| Schedule of Investments (unaudited) | iShares® MSCI Frontier and Select EM ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Bahrain — 6.2% | ||||||||
| Ahli United Bank BSC. | 22,162,050 | $ | 19,762,078 | |||||
| Aluminium Bahrain BSC | 473,305 | 1,566,803 | ||||||
| Bahrain Telecommunications Co. BSC | 1,356,557 | 1,827,933 | ||||||
| GFH Financial Group BSC | 4,758,244 | 1,472,372 | ||||||
| Ithmaar Holding BSC(a)(b) | 7,341,331 | 518,353 | ||||||
| 25,147,539 | ||||||||
| Bangladesh — 5.9% | ||||||||
| Bangladesh Export Import Co. Ltd. | 2,033,162 | 3,064,101 | ||||||
| Beacon Pharmaceuticals Ltd./Bangladesh | 535,694 | 1,730,835 | ||||||
| Beximco Pharmaceuticals Ltd. | 1,036,804 | 1,926,067 | ||||||
| BRAC Bank Ltd. | 2,687,180 | 1,240,446 | ||||||
| British American Tobacco Bangladesh Co. Ltd. | 358,302 | 2,215,097 | ||||||
| City Bank Ltd. (The) | 2,754,543 | 733,225 | ||||||
| Eastern Bank Ltd. | 2,538,635 | 952,327 | ||||||
| GrameenPhone Ltd. | 361,191 | 1,245,822 | ||||||
| International Finance Investment & Commerce | ||||||||
| Bank Ltd.(b) | 3,832,792 | 546,711 | ||||||
| Islami Bank Bangladesh Ltd. | 2,605,659 | 945,985 | ||||||
| LafargeHolcim Bangladesh Ltd. | 1,565,775 | 1,271,472 | ||||||
| National Bank Ltd.(b) | 7,458,651 | 628,291 | ||||||
| Olympic Industries Ltd. | 438,944 | 611,322 | ||||||
| Renata Ltd. | 88,568 | 1,328,097 | ||||||
| Square Pharmaceuticals Ltd. | 2,068,323 | 5,020,100 | ||||||
| Summit Power Ltd. | 1,404,593 | 594,071 | ||||||
| 24,053,969 | ||||||||
| Colombia — 4.1% | ||||||||
| Bancolombia SA | 347,093 | 4,172,481 | ||||||
| Cementos Argos SA | 654,324 | 954,584 | ||||||
| Corp. Financiera Colombiana SA(b) | 128,875 | 875,119 | ||||||
| Ecopetrol SA | 6,732,593 | 5,571,801 | ||||||
| Grupo Argos SA | 432,175 | 1,552,162 | ||||||
| Interconexion Electrica SA ESP | 610,946 | 3,853,660 | ||||||
| 16,979,807 | ||||||||
| Croatia — 0.2% | ||||||||
| Valamar Riviera DD(b) | 155,292 | 716,337 | ||||||
| Egypt — 4.7% | ||||||||
| Commercial International Bank Egypt SAE | 7,462,880 | 16,555,159 | ||||||
| Eastern Co. SAE | 4,516,840 | 2,570,572 | ||||||
| 19,125,731 | ||||||||
| Estonia — 0.9% | ||||||||
| Enefit Green AS, NVS(b) | 221,061 | 973,284 | ||||||
| LHV Group AS | 45,034 | 1,776,769 | ||||||
| Tallink Grupp AS(b) | 1,107,828 | 652,144 | ||||||
| Tallinna Sadam AS(c) | 256,804 | 417,947 | ||||||
| 3,820,144 | ||||||||
| Jordan — 1.8% | ||||||||
| Arab Bank PLC | 338,346 | 2,293,955 | ||||||
| Capital Bank of Jordan | 200,754 | 829,632 | ||||||
| Jordan Islamic Bank | 165,576 | 835,235 | ||||||
| Jordan Petroleum Refinery Co. | 233,546 | 1,663,480 | ||||||
| Jordan Phosphate Mines Co. | 30,380 | 1,654,832 | ||||||
| 7,277,134 | ||||||||
| Kazakhstan — 4.4% | ||||||||
| Halyk Savings Bank of Kazakhstan JSC, GDR(b) | 339,778 | 3,228,151 | ||||||
| Kaspi.KZ JSC | 164,912 | 8,702,056 | ||||||
| Security | Shares | Value | ||||||
| Kazakhstan (continued) | ||||||||
| NAC Kazatomprom JSC, GDR | 214,081 | $ | 6,010,878 | |||||
| 17,941,085 | ||||||||
| Kenya — 3.7% | ||||||||
