| Schedule of Investments (unaudited) | iShares® MSCI Turkey ETF |
| November 30, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 3.9% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 4,276,174 | $ | 7,232,780 | |||||
| SDT Uzay VE Savunma Teknolojileri A/S, NVS | 34,943 | 377,563 | ||||||
| 7,610,343 | ||||||||
| Air Freight & Logistics — 0.3% | ||||||||
| Reysas Tasimacilik ve Lojistik Ticaret AS(a) | 517,798 | 528,642 | ||||||
| Automobile Components — 0.7% | ||||||||
| Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS | 389 | 156,845 | ||||||
| EGE Endustri VE Ticaret AS | 2,014 | 801,931 | ||||||
| Kordsa Teknik Tekstil AS(b) | 126,624 | 367,700 | ||||||
| 1,326,476 | ||||||||
| Automobiles — 4.5% | ||||||||
| Ford Otomotiv Sanayi AS | 217,216 | 6,326,479 | ||||||
| Tofas Turk Otomobil Fabrikasi AS | 300,104 | 2,477,860 | ||||||
| 8,804,339 | ||||||||
| Banks — 14.3% | ||||||||
| Akbank TAS | 8,191,412 | 9,555,200 | ||||||
| Haci Omer Sabanci Holding AS | 2,652,603 | 5,599,126 | ||||||
| Turkiye Is Bankasi AS, Class C | 9,138,092 | 6,798,019 | ||||||
| Yapi ve Kredi Bankasi AS | 8,644,676 | 5,758,307 | ||||||
| 27,710,652 | ||||||||
| Beverages — 1.4% | ||||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 719,527 | 2,758,180 | ||||||
| Building Products — 0.6% | ||||||||
| Bien Yapi Urunleri Sanayi Turizm ve Ticaret AS, NVS | 222,614 | 375,453 | ||||||
| Kaleseramik Canakkale Kalebodur Seramik Sanayi A/S, NVS | 134,434 | 348,012 | ||||||
| Qua Granite Hayal(a) | 1,953,594 | 393,084 | ||||||
| 1,116,549 | ||||||||
| Capital Markets — 1.1% | ||||||||
| Is Yatirim Menkul Degerler AS | 1,232,196 | 1,320,548 | ||||||
| Oyak Yatirim Menkul Degerler AS, NVS(a) | 279,350 | 414,644 | ||||||
| Verusa Holding AS | 43,298 | 401,862 | ||||||
| 2,137,054 | ||||||||
| Chemicals — 6.1% | ||||||||
| Hektas Ticaret TAS(a) | 3,331,658 | 2,572,998 | ||||||
| Kimteks Poliuretan Sanayi VE Ticaret AS, NVS | 198,399 | 468,939 | ||||||
| Petkim Petrokimya Holding AS(a) | 3,682,497 | 2,758,405 | ||||||
| Politeknik Metal Sanayi ve Ticaret A/S, NVS | 1,231 | 713,228 | ||||||
| Sasa Polyester Sanayi AS(a) | 3,116,888 | 5,384,208 | ||||||
| 11,897,778 | ||||||||
| Construction & Engineering — 2.0% | ||||||||
| Enka Insaat ve Sanayi AS | 1 | 1 | ||||||
| Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a) | 255,638 | 727,732 | ||||||
| Kontrolmatik Enerji Ve Muhendislik AS, NVS | 205,148 | 1,809,905 | ||||||
| Tekfen Holding AS | 805,147 | 1,257,552 | ||||||
| 3,795,190 | ||||||||
| Construction Materials — 2.6% | ||||||||
| Akcansa Cimento AS | 68,687 | 349,676 | ||||||
| Baticim Bati Anadolu Cimento Sanayii AS(a) | 151,457 | 912,143 | ||||||
| Cimsa Cimento Sanayi VE Ticaret AS | 595,329 | 710,471 | ||||||
| Konya Cimento Sanayii AS(a) | 1,298 | 418,391 | ||||||
| Nuh Cimento Sanayi AS | 238,321 | 2,676,188 | ||||||
| 5,066,869 | ||||||||
| Consumer Staples Distribution & Retail — 9.6% | ||||||||
| BIM Birlesik Magazalar AS | 1,202,508 | 12,837,595 | ||||||
| Migros Ticaret AS | 304,285 | 3,791,016 | ||||||
| Security | Shares | Value | ||||||
| Consumer Staples Distribution & Retail (continued) | ||||||||
| Sok Marketler Ticaret AS | 1,015,866 | $ | 2,062,228 | |||||
| 18,690,839 | ||||||||
| Diversified REITs — 1.1% | ||||||||
| Is Gayrimenkul Yatirim Ortakligi AS(a) | 695,219 | 500,794 | ||||||
| Peker Gayrimenkul Yatirim Ortakligi AS(a) | 811,013 | 878,555 | ||||||
