 281,459 RWE AG...... 14,917 560,666 CNH Industrial NV ...... 27,965 481,841 SAP SE ...... 22,980 3,172,796 Enel SpA ...... 185,574 1,820,730 Scout24 AG(b)...... 2,004 162,194 Eni SpA ...... 59,899 733,149 Siemens AG, Registered ...... 17,200 2,775,870 Ferrari NV ...... 3,013 634,766 (a) Siemens Healthineers AG(b) ...... 6,034 337,523 FinecoBank Banca Fineco SpA ...... 13,538 226,500 Symrise AG...... 3,122 412,390 Intesa Sanpaolo SpA...... 374,569 1,103,146 (a) TeamViewer AG(a)(b)...... 4,096 161,601 Mediobanca Banca di Credito Finanziario SpA ...... 20,136 239,365 United Internet AG, Registered...... 3,253 135,313 Moncler SpA...... 6,702 474,133 Vonovia SE ...... 13,123 817,963 Snam SpA ...... 79,570 466,029 Zalando SE(a)(b) ...... 3,703 394,082 Telecom Italia SpA/Milano ...... 222,392 118,770 Tenaris SA...... 14,836 168,941 32,578,291 Terna SPA ...... 69,426 528,634 Hong Kong — 1.0% UniCredit SpA ...... 50,051 640,152 AIA Group Ltd...... 270,000 3,463,832 Bank of East Asia Ltd. (The) ...... 31,400 63,237 8,695,459 BOC Hong Kong Holdings Ltd...... 103,500 374,427 Japan — 6.8% CK Asset Holdings Ltd.(c) ...... 55,000 364,531 Advantest Corp...... 4,400 394,137 CK Hutchison Holdings Ltd...... 61,000 478,053 Aeon Co. Ltd...... 20,500 545,181 CLP Holdings Ltd...... 51,500 523,475 Aisin Corp...... 3,300 143,438 Galaxy Entertainment Group Ltd.(a) ...... 48,000 389,492 Ajinomoto Co. Inc...... 16,900 386,338 (a) Hang Seng Bank Ltd.(c)...... 21,200 440,975 ANA Holdings Inc...... 3,600 86,582 Hong Kong & China Gas Co. Ltd...... 323,419 562,669 Asahi Group Holdings Ltd...... 10,200 482,795 Hong Kong Exchanges & Clearing Ltd...... 26,500 1,659,574 Asahi Kasei Corp...... 30,700 334,716 Jardine Matheson Holdings Ltd...... 7,000 453,690 Astellas Pharma Inc...... 51,000 830,858 Link REIT...... 46,500 442,880 Bandai Namco Holdings Inc...... 3,500 249,404 Melco Resorts & Entertainment Ltd., ADR(a) ...... 10,057 172,880 Bridgestone Corp...... 11,000 478,749 MTR Corp. Ltd.(c) ...... 52,000 289,537 Canon Inc...... 20,400 474,999 New World Development Co. Ltd...... 39,333 212,275 Casio Computer Co. Ltd...... 5,100 88,098 Power Assets Holdings Ltd...... 51,000 311,770 Central Japan Railway Co...... 3,100 457,218 Sands China Ltd.(a)...... 81,600 362,414 Chubu Electric Power Co. Inc...... 20,400 242,994 Sun Hung Kai Properties Ltd...... 36,000 552,927 Chugai Pharmaceutical Co. Ltd...... 17,300 657,611

221 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Japan (continued) Japan (continued) Concordia Financial Group Ltd...... 24,300 $ 88,529 Mitsubishi Estate Co. Ltd...... 30,600 $ 491,471 Daifuku Co. Ltd...... 3,600 299,703 Mitsubishi HC Capital Inc...... 56,200 310,903 Dai-ichi Life Holdings Inc...... 22,700 459,355 Mitsubishi Heavy Industries Ltd...... 10,300 309,895 Daiichi Sankyo Co. Ltd...... 37,800 866,754 Mitsubishi UFJ Financial Group Inc...... 286,800 1,617,649 Daikin Industries Ltd...... 5,800 1,134,656 Mitsui & Co. Ltd...... 38,800 847,836 Daito Trust Construction Co. Ltd...... 3,000 313,314 Mitsui Fudosan Co. Ltd...... 27,100 625,670 Daiwa House Industry Co. Ltd...... 17,000 493,209 Mizuho Financial Group Inc...... 64,890 985,712 Daiwa Securities Group Inc...... 71,400 407,585 MS&AD Insurance Group Holdings Inc...... 11,900 360,896 Denso Corp...... 12,600 855,713 Murata Manufacturing Co. Ltd...... 12,500 938,678 Dentsu Group Inc...... 10,200 346,674 NEC Corp...... 5,500 255,084 East Japan Railway Co...... 6,500 451,792 Nexon Co. Ltd...... 12,800 301,174 Eisai Co. Ltd...... 5,100 340,389 Nidec Corp...... 11,300 1,278,904 ENEOS Holdings Inc...... 71,400 293,252 Nintendo Co. Ltd...... 2,500 1,541,889 Fanuc Corp...... 4,500 1,070,285 Nippon Building Fund Inc...... 33 208,293 Fast Retailing Co. Ltd...... 1,400 1,129,935 Nippon Paint Holdings Co. Ltd...... 20,000 287,001 Fuji Electric Co. Ltd...... 3,600 167,028 Nippon Steel Corp...... 19,047 354,452 FUJIFILM Holdings Corp...... 10,300 712,332 Nippon Telegraph & Telephone Corp...... 30,600 817,915 Fujitsu Ltd...... 4,000 646,312 Nissan Motor Co. Ltd.(a) ...... 53,400 261,712 Hakuhodo DY Holdings Inc...... 17,000 278,915 Nitori Holdings Co. Ltd...... 1,700 292,556 Hamamatsu Photonics KK...... 6,100 368,545 Nitto Denko Corp...... 3,400 261,537 Hankyu Hanshin Holdings Inc...... 10,200 316,548 Nomura Holdings Inc...... 69,500 378,368 Hikari Tsushin Inc...... 600 118,751 Nomura Real Estate Master Fund Inc...... 204 321,698 Hitachi Ltd...... 20,400 1,060,074 Nomura Research Institute Ltd...... 7,900 250,265 Honda Motor Co. Ltd...... 30,600 924,588 NTT Data Corp...... 20,400 329,477 Hoya Corp...... 10,200 1,325,971 Obic Co. Ltd...... 1,800 335,069 Hulic Co. Ltd...... 29,800 332,755 Odakyu Electric Railway Co. Ltd...... 13,700 351,311 Idemitsu Kosan Co. Ltd...... 4,700 110,280 Oji Holdings Corp...... 39,600 233,184 Inpex Corp...... 30,600 208,924 Olympus Corp...... 31,100 662,277 Itochu Corp...... 29,900 880,792 Omron Corp...... 3,800 296,519 Japan Airlines Co. Ltd.(a) ...... 2,500 56,605 Ono Pharmaceutical Co. Ltd...... 10,200 229,179 Japan Exchange Group Inc...... 17,000 390,270 Oriental Land Co. Ltd...... 4,300 636,166 Japan Post Holdings Co. Ltd...... 33,300 275,411 ORIX Corp...... 34,500 603,416 Japan Real Estate Investment Corp...... 29 173,960 Orix JREIT Inc...... 102 188,498 Japan Tobacco Inc...... 30,600 600,793 Osaka Gas Co. Ltd...... 10,200 191,153 JFE Holdings Inc...... 25,600 338,141 Otsuka Corp...... 2,500 133,026 Kansai Electric Power Co. Inc. (The) ...... 21,200 199,898 Otsuka Holdings Co. Ltd...... 10,300 423,416 Kao Corp...... 11,100 674,715 Pan Pacific International Holdings Corp...... 17,800 348,845 KDDI Corp...... 40,800 1,378,948 Panasonic Corp...... 51,000 574,861 Keyence Corp...... 4,300 2,097,906 Rakuten Group Inc...... 30,600 348,043 Kikkoman Corp...... 3,300 212,453 Recruit Holdings Co. Ltd...... 30,600 1,540,154 Kintetsu Group Holdings Co. Ltd.(a) ...... 3,800 133,049 Renesas Electronics Corp.(a) ...... 10,200 100,991 Kirin Holdings Co. Ltd...... 20,400 411,045 Resona Holdings Inc...... 76,200 323,165 Komatsu Ltd...... 20,400 592,759 Rohm Co. Ltd...... 2,000 187,901 Konami Holdings Corp...... 2,800 178,159 Santen Pharmaceutical Co. Ltd...... 20,400 270,974 Kose Corp...... 900 140,252 Secom Co. Ltd...... 4,000 311,046 Kubota Corp...... 27,900 628,418 Sekisui House Ltd...... 20,400 421,201 Kyocera Corp...... 9,200 560,464 Seven & i Holdings Co. Ltd...... 20,600 885,476 Lasertec Corp...... 1,700 317,017 SG Holdings Co. Ltd...... 10,200 226,939 Lixil Corp...... 5,000 130,589 Shimano Inc...... 1,400 315,569 M3 Inc...... 10,400 698,256 Shin-Etsu Chemical Co. Ltd...... 8,273 1,410,719 Makita Corp...... 7,300 350,003 Shionogi & Co. Ltd...... 7,200 363,705 Marubeni Corp...... 49,200 430,100 Shiseido Co. Ltd...... 10,200 734,116 Mazda Motor Corp.(a)...... 20,400 172,254 SMC Corp...... 1,400 832,026 MEIJI Holdings Co. Ltd...... 2,700 166,824 Softbank Corp...... 64,400 822,231 Mercari Inc.(a) ...... 2,500 117,389 SoftBank Group Corp...... 29,000 2,174,247 MinebeaMitsumi Inc...... 16,900 455,474 Sompo Holdings Inc...... 9,900 395,868 Misumi Group Inc...... 6,300 201,005 Sony Group Corp...... 30,600 2,991,444 Mitsubishi Chemical Holdings Corp...... 43,400 344,080 Subaru Corp...... 20,400 393,287 Mitsubishi Corp...... 28,900 781,812 Sumitomo Chemical Co. Ltd...... 56,000 303,988 Mitsubishi Electric Corp...... 43,500 666,561 Sumitomo Corp...... 29,100 402,323

