| Schedule of Investments (unaudited) | iShares® MSCI Global Agriculture Producers ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Australia — 1.1% | ||||||||
| Australian Agricultural Co. Ltd.(a) | 52,335 | $ | 50,230 | |||||
| Costa Group Holdings Ltd. | 64,125 | 168,243 | ||||||
| Elders Ltd. | 26,325 | 227,099 | ||||||
| Inghams Group Ltd. | 56,115 | 152,892 | ||||||
| Nufarm Ltd./Australia(a) | 54,450 | 203,817 | ||||||
| Select Harvests Ltd. | 20,478 | 91,574 | ||||||
| Tassal Group Ltd. | 35,235 | 100,297 | ||||||
| 994,152 | ||||||||
| Brazil — 0.6% | ||||||||
| Adecoagro SA(a) | 16,830 | 178,903 | ||||||
| Sao Martinho SA | 29,929 | 197,662 | ||||||
| SLC Agricola SA | 16,130 | 164,033 | ||||||
| 540,598 | ||||||||
| Canada — 6.7% | ||||||||
| Ag Growth International Inc. | 3,195 | 108,012 | ||||||
| Nutrien Ltd. | 96,186 | 5,920,608 | ||||||
| Rogers Sugar Inc. | 15,705 | 73,582 | ||||||
| Village Farms International Inc.(a) | 12,105 | 116,035 | ||||||
| 6,218,237 | ||||||||
| China — 2.8% | ||||||||
| Beijing Dabeinong Technology Group Co. Ltd., Class A | 45,000 | 57,962 | ||||||
| China BlueChemical Ltd., Class H | 292,000 | 91,791 | ||||||
| China Huishan Dairy Holdings Co. Ltd.(a)(b) | 295,050 | 0 | (c) | |||||
| China Modern Dairy Holdings Ltd.(a)(d) | 505,000 | 126,242 | ||||||
| COFCO Joycome Foods Ltd. | 398,000 | 175,348 | ||||||
| ENN Natural Gas Co. Ltd. | 18,000 | 49,461 | ||||||
| First Tractor Co. Ltd., Class H(a) | 64,000 | 34,480 | ||||||
| Fujian Sunner Development Co. Ltd., Class A | 13,500 | 52,764 | ||||||
| Heilongjiang Agriculture Co. Ltd., Class A | 18,000 | 43,724 | ||||||
| Henan Shuanghui Investment & Development Co. Ltd., Class A | 28,700 | 159,101 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 61,400 | 391,644 | ||||||
| Jiangsu Yangnong Chemical Co. Ltd., Class A | 2,900 | 50,433 | ||||||
| Jiangxi Zhengbang Technology Co. Ltd., Class A | 32,200 | 64,044 | ||||||
| Muyuan Foods Co. Ltd., Class A | 38,190 | 535,570 | ||||||
| New Hope Liuhe Co. Ltd., Class A | 45,000 | 107,834 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 21,080 | 93,097 | ||||||
| Sinofert Holdings Ltd. | 360,000 | 48,194 | ||||||
| Tongwei Co. Ltd., Class A | 45,600 | 288,564 | ||||||
| Wens Foodstuffs Group Co. Ltd., Class A | 64,520 | 141,810 | ||||||
| Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a) | 13,500 | 35,604 | ||||||
| 2,547,667 | ||||||||
| Egypt — 0.0% | ||||||||
| Misr Fertilizers Production Co. SAE | 7,740 | 35,456 | ||||||
| France — 0.1% | ||||||||
| Vilmorin & Cie SA | 990 | 70,835 | ||||||
| Germany — 0.9% | ||||||||
| K+S AG, Registered(a) | 32,355 | 447,166 | ||||||
| KWS Saat SE & Co. KGaA | 1,935 | 178,513 | ||||||
| Suedzucker AG(d) | 12,060 | 201,509 | ||||||
| 827,188 | ||||||||
| Hong Kong — 1.5% | ||||||||
| WH Group Ltd.(e) | 1,632,500 | 1,395,225 | ||||||
| India — 3.7% | ||||||||
