# EDGAR Filing Document

**Accession Number:** 0000930667
**File Stem:** 0001752724-25-177802
**Filing Date:** 2025-7
**Character Count:** 20826
**Document Hash:** 857f40c959b660fcfcaf7096f3f6a3bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177802.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177802

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares, Inc.
- **CENTRAL INDEX KEY:** 0000930667

**ORGANIZATION NAME:**
- **EIN:** 510396525
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09102
- **FILM NUMBER:** 251149360

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iSHARES INC
- **DATE OF NAME CHANGE:** 20070126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES INC
- **DATE OF NAME CHANGE:** 20000516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEBS INDEX FUND INC
- **DATE OF NAME CHANGE:** 19970211

## Series and Classes Contracts Data

### iShares MSCI Russia ETF (Series ID: S000047227)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000147985 | iShares MSCI Russia ETF | ERUS            |

## Nport-Ex

Schedule of Investments (unaudited)

May 31, 2025

**iShares® MSCI Russia ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
| Sberbank of Russia PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 18835860 | $2431 |
| TCS Group Holding PLC, GDR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 289152 | 37 |
| VTB Bank PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1661569 |  |
|  |  | 2468 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| Ozon Holdings PLC, ADR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 106824 | 14 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 4737800 | 612 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| PhosAgro PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2875 | 29 |
| PhosAgro PJSC, GDR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2 |  |
|  |  | 29 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| X5 Retail Group NV, GDR<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 374475 | 48 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
| VK Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 393252 | 51 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Alrosa PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 7486250 | 966 |
| Polyus PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 891290 | 11 |
| Severstal PAO<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 604068 | 78 |
| United Co. RUSAL International PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5811330 | 750 |
|  |  | 1805 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Rosneft Oil Co. PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2566222 | $331 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Mobile TeleSystems PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2776444 | 358 |
| **Total Long-Term Investments — 1.3%** <br>**(Cost: $170,608,491)** | **Total Long-Term Investments — 1.3%** <br>**(Cost: $170,608,491)** | 5716 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 97.5%** | **Money Market Funds — 97.5%** | **Money Market Funds — 97.5%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(c)(d)</sup><br>| &nbsp;&nbsp;&nbsp; 430000 | 430000 |
| **Total Short-Term Securities — 97.5%** <br>**(Cost: $430,000)** | **Total Short-Term Securities — 97.5%** <br>**(Cost: $430,000)** | 430000 |
| **Total Investments — 98.8%** <br>**(Cost: $171,038,491)** | **Total Investments — 98.8%** <br>**(Cost: $171,038,491)** | 435716 |
| **Other Assets Less Liabilities — 1.2%** | **Other Assets Less Liabilities — 1.2%** | 5304 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $441020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> 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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*05/31/25*<br>| *Shares* <br>*Held at* <br>*05/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency Shares | $490000 | $—<br> $(60000 )<sup>(a)</sup><br>| $— | $— | $430000 | 430000 | $207157 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® MSCI Russia ETF**

**Fair Value Hierarchy as of Period End (continued)**

the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5716 | &nbsp;&nbsp; $5716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 430000 |
|  | &nbsp;&nbsp; $430000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5716 | &nbsp;&nbsp; $435716 |

---

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | *Common* <br>*Stocks*<br>| *Preferred* <br>*Stocks*<br>| *Total* |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Opening balance, as of August 31, 2024 | &nbsp;&nbsp; $26282 | &nbsp;&nbsp; $2399 | &nbsp;&nbsp; $28681 |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accrued discounts/premiums | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (198705002)<br>| &nbsp;&nbsp; (9331137)<br>| &nbsp;&nbsp; (208036139)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; 259180769 | &nbsp;&nbsp; 11911363 | &nbsp;&nbsp; 271092132 |
| &nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp; (60496333)<br>| &nbsp;&nbsp; (2582625)<br>| &nbsp;&nbsp; (63078958)<br>|
| &nbsp;&nbsp;&nbsp; Closing balance, as of May 31, 2025 | &nbsp;&nbsp; $5716 | &nbsp;&nbsp; — | &nbsp;&nbsp; $5716 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investment still held at May 31, 2025<sup>(a)</sup> | &nbsp;&nbsp; $825 | &nbsp;&nbsp; — | &nbsp;&nbsp; $825 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025 is gener-<br> ally due to investments no longer held or categorized as Level 3 at period end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025 is gener-<br> ally due to investments no longer held or categorized as Level 3 at period end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025 is gener-<br> ally due to investments no longer held or categorized as Level 3 at period end. | &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2025 is gener-<br> ally due to investments no longer held or categorized as Level 3 at period end. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Company |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** iShares, Inc.

