Schedule of Investments (unaudited)
May 31, 2025
iShares® MSCI Denmark ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Air Freight & Logistics — 9.7%
DSV A/S
94,161
$22,173,455
Banks — 10.4%
Danske Bank A/S
344,612
13,205,427
Jyske Bank A/S, Registered
37,708
3,543,042
Ringkjoebing Landbobank A/S
19,484
3,945,836
Sydbank A/S
47,547
3,178,984
 
23,873,289
Beverages — 5.0%
Carlsberg A/S, Class B
55,044
7,879,105
Royal Unibrew A/S
42,729
3,550,116
 
11,429,221
Biotechnology — 5.6%
Bavarian Nordic A/S(a)
98,067
2,585,554
Genmab A/S(a)
33,465
7,059,762
Zealand Pharma A/S(a)
45,009
3,128,629
 
12,773,945
Building Products — 1.6%
Rockwool AS, Class B
78,233
3,712,332
Chemicals — 5.7%
Novonesis Novozymes B, Class B
184,243
12,981,813
Commercial Services & Supplies — 1.5%
ISS A/S
131,101
3,523,640
Construction & Engineering — 1.0%
Per Aarsleff Holding A/S
25,930
2,349,895
Electrical Equipment — 5.1%
NKT A/S(a)
45,064
3,861,937
Vestas Wind Systems A/S
490,929
7,764,167
 
11,626,104
Food Products — 0.7%
Schouw & Co. A/S
19,417
1,725,977
Ground Transportation — 0.2%
NTG Nordic Transport Group A/S, Class A(a)
17,435
544,014
Health Care Equipment & Supplies — 5.5%
Ambu A/S, Class B
178,623
2,759,074
Coloplast A/S, Class B
68,527
6,662,235
Demant A/S(a)
79,178
3,109,617
 
12,530,926
Household Durables — 1.0%
GN Store Nord A/S(a)(b)
152,638
2,241,746
Independent Power and Renewable Electricity Producers — 2.1%
Orsted A/S(a)(c)
114,788
4,717,384
Insurance — 3.5%
Alm Brand A/S
1,009,458
2,495,220
Tryg A/S
217,871
5,597,660
 
8,092,880
IT Services — 1.1%
Netcompany Group A/S(a)(b)(c)
52,914
2,448,760
Life Sciences Tools & Services — 1.0%
Chemometec A/S
24,216
1,950,230
Security
Shares
Value
Life Sciences Tools & Services (continued)
Gubra AS(a)
7,889
$469,654
 
2,419,884
Machinery — 1.2%
FLSmidth & Co. A/S
49,054
2,834,512
Marine Transportation — 4.7%
AP Moller - Maersk A/S, Class A
2,191
3,913,327
AP Moller - Maersk A/S, Class B, NVS(b)
2,784
5,043,619
D/S Norden A/S
32,267
980,142
DFDS A/S(a)
49,574
792,008
 
10,729,096
Oil, Gas & Consumable Fuels — 0.6%
TORM PLC, Class A
76,547
1,280,444
Pharmaceuticals — 25.1%
ALK-Abello A/S(a)
121,554
3,294,787
H Lundbeck A/S
410,969
2,280,774
Novo Nordisk A/S, Class B
730,932
51,931,114
 
57,506,675
Software — 0.2%
cBrain A/S(b)
18,916
487,728
Specialty Retail — 0.5%
Matas A/S
53,394
1,099,708
Textiles, Apparel & Luxury Goods — 3.7%
Pandora A/S
46,137
8,433,536
Tobacco — 0.4%
Scandinavian Tobacco Group A/S, Class A(c)
73,297
948,287
Total Long-Term Investments — 97.1%
(Cost: $226,042,174)
222,485,251
Short-Term Securities
Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(d)(e)(f)
9,883,074
9,887,027
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(d)(e)
110,000
110,000
Total Short-Term Securities — 4.4%
(Cost: $9,996,999)
9,997,027
Total Investments — 101.5%
(Cost: $236,039,173)
232,482,278
Liabilities in Excess of Other Assets — (1.5)%
(3,432,068
)
Net Assets — 100.0%
$229,050,210
 
(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.
 
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Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® MSCI Denmark ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
08/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
05/31/25
Shares
Held at
05/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$5,139,059
$4,752,046
(a)
$—
$(2,642
)
$(1,436
)
$9,887,027
9,883,074
$30,521
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
120,000
—
(10,000
)(a)
—
—
110,000
110,000
2,804
—
 
 
 
 
$(2,642)
$(1,436)
$9,997,027
 
$33,325
$—
 
(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 collateral investment fees, 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
 
 
 
OMX Copenhagen 25 Index
236
06/20/25
$6,336
$58,348
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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
$11,353,353
$211,131,898
$—
$222,485,251
Short-Term Securities 
Money Market Funds
9,997,027
—
—
9,997,027
 
$21,350,380
$211,131,898
$—
$232,482,278
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Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® MSCI Denmark ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$58,348
$—
$58,348
 
(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