| Schedule of Investments (unaudited) | iShares® MSCI Indonesia ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Automobile Components — 0.2% | ||||||||
| Selamat Sempurna Tbk PT | 8,216,400 | $ | 910,124 | |||||
| Banks — 48.7% | ||||||||
| Bank Aladin Syariah Tbk PT(a) | 22,048,800 | 1,234,733 | ||||||
| Bank BTPN Syariah Tbk PT | 9,097,600 | 652,228 | ||||||
| Bank Bukopin Tbk PT(a) | 86,472,342 | 292,676 | ||||||
| Bank Central Asia Tbk PT | 140,745,990 | 80,080,574 | ||||||
| Bank Jago Tbk PT(a) | 11,907,900 | 1,771,499 | ||||||
| Bank Mandiri Persero Tbk PT | 91,792,320 | 33,289,913 | ||||||
| Bank Negara Indonesia Persero Tbk PT | 40,593,016 | 11,014,872 | ||||||
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 15,676,876 | 974,378 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT | 170,472,054 | 45,693,193 | ||||||
| Bank Tabungan Negara Persero Tbk PT | 19,744,326 | 1,490,719 | ||||||
| 176,494,785 | ||||||||
| Broadline Retail — 3.5% | ||||||||
| Bukalapak.com PT Tbk(a) | 165,243,500 | 1,326,639 | ||||||
| GoTo Gojek Tokopedia Tbk PT(a) | 2,254,687,300 | 9,065,133 | ||||||
| Mitra Adiperkasa Tbk PT | 27,833,900 | 2,177,837 | ||||||
| 12,569,609 | ||||||||
| Capital Markets — 0.5% | ||||||||
| Pacific Strategic Financial Tbk PT(a) | 28,387,300 | 1,877,929 | ||||||
| Pool Advista Indonesia Tbk PT(a)(b) | 7,126,300 | — | ||||||
| 1,877,929 | ||||||||
| Chemicals — 4.6% | ||||||||
| Barito Pacific Tbk PT | 82,024,752 | 5,389,339 | ||||||
| Chandra Asri Pacific Tbk PT | 17,844,652 | 10,075,365 | ||||||
| ESSA Industries Indonesia Tbk PT | 23,451,700 | 1,112,994 | ||||||
| 16,577,698 | ||||||||
| Construction & Engineering — 0.2% | ||||||||
| Waskita Karya Persero Tbk PT(a)(b) | 61,414,619 | 572,573 | ||||||
| Construction Materials — 1.1% | ||||||||
| Berkah Beton Sadaya Tbk PT(a) | 64,732,500 | 179,259 | ||||||
| Indocement Tunggal Prakarsa Tbk PT | 4,129,244 | 1,647,765 | ||||||
| Semen Indonesia Persero Tbk PT | 10,977,941 | 2,357,724 | ||||||
| 4,184,748 | ||||||||
| Consumer Finance — 0.4% | ||||||||
| BFI Finance Indonesia Tbk PT | 23,084,400 | 1,441,887 | ||||||
| Consumer Staples Distribution & Retail — 2.5% | ||||||||
| Midi Utama Indonesia Tbk PT, NVS | 28,958,400 | 712,822 | ||||||
| Sumber Alfaria Trijaya Tbk PT | 50,364,000 | 8,213,206 | ||||||
| 8,926,028 | ||||||||
| Diversified Telecommunication Services — 5.2% | ||||||||
| Inovisi Infracom Tbk PT(b) | 9,476,400 | — | ||||||
| Sarana Menara Nusantara Tbk PT | 56,995,900 | 2,421,450 | ||||||
| Telkom Indonesia Persero Tbk PT | 91,357,190 | 16,295,316 | ||||||
| 18,716,766 | ||||||||
| Electronic Equipment, Instruments & Components — 0.2% | ||||||||
| Metrodata Electronics Tbk PT | 19,207,600 | 650,103 | ||||||
| Food Products — 5.1% | ||||||||
| Astra Agro Lestari Tbk PT | 992,200 | 358,718 | ||||||
| Charoen Pokphand Indonesia Tbk PT | 20,869,025 | 6,678,088 | ||||||
| Indofood CBP Sukses Makmur Tbk PT | 6,905,554 | 4,143,332 | ||||||