| East African Breweries Ltd. | 144,403 | 174,322 | ||||||
| Equity Group Holdings PLC/Kenya | 9,414,166 | 3,667,333 | ||||||
| KCB Group PLC | 7,932,516 | 2,587,576 | ||||||
| Safaricom PLC | 39,672,405 | 8,840,521 | ||||||
| 15,269,752 | ||||||||
| Lithuania — 0.5% | ||||||||
| AB Ignitis Grupe | 73,283 | 1,439,437 | ||||||
| Siauliu Bankas AB | 1,165,400 | 762,620 | ||||||
| 2,202,057 | ||||||||
| Malta — 0.5% | ||||||||
| MAS Real Estate Inc. | 1,433,831 | 1,903,892 | ||||||
| Morocco — 5.9% | ||||||||
| Attijariwafa Bank | 142,369 | 6,303,411 | ||||||
| Banque Centrale Populaire | 64,521 | 1,603,405 | ||||||
| Ciments du Maroc SA | 11,782 | 2,028,041 | ||||||
| Co.Sucrerie Marocaine et de Raffinage | 92,407 | 2,127,682 | ||||||
| Hightech Payment Systems SA | 1,256 | 797,191 | ||||||
| Itissalat Al-Maghrib | 584,657 | 7,389,161 | ||||||
| Label Vie | 3,745 | 1,785,359 | ||||||
| Societe d’Exploitation des Ports | 71,879 | 1,895,620 | ||||||
| 23,929,870 | ||||||||
| Nigeria — 7.2% | ||||||||
| Access Bank PLC | 98,285,949 | 1,985,575 | ||||||
| Afriland Properties PLC(b) | 8,020 | 32 | ||||||
| Dangote Cement PLC | 13,249,572 | 7,414,407 | ||||||
| FBN Holdings PLC | 90,997,401 | 2,187,614 | ||||||
| Guaranty Trust Holding Co. PLC | 70,582,922 | 3,215,444 | ||||||
| MTN Nigeria Communications PLC | 12,232,696 | 5,683,879 | ||||||
| Nestle Nigeria PLC | 1,380,061 | 3,903,203 | ||||||
| United Bank for Africa PLC | 86,479,350 | 1,353,970 | ||||||
| Zenith Bank PLC | 75,603,390 | 3,581,615 | ||||||
| 29,325,739 | ||||||||
| Oman — 1.4% | ||||||||
| Bank Muscat SAOG | 3,241,020 | 4,444,250 | ||||||
| National Bank of Oman SAOG | 1,346,176 | 702,718 | ||||||
| Omani Qatari Telecommunications Co. SAOG | 827,628 | 687,809 | ||||||
| 5,834,777 | ||||||||
| Pakistan — 3.4% | ||||||||
| Engro Corp. Ltd./Pakistan | 958,786 | 1,295,684 | ||||||
| Engro Fertilizers Ltd. | 2,027,125 | 886,059 | ||||||
| Fauji Fertilizer Co.Ltd. | 1,633,526 | 948,249 | ||||||
| Habib Bank Ltd. | 1,937,083 | 1,009,676 | ||||||
| Hub Power Co. Ltd. (The) | 3,464,702 | 1,170,882 | ||||||
| Lucky Cement Ltd.(b) | 400,433 | 953,248 | ||||||
| Mari Petroleum Co.Ltd. | 91,360 | 743,697 | ||||||
| MCB Bank Ltd. | 1,364,296 | 920,328 | ||||||
| Millat Tractors Ltd. | 94,450 | 426,816 | ||||||
| Oil & Gas Development Co. Ltd. | 1,795,781 | 733,973 | ||||||
| Pakistan Oilfields Ltd. | 427,389 | 862,879 | ||||||
| Pakistan Petroleum Ltd. | 1,856,724 | 643,196 | ||||||
| Pakistan State Oil Co. Ltd. | 819,311 | 680,147 | ||||||
| Systems Ltd. | 547,300 | 939,521 | ||||||
| TRG Pakistan | 1,356,500 | 555,452 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Frontier and Select EM ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Pakistan (continued) | ||||||||
| United Bank Ltd./Pakistan | 1,611,425 | $ | 1,065,023 | |||||
| 13,834,830 | ||||||||
| Panama — 0.3% | ||||||||
| Intercorp Financial Services Inc. | 39,474 | 1,077,246 | ||||||
| Peru — 4.9% | ||||||||
| Cia. de Minas Buenaventura SAA, ADR. | 250,214 | 2,136,827 | ||||||