| Balrampur Chini Mills Ltd. | 21,180 | 88,786 | ||||||
| Security | Shares | Value | ||||||
| India (continued) | ||||||||
| Bayer CropScience Ltd./India | 2,256 | $ | 164,827 | |||||
| Chambal Fertilizers and Chemicals Ltd. | 27,810 | 110,884 | ||||||
| Coromandel International Ltd. | 19,665 | 216,990 | ||||||
| EID Parry India Ltd.(a) | 12,150 | 70,175 | ||||||
| Escorts Ltd. | 11,385 | 183,692 | ||||||
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 13,005 | 67,504 | ||||||
| Kaveri Seed Co. Ltd. | 4,095 | 40,622 | ||||||
| KRBL Ltd.(a) | 1,431 | 4,121 | ||||||
| PI Industries Ltd. | 14,148 | 510,316 | ||||||
| Rallis India Ltd. | 13,995 | 60,349 | ||||||
| Sumitomo Chemical India Ltd. | 15,975 | 71,351 | ||||||
| Tata Consumer Products Ltd. | 101,340 | 927,313 | ||||||
| UPL Ltd. | 83,970 | 944,166 | ||||||
| 3,461,096 | ||||||||
| Indonesia — 0.8% | ||||||||
| Astra Agro Lestari Tbk PT | 81,000 | 50,000 | ||||||
| Charoen Pokphand Indonesia Tbk PT | 1,246,500 | 588,618 | ||||||
| Inti Agri Resources Tbk PT(a)(b) | 2,230,700 | 7,808 | ||||||
| Japfa Comfeed Indonesia Tbk PT | 697,500 | 97,054 | ||||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 526,500 | 43,827 | ||||||
| 787,307 | ||||||||
| Ireland — 0.1% | ||||||||
| Origin Enterprises PLC | 22,140 | 101,092 | ||||||
| Israel — 1.1% | ||||||||
| ICL Group Ltd. | 118,710 | 857,013 | ||||||
| Israel Corp. Ltd. (The)(a) | 675 | 210,326 | ||||||
| 1,067,339 | ||||||||
| Italy — 3.2% | ||||||||
| CNH Industrial NV | 172,845 | 2,978,143 | ||||||
| Japan — 5.7% | ||||||||
| Chubu Shiryo Co. Ltd. | 3,000 | 32,255 | ||||||
| Hokuto Corp. | 3,900 | 68,514 | ||||||
| Kubota Corp. | 173,300 | 3,903,396 | ||||||
| Kumiai Chemical Industry Co. Ltd. | 13,500 | 101,530 | ||||||
| Maruha Nichiro Corp. | 6,800 | 147,796 | ||||||
| Mitsui DM Sugar Holdings Co. Ltd. | 2,400 | 39,638 | ||||||
| NH Foods Ltd. | 14,000 | 555,590 | ||||||
| Nihon Nohyaku Co. Ltd. | 7,000 | 33,177 | ||||||
| Sakata Seed Corp. | 4,700 | 158,561 | ||||||
| Starzen Co. Ltd. | 2,000 | 38,071 | ||||||
| Taki Chemical Co. Ltd. | 800 | 39,597 | ||||||
| YAMABIKO Corp. | 5,600 | 61,881 | ||||||
| Yukiguni Maitake Co. Ltd. | 3,100 | 48,529 | ||||||
| 5,228,535 | ||||||||
| Malaysia — 1.7% | ||||||||
| Genting Plantations Bhd | 45,000 | 87,093 | ||||||
| IOI Corp. Bhd | 423,000 | 418,549 | ||||||
| Kuala Lumpur Kepong Bhd | 73,800 | 396,361 | ||||||
| Leong Hup International Berhad | 130,500 | 23,190 | ||||||
| QL Resources Bhd | 184,507 | 267,822 | ||||||
| Sime Darby Plantation Bhd | 292,500 | 321,860 | ||||||
| United Plantations BHD | 18,000 | 61,106 | ||||||
| 1,575,981 | ||||||||
| Netherlands — 0.5% | ||||||||
| ForFarmers NV | 5,535 | 35,784 | ||||||
| OCI NV(a) | 16,065 | 408,694 | ||||||
| 444,478 | ||||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Agriculture Producers ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Norway — 6.4% | ||||||||