| Indofood Sukses Makmur Tbk PT | 12,837,130 | 4,642,161 | ||||||
| Inti Agri Resources Tbk PT(a)(b) | 190,840,700 | — | ||||||
| Japfa Comfeed Indonesia Tbk PT(a) | 19,375,300 | 1,633,487 | ||||||
| Sawit Sumbermas Sarana Tbk PT | 11,340,700 | 725,805 | ||||||
| Security | Shares | Value | ||||||
| Food Products (continued) | ||||||||
| Ultrajaya Milk Industry & Trading Co. Tbk PT | 3,220,700 | $ | 353,782 | |||||
| 18,535,373 | ||||||||
| Gas Utilities — 0.9% | ||||||||
| Perusahaan Gas Negara Tbk PT | 33,966,607 | 3,306,027 | ||||||
| Health Care Providers & Services — 0.6% | ||||||||
| Medikaloka Hermina Tbk PT | 17,980,900 | 1,416,342 | ||||||
| Metro Healthcare Indonesia TBK PT(a) | 68,959,900 | 364,957 | ||||||
| Mitra Keluarga Karyasehat Tbk PT | 2,914,500 | 518,332 | ||||||
| 2,299,631 | ||||||||
| Household Products — 1.3% | ||||||||
| Unilever Indonesia Tbk PT | 24,226,020 | 4,660,294 | ||||||
| Industrial Conglomerates — 3.3% | ||||||||
| Astra International Tbk PT | 45,435,030 | 12,018,046 | ||||||
| Insurance — 0.3% | ||||||||
| Panin Financial Tbk PT(a) | 55,575,778 | 1,177,472 | ||||||
| Marine Transportation — 0.4% | ||||||||
| Transcoal Pacific Tbk PT | 2,994,300 | 1,345,331 | ||||||
| Media — 0.5% | ||||||||
| Elang Mahkota Teknologi Tbk PT | 38,370,200 | 1,002,825 | ||||||
| Surya Citra Media Tbk PT | 98,131,700 | 905,831 | ||||||
| 1,908,656 | ||||||||
| Metals & Mining — 6.0% | ||||||||
| Amman Mineral Internasional PT(a) | 17,595,284 | 13,074,651 | ||||||
| Aneka Tambang Tbk | 27,480,554 | 2,480,527 | ||||||
| Bumi Resources Minerals Tbk PT(a) | 167,514,600 | 1,598,918 | ||||||
| Merdeka Copper Gold Tbk PT(a) | 28,585,506 | 4,753,083 | ||||||
| 21,907,179 | ||||||||
| Oil, Gas & Consumable Fuels — 6.1% | ||||||||
| Adaro Energy Indonesia Tbk PT | 40,444,639 | 6,894,255 | ||||||
| AKR Corporindo Tbk PT | 26,470,700 | 2,606,346 | ||||||
| Bukit Asam Tbk PT | 13,905,900 | 2,137,784 | ||||||
| Bumi Resources Tbk PT(a) | 324,390,700 | 1,821,233 | ||||||
| Harum Energy Tbk PT(a) | 9,476,500 | 816,437 | ||||||
| Indika Energy Tbk PT | 6,941,300 | 610,834 | ||||||
| Indo Tambangraya Megah Tbk PT | 1,392,800 | 2,140,627 | ||||||
| Medco Energi Internasional Tbk PT | 22,598,886 | 1,953,336 | ||||||
| Sekawan Intipratama Tbk PT(b) | 30,572,100 | — | ||||||
| Sugih Energy Tbk PT(a)(b) | 39,886,700 | — | ||||||
| Trada Alam Minera Tbk PT(a)(b) | 163,879,000 | — | ||||||
| United Tractors Tbk PT | 2,225,996 | 3,023,930 | ||||||
| 22,004,782 | ||||||||
| Paper & Forest Products — 1.8% | ||||||||
| Indah Kiat Pulp & Paper Tbk PT | 7,310,400 | 4,104,693 | ||||||
| Pabrik Kertas Tjiwi Kimia Tbk PT | 4,450,500 | 2,369,035 | ||||||
| 6,473,728 | ||||||||
| Personal Care Products — 0.4% | ||||||||
| Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 32,270,337 | 1,409,966 | ||||||
| Pharmaceuticals — 1.5% | ||||||||
| Kalbe Farma Tbk PT | 60,641,585 | 5,560,367 | ||||||
| Real Estate Management & Development — 1.9% | ||||||||
| Bumi Serpong Damai Tbk PT(a) | 20,282,322 | 1,182,098 | ||||||