| Credicorp Ltd. | 82,923 | 11,640,731 | ||||||
| Southern Copper Corp. | 98,533 | 6,087,369 | ||||||
| 19,864,927 | ||||||||
| Philippines — 4.8% | ||||||||
| Aboitiz Equity Ventures Inc. | 605,340 | 612,417 | ||||||
| AC Energy Corp. | 3,015,470 | 410,799 | ||||||
| Alliance Global Group Inc. | 1,055,800 | 215,478 | ||||||
| Ayala Corp. | 90,240 | 1,199,154 | ||||||
| Ayala Land Inc. | 2,609,200 | 1,471,904 | ||||||
| Bank of the Philippine Islands | 627,120 | 1,183,313 | ||||||
| BDO Unibank Inc. | 683,470 | 1,738,753 | ||||||
| Century Pacific Food Inc. | 444,400 | 186,625 | ||||||
| Converge Information and Communications Technology Solutions Inc.(b) | 774,200 | 391,626 | ||||||
| DMCI Holdings Inc. | 1,228,200 | 211,000 | ||||||
| Globe Telecom Inc. | 9,340 | 431,923 | ||||||
| GT Capital Holdings Inc. | 28,270 | 270,700 | ||||||
| International Container Terminal Services Inc. | 367,430 | 1,520,855 | ||||||
| JG Summit Holdings Inc. | 1,039,430 | 1,078,384 | ||||||
| Jollibee Foods Corp. | 151,850 | 606,749 | ||||||
| Manila Electric Co. | 76,530 | 545,037 | ||||||
| Megaworld Corp. | 3,456,000 | 181,891 | ||||||
| Metro Pacific Investments Corp. | 3,930,000 | 275,792 | ||||||
| Metropolitan Bank & Trust Co. | 601,000 | 629,724 | ||||||
| Monde Nissin Corp.(b)(c) | 2,139,200 | 604,346 | ||||||
| PLDT Inc. | 29,795 | 1,080,611 | ||||||
| Puregold Price Club Inc. | 326,200 | 205,297 | ||||||
| RL Commercial REIT Inc. | 1,244,100 | 158,162 | ||||||
| Robinsons Land Corp. | 659,500 | 243,998 | ||||||
| Robinsons Retail Holdings Inc. | 162,610 | 165,132 | ||||||
| Security Bank Corp. | 147,680 | 259,964 | ||||||
| SM Prime Holdings Inc. | 4,039,700 | 2,841,855 | ||||||
| Universal Robina Corp. | 308,960 | 636,063 | ||||||
| Wilcon Depot Inc. | 479,600 | 242,604 | ||||||
| 19,600,156 | ||||||||
| Romania — 5.5% | ||||||||
| Banca Transilvania SA | 15,674,853 | 8,598,225 | ||||||
| BRD-Groupe Societe Generale SA | 694,908 | 2,075,414 | ||||||
| MED Life SA(b) | 263,570 | 1,150,777 | ||||||
| OMV Petrom SA | 46,703,545 | 4,707,452 | ||||||
| Societatea Energetica Electrica SA | 463,410 | 863,609 | ||||||
| Societatea Nationala de Gaze Naturale ROMGAZ SA | 386,094 | 3,768,921 | ||||||
| Teraplast SA. | 3,742,386 | 617,418 | ||||||
| Transgaz SA Medias | 16,204 | 841,172 | ||||||
| 22,622,988 | ||||||||
| Slovenia — 0.2% | ||||||||
| Pozavarovalnica Sava dd | 24,075 | 713,869 | ||||||
| Sri Lanka — 0.5% | ||||||||
| Commercial Bank of Ceylon PLC | 1,482,825 | 222,012 | ||||||
| Expolanka Holdings PLC | 992,043 | 597,978 | ||||||
| John Keells Holdings PLC | 2,732,474 | 938,323 | ||||||
| Security | Shares | Value | ||||||
| Sri Lanka (continued) | ||||||||
| Sampath Bank PLC | 2,891,749 | $ | 293,995 | |||||
| 2,052,308 | ||||||||
| Vietnam — 27.9% | ||||||||
| Bank for Foreign Trade of Vietnam JSC | 1,562,795 | 5,313,032 | ||||||
| Bank for Investment and Development of Vietnam JSC | 647,424 | 984,578 | ||||||
| Bao Viet Holdings | 321,210 | 727,386 | ||||||
| CEO Group JSC(b) | 418,600 | 797,849 | ||||||