222 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Japan (continued) Netherlands (continued) Sumitomo Electric Industries Ltd...... 30,600 $ 464,305 Wolters Kluwer NV ...... 6,171 $ 590,386 Sumitomo Metal Mining Co. Ltd...... 5,500 244,468 23,654,569 Sumitomo Mitsui Financial Group Inc...... 30,600 1,097,641 New Zealand — 0.1% Sumitomo Mitsui Trust Holdings Inc...... 10,300 352,699 a2 Milk Co. Ltd. (The)(a)(c) ...... 19,614 83,272 Sumitomo Realty & Development Co. Ltd...... 10,600 349,274 Fisher & Paykel Healthcare Corp. Ltd...... 13,362 288,455 Suzuki Motor Corp...... 10,300 441,834 Spark New Zealand Ltd...... 81,047 265,861 Sysmex Corp...... 4,000 404,633 Xero Ltd.(a) ...... 3,763 384,221 T&D Holdings Inc...... 20,400 275,461 1,021,809 Takeda Pharmaceutical Co. Ltd...... 34,426 1,162,319 Norway — 0.2% TDK Corp...... 2,700 340,502 Adevinta ASA(a) ...... 5,371 103,566 Terumo Corp...... 10,200 389,717 DNB ASA...... 24,512 541,934 Toho Co. Ltd...... 3,200 131,685 Equinor ASA ...... 21,383 460,028 Tokio Marine Holdings Inc...... 15,900 746,376 Norsk Hydro ASA ...... 38,162 249,802 Tokyo Electric Power Co. Holdings Inc.(a) ...... 34,100 104,885 Orkla ASA ...... 24,874 258,031 Tokyo Electron Ltd...... 3,700 1,635,808 Telenor ASA ...... 17,502 302,257 Tokyo Gas Co. Ltd...... 10,200 200,796 Yara International ASA ...... 5,928 315,728 Tokyu Corp...... 13,900 184,819 Toray Industries Inc...... 47,300 303,936 2,231,346 Toshiba Corp...... 9,100 378,868 Portugal — 0.0% Tosoh Corp...... 10,200 176,561 EDP - Energias de Portugal SA ...... 79,839 458,077 TOTO Ltd...... 3,200 170,825 Galp Energia SGPS SA ...... 15,011 186,312 Toyota Motor Corp...... 49,000 4,057,549 644,389 Toyota Tsusho Corp...... 4,700 208,567 Singapore — 0.3% Unicharm Corp...... 10,300 404,276 Ascendas REIT ...... 188,416 417,047 United Urban Investment Corp...... 128 182,630 CapitaLand Integrated Commercial Trust ...... 109,200 172,369 USS Co. Ltd...... 10,200 177,087 CapitaLand Ltd...... 111,100 307,145 West Japan Railway Co...... 5,900 333,141 DBS Group Holdings Ltd...... 39,500 896,235 Yakult Honsha Co. Ltd...... 3,400 182,370 Genting Singapore Ltd...... 198,700 126,827 Yamaha Corp...... 3,800 226,159 Keppel Corp. Ltd...... 35,400 142,529 Yamaha Motor Co. Ltd...... 10,200 294,815 Oversea-Chinese Banking Corp. Ltd...... 63,600 594,064 Yamato Holdings Co. Ltd...... 10,200 278,690 Singapore Exchange Ltd...... 7,500 58,531 Yaskawa Electric Corp...... 7,500 360,087 Singapore Telecommunications Ltd...... 184,300 335,516 Yokogawa Electric Corp...... 10,300 161,620 United Overseas Bank Ltd...... 34,100 671,680 Z Holdings Corp...... 66,600 311,029 Venture Corp. Ltd...... 13,800 198,232 87,057,488 Wilmar International Ltd...... 52,500 189,169 Netherlands — 1.8% 4,109,344 Adyen NV(a)(b) ...... 542 1,246,657 Spain — 0.7% Aegon NV ...... 41,129 193,775 ACS Actividades de Construccion y Servicios SA ...... 6,971 216,568 Akzo Nobel NV ...... 4,254 546,761 Aena SME SA(a)(b) ...... 1,674 292,572 ArcelorMittal SA(a)...... 16,608 545,251 Amadeus IT Group SA(a) ...... 9,916 745,087 Argenx SE(a) ...... 1,023 279,820 Banco Bilbao Vizcaya Argentaria SA ...... 146,778 918,536 ASM International NV ...... 1,052 330,178 Banco Santander SA ...... 385,771 1,612,274 ASML Holding NV...... 9,406 6,295,920 CaixaBank SA ...... 104,776 358,773 Heineken Holding NV ...... 5,409 544,258 Cellnex Telecom SA(b) ...... 10,354 618,927 Heineken NV ...... 5,228 622,494 Enagas SA ...... 2,268 53,149 ING Groep NV ...... 86,040 1,195,951 Endesa SA ...... 8,962 243,636 Just Eat Takeaway.com NV(a)(b)(c) ...... 2,652 240,004 Ferrovial SA ...... 10,232 299,672 Koninklijke Ahold Delhaize NV ...... 24,263 700,129 Iberdrola SA ...... 131,804 1,766,966 Koninklijke DSM NV...... 4,319 794,278 Industria de Diseno Textil SA ...... 24,623 950,086 Koninklijke KPN NV ...... 86,093 285,693 Naturgy Energy Group SA ...... 9,800 255,979 Koninklijke Philips NV ...... 20,116 1,128,833 Red Electrica Corp. SA...... 5,764 115,410 NN Group NV...... 7,372 373,691 Repsol SA ...... 35,540 473,725 NXP Semiconductors NV ...... 6,291 1,330,043 Telefonica SA ...... 107,579 528,326 Prosus NV ...... 10,953 1,135,570 9,449,686 (a) QIAGEN NV ...... 5,578 273,712 Sweden — 1.1% Randstad NV ...... 2,669 207,320 Alfa Laval AB ...... 9,189 345,888 Royal Dutch Shell PLC, Class A ...... 91,416 1,744,499 Assa Abloy AB, Class B ...... 23,912 732,423 Royal Dutch Shell PLC, Class B ...... 83,987 1,526,988 Atlas Copco AB, Class A ...... 15,025 910,538 Stellantis NV...... 48,180 953,611 Atlas Copco AB, Class B ...... 9,730 500,680 STMicroelectronics NV ...... 15,242 568,747