| Ciputra Development Tbk PT | 31,840,913 | 2,155,385 | ||||||
| Hanson International Tbk PT(a)(b) | 372,896,535 | — | ||||||
| Lippo Karawaci Tbk PT(a) | 132,130,242 | 544,783 | ||||||
| Pakuwon Jati Tbk PT | 66,164,877 | 1,607,420 | ||||||
| Rimo International Lestari Tbk PT(a)(b) | 54,096,000 | — | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Indonesia ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Real Estate Management & Development (continued) | ||||||||
| Summarecon Agung Tbk PT | 43,914,286 | $ | 1,379,791 | |||||
| 6,869,477 | ||||||||
| Specialty Retail — 1.1% | ||||||||
| Ace Hardware Indonesia Tbk PT | 28,848,779 | 1,458,543 | ||||||
| Erajaya Swasembada Tbk PT | 40,482,000 | 996,480 | ||||||
| Map Aktif Adiperkasa PT | 29,249,900 | 1,394,995 | ||||||
| 3,850,018 | ||||||||
| Tobacco — 0.1% | ||||||||
| Gudang Garam Tbk PT | 319,200 | 367,326 | ||||||
| Transportation Infrastructure — 0.7% | ||||||||
| Astrindo Nusantara Infrastructure Tbk PT(a) | 91,147,500 | 347,763 | ||||||
| Jasa Marga Persero Tbk PT | 7,454,908 | 2,192,890 | ||||||
| 2,540,653 | ||||||||
| Wireless Telecommunication Services — 1.0% | ||||||||
| Smartfren Telecom Tbk PT(a) | 513,334,525 | 1,419,818 | ||||||
| XL Axiata Tbk PT | 15,505,000 | 2,204,095 | ||||||
| 3,623,913 | ||||||||
| Total Long-Term Investments — 100.1% | ||||||||
| (Cost: $500,685,579) | 362,780,489 | |||||||
| Security | Shares | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency | ||||||||
| Shares, 5.28%(c)(d) | 450,000 | $ | 450,000 | |||||
| Total Short-Term Securities — 0.1% | ||||||||
| (Cost: $450,000) | 450,000 | |||||||
| Total Investments — 100.2% | ||||||||
| (Cost: $501,135,579) | 363,230,489 | |||||||
| Liabilities in Excess of Other Assets — (0.2)% | (562,270 | ) | ||||||
| Net Assets — 100.0% | $ | 362,668,219 | ||||||
| (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) | Affiliate of the Fund. |
| (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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at | Income | Capital Gain Distributions from | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 450,000 | $ | 0 | (a) | $ | — | $ | — | $ | — | $ | 450,000 | 450,000 | $ | 13,889 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
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 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. 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.
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Indonesia ETF |
| May 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
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 | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Common Stocks | $ | 95,381,273 | $ | 266,826,643 | $ | 572,573 | $ | 362,780,489 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 450,000 | — | — | 450,000 | ||||||||||||
| $ | 95,831,273 | $ | 266,826,643 | $ | 572,573 | $ | 363,230,489 | |||||||||
Portfolio Abbreviation
| NVS | Non-Voting Shares |
3