| Schedule of Investments (unaudited) | iShares® MSCI Philippines ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 19.8% | ||||||||
| Bank of the Philippine Islands | 2,340,615 | $ | 4,807,620 | |||||
| BDO Unibank Inc. | 4,644,608 | 10,317,824 | ||||||
| Metropolitan Bank & Trust Co. | 4,201,354 | 4,459,788 | ||||||
| Security Bank Corp. | 1,513,210 | 1,905,734 | ||||||
| 21,490,966 | ||||||||
| Chemicals — 1.1% | ||||||||
| D&L Industries Inc. | 11,522,400 | 1,237,559 | ||||||
| Consumer Staples Distribution & Retail — 2.6% | ||||||||
| Puregold Price Club Inc. | 3,934,960 | 1,694,480 | ||||||
| Robinsons Retail Holdings Inc. | 1,652,300 | 1,103,774 | ||||||
| 2,798,254 | ||||||||
| Diversified Telecommunication Services — 1.7% | ||||||||
| Converge Information and Communications Technology | ||||||||
| Solutions Inc.(a) | 9,710,300 | 1,790,311 | ||||||
| Electric Utilities — 5.7% | ||||||||
| Manila Electric Co. | 739,820 | 4,642,206 | ||||||
| Synergy Grid & Development Phils Inc. | 9,081,300 | 1,551,829 | ||||||
| 6,194,035 | ||||||||
| Food Products — 4.7% | ||||||||
| Century Pacific Food Inc. | 4,053,900 | 2,595,877 | ||||||
| Universal Robina Corp. | 1,332,318 | 2,436,057 | ||||||
| 5,031,934 | ||||||||
| Hotels, Restaurants & Leisure — 6.4% | ||||||||
| Bloomberry Resorts Corp.(a) | 14,125,565 | 2,558,629 | ||||||
| Jollibee Foods Corp. | 1,182,441 | 4,379,063 | ||||||
| 6,937,692 | ||||||||
| Independent Power and Renewable Electricity Producers — 2.2% | ||||||||
| ACEN Corp. | 28,690,000 | 2,353,247 | ||||||
| Industrial Conglomerates — 19.7% | ||||||||
| Alliance Global Group Inc. | 10,502,739 | 1,663,711 | ||||||
| Ayala Corp. | 449,638 | 4,578,134 | ||||||
| DMCI Holdings Inc. | 9,847,700 | 2,002,523 | ||||||
| GT Capital Holdings Inc. | 282,576 | 2,906,670 | ||||||
| JG Summit Holdings Inc. | 3,936,361 | 2,085,222 | ||||||
| LT Group Inc. | 9,201,300 | 1,647,806 | ||||||
| SM Investments Corp. | 433,616 | 6,452,710 | ||||||
| 21,336,776 | ||||||||
| Office REITs — 0.3% | ||||||||
| AREIT Inc. | 570,200 | 323,490 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels — 1.7% | ||||||||
| Semirara Mining & Power Corp., Class A | 3,197,600 | $ | 1,854,511 | |||||
| Passenger Airlines — 0.0% | ||||||||
| Cebu Air Inc.(a) | 64,140 | 28,606 | ||||||
| Real Estate Management & Development — 15.0% | ||||||||
| Ayala Land Inc. | 12,317,050 | 5,538,993 | ||||||
| Megaworld Corp. | 42,988,960 | 1,322,285 | ||||||
| Robinsons Land Corp. | 1,150,206 | 319,738 | ||||||
| SM Prime Holdings Inc. | 19,613,535 | 9,044,707 | ||||||
| 16,225,723 | ||||||||
| Specialty Retail — 1.7% | ||||||||
| Wilcon Depot Inc. | 5,339,200 | 1,824,744 | ||||||
| Transportation Infrastructure — 10.8% | ||||||||
| International Container Terminal Services Inc. | 2,002,283 | 11,687,968 | ||||||
| Water Utilities — 1.9% | ||||||||
| Manila Water Co. Inc. | 4,419,429 | 2,099,455 | ||||||
| Wireless Telecommunication Services — 4.6% | ||||||||
| PLDT Inc. | 198,279 | 5,015,116 | ||||||
| Total Long-Term Investments — 99.9% | ||||||||
| (Cost: $140,401,847) | 108,230,387 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.2% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 5.28%(b)(c) | 260,000 | 260,000 | ||||||
| Total Short-Term Securities — 0.2% | ||||||||
| (Cost: $260,000) | 260,000 | |||||||
| Total Investments — 100.1% | ||||||||
| (Cost: $140,661,847) | 108,490,387 | |||||||
| Liabilities in Excess of Other Assets — (0.1)% | (141,721 | ) | ||||||
| Net Assets — 100.0% | $ | 108,348,666 | ||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. |
| (c) | 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 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 60,000 | $ | 200,000 | (a) | $ | — | $ | — | $ | — | $ | 260,000 | 260,000 | $ | 4,848 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Philippines ETF |
| May 31, 2024 |
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 | 2 | 06/21/24 | $ | 106 | $ | (3,689 | ) | |||||||
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.
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 | $ | 56,953,436 | $ | 51,276,951 | $ | — | $ | 108,230,387 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 260,000 | — | — | 260,000 | ||||||||||||
| $ | 57,213,436 | $ | 51,276,951 | $ | — | $ | 108,490,387 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | (3,689 | ) | $ | — | $ | — | $ | (3,689 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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