223 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Sweden (continued) Switzerland (continued) Boliden AB...... 7,883 $ 315,629 Swisscom AG, Registered ...... 642 $ 360,674 Electrolux AB, Series B...... 6,689 189,218 Temenos AG, Registered ...... 1,965 301,418 Embracer Group AB(a)...... 11,526 342,780 UBS Group AG, Registered...... 85,304 1,379,729 Epiroc AB, Class A ...... 12,917 291,848 Zurich Insurance Group AG...... 3,162 1,319,053 Epiroc AB, Class B ...... 11,056 220,187 37,649,330 EQT AB ...... 6,834 246,604 Taiwan — 0.0% Essity AB, Class B ...... 13,817 476,240 Sea Ltd.(a) ...... 1,224 309,966 Evolution AB(b) ...... 3,663 700,318 H & M Hennes & Mauritz AB, Class B(a) ...... 16,911 430,976 United Kingdom — 3.8% Hexagon AB, Class B ...... 43,841 624,026 3i Group PLC ...... 25,843 454,748 Investor AB, Class B ...... 39,424 908,877 Admiral Group PLC ...... 6,231 259,457 Kinnevik AB(a)...... 8,417 160,147 Amcor PLC ...... 34,862 411,372 Kinnevik AB, Class B ...... 8,417 320,714 Anglo American PLC ...... 28,902 1,283,053 Lundin Energy AB...... 4,467 153,267 Antofagasta PLC...... 12,459 272,767 Nibe Industrier AB, Class B ...... 31,862 346,053 Aptiv PLC(a)...... 5,846 879,355 Sandvik AB ...... 28,195 741,023 Ashtead Group PLC...... 11,978 873,767 Sinch AB(a) ...... 1,428 263,070 Associated British Foods PLC(a) ...... 8,989 295,268 Skandinaviska Enskilda Banken AB, Class A ...... 39,041 498,364 AstraZeneca PLC ...... 29,851 3,402,226 Skanska AB, Class B...... 11,894 333,776 Auto Trader Group PLC(a)(b) ...... 37,372 297,385 SKF AB, Class B ...... 13,120 353,083 Aviva PLC ...... 86,919 506,515 Svenska Handelsbanken AB, Class A ...... 31,910 356,959 BAE Systems PLC ...... 73,672 548,702 Swedbank AB, Class A ...... 18,894 339,026 Barclays PLC ...... 387,479 1,006,204 Swedish Match AB ...... 46,130 427,123 BP PLC...... 451,277 1,965,878 Telefonaktiebolaget LM Ericsson, Class B ...... 63,296 838,439 British American Tobacco PLC ...... 48,645 1,873,575 Telia Co. AB ...... 59,330 258,401 British Land Co. PLC (The) ...... 33,363 240,995 Volvo AB, Class B...... 31,908 833,072 BT Group PLC(a) ...... 199,211 493,108 13,458,749 Bunzl PLC ...... 10,875 352,241 (a) Switzerland — 2.9% Burberry Group PLC ...... 10,556 319,405 ABB Ltd., Registered ...... 40,072 1,365,167 Coca-Cola Europacific Partners PLC ...... 5,827 352,650 (a) Adecco Group AG, Registered ...... 4,128 283,596 Compass Group PLC ...... 39,906 909,677 Alcon Inc...... 10,465 724,893 Croda International PLC ...... 5,953 589,174 Baloise Holding AG, Registered...... 2,261 372,390 Diageo PLC...... 52,885 2,550,299 (a) Chocoladefabriken Lindt & Spruengli AG, Participation Entain PLC ...... 13,464 314,811 Certificates, NVS ...... 19 181,128 Experian PLC...... 21,680 830,646 Cie. Financiere Richemont SA, Class A, Registered...... 11,756 1,428,689 Ferguson PLC ...... 5,229 710,151 Coca-Cola HBC AG ...... 5,372 195,483 GlaxoSmithKline PLC ...... 112,812 2,151,755 Credit Suisse Group AG, Registered ...... 57,835 628,482 Halma PLC ...... 8,932 329,692 Geberit AG, Registered...... 1,161 838,637 HSBC Holdings PLC ...... 454,614 2,939,463 Givaudan SA, Registered...... 204 909,034 Imperial Brands PLC ...... 20,353 461,459 (a) Glencore PLC...... 223,658 1,017,430 Informa PLC ...... 42,281 325,492 (a) Holcim Ltd., Registered...... 11,050 655,466 InterContinental Hotels Group PLC ...... 4,077 283,898 Julius Baer Group Ltd...... 7,296 498,148 Intertek Group PLC ...... 5,214 400,810 Kuehne + Nagel International AG, Registered ...... 1,764 594,944 J Sainsbury PLC ...... 50,591 190,442 Logitech International SA, Registered ...... 3,864 477,760 Johnson Matthey PLC...... 6,998 301,877 (a) Lonza Group AG, Registered ...... 1,864 1,197,965 Kingfisher PLC ...... 51,018 258,919 Nestle SA, Registered...... 64,002 7,875,527 Land Securities Group PLC...... 23,013 229,074 Novartis AG, Registered ...... 49,867 4,367,652 Legal & General Group PLC ...... 133,187 536,945 Partners Group Holding AG...... 507 769,182 Lloyds Banking Group PLC ...... 1,571,782 1,111,412 Roche Holding AG, Bearer...... 709 265,072 London Stock Exchange Group PLC ...... 7,247 777,614 Roche Holding AG, NVS...... 15,822 5,487,622 M&G PLC ...... 72,266 249,909 Schindler Holding AG, Participation Certificates, NVS ..... 855 252,376 Melrose Industries PLC...... 130,191 318,209 Schindler Holding AG, Registered...... 913 263,647 National Grid PLC...... 78,169 1,043,397 SGS SA, Registered ...... 102 317,315 Natwest Group PLC ...... 108,687 318,491 (a) Siemens Energy AG(a)...... 10,538 333,956 Next PLC ...... 3,628 418,971 (a) Sika AG, Registered...... 2,712 870,748 Ocado Group PLC ...... 10,608 283,816 Sonova Holding AG, Registered(a) ...... 1,230 436,058 Pearson PLC ...... 18,978 220,647 Swatch Group AG (The), Bearer ...... 961 347,657 Persimmon PLC ...... 7,148 319,603 Swiss Life Holding AG, Registered ...... 715 370,324 Prudential PLC...... 58,242 1,239,239 Swiss Prime Site AG, Registered ...... 3,542 360,981 Reckitt Benckiser Group PLC ...... 16,241 1,464,914 Swiss Re AG...... 6,266 601,127 RELX PLC...... 44,582 1,161,229