| Dat Xanh Group JSC(b) | 1,004,280 | 1,195,239 | ||||||
| Development Investment Construction(b) | 745,300 | 1,935,889 | ||||||
| Digiworld Corp., NVS | 143,200 | 790,410 | ||||||
| Duc Giang Chemicals JSC | 278,200 | 2,677,962 | ||||||
| Gelex Group JSC(b) | 1,389,884 | 1,410,353 | ||||||
| Ha Do JSC | 331,340 | 734,393 | ||||||
| Hoa Phat Group JSC(b) | 7,272,703 | 10,865,660 | ||||||
| Hoa Sen Group(b) | 792,759 | 776,521 | ||||||
| Hoang Huy Investment Financial Services JSC(b) | 1,140,800 | 670,855 | ||||||
| IDICO Corp. JSC | 493,400 | 1,157,437 | ||||||
| Khang Dien House Trading and Investment JSC(b) | 1,058,670 | 1,918,832 | ||||||
| KIDO Group Corp. | 414,072 | 1,114,221 | ||||||
| Kinh Bac City Development Share Holding Corp.(b) | 664,420 | 1,272,301 | ||||||
| Masan Group Corp. | 1,883,256 | 9,120,026 | ||||||
| Nam Long Investment Corp., NVS | 576,600 | 1,187,264 | ||||||
| National Citizen Commercial JSC, NVS(b) | 62,900 | 100,358 | ||||||
| No Va Land Investment Group Corp.(b) | 2,242,533 | 7,540,614 | ||||||
| PetroVietnam Drilling & Well Services JSC(b) | 826,340 | 807,965 | ||||||
| PetroVietnam Fertilizer & Chemicals JSC | 458,700 | 1,177,361 | ||||||
| PetroVietnam Gas JSC | 192,300 | 976,123 | ||||||
| PetroVietnam Power Corp. | 1,918,940 | 1,119,889 | ||||||
| PetroVietnam Technical Services Corp. | 789,598 | 1,041,484 | ||||||
| Phat Dat Real Estate Development Corp.(b) | 887,336 | 2,096,133 | ||||||
| Saigon - Hanoi Commercial Joint Stock Bank(b) | 894,644 | 570,967 | ||||||
| Saigon Beer Alcohol Beverage Corp. | 212,480 | 1,406,455 | ||||||
| Saigon Thuong Tin Commercial JSB(b) | 1,865,880 | 1,793,605 | ||||||
| Saigon-Hanoi Securities | 1,076,800 | 845,095 | ||||||
| SSI Securities Corp. | 2,313,694 | 2,951,279 | ||||||
| Tan Tao Investment & Industry JSC(b) | 1,386,100 | 738,177 | ||||||
| Thaiholdings JSC(b) | 573,600 | 1,100,699 | ||||||
| Thanh Thanh Cong - Bien Hoa JSC(b) | 967,490 | 729,346 | ||||||
| Van Phu - Invest Investment JSC(b) | 299,600 | 794,541 | ||||||
| Viet Capital Securities JSC | 770,500 | 1,292,407 | ||||||
| Vietjet Aviation JSC(b) | 533,090 | 3,009,120 | ||||||
| Vietnam Construction and Import-Export JSC | 579,710 | 678,990 | ||||||
| Vietnam Dairy Products JSC | 2,428,874 | 7,509,691 | ||||||
| Vincom Retail JSC(b) | 3,087,080 | 4,014,153 | ||||||
| Vingroup JSC(b) | 3,163,334 | 10,738,580 | ||||||
| Vinh Hoan Corp. | 311,400 | 1,377,605 | ||||||
| Vinhomes JSC(c) | 3,611,888 | 10,829,312 | ||||||
| VIX Securities JSC(b) | 1,258,900 | 711,151 | ||||||
| Vndirect Securities Corp. | 3,036,240 | 3,303,044 | ||||||
| 113,904,352 | ||||||||
| Total Common Stocks — 94.9% | ||||||||
| (Cost: $350,672,469) | 387,198,509 | |||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Frontier and Select EM ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Preferred Stocks | ||||||||
| Colombia — 1.7% | ||||||||
| Bancolombia SA, Preference Shares, NVS | 612,517 | $ | 6,872,538 | |||||
| Total Preferred Stocks — 1.7% | ||||||||