| Aker BioMarine ASA(a) | 3,465 | $ | 33,478 | |||||
| Atlantic Sapphire ASA(a) | 10,125 | 114,470 | ||||||
| Austevoll Seafood ASA | 15,345 | 199,891 | ||||||
| Bakkafrost P/F | 8,505 | 749,103 | ||||||
| Grieg Seafood ASA(a)(d) | 8,550 | 84,414 | ||||||
| Leroy Seafood Group ASA | 50,220 | 452,534 | ||||||
| Mowi ASA | 74,212 | 1,928,625 | ||||||
| Norway Royal Salmon ASA | 2,184 | 47,268 | ||||||
| Salmar ASA | 9,540 | 700,438 | ||||||
| Yara International ASA | 29,430 | 1,567,455 | ||||||
| 5,877,676 | ||||||||
| Pakistan — 0.3% | ||||||||
| Engro Corp. Ltd./Pakistan | 46,983 | 95,844 | ||||||
| Engro Fertilizers Ltd. | 91,223 | 42,113 | ||||||
| Fauji Fertilizer Co. Ltd. | 91,089 | 63,396 | ||||||
| Millat Tractors Ltd. | 5,804 | 42,618 | ||||||
| 243,971 | ||||||||
| Poland — 0.1% | ||||||||
| Grupa Azoty SA(a) | 8,325 | 78,074 | ||||||
| Russia — 0.6% | ||||||||
| PhosAgro PJSC, GDR | 22,950 | 469,557 | ||||||
| Ros Agro PLC, GDR | 5,760 | 73,775 | ||||||
| 543,332 | ||||||||
| Saudi Arabia — 2.0% | ||||||||
| Al Jouf Agricultural Development Co. | 2,475 | 59,594 | ||||||
| Almarai Co. JSC | 42,615 | 626,796 | ||||||
| National Agriculture Development Co. (The)(a) | 8,640 | 93,880 | ||||||
| SABIC Agri-Nutrients Co. | 36,045 | 989,720 | ||||||
| Saudi Fisheries Co.(a) | 3,240 | 49,158 | ||||||
| 1,819,148 | ||||||||
| Singapore — 1.7% | ||||||||
| Bumitama Agri Ltd. | 9,024 | 3,101 | ||||||
| China XLX Fertiliser Ltd. | 69,000 | 30,720 | ||||||
| First Resources Ltd. | 94,500 | 95,649 | ||||||
| Golden Agri-Resources Ltd. | 1,080,000 | 187,660 | ||||||
| Japfa Ltd. | 67,540 | 44,377 | ||||||
| Wilmar International Ltd. | 326,700 | 1,177,174 | ||||||
| 1,538,681 | ||||||||
| South Africa — 0.1% | ||||||||
| Astral Foods Ltd. | 6,570 | 69,008 | ||||||
| Oceana Group Ltd. | 13,439 | 70,212 | ||||||
| 139,220 | ||||||||
| South Korea — 0.1% | ||||||||
| Dongwon Industries Co. Ltd. | 180 | 47,633 | ||||||
| Harim Holdings Co. Ltd. | 5,490 | 51,422 | ||||||
| Namhae Chemical Corp. | 3,960 | 34,122 | ||||||
| 133,177 | ||||||||
| Sweden — 0.1% | ||||||||
| Scandi Standard AB | 7,650 | 56,377 | ||||||
| Taiwan — 0.4% | ||||||||
| 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 | ||||||
| Security | Shares | Value | ||||||
| Thailand (continued) | ||||||||
| Khon Kaen Sugar Industry PCL, NVDR(a) | 252,054 | $ | 34,683 | |||||
| Thaifoods Group PCL, NVDR(d) | 193,500 | 30,684 | ||||||
| 667,078 | ||||||||
| Turkey — 0.2% | ||||||||
| Gubre Fabrikalari TAS(a)(d) | 8,464 | 60,720 | ||||||
| Hektas Ticaret TAS(a) | 65,381 | 71,840 | ||||||
| Turk Traktor ve Ziraat Makineleri AS | 2,160 | 46,797 | ||||||
| 179,357 | ||||||||
| United Kingdom — 0.5% | ||||||||
| Cranswick PLC | 8,910 | 499,524 | ||||||
| United States — 55.0% | ||||||||
| AGCO Corp. | 10,755 | 1,488,169 | ||||||
| American Vanguard Corp. | 4,545 | 83,583 | ||||||