224 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United Kingdom (continued) United States (continued) Rentokil Initial PLC...... 43,011 $ 288,519 Amgen Inc...... 13,077 $ 3,111,541 Rolls-Royce Holdings PLC(a)...... 195,728 296,576 Amphenol Corp., Class A ...... 13,950 938,277 RSA Insurance Group Ltd...... 23,665 229,744 Analog Devices Inc...... 8,477 1,395,314 Sage Group PLC (The)...... 24,466 227,516 Annaly Capital Management Inc...... 32,809 304,139 Segro PLC...... 26,642 393,944 ANSYS Inc.(a) ...... 1,936 654,252 Severn Trent PLC ...... 8,489 295,065 Anthem Inc...... 5,524 2,199,767 Smith & Nephew PLC ...... 20,645 449,708 Aon PLC, Class A ...... 5,071 1,284,839 Smiths Group PLC ...... 13,517 296,440 Apple Inc...... 375,195 46,753,049 SSE PLC ...... 22,270 486,058 Applied Materials Inc...... 20,481 2,829,041 Standard Chartered PLC ...... 67,462 485,361 Arch Capital Group Ltd.(a) ...... 9,222 367,866 Taylor Wimpey PLC ...... 87,449 212,015 Archer-Daniels-Midland Co...... 12,463 829,163 Tesco PLC...... 174,036 550,870 Arista Networks Inc.(a) ...... 1,227 416,419 Unilever PLC ...... 58,169 3,486,574 Arrow Electronics Inc.(a) ...... 3,019 363,276 United Utilities Group PLC...... 20,445 284,239 Arthur J Gallagher & Co...... 4,091 599,782 Vodafone Group PLC...... 606,355 1,099,355 Assurant Inc...... 2,264 364,844 Whitbread PLC(a) ...... 5,364 241,588 AT&T Inc...... 159,175 4,684,520 WPP PLC...... 30,464 420,817 Atmos Energy Corp...... 2,860 283,626 (a) 49,075,095 Autodesk Inc...... 4,908 1,403,001 United States — 65.7% Autoliv Inc...... 2,977 315,651 10X Genomics Inc., Class A(a) ...... 1,633 293,940 Automatic Data Processing Inc...... 9,610 1,883,752 (a) 3M Co...... 12,761 2,590,993 AutoZone Inc...... 510 717,366 (a) Abbott Laboratories ...... 39,692 4,630,072 Avalara Inc...... 1,907 252,048 AbbVie Inc...... 39,344 4,453,741 AvalonBay Communities Inc...... 2,961 612,749 (a) ABIOMED Inc.(a) ...... 1,243 353,733 Avantor Inc...... 11,667 375,094 Accenture PLC, Class A ...... 14,156 3,994,257 Avery Dennison Corp...... 1,942 428,269 Activision Blizzard Inc...... 17,202 1,672,894 Baker Hughes Co...... 14,556 355,166 Adobe Inc.(a) ...... 10,838 5,468,638 Ball Corp...... 7,972 654,980 Advance Auto Parts Inc...... 1,703 323,110 Bank of America Corp...... 173,417 7,351,147 Advanced Micro Devices Inc.(a) ...... 26,603 2,130,368 Bank of New York Mellon Corp. (The) ...... 18,053 940,200 AES Corp. (The) ...... 17,244 438,170 Baxter International Inc...... 11,051 907,508 Aflac Inc...... 16,452 932,499 Becton Dickinson and Co...... 6,485 1,568,657 (a) Agilent Technologies Inc...... 7,482 1,033,489 Berkshire Hathaway Inc., Class B ...... 31,074 8,994,059 AGNC Investment Corp...... 18,463 342,304 Best Buy Co. Inc...... 5,320 618,397 (a) Air Products & Chemicals Inc...... 5,033 1,508,189 Biogen Inc...... 3,465 926,818 (a) Airbnb Inc., Class A(a) ...... 1,348 189,259 BioMarin Pharmaceutical Inc...... 4,107 317,471 (a) Akamai Technologies Inc.(a)...... 3,616 412,983 Bio-Rad Laboratories Inc., Class A ...... 510 307,209 (a) Albemarle Corp...... 2,603 434,909 Black Knight Inc...... 3,501 256,938 (d) Alexandria Real Estate Equities Inc...... 2,898 516,597 BlackRock Inc...... 3,445 3,021,403 Alexion Pharmaceuticals Inc.(a) ...... 4,931 870,568 Blackstone Group Inc. (The) ...... 15,126 1,401,726 (a) Align Technology Inc.(a)...... 1,786 1,054,008 Boeing Co. (The) ...... 12,361 3,053,414 (a) Alleghany Corp.(a)...... 383 274,446 Booking Holdings Inc...... 918 2,167,903 Allegion PLC...... 2,580 362,438 Booz Allen Hamilton Holding Corp...... 3,099 263,198 Alliant Energy Corp...... 5,312 303,581 BorgWarner Inc...... 6,707 344,002 Allstate Corp. (The) ...... 6,760 923,484 Boston Properties Inc...... 3,728 438,264 (a) Ally Financial Inc...... 8,336 456,063 Boston Scientific Corp...... 31,630 1,345,856 Alnylam Pharmaceuticals Inc.(a)...... 2,611 370,736 Bristol-Myers Squibb Co...... 50,633 3,327,601 Alphabet Inc., Class A(a) ...... 6,721 15,840,389 Broadcom Inc...... 8,991 4,246,719 Alphabet Inc., Class C, NVS(a) ...... 6,588 15,887,357 Broadridge Financial Solutions Inc...... 2,585 412,256 Altria Group Inc...... 40,618 1,999,218 Brown & Brown Inc...... 6,585 345,844 Amazon.com Inc.(a) ...... 9,588 30,902,795 Brown-Forman Corp., Class B, NVS ...... 7,247 582,369 Ameren Corp...... 5,655 476,151 Bunge Ltd...... 3,128 271,573 (a) American Electric Power Co. Inc...... 10,966 943,076 Burlington Stores Inc...... 1,360 439,783 American Express Co...... 15,283 2,447,267 Cable One Inc...... 121 219,683 (a) American Financial Group Inc./OH ...... 2,418 321,739 Cadence Design Systems Inc...... 7,247 920,297 (a) American International Group Inc...... 18,271 965,440 Caesars Entertainment Inc...... 3,366 361,677 American Tower Corp...... 9,918 2,533,652 Campbell Soup Co...... 4,395 213,905 American Water Works Co. Inc...... 4,817 746,731 Capital One Financial Corp...... 10,242 1,646,709 Ameriprise Financial Inc...... 2,684 697,411 Cardinal Health Inc...... 7,089 397,480 (a) AmerisourceBergen Corp...... 3,728 427,751 CarMax Inc...... 3,699 426,088 (a) AMETEK Inc...... 5,875 793,713 Carnival Corp...... 16,116 476,389

