| Schedule of Investments (unaudited) | iShares® MSCI Australia ETF |
| November 30, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 24.4% | ||||||||
| Australia & New Zealand Banking Group Ltd. | 5,451,793 | $ | 87,698,954 | |||||
| Commonwealth Bank of Australia | 3,040,684 | 210,054,498 | ||||||
| National Australia Bank Ltd. | 5,676,125 | 106,317,540 | ||||||
| Westpac Banking Corp. | 6,365,702 | 89,779,615 | ||||||
| 493,850,607 | ||||||||
| Beverages — 0.5% | ||||||||
| Treasury Wine Estates Ltd. | 1,442,933 | 10,204,579 | ||||||
| Biotechnology — 7.5% | ||||||||
| CSL Ltd. | 876,312 | 152,045,988 | ||||||
| Broadline Retail — 3.5% | ||||||||
| Wesfarmers Ltd. | 2,058,086 | 71,591,733 | ||||||
| Capital Markets — 4.3% | ||||||||
| ASX Ltd. | 350,596 | 13,444,101 | ||||||
| Macquarie Group Ltd. | 666,040 | 74,194,228 | ||||||
| 87,638,329 | ||||||||
| Chemicals — 0.4% | ||||||||
| Orica Ltd. | 829,930 | 8,541,660 | ||||||
| Commercial Services & Supplies — 1.1% | ||||||||
| Brambles Ltd. | 2,520,857 | 22,215,271 | ||||||
| Construction Materials — 1.3% | ||||||||
| James Hardie Industries PLC(a) | 798,411 | 25,496,796 | ||||||
| Consumer Staples Distribution & Retail — 4.2% | ||||||||
| Coles Group Ltd. | 2,427,933 | 24,570,994 | ||||||
| Endeavour Group Ltd. | 2,610,610 | 8,493,533 | ||||||
| Woolworths Group Ltd. | 2,216,036 | 51,080,194 | ||||||
| 84,144,721 | ||||||||
| Diversified Consumer Services — 0.4% | ||||||||
| IDP Education Ltd. | 479,675 | 7,176,096 | ||||||
| Diversified REITs — 1.5% | ||||||||
| GPT Group (The) | 3,490,287 | 9,488,203 | ||||||
| Mirvac Group | 7,127,948 | 9,681,714 | ||||||
| Stockland | 4,319,205 | 11,770,529 | ||||||
| 30,940,446 | ||||||||
| Diversified Telecommunication Services — 0.9% | ||||||||
| Telstra Corp. Ltd. | 7,336,179 | 18,537,431 | ||||||
| Electric Utilities — 0.8% | ||||||||
| Origin Energy Ltd. | 3,124,723 | 17,046,979 | ||||||
| Financial Services — 0.5% | ||||||||
| Washington H Soul Pattinson & Co. Ltd. | 427,510 | 9,441,807 | ||||||
| Gas Utilities — 0.6% | ||||||||
| APA Group | 2,327,372 | 13,098,386 | ||||||
| Ground Transportation — 0.4% | ||||||||
| Aurizon Holdings Ltd. | 3,323,750 | 7,753,145 | ||||||
| Health Care Equipment & Supplies — 1.1% | ||||||||
| Cochlear Ltd. | 118,882 | 21,441,161 | ||||||
| Health Care Providers & Services — 1.3% | ||||||||
| Ramsay Health Care Ltd. | 334,053 | 10,847,414 | ||||||
| Sonic Healthcare Ltd. | 814,945 | 15,770,013 | ||||||
| 26,617,427 | ||||||||
| Hotels, Restaurants & Leisure — 2.0% | ||||||||
| Aristocrat Leisure Ltd. | 1,058,879 | 28,337,337 | ||||||
| Security | Shares | Value | ||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||
| Lottery Corp. Ltd. (The) | 4,028,126 | $ | 12,227,563 | |||||
| 40,564,900 | ||||||||
| Industrial REITs — 2.3% | ||||||||
| Goodman Group | 3,100,720 | 46,586,343 | ||||||
| Insurance — 3.8% | ||||||||
| Insurance Australia Group Ltd. | 4,420,169 | 17,356,828 | ||||||
| Medibank Pvt Ltd. | 4,983,366 | 11,393,478 | ||||||
| QBE Insurance Group Ltd. | 2,710,063 | 27,574,783 | ||||||
| Suncorp Group Ltd. | 2,307,710 | 21,305,173 | ||||||
| 77,630,262 | ||||||||
| Interactive Media & Services — 1.6% | ||||||||
| carsales.com Ltd. | 649,591 | 11,923,653 | ||||||
| REA Group Ltd. | 96,292 | 9,875,162 | ||||||
| SEEK Ltd. | 644,025 | 10,149,169 | ||||||
| 31,947,984 | ||||||||
| Metals & Mining — 22.8% | ||||||||
| BHP Group Ltd. | 9,195,036 | 279,919,120 | ||||||
| BlueScope Steel Ltd. | 819,476 | 11,241,040 | ||||||
| Fortescue Metals Group Ltd. | 3,071,998 | 50,444,951 | ||||||
