| Schedule of Investments (unaudited) | iShares® MSCI Brazil Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 9.6% | ||||||||
| Embraer SA(a) | 2,517,781 | $ | 17,372,109 | |||||
| Automobile Components — 1.1% | ||||||||
| Fras-Le SA | 241,607 | 805,679 | ||||||
| Mahle-Metal Leve SA | 193,911 | 1,164,744 | ||||||
| 1,970,423 | ||||||||
| Broadline Retail — 1.5% | ||||||||
| Magazine Luiza SA(a) | 1,189,409 | 2,806,524 | ||||||
| Commercial Services & Supplies — 3.1% | ||||||||
| GPS Participacoes e Empreendimentos SA(b) | 1,207,729 | 4,264,278 | ||||||
| Orizon Valorizacao de Residuos SA(a) | 178,137 | 1,380,410 | ||||||
| 5,644,688 | ||||||||
| Communications Equipment — 0.9% | ||||||||
| Intelbras SA Industria de Telecomunicacao | ||||||||
| Eletronica Brasileira | 351,779 | 1,563,641 | ||||||
| Consumer Staples Distribution & Retail — 1.6% | ||||||||
| Grupo Mateus SA | 1,976,939 | 2,929,133 | ||||||
| Diversified Consumer Services — 2.5% | ||||||||
| Cogna Educacao SA(a) | 6,716,820 | 2,379,265 | ||||||
| YDUQS Participacoes SA | 940,351 | 2,168,705 | ||||||
| 4,547,970 | ||||||||
| Electric Utilities — 4.1% | ||||||||
| Alupar Investimento SA | 567,217 | 3,141,303 | ||||||
| Transmissora Alianca de Energia Eletrica SA | 674,517 | 4,403,520 | ||||||
| 7,544,823 | ||||||||
| Financial Services — 2.6% | ||||||||
| Cielo SA | 4,375,856 | 4,666,780 | ||||||
| Food Products — 7.4% | ||||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 183,762 | 888,556 | ||||||
| Camil Alimentos SA | 375,812 | 684,934 | ||||||
| Jalles Machado SA | 380,252 | 489,536 | ||||||
| M.Dias Branco SA | 242,668 | 1,448,826 | ||||||
| Marfrig Global Foods SA(a) | 1,334,333 | 2,866,418 | ||||||
| Minerva SA | 978,124 | 1,154,920 | ||||||
| Sao Martinho SA | 557,889 | 2,883,526 | ||||||
| SLC Agricola SA | 634,707 | 2,154,008 | ||||||
| Tres Tentos Agroindustrial SA | 445,877 | 826,217 | ||||||
| 13,396,941 | ||||||||
| Ground Transportation — 2.9% | ||||||||
| JSL SA | 307,555 | 615,004 | ||||||
| Movida Participacoes SA(a) | 583,537 | 720,128 | ||||||
| Simpar SA | 1,249,923 | 1,435,380 | ||||||
| Vamos Locacao de Caminhoes Maquinas e | ||||||||
| Equipamentos SA | 1,581,051 | 2,441,929 | ||||||
| 5,212,441 | ||||||||
| Health Care Providers & Services — 3.4% | ||||||||
| CM Hospitalar SA | 577,723 | 319,068 | ||||||
| Fleury SA | 881,335 | 2,358,216 | ||||||
| Odontoprev SA | 988,750 | 2,101,440 | ||||||
| Oncoclinicas do Brasil Servicos Medicos SA(a) | 849,592 | 1,448,104 | ||||||
| 6,226,828 | ||||||||
| Hotels, Restaurants & Leisure — 2.2% | ||||||||
| Smartfit Escola de Ginastica e Danca SA | 944,232 | 4,046,015 | ||||||
| Household Durables — 5.7% | ||||||||
| Cury Construtora e Incorporadora SA | 470,110 | 1,650,027 | ||||||
| Security | Shares | Value | ||||||
| Household Durables (continued) | ||||||||
| Cyrela Brazil Realty SA Empreendimentos | ||||||||
| e Participacoes | 1,001,543 | $ | 3,644,992 | |||||
| Direcional Engenharia SA | 465,743 | 2,189,948 | ||||||
| Ez Tec Empreendimentos e Participacoes SA | 395,483 | 973,851 | ||||||
| MRV Engenharia e Participacoes SA(a) | 1,410,137 | 1,858,376 | ||||||
| 10,317,194 | ||||||||
| Independent Power and Renewable Electricity Producers — 3.3% | ||||||||