225 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States (continued) United States (continued) Carrier Global Corp...... 18,543 $ 851,680 Inc., Class C(a) ...... 5,563 $ 548,734 Carvana Co.(a)(c) ...... 1,524 403,997 Delta Air Lines Inc.(a) ...... 4,184 199,493 Catalent Inc.(a) ...... 3,673 385,041 DENTSPLY SIRONA Inc...... 5,528 369,934 Caterpillar Inc...... 12,153 2,929,845 Devon Energy Corp...... 13,472 357,816 Cboe Global Markets Inc...... 2,689 299,286 Dexcom Inc.(a) ...... 2,251 831,497 CBRE Group Inc., Class A(a)(c) ...... 7,789 683,718 Digital Realty Trust Inc...... 5,935 899,509 CDW Corp./DE...... 3,144 520,080 Discover Financial Services ...... 7,548 885,078 Celanese Corp...... 2,835 469,051 Discovery Inc., Class A(a) ...... 3,328 106,862 Centene Corp.(a) ...... 12,981 955,402 Discovery Inc., Class C, NVS(a) ...... 8,706 261,615 CenterPoint Energy Inc...... 12,311 311,468 DISH Network Corp., Class A(a) ...... 6,569 285,883 Ceridian HCM Holding Inc.(a) ...... 2,856 255,498 DocuSign Inc.(a)...... 4,164 839,546 Cerner Corp...... 7,505 587,266 Dollar General Corp...... 5,472 1,110,597 CF Industries Holdings Inc...... 5,416 287,969 Dollar Tree Inc.(a) ...... 5,228 509,730 CH Robinson Worldwide Inc...... 3,314 321,524 Dominion Energy Inc...... 17,669 1,345,318 Charles River Laboratories International Inc.(a)...... 204 68,950 Domino's Pizza Inc...... 858 366,254 Charles Schwab Corp. (The)...... 32,194 2,377,527 Dover Corp...... 3,227 485,664 Charter Communications Inc., Class A(a)(c) ...... 3,161 2,195,409 Dow Inc...... 16,681 1,141,314 Cheniere Energy Inc.(a) ...... 5,376 456,422 DR Horton Inc...... 8,689 827,975 Chevron Corp...... 43,185 4,482,171 DraftKings Inc., Class A(a)(c) ...... 4,896 244,555 Chipotle Mexican Grill Inc.(a) ...... 612 839,652 DTE Energy Co...... 4,228 583,422 Chubb Ltd...... 10,049 1,708,230 Duke Energy Corp...... 16,324 1,635,991 Church & Dwight Co. Inc...... 6,419 550,301 Duke Realty Corp...... 8,342 387,569 Cigna Corp...... 7,931 2,052,939 DuPont de Nemours Inc...... 11,952 1,011,020 Cincinnati Financial Corp...... 3,418 416,005 Eastman Chemical Co...... 3,032 380,213 Cintas Corp...... 2,047 723,696 Eaton Corp. PLC...... 9,656 1,402,534 Cisco Systems Inc...... 94,227 4,984,608 eBay Inc...... 15,495 943,336 Citigroup Inc...... 46,471 3,657,732 Ecolab Inc...... 5,925 1,274,349 Citizens Financial Group Inc...... 10,016 499,798 Edison International ...... 8,465 472,940 Citrix Systems Inc...... 2,604 299,356 Edwards Lifesciences Corp.(a) ...... 14,090 1,351,231 Clorox Co. (The) ...... 2,921 516,228 Elanco Animal Health Inc.(a) ...... 11,122 400,170 Cloudflare Inc., Class A(a)...... 4,761 390,688 Electronic Arts Inc...... 6,769 967,493 CME Group Inc...... 7,992 1,748,330 Eli Lilly & Co...... 18,328 3,660,835 CMS Energy Corp...... 6,449 404,610 Emerson Electric Co...... 13,417 1,283,873 Coca-Cola Co. (The) ...... 89,904 4,970,792 Enphase Energy Inc.(a) ...... 2,754 393,960 Cognex Corp...... 3,929 311,923 Entergy Corp...... 4,428 466,091 Cognizant Technology Solutions Corp., Class A...... 11,924 853,281 EOG Resources Inc...... 13,479 1,082,903 Colgate-Palmolive Co...... 18,766 1,572,215 EPAM Systems Inc.(a) ...... 1,252 597,955 Comcast Corp., Class A ...... 102,026 5,850,171 Equifax Inc...... 2,761 648,945 Conagra Brands Inc...... 10,739 409,156 Equinix Inc...... 1,965 1,447,655 ConocoPhillips ...... 30,067 1,675,935 Equitable Holdings Inc...... 8,951 284,194 Consolidated Edison Inc...... 7,089 547,554 Equity LifeStyle Properties Inc...... 3,888 275,504 Constellation Brands Inc., Class A ...... 3,795 909,737 Equity Residential...... 7,902 612,010 Cooper Companies Inc. (The)...... 1,097 431,615 Essential Utilities Inc...... 6,611 316,006 Copart Inc.(a)...... 5,128 661,563 Essex Property Trust Inc...... 1,661 490,477 Corning Inc...... 15,842 691,186 Estee Lauder Companies Inc. (The), Class A ...... 4,928 1,510,531 Corteva Inc...... 16,681 758,986 Etsy Inc.(a) ...... 2,958 487,271 CoStar Group Inc.(a)...... 960 819,840 Everest Re Group Ltd...... 1,441 374,602 Costco Wholesale Corp...... 9,961 3,767,947 Evergy Inc...... 5,108 316,645 Coupa Software Inc.(a)...... 1,554 370,163 Eversource Energy...... 7,656 621,591 Crowdstrike Holdings Inc., Class A(a) ...... 3,900 866,385 Exact Sciences Corp.(a) ...... 3,810 421,119 Crown Castle International Corp...... 9,605 1,820,147 Exelon Corp...... 21,791 983,210 Crown Holdings Inc...... 3,136 323,761 Expedia Group Inc.(a)...... 3,088 546,422 CSX Corp...... 16,830 1,685,020 Expeditors International of Washington Inc...... 4,300 540,467 Cummins Inc...... 3,728 959,140 Extra Space Storage Inc...... 1,326 198,648 CVS Health Corp...... 29,268 2,529,926 Exxon Mobil Corp...... 94,488 5,515,265 Danaher Corp...... 14,538 3,723,763 F5 Networks Inc.(a) ...... 2,061 382,171 Darden Restaurants Inc...... 3,125 447,594 Facebook Inc., Class A(a) ...... 53,684 17,647,541 Datadog Inc., Class A(a) ...... 3,605 328,235 FactSet Research Systems Inc...... 801 267,822 DaVita Inc.(a)...... 2,689 322,868 Fair Isaac Corp.(a) ...... 623 315,275 Deere & Co...... 6,646 2,399,871 Fastenal Co...... 12,285 651,596