| Torunlar Gayrimenkul Yatirim Ortakligi AS | 314,471 | 367,451 | ||||||
| Ziraat Gayrimenkul Yatirim Ortakligi AS | 2,250,294 | 396,672 | ||||||
| 2,143,472 | ||||||||
| Electric Utilities — 1.9% | ||||||||
| Can2 Termik AS(a) | 1,185,998 | 781,848 | ||||||
| Enerjisa Enerji AS(c) | 940,505 | 1,548,153 | ||||||
| Izdemir Enerji Elektrik Uretim A/S, NVS | 302,626 | 363,672 | ||||||
| ODAS Elektrik Uretim ve Sanayi Ticaret AS(a) | 2,454,848 | 929,041 | ||||||
| 3,622,714 | ||||||||
| Electrical Equipment — 1.1% | ||||||||
| CW Enerji Muhendislik Ticaret VE Sanayi AS, NVS | 50,889 | 528,712 | ||||||
| Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS, NVS | 112,830 | 664,104 | ||||||
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 683,537 | 710,636 | ||||||
| YEO Teknoloji Enerji VE Endustri A/S, NVS | 39,923 | 297,951 | ||||||
| 2,201,403 | ||||||||
| Financial Services — 0.3% | ||||||||
| Turkiye Sinai Kalkinma Bankasi AS(a) | 2,763,136 | 682,151 | ||||||
| Food Products — 1.2% | ||||||||
| Kayseri Seker Fabrikasi A/S, NVS | 281,426 | 394,334 | ||||||
| Ulker Biskuvi Sanayi AS(a) | 663,196 | 1,967,177 | ||||||
| 2,361,511 | ||||||||
| Gas Utilities — 0.7% | ||||||||
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS | 1,216,850 | 517,921 | ||||||
| Aygaz AS | 112,961 | 525,386 | ||||||
| Enerya Enerji A/S, NVS | 80,572 | 390,649 | ||||||
| 1,433,956 | ||||||||
| Health Care Providers & Services — 1.1% | ||||||||
| MLP Saglik Hizmetleri AS(a)(c) | 329,600 | 1,712,193 | ||||||
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 229,652 | 443,448 | ||||||
| 2,155,641 | ||||||||
| Household Durables — 1.0% | ||||||||
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 1,612,600 | 924,270 | ||||||
| Vestel Elektronik Sanayi ve Ticaret AS(a) | 466,250 | 964,787 | ||||||
| 1,889,057 | ||||||||
| Independent Power and Renewable Electricity Producers — 1.0% | ||||||||
| Akfen Yenilenebilir Enerji AS, NVS | 655,537 | 401,832 | ||||||
| Aksa Enerji Uretim AS, Class B | 325,228 | 387,680 | ||||||
| Margun Enerji Uretim Sanayi VE Ticaret AS | 677,176 | 358,812 | ||||||
| Zorlu Enerji Elektrik Uretim AS(a) | 3,998,280 | 704,799 | ||||||
| 1,853,123 | ||||||||
| Industrial Conglomerates — 9.9% | ||||||||
| Alarko Holding AS | 563,694 | 1,967,788 | ||||||
| Eczacibasi Yatirim Holding Ortakligi AS | 38,479 | 444,420 | ||||||
| Kiler Holding AS(a) | 683,290 | 817,811 | ||||||
| KOC Holding AS | 2,002,046 | 9,797,613 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | 3,593,298 | 6,131,602 | ||||||
| 19,159,234 | ||||||||
| Insurance — 0.4% | ||||||||
| Anadolu Anonim Turk Sigorta Sirketi(a) | 190,308 | 433,668 | ||||||
| Turkiye Sigorta AS | 266,527 | 351,858 | ||||||
| 785,526 | ||||||||
| Machinery — 0.6% | ||||||||
| Otokar Otomotiv Ve Savunma Sanayi AS(a) | 76,317 | 1,167,541 | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Turkey ETF |
| November 30, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Metals & Mining — 6.1% | ||||||||
| Eregli Demir ve Celik Fabrikalari TAS(a) | 3,633,245 | $ | 5,157,749 | |||||
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A | 533,130 | 427,977 | ||||||
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 2,697,427 | 2,309,844 | ||||||
| Koza Altin Isletmeleri AS | 3,184,731 | 2,563,204 | ||||||
| Koza Anadolu Metal Madencilik Isletmeleri AS(a) | 751,426 | 1,436,480 | ||||||
| 11,895,254 | ||||||||
