Security	Shares		Value

Common Stocks

Air Freight & Logistics — 2.5%
Abu Dhabi Aviation Co., NVS		148,927	$	265,981
Agility Global PLC		984,232		337,630
Aramex PJSC^(a)		524,291		385,398
				989,009
Banks — 33.7%
Abu Dhabi Commercial Bank PJSC		829,452		1,762,746
Abu Dhabi Islamic Bank PJSC		564,691		1,724,951
Ajman Bank PJSC^(a)		773,107		371,306
Dubai Islamic Bank PJSC		1,118,508		1,680,937
Emirates NBD Bank PJSC		410,684		1,738,647
First Abu Dhabi Bank PJSC		1,761,761		5,563,885
Sharjah Islamic Bank		794,589		478,088
				13,320,560
Building Products — 0.7%
Ras Al Khaimah Ceramics		419,929		285,818

Capital Markets — 2.0%
Dubai Financial Market PJSC		1,103,925		387,706
Investcorp Capital PLC, NVS		562,652		324,750
SHUAA Capital PSC^(a)(b)		1,859,319		66,313
				778,769
Construction & Engineering — 0.0%
Arabtec Holding PJSC^(a)(b)		2,433,366		7

Diversified Consumer Services — 0.6%
Taaleem Holdings PJSC, NVS		242,471		250,191

Diversified Telecommunication Services — 16.2%
AL Yah Satellite Communications Co-PJSC-Yah Sat		652,763		390,977
Emirates Telecommunications Group Co. PJSC		1,366,693		5,990,596
				6,381,573
Financial Services — 1.9%
Al Waha Capital PJSC		793,168		305,312
Amanat Holdings PJSC		926,083		259,693
Amlak Finance PJSC^(a)		974,521		195,008
Gulf General Investment Co.^(a)(b)		7,295,803		20
				760,033
Food Products — 1.0%
Agthia Group PJSC		250,161		383,088

Ground Transportation — 0.1%
Dubai Taxi Co. PJSC		80,581		47,826

Health Care Providers & Services — 0.0%
NMC Health PLC, NVS^(b)		112,588		2

Security	Shares		Value

Hotels, Restaurants & Leisure — 2.7%
Americana Restaurants International PLC		1,224,539	$	1,081,212

Industrial Conglomerates — 6.2%
Dubai Investments PJSC		1,129,358		657,989
Multiply Group PJSC^(a)		1,866,149		960,243
Q Holding PJSC^(a)		1,051,986		821,987
				2,440,219
Marine Transportation — 1.1%
Gulf Navigation Holding PJSC^(a)		237,947		452,825

Oil, Gas & Consumable Fuels — 1.4%
Dana Gas PJSC		3,208,828		538,146

Passenger Airlines — 1.9%
Air Arabia PJSC		1,169,826		737,488

Real Estate Management & Development — 21.9%
Aldar Properties PJSC		1,124,413		1,683,688
Deyaar Development PJSC		134,937		25,753
Emaar Development PJSC		355,585		718,324
Emaar Properties PJSC		2,643,097		5,512,074
Eshraq Investments PJSC^(a)		2,137,114		186,362
RAK Properties PJSC		917,749		284,841
Union Properties PJSC^(a)		2,291,340		233,057
				8,644,099
Software — 0.2%
Phoenix Group PLC^(a)		165,758		83,938

Specialty Retail — 3.2%
Abu Dhabi National Oil Co. for Distribution PJSC		1,442,416		1,273,552

Water Utilities — 2.3%
Emirates Central Cooling Systems Corp.		1,205,420		502,115
National Central Cooling Co. PJSC		482,104		405,337
				907,452

Total Investments — 99.6%
(Cost: $40,441,093)				39,355,807

Other Assets Less Liabilities — 0.4%				165,750

Net Assets — 100.0%			$	39,521,557

^(a)

Non-income producing security.

^(b)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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:

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

Schedule of Investments (unaudited)	iShares^®MSCI UAE ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Affiliated Issuer		Value at 08/31/23				Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value at 05/31/24				Shares Held at 05/31/24				Income				Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)		$	30,000			$	—			$	(30,000	)^(b)		$	—			$	—			$	—				—			$	2,260			$	—

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1	06/21/24	$	53	$	(423	)

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

Schedule of Investments (unaudited) (continued)	iShares^®MSCI UAE ETF
May 31, 2024

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	32,550,005		$	6,739,460	$	66,342	$	39,355,807

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(423	)	$	—	$	—	$	(423	)