226 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States (continued) United States (continued) FedEx Corp...... 5,528 $ 1,740,270 Intel Corp...... 92,930 $ 5,308,162 Fidelity National Financial Inc...... 6,303 296,178 Intercontinental Exchange Inc...... 12,605 1,422,852 Fidelity National Information Services Inc...... 14,205 2,116,261 International Business Machines Corp...... 19,199 2,759,664 Fifth Third Bancorp...... 15,571 656,162 International Flavors & Fragrances Inc...... 5,527 783,010 First Republic Bank/CA...... 4,328 828,552 International Paper Co...... 9,396 592,888 FirstEnergy Corp...... 12,124 459,621 Interpublic Group of Companies Inc. (The) ...... 12,572 423,551 Fiserv Inc.(a) ...... 13,448 1,549,210 Intuit Inc...... 6,060 2,660,885 FleetCor Technologies Inc.(a) ...... 1,965 539,275 Intuitive Surgical Inc.(a) ...... 2,670 2,248,621 FMC Corp...... 2,900 338,401 Invitation Homes Inc...... 11,582 420,079 Ford Motor Co.(a)...... 87,220 1,267,307 IPG Photonics Corp.(a) ...... 836 174,941 Fortinet Inc.(a) ...... 3,096 676,600 IQVIA Holdings Inc.(a) ...... 4,280 1,027,885 Fortive Corp...... 7,248 525,625 Iron Mountain Inc...... 7,044 306,696 Fortune Brands Home & Security Inc...... 3,391 349,816 Jack Henry & Associates Inc...... 1,675 258,201 Fox Corp., Class A, NVS ...... 8,616 321,808 Jacobs Engineering Group Inc...... 2,903 412,458 Franklin Resources Inc...... 5,937 203,105 Jazz Pharmaceuticals PLC(a) ...... 1,745 310,837 Freeport-McMoRan Inc...... 32,679 1,396,047 JB Hunt Transport Services Inc...... 2,264 388,367 Garmin Ltd...... 3,421 486,603 JM Smucker Co. (The) ...... 2,954 393,739 Gartner Inc.(a) ...... 2,365 548,302 Johnson & Johnson ...... 58,555 9,910,434 Generac Holdings Inc.(a)...... 1,326 435,883 Johnson Controls International PLC...... 17,682 1,176,560 General Dynamics Corp...... 5,431 1,031,401 JPMorgan Chase & Co...... 68,107 11,185,894 General Electric Co...... 198,244 2,787,311 Juniper Networks Inc...... 11,880 312,800 General Mills Inc...... 13,929 875,577 Kansas City Southern ...... 2,178 648,347 General Motors Co.(a) ...... 27,973 1,659,079 Kellogg Co...... 6,231 408,068 Genuine Parts Co...... 3,722 488,029 Keurig Dr Pepper Inc...... 12,923 477,634 Gilead Sciences Inc...... 28,046 1,854,121 KeyCorp...... 24,225 558,144 Global Payments Inc...... 6,591 1,276,743 Keysight Technologies Inc.(a) ...... 4,153 591,304 Globe Life Inc...... 3,122 329,121 Kimberly-Clark Corp...... 8,089 1,056,666 GoDaddy Inc., Class A(a) ...... 3,382 273,807 Kinder Morgan Inc...... 49,327 904,657 Goldman Sachs Group Inc. (The) ...... 7,718 2,871,250 KKR & Co. Inc...... 10,242 570,377 Guidewire Software Inc.(a) ...... 2,260 220,892 KLA Corp...... 3,890 1,232,702 Halliburton Co...... 18,330 411,509 Kraft Heinz Co. (The)...... 15,015 654,504 Hartford Financial Services Group Inc. (The) ...... 7,965 520,513 Kroger Co. (The) ...... 16,143 596,968 Hasbro Inc...... 3,469 332,920 L Brands Inc.(a)...... 1,632 114,028 HCA Healthcare Inc...... 6,023 1,293,680 L3Harris Technologies Inc...... 5,131 1,118,866 Healthpeak Properties Inc...... 11,865 396,054 Laboratory Corp. of America Holdings(a) ...... 2,253 618,403 HEICO Corp., Class A...... 1,628 215,645 Lam Research Corp...... 3,238 2,104,214 Henry Schein Inc.(a) ...... 3,841 292,070 Lamb Weston Holdings Inc...... 3,492 288,055 Hershey Co. (The) ...... 3,828 662,435 Las Vegas Sands Corp.(a) ...... 7,672 443,058 Hess Corp...... 6,937 581,459 Leidos Holdings Inc...... 3,014 309,689 Hewlett Packard Enterprise Co...... 24,724 394,595 Lennar Corp., Class A ...... 6,494 642,971 Hilton Worldwide Holdings Inc.(a)...... 6,334 793,460 Lennox International Inc...... 940 328,934 Hologic Inc.(a) ...... 6,141 387,251 Liberty Broadband Corp., Class C, NVS(a) ...... 3,774 627,578 Home Depot Inc. (The) ...... 23,886 7,617,484 Liberty Global PLC, Class A(a) ...... 10,586 289,104 Honeywell International Inc...... 15,523 3,584,416 Liberty Media Corp.-Liberty Formula One, Hormel Foods Corp...... 7,789 378,078 Class C, NVS(a) ...... 5,212 232,716 Host Hotels & Resorts Inc.(a)...... 15,810 271,458 Lincoln National Corp...... 5,274 368,072 Howmet Aerospace Inc.(a) ...... 10,654 378,004 Live Nation Entertainment Inc.(a) ...... 4,353 392,249 HP Inc...... 30,072 879,005 LKQ Corp.(a) ...... 8,370 426,535 HubSpot Inc.(a)(c)...... 918 463,021 Lockheed Martin Corp...... 5,656 2,161,723 Humana Inc...... 2,930 1,282,461 Loews Corp...... 7,420 433,180 Huntington Bancshares Inc./OH...... 29,135 462,081 Lowe's Companies Inc...... 16,680 3,249,764 IAC/InterActiveCorp.(a) ...... 1,891 301,558 Lululemon Athletica Inc.(a) ...... 2,763 892,808 IDEX Corp...... 1,694 377,186 Lumen Technologies Inc...... 23,314 322,666 IDEXX Laboratories Inc.(a) ...... 2,161 1,206,076 Lyft Inc., Class A(a) ...... 4,998 285,336 IHS Markit Ltd...... 9,294 978,751 LyondellBasell Industries NV, Class A ...... 5,865 660,516 Illinois Tool Works Inc...... 7,189 1,666,123 M&T Bank Corp...... 2,818 452,824 Illumina Inc.(a)...... 3,325 1,348,753 Marathon Petroleum Corp...... 14,690 907,842 Incyte Corp.(a)...... 4,171 349,446 Markel Corp.(a) ...... 361 442,402 Ingersoll Rand Inc.(a) ...... 7,978 396,028 MarketAxess Holdings Inc...... 833 388,628 Insulet Corp.(a) ...... 1,428 385,089 Marriott International Inc./MD, Class A(a) ...... 6,377 915,610