| (Cost: $4,889,459) | 6,872,538 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.0% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(d)(e)(f) | 241,139 | 241,139 | ||||||
| Total Short-Term Securities — 0.0% | ||||||||
| (Cost: $241,139) | 241,139 | |||||||
| Total Investments in Securities — 96.6% | ||||||||
| (Cost: $355,803,067) | 394,312,186 | |||||||
| Other Assets Less Liabilities — 3.4% | 13,716,712 | |||||||
| Net Assets — 100.0% | $ | 408,028,898 | ||||||
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) | Non-income producing security. |
| (c) | 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 the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/22 | Shares Held at 05/31/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 24,659 | $ | 216,492 | (a) | $ | — | $ | (9 | ) | $ | (3 | ) | $ | 241,139 | 241,139 | $ | 89 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | — | — | 0 | (a) | — | — | — | — | 281 | — | ||||||||||||||||||||||||||
| $ | (9 | ) | $ | (3 | ) | $ | 241,139 | $ | 370 | $ | — | |||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| (c) | As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| MSCI Emerging Markets Index | 336 | 06/17/22 | $ | 17,863 | $ | 45,895 | ||||||||
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
| USD | 271,489 | NGN | 117,256,000 | CITI | 10/28/22 | $ | 7,764 | ||||||||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Frontier and Select EM ETF |
| May 31, 2022 |
Forward Foreign Currency Exchange Contracts (continued)
��
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||||||
| USD | 1,535,191 | NGN | 670,000,000 | MS | 10/28/22 | $ | 28,271 | ||||||||||||
| 36,035 | |||||||||||||||||||
| USD | 10,143,295 | NGN | 4,798,285,718 | CITI | 10/28/22 | (648,697 | ) | ||||||||||||
| Net unrealized depreciation | $ | (612,662 | ) | ||||||||||||||||
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 127,580,621 | $ | 259,099,535 | $ | 518,353 | $ | 387,198,509 | ||||||||
| Preferred Stocks | 6,872,538 | — | — | 6,872,538 | ||||||||||||
| Money Market Funds | 241,139 | — | — | 241,139 | ||||||||||||
| $ | 134,694,298 | $ | 259,099,535 | $ | 518,353 | $ | 394,312,186 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 45,895 | $ | — | $ | — | $ | 45,895 | ||||||||
| Forward Foreign Currency Exchange Contracts | — | 36,035 | — | 36,035 | ||||||||||||
| Liabilities | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts | — | (648,697 | ) | — | (648,697 | ) | ||||||||||
| $ | 45,895 | $ | (612,662 | ) | $ | — | $ | (566,767 | ) | |||||||
| (a) | Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| Portfolio Abbreviations - Equity | Counterparty Abbreviations | |||
| ADR | American Depositary Receipt | CITI | Citibank N.A. | |
| GDR | Global Depositary Receipt | MS | Morgan Stanley & Co. International PLC | |
| JSC | Joint Stock Company | |||
| NVS | Non-Voting Shares | |||
| REIT | Real Estate Investment Trust | |||
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Frontier and Select EM ETF |
| May 31, 2022 |
| Currency Abbreviations | |
| NGN | Nigerian Naira |
| USD | United States Dollar |
5