| AppHarvest Inc.(a) | 9,090 | 151,349 | ||||||
| Archer-Daniels-Midland Co. | 94,279 | 6,272,382 | ||||||
| Bunge Ltd. | 23,670 | 2,055,029 | ||||||
| Cal-Maine Foods Inc. | 6,255 | 218,362 | ||||||
| CF Industries Holdings Inc. | 36,180 | 1,923,691 | ||||||
| Corteva Inc. | 125,685 | 5,718,667 | ||||||
| Darling Ingredients Inc.(a) | 27,360 | 1,873,066 | ||||||
| Deere & Co. | 50,310 | 18,166,941 | ||||||
| FMC Corp. | 21,870 | 2,552,010 | ||||||
| Fresh Del Monte Produce Inc. | 5,985 | 200,318 | ||||||
| Hydrofarm Holdings Group Inc.(a) | 1,980 | 123,334 | ||||||
| Ingredion Inc. | 11,310 | 1,073,658 | ||||||
| Lamb Weston Holdings Inc. | 24,708 | 2,038,163 | ||||||
| Lindsay Corp. | 1,845 | 303,742 | ||||||
| Mosaic Co. (The) | 60,840 | 2,198,758 | ||||||
| Pilgrim’s Pride Corp.(a) | 8,190 | 196,888 | ||||||
| Sanderson Farms Inc. | 3,375 | 549,281 | ||||||
| Scotts Miracle-Gro Co. (The) | 7,065 | 1,535,719 | ||||||
| Toro Co. (The) | 18,270 | 2,029,614 | ||||||
| Vital Farms Inc.(a) | 2,610 | 55,567 | ||||||
| 50,808,291 | ||||||||
| Total Common Stocks — 98.7% | ||||||||
| (Cost: $75,554,168) | 91,243,236 | |||||||
| Preferred Stocks | ||||||||
| Chile — 1.1% | ||||||||
| Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS | 22,915 | 1,026,352 | ||||||
| Total Preferred Stocks — 1.1% | ||||||||
| (Cost: $986,387) | 1,026,352 | |||||||
| Warrants | ||||||||
| Thailand — 0.0% | ||||||||
| Thaifoods Group PCL (Expires 05/14/24)(a)(d) | 15,480 | 792 | ||||||
| Total Warrants — 0.0% | ||||||||
| (Cost: $0) | 792 | |||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Agriculture Producers ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.4% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(f)(g)(h) | 391,037 | $ | 391,272 | |||||
| Total Short-Term Investments — 0.4% | ||||||||
| (Cost: $391,230) | 391,272 | |||||||
| Total Investments in Securities — 100.2% | ||||||||
| (Cost: $76,931,785) | 92,661,652 | |||||||
| Other Assets, Less Liabilities — (0.2)% | (217,620 | ) | ||||||
| Net Assets—100.0% | $ | 92,444,032 | ||||||
| (a) | Non-income producing security. |
| (b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (c) | Rounds to less than $1. |
| (d) | All or a portion of this security is on loan. |
| (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 registration to qualified institutional investors. |
| (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:
| Affiliated Issuer | Value at 08/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/21 | Shares Held at 05/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 179,138 | $ | 212,249 | (a) | $ | — | $ | (94 | ) | $ | (21 | ) | $ | 391,272 | 391,037 | $ | 3,962 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 20,000 | — | (20,000 | )(a) | — | — | — | — | 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 | — | — | 792 | ||||||||||||
| 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 |
3