227 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States (continued) United States (continued) Marsh & McLennan Companies Inc...... 11,342 $ 1,569,166 ON Semiconductor Corp.(a) ...... 11,242 $ 450,130 Martin Marietta Materials Inc...... 1,457 529,838 ONEOK Inc...... 9,932 523,814 Marvell Technology Inc...... 17,880 863,604 Oracle Corp...... 42,710 3,362,985 Masco Corp...... 6,232 375,852 Otis Worldwide Corp...... 9,269 726,041 Masimo Corp.(a)...... 1,172 252,683 PACCAR Inc...... 8,089 740,629 Mastercard Inc., Class A...... 20,071 7,237,201 Packaging Corp. of America ...... 2,179 323,908 Match Group Inc.(a)...... 5,625 806,512 Palantir Technologies Inc., Class A(a) ...... 7,650 175,568 Maxim Integrated Products Inc...... 5,982 610,224 Palo Alto Networks Inc.(a) ...... 2,157 783,530 McCormick & Co. Inc./MD, NVS ...... 5,834 519,576 Parker-Hannifin Corp...... 2,922 900,414 McDonald's Corp...... 16,631 3,889,825 Paychex Inc...... 7,244 732,658 McKesson Corp...... 3,565 685,870 Paycom Software Inc.(a) ...... 1,142 376,403 Medical Properties Trust Inc...... 12,905 273,199 PayPal Holdings Inc.(a) ...... 25,104 6,527,542 Medtronic PLC ...... 30,074 3,807,068 Peloton Interactive Inc., Class A(a) ...... 5,437 599,755 MercadoLibre Inc.(a) ...... 1,020 1,385,843 Pentair PLC...... 4,843 334,022 Merck & Co. Inc...... 56,425 4,282,093 PepsiCo Inc...... 30,792 4,555,368 MetLife Inc...... 17,107 1,118,114 PerkinElmer Inc...... 2,346 340,334 Mettler-Toledo International Inc.(a)...... 510 663,485 Pfizer Inc...... 124,697 4,829,515 MGM Resorts International ...... 9,862 422,784 PG&E Corp.(a)(c) ...... 31,593 320,353 Microchip Technology Inc...... 5,724 898,382 Philip Morris International Inc...... 34,761 3,352,003 Micron Technology Inc.(a) ...... 25,023 2,105,435 Phillips 66 ...... 9,956 838,494 Microsoft Corp...... 160,132 39,981,758 Pinnacle West Capital Corp...... 3,223 272,601 Mid-America Apartment Communities Inc...... 2,577 414,124 Pinterest Inc., Class A(a) ...... 11,392 743,898 Moderna Inc.(a)...... 6,760 1,250,668 Pioneer Natural Resources Co...... 4,644 706,770 Mohawk Industries Inc.(a) ...... 1,574 331,610 Plug Power Inc.(a) ...... 10,421 319,925 Molina Healthcare Inc.(a)...... 1,091 274,234 PNC Financial Services Group Inc. (The)...... 9,289 1,808,383 Molson Coors Beverage Co., Class B(a) ...... 4,733 276,029 Pool Corp...... 775 338,326 Mondelez International Inc., Class A ...... 31,061 1,973,305 PPG Industries Inc...... 5,285 949,820 MongoDB Inc.(a) ...... 1,116 325,805 PPL Corp...... 17,163 499,615 Monolithic Power Systems Inc...... 918 314,984 Principal Financial Group Inc...... 7,094 463,877 Monster Beverage Corp.(a) ...... 9,956 938,552 Procter & Gamble Co. (The) ...... 55,093 7,429,291 Moody's Corp...... 3,992 1,338,717 Progressive Corp. (The) ...... 13,072 1,295,174 Morgan Stanley ...... 30,679 2,790,255 Prologis Inc...... 16,567 1,952,255 Mosaic Co. (The)...... 8,797 317,924 Prudential Financial Inc...... 8,675 927,965 Motorola Solutions Inc...... 4,026 826,578 PTC Inc.(a) ...... 3,146 422,004 MSCI Inc...... 1,892 885,702 Public Service Enterprise Group Inc...... 11,651 723,760 Nasdaq Inc...... 2,575 431,210 Public Storage ...... 3,528 996,589 NetApp Inc...... 4,986 385,767 PulteGroup Inc...... 7,875 455,096 Netflix Inc.(a) ...... 9,859 4,957,204 Qorvo Inc.(a) ...... 2,902 530,253 Neurocrine Biosciences Inc.(a) ...... 2,097 201,773 QUALCOMM Inc...... 25,246 3,396,597 Newell Brands Inc...... 9,305 266,960 Quest Diagnostics Inc...... 3,328 438,198 Newmont Corp...... 18,583 1,365,479 Raymond James Financial Inc...... 2,766 366,744 News Corp., Class A, NVS...... 10,638 287,120 Raytheon Technologies Corp...... 34,248 3,038,140 NextEra Energy Inc...... 43,743 3,202,862 Realty Income Corp...... 7,783 532,357 Nike Inc., Class B ...... 27,972 3,817,059 Regency Centers Corp...... 4,643 299,938 Norfolk Southern Corp...... 5,758 1,617,422 Regeneron Pharmaceuticals Inc.(a)...... 2,405 1,208,344 Northern Trust Corp...... 4,210 510,210 Regions Financial Corp...... 24,122 564,696 Northrop Grumman Corp...... 3,535 1,293,350 Reinsurance Group of America Inc...... 1,429 180,097 NortonLifeLock Inc...... 12,988 359,248 RenaissanceRe Holdings Ltd...... 1,274 196,349 Novavax Inc.(a)...... 1,938 286,088 Republic Services Inc...... 6,083 664,142 Novocure Ltd.(a)...... 2,057 419,628 ResMed Inc...... 3,248 668,601 NRG Energy Inc...... 7,767 249,709 RingCentral Inc., Class A(a) ...... 1,632 428,351 Nucor Corp...... 7,189 737,160 Robert Half International Inc...... 4,128 366,525 NVIDIA Corp...... 13,841 8,993,605 Rockwell Automation Inc...... 2,550 672,486 NVR Inc.(a)...... 102 498,497 Roku Inc.(a) ...... 2,456 851,520 O'Reilly Automotive Inc.(a) ...... 1,625 869,570 Roper Technologies Inc...... 2,457 1,105,675 Occidental Petroleum Corp...... 18,592 482,648 Ross Stores Inc...... 8,084 1,021,737 Okta Inc.(a)...... 2,507 557,657 Royal Caribbean Cruises Ltd.(a) ...... 4,797 447,416 Old Dominion Freight Line Inc...... 1,732 459,759 RPM International Inc...... 2,986 279,281 Omega Healthcare Investors Inc...... 5,173 189,435 S&P Global Inc...... 5,619 2,132,242 Omnicom Group Inc...... 5,628 462,847 salesforce.com Inc.(a) ...... 20,196 4,808,668