| Oil, Gas & Consumable Fuels — 6.9% | ||||||||
| Turkiye Petrol Rafinerileri AS | 2,545,922 | 13,465,832 | ||||||
| Passenger Airlines — 8.3% | ||||||||
| Pegasus Hava Tasimaciligi AS(a) | 137,491 | 3,361,074 | ||||||
| Turk Hava Yollari AO(a) | 1,457,852 | 12,683,410 | ||||||
| 16,044,484 | ||||||||
| Personal Care Products — 0.3% | ||||||||
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 344,768 | 575,265 | ||||||
| Pharmaceuticals — 0.2% | ||||||||
| GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | 200,509 | 385,391 | ||||||
| Residential REITs — 1.0% | ||||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 7,260,640 | 1,853,176 | ||||||
| Semiconductors & Semiconductor Equipment — 0.6% | ||||||||
| Alfa Solar Enerji Sanayi VE Ticaret AS, NVS | 109,456 | 391,574 | ||||||
| Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a) | 322,048 | 732,758 | ||||||
| 1,124,332 | ||||||||
| Software — 0.2% | ||||||||
| MIA Teknoloji A/S, NVS | 243,881 | 330,915 | ||||||
| Specialty Retail — 1.4% | ||||||||
| Dogan Sirketler Grubu Holding AS | 3,886,528 | 1,776,683 | ||||||
| Dogus Otomotiv Servis ve Ticaret AS | 112,502 | 955,333 | ||||||
| 2,732,016 | ||||||||
| Security | Shares | Value | ||||||
| Textiles, Apparel & Luxury Goods — 1.8% | ||||||||
| Aksa Akrilik Kimya Sanayii AS | 496,640 | $ | 1,484,317 | |||||
| Mavi Giyim Sanayi Ve Ticaret AS, Class B(c) | 558,209 | 1,960,239 | ||||||
| 3,444,556 | ||||||||
| Transportation Infrastructure — 1.3% | ||||||||
| TAV Havalimanlari Holding AS(a) | 634,522 | 2,548,102 | ||||||
| Wireless Telecommunication Services — 3.8% | ||||||||
| Turkcell Iletisim Hizmetleri AS(a) | 3,716,178 | 7,445,161 | ||||||
| Total Long-Term Investments — 99.3% | ||||||||
| (Cost: $194,404,807) | 192,742,724 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f) | 47,378 | 47,402 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(d)(e) | 140,000 | 140,000 | ||||||
| Total Short-Term Securities — 0.1% | ||||||||
| (Cost: $187,349) | 187,402 | |||||||
| Total Investments — 99.4% | ||||||||
| (Cost: $194,592,156) | 192,930,126 | |||||||
| Other Assets Less Liabilities — 0.6% | 1,166,012 | |||||||
| Net Assets — 100.0% | $ | 194,096,138 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | 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 | $ | 6,180,028 | $ | — | $ | (6,132,805 | )(a) | $ | 340 | $ | (161 | ) | $ | 47,402 | 47,378 | $ | 3,703 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 120,000 | 20,000 | (a) | — | — | — | 140,000 | 140,000 | 2,214 | — | ||||||||||||||||||||||||||
| $ | 340 | $ | (161 | ) | $ | 187,402 | $ | 5,917 | $ | — | ||||||||||||||||||||||||||
| (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. |
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Turkey ETF |
| November 30, 2023 |
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 | 25 | 12/15/23 | $ | 1,234 | $ | 3,540 | ||||||||
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 | $ | 85,912,410 | $ | 106,830,314 | $ | — | $ | 192,742,724 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 187,402 | — | — | 187,402 | ||||||||||||
| $ | 86,099,812 | $ | 106,830,314 | $ | — | $ | 192,930,126 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Equity Contracts | $ | 3,540 | $ | — | $ | — | $ | 3,540 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| Portfolio Abbreviation | |
| NVS | Non-Voting Shares |
3