| IGO Ltd. | 1,241,805 | 6,987,303 | ||||||
| Mineral Resources Ltd. | 318,919 | 12,801,406 | ||||||
| Northern Star Resources Ltd. | 2,084,765 | 17,420,925 | ||||||
| Pilbara Minerals Ltd.(b) | 5,186,400 | 12,401,402 | ||||||
| Rio Tinto Ltd. | 673,411 | 55,290,651 | ||||||
| South32 Ltd. | 8,227,483 | 16,536,891 | ||||||
| 463,043,689 | ||||||||
| Office REITs — 0.4% | ||||||||
| Dexus | 1,959,738 | 9,108,369 | ||||||
| Oil, Gas & Consumable Fuels — 5.2% | ||||||||
| Ampol Ltd. | 430,633 | 9,704,180 | ||||||
| Santos Ltd. | 5,891,679 | 26,645,994 | ||||||
| Woodside Energy Group Ltd. | 3,444,460 | 69,982,307 | ||||||
| 106,332,481 | ||||||||
| Passenger Airlines — 0.3% | ||||||||
| Qantas Airways Ltd.(a) | 1,520,848 | 5,323,765 | ||||||
| Professional Services — 0.8% | ||||||||
| Computershare Ltd. | 985,685 | 15,374,172 | ||||||
| Retail REITs — 1.2% | ||||||||
| Scentre Group | 9,409,606 | 16,454,792 | ||||||
| Vicinity Ltd. | 7,050,314 | 8,823,794 | ||||||
| 25,278,586 | ||||||||
| Software — 1.5% | ||||||||
| WiseTech Global Ltd. | 302,332 | 13,314,239 | ||||||
| Xero Ltd.(a) | 260,818 | 17,782,363 | ||||||
| 31,096,602 | ||||||||
| Trading Companies & Distributors — 0.3% | ||||||||
| Reece Ltd. | 412,154 | 5,257,706 | ||||||
| Transportation Infrastructure — 2.4% | ||||||||
| Transurban Group | 5,601,461 | 47,858,783 | ||||||
| Total Long-Term Investments — 99.3% | ||||||||
| (Cost: $2,387,065,657) | 2,013,186,204 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.7% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e) | 12,309,049 | 12,315,203 | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Australia ETF |
| November 30, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Money Market Funds (continued) | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(c)(d) | 770,000 | $ | 770,000 | |||||
| Total Short-Term Securities — 0.7% | ||||||||
| (Cost: $13,084,596) | 13,085,203 | |||||||
| Total Investments — 100.0% | ||||||||
| (Cost: $2,400,150,253) | 2,026,271,407 | |||||||
| Other Assets Less Liabilities — 0.0% | 1,009,033 | |||||||
| Net Assets — 100.0% | $ | 2,027,280,440 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2023 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 Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 11/30/23 | Shares Held at 11/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 12,314,535 | (a) | $ | — | $ | 61 | $ | 607 | $ | 12,315,203 | 12,309,049 | $ | 12,200 | (b) | $ | — | |||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,220,000 | — | (450,000 | )(a) | — | — | 770,000 | 770,000 | 7,912 | — | ||||||||||||||||||||||||||
| $ | 61 | $ | 607 | $ | 13,085,203 | $ | 20,112 | $ | — | |||||||||||||||||||||||||||
| (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. |
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 | ||||||||||||||
| SPI 200 Index | 114 | 12/21/23 | $ | 13,329 | $ | 50,561 | ||||||||
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
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Australia ETF |
| November 30, 2023 |
Fair Value Hierarchy as of Period End (continued)
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 | $ | — | $ | 2,013,186,204 | $ | — | $ | 2,013,186,204 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 13,085,203 | — | — | 13,085,203 | ||||||||||||
| $ | 13,085,203 | $ | 2,013,186,204 | $ | — | $ | 2,026,271,407 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Equity Contracts | $ | — | $ | 50,561 | $ | — | $ | 50,561 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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