228 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States (continued) United States (continued) SBA Communications Corp...... 2,505 $ 746,791 United Parcel Service Inc., Class B ...... 15,726 $ 3,374,800 Schlumberger Ltd...... 31,130 975,303 United Rentals Inc.(a) ...... 1,959 654,228 Seagen Inc.(a)...... 2,881 447,563 UnitedHealth Group Inc...... 21,053 8,672,152 SEI Investments Co...... 5,934 376,453 Universal Health Services Inc., Class B ...... 1,753 279,831 Sempra Energy ...... 7,070 957,914 Vail Resorts Inc.(a)...... 891 291,250 ServiceNow Inc.(a)...... 4,431 2,099,762 Valero Energy Corp...... 8,934 718,294 Sherwin-Williams Co. (The)...... 5,700 1,616,121 Veeva Systems Inc., Class A(a) ...... 3,044 886,839 Simon Property Group Inc...... 7,332 942,089 Ventas Inc...... 8,099 449,090 Sirius XM Holdings Inc.(c) ...... 36,566 228,538 VEREIT Inc...... 5,112 243,178 Skyworks Solutions Inc...... 4,124 701,080 VeriSign Inc.(a) ...... 2,306 507,136 Slack Technologies Inc., Class A(a) ...... 10,237 450,837 Verisk Analytics Inc...... 3,452 596,609 Snap Inc., Class A, NVS(a)...... 20,400 1,267,248 Verizon Communications Inc...... 92,360 5,217,416 Snap-on Inc...... 1,210 308,090 Vertex Pharmaceuticals Inc.(a) ...... 5,928 1,236,759 Snowflake Inc., Class A(a)(c)...... 854 203,278 VF Corp...... 7,489 597,023 SolarEdge Technologies Inc.(a)...... 1,122 289,487 ViacomCBS Inc., Class B, NVS ...... 12,835 544,461 Southern Co. (The)...... 23,376 1,494,194 Viatris Inc...... 28,834 439,430 Southwest Airlines Co.(a) ...... 3,934 241,784 VICI Properties Inc...... 11,978 372,875 Splunk Inc.(a) ...... 3,220 390,264 Visa Inc., Class A(c) ...... 37,856 8,604,669 Square Inc., Class A(a) ...... 8,864 1,972,417 Vistra Corp...... 13,403 216,727 SS&C Technologies Holdings Inc...... 5,176 382,351 VMware Inc., Class A(a)(c)...... 1,861 293,833 Stanley Black & Decker Inc...... 3,591 778,529 Vornado Realty Trust ...... 5,591 264,342 Starbucks Corp...... 24,789 2,822,971 Vulcan Materials Co...... 3,020 553,626 State Street Corp...... 7,983 694,361 W R Berkley Corp...... 4,798 374,196 Stryker Corp...... 7,557 1,929,075 Walmart Inc...... 34,549 4,906,994 Sun Communities Inc...... 2,402 402,143 Walgreens Boots Alliance Inc...... 16,392 863,203 Sunrun Inc.(a) ...... 3,730 166,806 Walt Disney Co. (The)(a) ...... 40,220 7,185,303 SVB Financial Group(a) ...... 1,261 735,024 Waste Management Inc...... 10,303 1,449,426 Synchrony Financial...... 13,016 617,089 Waters Corp.(a)...... 1,469 473,385 Synopsys Inc.(a)...... 3,370 857,126 Wayfair Inc., Class A(a)(c) ...... 1,633 500,580 Sysco Corp...... 11,392 922,752 WEC Energy Group Inc...... 7,789 731,465 T-Mobile U.S. Inc.(a) ...... 13,730 1,942,108 Wells Fargo & Co...... 90,821 4,243,157 T Rowe Price Group Inc...... 5,088 973,589 Welltower Inc...... 9,205 688,258 Take-Two Interactive Software Inc.(a) ...... 2,819 523,094 West Pharmaceutical Services Inc...... 1,837 638,376 Target Corp...... 11,248 2,552,396 Western Digital Corp...... 6,644 499,828 TE Connectivity Ltd...... 7,385 1,001,997 Western Union Co. (The) ...... 10,130 247,881 Teladoc Health Inc.(a)(c) ...... 2,996 451,138 Westinghouse Air Brake Technologies Corp...... 4,515 373,661 Teledyne Technologies Inc.(a) ...... 1,036 434,571 Westrock Co...... 5,881 342,980 Teleflex Inc...... 1,042 419,082 Weyerhaeuser Co...... 17,184 652,305 Teradyne Inc...... 3,570 472,490 Whirlpool Corp...... 1,406 333,349 Tesla Inc.(a) ...... 17,138 10,715,020 Williams Companies Inc. (The)...... 27,588 726,668 Texas Instruments Inc...... 20,539 3,898,713 Willis Towers Watson PLC ...... 2,879 752,455 Textron Inc...... 6,670 456,695 Workday Inc., Class A(a) ...... 4,143 947,587 Thermo Fisher Scientific Inc...... 8,791 4,127,374 WP Carey Inc...... 3,876 292,444 TJX Companies Inc. (The)...... 27,274 1,842,086 WW Grainger Inc...... 994 459,387 Tractor Supply Co...... 2,512 456,430 Wynn Resorts Ltd.(a) ...... 2,322 306,202 Trade Desk Inc. (The), Class A(a)...... 951 559,321 Xcel Energy Inc...... 11,961 847,796 TransDigm Group Inc.(a) ...... 1,160 752,654 Xilinx Inc...... 5,828 740,156 TransUnion ...... 4,937 528,259 XPO Logistics Inc.(a) ...... 2,853 419,191 Travelers Companies Inc. (The)...... 5,629 898,951 Xylem Inc./NY ...... 4,428 523,035 Trimble Inc.(a) ...... 7,089 551,453 Yum! Brands Inc...... 7,184 861,864 Truist Financial Corp...... 30,623 1,891,889 Zebra Technologies Corp., Class A(a)...... 1,193 592,981 Twilio Inc., Class A(a) ...... 3,572 1,200,192 Zendesk Inc.(a)(c) ...... 2,448 334,544 Twitter Inc.(a)...... 17,852 1,035,416 Zillow Group Inc., Class C, NVS(a)(c) ...... 3,482 408,508 Tyler Technologies Inc.(a) ...... 767 309,224 Zimmer Biomet Holdings Inc...... 4,531 762,703 Tyson Foods Inc., Class A ...... 6,477 514,922 Zoetis Inc...... 10,647 1,881,112 U.S. Bancorp...... 31,110 1,890,866 Zoom Video Communications Inc., Class A(a) ...... 4,544 1,506,472 Uber Technologies Inc.(a) ...... 26,858 1,365,192 UDR Inc...... 6,625 315,549 Ulta Beauty Inc.(a) ...... 1,360 469,690 Union Pacific Corp...... 14,840 3,334,993

229 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States (continued) Money Market Funds (continued) Zscaler Inc.(a) ...... 1,602 $ 311,108 BlackRock Cash Funds: Treasury, SL Agency Shares, (d)(f) 840,056,962 0.00% ...... 1,730,000 $ 1,730,000 10,950,989 Total Common Stocks — 99.4% (Cost: $973,188,168) ...... 1,271,258,875 Total Short-Term Investments — 0.9% (Cost: $10,947,263)...... 10,950,989 Preferred Stocks Total Investments in Securities — 100.5% Germany — 0.2% (Cost: $986,402,455) ...... 1,285,262,269 Henkel AG & Co. KGaA, Preference Shares, NVS ...... 6,467 739,056 Other Assets, Less Liabilities — (0.5)%...... (5,795,795) Porsche Automobil Holding SE, Preference Shares, NVS . 4,576 515,442 Sartorius AG, Preference Shares, NVS...... 743 367,419 Net Assets — 100.0% ...... $ 1,279,466,474 Volkswagen AG, Preference Shares, NVS ...... 5,136 1,428,001 (a) Non-income producing security. 3,049,918 (b) 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 Total Preferred Stocks — 0.2% registration to qualified institutional investors. (Cost: $2,264,590)...... 3,049,918 (c) All or a portion of this security is on loan. (d) Affiliate of the Fund. Rights (e) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Spain — 0.0% (f) (a)(e) Annualized 7-day yield as of period-end. Ferrovial SA (Expires 06/01/21) ...... 10,232 2,487 (g) All or a portion of this security was purchased with cash collateral received from loaned securities. Total Rights — 0.0% (Cost: $2,434) ...... 2,487

Short-Term Investments Money Market Funds — 0.9% BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(f)(g) ...... 9,215,460 9,220,989

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 05/31/21 05/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $8,703,021 $521,705(a) $ — $ (1,464) $ (2,273) $ 9,220,989 9,215,460 $27,253(b) $ — BlackRock Cash Funds: Treasury, SL Agency (a) Shares ...... 1,510,000 220,000 — — — 1,730,0001,730,000 782 — BlackRock Inc...... 1,850,902 282,070 (96,064) 44,279 940,216 3,021,403 3,445 37,495 —

$ 42,815 $ 937,943 $13,972,392 $65,530 $ —

(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.

230 Schedule of Investments (unaudited) (continued) iShares MSCI World ETF May 31, 2021

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts Euro STOXX 50 Index ...... 16 06/18/21 $ 787 $ 18,327 FTSE 100 Index...... 4 06/18/21 399 4,649 Mini TOPIX Index...... 3 06/10/21 527 206 S&P 500 E-Mini Index ...... 16 06/18/21 3,362 83,792 $ 106,974

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 ...... $ 899,857,722 $ 371,401,153 $ — $1,271,258,875 Preferred Stocks...... — 3,049,918 — 3,049,918 Rights ...... — — 2,487 2,487 Money Market Funds...... 10,950,989 — — 10,950,989 $ 910,808,711 $ 374,451,071 $ 2,487 $1,285,262,269 Derivative financial instruments(a) Assets Futures Contracts...... $ 106,974 $ — $ — $ 106,974

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations - Equity

ADR ...... American Depositary Receipt NVS ...... Non-Voting Shares REIT ...... Real Estate Investment Trust

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