| AES Brasil Energia SA | 861,776 | 1,838,140 | ||||||
| Auren Energia SA | 1,073,770 | 2,441,641 | ||||||
| Serena Energia SA, NVS(a) | 1,003,004 | 1,659,926 | ||||||
| 5,939,707 | ||||||||
| Insurance — 0.7% | ||||||||
| IRB-Brasil Resseguros SA(a) | 220,827 | 1,327,258 | ||||||
| IT Services — 0.6% | ||||||||
| LWSA SA(b) | 1,281,836 | 1,057,028 | ||||||
| Machinery — 1.0% | ||||||||
| Marcopolo SA | 733,653 | 711,172 | ||||||
| Tupy SA | 258,017 | 1,137,537 | ||||||
| 1,848,709 | ||||||||
| Marine Transportation — 0.9% | ||||||||
| Hidrovias do Brasil SA(a) | 2,177,269 | 1,662,734 | ||||||
| Metals & Mining — 0.8% | ||||||||
| Bradespar SA | 123,472 | 437,839 | ||||||
| Cia. Brasileira de Aluminio(a) | 815,620 | 1,105,946 | ||||||
| 1,543,785 | ||||||||
| Oil, Gas & Consumable Fuels — 4.8% | ||||||||
| 3R Petroleum Oleo E Gas SA | 817,369 | 4,389,686 | ||||||
| Enauta Participacoes SA | 523,255 | 2,206,263 | ||||||
| Petroreconcavo SA | 524,956 | 2,073,471 | ||||||
| 8,669,420 | ||||||||
| Paper & Forest Products — 1.5% | ||||||||
| Dexco SA | 1,468,501 | 2,013,599 | ||||||
| Irani Papel e Embalagem SA | 429,199 | 693,140 | ||||||
| 2,706,739 | ||||||||
| Real Estate Management & Development — 8.0% | ||||||||
| Allos SA, NVS | 1,437,979 | 5,742,714 | ||||||
| Iguatemi SA | 781,462 | 3,013,694 | ||||||
| JHSF Participacoes SA | 1,215,733 | 926,114 | ||||||
| LOG Commercial Properties e Participacoes SA | 146,254 | 603,856 | ||||||
| Multiplan Empreendimentos Imobiliarios SA | 967,619 | 4,183,083 | ||||||
| 14,469,461 | ||||||||
| Specialty Retail — 1.3% | ||||||||
| C&A Modas SA(a) | 385,870 | 706,205 | ||||||
| Grupo SBF SA | 348,882 | 772,724 | ||||||
| Pet Center Comercio e Participacoes SA | 1,158,831 | 827,595 | ||||||
| 2,306,524 | ||||||||
| Textiles, Apparel & Luxury Goods — 4.6% | ||||||||
| Arezzo Industria e Comercio SA | 258,214 | 2,429,254 | ||||||
| Grendene SA | 1,130,162 | 1,330,134 | ||||||
| Grupo De Moda Soma SA | 1,825,717 | 2,051,407 | ||||||
| Vivara Participacoes SA | 464,974 | 1,930,418 | ||||||
| Vulcabras SA | 245,762 | 690,824 | ||||||
| 8,432,037 | ||||||||
| Trading Companies & Distributors — 0.8% | ||||||||
| Armac Locacao Logistica E Servicos SA | 371,535 | 740,820 | ||||||
| Mills Locacao Servicos e Logistica SA | 352,639 | 803,208 | ||||||
| 1,544,028 | ||||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Brazil Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Transportation Infrastructure — 3.8% | ||||||||
| EcoRodovias Infraestrutura e Logistica SA | 872,318 | $ | 1,144,617 | |||||
| Santos Brasil Participacoes SA | 1,701,188 | 3,729,013 | ||||||
| Wilson Sons SA, NVS | 708,670 | 2,078,409 | ||||||
| 6,952,039 | ||||||||
| Water Utilities — 3.0% | ||||||||
| Cia de Saneamento de Minas Gerais Copasa MG | 680,503 | 2,611,388 | ||||||
| Cia. de Saneamento do Parana | 530,707 | 2,760,214 | ||||||
| 5,371,602 | ||||||||
| Total Common Stocks — 83.7% | ||||||||
| (Cost: $141,334,479) | 152,076,581 | |||||||
| Preferred Stocks | ||||||||
| Banks — 2.5% | ||||||||
| Banco ABC Brasil SA, Preference Shares, NVS | 261,654 | 1,075,836 | ||||||
| Banco do Estado do Rio Grande do Sul SA, Class B, | ||||||||
| Preference Shares, NVS | 724,922 | 1,503,438 | ||||||
| Banco Pan SA, Preference Shares, NVS | 1,094,369 | 1,902,834 | ||||||
| 4,482,108 | ||||||||
| Chemicals — 1.1% | ||||||||
| Unipar Carbocloro SA, Class B, Preference | ||||||||
| Shares, NVS | 205,745 | 1,959,535 | ||||||
| Machinery — 2.5% | ||||||||
| Marcopolo SA, Preference Shares, NVS | 2,339,705 | 2,905,192 | ||||||
| Randon SA Implementos e Participacoes, Preference | ||||||||
| Shares, NVS | 647,452 | 1,173,845 | ||||||
| Schulz SA, Preference Shares, NVS | 476,189 | 550,471 | ||||||
| 4,629,508 | ||||||||
| Metals & Mining — 6.4% | ||||||||
| Bradespar SA, Preference Shares, NVS | 913,102 | 3,338,772 | ||||||
| Cia. Ferro Ligas da Bahia - FERBASA, Preference | ||||||||
| Shares, NVS | 590,087 | 893,407 | ||||||
| Metalurgica Gerdau SA, Preference Shares, NVS | 2,389,478 | 4,873,700 | ||||||
| Usinas Siderurgicas de Minas Gerais SA Usiminas, | ||||||||
| Class A, Preference Shares, NVS | 1,764,475 | 2,543,769 | ||||||
| 11,649,648 | ||||||||
| Passenger Airlines — 1.0% | ||||||||
| Azul SA, Preference Shares, NVS | 1,021,460 | 1,842,203 | ||||||
| Security | Shares | Value | ||||||
| Textiles, Apparel & Luxury Goods — 0.7% | ||||||||
| Alpargatas SA, Preference Shares, NVS | 737,792 | $ | 1,358,710 | |||||
| Water Utilities — 0.9% | ||||||||
| Cia. de Saneamento do Parana, Preference | ||||||||
| Shares, NVS | 1,483,135 | 1,578,915 | ||||||
| Total Preferred Stocks — 15.1% | ||||||||
| (Cost: $25,974,949) | 27,500,627 | |||||||
| Rights | ||||||||
| Health Care Providers & Services — 0.0% | ||||||||
| Oncoclinicas do Brasil Servicos Medicos SA (Expires | ||||||||
| 07/11/24 )(a) | 180,712 | 1,032 | ||||||
| Total Rights — 0.0% | ||||||||
| (Cost: $—) | 1,032 | |||||||
| Total Long-Term Investments — 98.8% | ||||||||
| (Cost: $167,309,428) | 179,578,240 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.3% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 5.28%(c)(d) | 500,000 | 500,000 | ||||||
| Total Short-Term Securities — 0.3% | ||||||||
| (Cost: $500,000) | 500,000 | |||||||
| Total Investments — 99.1% | ||||||||
| (Cost: $167,809,428) | 180,078,240 | |||||||
| Other Assets Less Liabilities — 0.9% | 1,723,786 | |||||||
| Net Assets — 100.0% | $ | 181,802,026 | ||||||
| (a) | Non-income producing security. |
| (b) | 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. |
| (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 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | — | $ | 500,000 | (a) | $ | — | $ | — | $ | — | $ | 500,000 | 500,000 | $ | 15,712 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Brazil Small-Cap 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 | ||||||||||||||
| Bclear MSCI Brazil Index | 43 | 06/21/24 | $ | 2,304 | $ | (180,322 | ) | |||||||
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 | $ | 152,076,581 | $ | — | $ | — | $ | 152,076,581 | ||||||||
| Preferred Stocks | 27,500,627 | — | — | 27,500,627 | ||||||||||||
| Rights | 1,032 | — | — | 1,032 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 500,000 | — | — | 500,000 | ||||||||||||
| $ | 180,078,240 | $ | — | $ | — | $ | 180,078,240 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | (180,322 | ) | $ | — | $ | — | $ | (180,322 | ) | ||||||
| (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