- **b. Investment Company Act file number:** 811-09102

- **c. CIK number of Registrant:** 0000930667

- **d. LEI of Registrant:** 549300MGJZCNMJLBAJ67

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 400 HOWARD STREET

  - **City:** SAN FRANCISCO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

  - **Telephone number:** 800-474-2737

**Item A.2. Information about the Series.**

- **a. Name of Series:** iShares MSCI Russia ETF

- **b. EDGAR series identifier (if any):** S000047227

- **c. LEI of Series:** 5493009LYIJN26ANII18

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $441175.07

**Total Liabilities:** $215.34

**Net Assets:** $440959.73

**Cash Not Reported:** $3731.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000147985 | 0.43%                | 0.39%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $269.11                                    |
| Month 2  | $0.00                    | $174.41                                    |
| Month 3  | $0.00                    | $312.06                                    |

### Schedule of Portfolio Investments

| Name                                           | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ozon Holdings PLC                              | Ozon Holdings PLC                                | CUSIP: 69269L104<br>LEI: 213800GXSI7E5V776B13 | Long             | EC               | CORP              | CY        |    106824 | NS      | $13.78        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Alrosa PJSC                                    | Alrosa PJSC                                      | CUSIP: 000000000<br>LEI: 894500DKUWVBYZLLE651 | Long             | EC               | CORP              | RU        |   7486250 | NS      | $965.97       | 0.22%             |  |  |  | No            |                  3 | On Loan: No      |
| X5 Retail Group NV                             | X5 Retail Group NV                               | CUSIP: 98387E205<br>LEI: 213800J17UJJJDGUVF56 | Long             | EC               | CORP              | NL        |    374475 | NS      | $48.32        | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Rosneft Oil Co PJSC                            | Rosneft Oil Co PJSC                              | CUSIP: 000000000<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |   2566222 | NS      | $331.13       | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES | BlackRock Cash Funds: Treasury, SL Agency Shares | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    430000 | NS      | $430000.00    | 97.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Mobile TeleSystems PJSC                        | Mobile TeleSystems PJSC                          | CUSIP: 000000000<br>LEI: 2534008FX8EXH1FMJA74 | Long             | EC               | CORP              | RU        |   2776444 | NS      | $358.25       | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| PhosAgro PJSC                                  | PhosAgro PJSC                                    | CUSIP: 71922G308<br>LEI: 25340053KRUNNYUWF472 | Long             | EC               | CORP              | RU        |         2 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Polyus PJSC                                    | Polyus PJSC                                      | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |    891290 | NS      | $11.50        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TCS Group Holding PLC                          | TCS Group Holding PLC                            | CUSIP: 87238U203<br>LEI: 549300XQRN9MR54V1W18 | Long             | EC               | CORP              | CY        |    289152 | NS      | $37.31        | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| United Co RUSAL International PJSC             | United Co RUSAL International PJSC               | CUSIP: 000000000<br>LEI: 213800WNO9IQTTI4PG55 | Long             | EC               | CORP              | RU        |   5811330 | NS      | $749.85       | 0.17%             |  |  |  | No            |                  3 | On Loan: No      |
| PHOSAGRO PJSC                                  | PHOSAGRO PJSC                                    | CUSIP: 000000000<br>LEI: 25340053KRUNNYUWF472 | Long             | EC               | CORP              | RU        |      2875 | NS      | $28.75        | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Sberbank of Russia PJSC                        | Sberbank of Russia PJSC                          | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |  18835860 | NS      | $2430.43      | 0.55%             |  |  |  | No            |                  3 | On Loan: No      |
| Severstal PAO                                  | Severstal PAO                                    | CUSIP: 000000000<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |    604068 | NS      | $77.94        | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| VK IPJSC                                       | VK IPJSC                                         | CUSIP: 000000000<br>LEI: 2138009IXUP41SPL5B50 | Long             | EC               | CORP              | RU        |    393252 | NS      | $50.74        | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Moscow Exchange MICEX-RTS PJSC                 | Moscow Exchange MICEX-RTS PJSC                   | CUSIP: 000000000<br>LEI: 253400M5M1222KPNWE87 | Long             | EC               | CORP              | RU        |   4737800 | NS      | $611.33       | 0.14%             |  |  |  | No            |                  3 | On Loan: No      |
| VTB Bank PJSC                                  | VTB Bank PJSC                                    | CUSIP: 000000000<br>LEI: 253400V1H6ART1UQ0N98 | Long             | EC               | CORP              | RU        |   1661569 | NS      | $0.21         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** iShares, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer