LOGO

  FEBRUARY 29, 2024

 

 

 

2024 Semi-Annual Report

(Unaudited)

 

 

 

 

iShares, Inc.

· iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca

· iShares MSCI BIC ETF | BKF | NYSE Arca

· iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ

· iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.

 

Total Returns as of February 29, 2024

 

 
    

 

 6-Month 

 

   

 

 12-Month 

 

 
   

U.S. large cap equities
(S&P 500® Index)

    13.93%        30.45%   
   

U.S. small cap equities

(Russell 2000® Index)

    8.97          10.05     
   

International equities
(MSCI Europe, Australasia, Far East Index)

    9.23          14.41     
   

Emerging market equities
(MSCI Emerging Markets Index)

    4.93          8.73     
   

3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index)

    2.69          5.22     
   

U.S. Treasury securities (ICE BofA 10-Year
U.S. Treasury Index)

    0.58          0.69     
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

    2.35          3.33     
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    4.33          5.42     
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

    6.18          11.01     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

T H I S  P A G EI SN O T  P A R TO F  Y O U R  F U N D  R E P O R T


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     8  

Disclosure of Expenses

     8  

Schedules of Investments

     9  

Financial Statements

  

Statements of Assets and Liabilities

     74  

Statements of Operations

     75  

Statements of Changes in Net Assets

     76  

Financial Highlights

     78  

Notes to Financial Statements

     82  

Statement Regarding Liquidity Risk Management Program

     93  

Supplemental Information

     94  

General Information

     95  

Glossary of Terms Used in this Report

     96  

 

 

 


Fund Summary as of February 29, 2024    iShares® Core MSCI Emerging Markets ETF

 

Investment Objective

The iSharesCore MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    5.08     10.04     2.53     3.23        10.04     13.30     37.41

Fund Market

    4.67       9.52       2.50       3.23          9.52       13.17       37.42  

Index

    5.33       10.44       2.73       3.30                10.44       14.39       38.34  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

      Actual            Hypothetical 5% Return               
         

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

            

Expenses

Paid During

the Period

 

 

(a) 

            

Beginning

Account Value

(09/01/23)

 

 

 

             

Ending

Account Value

(02/29/24)

 

 

 

            

Expenses

Paid During

the Period

 

 

(a) 

            

 Annualized

Expense

Ratio

 

 

 

        $    1,000.00               $   1,050.80               $    0.46                $   1,000.00                $   1,024.40               $    0.45                0.09

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector  

Percent of  

Total Investments(a)

 

Information Technology

    21.9%  

Financials

    21.1    

Consumer Discretionary

    12.5    

Industrials

    8.5    

Materials

    7.9    

Communication Services

    7.7    

Consumer Staples

    5.8    

Energy

    5.0    

Health Care

    4.5    

Utilities

    2.9    

Real Estate

    2.2    

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region  

Percent of  

Total Investments(a)

 

China

    22.8%  

India

    19.2    

Taiwan

    17.6    

South Korea

    12.6    

Brazil

    5.4    

Saudi Arabia

    4.5    

South Africa

    2.6    

Mexico

    2.5    

Indonesia

    1.9    

Thailand

    1.8    

Malaysia

    1.5    

United Arab Emirates

    1.2    

Poland

    1.0    

Turkey

    1.0    

Other (each representing less than 1%)

    4.4    

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of February 29, 2024    iShares® MSCI BIC ETF

 

Investment Objective

The iShares MSCI BIC ETF(the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, and Brazilian, and Indian equities, as represented by the MSCI BIC Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    0.02     1.87     (2.37 )%      1.67        1.87     (11.29 )%      18.01

Fund Market

    (0.99     1.73       (2.45     1.71          1.73       (11.68     18.46  

Index

    1.38       3.70       (1.61     2.31                3.70       (7.79     25.70  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual            Hypothetical 5% Return               
     

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)


 

 

             

Expenses

Paid During

the Period

 

 

(a) 

            

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

            

Expenses

Paid During

the Period

 

 

(a) 

            

 Annualized

Expense

Ratio

 

 

 

    $   1,000.00               $ 1,000.20                $    3.58                $   1,000.00               $   1,021.30               $    3.62                0.72

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector  

Percent of  

Total Investments(a)

 

Financials

    21.0%  

Consumer Discretionary

    20.5    

Communication Services

    11.4    

Energy

    8.6    

Information Technology

    7.8    

Industrials

    6.9    

Consumer Staples

    6.5    

Materials

    6.5    

Health Care

    4.9    

Utilities

    4.3    

Real Estate

    1.6    

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region  

Percent of  

Total Investments(a)

 

China

    51.9%  

India

    36.8    

Brazil

    11.3    

Russia

    0.0    

Kazakhstan

    0.0    

 

  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

  5


Fund Summary as of February 29, 2024    iShares® MSCI Emerging Markets Asia ETF

 

Investment Objective

The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI EM Asia Custom Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    3.59     5.79     1.90     3.78        5.79     9.88     44.98

Fund Market

    2.70       4.91       1.78       3.71          4.91       9.20       43.96  

Index

    4.28       6.87       2.61       4.35                6.87       13.77       53.04  

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets Asia. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EM Asia Custom Capped Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual            Hypothetical 5% Return               
     

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

             

Expenses

Paid During

the Period

 

 

(a) 

            

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

            

Expenses

Paid During

the Period

 

 

(a) 

            

 Annualized
Expense
Ratio
 
 
 
    $   1,000.00               $ 1,035.90                $    2.48                $   1,000.00               $   1,022.40               $    2.46                0.49

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector  

Percent of  

Total Investments(a)

 

Information Technology

    28.7%  

Financials

    18.1    

Consumer Discretionary

    14.9    

Communication Services

    8.9    

Industrials

    7.2    

Materials

    5.2    

Consumer Staples

    4.8    

Energy

    4.4    

Health Care

    4.1    

Utilities

    2.4    

Real Estate

    1.3    

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region  

Percent of  

Total Investments(a)

 

China

    32.4%  

India

    22.9    

Taiwan

    21.5    

South Korea

    16.0    

Indonesia

    2.5    

Thailand

    2.0    

Malaysia

    1.8    

Philippines

    0.9    

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of February 29, 2024    iShares® MSCI Emerging Markets Small-Cap ETF

 

Investment Objective

The iShares MSCI Emerging Markets Small-Cap ETF(the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    6.80     19.99     8.05     4.77        19.99     47.25     59.34

Fund Market

    6.44       20.13       8.07       4.80          20.13       47.42       59.74  

Index

    7.75       21.59       8.70       5.30                21.59       51.77       67.59  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual            Hypothetical 5% Return               
     

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

             

Expenses

Paid During

the Period

 

 

(a) 

            

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

            

Expenses

Paid During

the Period

 

 

(a) 

            

 Annualized
Expense
Ratio
 
 
 
    $   1,000.00               $ 1,068.00                $    3.75                $   1,000.00               $   1,021.20               $    3.67                0.73

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector   

Percent of  

Total Investments(a)

 

Information Technology

     17.7%  

Industrials

     17.3    

Materials

     12.1    

Consumer Discretionary

     11.7    

Financials

     10.8    

Health Care

     9.3    

Consumer Staples

     6.2    

Real Estate

     6.0    

Communication Services

     3.8    

Utilities

     3.2    

Energy

     1.9    

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region  

Percent of  

Total Investments(a)

 

India

    26.1%  

Taiwan

    22.1    

South Korea

    13.2    

China

    8.2    

Brazil

    4.7    

Saudi Arabia

    4.2    

Thailand

    3.1    

South Africa

    3.0    

Turkey

    2.6    

Malaysia

    2.3    

Mexico

    2.0    

Indonesia

    1.8    

Poland

    1.3    

Kuwait

    1.1    

United Arab Emirates

    1.0    

Other (each representing less than 1%)

    3.3    

 

  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

  7


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

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Schedule of Investments (unaudited)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Brazil — 3.9%  

3R Petroleum Oleo E Gas SA(a)

    2,245,952     $ 12,627,861  

AES Brasil Energia SA(a)

    3,901,302       8,193,276  

Allos SA, NVS

    4,441,520       22,059,731  

Alupar Investimento SA

    1,631,840       9,775,743  

Ambev SA

    41,494,373        105,006,782  

Arezzo Industria e Comercio SA

    649,147       7,734,501  

Armac Locacao Logistica E Servicos SA

    345,145       880,376  

Atacadao SA

    4,888,740       11,889,696  

Auren Energia SA

    2,681,671       6,921,172  

B3 SA - Brasil Bolsa Balcao

    50,829,185       131,185,943  

Banco Bradesco SA

    13,941,162       34,494,638  

Banco BTG Pactual SA

    10,879,318       79,639,996  

Banco do Brasil SA

    7,643,711       88,967,254  

Banco Santander Brasil SA

    2,968,469       17,078,356  

BB Seguridade Participacoes SA

    6,175,178       41,415,468  

BRF SA(a)

    5,585,299       16,965,665  

Caixa Seguridade Participacoes S/A

    2,974,714       8,599,030  

Camil Alimentos SA

    1,713,660       2,947,395  

CCR SA

    9,687,480       26,853,911  

Centrais Eletricas Brasileiras SA

    10,785,366       94,378,190  

Cia de Saneamento de Minas Gerais Copasa MG

    2,716,971       11,297,256  

Cia. Brasileira de Aluminio

    2,521,056       2,028,570  

Cia. de Saneamento Basico do Estado de Sao Paulo

    3,035,793       48,342,092  

Cia. de Saneamento do Parana

    1,685,968       8,760,345  

Cia. Siderurgica Nacional SA

    6,000,250       20,302,188  

Cielo SA

    10,360,644       11,150,338  

Cogna Educacao SA(a)

    17,839,834       9,043,548  

Cosan SA

    10,996,850       37,606,656  

CPFL Energia SA

    1,485,297       10,574,050  

Cury Construtora e Incorporadora SA

    1,231,020       4,774,409  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

    2,716,792       13,143,740  

Dexco SA

    4,631,646       7,584,156  

Direcional Engenharia SA

    1,323,276       6,300,807  

EcoRodovias Infraestrutura e Logistica SA

    3,239,247       5,981,832  

Embraer SA(a)

    6,525,648       32,069,679  

Enauta Participacoes SA

    1,581,399       8,105,660  

Energisa SA

    1,653,837       16,913,977  

Eneva SA(a)

    7,651,984       19,749,141  

Engie Brasil Energia SA

    1,436,963       12,146,444  

Equatorial Energia SA

    9,335,821       64,190,695  

Ez Tec Empreendimentos e Participacoes SA

    1,441,135       4,893,557  

Fleury SA

    3,433,387       10,988,551  

GPS Participacoes e Empreendimentos SA(b)

    2,932,154       10,564,036  

Grendene SA

    4,626,834       6,003,315  

Grupo De Moda Soma SA

    4,826,635       6,796,573  

Grupo Mateus SA(a)

    5,770,204       9,367,252  

Grupo SBF SA

    1,284,683       3,181,277  

Hapvida Participacoes e Investimentos
SA(a)(b)

    45,006,882       33,227,104  

Hidrovias do Brasil SA(a)

    6,139,505       4,742,552  

Hypera SA

    3,438,533       22,743,249  

Iguatemi SA

    1,997,053       9,448,751  

Intelbras SA Industria de Telecomunicacao Eletronica Brasileira

    1,085,250       4,628,211  

Iochpe Maxion SA

    1,704,595       4,306,836  

Irani Papel e Embalagem SA

    227,563       416,572  

IRB-Brasil Resseguros SA(a)

    653,353       5,102,123  

JBS SA

    6,645,036       30,825,075  
Security   Shares     Value  
Brazil (continued)            

JHSF Participacoes SA

    4,260,147     $ 3,822,143  

Klabin SA

    6,763,146       30,706,324  

Localiza Rent a Car SA

    8,272,450       88,197,753  

Localiza Rent a Car SA, NVS(a)

    29,864       303,981  

LOG Commercial Properties e
Participacoes SA

    749,606       3,296,330  

Lojas Renner SA

    8,705,284       27,668,622  

LWSA SA(b)

    4,036,763       4,523,098  

M. Dias Branco SA

    879,799       7,295,229  

Magazine Luiza SA(a)

    27,279,683       11,688,706  

Magazine Luiza SA, NVS

    2,613,125       1,119,663  

Marfrig Global Foods SA(a)

    4,737,490       9,434,763  

Minerva SA

    2,948,877       4,039,720  

Movida Participacoes SA

    1,824,064       3,129,944  

MRV Engenharia e Participacoes SA(a)

    3,601,928       5,521,251  

Multiplan Empreendimentos Imobiliarios SA

    2,386,374       12,678,107  

Natura & Co. Holding SA(a)

    8,212,063       26,943,483  

Odontoprev SA

    3,425,202       8,302,727  

Oncoclinicas do Brasil Servicos
Medicos SA(a)

    2,279,522       4,723,115  

Pet Center Comercio e Participacoes SA

    4,290,613       3,599,174  

Petroleo Brasileiro SA

    34,085,957        282,638,279  

Petroreconcavo SA

    1,465,938       6,782,518  

PRIO SA

    7,230,754       63,578,737  

Raia Drogasil SA

    11,461,473       61,421,746  

Rede D’Or Sao Luiz SA(b)

    5,238,851       26,683,774  

Rumo SA

    11,731,183       53,616,398  

Santos Brasil Participacoes SA

    5,475,869       11,621,254  

Sao Martinho SA

    1,487,070       8,465,748  

Sendas Distribuidora SA

    12,013,408       34,316,428  

Serena Energia SA, NVS

    3,475,942       6,544,792  

SIMPAR SA

    4,393,460       6,796,425  

SLC Agricola SA

    2,168,394       8,575,693  

Smartfit Escola de Ginastica e Danca SA

    2,501,904       12,310,469  

Suzano SA

    7,087,930       80,345,367  

Telefonica Brasil SA

    3,539,979       38,795,851  

TIM SA/Brazil

    7,553,134       27,607,661  

TOTVS SA

    4,841,895       29,892,329  

Transmissora Alianca de Energia Eletrica SA

    1,436,023       10,226,150  

Ultrapar Participacoes SA

    6,672,503       39,408,720  

Vale SA

    30,576,233       412,041,972  

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA

    3,984,157       6,996,780  

Vibra Energia SA

    10,491,801       54,579,062  

Vivara Participacoes SA

    1,458,344       9,593,017  

WEG SA

    14,999,346       110,705,076  

YDUQS Participacoes SA

    2,463,015       10,087,704  
   

 

 

 
      2,915,541,684  
Chile — 0.4%            

Aguas Andinas SA, Class A

    32,445,518       9,538,255  

Banco de Chile

    409,209,935       47,450,555  

Banco de Credito e Inversiones SA

    639,146       17,730,900  

Banco Itau Chile SA, NVS

    802,252       7,889,152  

Banco Santander Chile

    593,344,109       28,854,632  

CAP SA

    768,281       5,270,575  

Cencosud SA

    12,777,553       22,947,906  

Cia. Cervecerias Unidas SA

    1,172,804       6,804,708  

Cia. Sud Americana de Vapores SA

    142,654,159       9,960,068  

Colbun SA

    76,284,120       10,482,493  

Empresa Nacional de Telecomunicaciones SA

    1,753,855       5,711,657  

Empresas CMPC SA

    10,239,494       18,177,683  

Empresas Copec SA

    3,402,440       21,836,250  

Enel Americas SA

    198,888,675       20,278,797  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  9


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Chile (continued)            

Enel Chile SA

    242,413,405     $ 14,561,466  

Engie Energia Chile SA(a)

    6,786,095       5,795,218  

Falabella SA(a)

    6,992,440       17,734,926  

Inversiones Aguas Metropolitanas SA

    5,617,449       4,215,732  

Latam Airlines Group SA(a)

    1,574,011,666       19,796,122  

Parque Arauco SA

    6,243,117       9,958,640  

SMU SA

    31,811,600       5,368,780  

Vina Concha y Toro SA

    5,690,528       5,905,765  
   

 

 

 
       316,270,280  
China — 22.7%            

360 Security Technology Inc., Class A(a)

    4,006,588       4,871,085  

361 Degrees International Ltd.

    9,851,000       5,259,897  

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    1,433,837       3,861,989  

3SBio Inc.(b)(c)

    14,806,500       9,769,105  

AAC Technologies Holdings Inc.

    6,321,000       15,714,955  

Accelink Technologies Co. Ltd., Class A

    400,700       1,664,577  

ACM Research Shanghai Inc.

    86,800       1,181,719  

Advanced Micro-Fabrication Equipment Inc., Class A

    388,217       7,919,385  

AECC Aviation Power Co. Ltd., Class A

    1,370,877       6,544,607  

Agile Group Holdings Ltd.(a)(c)

    14,094,500       1,363,621  

Agricultural Bank of China Ltd., Class A

    41,029,235       23,833,440  

Agricultural Bank of China Ltd., Class H

    253,997,000       104,201,122  

Aier Eye Hospital Group Co. Ltd., Class A

    4,828,146       9,789,132  

AIM Vaccine Co. Ltd., NVS(c)

    802,600       721,669  

AIMA Technology Group Co. Ltd.

    565,300       2,583,428  

Air China Ltd., Class A(a)

    4,698,400       4,865,974  

Air China Ltd., Class H(a)

    17,592,000       9,420,268  

AK Medical Holdings Ltd.(b)(c)

    5,800,000       3,763,203  

Akeso Inc.(a)(b)(c)

    4,666,000       27,979,312  

Alibaba Group Holding Ltd.

    146,619,904       1,347,976,094  

Alibaba Health Information Technology Ltd.(a)(c)

    49,096,000       21,452,648  

Alibaba Pictures Group Ltd.(a)

    121,850,000       6,989,501  

A-Living Smart City Services Co. Ltd., Class A(b)

    6,912,500       3,539,512  

Alphamab Oncology(a)(b)(c)

    5,219,000       3,337,750  

Aluminum Corp. of China Ltd., Class A

    6,064,900       5,071,929  

Aluminum Corp. of China Ltd., Class H

    37,188,000       18,530,510  

Amlogic Shanghai Co. Ltd.

    287,186       2,227,079  

ANE Cayman Inc.(a)

    3,544,500       1,859,609  

Angelalign Technology Inc.(b)(c)

    359,800       3,017,967  

Anhui Conch Cement Co. Ltd., Class A

    1,680,029       5,576,737  

Anhui Conch Cement Co. Ltd., Class H

    11,056,500       24,058,765  

Anhui Gujing Distillery Co. Ltd., Class A

    250,255       7,585,083  

Anhui Gujing Distillery Co. Ltd., Class B

    981,600       13,878,246  

Anhui Jianghuai Automobile Group Corp. Ltd.(a)

    1,142,500       2,446,379  

Anhui Kouzi Distillery Co. Ltd., Class A

    406,548       2,400,020  

Anhui Yingjia Distillery Co. Ltd., Class A

    493,700       4,365,507  

Anjoy Foods Group Co. Ltd., Class A

    233,000       2,816,895  

Anker Innovations Technology Co. Ltd.

    246,776       2,803,311  

ANTA Sports Products Ltd.

    11,460,000       111,724,098  

Ascentage Pharma Group
International(a)(b)(c)

    2,455,400       8,119,714  

Asia - Potash International Investment Guangzhou Co. Ltd.(a)

    966,500       3,022,558  

Asia Cement China Holdings Corp.

    5,899,500       1,591,712  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    218,540       3,067,174  

Autobio Diagnostics Co. Ltd., Class A

    400,600       3,687,970  

Autohome Inc., ADR

    639,411       16,618,292  

Avary Holding Shenzhen Co. Ltd., Class A

    985,900       2,880,443  
Security   Shares     Value  
China (continued)            

AVIC Industry-Finance Holdings Co. Ltd., Class A

    6,014,291     $ 2,766,543  

AviChina Industry & Technology Co. Ltd., Class H

    23,967,000       9,833,890  

BAIC BluePark New Energy Technology Co. Ltd.

    2,631,700       2,166,138  

Baidu Inc.(a)

    20,268,862        256,469,953  

Bairong Inc. (a)(b)

    2,037,500       3,432,693  

Bank of Beijing Co. Ltd., Class A

    10,531,106       7,569,930  

Bank of Chengdu Co. Ltd., Class A

    2,548,508       4,672,413  

Bank of China Ltd., Class A

    17,145,100       10,623,926  

Bank of China Ltd., Class H

    714,947,000       280,474,635  

Bank of Communications Co. Ltd., Class A

    19,723,880       17,139,848  

Bank of Communications Co. Ltd., Class H

    78,691,000       51,554,068  

Bank of Hangzhou Co. Ltd., Class A

    3,730,897       5,732,614  

Bank of Jiangsu Co. Ltd., Class A

    7,542,908       8,019,726  

Bank of Nanjing Co. Ltd., Class A

    6,359,381       7,715,551  

Bank of Ningbo Co. Ltd., Class A

    3,560,493       10,974,587  

Bank of Shanghai Co. Ltd., Class A

    10,949,165       9,919,867  

Baoshan Iron & Steel Co. Ltd., Class A

    11,172,330       10,323,679  

BeiGene Ltd.(a)

    6,238,164       80,314,774  

Beijing Capital International Airport Co. Ltd., Class H(a)

    17,810,000       5,743,321  

Beijing Dabeinong Technology Group Co. Ltd., Class A

    3,872,200       2,826,345  

Beijing Enlight Media Co. Ltd., Class A

    2,135,394       2,681,346  

Beijing Enterprises Holdings Ltd.

    4,070,500       15,312,480  

Beijing Enterprises Water Group Ltd.

    38,832,000       9,109,255  

Beijing Kingsoft Office Software Inc., Class A

    254,651       9,579,490  

Beijing New Building Materials PLC, Class A

    1,220,819       4,753,173  

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A

    443,500       1,060,339  

Beijing Roborock Technology Co. Ltd., Class A

    135,200       6,114,762  

Beijing Tiantan Biological Products Corp. Ltd., Class A

    497,600       1,954,107  

Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(c)

    3,713,000       4,419,366  

Beijing Tongrentang Co. Ltd., Class A

    893,600       5,519,254  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    515,858       5,292,336  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

    25,722,001       18,022,830  

Bethel Automotive Safety Systems Co. Ltd.

    369,300       3,223,619  

Bilibili Inc.(a)(c)

    1,783,177       17,291,905  

Bloomage Biotechnology Corp. Ltd.

    273,586       2,424,476  

BOC Aviation Ltd.(b)

    1,851,000       13,625,498  

BOC International China Co. Ltd., Class A

    713,300       1,078,928  

BOE Technology Group Co. Ltd., Class A

    15,521,900       8,586,774  

BOE Varitronix Ltd.(c)

    3,835,000       2,672,677  

Bosideng International Holdings Ltd.

    33,878,000       17,039,857  

Brilliance China Automotive Holdings Ltd.

    27,426,000       15,964,454  

BYD Co. Ltd., Class A

    912,486       24,101,156  

BYD Co. Ltd., Class H(c)

    9,467,500       233,185,154  

BYD Electronic International Co. Ltd.

    7,174,500       27,089,955  

By-health Co. Ltd., Class A

    1,474,600       3,454,481  

C&D International Investment Group Ltd.

    6,534,000       10,623,834  

Caitong Securities Co. Ltd., Class A

    5,200,150       5,754,177  

Cambricon Technologies Corp. Ltd.(a)

    251,358       5,882,914  

Canaan Inc., ADR(a)(c)

    1,780,093       2,794,746  

Canggang Railway Ltd., NVS(c)

    10,944,000       2,047,307  

Canmax Technologies Co. Ltd., Class A

    894,280       2,830,864  

CanSino Biologics Inc., Class H(a)(b)(c)

    524,000       1,215,914  

 

 

10  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Canvest Environmental Protection Group Co. Ltd.(c)

    11,014,000     $ 5,781,664  

Cathay Biotech Inc.

    169,400       1,133,387  

CGN Mining Co. Ltd.(a)(c)

    24,990,000       6,080,979  

CGN New Energy Holdings Co. Ltd.(c)

    16,052,000       3,972,047  

CGN Power Co. Ltd., Class H(b)

    95,126,000       28,888,088  

Changchun High & New Technology Industry Group Inc., Class A

    239,542       4,276,851  

Changjiang Securities Co. Ltd., Class A

    5,977,228       4,560,259  

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

    222,669       4,339,734  

Chaozhou Three-Circle Group Co. Ltd., Class A

    1,516,453       5,336,098  

Chengxin Lithium Group Co. Ltd., Class A

    919,800       2,793,471  

China Aircraft Leasing Group Holdings
Ltd.(c)

    5,464,000       2,386,727  

China Animal Healthcare Ltd.(d)

    1,237,000       2  

China Aoyuan Group Ltd.(a)(c)

    10,526,000       225,860  

China Baoan Group Co. Ltd., Class A

    2,702,000       4,457,578  

China BlueChemical Ltd., Class H

    17,216,000       5,167,065  

China Cinda Asset Management Co. Ltd., Class H

    70,899,000       6,788,728  

China CITIC Bank Corp. Ltd., Class H

    79,878,000       42,470,182  

China Coal Energy Co. Ltd., Class H

    18,848,000       20,297,754  

China Communications Services Corp. Ltd., Class H

    22,254,000       9,453,031  

China Conch Venture Holdings Ltd.

    12,369,000       12,386,341  

China Construction Bank Corp., Class A

    4,018,822       3,899,779  

China Construction Bank Corp., Class H

    863,526,000        535,520,896  

China CSSC Holdings Ltd., Class A

    2,437,001       12,010,188  

China Datang Corp. Renewable Power Co. Ltd., Class H

    23,732,000       5,389,130  

China East Education Holdings Ltd.(b)

    5,978,500       1,999,649  

China Eastern Airlines Corp. Ltd.,
Class A(a)

    11,645,975       6,147,829  

China Education Group Holdings Ltd.

    9,842,000       5,638,711  

China Energy Engineering Corp. Ltd.

    40,785,244       12,323,840  

China Everbright Bank Co. Ltd., Class A

    22,758,082       10,159,221  

China Everbright Bank Co. Ltd., Class H

    25,385,000       7,936,620  

China Everbright Environment Group Ltd.(c)

    32,537,148       12,086,045  

China Everbright Ltd.

    9,742,000       5,340,648  

China Feihe Ltd.(b)

    30,879,000       15,358,929  

China Fiber Optic Network System Group Ltd.(d)

    10,394,800       13  

China Foods Ltd.

    11,650,000       4,196,053  

China Galaxy Securities Co. Ltd., Class A

    2,050,700       3,456,324  

China Galaxy Securities Co. Ltd., Class H

    37,297,500       19,597,396  

China Gas Holdings Ltd.

    25,093,200       22,964,847  

China Great Wall Securities Co. Ltd., Class A

    795,600       872,811  

China Greatwall Technology Group Co. Ltd., Class A

    2,210,300       3,181,543  

China High Speed Transmission Equipment Group Co. Ltd.(a)

    472,000       87,247  

China Hongqiao Group Ltd.(c)

    20,881,000       16,159,419  

China Huiyuan Juice Group Ltd.(d)

    10,877,000       14  

China International Capital Corp. Ltd., Class A

    1,517,200       7,356,484  

China International Capital Corp. Ltd., Class H(b)

    13,454,000       16,865,372  

China Jinmao Holdings Group Ltd.

    53,576,000       4,353,646  

China Jushi Co. Ltd., Class A

    2,927,762       4,064,292  

China Lesso Group Holdings Ltd.

    11,134,000       5,295,273  

China Life Insurance Co. Ltd., Class A

    1,425,621       5,983,607  

China Life Insurance Co. Ltd., Class H

    66,949,000       82,065,391  

China Lilang Ltd.(c)

    6,020,000       3,227,636  
Security   Shares     Value  
China (continued)            

China Literature Ltd.(a)(b)

    3,649,000     $ 11,186,730  

China Longyuan Power Group Corp. Ltd., Class H

    29,435,000       20,743,229  

China Medical System Holdings Ltd.

    12,705,000       20,885,441  

China Meidong Auto Holdings Ltd.(c)

    5,886,000       2,315,458  

China Mengniu Dairy Co. Ltd.

    28,566,000       71,424,756  

China Merchants Bank Co. Ltd., Class A

    10,929,782       48,400,734  

China Merchants Bank Co. Ltd., Class H

    35,293,464        136,480,477  

China Merchants Energy Shipping Co. Ltd., Class A

    5,375,200       5,370,426  

China Merchants Port Holdings Co. Ltd.

    12,724,270       15,794,020  

China Merchants Securities Co. Ltd., Class A

    3,521,981       6,890,901  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    4,090,466       5,337,144  

China Metal Recycling Holdings Ltd.(d)

    62,400        

China Minsheng Banking Corp. Ltd., Class A

    20,239,517       11,339,393  

China Minsheng Banking Corp. Ltd., Class H

    55,703,220       19,604,367  

China Modern Dairy Holdings Ltd.

    34,021,000       2,822,711  

China National Building Material Co. Ltd., Class H

    34,238,850       12,877,477  

China National Chemical Engineering Co. Ltd., Class A

    4,295,122       4,156,844  

China National Nuclear Power Co. Ltd., Class A

    9,052,709       10,897,897  

China National Software & Service Co. Ltd., Class A

    515,780       2,303,764  

China New Higher Education Group Ltd.(b)

    10,035,000       3,159,172  

China Nonferrous Mining Corp Ltd.

    19,023,000       13,214,640  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

    2,479,700       6,485,559  

China Oilfield Services Ltd., Class H

    15,722,000       13,835,236  

China Oriental Group Co. Ltd.(c)

    15,524,000       2,335,722  

China Overseas Grand Oceans Group Ltd.

    17,473,500       4,472,281  

China Overseas Land & Investment Ltd.

    34,146,500       50,428,159  

China Overseas Property Holdings Ltd.

    12,900,000       10,845,441  

China Pacific Insurance Group Co. Ltd., Class A

    3,468,142       12,280,834  

China Pacific Insurance Group Co. Ltd., Class H

    24,104,200       45,722,107  

China Petroleum & Chemical Corp., Class A

    16,352,100       14,150,198  

China Petroleum & Chemical Corp., Class H

    219,930,200       121,171,245  

China Power International Development Ltd.

    45,341,000       18,314,695  

China Railway Group Ltd., Class A

    11,678,866       10,273,602  

China Railway Group Ltd., Class H

    36,640,000       17,846,916  

China Rare Earth Resources & Technology Co. Ltd., Class A

    799,300       3,092,190  

China Renaissance Holdings Ltd.(a)(b)(c)(d)

    2,502,500       1,425,586  

China Renewable Energy Investment Ltd.(d)

    8,046        

China Resources Beer Holdings Co. Ltd.

    14,682,000       63,264,077  

China Resources Building Materials Technology Holdings Ltd.(c)

    22,082,000       3,830,363  

China Resources Gas Group Ltd.

    8,507,500       25,673,255  

China Resources Land Ltd.

    29,097,777       88,874,924  

China Resources Medical Holdings Co. Ltd.

    11,018,500       6,004,489  

China Resources Microelectronics Ltd.

    879,012       5,217,382  

China Resources Mixc Lifestyle Services Ltd.(b)

    6,267,800       18,890,011  

China Resources Pharmaceutical Group
Ltd.(b)

    14,593,500       9,870,129  

China Resources Power Holdings Co. Ltd.

    17,514,000       37,701,574  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

    619,827       4,728,864  

China Risun Group Ltd.(c)

    12,024,000       4,703,159  

China Ruyi Holdings Ltd.(a)(c)

    52,979,200       10,399,311  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  11


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

China Shenhua Energy Co. Ltd., Class A

    3,319,129     $ 17,732,832  

China Shenhua Energy Co. Ltd., Class H

    30,629,000       117,850,905  

China Shineway Pharmaceutical Group Ltd.

    4,636,000       5,218,492  

China South City Holdings Ltd.(c)

    50,390,000       1,070,447  

China Southern Airlines Co. Ltd., Class A(a)

    6,636,584       5,441,733  

China State Construction Engineering Corp. Ltd., Class A

    21,231,919       15,734,837  

China State Construction International Holdings Ltd.

    19,186,000       21,379,195  

China Taiping Insurance Holdings Co. Ltd.

    12,953,508       11,254,280  

China Three Gorges Renewables Group Co. Ltd., Class A

    13,605,570       8,716,808  

China Tobacco International HK Co. Ltd.

    4,359,000       5,451,275  

China Tourism Group Duty Free Corp.
Ltd.(b)(c)

    721,900       7,069,064  

China Tourism Group Duty Free Corp. Ltd., Class A

    1,171,979       14,112,901  

China Tower Corp. Ltd., Class H(b)

    382,626,000       46,377,330  

China Traditional Chinese Medicine Holdings Co. Ltd.

    25,784,000       14,226,564  

China Travel International Investment Hong Kong Ltd.(c)

    34,862,000       5,964,223  

China United Network Communications Ltd., Class A

    17,467,525       11,622,853  

China Vanke Co. Ltd., Class A

    4,999,768       6,946,398  

China Vanke Co. Ltd., Class H

    18,708,287       14,423,763  

China Water Affairs Group Ltd.

    9,078,000       6,226,306  

China XLX Fertiliser Ltd.

    5,154,000       2,081,640  

China Yangtze Power Co. Ltd., Class A

    12,868,525       44,731,981  

China Zhenhua Group Science & Technology Co. Ltd., Class A

    336,600       2,676,718  

China Zheshang Bank Co. Ltd., Class A

    18,500,796       7,130,845  

China Zhongwang Holdings Ltd., NVS

    4,116,641       215,919  

Chinasoft International Ltd.(c)

    24,512,000       15,943,313  

Chongqing Brewery Co. Ltd., Class A

    319,900       2,898,374  

Chongqing Changan Automobile Co. Ltd., Class A

    4,681,664       9,657,343  

Chongqing Hongjiu Fruit Co. Ltd.(a)(c)

    3,250,200       1,429,487  

Chongqing Taiji Industry Group Co. Ltd.(a)

    241,500       1,271,441  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    1,248,663       9,258,806  

Chow Tai Fook Jewellery Group Ltd.

    19,579,200       29,174,393  

CIMC Enric Holdings Ltd.

    8,180,000       6,577,780  

CITIC Ltd.

    52,573,000       52,886,947  

CITIC Securities Co. Ltd., Class A

    5,869,849       17,319,360  

CITIC Securities Co. Ltd., Class H

    17,229,400        31,847,732  

ClouDr Group Ltd., NVS

    1,234,500       841,973  

CMGE Technology Group Ltd.(a)

    22,120,000       2,737,910  

CMOC Group Ltd., Class A

    9,597,233       8,169,020  

CMOC Group Ltd., Class H

    34,398,000       21,220,365  

CNGR Advanced Material Co. Ltd.

    430,500       2,831,293  

CNPC Capital Co. Ltd., NVS

    3,964,000       3,403,411  

COFCO Joycome Foods Ltd.(a)(c)

    28,892,000       5,643,795  

Concord New Energy Group Ltd.

    83,070,000       6,885,935  

Contemporary Amperex Technology Co. Ltd., Class A

    2,357,151       53,312,736  

COSCO Shipping Energy Transportation Co. Ltd., Class A

    3,058,900       5,834,075  

COSCO Shipping Energy Transportation Co. Ltd., Class H

    8,500,000       8,042,040  

COSCO Shipping Holdings Co. Ltd., Class A

    5,340,546       7,781,379  

COSCO Shipping Holdings Co. Ltd., Class H

    29,771,100       32,049,795  
Security   Shares     Value  
China (continued)            

COSCO Shipping International Hong Kong Co. Ltd.

    12,230,000     $ 5,437,087  

COSCO Shipping Ports Ltd.

    15,740,000       9,391,992  

Country Garden Holdings Co. Ltd.(a)(c)

    107,784,733       8,758,888  

Country Garden Services Holdings Co. Ltd.(c)

    19,737,000       15,023,534  

CRRC Corp. Ltd., Class A

    11,309,000       10,007,625  

CRRC Corp. Ltd., Class H

    41,678,000       21,458,008  

CSC Financial Co. Ltd., Class A

    2,023,794       6,526,943  

CSG Holding Co. Ltd.

    3,734,481       1,149,511  

CSPC Innovation Pharmaceutical Co. Ltd.

    637,700       3,005,080  

CSPC Pharmaceutical Group Ltd.

    80,373,760       62,599,082  

CSSC Science & Technology Co. Ltd.

    840,100       2,044,079  

Dada Nexus Ltd., ADR(a)(c)

    763,798       1,603,976  

Daqin Railway Co. Ltd., Class A

    7,311,019       7,568,301  

Daqo New Energy Corp., ADR(a)(c)

    527,750       11,230,520  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    1,034,333       3,410,042  

Digital China Holdings Ltd.

    10,251,000       3,488,937  

Dong-E-E-Jiao Co. Ltd., Class A

    356,000       2,869,677  

Dongfang Electric Corp. Ltd., Class A

    1,767,524       4,008,170  

Dongfeng Motor Group Co. Ltd., Class H

    23,354,000       9,989,854  

Dongxing Securities Co. Ltd., Class A

    4,033,067       4,744,972  

Dongyue Group Ltd.

    13,488,000       12,073,084  

East Buy Holding Ltd.(a)(b)(c)

    4,028,500       12,417,768  

East Money Information Co. Ltd., Class A

    8,479,688       16,471,607  

Eastroc Beverage Group Co. Ltd.

    259,100       6,428,176  

Ecovacs Robotics Co. Ltd., Class A

    420,300       2,172,827  

Empyrean Technology Co. Ltd., NVS

    106,700       1,346,318  

ENN Energy Holdings Ltd.

    7,153,100        58,082,003  

ENN Natural Gas Co. Ltd., Class A

    1,966,228       5,106,047  

Eoptolink Technology Inc. Ltd.

    409,200       3,416,623  

Eve Energy Co. Ltd., Class A

    1,151,977       6,112,576  

Everbright Securities Co. Ltd., Class A

    2,416,686       5,662,329  

Everdisplay Optronics Shanghai Co. Ltd.(a)

    4,958,400       1,644,452  

Everest Medicines Ltd.(a)(b)(c)

    2,122,000       6,526,217  

Fangda Carbon New Material Co. Ltd., Class A(a)

    4,670,984       3,189,072  

Far East Horizon Ltd.(c)

    11,518,000       9,253,237  

Fenbi Ltd., NVS(c)

    4,719,500       2,965,699  

FinVolution Group, ADR

    1,315,787       6,881,566  

First Capital Securities Co. Ltd., Class A

    6,359,900       5,049,400  

Flat Glass Group Co. Ltd., Class A

    1,116,100       3,377,232  

Flat Glass Group Co. Ltd., Class H(c)

    3,677,000       6,797,928  

Focus Media Information Technology Co. Ltd., Class A

    8,326,699       7,259,722  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    2,519,774       14,161,625  

Fosun International Ltd.

    22,708,000       13,101,076  

Founder Securities Co. Ltd., Class A

    3,810,100       4,028,190  

Foxconn Industrial Internet Co. Ltd., Class A

    7,028,925       18,227,125  

Fu Shou Yuan International Group Ltd.

    11,430,000       7,465,508  

Fufeng Group Ltd.(c)

    16,348,400       10,022,877  

Fuyao Glass Industry Group Co. Ltd., Class A

    1,028,100       6,173,473  

Fuyao Glass Industry Group Co. Ltd., Class H(b)

    5,533,600       27,736,753  

GalaxyCore Inc., NVS

    1,074,600       2,943,076  

Ganfeng Lithium Group Co. Ltd., Class A

    854,157       4,736,600  

Ganfeng Lithium Group Co. Ltd., Class H(b)(c)

    3,570,600       11,828,746  

GCL Technology Holdings Ltd.

    183,682,000       25,549,968  

GD Power Development Co. Ltd., Class A

    13,011,800       8,450,159  

GDS Holdings Ltd.(a)(c)

    8,119,876       6,880,562  

Geely Automobile Holdings Ltd.

    54,678,000       59,504,525  

 

 

12  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Gemdale Properties & Investment Corp. Ltd.(c)

    71,244,000     $ 2,404,124  

Genertec Universal Medical Group Co. Ltd.(b)

    12,919,500       7,084,133  

Genscript Biotech Corp.(a)(c)

    10,808,000       21,849,843  

GF Securities Co. Ltd., Class A

    1,720,830       3,380,743  

GF Securities Co. Ltd., Class H

    11,137,400       11,958,708  

Giant Biogene Holding Co. Ltd.(a)(b)

    1,568,800       7,173,260  

Giant Network Group Co. Ltd., Class A

    853,800       1,338,068  

GigaDevice Semiconductor Inc., Class A

    385,735       3,919,381  

Ginlong Technologies Co. Ltd., Class A

    240,550       2,171,297  

GoerTek Inc., Class A

    1,953,962       4,514,948  

Goldwind Science & Technology Co Ltd., Class A

    2,862,037       3,031,988  

Gongniu Group Co. Ltd.

    335,900       4,748,338  

GoodWe Technologies Co. Ltd., NVS

    99,188       1,490,828  

Gotion High-tech Co. Ltd., Class A(a)

    1,358,200       3,728,151  

Grand Pharmaceutical Group Ltd., Class A

    16,143,500       7,369,710  

Great Wall Motor Co. Ltd.

    1,074,400       3,483,448  

Great Wall Motor Co. Ltd., Class H(c)

    21,801,000       24,605,807  

Gree Electric Appliances Inc. of Zhuhai, Class A

    1,682,700       9,106,260  

Greentown China Holdings Ltd.(c)

    8,845,500       7,072,805  

Greentown Management Holdings Co. Ltd.(b)

    8,836,000       5,562,077  

Greentown Service Group Co. Ltd.

    13,368,000       4,803,025  

GRG Banking Equipment Co. Ltd., Class A

    766,500       1,225,605  

Guangdong Haid Group Co. Ltd., Class A

    1,065,920       6,368,255  

Guangdong Investment Ltd.

    26,860,000        15,939,200  

Guanghui Energy Co. Ltd., Class A

    4,446,180       4,619,980  

Guangzhou Automobile Group Co. Ltd., Class A

    2,200,699       2,716,239  

Guangzhou Automobile Group Co. Ltd., Class H

    25,569,200       11,063,745  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    1,087,388       4,465,447  

Guangzhou Haige Communications Group Inc. Co., Class A

    597,500       957,615  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    345,100       2,877,522  

Guangzhou R&F Properties Co. Ltd., Class H(a)(c)

    15,128,400       1,961,098  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    420,583       2,286,049  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    1,230,396       3,522,382  

Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A

    1,017,800       868,744  

Guolian Securities Co. Ltd., Class A(a)

    2,660,700       4,043,123  

Guosen Securities Co. Ltd., Class A

    5,877,867       7,023,347  

Guotai Junan Securities Co. Ltd., Class A

    2,800,591       5,858,759  

Guoyuan Securities Co. Ltd., Class A

    3,627,471       3,507,187  

Gushengtang Holdings Ltd.

    1,564,000       8,585,613  

H World Group Ltd., ADR

    1,872,336       68,452,604  

Haichang Ocean Park Holdings Ltd.(a)(b)(c)

    32,005,000       3,069,492  

Haidilao International Holding Ltd.(b)

    15,254,000       27,740,481  

Haier Smart Home Co. Ltd., Class A

    3,262,537       10,867,221  

Haier Smart Home Co. Ltd., Class H

    22,229,400       67,324,867  

Hainan Airlines Holding Co. Ltd., Class A(a)

    27,455,441       5,449,865  

Hainan Airport Infrastructure Co. Ltd., NVS(a)

    7,024,003       3,651,156  

Hainan Meilan International Airport Co. Ltd., Class H(a)

    2,024,000       1,906,439  

Haitian International Holdings Ltd.

    5,956,000       15,080,994  

Haitong Securities Co. Ltd., Class A

    4,123,131       5,223,083  

Haitong Securities Co. Ltd., Class H

    22,780,000       11,307,812  
Security   Shares     Value  
China (continued)            

Hang Zhou Great Star Industrial Co. Ltd., Class A

    431,400     $ 1,299,389  

Hangzhou Binjiang Real Estate Group Co. Ltd.

    2,251,594        2,356,192  

Hangzhou Chang Chuan Technology Co. Ltd.

    452,126       1,814,148  

Hangzhou First Applied Material Co. Ltd., Class A

    1,122,808       4,328,605  

Hangzhou Oxygen Plant Group Co. Ltd., Class A

    780,900       3,031,943  

Hangzhou Robam Appliances Co. Ltd., Class A

    810,309       2,804,420  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    903,900       2,617,946  

Hangzhou Steam Turbine Power Group Co. Ltd., Class B

    6,736,634       6,036,925  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    255,574       1,595,527  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    10,204,000       17,985,210  

Harbin Electric Co. Ltd., Class H

    8,374,000       2,551,464  

Helens International Holdings Co. Ltd. (c)

    4,646,000       1,973,377  

Hello Group Inc., ADR

    1,352,936       8,915,848  

Henan Shenhuo Coal & Power Co. Ltd.

    1,906,300       4,865,579  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    2,600,932       10,528,927  

Hengan International Group Co. Ltd.

    5,660,000       17,445,259  

Hengdian Group DMEGC Magnetics Co. Ltd.

    1,385,255       2,758,438  

Hengli Petrochemical Co. Ltd., Class A(a)

    3,872,630       6,841,266  

Hengtong Optic-Electric Co. Ltd., Class A

    1,327,400       2,251,602  

Hengyi Petrochemical Co. Ltd., Class A(a)

    3,310,561       3,173,069  

Hisense Visual Technology Co. Ltd.

    907,705       3,255,094  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    310,602       5,893,620  

HLA Group Corp. Ltd., Class A

    1,013,600       1,211,796  

Hongfa Technology Co. Ltd., Class A

    572,568       1,974,362  

Hopson Development Holdings Ltd.(a)(c)

    10,799,671       5,161,015  

Hoshine Silicon Industry Co. Ltd., Class A

    469,523       3,448,583  

Hua Han Health Industry Holdings Ltd.(d)

    19,424,288       25  

Hua Hong Semiconductor Ltd.(a)(b)(c)

    5,197,000       11,138,372  

Huabao International Holdings Ltd.(c)

    9,052,000       2,695,281  

Huadian Power International Corp. Ltd., Class A

    5,504,800       4,728,396  

Huadong Medicine Co. Ltd., Class A

    1,021,051       4,754,528  

Huafon Chemical Co. Ltd., Class A

    6,389,655       6,044,327  

Huagong Tech Co. Ltd., Class A

    526,900       2,321,033  

Huaibei Mining Holdings Co. Ltd.

    1,551,300       4,067,683  

Hualan Biological Engineering Inc., Class A

    1,439,420       3,933,510  

Huaneng Power International Inc., Class A(a)

    5,447,426       6,665,003  

Huaneng Power International Inc., Class H(a)

    37,538,000       21,053,623  

Huatai Securities Co. Ltd., Class A

    3,264,251       6,573,395  

Huatai Securities Co. Ltd., Class H(b)

    13,501,200       15,935,732  

Huaxia Bank Co. Ltd., Class A

    9,837,330       8,649,723  

Huayu Automotive Systems Co. Ltd., Class A

    2,365,860       5,724,214  

Hubei Jumpcan Pharmaceutical Co. Ltd., Class A

    230,800       1,185,431  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    343,400       4,871,083  

Humanwell Healthcare Group Co. Ltd., Class A

    1,195,600       3,646,799  

Hunan Valin Steel Co. Ltd., Class A

    6,633,000       5,225,447  

Hundsun Technologies Inc., Class A

    1,092,749       3,695,221  

HUTCHMED China Ltd.(a)

    4,791,080       14,804,316  

HUYA Inc., ADR(a)(c)

    867,012       3,034,542  

Hwatsing Technology Co. Ltd., NVS

    156,800       4,390,699  

Hygeia Healthcare Holdings Co. Ltd.(b)(c)

    3,322,600       12,472,507  

Hygon Information Technology Co. Ltd., NVS

    1,014,853       11,979,167  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  13


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

iDreamSky Technology Holdings Ltd.(a)(b)(c)

    8,220,000     $ 2,127,623  

IEIT Systems Co. Ltd., Class A

    871,372       4,521,065  

Iflytek Co. Ltd., Class A

    1,261,996       8,659,520  

Imeik Technology Development Co. Ltd., Class A

    134,780       6,119,412  

Industrial & Commercial Bank of China Ltd., Class A

    31,670,880       23,404,562  

Industrial & Commercial Bank of China Ltd., Class H

    585,268,000        300,015,800  

Industrial Bank Co. Ltd., Class A

    10,290,490       23,738,914  

Industrial Securities Co. Ltd., Class A

    6,275,451       5,054,540  

INESA Intelligent Tech Inc., Class B

    2,977,852       1,705,252  

Ingenic Semiconductor Co. Ltd., Class A

    301,303       2,728,182  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)

    40,078,700       8,563,129  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    12,688,400       6,841,575  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    3,461,862       13,591,370  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    9,681,095       19,445,883  

InnoCare Pharma Ltd.(a)(b)(c)

    3,329,000       2,190,914  

Innovent Biologics Inc.(a)(b)

    10,817,000       58,332,836  

iQIYI Inc., ADR(a)(c)

    4,024,816       14,851,571  

iRay Technology Co. Ltd.

    56,200       1,930,705  

Isoftstone Information Technology Group Co. Ltd., NVS(a)

    503,400       3,182,535  

JA Solar Technology Co. Ltd., Class A

    1,782,080       4,629,029  

Jason Furniture Hangzhou Co. Ltd., Class A

    754,657       3,918,417  

JCET Group Co. Ltd., Class A

    1,148,600       4,169,023  

JD Health International Inc.(a)(b)(c)

    10,115,500       38,151,352  

JD Logistics Inc.(a)(b)

    17,785,700       17,561,613  

JD.com Inc.

    21,150,054       238,696,981  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    3,967,900       5,775,733  

Jiangsu Expressway Co. Ltd., Class H

    10,732,000       11,023,770  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    888,596       6,996,146  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    3,283,055       19,375,246  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    865,256       6,425,089  

Jiangsu Pacific Quartz Co. Ltd., NVS

    246,282       2,725,755  

Jiangsu Phoenix Publishing & Media Corp. Ltd.

    1,031,600       1,488,586  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    740,151       10,327,965  

Jiangsu Yangnong Chemical Co. Ltd., Class A

    373,260       2,829,705  

Jiangsu Yoke Technology Co. Ltd., Class A

    208,700       1,457,956  

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A

    793,600       3,936,493  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    1,788,000       3,242,356  

Jiangxi Copper Co. Ltd., Class H

    12,438,000       18,459,403  

Jiangxi Special Electric Motor Co. Ltd., NVS(a)

    1,115,800       1,616,224  

Jinchuan Group International Resources Co. Ltd.

    36,943,000       3,103,585  

Jinduicheng Molybdenum Co. Ltd., Class A

    1,151,300       1,609,509  

Jinke Smart Services Group Co. Ltd.(a)

    1,416,000       1,672,648  

Jinko Solar Co. Ltd.

    3,561,499       4,367,334  

JinkoSolar Holding Co. Ltd., ADR

    377,058       10,195,648  

Jinxin Fertility Group Ltd.(a)(b)(c)

    15,310,000       4,744,364  

JiuGui Liquor Co. Ltd., Class A

    279,400       2,356,321  

Jiumaojiu International Holdings Ltd.(b)

    7,900,000       5,483,297  

Jizhong Energy Resources Co. Ltd.

    3,732,800       4,209,980  

JNBY Design Ltd.

    2,882,000       5,507,617  
Security   Shares     Value  
China (continued)            

Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A(a)

    852,742     $ 2,988,694  

JOYY Inc., ADR

    353,797       11,144,606  

Kangji Medical Holdings Ltd.

    4,889,000       3,979,850  

Kanzhun Ltd., ADR

    2,019,929       31,611,889  

KE Holdings Inc., ADR

    5,920,439       80,458,766  

Keda Industrial Group Co. Ltd.

    1,801,800       2,999,650  

Keymed Biosciences Inc.(a)(b)(c)

    1,688,500       7,313,231  

Kingboard Holdings Ltd.

    6,200,700       12,162,475  

Kingboard Laminates Holdings Ltd.(c)

    9,051,000       5,605,360  

Kingdee International Software Group Co.
Ltd.(a)

    25,081,000       26,969,275  

Kingnet Network Co. Ltd.

    1,169,900       2,029,273  

Kingsoft Cloud Holdings Ltd., ADR(a)(c)

    1,063,584       3,052,486  

Kingsoft Corp. Ltd.

    8,741,200       24,288,629  

Kuaishou Technology(a)(b)

    21,108,000        119,194,985  

Kuang-Chi Technologies Co. Ltd., Class A(a)

    1,558,050       3,206,239  

Kunlun Energy Co. Ltd.

    36,060,000       30,741,630  

Kunlun Tech Co. Ltd., Class A(a)

    755,200       4,235,862  

Kweichow Moutai Co. Ltd., Class A

    669,520       157,062,025  

LB Group Co. Ltd., Class A

    2,083,807       5,422,057  

Lee & Man Paper Manufacturing Ltd.(c)

    14,794,000       4,218,228  

Legend Biotech Corp., ADR(a)(c)

    655,757       42,729,126  

Lenovo Group Ltd.

    69,724,000       77,026,145  

Lens Technology Co. Ltd., Class A

    3,376,715       5,665,754  

Lepu Medical Technology Beijing Co. Ltd., Class A

    1,313,582       2,750,604  

LexinFintech Holdings Ltd., ADR

    308,468       567,581  

Li Auto Inc.(a)

    10,406,404       237,494,535  

Li Ning Co. Ltd.

    21,440,500       53,046,149  

Lifetech Scientific Corp. (a)(c)

    35,722,000       9,058,866  

Lingyi iTech Guangdong Co., Class A

    6,240,733       4,750,438  

LK Technology Holdings Ltd.

    5,657,500       2,474,401  

Longfor Group Holdings Ltd.(b)(c)

    17,365,000       21,749,736  

LONGi Green Energy Technology Co. Ltd., Class A

    3,674,449       10,816,947  

Lonking Holdings Ltd.

    23,752,000       3,990,873  

Lufax Holding Ltd., Class A, ADR(c)

    1,479,512       4,616,077  

Luxshare Precision Industry Co. Ltd., Class A

    3,786,289       14,488,579  

Luye Pharma Group Ltd. (a)(b)(c)

    19,949,000       7,368,199  

Luzhou Laojiao Co. Ltd., Class A

    784,308       19,018,193  

Mango Excellent Media Co. Ltd., Class A

    1,161,632       3,988,676  

Maoyan Entertainment(a)(b)

    5,422,000       5,978,609  

Maxscend Microelectronics Co. Ltd., Class A

    316,812       4,723,998  

Medlive Technology Co. Ltd.(b)(c)

    793,500       754,967  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)

    4,093,552       3,158,664  

Meitu Inc.(b)(c)

    22,379,000       7,364,850  

Meituan, Class B(a)(b)

    45,768,460       464,649,017  

Metallurgical Corp. of China Ltd., Class A

    12,805,800       5,909,870  

MH Development Ltd.(d)

    3,308,000       15,405  

Microport Scientific Corp.(a)(c)

    6,759,300       6,614,899  

Midea Group Co. Ltd., Class A

    1,546,700       13,442,193  

Midea Real Estate Holding Ltd.(b)(c)

    3,594,400       2,002,446  

Ming Yang Smart Energy Group Ltd., Class A

    1,232,400       1,744,201  

Ming Yuan Cloud Group Holdings Ltd.(a)(c)

    7,973,000       2,272,606  

MINISO Group Holding Ltd.

    3,608,304       16,584,103  

Minth Group Ltd.(c)

    6,938,000       11,794,075  

MMG Ltd.(a)

    27,947,999       7,481,747  

Mobvista Inc.(a)(b)

    7,213,000       3,020,842  

Montage Technology Co. Ltd., Class A

    662,400       4,803,048  

Muyuan Foods Co. Ltd., Class A

    2,805,983       14,949,318  

 

 

14  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

NARI Technology Co. Ltd., Class A

    3,740,936     $ 12,021,728  

National Silicon Industry Group Co. Ltd., Class A(a)

    1,931,200       4,128,754  

NAURA Technology Group Co. Ltd., Class A

    288,975       11,388,429  

NetDragon Websoft Holdings Ltd.

    3,031,000       4,354,666  

NetEase Inc.

    17,466,235       379,411,537  

New China Life Insurance Co. Ltd., Class A

    963,201       4,373,712  

New China Life Insurance Co. Ltd., Class H

    7,849,400       15,078,960  

New Hope Liuhe Co. Ltd., Class A(a)

    3,841,744       4,713,442  

New Horizon Health Ltd.(a)(b)(c)

    2,592,000       6,749,408  

New Oriental Education & Technology Group Inc.(a)

    13,475,090        126,642,662  

Nexteer Automotive Group Ltd.

    8,604,000       3,964,348  

Nine Dragons Paper Holdings Ltd.(a)(c)

    15,284,000       7,071,697  

Ninestar Corp., Class A

    900,034       2,926,514  

Ningbo Deye Technology Co. Ltd., NVS

    278,760       3,236,911  

Ningbo Joyson Electronic Corp., Class A

    429,000       989,423  

Ningbo Orient Wires & Cables Co. Ltd.

    437,300       2,349,426  

Ningbo Sanxing Medical Electric Co. Ltd.

    706,500       2,650,944  

Ningbo Shanshan Co. Ltd.

    1,880,800       2,985,113  

Ningbo Tuopu Group Co. Ltd., Class A

    727,000       5,904,985  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    4,427,900       9,361,293  

NIO Inc., ADR(a)(c)

    12,627,504       72,608,148  

Noah Holdings Ltd., ADR

    334,077       3,714,936  

Nongfu Spring Co. Ltd., Class H(b)

    18,248,200       103,189,927  

Offcn Education Technology Co. Ltd.,
Class A(a)

    1,751,600       848,624  

Offshore Oil Engineering Co. Ltd., Class A

    2,793,400       2,395,514  

OFILM Group Co. Ltd., Class A(a)

    1,747,400       1,978,628  

Oppein Home Group Inc., Class A

    357,380       3,438,291  

Orient Overseas International Ltd.

    1,255,000       19,434,092  

Orient Securities Co. Ltd., Class A

    4,950,367       6,043,175  

Oriental Pearl Group Co. Ltd., Class A

    840,600       861,738  

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)

    5,812,100       2,566,871  

PDD Holdings Inc., ADR(a)

    5,385,921       670,762,601  

Peijia Medical Ltd.(a)(b)

    5,367,000       3,490,674  

People.cn Co. Ltd.

    614,600       2,262,003  

People’s Insurance Co. Group of China Ltd. (The), Class H

    88,375,000       29,438,023  

Perfect World Co. Ltd., Class A

    1,228,586       1,992,109  

PetroChina Co. Ltd., Class A

    10,158,937       12,435,807  

PetroChina Co. Ltd., Class H

    191,422,000       150,134,454  

Pharmaron Beijing Co. Ltd., Class A

    866,125       2,799,081  

PICC Property & Casualty Co. Ltd., Class H

    62,577,040       85,550,235  

Ping An Bank Co. Ltd., Class A

    9,195,236       13,482,001  

Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)

    4,697,200       7,254,055  

Ping An Insurance Group Co. of China Ltd., Class A

    5,557,154       32,961,088  

Ping An Insurance Group Co. of China Ltd., Class H

    60,417,500       268,686,712  

Piotech Inc., NVS

    199,200       5,907,005  

Poly Developments and Holdings Group Co. Ltd., Class A

    5,823,611       7,870,965  

Poly Property Group Co. Ltd.

    21,670,000       3,981,504  

Pop Mart International Group Ltd.(b)

    4,788,800       11,938,350  

Postal Savings Bank of China Co. Ltd., Class A

    14,069,500       9,450,300  

Postal Savings Bank of China Co. Ltd., Class H(b)

    71,556,000       37,593,637  

Power Construction Corp. of China Ltd., Class A

    9,424,544       6,673,605  
Security   Shares     Value  
China (continued)            

Q Technology Group Co. Ltd.(a)(c)

    5,346,000     $ 2,103,972  

Qi An Xin Technology Group Inc.(a)

    168,000       815,780  

Qifu Technology Inc.

    1,065,204        16,457,402  

Qinghai Salt Lake Industry Co. Ltd., Class A(a)

    2,911,550       6,522,208  

Range Intelligent Computing Technology Group Co. Ltd.

    823,200       2,964,358  

Redco Properties Group Ltd.(a)(b)(c)(d)

    11,872,000       875,931  

RLX Technology Inc., ADR(c)

    5,138,648       10,020,364  

Rongsheng Petrochemical Co. Ltd., Class A

    5,242,071       7,453,547  

SAIC Motor Corp. Ltd., Class A

    3,159,490       6,549,062  

Sailun Group Co. Ltd., Class A

    3,185,300       6,365,795  

Sanan Optoelectronics Co. Ltd., Class A

    2,741,600       4,728,490  

Sangfor Technologies Inc., Class A(a)

    258,200       2,272,011  

Sany Heavy Equipment International Holdings Co. Ltd.

    11,109,000       8,590,205  

Sany Heavy Industry Co. Ltd., Class A

    4,061,556       7,836,158  

Satellite Chemical Co. Ltd., Class A(a)

    2,782,607       6,388,055  

SciClone Pharmaceuticals Holdings Ltd.(b)

    2,515,500       4,190,332  

SDIC Capital Co. Ltd., Class A

    5,393,800       5,165,004  

SDIC Power Holdings Co. Ltd., Class A

    4,000,800       8,000,046  

Seazen Group Ltd.(a)(c)

    21,108,000       2,977,283  

Seazen Holdings Co. Ltd., Class A(a)

    1,318,226       1,894,556  

Seres Group Co. Ltd., NVS(a)

    819,300       10,448,494  

SF Holding Co. Ltd., Class A

    2,523,492       13,382,161  

SG Micro Corp., Class A

    300,750       2,950,506  

Shaanxi Coal Industry Co. Ltd., Class A

    5,137,490       18,369,759  

Shan Xi Hua Yang Group New Energy Co. Ltd.

    2,526,600       3,545,578  

Shandong Chenming Paper Holdings Ltd., Class B(a)

    311,200       50,775  

Shandong Gold Mining Co. Ltd., Class A

    1,762,801       5,290,356  

Shandong Gold Mining Co. Ltd., Class H(b)

    6,039,000       9,542,023  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    1,699,599       6,473,793  

Shandong Linglong Tyre Co. Ltd., Class A

    1,288,241       3,953,943  

Shandong Nanshan Aluminum Co. Ltd., Class A

    11,552,400       4,967,197  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    22,874,800       14,871,030  

Shanghai Aiko Solar Energy Co. Ltd.

    1,074,020       2,250,870  

Shanghai Bairun Investment Holding Group Co. Ltd., Class A

    887,604       2,473,681  

Shanghai Baosight Software Co. Ltd., Class A

    1,058,330       6,871,702  

Shanghai Baosight Software Co. Ltd., Class B

    5,580,897       12,539,572  

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A

    129,600       5,058,544  

Shanghai Chlor-Alkali Chemical Co. Ltd., Class B

    7,706,109       3,691,226  

Shanghai Construction Group Co. Ltd., Class A

    10,434,700       3,543,463  

Shanghai Electric Group Co. Ltd., Class A(a)

    11,984,600       7,044,279  

Shanghai Electric Power Co. Ltd., Class A

    759,600       878,275  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    633,600       2,157,748  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    4,622,000       8,328,290  

Shanghai Fudan Microelectronics Group Co. Ltd.

    176,184       905,507  

Shanghai Haixin Group Co., Class B

    8,108,291       2,464,920  

Shanghai Industrial Holdings Ltd.

    5,812,000       7,600,741  

Shanghai International Airport Co. Ltd.,
Class A(a)

    932,503       4,541,410  

Shanghai International Port Group Co. Ltd., Class A

    8,482,770       6,390,411  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  15


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Shanghai Jinjiang International Hotels Co. Ltd., Class A

    570,878     $ 2,297,962  

Shanghai Junshi Biosciences Co. Ltd.(a)

    542,050       2,363,837  

Shanghai M&G Stationery Inc., Class A

    736,547       3,636,748  

Shanghai Moons’ Electric Co. Ltd.

    202,800       1,624,961  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    1,233,700       3,099,157  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    7,102,300       11,421,214  

Shanghai Pudong Development Bank Co. Ltd., Class A

    13,384,746       13,261,877  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    1,301,494       3,387,382  

Shanghai RAAS Blood Products Co. Ltd., Class A

    6,858,034       6,841,391  

Shanghai Rural Commercial Bank Co. Ltd.

    5,198,200       4,652,585  

Shanghai United Imaging Healthcare Co. Ltd., NVS

    425,624       8,411,684  

Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.

    1,393,038       1,014,132  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

    841,800       2,329,489  

Shanxi Coal International Energy Group Co. Ltd.

    898,900       2,292,984  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

    3,654,000       5,900,455  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

    2,149,300       7,704,043  

Shanxi Meijin Energy Co. Ltd., Class A(a)

    3,911,369       3,723,992  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    673,839       21,694,030  

Shede Spirits Co. Ltd.

    231,400       2,596,537  

Shengyi Technology Co. Ltd., Class A

    1,789,908       4,253,332  

Shennan Circuits Co. Ltd., Class A

    311,071       3,026,188  

Shenwan Hongyuan Group Co. Ltd., Class A

    13,547,792       8,601,705  

Shenzhen Capchem Technology Co. Ltd.

    482,103       2,716,238  

Shenzhen Goodix Technology Co. Ltd.,
Class A(a)

    171,300       1,503,531  

Shenzhen Inovance Technology Co. Ltd., Class A

    908,142       7,952,570  

Shenzhen International Holdings Ltd.

    11,150,750       9,402,805  

Shenzhen Investment Ltd.

    29,170,000       3,905,490  

Shenzhen Kaifa Technology Co. Ltd., Class A

    759,600       1,501,112  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    765,200       2,571,329  

Shenzhen Kedali Industry Co. Ltd., Class A

    101,100       1,024,094  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    628,946        25,147,953  

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A

    488,200       5,480,303  

Shenzhen Overseas Chinese Town Co. Ltd., Class A(a)

    6,015,702       2,557,668  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

    241,000       975,070  

Shenzhen SC New Energy Technology Corp., Class A

    206,000       1,846,123  

Shenzhen SED Industry Co. Ltd., NVS

    553,900       1,519,566  

Shenzhen Transsion Holding Co. Ltd., Class A

    471,653       10,396,414  

Shenzhou International Group Holdings Ltd.

    7,426,700       60,917,413  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

    962,518       2,863,441  

Shoucheng Holdings Ltd.(c)

    29,632,800       5,714,693  
Security   Shares     Value  
China (continued)            

Shougang Fushan Resources Group Ltd.

    22,932,000     $ 9,548,496  

Shui On Land Ltd.

    50,000,666       4,525,062  

Sichuan Changhong Electric Co. Ltd.

    2,494,300       1,780,094  

Sichuan Chuantou Energy Co. Ltd., Class A

    4,133,478       8,982,330  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

    1,154,920       4,389,693  

Sichuan Road & Bridge Co. Ltd., Class A

    5,942,760       6,724,537  

Sichuan Swellfun Co. Ltd., Class A

    350,100       2,434,189  

Sieyuan Electric Co. Ltd.

    476,300       3,778,674  

Sihuan Pharmaceutical Holdings Group
Ltd.(c)

    49,326,000       3,591,156  

Simcere Pharmaceutical Group Ltd.(b)

    3,912,000       2,783,044  

Sino Biopharmaceutical Ltd.

    91,239,000       36,263,829  

Sinofert Holdings Ltd.

    27,726,000       2,865,033  

Sinolink Securities Co. Ltd., Class A

    801,800       1,010,588  

Sinoma International Engineering Co.

    1,742,600       2,708,367  

Sinoma Science & Technology Co. Ltd., Class A

    1,281,200       2,779,770  

Sinomine Resource Group Co. Ltd., Class A

    517,636       2,688,854  

Sinopec Engineering Group Co. Ltd., Class H

    17,476,500       9,582,111  

Sinopec Kantons Holdings Ltd.

    14,674,000       6,653,388  

Sinopharm Group Co. Ltd., Class H

    12,223,200       34,205,814  

Sinotruk Hong Kong Ltd.

    5,611,000       14,834,625  

Skshu Paint Co. Ltd., Class A(a)

    387,748       2,074,286  

Skyworth Group Ltd.

    14,870,000       5,227,678  

Smoore International Holdings Ltd.(b)(c)

    16,260,000       11,303,434  

SOHO China Ltd.(a)(c)

    21,700,000       1,904,531  

Songcheng Performance Development Co. Ltd., Class A

    1,720,356       2,572,936  

SooChow Securities Co. Ltd., Class A

    3,915,900       3,960,946  

Southwest Securities Co. Ltd., Class A

    1,554,700       930,035  

Spring Airlines Co. Ltd., Class A(a)

    673,200       5,355,033  

SSY Group Ltd.

    13,440,411       7,528,527  

StarPower Semiconductor Ltd., Class A

    102,700       2,158,570  

Sun King Technology Group Ltd.(a)

    364,000       53,000  

Sunac Services Holdings Ltd.(b)(c)

    9,850,000       2,504,168  

Sungrow Power Supply Co. Ltd., Class A

    794,200       9,588,589  

Sunny Optical Technology Group Co. Ltd.

    6,346,400       40,844,847  

Sunresin New Materials Co. Ltd., NVS

    159,800       1,112,703  

Sunwoda Electronic Co. Ltd., Class A

    1,432,800       2,821,660  

SUPCON Technology Co. Ltd.

    1,090,629       6,956,695  

Superb Summit International Group Ltd.(d)

    998,771       1  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    1,170,300       2,428,333  

Suzhou Maxwell Technologies Co. Ltd., Class A

    178,292       3,000,837  

Suzhou TFC Optical Communication Co. Ltd.

    217,100       4,104,330  

SY Holdings Group Ltd.(c)

    8,895,000       4,820,499  

TAL Education Group, ADR(a)(c)

    3,988,986       58,757,764  

TBEA Co. Ltd., Class A

    3,534,287       7,295,958  

TCL Electronics Holdings Ltd.

    10,341,000       3,779,570  

TCL Technology Group Corp., Class A(a)

    13,435,412       8,430,048  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A

    2,082,238       3,902,324  

Tencent Holdings Ltd.

    59,618,400        2,088,469,315  

Tencent Music Entertainment Group, ADR(a)

    6,803,569       71,233,367  

Thunder Software Technology Co. Ltd., Class A

    306,300       2,572,131  

Tianfeng Securities Co. Ltd., Class A(a)

    2,680,300       1,160,080  

Tiangong International Co. Ltd.

    14,842,000       3,405,787  

Tianli International Holdings Ltd.

    5,180,000       3,109,522  

Tianma Microelectronics Co. Ltd., Class A(a)

    3,347,505       4,249,431  

Tianneng Power International Ltd.(c)

    7,274,000       6,557,751  

Tianqi Lithium Corp., Class A

    861,900       6,398,458  

 

 

16  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Tianshan Aluminum Group Co. Ltd., Class A

    1,412,200     $ 1,108,125  

Tianshui Huatian Technology Co. Ltd., Class A

    3,207,236       3,636,972  

Tingyi Cayman Islands Holding Corp.

    17,798,000       19,792,365  

Tong Ren Tang Technologies Co. Ltd., Class H

    7,098,000       4,654,682  

Tongcheng Travel Holdings Ltd.(a)

    11,096,400       27,895,800  

Tongdao Liepin Group(a)(c)

    3,298,000       1,631,620  

TongFu Microelectronics Co. Ltd., Class A

    647,600       1,994,351  

Tongling Nonferrous Metals Group Co. Ltd., Class A

    7,942,300       3,606,204  

Tongwei Co. Ltd., Class A

    2,177,477       7,993,163  

Topchoice Medical Corp., Class A(a)

    205,999       1,873,976  

Topsports International Holdings Ltd.(b)

    15,618,000       10,569,003  

Towngas Smart Energy Co. Ltd.(c)

    11,463,000       4,137,163  

TravelSky Technology Ltd., Class H

    8,179,000       9,777,733  

Trina Solar Co. Ltd.

    1,193,816       4,149,605  

Trip.com Group Ltd.(a)

    4,974,141        225,777,621  

Tsinghua Tongfang Co. Ltd.(a)

    1,584,100       1,486,518  

Tsingtao Brewery Co. Ltd., Class A

    400,800       4,452,846  

Tsingtao Brewery Co. Ltd., Class H

    5,454,000       34,898,632  

Tuya Inc.(a)

    2,410,195       4,748,084  

Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)

    479,033       4,746,487  

Unisplendour Corp. Ltd., Class A(a)

    1,774,661       5,439,104  

Untrade Cteg(d)

    33,362,000       43  

Untrade SMI Holdings(d)

    12,466,353       16  

Untradelumena Newmat, NVS(d)

    43,450        

Up Fintech Holding Ltd., ADR(a)(c)

    1,032,815       4,151,916  

Venus MedTech Hangzhou Inc.,
Class H(a)(b)(d)

    2,600,500       1,531,095  

Verisilicon Microelectronics Shanghai Co. Ltd.(a)

    178,800       1,007,035  

Vinda International Holdings Ltd.

    2,906,000       8,606,265  

Vipshop Holdings Ltd., ADR(a)

    3,128,799       60,229,381  

Vnet Group Inc., ADR(a)(c)

    937,210       1,452,676  

Walvax Biotechnology Co. Ltd., Class A

    1,151,589       2,936,193  

Wanhua Chemical Group Co. Ltd., Class A

    1,592,186       17,515,237  

Want Want China Holdings Ltd.

    43,531,000       24,018,637  

Weibo Corp., ADR

    623,305       5,684,542  

Weichai Power Co. Ltd., Class A

    3,148,100       7,376,114  

Weichai Power Co. Ltd., Class H

    17,537,000       34,519,159  

Weihai Guangwei Composites Co. Ltd., Class A

    564,560       2,142,424  

Weimob Inc.(a)(b)(c)

    21,042,000       5,634,504  

Wens Foodstuffs Group Co. Ltd., Class A

    3,027,541       8,057,870  

West China Cement Ltd.

    34,048,000       3,912,661  

Western Mining Co. Ltd., Class A

    1,731,300       3,991,387  

Western Securities Co. Ltd., Class A

    6,665,291       7,369,512  

Western Superconducting Technologies Co. Ltd., Class A

    528,120       2,932,860  

Will Semiconductor Co. Ltd. Shanghai, Class A

    582,469       7,732,928  

Wingtech Technology Co. Ltd., Class A(a)

    707,100       3,739,240  

Wuhan Guide Infrared Co. Ltd., Class A

    4,329,096       3,783,062  

Wuliangye Yibin Co. Ltd., Class A

    2,041,574       40,166,575  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    1,274,696       4,672,247  

WuXi AppTec Co. Ltd., Class A

    1,228,439       9,257,828  

WuXi AppTec Co. Ltd., Class H(b)(c)

    3,279,507       20,216,545  

Wuxi Biologics Cayman Inc.(a)(b)

    34,734,000       82,271,233  

XCMG Construction Machinery Co. Ltd., Class A

    8,979,609       7,384,046  

XD Inc.(a)(c)

    3,181,400       5,925,719  

Xiamen C&D Inc., Class A

    2,007,200       2,890,806  

Xiaomi Corp., Class B(a)(b)

    138,333,200       232,458,328  

Xinjiang Daqo New Energy Co. Ltd.

    936,850       3,792,858  
Security   Shares     Value  
China (continued)            

Xinyi Solar Holdings Ltd.

    43,486,800     $ 26,333,228  

XPeng Inc.(a)(c)

    10,196,250       47,721,432  

Xtep International Holdings Ltd.(c)

    12,452,500       6,868,163  

Yadea Group Holdings Ltd.(b)(c)

    11,482,000       18,039,023  

Yangzhou Yangjie Electronic Technology Co. Ltd.

    393,800       2,171,563  

Yankuang Energy Group Co. Ltd., Class A

    1,571,509       5,635,033  

Yankuang Energy Group Co. Ltd., Class H(a)

    21,443,000       49,448,465  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

    843,368       3,530,074  

Yeahka Ltd.(a)(c)

    2,614,800       4,233,155  

Yealink Network Technology Corp. Ltd., Class A

    817,006       3,324,004  

YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(a)(b)

    994,200       1,291,772  

Yidu Tech Inc. (a)(b)

    5,247,800       2,821,540  

Yifeng Pharmacy Chain Co. Ltd., Class A

    819,459       4,474,794  

Yihai International Holding Ltd.

    4,189,000       5,864,248  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    957,301       4,284,120  

Yintai Gold Co. Ltd., Class A

    1,024,300       2,124,025  

YongXing Special Materials Technology Co. Ltd., Class A

    413,660       3,161,546  

Yonyou Network Technology Co. Ltd., Class A

    1,942,583       3,415,995  

Youdao Inc., ADR(a)(c)

    82,093       357,925  

Youngor Fashion Co. Ltd., Class A

    928,700       947,484  

Youyuan International Holdings Ltd.(d)

    5,307,000       5,884  

YTO Express Group Co. Ltd., Class A

    2,172,853       3,839,872  

Yuexiu Property Co. Ltd.

    15,002,576       9,976,980  

Yuexiu REIT(c)

    27,591,751       3,693,471  

Yuexiu Transport Infrastructure Ltd.

    11,988,000       6,811,770  

Yum China Holdings Inc.

    3,662,056        157,065,582  

Yunda Holding Co. Ltd., Class A

    1,878,037       1,876,493  

Yunnan Aluminium Co. Ltd., Class A

    2,777,353       4,451,668  

Yunnan Baiyao Group Co. Ltd., Class A

    884,792       6,108,430  

Yunnan Botanee Bio-Technology Group Co. Ltd.

    214,400       1,948,970  

Yunnan Energy New Material Co. Ltd., Class A

    550,132       3,499,714  

Yunnan Yuntianhua Co. Ltd.

    1,180,600       2,985,538  

Yutong Bus Co. Ltd., Class A

    1,454,900       3,769,286  

Zai Lab Ltd.(a)

    8,312,290       17,739,885  

Zangge Mining Co. Ltd.

    1,483,246       6,021,708  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    286,569       8,855,523  

Zhaojin Mining Industry Co. Ltd., Class H(c)

    11,136,000       11,514,243  

Zhejiang Century Huatong Group Co. Ltd., Class A(a)

    4,556,895       3,092,143  

Zhejiang China Commodities City Group Co. Ltd., Class A

    2,947,020       3,354,635  

Zhejiang Chint Electrics Co. Ltd., Class A

    1,400,673       3,993,575  

Zhejiang Dahua Technology Co. Ltd., Class A

    2,044,258       5,239,159  

Zhejiang Dingli Machinery Co. Ltd., Class A

    447,516       3,661,140  

Zhejiang Expressway Co. Ltd., Class H

    18,493,800       14,103,743  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

    1,070,262       2,066,710  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    988,391       3,791,421  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

    823,394       4,225,294  

Zhejiang Juhua Co. Ltd., Class A

    1,908,100       5,385,820  

Zhejiang Leapmotor Technology Co.
Ltd.(a)(b)(c)

    4,308,200       15,072,780  

Zhejiang NHU Co. Ltd., Class A

    2,416,458       6,031,537  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    1,316,000       4,546,172  

Zhejiang Supor Co. Ltd., Class A

    437,640       3,363,064  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  17


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Zhejiang Weiming Environment Protection Co. Ltd., Class A

    1,522,973     $ 3,782,918  

Zhejiang Zheneng Electric Power Co. Ltd., Class A(a)

    6,076,000       4,536,090  

Zheshang Securities Co. Ltd., Class A

    3,760,000       5,340,472  

ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)

    6,454,600       10,164,197  

Zhongji Innolight Co. Ltd., Class A

    472,074       10,167,900  

Zhongjin Gold Corp. Ltd., Class A

    3,362,118       4,843,399  

Zhongsheng Group Holdings Ltd.

    6,465,500       11,771,310  

Zhongtai Securities Co. Ltd.

    5,190,300       4,999,870  

Zhou Hei Ya International Holdings Co. Ltd.(b)(c)

    10,537,500       2,434,317  

Zhuzhou CRRC Times Electric Co. Ltd.

    5,379,100       15,771,236  

Zijin Mining Group Co. Ltd., Class A

    9,444,200       17,114,843  

Zijin Mining Group Co. Ltd., Class H

    50,758,000       81,533,763  

Zonqing Environmental Ltd., NVS(c)

    56,000       159,142  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    6,976,300       7,740,084  

ZTE Corp., Class A

    1,875,939       7,761,616  

ZTE Corp., Class H

    7,219,640       16,262,123  

ZTO Express Cayman Inc., ADR

    3,831,260       73,521,879  
   

 

 

 
       16,966,849,120  
Colombia — 0.1%            

Bancolombia SA

    2,232,913       18,739,402  

Interconexion Electrica SA ESP

    4,293,966       18,291,748  
   

 

 

 
      37,031,150  
Czech Republic — 0.1%            

CEZ AS

    1,457,664       49,800,976  

Komercni Banka AS

    714,574       24,868,579  

Moneta Money Bank AS(b)

    3,620,592       15,893,158  
   

 

 

 
      90,562,713  
Egypt — 0.1%            

Commercial International Bank - Egypt (CIB)

    22,032,406       31,452,477  

Eastern Co. S.A.E

    9,912,413       7,011,633  

EFG Holding S.A.E.(a)

    15,569,131       5,714,251  

E-Finance for Digital & Financial Investments, NVS

    5,507,837       2,317,053  

EISewedy Electric Co.

    8,670,920       5,921,604  

Ezz Steel Co. SAE(a)

    639,021       977,838  

Fawry for Banking & Payment Technology Services SAE(a)

    19,640,703       2,835,926  

Talaat Moustafa Group

    9,739,310       12,701,971  

Telecom Egypt Co.

    4,706,598       3,544,872  
   

 

 

 
      72,477,625  
Greece — 0.5%            

Aegean Airlines SA(a)

    153,453       2,086,417  

Alpha Services and Holdings SA(a)

    20,794,368       39,171,127  

Athens Water Supply & Sewage Co. SA(c)

    444,043       2,649,166  

Autohellas Tourist and Trading SA

    43,676       637,268  

Eurobank Ergasias Services and Holdings SA, Class A(a)

    24,230,613       50,059,192  

FF Group(d)

    343,633       4  

GEK Terna Holding Real Estate Construction SA

    609,784       9,384,932  

Hellenic Energy Holdings SA

    393,085       3,572,956  

Hellenic Telecommunications Organization SA

    1,648,680       24,875,219  

Holding Co. ADMIE IPTO SA

    1,946,341       4,806,524  

Intracom SA Technical & Steel Constructions(a)

    421,107       2,503,227  

Intralot SA-Integrated Information Systems & Gaming Services(a)

    2,274,366       3,072,667  

JUMBO SA

    1,069,522       31,256,586  
Security   Shares     Value  
Greece (continued)            

LAMDA Development SA(a)

    829,044     $ 6,057,165  

Motor Oil Hellas Corinth Refineries SA

    605,145       17,289,786  

Mytilineos SA

    910,758       35,436,484  

National Bank of Greece SA(a)

    7,081,587       55,604,343  

OPAP SA

    1,738,560       31,699,316  

Piraeus Financial Holdings SA(a)

    6,514,650       28,781,134  

Public Power Corp. SA(a)

    1,847,330       24,130,492  

Sarantis SA(c)

    254,153       2,518,893  

Terna Energy SA

    500,759       8,966,522  

Titan Cement International SA(c)

    516,521       14,654,210  
   

 

 

 
      399,213,630  
Hungary — 0.2%            

Magyar Telekom Telecommunications PLC

    5,532,873       12,560,619  

MOL Hungarian Oil & Gas PLC

    3,821,179       30,403,105  

OTP Bank Nyrt

    2,057,710       98,657,557  

Richter Gedeon Nyrt

    1,232,730       32,818,381  
   

 

 

 
      174,439,662  
India — 19.1%            

360 ONE WAM Ltd.

    1,560,296       13,482,403  

3M India Ltd.

    32,300       12,456,884  

Aarti Industries Ltd.

    1,848,524       14,621,835  

Aarti Pharmalabs Ltd., NVS

    517,417       3,048,786  

Aavas Financiers Ltd.(a)

    384,621       6,742,239  

ABB India Ltd.

    541,371       35,488,396  

Action Construction Equipment Ltd.

    273,206       4,163,145  

Adani Enterprises Ltd.

    1,562,789       61,899,283  

Adani Green Energy Ltd.(a)

    2,884,018       65,914,200  

Adani Ports & Special Economic Zone Ltd.

    4,870,557       77,324,284  

Adani Power Ltd.(a)

    7,035,803       46,563,862  

Aditya Birla Fashion and Retail Ltd.(a)

    3,754,311       10,183,582  

Aegis Logistics Ltd.

    1,797,353       9,534,757  

Affle India Ltd.(a)

    717,605       9,652,147  

AGI Greenpac Ltd.

    140,028       1,382,895  

AIA Engineering Ltd.

    436,530       19,231,019  

Ajanta Pharma Ltd.

    497,366       13,244,498  

Alembic Pharmaceuticals Ltd.

    601,738       7,385,611  

Alkyl Amines Chemicals

    194,911       5,040,653  

Alok Industries Ltd.(a)

    13,428,124       4,667,131  

Amara Raja Energy & Mobility Ltd.

    1,263,308       12,781,013  

Amber Enterprises India Ltd.(a)

    211,712       9,400,020  

Ambuja Cements Ltd.

    5,639,888       41,189,977  

Anand Rathi Wealth Ltd.

    84,368       3,708,692  

Anant Raj Ltd.

    592,673       2,501,748  

Angel One Ltd.

    371,852       12,480,589  

Apar Industries Ltd.

    134,543       10,150,166  

APL Apollo Tubes Ltd.

    1,676,810       31,230,032  

Apollo Hospitals Enterprise Ltd.

    951,171       70,024,539  

Apollo Tyres Ltd.

    3,575,854       22,324,521  

Aptus Value Housing Finance India Ltd.

    60,556       257,185  

Archean Chemical Industries Ltd., NVS

    345,749       3,151,375  

Arvind Ltd.

    901,363       3,053,697  

Ashok Leyland Ltd.

    14,660,844       30,029,077  

Ashoka Buildcon Ltd.(a)

    986,508       2,214,827  

Asian Paints Ltd.

    3,505,881        119,580,410  

Astra Microwave Products Ltd.

    369,954       2,755,171  

Astral Ltd.

    1,212,353       30,253,475  

AstraZeneca Pharma India Ltd.

    80,281       5,341,223  

Atul Ltd.

    125,367       9,395,937  

AU Small Finance Bank Ltd.(b)

    1,693,170       11,606,710  

Aurobindo Pharma Ltd.

    2,368,782       29,364,678  

Avanti Feeds Ltd.

    861,238       5,259,862  

 

 

18  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Avenue Supermarts Ltd.(a)(b)

    1,528,814     $ 72,198,348  

Axis Bank Ltd.

    20,797,505        269,224,230  

Bajaj Auto Ltd.

    649,620       61,914,646  

Bajaj Electricals Ltd.

    532,503       6,394,048  

Bajaj Finance Ltd.

    2,485,646       193,924,138  

Bajaj Finserv Ltd.

    3,548,055       68,104,269  

Bajaj Holdings & Investment Ltd.

    276,310       30,479,596  

Bajel Projects Ltd., NVS

    348,496       913,099  

Balaji Amines Ltd.

    124,007       3,249,924  

Balkrishna Industries Ltd.

    825,726       22,179,207  

Balrampur Chini Mills Ltd.

    1,764,954       7,928,208  

Bandhan Bank Ltd.(b)

    6,049,894       14,247,037  

Bank of Baroda

    10,135,215       32,427,871  

BASF India Ltd.

    131,577       5,227,612  

Bata India Ltd.

    540,644       9,190,253  

Bayer CropScience Ltd.

    156,172       10,678,169  

BEML Ltd., (Acquired 02/10/22, Cost: $6,224,140)(e)

    209,128       7,853,021  

Berger Paints India Ltd.

    2,852,616       20,873,154  

Bharat Dynamics Ltd.

    552,025       12,031,560  

Bharat Electronics Ltd.

    33,127,439       81,828,003  

Bharat Forge Ltd.

    2,482,381       34,421,175  

Bharat Heavy Electricals Ltd.

    7,704,876       21,144,764  

Bharat Petroleum Corp. Ltd.

    7,016,749       50,993,316  

Bharti Airtel Ltd.

    20,589,606       278,762,642  

Biocon Ltd.

    3,916,546       13,029,893  

Birla Corp. Ltd.

    333,339       6,585,250  

Birlasoft Ltd.

    1,920,201       17,946,517  

BLS International Services Ltd.

    933,285       4,109,449  

Blue Dart Express Ltd.

    75,157       5,469,977  

Blue Star Ltd.

    1,092,075       16,714,575  

Borosil Renewables Ltd.(a)

    724,275       4,688,123  

Brigade Enterprises Ltd.

    1,251,736       15,065,384  

Brightcom Group Ltd.(a)

    15,808,592       3,279,306  

Britannia Industries Ltd.

    1,020,471       61,155,438  

BSE Ltd.

    637,063       18,197,591  

Can Fin Homes Ltd.

    1,036,192       9,669,534  

Carborundum Universal Ltd.

    1,000,713       12,893,480  

Castrol India Ltd.

    1,447,702       3,638,624  

Ceat Ltd.

    277,875       9,559,666  

Central Depository Services India Ltd.

    575,625       13,313,027  

Century Plyboards India Ltd.

    561,348       4,789,006  

Century Textiles & Industries Ltd.

    753,634       12,809,052  

CESC Ltd.

    8,990,014       13,771,150  

CG Power and Industrial Solutions Ltd.

    5,934,018       31,710,294  

Chambal Fertilisers and Chemicals Ltd.

    2,395,025       10,131,536  

Chennai Petroleum Corp. Ltd.

    435,882       4,651,396  

Cholamandalam Financial Holdings Ltd.

    1,051,060       13,290,245  

Cholamandalam Investment and Finance Co. Ltd.

    4,017,460       52,629,923  

CIE Automotive India Ltd.

    1,441,705       7,649,292  

Cipla Ltd.

    4,741,788       84,681,656  

City Union Bank Ltd.

    4,768,444       7,753,142  

Clean Science & Technology Ltd.

    293,715       4,996,506  

Coal India Ltd.

    14,492,830       76,106,459  

Cochin Shipyard Ltd., NVS

    981,430       10,330,431  

Coforge Ltd.

    529,243       41,836,694  

Colgate-Palmolive India Ltd.

    1,191,315       36,229,248  

Computer Age Management Services Ltd.

    339,557       12,549,477  

Concord Biotech Ltd., NVS

    122,676       2,145,657  

Container Corp. of India Ltd.

    2,592,099       30,536,623  

Coromandel International Ltd.

    916,876       11,885,261  
Security   Shares     Value  
India (continued)            

CreditAccess Grameen Ltd.(a)

    514,618     $ 9,114,291  

CRISIL Ltd.

    181,128       10,938,395  

Crompton Greaves Consumer Electricals Ltd.

    5,406,717       18,938,491  

Cummins India Ltd.

    1,355,070       44,771,840  

Cyient Ltd.

    899,867       21,989,719  

D B Realty Ltd.(a)

    646,507       2,090,795  

Dabur India Ltd.

    5,945,538       38,609,106  

Data Patterns India Ltd.(a)

    215,895       6,454,165  

Deepak Fertilisers & Petrochemicals Corp. Ltd.

    828,283       5,046,300  

Deepak Nitrite Ltd.

    669,790       17,838,076  

Delhivery Ltd.(a)

    2,885,577       16,403,253  

Devyani International Ltd.(a)

    3,740,616       6,905,922  

Divi’s Laboratories Ltd.

    1,109,745       46,679,228  

Dixon Technologies India Ltd.

    294,630       23,685,445  

DLF Ltd.

    6,193,181       67,280,664  

Dodla Dairy Ltd., NVS

    73,595       883,899  

Dr Lal PathLabs Ltd.(b)

    326,913       9,262,175  

Dr. Reddy’s Laboratories Ltd.

    1,001,527       77,658,316  

Easy Trip Planners Ltd., NVS

    6,436,024       3,750,713  

eClerx Services Ltd.

    122,497       3,730,861  

Edelweiss Financial Services Ltd.

    5,755,950       5,275,219  

Eicher Motors Ltd.

    1,283,150       58,635,826  

EID Parry India Ltd.

    1,025,644       7,788,782  

EIH Ltd.

    2,311,305       11,238,107  

Elecon Engineering Co. Ltd.

    290,857       3,512,152  

Electronics Mart India Ltd., NVS

    404,435       1,006,922  

Electrosteel Castings Ltd.

    2,593,557       4,996,718  

Elgi Equipments Ltd.

    1,794,102       14,115,714  

Emami Ltd.

    1,962,517       11,004,760  

Embassy Office Parks REIT

    6,102,956       27,513,123  

Endurance Technologies Ltd.(b)

    391,832       8,770,767  

Engineers India Ltd.

    4,272,927       10,788,308  

Equitas Small Finance Bank Ltd.(b)

    3,836,202       4,605,292  

Exide Industries Ltd.

    5,007,256       19,304,633  

Federal Bank Ltd.

    16,907,011       30,640,061  

Fine Organic Industries Ltd.

    102,750       5,363,555  

Finolex Cables Ltd.

    880,808       9,767,623  

Finolex Industries Ltd.

    3,212,911       8,454,767  

Firstsource Solutions Ltd.

    4,728,430       11,695,411  

Five-Star Business Finance Ltd., NVS

    724,670       6,168,884  

Fortis Healthcare Ltd.

    4,648,196       22,831,696  

Gabriel India Ltd.

    247,289       1,029,186  

GAIL India Ltd.

    23,016,967       50,508,245  

Garden Reach Shipbuilders & Engineers Ltd.

    188,610       1,847,348  

GHCL Ltd.

    853,261       5,251,925  

Gland Pharma Ltd.(a)(b)

    357,546       7,613,536  

GlaxoSmithKline Pharmaceuticals Ltd.

    383,043       10,010,215  

Glenmark Pharmaceuticals Ltd.

    1,552,016       17,321,707  

Global Health Ltd., NVS(a)

    300,187       4,938,016  

GMM Pfaudler Ltd.

    397,208       6,227,041  

GMR Airports Infrastructure Ltd.(a)

    23,026,904        23,305,807  

Godawari Power and Ispat Ltd.

    214,923       1,917,713  

Godrej Consumer Products Ltd.

    3,783,630       57,284,323  

Godrej Industries Ltd.(a)

    1,029,717       9,947,586  

Godrej Properties Ltd.(a)

    1,178,696       34,095,924  

Gokaldas Exports Ltd.

    402,747       4,092,700  

Granules India Ltd.

    1,993,959       11,168,079  

Graphite India Ltd.

    1,037,721       7,487,212  

Grasim Industries Ltd.

    2,620,594       69,170,190  

Great Eastern Shipping Co. Ltd. (The)

    1,142,004       13,855,836  

Grindwell Norton Ltd.

    432,814       10,882,362  

Gujarat Fluorochemicals Ltd.

    292,865       13,080,653  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  19


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Gujarat Gas Ltd.

    1,666,804     $ 11,371,881  

Gujarat Mineral Development Corp. Ltd.

    687,363       3,232,635  

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

    1,055,299       8,145,722  

Gujarat Pipavav Port Ltd.

    4,381,319       11,026,399  

Gujarat State Fertilizers & Chemicals Ltd.

    2,845,975       7,456,749  

Gujarat State Petronet Ltd.

    2,576,828       11,458,314  

Happiest Minds Technologies Ltd.

    937,248       9,565,672  

Havells India Ltd.

    2,471,301       45,596,555  

HBL Power Systems Ltd.

    985,961       6,175,594  

HCL Technologies Ltd.

    8,663,543       173,618,836  

HDFC Asset Management Co. Ltd.(b)

    722,631       32,704,222  

HDFC Bank Ltd.

    25,394,201       428,881,469  

HDFC Life Insurance Co. Ltd.(b)

    9,022,621       63,337,290  

Hero MotoCorp Ltd.

    1,052,337       56,082,754  

HFCL Ltd.

    9,929,497       12,827,020  

Himadri Speciality Chemical Ltd.

    1,415,757       6,285,768  

Hindalco Industries Ltd.

    11,739,883       71,213,246  

Hindustan Aeronautics Ltd., NVS

    1,809,727       67,192,007  

Hindustan Construction Co. Ltd.(a)

    10,273,974       5,154,639  

Hindustan Copper Ltd.

    2,168,823       7,048,514  

Hindustan Petroleum Corp. Ltd.

    5,369,315       33,008,682  

Hindustan Unilever Ltd.

    7,526,980       218,995,627  

Hitachi Energy India Ltd.

    128,262       9,275,433  

ICICI Bank Ltd.

    47,102,884       598,242,561  

ICICI Lombard General Insurance Co. Ltd.(b)

    2,230,130       46,072,446  

ICICI Prudential Life Insurance Co. Ltd.(b)

    3,291,728       21,155,777  

ICICI Securities Ltd.(b)

    853,788       8,411,613  

IDFC First Bank Ltd.(a)

    31,980,641       31,245,764  

IDFC Ltd.(a)

    12,360,561       17,338,545  

IFCI Ltd.(a)

    6,427,869       3,549,355  

IIFL Finance Ltd.

    1,450,429       10,305,820  

India Cements Ltd. (The)(a)

    2,425,067       6,682,208  

Indiabulls Housing Finance Ltd.

    3,965,891       9,040,057  

Indiabulls Real Estate Ltd.(a)

    5,346,033       7,688,342  

IndiaMART Intermesh Ltd.(b)

    306,950       9,837,326  

Indian Energy Exchange Ltd.(b)

    5,033,544       8,605,170  

Indian Hotels Co. Ltd., Class A

    7,947,152       56,250,061  

Indian Oil Corp. Ltd.

    26,034,548       51,917,706  

Indian Railway Catering & Tourism Corp. Ltd.

    2,456,350       27,465,739  

Indian Renewable Energy Development Agency Ltd., NVS

    4,802,774       8,691,375  

Indraprastha Gas Ltd.

    2,927,196       15,023,260  

IndusInd Bank Ltd.

    2,605,294       46,279,728  

Infibeam Avenues Ltd.

    9,942,433       4,406,668  

Info Edge India Ltd.

    697,174       44,226,590  

Infosys Ltd.

    29,995,209       603,638,304  

Inox Wind Ltd.(a)

    935,448       6,803,510  

Intellect Design Arena Ltd.

    986,868       13,142,180  

InterGlobe Aviation Ltd.(a)(b)

    1,287,307       48,881,584  

Ipca Laboratories Ltd.

    1,243,941       17,867,969  

IRB Infrastructure Developers Ltd., NVS

    14,252,697       10,791,561  

IRCON International Ltd.(b)

    3,360,628       9,261,952  

ITC Ltd.

    27,289,213        133,554,745  

Jai Balaji Industries Ltd., NVS

    172,408       2,655,756  

Jai Corp. Ltd.

    319,239       1,211,976  

Jain Irrigation Systems Ltd.(a)

    1,892,885       1,252,551  

Jaiprakash Power Ventures Ltd.(a)

    25,796,665       5,651,692  

Jammu & Kashmir Bank Ltd. (The)

    2,556,397       4,405,144  

JB Chemicals & Pharmaceuticals Ltd., NVS

    278,569       5,247,258  

JBM Auto Ltd.

    128,632       3,361,617  

Jindal Saw Ltd.

    997,626       5,752,553  
Security   Shares     Value  
India (continued)            

Jindal Steel & Power Ltd.

    3,472,247     $ 32,394,171  

Jio Financial Services Ltd., NVS(a)

    27,147,402        101,346,617  

JK Cement Ltd.

    328,461       17,868,433  

JK Lakshmi Cement Ltd.

    327,198       3,624,388  

JK Paper Ltd.

    1,218,146       5,484,085  

JK Tyre & Industries Ltd.

    855,711       5,355,832  

JM Financial Ltd.

    5,126,438       5,943,807  

JSW Steel Ltd.

    6,153,394       59,325,728  

Jubilant Foodworks Ltd.

    3,886,695       21,740,353  

Jubilant Ingrevia Ltd.

    895,170       5,197,497  

Jubilant Pharmova Ltd., Class A

    735,134       5,029,097  

Jupiter Wagons Ltd., NVS

    928,743       4,165,083  

Just Dial Ltd.(a)

    377,317       4,208,430  

Jyothy Labs Ltd.

    1,945,478       10,840,897  

Kajaria Ceramics Ltd.

    887,596       13,655,740  

Kalpataru Projects International Ltd.

    240,291       2,793,094  

Kalyan Jewellers India Ltd.

    2,318,892       11,113,925  

Kansai Nerolac Paints Ltd.

    2,261,902       7,899,667  

Karnataka Bank Ltd. (The)

    1,366,283       3,738,418  

Karur Vysya Bank Ltd. (The)

    5,285,270       11,683,256  

Kaveri Seed Co. Ltd.

    392,255       3,139,948  

Kaynes Technology India Ltd., NVS

    127,668       4,525,195  

KEC International Ltd.

    1,353,146       11,838,758  

KEI Industries Ltd.

    555,403       21,464,546  

Kirloskar Oil Engines Ltd.

    417,001       4,596,708  

Kotak Mahindra Bank Ltd.

    9,966,446       202,767,132  

KPI Green Energy Ltd.(b)

    93,097       1,953,812  

KPIT Technologies Ltd.

    1,647,860       31,142,830  

KPR Mill Ltd.

    1,052,798       9,754,205  

Krishna Institute Of Medical Sciences Ltd.(a)(b)

    346,115       9,406,197  

L&T Finance Holdings Ltd.

    8,101,995       16,302,005  

Lakshmi Machine Works Ltd.

    58,432       10,197,358  

Larsen & Toubro Ltd.

    6,104,936       255,957,344  

Laurus Labs Ltd.(b)

    3,221,180       15,774,473  

Lemon Tree Hotels Ltd.(a)(b)

    6,125,889       10,294,453  

LIC Housing Finance Ltd.

    2,905,911       22,682,524  

Lloyds Engineering Works Ltd., NVS

    3,028,536       2,136,145  

LT Foods Ltd.

    501,724       1,088,687  

LTIMindtree Ltd.(b)

    824,019       52,685,312  

Lupin Ltd.

    1,839,275       35,977,784  

Macrotech Developers Ltd.

    2,184,677       30,611,554  

Mahanagar Gas Ltd.

    734,049       13,119,719  

Maharashtra Seamless Ltd.

    230,871       2,559,311  

Mahindra & Mahindra Financial Services Ltd.

    5,172,818       17,642,055  

Mahindra & Mahindra Ltd.

    8,576,637       199,704,636  

Mahindra Lifespace Developers Ltd.

    910,699       6,344,273  

Man Infraconstruction Ltd.

    572,493       1,481,432  

Manappuram Finance Ltd.

    5,734,451       12,195,224  

Marico Ltd.

    5,170,547       32,577,006  

Marksans Pharma Ltd.

    984,433       1,808,005  

Maruti Suzuki India Ltd.

    1,252,982       170,523,938  

Mastek Ltd.

    218,408       7,719,160  

Max Financial Services Ltd.(a)

    2,244,175       26,187,868  

Max Healthcare Institute Ltd.

    7,400,878       70,831,373  

Medplus Health Services Ltd.(a)

    465,595       3,909,052  

Metropolis Healthcare Ltd.(b)

    322,237       6,221,714  

Mindspace Business Parks REIT(b)

    1,865,362       7,649,674  

Motherson Sumi Wiring India Ltd.

    21,517,073       18,173,601  

Motilal Oswal Financial Services Ltd.

    444,911       8,644,082  

Mphasis Ltd.

    748,901       23,625,530  

MRF Ltd.

    19,143       33,747,889  

Mrs Bectors Food Specialities Ltd.

    96,363       1,234,260  

 

 

20  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

MTAR Technologies Ltd.(a)

    287,125     $ 6,632,617  

Multi Commodity Exchange of India Ltd.

    224,717       10,179,437  

Muthoot Finance Ltd.

    1,184,764       18,583,565  

Narayana Hrudayalaya Ltd.

    866,669       14,023,070  

Natco Pharma Ltd.

    1,007,954       12,088,992  

National Aluminium Co. Ltd.

    9,734,208       18,255,300  

Navin Fluorine International Ltd.

    328,421       11,971,959  

NBCC India Ltd.

    5,432,338       8,819,830  

NCC Ltd./India

    4,981,165       14,844,388  

Nestle India Ltd., NVS

    3,173,167       99,375,756  

Neuland Laboratories Ltd.

    53,226       4,579,301  

Newgen Software Technologies Ltd.

    257,698       2,637,464  

Nexus Select Trust, NVS

    2,328,365       3,543,532  

NIIT Learning Systems Ltd., NVS

    824,502       5,165,303  

Nippon Life India Asset Management Ltd.(b)

    1,766,630       10,993,199  

NLC India Ltd.

    1,922,179       5,155,586  

NMDC Ltd.

    6,710,525       18,282,395  

NMDC Steel Ltd., NVS(a)

    6,601,557       4,888,064  

NTPC Ltd.

    40,257,358       162,674,191  

Nuvama Wealth Management Ltd., NVS

    65,803       3,262,471  

Nuvoco Vistas Corp. Ltd.(a)

    1,187,612       4,742,260  

Oil & Natural Gas Corp. Ltd.

    28,779,510       91,558,686  

Olectra Greentech Ltd.

    400,695       9,490,610  

One 97 Communications Ltd., NVS(a)

    2,183,210       10,567,318  

Orient Cement Ltd.

    652,492       1,786,499  

Orient Electric Ltd.

    1,337,913       3,361,944  

Orissa Minerals Development Co. Ltd.
(The)(a)

    589       48,152  

Page Industries Ltd.

    55,875       23,119,530  

Paisalo Digital Ltd.

    1,332,125       2,961,750  

PB Fintech Ltd.(a)

    2,187,093       30,764,367  

PCBL Ltd.

    1,435,091       4,951,759  

Persistent Systems Ltd.

    475,043       49,434,438  

Petronet LNG Ltd.

    6,997,451       23,039,228  

PG Electroplast Ltd.(a)

    16,553       362,463  

Phoenix Mills Ltd. (The)

    902,281       29,938,802  

PI Industries Ltd.

    774,091       34,287,967  

Pidilite Industries Ltd.

    1,518,284       50,130,107  

Piramal Enterprises Ltd.

    1,030,904       11,375,101  

Piramal Pharma Ltd., NVS(a)

    5,565,332       8,852,471  

PNB Housing Finance Ltd.(a)(b)

    1,136,727       9,511,256  

Polycab India Ltd.

    376,745       21,567,236  

Polyplex Corp. Ltd.

    189,146       1,965,437  

Poonawalla Fincorp Ltd.

    2,377,187       13,378,792  

Power Finance Corp. Ltd.

    13,198,184       63,848,918  

Power Grid Corp. of India Ltd.

    42,503,650        145,212,684  

Praj Industries Ltd.

    1,685,708       10,128,361  

Procter & Gamble Health Ltd.

    71,357       4,381,313  

PTC India Ltd.

    1,700,898       4,149,019  

Punjab National Bank

    16,914,357       24,856,580  

PVR Inox Ltd.(a)

    705,512       11,666,688  

Quess Corp. Ltd.(b)

    887,899       5,501,877  

Radico Khaitan Ltd.

    811,380       15,344,315  

Railtel Corp. of India Ltd.

    1,230,770       6,664,683  

Rain Industries Ltd.

    2,580,221       5,721,832  

Rainbow Children’s Medicare Ltd.

    219,622       3,591,670  

Rajesh Exports Ltd.(a)

    729,651       2,712,285  

Rallis India Ltd.

    1,396,046       4,170,072  

Ramco Cements Ltd. (The)

    1,161,670       11,693,304  

Ramkrishna Forgings Ltd.

    570,388       5,379,433  

Ratnamani Metals & Tubes Ltd.

    57,168       2,092,773  

RattanIndia Enterprises Ltd.(a)

    3,041,626       3,064,880  

RattanIndia Power Ltd.(a)

    11,456,660       1,388,623  
Security   Shares     Value  
India (continued)            

Raymond Ltd.

    435,233     $ 9,622,626  

RBL Bank Ltd.(b)

    4,738,313       14,862,176  

REC Ltd.

    11,669,857       62,141,088  

Redington Ltd.

    5,577,312       13,890,032  

Relaxo Footwears Ltd.

    726,196       7,325,248  

Reliance Industries Ltd.

    27,483,969       967,305,008  

Reliance Infrastructure Ltd.(a)

    1,360,026       3,614,813  

Reliance Power Ltd.(a)

    30,101,911       8,793,359  

Religare Enterprises Ltd.(a)

    983,876       2,798,647  

Rhi Magnesita India Ltd.

    337,530       2,322,269  

RITES Ltd.

    425,989       4,013,993  

Route Mobile Ltd.

    460,577       8,857,690  

Safari Industries India Ltd.

    82,201       2,018,635  

Samvardhana Motherson International Ltd.

    21,721,634       31,206,993  

Sanofi India Ltd.

    99,845       10,347,578  

Sarda Energy & Minerals Ltd., NVS

    934,415       2,412,029  

Saregama India Ltd.

    753,225       3,654,579  

SBI Cards & Payment Services Ltd.

    2,418,576       20,982,185  

SBI Life Insurance Co. Ltd.(b)

    4,353,321       81,341,777  

Sheela Foam Ltd.(a)

    344,559       4,305,707  

Shipping Corp. of India Ltd.

    421,582       1,202,977  

Shree Cement Ltd.

    93,332       28,643,008  

Shree Renuka Sugars Ltd.(a)

    8,466,764       4,751,873  

Shriram Finance Ltd.

    2,579,908       75,785,376  

Shyam Metalics & Energy Ltd.

    397,621       3,115,403  

Siemens Ltd.

    822,522       46,374,724  

SJVN Ltd.

    6,712,033       9,827,358  

SKF India Ltd.

    146,014       8,317,029  

Sobha Ltd.

    249,002       4,688,188  

Sona Blw Precision Forgings Ltd.(b)

    3,703,509       30,761,637  

Sonata Software Ltd.

    1,774,680       17,328,857  

South Indian Bank Ltd. (The)

    10,324,254       4,015,021  

Spandana Sphoorty Financial Ltd.(a)

    303,486       3,344,218  

SRF Ltd.

    1,420,439       40,948,455  

Star Health & Allied Insurance Co. Ltd.(a)

    822,427       5,555,303  

State Bank of India

    16,455,243       148,176,162  

Sterling and Wilson Renewable Energy Ltd.(a)

    691,020       5,035,790  

Sterlite Technologies Ltd.

    2,096,164       3,464,624  

Strides Pharma Science Ltd.

    851,910       8,081,285  

Sumitomo Chemical India Ltd.

    1,213,488       5,477,975  

Sun Pharma Advanced Research Co. Ltd.(a)

    1,549,158       6,811,774  

Sun Pharmaceutical Industries Ltd.

    8,768,274        166,693,901  

Sun TV Network Ltd.

    1,021,535       7,582,830  

Sundram Fasteners Ltd.

    850,353       10,969,130  

Sunteck Realty Ltd.

    664,576       3,699,522  

Supreme Industries Ltd.

    626,271       31,321,119  

Surya Roshni Ltd., NVS

    444,963       3,217,542  

Suven Pharmaceuticals Ltd.(a)

    1,520,255       11,533,719  

Suzlon Energy Ltd.(a)

    78,730,413       42,893,603  

Swan Energy Ltd.

    915,548       8,228,379  

Symphony Ltd.

    227,100       2,414,361  

Syngene International Ltd.(b)

    1,335,422       11,359,391  

Syrma SGS Technology Ltd.

    416,832       2,630,282  

Tanla Platforms Ltd.

    718,176       8,462,505  

Tata Chemicals Ltd.

    1,337,141       15,106,722  

Tata Communications Ltd.

    905,403       20,967,851  

Tata Consultancy Services Ltd.

    8,191,521       404,096,728  

Tata Consumer Products Ltd.

    5,274,130       75,635,742  

Tata Elxsi Ltd.

    330,049       31,079,063  

Tata Investment Corp. Ltd.

    98,190       8,569,801  

Tata Motors Ltd.

    15,059,647       172,419,727  

Tata Motors Ltd., Class A

    4,147,049       31,577,848  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  21


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Tata Power Co. Ltd. (The)

    13,736,415     $ 61,605,910  

Tata Steel Ltd.

    68,987,779       116,946,392  

Tata Teleservices Maharashtra Ltd.(a)

    5,037,583       5,309,902  

TeamLease Services Ltd.(a)

    121,289       4,400,220  

Tech Mahindra Ltd.

    4,963,478       76,274,883  

Tejas Networks Ltd.(a)(b)

    925,213       8,327,922  

Texmaco Rail & Engineering Ltd.

    1,396,988       3,181,722  

Tilaknagar Industries Ltd.

    477,903       1,237,252  

Timken India Ltd.

    228,165       7,477,412  

Titagarh Rail System Ltd.

    576,172       6,511,668  

Titan Co. Ltd.

    3,280,700       143,371,442  

Torrent Pharmaceuticals Ltd.

    932,112       30,031,284  

Trent Ltd.

    1,759,357       82,226,048  

Trident Ltd.

    15,569,558       7,934,339  

Triveni Turbine Ltd.

    880,494       5,282,451  

TTK Prestige Ltd.

    636,532       5,737,400  

Tube Investments of India Ltd.

    1,014,129       42,571,012  

TV18 Broadcast Ltd.(a)

    6,474,852       4,650,171  

TVS Motor Co. Ltd.

    2,278,537       58,715,810  

Ujjivan Small Finance Bank Ltd.(b)

    5,533,566       3,545,618  

UltraTech Cement Ltd.

    1,058,604       126,298,110  

Union Bank of India Ltd.

    10,223,829       18,039,241  

United Spirits Ltd.

    2,905,344       40,839,486  

UNO Minda Ltd.

    1,545,342       12,449,966  

UPL Ltd.

    4,347,342       24,620,704  

Usha Martin Ltd.

    863,642       3,425,949  

UTI Asset Management Co. Ltd.

    501,352       5,406,926  

Vardhman Textiles Ltd.

    1,334,180       6,871,006  

Varun Beverages Ltd.

    4,433,181       75,339,218  

Vedanta Ltd.

    7,911,211       25,492,086  

V-Guard Industries Ltd.

    2,184,275       8,550,105  

Vinati Organics Ltd.

    338,743       6,806,559  

VIP Industries Ltd.

    812,077       5,409,416  

V-Mart Retail Ltd.(a)

    124,072       2,857,585  

Voltamp Transformers Ltd.

    38,787       4,110,657  

Voltas Ltd.

    1,931,538       25,814,060  

Welspun Corp. Ltd.

    1,413,677       8,704,322  

Welspun Living Ltd.

    3,366,553       6,271,952  

Westlife Foodworld Ltd.

    703,739       6,351,474  

Whirlpool of India Ltd.

    386,563       5,860,014  

Wipro Ltd.

    11,815,880       73,717,193  

Wockhardt Ltd.(a)

    341,458       2,488,815  

Wonderla Holidays Ltd.

    51,169       581,203  

Yes Bank Ltd.(a)

    114,545,503       33,682,128  

Zee Entertainment Enterprises Ltd.(a)

    7,665,204       14,837,115  

Zen Technologies Ltd.

    209,879       2,178,991  

Zensar Technologies Ltd.

    1,369,661       9,070,619  

Zomato Ltd.(a)

    53,577,562       106,641,337  
   

 

 

 
       14,264,552,298  
Indonesia — 1.9%            

Ace Hardware Indonesia Tbk PT

    73,043,100       3,881,716  

Adaro Energy Indonesia Tbk PT

    132,497,000       20,420,505  

AKR Corporindo Tbk PT

    111,132,900       12,022,013  

Amman Mineral Internasional PT(a)

    54,087,328       29,234,636  

Aneka Tambang Tbk

    76,748,643       7,128,069  

Astra Agro Lestari Tbk PT

    6,280,200       2,679,015  

Astra International Tbk PT

    183,592,800       61,117,706  

Astrindo Nusantara Infrastructure Tbk PT(a)

    461,282,900       2,406,949  

Bank Aladin Syariah Tbk PT(a)

    52,180,500       3,552,856  

Bank BTPN Syariah Tbk PT

    27,826,200       2,434,682  

Bank Central Asia Tbk PT

    498,253,900       313,534,197  

Bank Jago Tbk PT(a)

    31,301,000       5,416,215  
Security   Shares     Value  
Indonesia (continued)            

Bank Mandiri Persero Tbk PT

    341,778,200     $ 152,663,264  

Bank Negara Indonesia Persero Tbk PT

    133,705,400       51,100,085  

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT

    24,167,519       1,853,125  

Bank Rakyat Indonesia Persero Tbk PT

    619,126,395       241,263,456  

Bank Tabungan Negara Persero Tbk PT

    53,781,176       4,897,951  

Barito Pacific Tbk PT

    264,570,615       16,445,271  

Berkah Beton Sadaya Tbk PT(a)

    179,871,000       572,291  

BFI Finance Indonesia Tbk PT

    80,082,700       7,032,397  

Bukalapak.com PT Tbk(a)

    567,360,300       5,680,958  

Bukit Asam Tbk PT

    41,102,900       6,692,283  

Bumi Resources Minerals Tbk PT(a)

    561,865,000       5,148,493  

Bumi Resources Tbk PT(a)

    390,890,000       2,164,011  

Bumi Serpong Damai Tbk PT(a)

    94,904,500       6,121,733  

Charoen Pokphand Indonesia Tbk PT

    70,862,700       21,848,378  

Ciputra Development Tbk PT

    101,033,127       8,164,942  

GoTo Gojek Tokopedia Tbk PT(a)

    7,492,686,600       33,914,712  

Hanson International Tbk PT(a)(d)

    783,666,700       1  

Harum Energy Tbk PT(a)

    29,984,600       2,388,970  

Indah Kiat Pulp & Paper Tbk PT

    25,480,000       14,161,175  

Indika Energy Tbk PT

    16,450,900       1,423,686  

Indo Tambangraya Megah Tbk PT

    3,941,200       6,568,693  

Indocement Tunggal Prakarsa Tbk PT

    14,705,100       8,491,087  

Indofood CBP Sukses Makmur Tbk PT

    21,133,300       15,581,227  

Indofood Sukses Makmur Tbk PT

    38,792,000       16,353,611  

Industri Jamu Dan Farmasi Sido Muncul Tbk PT

    45,611,000       1,784,968  

Inti Agri Resources Tbk PT(a)(d)

    291,349,000        

Japfa Comfeed Indonesia Tbk PT

    56,678,100       4,147,618  

Jasa Marga Persero Tbk PT

    23,401,780       8,083,098  

Kalbe Farma Tbk PT

    193,169,900       18,287,237  

Medco Energi Internasional Tbk PT

    76,340,380       6,347,909  

Media Nusantara Citra Tbk PT

    66,967,500       1,389,208  

Medikaloka Hermina Tbk PT

    43,458,000       3,498,210  

Merdeka Copper Gold Tbk PT(a)

    102,821,685       14,788,582  

Metro Healthcare Indonesia TBK PT(a)

    259,760,900       2,429,835  

Mitra Adiperkasa Tbk PT

    99,857,300       12,199,045  

Pabrik Kertas Tjiwi Kimia Tbk PT

    15,255,800       6,649,840  

Pakuwon Jati Tbk PT

    204,872,300       5,292,915  

Panin Financial Tbk PT(a)

    184,962,600       3,062,492  

Perusahaan Gas Negara Tbk PT

    96,892,600       6,721,915  

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT

    38,513,200       2,072,690  

Pool Advista Indonesia Tbk PT(a)(d)

    12,679,400        

Sarana Menara Nusantara Tbk PT

    209,566,000       12,288,822  

Semen Indonesia Persero Tbk PT

    30,695,509       11,923,785  

Smartfren Telecom Tbk PT(a)

    975,297,800       3,289,264  

Sugih Energy Tbk PT(a)(d)

    27,492,211        

Sumber Alfaria Trijaya Tbk PT

    154,735,700       27,077,517  

Summarecon Agung Tbk PT

    133,419,941       4,664,709  

Surya Citra Media Tbk PT

    260,750,700       2,474,805  

Surya Esa Perkasa Tbk PT

    78,828,500       2,583,308  

Telkom Indonesia Persero Tbk PT

    439,699,200       112,083,425  

Trada Alam Minera Tbk PT(a)(d)

    280,960,700        

Transcoal Pacific Tbk PT

    11,105,200       5,567,671  

Unilever Indonesia Tbk PT

    65,050,100       11,300,463  

United Tractors Tbk PT

    14,403,000       21,571,293  

Waskita Karya Persero Tbk PT(a)(d)

    135,029,644       1,388,533  

XL Axiata Tbk PT

    43,042,900       6,518,747  
   

 

 

 
       1,413,848,263  
Kazakhstan — 0.0%            

Polymetal International PLC(a)(d)

    3,035,664       334  
   

 

 

 

 

 

22  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Kuwait — 0.9%            

Agility Public Warehousing Co. KSC(a)

    14,058,307     $ 27,490,831  

Al Ahli Bank of Kuwait KSCP

    10,841,541       9,034,324  

Arabi Group Holding KSC(a)

    1,153,861       1,964,657  

Arzan Financial Group for Financing & Investment KPSC

    3,789,767       2,758,433  

Boubyan Bank KSCP

    13,848,871       28,956,493  

Boubyan Petrochemicals Co. KSCP

    4,332,453       8,590,139  

Boursa Kuwait Securities Co. KPSC

    415,916       2,757,006  

Gulf Bank KSCP

    16,557,395       15,885,200  

Gulf Cable & Electrical Industries Co. KSCP

    1,033,068       5,011,764  

Humansoft Holding Co. KSC

    870,043       9,527,360  

Jazeera Airways Co. KSCP

    1,048,675       3,847,129  

Kuwait Finance House KSCP

    78,198,110       206,025,530  

Kuwait International Bank KSCP

    16,561,808       8,885,363  

Kuwait Projects Co. Holding KSCP(a)

    21,246,858       8,699,371  

Kuwait Real Estate Co. KSC

    6,828,990       5,109,261  

Mabanee Co. KPSC

    6,356,773       16,896,313  

Mobile Telecommunications Co. KSCP

    18,871,586       30,864,349  

National Bank of Kuwait SAKP

    68,536,942       218,368,830  

National Industries Group Holding SAK

    20,949,886       16,306,193  

National Investments Co. KSCP

    4,101,341       3,798,155  

National Real Estate Co. KPSC(a)

    9,621,577       2,482,508  

Salhia Real Estate Co. KSCP

    4,848,634       7,247,349  

Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC

    6,417,388       3,550,551  

Warba Bank KSCP

    16,490,199       10,083,536  
   

 

 

 
       654,140,645  
Malaysia — 1.5%            

AFFIN Bank Bhd

    3,140,500       1,708,798  

Alliance Bank Malaysia Bhd

    8,970,100       6,732,102  

AMMB Holdings Bhd

    15,427,700       14,122,293  

Axiata Group Bhd

    25,016,600       14,664,467  

Bermaz Auto Bhd

    13,250,200       6,812,873  

British American Tobacco Malaysia Bhd(c)

    1,575,400       2,772,013  

Bursa Malaysia Bhd

    6,113,600       9,634,469  

Carlsberg Brewery Malaysia Bhd

    1,880,400       7,552,507  

CELCOMDIGI Bhd

    31,951,300       29,339,461  

CIMB Group Holdings Bhd

    59,305,600       80,761,080  

CTOS Digital Bhd(c)

    14,749,900       4,696,427  

D&O Green Technologies Bhd(a)(c)

    6,358,100       4,453,173  

Dialog Group Bhd

    31,890,896       14,112,093  

DRB-Hicom Bhd

    10,575,000       3,102,481  

Fraser & Neave Holdings Bhd

    1,514,600       9,415,383  

Frontken Corp. Bhd(c)

    13,107,600       10,165,515  

Gamuda Bhd

    17,339,600       19,329,151  

Gas Malaysia Bhd

    1,194,700       858,482  

Genting Bhd

    18,160,200       18,268,028  

Genting Malaysia Bhd

    26,164,200       15,846,287  

Greatech Technology Bhd(a)(c)

    4,829,900       4,865,021  

Hartalega Holdings Bhd(a)

    15,181,000       8,034,007  

Heineken Malaysia Bhd

    1,440,200       6,877,027  

Hibiscus Petroleum Bhd

    6,678,440       3,558,392  

Hong Leong Bank Bhd

    5,906,500       24,560,385  

IHH Healthcare Bhd

    16,542,700       21,438,754  

IJM Corp. Bhd

    27,175,300       12,271,450  

Inari Amertron Bhd

    25,894,700       17,334,912  

IOI Corp. Bhd

    22,745,700       19,071,858  

IOI Properties Group Bhd

    6,441,400       3,121,951  

Kossan Rubber Industries Bhd

    12,703,000       5,032,481  

KPJ Healthcare Bhd(c)

    34,752,400       12,078,193  

Kuala Lumpur Kepong Bhd

    3,980,900       18,811,671  

Lotte Chemical Titan Holding Bhd(a)(b)

    5,556,700       1,381,710  
Security   Shares     Value  
Malaysia (continued)            

Magnum Bhd

    11,641,586     $ 2,772,098  

Malayan Banking Bhd

    46,828,400       94,083,402  

Malaysia Airports Holdings Bhd

    7,215,800       12,894,318  

Malaysia Building Society Bhd(c)

    35,688,900       5,725,844  

Malaysian Pacific Industries Bhd(c)

    957,000       5,863,126  

Malaysian Resources Corp. Bhd

    32,690,900       4,038,874  

Maxis Bhd(c)

    21,606,400       16,937,269  

Mega First Corp. Bhd

    8,203,100       6,827,994  

MISC Bhd

    12,151,200       19,480,943  

MR DIY Group M Bhd(b)

    24,390,450       8,016,474  

My EG Services Bhd

    54,918,600       9,327,644  

Nationgate Holdings Bhd, NVS

    6,670,200       1,986,588  

Nestle Malaysia Bhd(c)

    565,000       14,870,614  

Padini Holdings Bhd

    4,020,000       2,871,731  

Pentamaster Corp. Bhd

    7,230,400       6,544,477  

Petronas Chemicals Group Bhd

    23,721,800       35,012,902  

Petronas Dagangan Bhd

    2,794,200       13,448,431  

Petronas Gas Bhd

    7,089,000       26,799,423  

PPB Group Bhd

    6,458,020       21,202,392  

Press Metal Aluminium Holdings Bhd

    32,994,000       32,563,163  

Public Bank Bhd

    129,754,600       120,429,221  

QL Resources Bhd

    11,617,543       14,218,073  

RHB Bank Bhd

    11,990,966       14,161,797  

Sam Engineering & Equipment M Bhd

    952,100       957,015  

Scientex Bhd

    8,883,800       7,282,110  

Sime Darby Bhd

    24,720,200       14,125,113  

Sime Darby Plantation Bhd

    18,594,300       16,993,000  

Sime Darby Property Bhd(c)

    38,526,100       6,264,869  

SP Setia Bhd Group(c)

    21,527,100       3,840,497  

Sports Toto Bhd

    8,781,129       2,646,089  

Sunway REIT(c)

    24,733,700       8,130,771  

Supermax Corp. Bhd

    16,154,527       2,826,704  

Telekom Malaysia Bhd

    9,804,800       12,506,574  

Tenaga Nasional Bhd

    23,301,900       55,290,147  

TIME dotCom Bhd

    12,757,700       14,802,389  

Top Glove Corp. Bhd(a)

    45,493,600       7,721,238  

UEM Sunrise Bhd(c)

    11,607,300       2,550,316  

UWC Bhd(a)(c)

    4,791,400       3,468,655  

ViTrox Corp. Bhd(c)

    3,724,800       5,886,840  

VS Industry Bhd

    33,605,150       5,243,954  

Yinson Holdings Bhd

    16,041,560       8,619,951  

YTL Corp. Bhd

    19,954,649       11,227,250  

YTL Power International Bhd(c)

    22,035,800       18,399,858  
   

 

 

 
       1,131,645,033  
Mexico — 2.5%            

Alfa SAB de CV, Class A

    25,106,900       18,722,367  

Alsea SAB de CV(a)

    5,071,395       19,435,500  

America Movil SAB de CV

    169,469,438       158,688,838  

Arca Continental SAB de CV

    4,371,779       47,095,199  

Banco del Bajio SA(b)

    7,399,097       27,535,663  

Bolsa Mexicana de Valores SAB de CV

    3,721,078       8,025,394  

Cemex SAB de CV, NVS(a)

    137,917,983       105,435,635  

Coca-Cola Femsa SAB de CV

    4,430,200       43,240,863  

Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(c)

    7,749,559       5,637,944  

Corp Inmobiliaria Vesta SAB de CV

    6,588,410       23,096,205  

FIBRA Macquarie Mexico(b)(c)

    10,172,000       20,010,687  

Fibra Uno Administracion SA de CV

    28,554,900       51,600,447  

Fomento Economico Mexicano SAB de CV

    17,615,962       219,968,916  

GCC SAB de CV

    1,714,057       18,097,699  

Genomma Lab Internacional SAB de CV, Class B

    8,734,724       6,744,149  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  23


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Mexico (continued)            

Gentera SAB de CV

    10,939,492     $ 16,443,656  

Gruma SAB de CV, Class B

    1,795,660       31,977,745  

Grupo Aeroportuario del Centro Norte SAB de CV, Class B

    2,648,573       22,956,345  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    3,485,806       51,470,308  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    1,710,805       50,196,194  

Grupo Bimbo SAB de CV, Series A

    12,381,002       51,792,566  

Grupo Carso SAB de CV, Series A1(c)

    4,925,736       42,615,488  

Grupo Financiero Banorte SAB de CV, Class O

    23,431,978       242,262,532  

Grupo Financiero Inbursa SAB de CV, Class O(a)

    18,089,442       54,880,974  

Grupo Mexico SAB de CV, Series B

    27,973,920       135,797,242  

Grupo Televisa SAB, CPO

    20,878,756       12,482,481  

Industrias Penoles SAB de CV(a)(c)

    1,688,770       21,161,829  

Kimberly-Clark de Mexico SAB de CV, Class A

    13,584,575       30,191,044  

La Comer SAB de CV

    5,555,096       12,987,992  

Nemak SAB de CV(a)(b)

    15,812,924       3,228,595  

Ollamani SAB, NVS

    92,538       156,200  

Operadora De Sites Mexicanos SAB de CV

    12,703,895       14,765,341  

Orbia Advance Corp. SAB de CV

    9,027,483       16,694,561  

Prologis Property Mexico SA de CV

    6,038,493       27,141,643  

Promotora y Operadora de Infraestructura SAB de CV

    1,812,410       18,836,282  

Qualitas Controladora SAB de CV

    1,768,678       19,866,724  

Regional SAB de CV

    2,169,347       20,240,917  

TF Administradora Industrial S de Realde CV(c)

    8,571,849       20,478,794  

Wal-Mart de Mexico SAB de CV

    46,703,676       187,014,734  
   

 

 

 
       1,878,975,693  
Netherlands — 0.1%            

NEPI Rockcastle NV

    4,474,834       31,928,104  

Pepco Group NV(a)(c)

    1,376,237       6,906,468  
   

 

 

 
      38,834,572  
Peru — 0.3%            

Cia. de Minas Buenaventura SAA, ADR

    1,890,923       28,552,937  

Credicorp Ltd.

    608,422       103,967,152  

Southern Copper Corp.

    769,906       62,254,599  
   

 

 

 
      194,774,688  
Philippines — 0.7%            

Aboitiz Equity Ventures Inc.

    16,656,190       15,708,268  

Alliance Global Group Inc.

    40,547,800       7,443,801  

Ayala Corp.

    2,257,695       27,246,521  

Ayala Land Inc.

    63,729,040       39,720,016  

Bank of the Philippine Islands

    18,157,448       40,427,995  

BDO Unibank Inc.

    22,334,185       60,845,101  

Bloomberry Resorts Corp.(a)

    46,347,800       9,250,597  

Cebu Air Inc.(a)

    3,124,730       1,812,082  

Converge Information and Communications Technology Solutions Inc.(a)

    20,782,500       3,328,811  

D&L Industries Inc.

    35,417,800       4,259,083  

DMCI Holdings Inc.

    37,947,300       7,398,424  

GT Capital Holdings Inc.

    940,580       11,762,479  

International Container Terminal Services Inc.

    9,230,580       47,369,775  

JG Summit Holdings Inc.

    29,369,201       21,420,213  

Jollibee Foods Corp.

    4,316,900       21,025,833  

Manila Electric Co.

    1,991,560       13,816,746  

Manila Water Co. Inc.

    13,037,800       4,508,669  

Megaworld Corp.

    118,815,200       4,082,458  

Metropolitan Bank & Trust Co.

    16,115,543       17,774,271  
Security   Shares     Value  
Philippines (continued)            

PLDT Inc.

    683,425     $ 15,947,027  

Puregold Price Club Inc.

    10,067,150       4,924,782  

Robinsons Land Corp.

    23,788,913       6,928,705  

Security Bank Corp.

    3,394,470       4,287,243  

Semirara Mining & Power Corp., Class A

    8,233,000       4,730,515  

SM Investments Corp.

    2,271,622       38,011,552  

SM Prime Holdings Inc.

    94,150,896       52,924,812  

Universal Robina Corp.

    8,303,090       17,285,258  

Wilcon Depot Inc.

    13,466,200       5,174,240  
   

 

 

 
      509,415,277  
Poland — 1.0%            

Alior Bank SA(a)

    901,499       21,655,874  

Allegro.eu SA (a)(b)(c)

    4,396,705       35,531,592  

AmRest Holdings SE(a)

    821,627       5,149,042  

Asseco Poland SA

    580,734       10,905,822  

Bank Millennium SA(a)(c)

    6,557,644       16,408,071  

Bank Polska Kasa Opieki SA

    1,668,077       72,350,152  

Budimex SA

    134,172       24,528,702  

CCC SA(a)(c)

    447,462       8,529,354  

CD Projekt SA(c)

    582,636       16,013,046  

Cyfrowy Polsat SA(a)(c)

    1,966,177       5,774,247  

Dino Polska SA(a)(b)(c)

    448,449       52,182,273  

Enea SA(a)

    2,773,041       6,791,349  

Eurocash SA

    993,544       4,200,287  

Grupa Azoty SA(a)(c)

    507,937       2,867,094  

Grupa Kety SA

    58,383       10,310,929  

Jastrzebska Spolka Weglowa SA, Class S(a)(c)

    547,965       5,663,404  

KGHM Polska Miedz SA

    1,227,156       33,167,100  

KRUK SA

    169,185       17,839,001  

LPP SA

    10,299       46,270,832  

mBank SA(a)

    146,098       25,457,278  

Orange Polska SA

    5,602,223       11,465,820  

ORLEN SA

    5,173,459       80,361,011  

PGE Polska Grupa Energetyczna SA(a)

    8,013,597       16,014,725  

Powszechna Kasa Oszczednosci Bank
Polski SA

    7,846,255       109,340,712  

Powszechny Zaklad Ubezpieczen SA

    5,349,961       65,832,454  

Santander Bank Polska SA

    333,093       45,936,135  

Tauron Polska Energia SA(a)

    10,723,471       9,727,580  

Warsaw Stock Exchange(c)

    467,667       5,160,454  
   

 

 

 
       765,434,340  
Qatar — 0.8%            

Al Meera Consumer Goods Co. QSC

    1,404,893       4,993,120  

Baladna(a)

    10,376,072       3,631,483  

Barwa Real Estate Co.

    15,689,470       13,163,958  

Commercial Bank PSQC (The)

    30,078,212       41,718,129  

Doha Bank QPSC

    14,991,294       6,778,322  

Dukhan Bank

    11,858,078       13,544,042  

Estithmar Holding QPSC(a)

    9,384,731       5,095,782  

Gulf International Services QSC

    9,147,989       7,205,264  

Industries Qatar QSC

    14,069,277       49,815,619  

Masraf Al Rayan QSC

    49,770,228       34,570,566  

Medicare Group

    1,719,872       2,181,853  

Mesaieed Petrochemical Holding Co. QSC

    44,246,184       22,933,028  

Ooredoo QPSC

    6,969,445       21,731,137  

Qatar Aluminum Manufacturing Co.

    28,593,361       9,964,345  

Qatar Electricity & Water Co. QSC

    4,726,539       22,413,270  

Qatar Fuel QSC

    3,661,760       15,014,973  

Qatar Gas Transport Co. Ltd.

    22,487,466       24,653,959  

Qatar International Islamic Bank QSC

    9,272,292       29,013,260  

Qatar Islamic Bank SAQ

    15,588,195       86,137,976  

 

 

24  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Qatar (continued)            

Qatar National Bank QPSC

    42,325,563     $ 176,777,273  

Qatar Navigation QSC

    6,363,551       19,196,232  

United Development Co. QSC

    21,064,728       5,981,684  

Vodafone Qatar QSC

    26,066,600       12,366,713  
   

 

 

 
       628,881,988  
Russia — 0.0%            

Aeroflot PJSC(a)(d)

    12,448,217       1,360  

Alrosa PJSC(a)(d)

    22,555,750       2,465  

Credit Bank of Moscow PJSC(a)(d)

    131,641,331       14,387  

Detsky Mir PJSC(a)(b)(d)

    5,639,776       616  

Federal Grid Co. Rosseti PJSC(a)(d)

    2,175,770,000       238  

Gazprom PJSC(a)(d)

    101,307,770       11,072  

Globaltrans Investment PLC, GDR(a)(d)(f)

    1,523,220       166  

Inter RAO UES PJSC(a)(d)

    270,997,905       29,617  

LSR Group PJSC, Class A(d)

    498,324       54  

LUKOIL PJSC(a)(d)

    3,545,225       387  

MMC Norilsk Nickel PJSC(a)(d)

    542,170       59  

Mobile TeleSystems PJSC(a)(d)

    7,617,292       832  

Moscow Exchange MICEX-RTS PJSC(a)(d)

    12,320,031       1,346  

Novatek PJSC(a)(d)

    7,792,960       852  

Novolipetsk Steel PJSC(a)(d)

    12,759,568       1,395  

OGK-2 PJSC(d)

    319,608,000       34,930  

Ozon Holdings PLC, ADR(a)(d)

    453,223       50  

PhosAgro PJSC(a)(d)

    409,067       45  

PhosAgro PJSC, GDR(a)(d)(f)

    1        

PhosAgro PJSC, New(a)(d)

    7,905       79  

Polyus PJSC(a)(d)

    290,787       32  

Ros Agro PLC, GDR(a)(d)(f)

    300,309       33  

Rosneft Oil Co. PJSC(a)(d)

    9,721,202       1,062  

Rostelecom PJSC(d)

    8,098,021       885  

Sberbank of Russia PJSC(a)(d)

    91,862,230       10,040  

Segezha Group PJSC(a)(b)(d)

    34,454,100       3,765  

Severstal PAO(a)(d)

    1,835,503       201  

Sistema AFK PAO(d)

    30,748,700       3,361  

Sovcomflot PJSC(d)

    4,464,400       488  

Surgutneftegas PJSC(a)(d)

    60,550,132       6,618  

Tatneft PJSC(a)(d)

    11,775,415       1,287  

TCS Group Holding PLC, GDR(a)(d)(f)

    1,042,828       114  

Unipro PJSC(a)(d)

    160,829,082       17,577  

United Co. RUSAL International
PJSC(a)(d)

    26,465,860       2,892  

VK Co. Ltd.(a)(d)

    956,753       105  

VTB Bank PJSC(a)(d)

    25,685,534,000       2,807  

X5 Retail Group NV, GDR(a)(d)

    1,023,928       112  

Yandex NV(a)(d)

    2,640,123       289  
   

 

 

 
      151,618  
Saudi Arabia — 4.5%            

Abdullah Al Othaim Markets Co.

    4,322,820       15,385,538  

ACWA Power Co.

    862,380       60,715,559  

Ades Holding Co.(a)

    1,768,112       9,429,176  

Advanced Petrochemical Co.

    1,217,444       12,396,162  

Al Hammadi Holding

    884,519       15,778,856  

Al Masane Al Kobra Mining Co.

    629,262       9,815,702  

Al Moammar Information Systems Co.

    206,226       8,006,815  

Al Rajhi Bank

    17,722,612       420,880,364  

Al Rajhi Co. for Co-operative Insurance(a)

    151,488       3,427,894  

Al-Dawaa Medical Services Co.

    94,325       2,882,649  

Aldrees Petroleum and Transport Services Co.

    378,583       18,224,804  

Alinma Bank

    8,966,091       105,237,044  

AlKhorayef Water & Power Technologies Co.(a)

    46,735       3,023,201  

Almarai Co. JSC

    2,278,862       35,729,698  

Almunajem Foods Co.

    148,895       4,160,786  
Security   Shares     Value  
Saudi Arabia (continued)            

Alujain Corp.(a)

    558,494     $ 6,289,320  

Anglogold Ashanti PLC, NVS

    3,750,060       70,644,981  

Arab National Bank

    5,875,231       43,684,996  

Arabian Cement Co./Saudi Arabia

    820,991       7,189,400  

Arabian Contracting Services Co.

    182,755       12,796,700  

Arabian Internet & Communications Services Co.

    237,524       23,262,541  

Arriyadh Development Co.

    1,497,024       9,435,276  

Astra Industrial Group

    404,315       18,219,672  

Bank AlBilad

    4,551,226       60,068,602  

Bank Al-Jazira(a)

    3,679,143       19,110,893  

Banque Saudi Fransi

    5,543,515       56,364,237  

Bupa Arabia for Cooperative Insurance Co.

    746,827       45,694,820  

Catrion Catering Holding Co.

    472,022       16,815,225  

City Cement Co.

    975,392       4,972,010  

Co. for Cooperative Insurance (The)

    745,758       32,214,168  

Dallah Healthcare Co.

    334,982       16,756,692  

Dar Al Arkan Real Estate Development Co.(a)

    4,914,959       18,317,409  

Dr Sulaiman Al Habib Medical
Services Group Co.

    806,348       71,006,739  

Eastern Province Cement Co.

    668,387       6,394,993  

Electrical Industries Co.

    4,636,527       5,204,858  

Elm Co.

    222,709       62,816,989  

Emaar Economic City(a)

    4,024,304       8,748,847  

Etihad Etisalat Co.

    3,532,550       52,089,170  

Fawaz Abdulaziz Al Hokair & Co.(a)

    554,498       2,652,506  

First Milling Co., NVS

    123,050       2,680,419  

Herfy Food Services Co.

    365,521       3,569,183  

Jahez International Co., NVS

    100,714       958,721  

Jamjoom Pharmaceuticals Factory Co., NVS

    186,326       7,169,549  

Jarir Marketing Co.

    5,404,392       22,463,438  

Leejam Sports Co. JSC

    283,499       16,282,880  

Lumi Rental Co.(a)

    124,080       3,877,603  

Maharah Human Resources Co.

    1,999,687       3,910,306  

Methanol Chemicals Co.(a)

    677,549       3,139,206  

Middle East Healthcare Co.(a)

    404,968       13,130,712  

Middle East Paper Co.

    502,241       5,920,808  

Mobile Telecommunications Co. Saudi Arabia

    3,950,803       15,696,602  

Mouwasat Medical Services Co.

    941,738       31,034,792  

Nahdi Medical Co.

    368,103       13,937,719  

National Agriculture Development Co. (The)(a)

    1,872,209       16,528,285  

National Gas & Industrialization Co.

    478,450       10,937,101  

National Industrialization Co.(a)

    3,033,732       10,680,884  

National Medical Care Co.

    284,277       15,255,210  

Perfect Presentation For Commercial Services Co., NVS(a)

    317,345       2,961,650  

Power & Water Utility Co. for Jubail & Yanbu

    550,712       11,173,038  

Qassim Cement Co. (The)

    548,522       8,702,520  

Rabigh Refining & Petrochemical Co.(a)

    191,292       421,998  

Reinet Investments SCA

    1,331,654       33,606,559  

Retal Urban Development Co., NVS

    862,979       2,197,544  

Riyad Bank

    13,236,598        109,891,540  

SABIC Agri-Nutrients Co.

    2,110,274       70,550,332  

Sahara International Petrochemical Co.

    3,373,829       27,568,921  

Saudi Arabian Mining Co.(a)

    11,704,899       155,322,568  

Saudi Arabian Oil Co.(b)

    23,531,102       198,952,446  

Saudi Aramco Base Oil Co.

    405,004       18,168,073  

Saudi Automotive Services Co.

    228,538       5,753,531  

Saudi Awwal Bank

    8,957,511       98,634,693  

Saudi Basic Industries Corp.

    8,060,208       169,336,949  

Saudi Cement Co.

    699,000       8,704,184  

Saudi Ceramic Co.

    519,972       4,294,051  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  25


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Saudi Arabia (continued)            

Saudi Chemical Co. Holding

    2,871,685     $ 4,101,194  

Saudi Electricity Co.

    7,510,277       40,090,336  

Saudi Ground Services Co.(a)

    1,229,980       13,577,893  

Saudi Industrial Investment Group

    2,998,215       16,574,920  

Saudi Investment Bank (The)

    4,351,602       18,801,883  

Saudi Kayan Petrochemical Co.(a)

    6,667,389       17,156,042  

Saudi National Bank (The)

    26,535,894       299,888,150  

Saudi Pharmaceutical Industries & Medical Appliances Corp.(a)

    761,382       7,770,546  

Saudi Real Estate Co.(a)

    2,149,403       11,504,943  

Saudi Research & Media Group(a)

    354,843       23,433,229  

Saudi Tadawul Group Holding Co.

    442,207       28,548,648  

Saudi Telecom Co.

    18,061,776       204,451,941  

Saudia Dairy & Foodstuff Co.

    188,872       19,142,528  

Savola Group (The)

    2,306,412       32,594,682  

Seera Group Holding(a)

    1,759,017       15,665,725  

Southern Province Cement Co.

    709,066       7,553,312  

Theeb Rent A Car Co.

    340,184       6,707,695  

United Electronics Co.

    479,540       12,224,240  

United International Transportation Co.

    495,607       11,680,326  

Yamama Cement Co.

    1,261,502       12,139,002  

Yanbu Cement Co.

    1,017,940       8,550,012  

Yanbu National Petrochemical Co.

    2,323,764       23,190,413  
   

 

 

 
       3,354,606,967  
South Africa — 2.6%            

Absa Group Ltd.

    7,555,810       64,502,247  

Adcock Ingram Holdings Ltd.

    784,597       2,294,476  

AECI Ltd.

    1,415,190       7,172,409  

African Rainbow Minerals Ltd.

    1,057,984       9,313,348  

Anglo American Platinum Ltd.

    587,202       22,588,875  

Aspen Pharmacare Holdings Ltd.

    3,411,676       34,862,064  

Astral Foods Ltd.(c)

    538,009       4,114,450  

AVI Ltd.

    2,475,287       11,540,155  

Barloworld Ltd.

    1,732,262       6,073,755  

Bid Corp. Ltd.

    3,084,995       72,170,868  

Bidvest Group Ltd. (The)

    2,604,819       31,733,160  

Capitec Bank Holdings Ltd.

    783,548       82,552,801  

Clicks Group Ltd.

    2,231,923       34,920,635  

Coronation Fund Managers Ltd.

    3,025,142       4,922,559  

DataTec Ltd.

    2,139,685       4,490,215  

Dis-Chem Pharmacies Ltd.(b)

    4,366,349       6,952,466  

Discovery Ltd.

    4,806,038       34,085,015  

DRDGOLD Ltd.

    5,450,845       3,699,118  

Equites Property Fund Ltd.(c)

    9,250,653       6,319,917  

Exxaro Resources Ltd.

    2,256,014       20,933,793  

FirstRand Ltd.

    44,798,391       151,557,135  

Fortress REIT Ltd., Series B, Class B(a)(c)

    12,693,310       10,999,104  

Foschini Group Ltd. (The)

    2,986,687       16,311,367  

Gold Fields Ltd.

    8,050,656       106,054,777  

Grindrod Ltd.

    7,242,799       4,871,330  

Growthpoint Properties Ltd.

    33,228,935       20,287,322  

Harmony Gold Mining Co. Ltd.

    5,177,541       30,097,267  

Impala Platinum Holdings Ltd.

    7,810,276       26,504,773  

Investec Ltd.

    2,687,677       16,902,377  

JSE Ltd.

    1,076,355       4,918,235  

Kumba Iron Ore Ltd.

    589,203       16,494,919  

Life Healthcare Group Holdings Ltd.

    12,497,816       11,435,697  

Momentum Metropolitan Holdings

    10,499,663       11,408,393  

Motus Holdings Ltd.

    1,474,947       7,124,809  

Mr. Price Group Ltd.

    2,220,202       19,688,865  

MTN Group Ltd.

    15,289,774       66,563,928  

MultiChoice Group(a)(c)

    2,644,031       14,393,289  
Security   Shares     Value  
South Africa (continued)            

Naspers Ltd., Class N

    1,656,794     $ 272,545,204  

Nedbank Group Ltd.

    3,877,816       44,363,382  

Netcare Ltd.

    10,287,900       7,273,406  

Ninety One Ltd.

    2,521,781       5,143,330  

Northam Platinum Holdings Ltd.

    3,224,256       18,437,768  

Oceana Group Ltd.

    799,025       2,969,467  

Old Mutual Ltd.

    45,098,017       28,068,228  

Omnia Holdings Ltd.

    1,485,975       4,834,455  

OUTsurance Group Ltd., NVS

    6,958,124       15,106,167  

Pepkor Holdings Ltd.(b)(c)

    13,884,789       13,515,590  

Pick n Pay Stores Ltd.(c)

    3,580,582       3,778,466  

PSG Financial Services Ltd.

    5,550,610       4,395,921  

Redefine Properties Ltd.(c)

    57,935,570       12,092,392  

Remgro Ltd.

    4,518,425       34,267,471  

Resilient REIT Ltd.

    4,487,819       11,030,020  

Reunert Ltd.

    1,983,858       6,741,807  

Sanlam Ltd.

    16,042,593       61,518,911  

Santam Ltd.

    267,080       4,215,074  

Sappi Ltd.

    5,099,053       12,274,415  

Sasol Ltd.

    5,120,473       38,589,719  

Shoprite Holdings Ltd.

    4,562,825       61,429,232  

Sibanye Stillwater Ltd.

    25,355,741       26,133,920  

SPAR Group Ltd. (The)(a)

    1,588,370       8,086,774  

Standard Bank Group Ltd.

    11,954,415       125,789,366  

Super Group Ltd./South Africa

    4,424,518       6,092,363  

Telkom SA SOC Ltd.(a)

    3,166,263       4,770,855  

Thungela Resources Ltd.

    1,187,660       6,501,788  

Tiger Brands Ltd.

    1,436,747       14,944,266  

Truworths International Ltd.(c)

    3,234,773       12,121,123  

Vodacom Group Ltd.

    5,498,627       26,954,166  

Vukile Property Fund Ltd.

    11,454,723       8,820,973  

Wilson Bayly Holmes-Ovcon Ltd.(a)

    688,068       4,665,445  

Woolworths Holdings Ltd./South Africa

    8,808,458       29,470,216  
   

 

 

 
       1,937,797,593  
South Korea — 12.0%            

ABLBio Inc.(a)(c)

    378,134       6,462,977  

Advanced Nano Products Co. Ltd.(a)(c)

    85,647       8,997,811  

AfreecaTV Co. Ltd.

    81,895       7,923,351  

Ahnlab Inc.(c)

    65,640       3,529,888  

Alteogen Inc.(a)

    335,310       40,353,351  

Amorepacific Corp.(c)

    259,620       23,344,344  

Amorepacific Group

    261,577       5,246,022  

Ananti Inc.(a)(c)

    893,122       4,223,652  

Asiana Airlines Inc.(a)

    435,531       3,808,574  

BGF retail Co. Ltd.

    71,537       7,098,237  

BH Co. Ltd.(c)

    281,691       3,621,945  

Bioneer Corp.(a)(c)

    223,061       4,105,694  

BNK Financial Group Inc.

    2,081,802       11,738,324  

Boryung(c)

    408,246       3,652,840  

Canariabio Inc.(a)(c)

    709,241       529,427  

Caregen Co. Ltd.(c)

    79,409       1,391,678  

Cellivery Therapeutics Inc.(a)(c)(d)

    290,576       1,166,145  

Celltrion Inc.

    1,375,171       185,973,169  

Celltrion Pharm Inc.(a)(c)

    170,391       14,200,142  

Chabiotech Co. Ltd.(a)(c)

    525,626       6,616,359  

Cheil Worldwide Inc.

    476,406       6,618,466  

Chong Kun Dang Pharmaceutical Corp.(c)

    88,829       7,213,843  

Chunbo Co. Ltd.(a)(c)

    48,344       3,290,142  

CJ CGV Co. Ltd.(a)

    652,279       3,030,800  

CJ CheilJedang Corp.

    69,355       15,630,250  

CJ Corp.(a)

    122,390       8,913,913  

CJ ENM Co. Ltd.(a)

    97,474       5,819,188  

 

 

26  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)            

CJ Logistics Corp.(a)

    88,884     $ 8,306,487  

Classys Inc.(c)

    203,326       4,917,023  

Com2uSCorp.(c)

    96,961       3,109,269  

Cosmax Inc.(a)

    82,484       6,668,603  

CosmoAM&T Co. Ltd.(a)

    225,049       30,079,262  

Cosmochemical Co. Ltd.(a)(c)

    273,721       7,236,479  

Coway Co. Ltd.

    443,646       18,057,396  

Creative & Innovative System(a)(c)

    574,298       4,801,314  

CS Wind Corp.

    227,957       8,872,789  

Cuckoo Homesys Co. Ltd.(a)

    71,844       1,083,093  

Curexo Inc.(a)

    219,387       2,461,091  

Daeduck Electronics Co. Ltd./New(a)

    361,129       6,060,132  

Daejoo Electronic Materials Co. Ltd.(a)(c)

    128,302       7,269,824  

Daesang Corp.(a)

    308,337       4,551,711  

Daewoo Engineering & Construction Co.
Ltd.(a)(c)

    1,924,857       5,759,385  

Daewoong Co. Ltd.

    204,307       3,373,877  

Daewoong Pharmaceutical Co. Ltd.

    54,737       4,712,950  

Daishin Securities Co. Ltd.(a)

    439,020       5,418,659  

Daou Technology Inc.

    317,670       5,187,479  

Dawonsys Co. Ltd.(a)(c)

    367,245       3,555,396  

DB HiTek Co. Ltd.

    304,443       10,640,858  

DB Insurance Co. Ltd.(a)

    428,667       31,809,039  

Dentium Co. Ltd.(a)

    72,028       7,815,607  

Devsisters Co. Ltd.(a)(c)

    78,823       2,460,750  

DGB Financial Group Inc.

    1,167,611       7,773,318  

DI Dong Il Corp.

    82,502       1,773,105  

DL E&C Co. Ltd.

    271,497       7,556,108  

DL Holdings Co. Ltd.(a)

    118,530       4,237,389  

Dong-A Socio Holdings Co. Ltd.

    42,215       3,454,152  

Dong-A ST Co. Ltd.(c)

    83,392       4,697,604  

Dongjin Semichem Co. Ltd.(a)(c)

    330,296       9,269,911  

DongKook Pharmaceutical Co. Ltd.(c)

    316,630       3,927,019  

Dongkuk Steel Mill Co. Ltd/New

    516,139       5,017,231  

Dongsuh Companies Inc.

    373,255       4,901,570  

Dongwha Enterprise Co. Ltd.(a)(c)

    47,285       2,449,372  

Dongwon F&B Co. Ltd.(a)

    59,970       1,433,856  

Doosan Bobcat Inc.

    497,837       17,576,443  

Doosan Co. Ltd.(a)

    73,142       5,009,396  

Doosan Enerbility Co. Ltd.(a)

    3,997,895        48,796,167  

Doosan Fuel Cell Co. Ltd.(a)(c)

    438,151       6,548,341  

Doosan Tesna Inc.(a)(c)

    96,757       3,114,166  

DoubleUGames Co. Ltd.

    131,490       4,577,956  

Douzone Bizon Co. Ltd.(a)

    190,644       6,533,431  

Dreamtech Co. Ltd.(a)

    201,429       1,665,465  

Duk San Neolux Co. Ltd.(a)(c)

    147,342       4,308,086  

Ecopro BM Co. Ltd.(a)(c)

    444,587       89,358,677  

Ecopro Co. Ltd.(a)(c)

    180,440       84,154,653  

Ecopro HN Co. Ltd.

    112,575       5,075,399  

Ecopro Materials Co. Ltd.(a)

    83,136       12,055,844  

E-MART Inc.(a)

    133,382       7,419,327  

EMRO Inc., NVS

    60,618       2,464,633  

EM-Tech Co. Ltd.

    135,628       3,694,689  

Enchem Co. Ltd.(a)(c)

    79,162       16,731,130  

Eo Technics Co. Ltd.(a)(c)

    83,621       12,900,035  

Eoflow Co. Ltd.(a)

    152,631       590,588  

ESR Kendall Square REIT Co. Ltd.

    719,516       2,154,407  

Eugene Technology Co. Ltd.(c)

    207,207       5,875,485  

F&F Co. Ltd./New

    136,955       7,455,950  

Fila Holdings Corp.(c)

    435,239       12,544,196  

Foosung Co. Ltd.(a)(c)

    594,290       3,732,385  

Gaonchips Co. Ltd.(a)

    46,501       3,719,102  
Security   Shares     Value  
South Korea (continued)            

GC Cell Corp.

    117,005     $ 3,489,775  

GemVax & Kael Co. Ltd.(a)(c)

    369,518       3,403,119  

GOLFZON Co. Ltd.(a)(c)

    49,274       2,904,941  

Grand Korea Leisure Co. Ltd.(c)

    403,146       3,797,813  

Green Cross Corp.

    56,428       4,996,411  

Green Cross Holdings Corp.(c)

    215,318       2,664,547  

GS Engineering & Construction Corp.(a)

    564,651       6,773,690  

GS Holdings Corp.

    350,748       12,660,863  

GS Retail Co. Ltd.

    389,924       6,534,493  

HAESUNG DS Co. Ltd.

    121,858       4,236,046  

Hana Financial Group Inc.

    2,630,588        111,925,968  

Hana Materials Inc.(c)

    103,591       3,708,515  

Hana Micron Inc.(a)(c)

    358,312       6,993,426  

Hana Technology Co. Ltd., NVS(a)

    39,378       1,695,317  

Hana Tour Service Inc.(a)

    152,160       7,523,690  

Hanall Biopharma Co. Ltd.(a)(c)

    335,256       8,771,639  

Hancom Inc.

    140,740       2,478,487  

Handsome Co. Ltd.

    147,304       2,113,397  

Hanil Cement Co. Ltd./New

    297,096       2,713,358  

Hanjin Kal Corp.

    143,260       6,799,363  

Hankook & Co. Co. Ltd.

    310,160       3,968,057  

Hankook Tire & Technology Co. Ltd.

    658,091       26,810,811  

Hanmi Pharm Co. Ltd.(a)

    61,004       15,310,682  

Hanmi Science Co. Ltd.(a)

    196,076       6,071,306  

Hanmi Semiconductor Co. Ltd.(a)

    401,828       25,708,928  

Hanon Systems

    1,683,791       7,801,987  

Hansae Co. Ltd.

    213,969       3,281,347  

Hansol Chemical Co. Ltd.(a)

    81,859       10,491,433  

Hanssem Co. Ltd.

    99,882       3,635,936  

Hanwha Aerospace Co. Ltd.

    328,902       46,346,969  

Hanwha Corp.

    331,143       7,328,820  

Hanwha Investment & Securities Co. Ltd.(a)

    1,164,703       3,897,316  

Hanwha Life Insurance Co. Ltd.(a)

    3,508,668       8,314,767  

Hanwha Ocean Co. Ltd.(a)

    582,361       10,336,472  

Hanwha Solutions Corp.

    916,289       19,133,202  

Hanwha Systems Co. Ltd.

    762,396       9,562,140  

HD Hyundai Co. Ltd.

    388,340       20,643,543  

HD Hyundai Construction Equipment Co. Ltd.

    125,059       5,064,366  

HD Hyundai Electric Co. Ltd.

    211,704       19,831,134  

HD Hyundai Heavy Industries Co. Ltd.(a)

    197,825       17,542,209  

HD Hyundai Infracore Co. Ltd.

    1,198,168       7,256,039  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)

    379,590       31,932,244  

HDC Hyundai Development Co-Engineering & Construction, Class E

    418,874       6,255,008  

Hite Jinro Co. Ltd.

    370,012       5,553,147  

HK inno N Corp.(a)(c)

    134,118       3,858,075  

HL Mando Co. Ltd.

    273,872       6,837,676  

HLB Inc.(a)(c)

    1,064,887       65,330,479  

HLB Life Science Co. Ltd.(a)(c)

    841,102       8,918,730  

HMM Co. Ltd.(a)

    2,209,772       30,318,148  

Hotel Shilla Co. Ltd.

    271,573       12,276,588  

HPSP Co. Ltd.(c)

    342,564       13,260,453  

HSD Engine Co. Ltd.(a)

    509,626       3,494,031  

Hugel Inc.(a)(c)

    71,423       9,846,342  

HYBE Co. Ltd.

    189,960       28,450,587  

Hyosung Advanced Materials Corp.

    25,906       6,499,326  

Hyosung Corp.

    104,277       4,685,337  

Hyosung Heavy Industries Corp.

    44,893       6,498,577  

Hyosung TNC Corp.(c)

    25,715       5,596,787  

Hyundai Bioscience Co. Ltd.(a)(c)

    356,059       5,546,953  

Hyundai Department Store Co. Ltd.

    153,580       6,052,308  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  27


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)            

Hyundai Elevator Co. Ltd.(a)(c)

    265,073     $ 7,946,185  

Hyundai Engineering & Construction
Co. Ltd.(a)

    633,344       16,520,176  

Hyundai Glovis Co. Ltd.(a)

    168,341       24,100,489  

Hyundai Home Shopping Network Corp.

    62,548       2,200,564  

Hyundai Marine & Fire Insurance Co. Ltd.(a)

    504,436       11,930,773  

Hyundai Mipo Dockyard Co. Ltd.(a)

    217,140       10,279,007  

Hyundai Mobis Co. Ltd.

    540,196       98,530,487  

Hyundai Motor Co.

    1,235,975       232,693,821  

Hyundai Rotem Co. Ltd.

    687,605       17,314,424  

Hyundai Steel Co.(a)

    824,583       22,292,770  

Hyundai Wia Corp.(a)

    176,976       8,008,241  

Il Dong Pharmaceutical Co. Ltd.(a)

    158,724       1,874,896  

Iljin Hysolus Co. Ltd.(a)(c)

    127,678       2,257,634  

Industrial Bank of Korea(a)

    2,171,766       22,855,557  

Innocean Worldwide Inc.

    208,722       3,437,435  

Innox Advanced Materials Co. Ltd.(c)

    156,819       3,738,533  

Intellian Technologies Inc.(a)(c)

    99,553       4,099,404  

INTOPS Co. Ltd.(c)

    116,548       2,543,107  

IS Dongseo Co. Ltd.

    171,085       3,562,632  

ISC Co. Ltd.(c)

    104,187       5,650,451  

i-SENS Inc.

    104,969       1,808,823  

ISU Specialty Chemical, NVS(a)

    39,707       9,783,551  

IsuPetasys Co. Ltd.

    412,183       9,511,615  

JB Financial Group Co. Ltd.

    1,232,736       12,183,771  

Jeisys Medical Inc.(a)

    527,614       3,126,842  

Jeju Air Co. Ltd.(a)

    411,273       3,438,017  

Jeju Semiconductor Corp.(a)

    99,700       2,029,040  

Jusung Engineering Co. Ltd.(c)

    333,105       9,216,628  

JW Pharmaceutical Corp.

    166,188       4,115,918  

JYP Entertainment Corp.(a)

    267,095       14,803,649  

Kakao Corp.

    2,800,624       112,411,418  

Kakao Games Corp.(a)

    332,472       5,872,861  

KakaoBank Corp.(c)

    1,529,291       32,771,646  

Kakaopay Corp.(a)(c)

    241,223       7,995,124  

Kangwon Land Inc.(a)

    614,544       8,029,262  

KB Financial Group Inc.

    3,439,627       164,050,237  

KCC Corp.

    45,557       9,094,600  

KCC Glass Corp.

    118,075       3,639,966  

KEPCO Engineering & Construction
Co. Inc.(a)

    149,729       7,983,365  

KEPCO Plant Service & Engineering
Co. Ltd.(a)

    252,573       7,063,248  

KG Dongbusteel

    262,847       1,482,344  

KG Mobility Co.(a)(c)

    474,687       2,942,205  

Kia Corp.(a)

    2,347,365        219,825,841  

KIWOOM Securities Co. Ltd.(a)

    119,516       11,297,313  

KMW Co. Ltd.(a)(c)

    279,335       2,985,074  

Koh Young Technology Inc.(c)

    570,347       8,245,463  

Kolmar BNH Co. Ltd.(a)(c)

    136,823       1,587,493  

Kolmar Korea Co. Ltd.(a)(c)

    181,188       6,464,911  

Kolon Industries Inc.

    191,155       5,575,212  

Korea Aerospace Industries Ltd.(a)

    673,556       25,988,865  

Korea Electric Power Corp.(a)

    2,258,703       42,058,359  

Korea Gas Corp.(a)

    197,257       4,298,721  

Korea Investment Holdings Co. Ltd.(a)

    322,491       17,223,956  

Korea Line Corp.(a)

    1,803,878       2,783,846  

Korea Petrochemical Ind Co. Ltd.(c)

    37,899       4,059,966  

Korea Zinc Co. Ltd.

    74,579       25,074,362  

Korean Air Lines Co. Ltd.

    1,676,629       28,965,956  

Korean Reinsurance Co.(a)

    1,390,089       8,404,395  

Krafton Inc.(a)

    254,997       43,582,902  

KT Corp.

    388,291       11,389,621  

KT&G Corp.(c)

    907,412       63,377,923  

Kum Yang Co. Ltd.(a)(c)

    305,490       22,164,433  
Security   Shares     Value  
South Korea (continued)            

Kumho Petrochemical Co. Ltd.(a)

    147,695     $ 16,402,556  

Kumho Tire Co. Inc.(a)(c)

    1,339,342       6,347,112  

Kyung Dong Navien Co. Ltd.

    102,716       4,095,945  

L&C Bio Co. Ltd.(c)

    231,796       4,144,337  

L&F Co. Ltd.(a)(c)

    233,080       29,774,300  

Lake Materials Co. Ltd.(a)

    358,605       5,638,478  

LEENO Industrial Inc.

    83,485       13,079,474  

LegoChem Biosciences Inc.(a)(c)

    247,865       9,895,201  

LG Chem Ltd.

    441,065       150,648,433  

LG Corp.

    821,930       57,854,826  

LG Display Co. Ltd.(a)(c)

    2,000,303       17,072,107  

LG Electronics Inc.

    943,751       67,466,610  

LG Energy Solution Ltd.(a)(c)

    420,292       127,016,512  

LG H&H Co. Ltd.

    81,096       19,477,907  

LG Innotek Co. Ltd.

    126,071       19,158,660  

LG Uplus Corp.

    1,291,870       10,019,709  

LIG Nex1 Co. Ltd.

    113,306       12,204,133  

Lotte Chemical Corp.

    164,725       15,146,299  

Lotte Chilsung Beverage Co. Ltd.

    45,798       4,320,664  

Lotte Corp.

    132,853       3,013,037  

Lotte Energy Materials Corp.

    225,496       5,910,945  

Lotte Fine Chemical Co. Ltd.

    177,133       6,324,207  

LOTTE REIT Co. Ltd.

    1,788,287       4,204,494  

Lotte Rental Co. Ltd.

    111,219       2,256,278  

Lotte Shopping Co. Ltd.

    108,454       6,326,294  

Lotte Tour Development Co. Ltd.(a)(c)

    449,299       3,054,778  

Lotte Wellfood Co. Ltd.(c)

    29,595       2,917,863  

LS Corp.

    161,583       10,684,027  

LS Electric Co. Ltd.

    149,101       7,189,491  

Lunit Inc.(a)

    172,533       7,915,803  

LX Holdings Corp.(c)

    615,968       3,202,908  

LX International Corp.

    298,509       6,162,089  

LX Semicon Co. Ltd.

    110,750       6,275,471  

Mcnex Co. Ltd.

    147,794       2,826,346  

Medytox Inc.

    49,279       5,863,324  

MegaStudyEdu Co. Ltd.(c)

    103,737       4,843,332  

Meritz Financial Group Inc.

    929,101       57,988,902  

Mezzion Pharma Co. Ltd.(a)(c)

    206,322       6,263,380  

Mirae Asset Securities Co. Ltd.(a)

    1,979,897       13,435,874  

MNTech Co. Ltd.(a)(c)

    260,481       4,391,640  

Myoung Shin Industrial Co. Ltd.(a)(c)

    385,158       4,665,447  

Naturecell Co. Ltd.(a)(c)

    559,140       2,928,397  

NAVER Corp.

    1,165,057        171,066,572  

NCSoft Corp.

    125,545       18,310,933  

Neowiz Games Corp.(c)

    132,670       2,209,156  

Netmarble Corp.(a)(b)

    237,853       11,044,527  

Nexen Tire Corp.(a)

    370,470       2,589,061  

Nexon Games Co. Ltd.(a)(c)

    296,389       3,104,222  

NEXTIN Inc.(a)(c)

    44,244       2,540,219  

NH Investment & Securities Co. Ltd.(a)

    922,289       8,143,522  

NHN Corp.

    198,391       3,959,456  

NICE Holdings Co. Ltd.(a)

    271,641       2,619,308  

NICE Information Service Co. Ltd.(a)

    399,641       3,216,599  

NKMax Co. Ltd.(a)(c)

    821,636       1,003,261  

NongShim Co. Ltd.(c)

    30,450       7,952,280  

OCI Co. Ltd.

    55,181       3,507,965  

OCI Holdings Co. Ltd.

    118,920       8,405,325  

Orion Corp./Republic of Korea

    207,137       14,447,054  

Orion Holdings Corp.

    279,897       3,006,428  

Oscotec Inc.(a)(c)

    310,994       5,189,750  

Ottogi Corp.

    18,591       5,602,871  

Pan Ocean Co. Ltd.

    2,300,324       8,422,335  

 

 

28  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)            

Paradise Co. Ltd.(c)

    503,906     $ 4,795,515  

Park Systems Corp.(c)

    66,446       8,624,598  

Partron Co. Ltd.

    580,062       3,428,799  

Pearl Abyss Corp.(a)

    247,941       5,667,576  

People & Technology Inc.(a)(c)

    186,685       5,678,516  

Peptron Inc.(a)

    151,368       2,620,094  

PharmaResearch Co. Ltd.(c)

    80,109       5,665,193  

PI Advanced Materials Co. Ltd.(a)(c)

    177,681       2,811,554  

Poongsan Corp.

    279,146       9,053,419  

Posco DX Co. Ltd.(a)(c)

    492,132       20,082,483  

POSCO Future M Co. Ltd.(a)(c)

    281,667       67,325,870  

POSCO Holdings Inc.

    647,386       210,396,418  

Posco International Corp.(a)

    481,424       20,420,384  

Posco M-Tech Co. Ltd.(a)(c)

    162,770       2,998,847  

PSK Inc.

    243,242       4,650,528  

Rainbow Robotics(a)(c)

    83,721       10,179,066  

S&S Tech Corp.(c)

    192,730       6,390,505  

S-1 Corp.

    161,252       7,028,076  

Sam Chun Dang Pharm Co. Ltd.(a)(c)

    143,375       7,708,889  

Sam-A Aluminum Co. Ltd.

    46,680       3,478,413  

Sambu Engineering & Construction
Co. Ltd.(a)

    1,688,999       3,063,182  

Samsung Biologics Co. Ltd.(a)(b)

    159,224       92,647,487  

Samsung C&T Corp.

    726,542       85,538,608  

Samsung Electro-Mechanics Co. Ltd.

    483,764       50,979,542  

Samsung Electronics Co. Ltd.

    42,958,333        2,370,993,918  

Samsung Engineering Co. Ltd.(a)

    1,432,031       26,485,629  

Samsung Fire & Marine Insurance
Co. Ltd.(a)

    277,206       62,038,421  

Samsung Heavy Industries Co. Ltd.(a)

    5,987,215       35,594,308  

Samsung Life Insurance Co. Ltd.

    712,886       51,891,629  

Samsung SDI Co. Ltd.(c)

    491,342       139,585,904  

Samsung SDS Co. Ltd.

    306,725       36,896,152  

Samsung Securities Co. Ltd.

    471,161       14,725,190  

Samyang Foods Co. Ltd.

    46,123       5,920,192  

Samyang Holdings Corp.

    46,866       2,566,173  

SD Biosensor Inc.(a)(c)

    341,758       3,221,497  

Sebang Global Battery Co. Ltd.

    80,763       4,831,665  

Seegene Inc.

    349,664       6,539,456  

Seobu T&D(c)

    684,082       3,848,056  

Seojin System Co. Ltd.(a)(c)

    327,434       5,040,866  

Seoul Semiconductor Co. Ltd.(a)(c)

    500,426       3,748,444  

SFA Engineering Corp.(c)

    259,629       4,872,697  

SFA Semicon Co. Ltd.(a)(c)

    946,766       4,270,268  

Shin Poong Pharmaceutical Co. Ltd.(a)(c)

    321,774       2,910,807  

Shinhan Financial Group Co. Ltd.

    3,878,794       126,796,146  

Shinsegae Inc.

    53,386       7,013,103  

Shinsegae International Inc.(c)

    157,537       1,954,633  

Shinsung Delta Tech Co. Ltd.

    135,276       12,495,455  

Shinyoung Securities Co. Ltd.

    7,976       395,925  

SIMMTECH Co. Ltd.(a)(c)

    246,891       5,301,438  

SK Biopharmaceuticals Co. Ltd.(a)(c)

    277,301       20,209,372  

SK Bioscience Co. Ltd.(a)(c)

    222,811       10,296,723  

SK Chemicals Co. Ltd.

    114,417       5,842,835  

SK D&D Co. Ltd.(d)

    100,101       1,856,785  

SK Discovery Co. Ltd.

    122,075       4,012,558  

SK Gas Ltd.

    39,381       4,687,510  

SK Hynix Inc.

    4,903,303       578,023,084  

SK IE Technology Co. Ltd.(a)(b)

    223,092       12,305,192  

SK Inc.

    298,021       42,987,938  

SK Innovation Co. Ltd.(a)

    541,894       47,810,190  

SK Networks Co. Ltd.(a)

    1,561,199       7,688,658  

SK oceanplant Co. Ltd.(a)(c)

    439,141       4,292,438  

SK REITs Co. Ltd.

    566,314       1,653,456  
Security   Shares     Value  
South Korea (continued)            

SK Square Co. Ltd.(a)(c)

    895,344     $ 46,981,085  

SK Telecom Co. Ltd.

    370,573       14,668,853  

SKC Co. Ltd.(a)

    161,498       10,062,486  

SL Corp.(c)

    175,464       4,460,049  

SM Entertainment Co. Ltd.

    105,008       6,180,247  

SNT Motiv Co. Ltd.

    98,945       3,305,304  

S-Oil Corp.

    387,252       22,247,441  

SOLUM Co. Ltd.(a)

    423,920       9,240,685  

Solus Advanced Materials Co. Ltd.

    370,606       3,374,592  

Soulbrain Co. Ltd.(c)

    47,450       9,726,663  

SPG Co. Ltd.

    152,780       3,324,153  

Ssangyong C&E Co. Ltd.

    1,436,803       7,531,455  

ST Pharm Co. Ltd.(c)

    115,640       5,519,486  

STCUBE(a)(c)

    468,220       2,216,243  

Studio Dragon Corp.(a)(c)

    124,720       4,243,824  

Sungeel Hitech Co. Ltd.(a)(c)

    39,399       2,907,787  

Sungwoo Hitech Co. Ltd.(c)

    502,205       3,714,670  

Synopex Inc.(a)

    693,930       4,601,533  

Taihan Electric Wire Co. Ltd.(a)(c)

    612,351       4,319,298  

TCC Steel(a)

    154,814       7,904,081  

Tera Resource Co. Ltd.(a)(d)

    49,111        

TKG Huchems Co. Ltd.

    288,395       4,344,382  

Tokai Carbon Korea Co. Ltd.(c)

    55,096       3,922,695  

Tongyang Life Insurance Co. Ltd.(a)

    633,193       2,771,241  

Unid Co. Ltd.

    36,691       2,146,888  

Vaxcell-Bio Therapeutics Co. Ltd.(a)

    175,375       2,527,623  

Voronoi Inc.(a)

    56,108       1,883,400  

VT Co. Ltd.(a)

    181,279       2,267,274  

Webzen Inc.

    156,475       1,961,060  

Wemade Co. Ltd.(a)

    187,036       6,562,377  

Won Tech Co. Ltd.(a)

    314,279       2,003,061  

Wonik Holdings Co. Ltd.(a)

    1       3  

WONIK IPS Co. Ltd.(a)(c)

    308,476       7,621,411  

Wonik QnC Corp.(a)(c)

    209,056       4,418,850  

Woori Financial Group Inc.

    5,418,958       60,718,692  

W-Scope Chungju Plant Co. Ltd.(a)

    108,444       3,677,890  

Wysiwyg Studious Co. Ltd.(a)(c)

    1,273,355       2,640,388  

YG Entertainment Inc.(c)

    130,216       4,008,042  

Youlchon Chemical Co. Ltd.

    142,900       4,456,104  

Youngone Corp.(a)

    216,907       7,162,755  

Youngone Holdings Co. Ltd.

    69,775       4,784,648  

Yuanta Securities Korea Co. Ltd.(a)

    1,125,123       2,269,675  

Yuhan Corp.

    505,124       25,620,845  

Yunsung F&C Co. Ltd.

    25,391       1,757,469  
   

 

 

 
       8,963,177,452  
Taiwan — 17.5%            

Ability Opto-Electronics Technology
Co. Ltd.(c)

    533,000       4,783,237  

AcBel Polytech Inc.(c)

    4,987,565       6,729,257  

Accton Technology Corp.

    4,618,000       75,995,818  

Acer Inc.(c)

    26,348,872       37,683,383  

Acter Group Corp. Ltd.

    639,000       3,943,690  

Actron Technology Corp.(c)

    837,548       4,464,492  

ADATA Technology Co. Ltd.(c)

    2,956,845       9,354,077  

Adimmune Corp.(a)(c)

    3,467,000       3,230,542  

Advanced Ceramic X Corp.(c)

    444,000       3,176,904  

Advanced Energy Solution Holding
Co. Ltd.(c)

    294,000       6,639,426  

Advanced Wireless Semiconductor Co.(a)(c)

    1,536,000       6,866,178  

Advantech Co. Ltd.(c)

    3,932,584       48,535,801  

AIC Inc.(c)

    174,000       2,356,952  

Airoha Technology Corp., NVS

    272,000       5,954,666  

Airtac International Group(c)

    1,259,292       48,247,557  

Alchip Technologies Ltd.(c)

    666,000       87,367,510  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  29


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Taiwan (continued)            

Alexander Marine Co. Ltd.(c)

    278,000     $ 3,188,773  

Allied Supreme Corp.(c)

    447,000       5,739,727  

Allis Electric Co. Ltd.

    450,000       1,423,623  

Amazing Microelectronic Corp.(c)

    888,448       3,279,206  

Ambassador Hotel (The)

    1,021,000       1,556,880  

Andes Technology Corp.(c)

    418,000       6,572,888  

AP Memory Technology Corp.(c)

    891,000       12,841,576  

Apex International Co. Ltd.(c)

    1,327,000       1,928,512  

Arcadyan Technology Corp.(c)

    1,855,391       10,821,929  

Ardentec Corp.(c)

    4,835,546       10,860,107  

ASE Technology Holding Co. Ltd.

    28,081,222       123,968,520  

Asia Cement Corp.(c)

    19,033,050       24,363,444  

Asia Optical Co. Inc.(c)

    2,929,000       6,222,514  

Asia Vital Components Co. Ltd.(c)

    2,998,884       50,588,050  

ASMedia Technology Inc.(c)

    252,000       18,809,544  

ASPEED Technology Inc.(c)

    283,800       24,580,759  

ASROCK Inc.

    556,000       4,467,002  

Asustek Computer Inc.

    6,375,000       91,855,190  

AUO Corp.

    58,805,400       32,614,770  

AURAS Technology Co. Ltd.(c)

    520,000       8,787,529  

Bank of Kaohsiung Co. Ltd.(a)(c)

    29,244,396       10,501,635  

BES Engineering Corp.(c)

    21,216,000       8,192,570  

Bizlink Holding Inc.(c)

    1,132,726       8,702,228  

Bora Pharmaceuticals Co. Ltd.(c)

    514,099       10,880,660  

Brighton-Best International Taiwan Inc.(c)

    5,087,000       5,461,712  

Capital Securities Corp.

    24,993,050       13,255,254  

Career Technology MFG. Co. Ltd.(c)

    5,287,124       3,489,692  

Catcher Technology Co. Ltd.

    5,316,000       33,121,947  

Cathay Financial Holding Co. Ltd.

    82,118,951        117,170,300  

Cathay Real Estate Development Co. Ltd.

    8,825,900       5,166,635  

Center Laboratories Inc.(c)

    4,976,770       7,499,764  

Century Iron & Steel Industrial Co. Ltd.(c)

    1,686,000       13,732,892  

Chailease Holding Co. Ltd.(c)

    13,474,776       74,500,019  

Chang Hwa Commercial Bank Ltd.

    45,708,508       25,754,696  

Channel Well Technology Co. Ltd.(c)

    2,034,000       5,284,261  

Charoen Pokphand Enterprise

    3,079,700       9,466,892  

Chenbro Micom Co. Ltd.(c)

    493,000       4,140,909  

Cheng Loong Corp.(c)

    9,377,000       8,602,432  

Cheng Shin Rubber Industry Co. Ltd.

    15,386,650       22,871,702  

Cheng Uei Precision Industry Co. Ltd.

    4,101,000       5,899,702  

Chicony Electronics Co. Ltd.(c)

    4,871,787       28,920,412  

Chicony Power Technology Co. Ltd.

    1,534,000       8,238,323  

Chief Telecom Inc.

    370,300       4,247,671  

China Airlines Ltd.(c)

    26,925,000       17,051,657  

China Bills Finance Corp.(c)

    16,643,000       7,686,769  

China Development Financial Holding Corp.(a)(c)

    141,660,649       56,309,354  

China General Plastics Corp.(c)

    4,140,386       2,666,091  

China Man-Made Fiber Corp.(a)(c)

    18,761,574       4,586,998  

China Metal Products

    5,057,146       6,191,338  

China Motor Corp.

    2,647,800       10,520,270  

China Petrochemical Development
Corp.(a)(c)

    32,508,490       9,677,220  

China Steel Chemical Corp.(c)

    1,663,000       5,892,017  

China Steel Corp.(c)

    105,024,529       81,792,407  

Chin-Poon Industrial Co. Ltd.

    3,925,000       6,502,003  

Chipbond Technology Corp.(c)

    3,417,000       7,676,250  

ChipMOS Technologies Inc.

    4,791,000       6,687,587  

Chlitina Holding Ltd.

    557,000       3,356,855  

Chong Hong Construction Co. Ltd.

    1,923,122       4,752,060  

Chroma ATE Inc.

    3,394,000       25,053,434  

Chung Hung Steel Corp.(c)

    9,599,000       7,041,050  
Security   Shares     Value  
Taiwan (continued)            

Chung-Hsin Electric & Machinery Manufacturing Corp.(c)

    3,721,000     $ 20,177,910  

Chunghwa Precision Test Tech Co. Ltd.(c)

    223,000       3,895,055  

Chunghwa Telecom Co. Ltd.(c)

    32,871,000       125,227,320  

Cleanaway Co. Ltd.(c)

    1,299,000       7,335,801  

Clevo Co.(c)

    5,063,175       6,425,261  

Compal Electronics Inc.

    37,203,000       42,960,751  

Compeq Manufacturing Co. Ltd.(c)

    7,326,000       17,656,547  

Continental Holdings Corp.(c)

    6,228,600       5,281,229  

Coretronic Corp.(c)

    2,123,200       4,775,786  

Co-Tech Development Corp.(c)

    2,616,000       4,902,504  

CSBC Corp. Taiwan(a)(c)

    8,810,541       5,124,939  

CTBC Financial Holding Co. Ltd.

    157,299,599       146,432,244  

CTCI Corp.(c)

    6,198,000       8,425,497  

Cub Elecparts Inc.(c)

    889,797       3,620,687  

CyberPower Systems Inc.(c)

    330,000       2,168,495  

Darfon Electronics Corp.(c)

    3,189,000       5,372,244  

Delta Electronics Inc.

    17,504,000        163,113,732  

Dynamic Holding Co. Ltd.(c)

    2,038,000       4,839,681  

E Ink Holdings Inc.(c)

    7,805,000       60,764,110  

E.Sun Financial Holding Co. Ltd.(c)

    123,211,926       98,503,389  

Eclat Textile Co. Ltd.

    1,617,683       27,649,045  

EirGenix Inc.(a)(c)

    1,954,000       5,860,238  

Elan Microelectronics Corp.

    2,248,100       11,809,797  

Elite Material Co. Ltd.(c)

    2,452,000       38,484,038  

Elite Semiconductor Microelectronics Technology Inc.(c)

    2,571,000       7,615,052  

eMemory Technology Inc.

    578,000       49,628,371  

Ennoconn Corp.

    884,219       8,368,622  

ENNOSTAR Inc.(a)(c)

    5,117,185       6,949,435  

Episil Technologies Inc.(c)

    2,621,036       4,999,446  

Episil-Precision Inc.(c)

    1,170,077       2,007,473  

Eternal Materials Co. Ltd.(c)

    7,972,369       8,113,256  

Etron Technology Inc.(c)

    2,555,916       4,354,057  

Eva Airways Corp.(c)

    23,609,326       23,503,325  

Evergreen International Storage & Transport Corp.(c)

    5,221,000       5,517,970  

Evergreen Marine Corp. Taiwan Ltd.(c)

    9,162,979       48,002,192  

Evergreen Steel Corp.

    745,000       2,545,437  

Everlight Chemical Industrial Corp.(c)

    6,445,781       4,386,562  

Everlight Electronics Co. Ltd.

    4,006,000       6,337,374  

Far Eastern Department Stores Ltd.(c)

    10,890,167       8,389,755  

Far Eastern International Bank

    36,548,441       14,279,784  

Far Eastern New Century Corp.(c)

    25,231,916       26,025,641  

Far EasTone Telecommunications Co. Ltd.

    13,383,000       33,342,387  

Faraday Technology Corp.(c)

    2,041,000       25,057,896  

Farglory Land Development Co. Ltd.(c)

    2,908,782       5,171,871  

Feng Hsin Steel Co. Ltd.(c)

    4,816,000       10,390,901  

Feng TAY Enterprise Co. Ltd.(c)

    4,322,833       22,613,704  

First Financial Holding Co. Ltd.

    97,610,526       83,718,188  

Fitipower Integrated Technology Inc.(c)

    918,504       7,024,965  

FLEXium Interconnect Inc.(c)

    2,122,616       5,800,309  

FocalTech Systems Co. Ltd.(c)

    1,881,000       5,808,855  

Formosa Chemicals & Fibre Corp.(c)

    29,996,210       54,326,594  

Formosa International Hotels Corp.(a)(c)

    810,000       5,346,879  

Formosa Petrochemical Corp.(c)

    9,186,000       21,602,709  

Formosa Plastics Corp.(c)

    32,814,800       74,472,694  

Formosa Sumco Technology Corp.(c)

    773,000       3,830,084  

Formosa Taffeta Co. Ltd.(c)

    8,502,000       6,349,534  

Fortune Electric Co. Ltd.(c)

    1,122,000       19,136,328  

Foxconn Technology Co. Ltd.(c)

    6,624,424       10,420,932  

Foxsemicon Integrated Technology Inc.

    780,000       5,925,539  

 

 

30  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Taiwan (continued)            

Fubon Financial Holding Co. Ltd.

    68,423,289     $ 147,310,403  

Fulgent Sun International Holding Co. Ltd.(c)

    1,481,221       5,885,175  

Fusheng Precision Co. Ltd.(c)

    1,204,000       8,579,644  

General Interface Solution Holding Ltd.(c)

    2,407,000       4,434,942  

Genius Electronic Optical Co. Ltd.(c)

    683,287       9,166,098  

Getac Holdings Corp.(c)

    4,123,000       15,598,308  

Giant Manufacturing Co. Ltd.(c)

    2,886,575       18,654,531  

Gigabyte Technology Co. Ltd.(c)

    4,653,000       50,893,062  

Global Brands Manufacture Ltd.

    972,000       2,008,483  

Global Mixed Mode Technology Inc.(c)

    798,000       6,557,771  

Global PMX Co. Ltd.(c)

    524,000       1,899,710  

Global Unichip Corp.(c)

    797,000       40,168,739  

Globalwafers Co. Ltd.(c)

    1,831,000       32,339,758  

Gloria Material Technology Corp.(c)

    4,965,000       7,388,117  

Gold Circuit Electronics Ltd.(c)

    3,061,800       24,928,965  

Goldsun Building Materials Co. Ltd.(c)

    11,755,425       12,276,767  

Gourmet Master Co. Ltd.(c)

    1,129,471       3,163,238  

Grand Pacific Petrochemical(c)

    11,756,292       5,264,596  

Grand Process Technology Corp.

    209,000       5,448,236  

Grape King Bio Ltd.

    1,411,000       6,924,506  

Great Tree Pharmacy Co. Ltd.(c)

    816,996       7,914,742  

Great Wall Enterprise Co. Ltd.

    5,977,412       11,048,744  

Greatek Electronics Inc.

    3,557,000       6,733,441  

Gudeng Precision Industrial Co. Ltd.(c)

    685,797       9,761,951  

Hannstar Board Corp.(c)

    2,392,000       4,285,927  

HannStar Display Corp.(a)(c)

    22,222,640       7,988,955  

Highwealth Construction Corp.(c)

    7,459,030       9,368,855  

Hiwin Technologies Corp.(c)

    2,436,498       18,513,676  

Holtek Semiconductor Inc.(c)

    1,872,000       3,552,890  

Holy Stone Enterprise Co. Ltd.(c)

    1,518,846       4,657,816  

Hon Hai Precision Industry Co. Ltd.

    111,415,928        363,268,924  

Hota Industrial Manufacturing Co. Ltd.(c)

    2,553,261       4,556,391  

Hotai Finance Co. Ltd.

    2,414,200       9,245,988  

Hotai Motor Co. Ltd.

    2,863,560       60,814,238  

Hsin Kuang Steel Co. Ltd.

    3,124,000       6,598,521  

HTC Corp.(a)(c)

    6,138,000       9,484,422  

Hu Lane Associate Inc.

    828,000       4,389,742  

Hua Nan Financial Holdings Co. Ltd.

    79,208,650       55,162,042  

Huaku Development Co. Ltd.

    3,431,000       10,725,549  

Ibase Technology Inc.(c)

    449,000       1,241,455  

IBF Financial Holdings Co. Ltd.(a)(c)

    21,767,076       8,469,725  

Innodisk Corp.(c)

    1,013,661       9,802,725  

Innolux Corp.

    76,400,974       36,658,219  

International CSRC Investment Holdings Co.(c)

    9,325,685       5,372,912  

International Games System Co. Ltd.

    1,085,000       29,263,371  

Inventec Corp.(c)

    24,526,000       42,720,448  

ITE Technology Inc.(c)

    1,873,000       9,782,206  

ITEQ Corp.

    1,932,604       5,455,714  

Jentech Precision Industrial Co. Ltd.(c)

    748,670       21,799,788  

Jinan Acetate Chemical Co. Ltd.(c)

    406,480       12,464,405  

Johnson Health Tech Co. Ltd.(c)

    1,222,000       2,565,667  

Kaori Heat Treatment Co. Ltd.(c)

    785,000       6,909,989  

Kenda Rubber Industrial Co. Ltd.(c)

    6,279,913       6,010,666  

Kenmec Mechanical Engineering Co. Ltd.(c)

    1,112,000       2,999,392  

Kindom Development Co. Ltd.

    4,265,300       5,329,138  

King Slide Works Co. Ltd.(c)

    531,000       22,813,882  

King Yuan Electronics Co. Ltd.(c)

    10,296,000       28,992,831  

King’s Town Bank Co. Ltd.

    7,212,000       10,187,311  

Kinik Co.(c)

    1,268,000       10,358,240  

Kinpo Electronics(c)

    13,051,000       6,360,573  

Kinsus Interconnect Technology Corp.(c)

    2,314,000       7,084,470  

L&K Engineering Co. Ltd.(c)

    1,351,000       7,205,956  
Security   Shares     Value  

 

 
Taiwan (continued)            

LandMark Optoelectronics Corp.(c)

    775,900     $ 3,650,064  

Largan Precision Co. Ltd.

    887,000       72,795,552  

Lien Hwa Industrial Holdings Corp.(c)

    9,715,421       20,144,588  

Lite-On Technology Corp.

    18,374,238       63,752,293  

Longchen Paper & Packaging Co. Ltd.(c)

    8,622,863       3,806,408  

Lotes Co. Ltd.(c)

    721,849       23,419,892  

Lotus Pharmaceutical Co. Ltd.(c)

    1,088,000       9,979,038  

LuxNet Corp.(c)

    919,957       4,544,349  

M31 Technology Corp.

    244,401       13,960,699  

Macronix International Co. Ltd.(c)

    14,314,554       12,898,133  

Makalot Industrial Co. Ltd.

    1,930,510       22,721,426  

Marketech International Corp.

    1,291,000       6,495,539  

MediaTek Inc.

    13,653,572       492,707,077  

Medigen Vaccine Biologics Corp.(a)(c)

    2,386,607       4,620,774  

Mega Financial Holding Co. Ltd.(c)

    101,918,180        124,863,982  

Mercuries Life Insurance Co. Ltd.(a)(c)

    32,242,333       5,049,570  

Merida Industry Co. Ltd.(c)

    1,703,850       11,258,992  

Merry Electronics Co. Ltd.

    1,953,751       7,299,630  

Microbio Co. Ltd.(c)

    4,123,572       6,065,991  

Micro-Star International Co. Ltd.

    6,303,000       38,143,078  

Mitac Holdings Corp.(c)

    8,403,053       11,252,623  

momo.com Inc.

    26,000       366,303  

MPI Corp.(c)

    586,000       5,992,806  

Nan Kang Rubber Tire Co. Ltd.(a)(c)

    5,367,000       6,684,004  

Nan Pao Resins Chemical Co. Ltd.(c)

    562,000       5,353,578  

Nan Ya Plastics Corp.(c)

    41,562,440       78,596,517  

Nan Ya Printed Circuit Board Corp.(c)

    1,884,000       12,622,571  

Nantex Industry Co. Ltd.

    2,612,000       2,921,835  

Nanya Technology Corp.(c)

    10,529,000       22,416,244  

Nien Made Enterprise Co. Ltd.

    1,299,000       15,206,390  

North-Star International Co. Ltd., NVS

    276,000       469,710  

Novatek Microelectronics Corp.(c)

    5,212,000       99,201,817  

Nuvoton Technology Corp.(c)

    2,128,000       8,693,362  

OBI Pharma Inc.(a)(c)

    1,636,339       3,467,143  

Oneness Biotech Co. Ltd.(c)

    2,609,450       14,582,691  

Orient Semiconductor Electronics Ltd.(c)

    3,865,000       8,867,340  

Oriental Union Chemical Corp.(c)

    7,983,000       4,856,333  

Pan Jit International Inc.(c)

    3,293,200       6,507,516  

Pan-International Industrial Corp.(c)

    5,155,366       5,357,272  

Parade Technologies Ltd.(c)

    682,000       21,938,060  

Pegatron Corp.

    16,725,000       45,287,258  

Pegavision Corp.(c)

    377,166       4,778,421  

PharmaEngine Inc.(c)

    930,000       3,045,129  

PharmaEssentia Corp.(a)(c)

    2,189,000       22,749,063  

Pharmally International Holding Co. Ltd.(d)

    597,543        

Phihong Technology Co. Ltd.(a)(c)

    3,459,266       6,717,350  

Phison Electronics Corp.(c)

    1,406,000       27,966,170  

Pixart Imaging Inc.

    1,446,000       7,833,113  

Polaris Group/Tw(a)(c)

    2,865,000       6,405,898  

Pou Chen Corp.(c)

    17,276,000       16,689,995  

Powerchip Semiconductor Manufacturing Corp.(c)

    25,849,000       22,596,484  

Powertech Technology Inc.

    5,010,000       24,756,484  

Poya International Co. Ltd.

    490,577       7,628,154  

President Chain Store Corp.

    4,771,000       40,677,886  

President Securities Corp.(c)

    8,688,603       5,636,889  

Primax Electronics Ltd.

    4,334,000       9,986,049  

Prince Housing & Development Corp.(c)

    11,327,995       3,675,620  

Qisda Corp.(c)

    13,675,000       19,964,119  

Quanta Computer Inc.(c)

    24,396,000       179,269,836  

Quanta Storage Inc.(c)

    1,841,000       4,512,776  

Radiant Opto-Electronics Corp.(c)

    3,174,000       14,822,033  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  31


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Taiwan (continued)            

Raydium Semiconductor Corp.

    595,000     $ 8,426,714  

Realtek Semiconductor Corp.

    4,328,110       78,005,702  

RichWave Technology Corp.(a)(c)

    901,226       6,437,687  

Ritek Corp.(a)

    1        

Ruentex Development Co. Ltd.

    13,726,812       15,796,561  

Ruentex Industries Ltd.(c)

    5,607,788       10,511,510  

Sanyang Motor Co. Ltd.(c)

    5,048,000       11,940,608  

ScinoPharm Taiwan Ltd.(c)

    2,966,027       2,381,955  

SDI Corp.(c)

    1,351,000       4,428,046  

Sensortek Technology Corp.(c)

    281,000       4,172,145  

Sercomm Corp.

    2,602,000        11,165,010  

Shanghai Commercial & Savings Bank Ltd. (The)

    34,326,542       48,873,907  

Shihlin Electric & Engineering Corp.(c)

    1,875,000       11,107,756  

Shin Kong Financial Holding Co. Ltd.(a)(c)

    116,976,255       30,710,346  

Shin Zu Shing Co. Ltd.(c)

    1,627,904       8,707,356  

Shinfox Energy Co. Ltd.(c)

    514,000       2,483,671  

Shinkong Synthetic Fibers Corp.(c)

    14,017,000       6,768,140  

Shiny Chemical Industrial Co. Ltd.(c)

    876,750       4,246,472  

Sigurd Microelectronics Corp.(c)

    5,842,700       13,016,173  

Silergy Corp.(c)

    2,839,000       37,460,887  

Silicon Integrated Systems Corp.(c)

    4,642,000       6,338,325  

Simplo Technology Co. Ltd.

    1,262,400       17,041,954  

Sinbon Electronics Co. Ltd.

    1,943,809       15,896,285  

Sino-American Silicon Products Inc.(c)

    4,503,000       26,460,080  

SinoPac Financial Holdings Co. Ltd.

    98,902,579       62,934,165  

Sinyi Realty Inc.

    5,008,704       4,666,393  

Sitronix Technology Corp.

    1,134,000       10,416,506  

Soft-World International Corp.(c)

    917,000       3,883,795  

Solar Applied Materials Technology Corp.(c)

    5,710,710       7,993,063  

Sporton International Inc.

    906,252       6,748,993  

St. Shine Optical Co. Ltd.

    451,000       2,853,678  

Standard Foods Corp.(c)

    4,900,096       5,844,407  

Sunny Friend Environmental Technology Co. Ltd.(c)

    727,507       2,429,738  

Sunonwealth Electric Machine Industry Co. Ltd.(c)

    1,587,000       6,384,773  

Sunplus Technology Co. Ltd.(c)

    5,393,000       5,653,285  

Supreme Electronics Co. Ltd.

    5,482,009       10,828,841  

Synmosa Biopharma Corp.(c)

    3,134,899       3,867,858  

Synnex Technology International Corp.

    11,856,250       29,208,345  

Systex Corp.(c)

    1,944,000       6,954,685  

T3EX Global Holdings Corp.(c)

    1,270,000       3,700,375  

TA Chen Stainless Pipe(c)

    15,476,412       17,587,553  

Ta Ya Electric Wire & Cable(c)

    8,095,958       9,610,709  

Taichung Commercial Bank Co. Ltd.

    30,150,453       15,885,780  

TaiDoc Technology Corp.

    702,000       3,529,526  

Taigen Biopharmaceuticals Holdings Ltd.(a)(c)

    4,032,000       1,929,429  

TaiMed Biologics Inc.(a)(c)

    1,854,000       6,488,320  

Tainan Spinning Co. Ltd.(c)

    11,307,894       5,529,389  

Taishin Financial Holding Co. Ltd.(c)

    102,945,880       56,686,940  

Taiwan Business Bank

    57,461,152       25,459,009  

Taiwan Cement Corp.(c)

    55,227,182       56,147,600  

Taiwan Cogeneration Corp.(c)

    6,532,199       10,254,710  

Taiwan Cooperative Financial Holding Co. Ltd.(c)

    93,686,032       76,976,074  

Taiwan Fertilizer Co. Ltd.(c)

    6,372,000       13,431,694  

Taiwan Glass Industry Corp.(a)(c)

    11,261,053       6,504,026  

Taiwan High Speed Rail Corp.(c)

    15,881,000       15,175,960  

Taiwan Hon Chuan Enterprise Co. Ltd.(c)

    2,680,674       12,336,059  

Taiwan Mask Corp.(c)

    2,306,000       5,081,457  

Taiwan Mobile Co. Ltd.

    14,133,000       44,290,644  
Security   Shares      Value  

 

 
Taiwan (continued)             

Taiwan Paiho Ltd.(c)

    2,874,000      $ 5,267,060  

Taiwan Secom Co. Ltd.(c)

    3,121,185        11,702,658  

Taiwan Semiconductor Co. Ltd.(c)

    2,305,000        5,839,389  

Taiwan Semiconductor Manufacturing Co. Ltd.

    221,643,000         4,857,198,905  

Taiwan Shin Kong Security Co. Ltd.

    6,375,577        8,078,010  

Taiwan Surface Mounting Technology Corp.

    2,511,000        7,801,660  

Taiwan TEA Corp.(a)(c)

    7,997,000        5,259,055  

Taiwan Union Technology Corp.(c)

    2,311,000        11,450,648  

Taiwan-Asia Semiconductor Corp.(c)

    3,673,000        4,884,175  

Tatung Co. Ltd.(a)(c)

    14,270,000        23,455,568  

TCI Co. Ltd.(c)

    973,444        4,952,252  

Teco Electric and Machinery Co. Ltd.(c)

    11,234,000        17,505,099  

Test Research Inc.

    1,903,400        4,395,400  

Thinking Electronic Industrial Co. Ltd.(c)

    880,000        4,737,326  

Ton Yi Industrial Corp.(c)

    12,601,000        6,181,237  

Tong Hsing Electronic Industries Ltd.(c)

    1,668,600        7,998,891  

Tong Yang Industry Co. Ltd.

    3,922,400        12,273,497  

Topco Scientific Co. Ltd.

    1,452,342        8,939,332  

TPK Holding Co. Ltd.

    3,494,000        3,868,539  

Transcend Information Inc.

    3,266,000        8,269,366  

Tripod Technology Corp.

    4,010,000        26,438,221  

TSEC Corp.(c)

    5,005,756        4,413,206  

TSRC Corp.(c)

    6,364,900        4,594,877  

TTY Biopharm Co. Ltd.

    2,498,124        6,401,495  

Tung Ho Steel Enterprise Corp.

    5,328,560        13,026,702  

Tung Thih Electronic Co. Ltd.(c)

    745,000        3,132,336  

TXC Corp.

    3,063,000        9,680,686  

U-Ming Marine Transport Corp.(c)

    4,771,000        8,392,021  

Unimicron Technology Corp.(c)

    12,442,000        70,694,599  

Union Bank of Taiwan(c)

    14,191,260        6,376,207  

Uni-President Enterprises Corp.

    42,917,369        104,213,674  

United Integrated Services Co. Ltd.(c)

    1,370,400        12,720,801  

United Microelectronics Corp.(c)

    99,740,000        153,781,959  

United Renewable Energy Co. Ltd.(c)

    12,731,238        4,997,822  

Universal Vision Biotechnology Co.
Ltd.(c)

    612,007        5,837,156  

UPC Technology Corp.

    9,556,365        4,432,513  

UPI Semiconductor Corp.(a)(c)

    440,000        4,377,294  

USI Corp.

    7,869,300        4,536,090  

Vanguard International Semiconductor Corp.(c)

    7,378,000        16,853,881  

VIA Labs Inc.

    314,000        2,661,764  

Via Technologies Inc.(c)

    1,661,000        6,934,854  

Visco Vision Inc.(c)

    364,000        2,996,177  

VisEra Technologies Co. Ltd.(c)

    1,054,000        10,242,066  

Visual Photonics Epitaxy Co. Ltd.

    1,721,000        8,900,254  

Vivotek Inc.(c)

    458,000        2,117,725  

Voltronic Power Technology Corp.

    574,493        29,196,375  

Wafer Works Corp.(c)

    5,252,839        6,620,140  

Waffer Technology Corp.(c)

    1,429,000        4,665,869  

Wah Lee Industrial Corp.(c)

    2,665,580        9,411,225  

Walsin Lihwa Corp.(c)

    26,264,570        30,763,837  

Walsin Technology Corp.(c)

    2,669,597        9,482,336  

Wan Hai Lines Ltd.(c)

    5,833,620        9,293,059  

Win Semiconductors Corp.

    2,680,427        12,897,194  

Winbond Electronics Corp.(c)

    27,643,087        24,439,462  

WinWay Technology Co. Ltd.(c)

    228,000        5,535,757  

Wisdom Marine Lines Co. Ltd.(c)

    4,968,000        9,643,443  

Wistron Corp.(c)

    23,578,004        86,337,133  

Wistron NeWeb Corp.(c)

    3,048,565        14,817,375  

Wiwynn Corp.

    795,000        58,693,116  

Wowprime Corp.(c)

    766,361        5,824,835  

WPG Holdings Ltd.

    13,591,200        39,905,192  

WT Microelectronics Co. Ltd.(c)

    5,070,206        27,537,823  

 

 

32  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Taiwan (continued)            

XinTec Inc.(c)

    1,708,000     $ 7,138,224  

XPEC Entertainment Inc.(d)

    31,000        

Xxentria Technology Materials Corp.

    2,553,500       5,818,976  

Yageo Corp.(c)

    2,969,824       52,471,941  

Yang Ming Marine Transport Corp.

    15,259,677       24,074,966  

Yankey Engineering Co. Ltd.(c)

    194,000       2,345,402  

YFY Inc.(c)

    10,547,000       10,095,945  

Yieh Phui Enterprise Co. Ltd.(c)

    11,518,077       5,555,839  

Yuanta Financial Holding Co. Ltd.

    87,881,291       76,370,778  

Yulon Finance Corp.(c)

    2,264,002       11,871,486  

Yulon Motor Co. Ltd.(c)

    5,461,276       12,239,328  

YungShin Global Holding Corp.

    3,650,650       5,432,902  

Zhen Ding Technology Holding Ltd.(c)

    5,320,950       16,933,796  

ZillTek Technology Corp.(c)

    132,000       1,972,423  

Zyxel Group Corp.(c)

    1,274,000       1,816,233  
   

 

 

 
       13,103,524,911  
Thailand — 1.8%            

Advanced Info Service PCL, NVDR

    10,714,100       60,109,811  

Airports of Thailand PCL, NVDR(c)

    37,905,200       67,173,707  

Amata Corp. PCL, NVDR

    13,308,630       8,354,171  

AP Thailand PCL, NVDR

    29,406,290       8,616,049  

Asset World Corp. PCL, NVDR(c)

    66,955,600       7,193,763  

B Grimm Power PCL, NVDR(c)

    9,409,700       6,760,566  

Bangchak Corp. PCL, NVDR

    11,172,300       12,940,301  

Bangkok Airways PCL, NVDR(c)

    15,695,300       6,961,204  

Bangkok Chain Hospital PCL, NVDR

    16,389,150       9,642,021  

Bangkok Commercial Asset Management PCL, NVDR

    17,580,500       4,122,556  

Bangkok Dusit Medical Services PCL, NVDR

    95,508,000       75,877,270  

Bangkok Expressway & Metro PCL, NVDR

    69,419,885       15,604,642  

Bangkok Land PCL, NVDR(a)

    183,366,000       3,476,617  

Banpu PCL, NVDR(c)

    69,427,200       10,835,885  

BCPG PCL, NVDR

    18,263,025       3,950,969  

Berli Jucker PCL, NVDR

    495,400       334,844  

Betagro PCL, NVS(c)

    7,446,300       4,612,548  

BTS Group Holdings PCL, NVDR(c)

    76,755,600       11,030,562  

Bumrungrad Hospital PCL, NVDR

    5,385,900       33,604,503  

Carabao Group PCL, NVDR

    3,527,900       6,845,187  

Central Pattana PCL, NVDR

    18,215,700       32,884,508  

Central Plaza Hotel PCL, NVDR(a)(c)

    5,477,200       6,571,742  

Central Retail Corp. PCL, NVDR

    17,703,817       17,184,868  

CH Karnchang PCL, NVDR(c)

    14,856,400       9,643,922  

Charoen Pokphand Foods PCL, NVDR(c)

    31,323,900       16,504,505  

Chularat Hospital PCL, NVDR(c)

    87,950,600       7,217,678  

CK Power PCL, NVDR(c)

    30,214,400       3,321,309  

Com7 PCL, NVDR(c)

    9,896,500       5,730,785  

CP ALL PCL, NVDR

    52,873,900       84,781,205  

CP Axtra PCL, NVDR(c)

    14,680,600       13,632,279  

Delta Electronics Thailand PCL, NVDR(c)

    28,495,900       56,727,211  

Dohome PCL, NVDR(c)

    8,885,900       2,978,212  

Dynasty Ceramic PCL, NVDR(c)

    79,452,320       4,120,488  

Eastern Polymer Group PCL, NVDR(c)

    15,702,700       3,116,965  

Electricity Generating PCL, NVDR(c)

    2,256,700       7,395,132  

Energy Absolute PCL, NVDR(c)

    15,757,900       15,509,558  

GFPT PCL, NVDR(c)

    10,255,700       3,400,202  

Global Power Synergy PCL, NVDR(c)

    6,634,000       9,435,193  

Gulf Energy Development PCL, NVDR

    28,495,844       34,212,002  

Gunkul Engineering PCL, NVDR(c)

    53,727,841       4,105,674  

Hana Microelectronics PCL, NVDR

    5,339,200       5,532,326  

Home Product Center PCL, NVDR(c)

    58,247,775       18,192,470  

Indorama Ventures PCL, NVDR(c)

    14,322,800       9,308,073  

Intouch Holdings PCL, NVDR

    9,060,025       17,120,565  
Security   Shares     Value  

 

 
Thailand (continued)            

IRPC PCL, NVDR(c)

    106,709,100     $ 5,801,821  

Jasmine International PCL, NVDR

    73,641,800       4,198,720  

Jaymart Group Holdings PCL, NVDR(c)

    7,242,600       2,850,150  

JMT Network Services PCL, NVDR(c)

    6,456,100       4,030,242  

Kasikornbank PCL, NVDR

    5,058,100       17,357,457  

KCE Electronics PCL, NVDR(c)

    6,773,000       7,170,125  

Khon Kaen Sugar Industry PCL, NVDR(c)

    26,009,886       1,798,537  

Kiatnakin Phatra Bank PCL, NVDR(c)

    4,603,400       6,613,612  

Krung Thai Bank PCL, NVDR(c)

    30,741,200       13,796,861  

Krungthai Card PCL, NVDR(c)

    8,242,300       9,828,818  

Land & Houses PCL, NVDR(c)

    63,396,800       13,422,526  

Major Cineplex Group PCL, NVDR(c)

    10,632,700       4,120,857  

MBK PCL, NVDR(c)

    11,934,800       5,501,002  

Mega Lifesciences PCL, NVDR

    5,041,000       5,848,373  

Minor International PCL, NVDR

    31,433,060       27,833,129  

Muangthai Capital PCL, NVDR(c)

    7,514,800       9,616,997  

Ngern Tid Lor PCL, NVDR

    11,637,100       7,310,398  

Origin Property PCL, NVDR(c)

    17,620,800       3,736,241  

Osotspa PCL, NVDR(c)

    12,506,200       7,094,020  

Plan B Media PCL, NVDR

    30,253,488       7,393,068  

Precious Shipping PCL, NVDR(c)

    10,813,600       2,679,252  

Prima Marine PCL, NVDR(c)

    20,268,600       3,703,573  

PSG Corp. PCL, NVS(a)

    90,427,100       1,843,084  

PTG Energy PCL, NVDR(c)

    12,347,400       3,136,944  

PTT Exploration & Production PCL, NVDR

    11,755,801       49,366,617  

PTT Global Chemical PCL, NVDR(c)

    19,346,100       20,475,776  

PTT Oil & Retail Business PCL, NVDR(c)

    24,823,800       12,523,048  

PTT PCL, NVDR

    90,194,600       86,088,866  

Quality Houses PCL, NVDR(c)

    110,750,417       6,670,038  

Ratch Group PCL, NVDR(c)

    8,052,300       6,508,504  

Ratchthani Leasing PCL, NVDR

    39,728,947       2,284,081  

Regional Container Lines PCL, NVDR(c)

    6,279,400       3,899,012  

RS PCL, NVDR

    8,704,090       3,449,436  

Sansiri PCL, NVDR(c)

    139,617,400       7,168,969  

Sappe PCL(c)

    1,716,200       4,137,522  

SCB X PCL, NVDR(c)

    7,325,600       23,009,163  

SCG Packaging PCL, NVDR(c)

    11,233,000       8,771,172  

Siam Cement PCL (The), NVDR

    6,919,500       51,899,907  

Siamgas & Petrochemicals PCL, NVDR(c)

    12,291,700       2,895,995  

Sino-Thai Engineering & Construction PCL, NVDR(c)

    13,631,328       3,838,298  

SISB PCL(c)

    3,557,500       4,125,701  

Sri Trang Agro-Industry PCL, NVDR(c)

    10,182,060       5,479,328  

Sri Trang Gloves Thailand PCL, NVDR(c)

    10,887,200       2,606,645  

Srisawad Corp. PCL, NVDR

    6,959,949       7,400,718  

Supalai PCL, NVDR(c)

    16,134,000       9,446,576  

Super Energy Corp. PCL, NVDR(a)

    146,740,200       1,391,096  

Thai Oil PCL, NVDR

    9,471,100       14,786,844  

Thai Union Group PCL, NVDR

    25,904,500       10,410,008  

Thai Vegetable Oil PCL, NVDR(c)

    8,121,110       4,755,146  

Thanachart Capital PCL, NVDR(c)

    4,786,000       6,638,882  

Thonburi Healthcare Group PCL, NVDR(c)

    3,708,800       4,498,335  

Tisco Financial Group PCL, NVDR

    3,141,700       8,803,593  

TMBThanachart Bank PCL, NVDR

    134,764,900       6,922,242  

TPI Polene PCL, NVDR

    80,091,000       3,104,043  

True Corp. PCL, NVDR(a)

    98,674,456       19,434,752  

TTW PCL, NVDR(c)

    27,610,200       7,237,755  

WHA Corp. PCL, NVDR(c)

    97,793,200       12,546,983  
   

 

 

 
       1,345,934,906  
Turkey — 1.0%            

Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS

    3,216,380       1,380,001  

Akbank TAS

    28,635,455       38,123,760  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  33


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Turkey (continued)            

Akcansa Cimento A/S

    88,741     $ 446,099  

Akfen Yenilenebilir Enerji A/S, NVS

    3,064,920       2,677,137  

Aksa Akrilik Kimya Sanayii AS

    1,697,204       5,782,063  

Alarko Holding A/S(c)

    2,277,402       9,653,581  

Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS

    815,118       2,763,908  

Anadolu Anonim Turk Sigorta Sirketi(a)

    1,629,287       3,573,513  

Anadolu Efes Biracilik Ve Malt Sanayii AS

    2,345,778       11,694,527  

Aselsan Elektronik Sanayi Ve Ticaret AS

    13,276,975        25,478,732  

Baticim Bati Anadolu Cimento Sanayii A/S(a)

    562,824       2,057,944  

BIM Birlesik Magazalar AS

    4,273,964       53,044,525  

Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS

    41,163       1,693,625  

Can2 Termik AS(a)

    2,792,913       1,615,931  

Cimsa Cimento Sanayi VE Ticaret AS

    3,355,246       3,760,102  

Coca-Cola Icecek A/S

    342,600       7,097,392  

CW Enerji Muhendislik Ticaret VE Sanayi A/S, NVS

    278,760       2,760,243  

Dogan Sirketler Grubu Holding AS

    16,475,922       7,148,192  

Dogus Otomotiv Servis ve Ticaret AS

    551,604       4,720,112  

EGE Endustri VE Ticaret AS

    10,399       5,768,369  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS

    29,398,798       10,448,639  

Enerjisa Enerji AS(b)(c)

    4,332,161       8,655,583  

Enerya Enerji A/S, NVS

    368,309       1,745,345  

Eregli Demir ve Celik Fabrikalari TAS(a)

    13,519,281       19,695,681  

Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S, NVS

    594,693       3,315,116  

Ford Otomotiv Sanayi AS

    692,409       22,547,106  

Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a)

    1,329,866       3,300,021  

Gubre Fabrikalari TAS(a)

    301,197       1,934,589  

Haci Omer Sabanci Holding AS

    8,872,299       22,584,499  

Hektas Ticaret TAS(a)

    10,356,132       6,323,683  

Is Gayrimenkul Yatirim Ortakligi AS(a)

    6,507,060       3,606,526  

Is Yatirim Menkul Degerler AS

    4,828,347       5,737,728  

Izdemir Enerji Elektrik Uretim A/S, NVS

    944,696       961,892  

Kaleseramik Canakkale Kalebodur Seramik Sanayi A/S, NVS

    872,496       2,193,298  

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A(c)

    695,710       501,208  

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D

    9,116,112       7,836,061  

Kayseri Seker Fabrikasi A/S, NVS

    1,083,358       1,238,361  

KOC Holding AS

    7,197,498       38,762,761  

Kontrolmatik Enerji Ve Muhendislik AS, NVS

    816,979       7,507,580  

Konya Cimento Sanayii A/S(a)

    6,077       1,921,011  

Koza Altin Isletmeleri AS

    9,391,131       6,875,568  

Koza Anadolu Metal Madencilik
Isletmeleri AS(a)

    2,631,254       4,295,316  

Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)

    2,163,642       9,830,485  

MIA Teknoloji A/S, NVS

    2,225,595       5,579,754  

Migros Ticaret AS

    1,089,671       17,209,555  

MLP Saglik Hizmetleri AS(a)(b)

    1,179,098       6,455,846  

Nuh Cimento Sanayi AS

    370,458       3,902,492  

ODAS Elektrik Uretim ve Sanayi Ticaret AS(a)

    11,233,412       3,624,449  

Otokar Otomotiv Ve Savunma Sanayi AS(a)

    213,803       3,458,756  

Oyak Cimento Fabrikalari AS(a)

    2,086,701       4,740,452  

Pegasus Hava Tasimaciligi AS(a)

    472,590       12,974,630  

Peker Gayrimenkul Yatirim Ortakligi A/S(a)

    2,473,120       2,605,243  

Petkim Petrokimya Holding AS(a)

    12,751,528       9,867,511  

Sasa Polyester Sanayi AS(a)

    11,420,178       14,465,595  

SDT Uzay VE Savunma Teknolojileri A/S, NVS

    118,208       1,456,226  

Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a)

    1,527,708       3,181,961  
Security   Shares     Value  

 

 
Turkey (continued)            

Sok Marketler Ticaret AS

    3,606,572     $ 7,735,709  

TAB Gida Sanayi Ve Ticaret A/S, NVS

    485,092       2,140,329  

TAV Havalimanlari Holding AS(a)(c)

    2,667,029       14,901,512  

Tekfen Holding AS

    2,899,292       4,361,262  

Tofas Turk Otomobil Fabrikasi AS

    1,105,905       9,456,127  

Torunlar Gayrimenkul Yatirim Ortakligi A/S

    1,113,597       1,331,991  

Turk Hava Yollari AO(a)

    5,077,914       45,809,592  

Turkcell Iletisim Hizmetleri AS

    11,510,000       24,673,631  

Turkiye Is Bankasi AS, Class C

    81,288,392       28,826,660  

Turkiye Petrol Rafinerileri AS

    8,795,127       45,564,624  

Turkiye Sigorta A/S

    1,853,320       2,978,937  

Turkiye Sinai Kalkinma Bankasi AS(a)

    16,975,371       4,494,225  

Turkiye Sise ve Cam Fabrikalari AS

    13,276,425       21,732,179  

Ulker Biskuvi Sanayi AS(a)

    2,348,316       7,985,244  

Vestel Elektronik Sanayi ve Ticaret AS(a)(c)

    1,280,252       3,404,413  

Yapi ve Kredi Bankasi AS

    30,939,239       22,832,710  

YEO Teknoloji Enerji VE Endustri A/S, NVS

    311,805       2,424,035  

Zorlu Enerji Elektrik Uretim AS(a)

    20,463,285       3,695,401  
   

 

 

 
       726,928,864  
United Arab Emirates — 1.2%            

Abu Dhabi Commercial Bank PJSC

    27,572,252       64,333,628  

Abu Dhabi Islamic Bank PJSC

    13,614,186       41,662,275  

Abu Dhabi National Oil Co. for
Distribution PJSC

    29,458,910       28,071,764  

Agthia Group PJSC

    3,295,002       4,725,175  

Air Arabia PJSC

    25,263,877       19,687,397  

Ajman Bank PJSC(a)

    12,305,475       6,030,536  

AL Yah Satellite Communications Co-PJSC-Yah Sat

    13,184,704       8,076,773  

Aldar Properties PJSC

    36,562,960       55,049,257  

Amanat Holdings PJSC

    25,230,853       7,006,758  

Americana Restaurants International PLC

    21,594,418       20,166,039  

Aramex PJSC

    6,142,288       4,063,698  

Dana Gas PJSC

    45,490,708       7,827,530  

Dubai Financial Market PJSC

    16,324,625       5,879,723  

Dubai Investments PJSC

    22,876,214       14,574,209  

Dubai Islamic Bank PJSC

    26,763,694       46,926,364  

Emaar Properties PJSC

    60,839,549       134,501,460  

Emirates Central Cooling Systems Corp.

    18,145,805       8,102,240  

Emirates NBD Bank PJSC

    17,678,313       88,079,916  

Emirates Telecommunications Group Co. PJSC

    31,656,919       156,002,732  

First Abu Dhabi Bank PJSC

    40,306,919       149,738,961  

Gulf Navigation Holding PJSC(a)

    3,387,106       5,711,945  

Multiply Group PJSC(a)

    35,863,118       22,179,575  

National Central Cooling Co. PJSC

    2,764,406       2,623,004  

RAK Properties PJSC(a)

    7,415,952       2,685,366  

Taaleem Holdings PJSC, NVS

    3,311,815       3,336,205  
   

 

 

 
      907,042,530  
   

 

 

 

Total Common Stocks — 97.4%
(Cost: $66,677,260,566)

      72,792,053,836  
   

 

 

 

Preferred Stocks

   
Brazil — 1.5%            

Alpargatas SA, Preference Shares, NVS

    2,348,086       4,803,773  

Azul SA, Preference Shares, NVS

    2,687,944       6,537,234  

Banco ABC Brasil SA

   

Preference Shares, NVS

    1,896,464       9,007,164  

Preference Shares, NVS

    62,963       278,648  

Banco Bradesco SA, Preference Shares, NVS

    47,334,250       130,925,939  

 

 

34  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Brazil (continued)            

Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS

    2,884,353     $ 8,952,861  

Banco Pan SA, Preference Shares, NVS

    3,667,382       6,462,607  

Bradespar SA, Preference Shares, NVS

    2,239,327       9,549,945  

Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS

    2,334,159       22,495,938  

Cia. de Saneamento do Parana, Preference Shares, NVS

    1,793,854       1,901,714  

Cia. Energetica de Minas Gerais, Preference Shares, NVS

    12,477,768       30,045,439  

Cia. Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS

    2,097,848       4,072,385  

Companhia Paranaense de Energia, Preference Shares, NVS

    6,793,113       13,965,846  

Gerdau SA, Preference Shares, NVS

    10,373,703       44,866,250  

Itau Unibanco Holding SA, Preference Shares, NVS

    43,009,811       293,647,882  

Itausa SA, Preference Shares, NVS

    48,959,891       101,443,720  

Marcopolo SA, Preference Shares, NVS

    7,260,176       12,822,986  

Metalurgica Gerdau SA, Preference Shares, NVS

    6,395,413       13,006,704  

Petroleo Brasileiro SA, Preference Shares, NVS

    42,228,986       340,985,194  

Randon SA Implementos e Participacoes, Preference Shares, NVS

    2,959,588       6,554,900  

Unipar Carbocloro SA, Class B, Preference Shares, NVS

    547,992       7,294,287  

Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference
Shares, NVS

    5,442,585       12,119,936  
   

 

 

 
       1,081,741,352  
Chile — 0.1%            

Embotelladora Andina SA, Class B, Preference Shares, NVS

    4,807,792       12,133,198  

Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares

    1,298,612       64,401,541  
   

 

 

 
      76,534,739  
Colombia — 0.0%            

Bancolombia SA, Preference Shares, NVS

    4,148,344       33,905,446  
   

 

 

 
Russia — 0.0%            

Surgutneftegas PJSC, Preference Shares, NVS(a)(d)

    58,972,077       6,445  
   

 

 

 
South Korea — 0.6%            

Hyundai Motor Co.

   

Preference Shares, NVS

    205,860       24,697,560  

Series 2, Preference Shares, NVS

    319,411       38,635,164  

LG Chem Ltd., Preference Shares, NVS

    73,170       16,542,162  

Samsung Electronics Co. Ltd., Preference Shares, NVS

    7,387,499       353,762,610  
   

 

 

 
      433,637,496  
   

 

 

 

Total Preferred Stocks — 2.2%
(Cost: $1,318,391,230)

      1,625,825,478  
   

 

 

 
Security   Shares     Value  

 

 

Rights

   
China — 0.0%            

Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)(a)

    535,426     $ 1  
   

 

 

 
India — 0.0%            

South Indian Bank Ltd. (The),
(Expires 03/27/24, Strike Price
IDR 22)(a)

    1,645,077       203,272  
   

 

 

 
South Korea — 0.0%            

Foosung Co. Ltd., (Expires 04/18/24, Strike Price KRW 6870)(a)

    81,272       89,719  

LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)(a)

    635,883       625,568  

Taihan Electric Wire Co. Ltd.,
(Expires 03/12/24)(a)

    306,948       378,038  
   

 

 

 
      1,093,325  
   

 

 

 

Total Rights — 0.0%
(Cost: $—)

      1,296,598  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $67,995,651,796)

       74,419,175,912  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 4.2%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(g)(h)(i)

    2,995,710,990       2,997,208,846  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(g)(h)

    187,320,000       187,320,000  
   

 

 

 

Total Short-Term Securities — 4.2%
(Cost: $3,182,975,557)

      3,184,528,846  
   

 

 

 

Total Investments — 103.8%
(Cost: $71,178,627,353)

      77,603,704,758  

Liabilities in Excess of Other Assets — (3.8)%

 

    (2,860,024,171
   

 

 

 

Net Assets — 100.0%

    $ 74,743,680,587  
   

 

 

 

 

(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) 

All or a portion of this security is on loan.

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $7,853,021, representing less than 0.05% of its net assets as of period end, and an original cost of $6,224,140.

(f) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

(i) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

S C H E D U L EO F  I N V E S T M E N T S

  35


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 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 Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

02/29/24

   

Shares

Held at

02/29/24

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

   

 
 

 

   
 

BlackRock Cash Funds: In-stitutional, SL Agency Shares

  $ 3,362,199,335     $     $ (365,557,563 )(a)    $ 216,172     $ 350,902     $ 2,997,208,846       2,995,710,990     $ 36,274,865 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    74,110,000       113,210,000 (a)                        187,320,000       187,320,000       6,528,718          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 216,172     $ 350,902     $ 3,184,528,846       $ 42,803,583     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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

          

MSCI Emerging Markets Index

    5,093        03/15/24      $ 258,928      $ 1,411,196  
          

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
   

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                   

Futures contracts

                   

Unrealized appreciation on futures contracts(a)

  $      $      $ 1,411,196      $      $      $      $ 1,411,196  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
   

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

   

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                  

Futures contracts

  $      $      $ (2,847,626   $      $      $      $ (2,847,626
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                  

Futures contracts

  $      $      $ 4,068,433     $      $      $      $ 4,068,433  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

 

36  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Core MSCI Emerging Markets ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 203,299,140   

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

   $ 11,924,725,692        $ 60,858,910,709        $ 8,417,435        $ 72,792,053,836  

Preferred Stocks

     1,127,779,996          498,039,037          6,445          1,625,825,478  

Rights

              1,296,598                   1,296,598  

Short-Term Securities

                 

Money Market Funds

     3,184,528,846                            3,184,528,846  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 16,237,034,534        $ 61,358,246,344        $   8,423,880        $ 77,603,704,758  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Equity Contracts

   $ 1,411,196        $        $        $ 1,411,196  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

S C H E D U L EO F  I N V E S T M E N T S

  37


Schedule of Investments (unaudited)

February 29, 2024

  

iShares® MSCI BIC ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Brazil — 8.0%            

Ambev SA

    94,358     $ 238,785  

Atacadao SA

    14,555       35,399  

B3 SA - Brasil Bolsa Balcao

    118,941       306,977  

Banco Bradesco SA

    28,085       69,491  

Banco BTG Pactual SA

    23,758       173,916  

Banco do Brasil SA

    17,466       203,292  

Banco Santander Brasil SA

    6,191       35,618  

BB Seguridade Participacoes SA

    13,981       93,767  

Caixa Seguridade Participacoes S/A

    6,232       18,015  

CCR SA

    21,648       60,009  

Centrais Eletricas Brasileiras SA

    24,851       217,461  

Cia. de Saneamento Basico do Estado de Sao Paulo

    6,806       108,379  

Cia. Siderurgica Nacional SA

    13,899       47,028  

Cosan SA

    25,912       88,613  

CPFL Energia SA

    4,633       32,983  

Energisa SA

    5,216       53,345  

Eneva SA(a)

    17,630       45,502  

Engie Brasil Energia SA

    4,180       35,333  

Equatorial Energia SA

    19,661       135,184  

Hapvida Participacoes e Investimentos SA(a)(b)

    102,213       75,460  

Hypera SA

    7,667       50,711  

JBS SA

    13,489       62,573  

Klabin SA

    14,678       66,642  

Localiza Rent a Car SA

    18,605       198,359  

Localiza Rent a Car SA, NVS(a)

    66       672  

Lojas Renner SA

    20,008       63,593  

Magazine Luiza SA(a)

    65,436       28,038  

Magazine Luiza SA, NVS

    6,268       2,686  

Natura & Co. Holding SA(a)

    18,245       59,861  

Petroleo Brasileiro SA

    76,014       630,302  

PRIO SA

    16,564       145,644  

Raia Drogasil SA

    25,787       138,192  

Rede D’Or Sao Luiz SA(b)

    11,839       60,301  

Rumo SA

    27,552       125,924  

Sendas Distribuidora SA

    28,044       80,108  

Suzano SA

    16,400       185,902  

Telefonica Brasil SA

    7,011       76,836  

TIM SA/Brazil

    16,739       61,183  

TOTVS SA

    10,742       66,318  

Ultrapar Participacoes SA

    15,285       90,275  

Vale SA

    69,044       930,429  

Vibra Energia SA

    23,587       122,701  

WEG SA

    34,358       253,585  
   

 

 

 
       5,575,392  
China — 51.8%            

360 Security Technology Inc., Class A(a)

    9,331       11,344  

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    4,100       11,043  

AAC Technologies Holdings Inc.

    20,500       50,966  

Advanced Micro-Fabrication Equipment Inc., Class A

    867       17,686  

AECC Aviation Power Co. Ltd., Class A

    4,100       19,574  

Agricultural Bank of China Ltd., Class A

    98,400       57,159  

Agricultural Bank of China Ltd., Class H

    574,000       235,481  

Aier Eye Hospital Group Co. Ltd., Class A

    12,612       25,571  

Air China Ltd., Class A(a)

    32,800       33,970  

Akeso Inc.(a)(b)(c)

    12,000       71,957  

Alibaba Group Holding Ltd.

    327,920       3,014,791  

Alibaba Health Information Technology Ltd.(a)(c)

    116,000       50,687  

Aluminum Corp. of China Ltd., Class A

    16,400       13,715  

Aluminum Corp. of China Ltd., Class H

    82,000       40,860  
Security   Shares     Value  

 

 
China (continued)            

Anhui Conch Cement Co. Ltd., Class A

    4,100     $ 13,610  

Anhui Conch Cement Co. Ltd., Class H

    20,500       44,608  

Anhui Gujing Distillery Co. Ltd., Class A

    600       18,186  

Anhui Jianghuai Automobile Group Corp. Ltd.(a)

    4,100       8,807  

ANTA Sports Products Ltd.

    25,840       251,915  

Autohome Inc., ADR

    1,517       39,427  

AVIC Industry-Finance Holdings Co. Ltd., Class A

    16,499       7,589  

AviChina Industry & Technology Co. Ltd., Class H

    70,000       28,722  

BAIC BluePark New Energy Technology Co. Ltd.

    8,200       6,770  

Baidu Inc.(a)

    45,106       570,744  

Bank of Beijing Co. Ltd., Class A

    28,790       20,695  

Bank of Changsha Co. Ltd., Class A

    8,200       8,864  

Bank of Chengdu Co. Ltd., Class A

    4,100       7,517  

Bank of China Ltd., Class A

    46,200       28,628  

Bank of China Ltd., Class H

    1,599,000       627,290  

Bank of Communications Co. Ltd., Class A

    53,300       46,317  

Bank of Communications Co. Ltd., Class H

    164,200       107,575  

Bank of Hangzhou Co. Ltd., Class A

    8,299       12,752  

Bank of Jiangsu Co. Ltd., Class A

    24,660       26,219  

Bank of Nanjing Co. Ltd., Class A

    12,300       14,923  

Bank of Ningbo Co. Ltd., Class A

    9,110       28,080  

Bank of Shanghai Co. Ltd., Class A

    28,790       26,084  

Baoshan Iron & Steel Co. Ltd., Class A

    24,600       22,731  

BeiGene Ltd.(a)

    14,086       181,354  

Beijing Dabeinong Technology Group Co. Ltd., Class A

    12,300       8,978  

Beijing Enlight Media Co. Ltd., Class A

    4,100       5,148  

Beijing Enterprises Holdings Ltd.

    8,500       31,975  

Beijing Enterprises Water Group Ltd.

    82,000       19,236  

Beijing Kingsoft Office Software Inc., Class A

    578       21,743  

Beijing New Building Materials PLC, Class A

    3,100       12,070  

Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A

    4,100       9,826  

Beijing Tiantan Biological Products Corp. Ltd., Class A

    4,100       16,101  

Beijing Tongrentang Co. Ltd., Class A

    4,100       25,323  

Beijing Yanjing Brewery Co. Ltd., Class A

    12,300       14,952  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

    57,400       40,219  

Bilibili Inc.(a)(c)

    4,245       41,165  

BOC Aviation Ltd.(b)

    4,100       30,181  

BOC International China Co. Ltd., Class A

    4,100       6,213  

BOE Technology Group Co. Ltd., Class A

    45,100       24,949  

Bosideng International Holdings Ltd.

    82,000       41,244  

Brilliance China Automotive Holdings Ltd.

    52,000       30,269  

BYD Co. Ltd., Class A

    2,700       71,314  

BYD Co. Ltd., Class H

    20,500       504,916  

BYD Electronic International Co. Ltd.

    20,500       77,405  

C&D International Investment Group Ltd.

    13,000       21,137  

Caitong Securities Co. Ltd., Class A

    12,520       13,854  

Cambricon Technologies Corp. Ltd.(a)

    1,000       23,405  

CGN Power Co. Ltd.

    24,600       13,177  

CGN Power Co. Ltd., Class H(b)

    205,000       62,255  

Changchun High & New Technology Industry Group Inc., Class A

    710       12,677  

Changjiang Securities Co. Ltd., Class A

    16,400       12,512  

Chaozhou Three-Circle Group Co. Ltd., Class A

    4,100       14,427  

China Baoan Group Co. Ltd., Class A

    8,200       13,528  

China Cinda Asset Management Co. Ltd., Class H

    123,000       11,778  

China CITIC Bank Corp. Ltd., Class H

    164,000       87,197  

China Coal Energy Co. Ltd., Class H

    41,000       44,154  

China Communications Services Corp. Ltd.,
Class H

    82,800       35,172  

China Construction Bank Corp., Class A

    8,200       7,957  

China Construction Bank Corp., Class H

    1,927,370        1,195,270  

 

 

38  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
China (continued)            

China CSSC Holdings Ltd., Class A

    7,100     $ 34,991  

China Eastern Airlines Corp. Ltd., Class A(a)

    32,921       17,379  

China Energy Engineering Corp. Ltd.

    20,500       6,194  

China Everbright Bank Co. Ltd., Class A

    65,600       29,284  

China Everbright Bank Co. Ltd., Class H

    41,000       12,819  

China Feihe Ltd.(b)

    84,000       41,781  

China Galaxy Securities Co. Ltd., Class A

    8,200       13,825  

China Galaxy Securities Co. Ltd., Class H

    82,000       43,086  

China Gas Holdings Ltd.

    58,600       53,630  

China Greatwall Technology Group Co. Ltd., Class A

    6,000       8,636  

China Hongqiao Group Ltd.

    41,000       31,729  

China International Capital Corp. Ltd., Class A

    4,100       19,880  

China International Capital Corp. Ltd., Class H(b)

    32,800       41,117  

China Jushi Co. Ltd., Class A

    6,473       8,986  

China Life Insurance Co. Ltd., Class A

    4,193       17,599  

China Life Insurance Co. Ltd., Class H

    164,000        201,029  

China Literature Ltd.(a)(b)

    8,200       25,139  

China Longyuan Power Group Corp. Ltd., Class H

    82,000       57,786  

China Medical System Holdings Ltd.

    41,000       67,399  

China Mengniu Dairy Co. Ltd.

    66,000       165,023  

China Merchants Bank Co. Ltd., Class A

    22,900       101,409  

China Merchants Bank Co. Ltd., Class H

    82,456       318,859  

China Merchants Energy Shipping Co. Ltd., Class A

    12,300       12,289  

China Merchants Port Holdings Co. Ltd.

    28,000       34,755  

China Merchants Securities Co. Ltd., Class A

    14,550       28,468  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    9,381       12,240  

China Minsheng Banking Corp. Ltd., Class A

    41,000       22,971  

China Minsheng Banking Corp. Ltd., Class H

    123,000       43,289  

China National Building Material Co. Ltd., Class H

    82,000       30,841  

China National Chemical Engineering Co. Ltd., Class A

    9,200       8,904  

China National Nuclear Power Co. Ltd., Class A

    20,500       24,678  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

    4,100       10,723  

China Oilfield Services Ltd., Class H

    44,000       38,720  

China Overseas Land & Investment Ltd.

    82,300       121,542  

China Pacific Insurance Group Co. Ltd., Class A

    10,100       35,765  

China Pacific Insurance Group Co. Ltd., Class H

    49,200       93,325  

China Petroleum & Chemical Corp., Class A

    38,700       33,489  

China Petroleum & Chemical Corp., Class H

    492,600       271,400  

China Power International Development Ltd.

    123,000       49,684  

China Railway Group Ltd., Class A

    24,600       21,640  

China Railway Group Ltd., Class H

    82,000       39,941  

China Renewable Energy Investment Ltd.(d)

    7,709        

China Resources Beer Holdings Co. Ltd.

    32,000       137,887  

China Resources Gas Group Ltd.

    20,500       61,863  

China Resources Land Ltd.

    64,444       196,835  

China Resources Microelectronics Ltd.

    1,600       9,497  

China Resources Mixc Lifestyle Services Ltd.(b)

    16,400       49,427  

China Resources Pharmaceutical Group Ltd.(b)

    41,000       27,730  

China Resources Power Holdings Co. Ltd.

    46,200       99,453  

China Ruyi Holdings Ltd.(a)(c)

    164,000       32,192  

China Shenhua Energy Co. Ltd., Class A

    9,500       50,755  

China Shenhua Energy Co. Ltd., Class H

    62,000       238,557  

China Southern Airlines Co. Ltd., Class A(a)

    20,500       16,809  

China State Construction Engineering Corp. Ltd., Class A

    49,200       36,462  

China State Construction International Holdings Ltd.

    40,000       44,572  

China Taiping Insurance Holdings Co. Ltd.

    24,640       21,408  

China Three Gorges Renewables Group Co. Ltd., Class A

    49,200       31,521  

China Tourism Group Duty Free Corp. Ltd., Class A

    4,000       48,168  
Security   Shares     Value  

 

 
China (continued)            

China Tower Corp. Ltd., Class H(b)

    820,000     $ 99,391  

China United Network Communications Ltd., Class A

    45,000       29,943  

China Vanke Co. Ltd., Class A

    12,338       17,142  

China Vanke Co. Ltd., Class H

    41,001       31,611  

China Yangtze Power Co. Ltd., Class A

    28,756       99,958  

China Zheshang Bank Co. Ltd., Class A

    33,540       12,927  

Chongqing Changan Automobile Co. Ltd., Class A

    11,152       23,004  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    2,150       15,942  

Chow Tai Fook Jewellery Group Ltd.

    41,000       61,093  

CITIC Ltd.

    123,000        123,734  

CITIC Securities Co. Ltd., Class A

    12,475       36,808  

CITIC Securities Co. Ltd., Class H

    41,050       75,879  

CMOC Group Ltd., Class A

    20,500       17,449  

CMOC Group Ltd., Class H

    69,000       42,567  

CNPC Capital Co. Ltd., NVS

    12,300       10,561  

Contemporary Amperex Technology Co. Ltd., Class A

    5,240       118,515  

COSCO Shipping Energy Transportation Co. Ltd., Class A

    16,400       31,279  

COSCO Shipping Holdings Co. Ltd., Class A

    16,570       24,143  

COSCO Shipping Holdings Co. Ltd., Class H

    61,849       66,583  

Country Garden Holdings Co. Ltd.(a)(c)

    252,046       20,482  

Country Garden Services Holdings Co. Ltd.(c)

    43,000       32,731  

CRRC Corp. Ltd., Class A

    37,000       32,742  

CRRC Corp. Ltd., Class H

    73,000       37,584  

CSC Financial Co. Ltd., Class A

    6,900       22,253  

CSPC Innovation Pharmaceutical Co. Ltd.

    2,957       13,934  

CSPC Pharmaceutical Group Ltd.

    168,160       130,971  

Daqin Railway Co. Ltd., Class A

    28,700       29,710  

Dongfang Electric Corp. Ltd., Class A

    4,100       9,302  

Dongxing Securities Co. Ltd., Class A

    8,299       9,764  

East Buy Holding Ltd.(a)(b)(c)

    8,500       26,201  

East Money Information Co. Ltd., Class A

    16,488       32,028  

Eastroc Beverage Group Co. Ltd.

    700       17,367  

ENN Energy Holdings Ltd.

    17,100       138,849  

ENN Natural Gas Co. Ltd., Class A

    4,100       10,647  

Eve Energy Co. Ltd., Class A

    3,800       20,163  

Everbright Securities Co. Ltd., Class A

    6,197       14,520  

Everdisplay Optronics Shanghai Co. Ltd.(a)

    16,400       5,439  

Fangda Carbon New Material Co. Ltd., Class A(a)

    20,540       14,023  

Far East Horizon Ltd.

    41,000       32,938  

First Capital Securities Co. Ltd., Class A

    12,700       10,083  

Flat Glass Group Co. Ltd., Class A

    4,100       12,391  

Focus Media Information Technology Co. Ltd., Class A

    22,439       19,564  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    5,741       32,266  

Fosun International Ltd.

    41,000       23,654  

Founder Securities Co. Ltd., Class A

    7,800       8,246  

Foxconn Industrial Internet Co. Ltd., Class A

    16,400       42,528  

Fujian Sunner Development Co. Ltd., Class A

    4,100       9,246  

Fuyao Glass Industry Group Co. Ltd., Class H(b)

    16,400       82,204  

Ganfeng Lithium Group Co. Ltd., Class A

    4,100       22,736  

Ganfeng Lithium Group Co. Ltd., Class H(b)

    8,200       27,165  

GCL Technology Holdings Ltd.

    451,000       62,734  

GD Power Development Co. Ltd., Class A

    27,300       17,729  

Geely Automobile Holdings Ltd.

    123,000       133,857  

GEM Co. Ltd., Class A

    20,599       15,309  

Genscript Biotech Corp.(a)(c)

    26,000       52,563  

GF Securities Co. Ltd., Class A

    8,200       16,110  

GF Securities Co. Ltd., Class H

    16,400       17,609  

Giant Biogene Holding Co. Ltd.(a)(b)

    8,200       37,494  

GigaDevice Semiconductor Inc., Class A

    2,400       24,386  

GoerTek Inc., Class A

    4,100       9,474  

Goldwind Science & Technology Co Ltd., Class A

    9,653       10,226  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  39


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
China (continued)            

Great Wall Motor Co. Ltd.

    4,100     $ 13,293  

Great Wall Motor Co. Ltd., Class H

    41,000       46,275  

Gree Electric Appliances Inc. of Zhuhai, Class A

    4,100       22,188  

Greenland Holdings Corp. Ltd., Class A(a)

    12,300       3,755  

Guangdong Investment Ltd.

    82,000       48,660  

Guanghui Energy Co. Ltd., Class A

    8,000       8,313  

Guangzhou Automobile Group Co. Ltd., Class H

    82,235       35,583  

Guangzhou Baiyun International Airport Co. Ltd., Class A(a)

    8,200       11,527  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    4,100       16,837  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    3,000       8,588  

Guolian Securities Co. Ltd., Class A(a)

    4,100       6,241  

Guosen Securities Co. Ltd., Class A

    8,200       9,798  

Guotai Junan Securities Co. Ltd., Class A

    2,600       5,439  

Guoyuan Securities Co. Ltd., Class A

    12,320       11,911  

H World Group Ltd., ADR

    4,100       149,896  

Haidilao International Holding Ltd.(b)

    32,000       58,194  

Haier Smart Home Co. Ltd., Class A

    8,279       27,577  

Haier Smart Home Co. Ltd., Class H

    49,200       149,009  

Hainan Airport Infrastructure Co. Ltd., NVS(a)

    8,200       4,267  

Haitian International Holdings Ltd.

    16,000       40,513  

Haitong Securities Co. Ltd., Class A

    12,300       15,581  

Haitong Securities Co. Ltd., Class H

    49,200       24,422  

Hangzhou First Applied Material Co. Ltd., Class A

    3,100       11,951  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    100       624  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    24,000       42,302  

Henan Shenhuo Coal & Power Co. Ltd.

    4,100       10,514  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    8,200       33,195  

Hengan International Group Co. Ltd.

    14,000       43,151  

Hengli Petrochemical Co. Ltd., Class A(a)

    8,200       14,486  

Hengyi Petrochemical Co. Ltd., Class A(a)

    4,130       3,958  

Hesteel Co. Ltd., Class A

    28,700       8,671  

Hisense Visual Technology Co. Ltd.

    4,100       14,735  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    1,200       22,770  

Huadian Power International Corp. Ltd., Class A

    12,300       10,565  

Huadong Medicine Co. Ltd., Class A

    2,900       13,504  

Hualan Biological Engineering Inc., Class A

    1,950       5,329  

Huaneng Power International Inc., Class A(a)

    12,300       15,049  

Huaneng Power International Inc., Class H(a)

    82,000       45,991  

Huatai Securities Co. Ltd., Class A

    10,100       20,339  

Huatai Securities Co. Ltd., Class H(b)

    16,400       19,357  

Huaxia Bank Co. Ltd., Class A

    20,500       18,025  

Huayu Automotive Systems Co. Ltd., Class A

    4,199       10,160  

Hubei Jumpcan Pharmaceutical Co. Ltd., Class A

    4,100       21,051  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    1,700       24,114  

Hunan Valin Steel Co. Ltd., Class A

    12,300       9,690  

Hundsun Technologies Inc., Class A

    3,100       10,483  

Hygeia Healthcare Holdings Co. Ltd.(b)(c)

    8,200       30,781  

Hygon Information Technology Co. Ltd., NVS

    2,729       32,213  

IEIT Systems Co. Ltd., Class A

    1,983       10,289  

Iflytek Co. Ltd., Class A

    3,129       21,470  

Industrial & Commercial Bank of China Ltd., Class A

    73,800       54,538  

Industrial & Commercial Bank of China Ltd.,
Class H

    1,312,050        672,573  

Industrial Bank Co. Ltd., Class A

    24,600       56,749  

Industrial Securities Co. Ltd., Class A

    12,300       9,907  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)

    77,900       16,644  

Inner Mongolia Dian Tou Energy Corp. Ltd.

    4,100       9,439  
Security   Shares     Value  

 

 
China (continued)            

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    32,800     $ 17,686  

Inner Mongolia Yili Industrial Group Co. Ltd.,
Class A

    8,200       32,193  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    24,600       49,413  

Innovent Biologics Inc.(a)(b)

    20,500       110,550  

iQIYI Inc., ADR(a)

    9,245       34,114  

JA Solar Technology Co. Ltd., Class A

    4,700       12,208  

JCET Group Co. Ltd., Class A

    2,400       8,711  

JD Health International Inc.(a)(b)(c)

    22,550       85,049  

JD Logistics Inc.(a)(b)

    36,900       36,435  

JD.com Inc.

    47,170       532,355  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    8,200       11,936  

Jiangsu Expressway Co. Ltd., Class H

    38,000       39,033  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    2,700       21,258  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    8,368       49,384  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    2,200       16,336  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    1,900       26,512  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    4,100       7,435  

Jiangxi Copper Co. Ltd., Class A

    12,300       33,344  

Jinduicheng Molybdenum Co. Ltd., Class A

    4,100       5,732  

Jinko Solar Co. Ltd.

    8,200       10,055  

Juneyao Airlines Co. Ltd., Class A(a)

    4,100       7,584  

Kanzhun Ltd., ADR

    4,100       64,165  

KE Holdings Inc., ADR

    13,653       185,544  

Kingboard Holdings Ltd.

    20,500       40,210  

Kingdee International Software Group Co. Ltd.(a)

    53,000       56,990  

Kingsoft Corp. Ltd.

    16,600       46,125  

Kuaishou Technology(a)(b)

    49,200       277,828  

Kunlun Energy Co. Ltd.

    82,000       69,906  

Kweichow Moutai Co. Ltd., Class A

    1,600       375,342  

LB Group Co. Ltd., Class A

    5,300       13,791  

Legend Biotech Corp., ADR(a)

    1,312       85,490  

Lenovo Group Ltd.

    164,000       181,176  

Lens Technology Co. Ltd., Class A

    9,000       15,101  

Lepu Medical Technology Beijing Co. Ltd., Class A

    4,100       8,585  

Li Auto Inc.(a)

    23,318       532,162  

Li Ning Co. Ltd.

    53,500       132,365  

Lingyi iTech Guangdong Co., Class A

    11,600       8,830  

Livzon Pharmaceutical Group Inc., Class A

    4,100       21,898  

Longfor Group Holdings Ltd.(b)

    41,000       51,353  

LONGi Green Energy Technology Co. Ltd., Class A

    9,848       28,991  

Luxshare Precision Industry Co. Ltd., Class A

    8,702       33,299  

Luzhou Laojiao Co. Ltd., Class A

    1,600       38,797  

Mango Excellent Media Co. Ltd., Class A

    3,200       10,988  

Maxscend Microelectronics Co. Ltd., Class A

    1,400       20,875  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)

    8,453       6,522  

Meituan, Class B(a)(b)

    103,960        1,055,419  

Metallurgical Corp. of China Ltd., Class A

    32,800       15,137  

Midea Group Co. Ltd., Class A

    4,100       35,633  

MINISO Group Holding Ltd.

    9,020       41,457  

Montage Technology Co. Ltd., Class A

    3,600       26,104  

Muyuan Foods Co. Ltd., Class A

    8,678       46,233  

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A

    4,145       8,239  

NARI Technology Co. Ltd., Class A

    13,088       42,059  

NAURA Technology Group Co. Ltd., Class A

    1,200       47,292  

NetEase Inc.

    39,275       853,154  

New China Life Insurance Co. Ltd., Class A

    4,100       18,617  

New China Life Insurance Co. Ltd., Class H

    12,300       23,629  

New Hope Liuhe Co. Ltd., Class A(a)

    12,300       15,091  

New Oriental Education & Technology Group Inc.(a)

    28,730       270,013  

 

 

40  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Ninestar Corp., Class A

    2,500     $ 8,129  

Ningbo Sanxing Medical Electric Co. Ltd.

    4,100       15,384  

Ningbo Shanshan Co. Ltd.

    4,100       6,507  

Ningbo Tuopu Group Co. Ltd., Class A

    3,500       28,428  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    13,000       27,484  

NIO Inc., ADR(a)(c)

    28,413       163,375  

Nongfu Spring Co. Ltd., Class H(b)

    41,000       231,847  

Offshore Oil Engineering Co. Ltd., Class A

    4,124       3,537  

Orient Overseas International Ltd.

    2,500       38,713  

Orient Securities Co. Ltd., Class A

    12,688       15,489  

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)

    20,500       9,054  

PDD Holdings Inc., ADR(a)

    12,095        1,506,311  

People’s Insurance Co. Group of China Ltd. (The), Class A

    12,300       8,941  

People’s Insurance Co. Group of China Ltd. (The), Class H

    164,000       54,629  

Perfect World Co. Ltd., Class A

    4,150       6,729  

PetroChina Co. Ltd., Class A

    24,600       30,113  

PetroChina Co. Ltd., Class H

    420,000       329,411  

PICC Property & Casualty Co. Ltd., Class H

    140,322       191,837  

Ping An Bank Co. Ltd., Class A

    20,500       30,057  

Ping An Insurance Group Co. of China Ltd., Class A

    13,100       77,700  

Ping An Insurance Group Co. of China Ltd.,
Class H

    138,500       615,933  

Poly Developments and Holdings Group Co. Ltd., Class A

    12,300       16,624  

Pop Mart International Group Ltd.(b)

    8,200       20,442  

Postal Savings Bank of China Co. Ltd., Class A

    36,900       24,785  

Postal Savings Bank of China Co. Ltd., Class H(b)

    164,000       86,161  

Power Construction Corp. of China Ltd., Class A

    24,600       17,419  

Qifu Technology Inc.

    2,574       39,768  

Qinghai Salt Lake Industry Co. Ltd., Class A(a)

    8,200       18,369  

Rongsheng Petrochemical Co. Ltd., Class A

    13,950       19,835  

SAIC Motor Corp. Ltd., Class A

    12,300       25,496  

Sailun Group Co. Ltd., Class A

    4,100       8,193  

Sanan Optoelectronics Co. Ltd., Class A

    8,200       14,143  

Sany Heavy Equipment International Holdings Co. Ltd.

    41,000       31,704  

Sany Heavy Industry Co. Ltd., Class A

    12,353       23,833  

Satellite Chemical Co. Ltd., Class A(a)

    4,100       9,439  

SDIC Power Holdings Co. Ltd., Class A

    8,200       16,397  

Seres Group Co. Ltd., NVS(a)

    2,700       34,433  

SF Holding Co. Ltd., Class A

    8,200       43,485  

Shaanxi Coal Industry Co. Ltd., Class A

    11,505       41,138  

Shandong Gold Mining Co. Ltd., Class A

    7,180       21,548  

Shandong Gold Mining Co. Ltd., Class H(b)

    10,250       16,196  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    2,040       7,770  

Shandong Nanshan Aluminum Co. Ltd., Class A

    45,100       19,392  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    49,200       31,985  

Shanghai Baosight Software Co. Ltd., Class B

    16,480       37,028  

Shanghai Construction Group Co. Ltd., Class A

    12,300       4,177  

Shanghai Electric Group Co. Ltd., Class A(a)

    41,000       24,099  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    8,600       29,288  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    4,100       10,300  

Shanghai Pharmaceuticals Holding Co. Ltd.,
Class H

    16,400       26,373  

Shanghai Pudong Development Bank Co. Ltd., Class A

    36,900       36,561  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    4,100       10,671  

Shanghai RAAS Blood Products Co. Ltd., Class A

    16,800       16,759  

Shanghai Rural Commercial Bank Co. Ltd.

    24,600       22,018  
Security   Shares     Value  
China (continued)            

Shanghai United Imaging Healthcare Co. Ltd., NVS

    1,215     $ 24,012  

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A

    8,200       7,512  

Shanxi Coal International Energy Group Co. Ltd.

    4,100       10,463  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

    8,200       13,241  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

    3,652       13,090  

Shanxi Meijin Energy Co. Ltd., Class A(a)

    8,200       7,807  

Shanxi Taigang Stainless Steel Co. Ltd., Class A

    12,300       6,466  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    1,360       43,785  

Shengyi Technology Co. Ltd., Class A

    5,200       12,357  

Shenwan Hongyuan Group Co. Ltd., Class A

    38,994       24,758  

Shenzhen Energy Group Co. Ltd., Class A

    5,520       5,044  

Shenzhen Inovance Technology Co. Ltd., Class A

    2,997       26,245  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    1,600       63,975  

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A

    2,800       31,431  

Shenzhen Overseas Chinese Town Co. Ltd.,
Class A(a)

    12,300       5,230  

Shenzhen Transsion Holding Co. Ltd., Class A

    927       20,433  

Shenzhou International Group Holdings Ltd.

    16,400       134,521  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

    2,500       7,437  

Sichuan Changhong Electric Co. Ltd.

    8,200       5,849  

Sichuan Chuantou Energy Co. Ltd., Class A

    4,105       8,920  

Sichuan Road & Bridge Co. Ltd., Class A

    13,688       15,489  

Sino Biopharmaceutical Ltd.

    181,000       71,940  

Sinopharm Group Co. Ltd., Class H

    32,800       91,789  

Sinotruk Hong Kong Ltd.

    20,500       54,199  

Smoore International Holdings Ltd.(b)

    41,000       28,502  

Songcheng Performance Development Co. Ltd., Class A

    8,380       12,533  

SooChow Securities Co. Ltd., Class A

    8,252       8,347  

Sungrow Power Supply Co. Ltd., Class A

    2,900       35,012  

Sunny Optical Technology Group Co. Ltd.

    12,400       79,805  

Sunwoda Electronic Co. Ltd., Class A

    4,000       7,877  

TAL Education Group, ADR(a)

    9,102       134,072  

TBEA Co. Ltd., Class A

    6,560       13,542  

TCL Technology Group Corp., Class A(a)

    18,650       11,702  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A

    2,150       4,029  

Tencent Holdings Ltd.

    133,800        4,687,096  

Tencent Music Entertainment Group, ADR(a)

    14,924       156,254  

Tianma Microelectronics Co. Ltd., Class A(a)

    3,600       4,570  

Tianqi Lithium Corp., Class A

    3,600       26,725  

Tianshui Huatian Technology Co. Ltd., Class A

    6,600       7,484  

Tingyi Cayman Islands Holding Corp.

    46,000       51,155  

Tongcheng Travel Holdings Ltd.(a)

    16,400       41,229  

TongFu Microelectronics Co. Ltd., Class A

    2,800       8,623  

Tongling Nonferrous Metals Group Co. Ltd.,
Class A

    28,700       13,031  

Tongwei Co. Ltd., Class A

    5,795       21,272  

Topsports International Holdings Ltd.(b)

    41,000       27,745  

TravelSky Technology Ltd., Class H

    18,000       21,518  

Trina Solar Co. Ltd.

    3,100       10,775  

Trip.com Group Ltd.(a)

    11,100       503,832  

Tsingtao Brewery Co. Ltd., Class H

    12,000       76,785  

Unigroup Guoxin Microelectronics Co. Ltd.,
Class A(a)

    1,100       10,899  

Unisplendour Corp. Ltd., Class A(a)

    4,380       13,424  

Vipshop Holdings Ltd., ADR(a)

    7,216       138,908  

Walvax Biotechnology Co. Ltd., Class A

    4,100       10,454  

Wanhua Chemical Group Co. Ltd., Class A

    3,300       36,302  

Want Want China Holdings Ltd.

    82,000       45,244  

Weichai Power Co. Ltd., Class A

    7,200       16,870  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  41


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Weichai Power Co. Ltd., Class H

    41,100     $ 80,900  

Wens Foodstuffs Group Co. Ltd., Class A

    10,240       27,254  

Western Mining Co. Ltd., Class A

    4,056       9,371  

Western Securities Co. Ltd., Class A

    12,300       13,600  

Will Semiconductor Co. Ltd. Shanghai, Class A

    1,475       19,582  

Wingtech Technology Co. Ltd., Class A(a)

    2,300       12,163  

Wuhan Guide Infrared Co. Ltd., Class A

    12,924       11,294  

Wuliangye Yibin Co. Ltd., Class A

    4,400       86,567  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    3,160       11,583  

WuXi AppTec Co. Ltd., Class A

    4,128       31,110  

WuXi AppTec Co. Ltd., Class H(b)(c)

    8,287       51,085  

Wuxi Biologics Cayman Inc.(a)(b)

    82,000       194,226  

XCMG Construction Machinery Co. Ltd.,
Class A

    19,000       15,624  

Xiamen C & D Inc., Class A

    4,100       5,905  

Xiaomi Corp., Class B(a)(b)

    311,600       523,620  

Xinyi Solar Holdings Ltd.

    124,000       75,088  

XPeng Inc.(a)(c)

    22,826       106,832  

Yadea Group Holdings Ltd.(b)

    28,000       43,990  

Yankuang Energy Group Co. Ltd., Class A

    8,200       29,448  

Yankuang Energy Group Co. Ltd., Class H(a)

    43,000       99,160  

Yifeng Pharmacy Chain Co. Ltd., Class A

    4,100       22,405  

Yonyou Network Technology Co. Ltd., Class A

    530       932  

Youngor Fashion Co. Ltd., Class A

    4,100       4,183  

Yuexiu Property Co. Ltd.

    41,400       27,532  

Yum China Holdings Inc.

    8,487       364,007  

Yunda Holding Co. Ltd., Class A

    6,230       6,225  

Yunnan Aluminium Co. Ltd., Class A

    4,075       6,532  

Yunnan Baiyao Group Co. Ltd., Class A

    4,108       28,361  

Yunnan Energy New Material Co. Ltd., Class A

    1,700       10,815  

Yunnan Yuntianhua Co. Ltd.

    4,100       10,377  

Yutong Bus Co. Ltd., Class A

    4,100       10,622  

Zai Lab Ltd.(a)

    21,050       44,924  

Zangge Mining Co. Ltd.

    4,100       16,664  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    900       27,812  

Zhaojin Mining Industry Co. Ltd., Class H(c)

    41,000       42,393  

Zhejiang Century Huatong Group Co. Ltd.,
Class A(a)

    4,100       2,782  

Zhejiang Chint Electrics Co. Ltd., Class A

    4,100       11,690  

Zhejiang Dahua Technology Co. Ltd., Class A

    4,100       10,508  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

    2,300       11,803  

Zhejiang Juhua Co. Ltd., Class A

    4,100       11,573  

Zhejiang Leapmotor Technology Co. Ltd.(a)(b)

    9,200       32,187  

Zhejiang NHU Co. Ltd., Class A

    8,243       20,575  

Zheshang Securities Co. Ltd., Class A

    5,100       7,244  

ZhongAn Online P&C Insurance Co. Ltd.,
Class H(a)(b)

    12,300       19,369  

Zhongji Innolight Co. Ltd., Class A

    1,600       34,462  

Zhongsheng Group Holdings Ltd.

    20,500       37,323  

Zhongtai Securities Co. Ltd.

    16,400       15,798  

Zhuzhou CRRC Times Electric Co. Ltd.

    12,300       36,063  

Zijin Mining Group Co. Ltd., Class A

    24,600       44,580  

Zijin Mining Group Co. Ltd., Class H

    119,000       191,152  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    11,300       12,537  

ZTE Corp., Class A

    4,100       16,964  

ZTE Corp., Class H

    16,448       37,049  

ZTO Express Cayman Inc., ADR

    8,856       169,947  
   

 

 

 
       36,026,124  
India — 36.8%  

ABB India Ltd.

    1,107       72,567  

Adani Enterprises Ltd.

    3,522       139,500  

Adani Green Energy Ltd.(a)

    6,478       148,055  
Security   Shares     Value  
India (continued)            

Adani Ports & Special Economic Zone Ltd.

    10,865     $ 172,491  

Adani Power Ltd.(a)

    15,990       105,824  

Ambuja Cements Ltd.

    12,218       89,232  

APL Apollo Tubes Ltd.

    2,961       55,148  

Apollo Hospitals Enterprise Ltd.

    2,050       150,920  

Ashok Leyland Ltd.

    28,700       58,785  

Asian Paints Ltd.

    7,749       264,307  

Astral Ltd.

    2,460       61,388  

AU Small Finance Bank Ltd.(b)

    3,454       23,677  

Aurobindo Pharma Ltd.

    5,658       70,140  

Avenue Supermarts Ltd.(a)(b)

    3,362       158,771  

Axis Bank Ltd.

    46,737       605,012  

Bajaj Auto Ltd.

    1,394       132,861  

Bajaj Finance Ltd.

    5,576       435,026  

Bajaj Finserv Ltd.

    7,958       152,752  

Bajaj Holdings & Investment Ltd.

    574       63,318  

Balkrishna Industries Ltd.

    1,665       44,722  

Bandhan Bank Ltd.(b)

    15,558       36,638  

Bank of Baroda

    22,140       70,837  

Berger Paints India Ltd.

    6,397       46,808  

Bharat Electronics Ltd.

    75,236       185,840  

Bharat Forge Ltd.

    5,359       74,309  

Bharat Heavy Electricals Ltd.

    22,127       60,724  

Bharat Petroleum Corp. Ltd.

    15,252       110,842  

Bharti Airtel Ltd.

    45,510       616,160  

Britannia Industries Ltd.

    2,173       130,225  

CG Power and Industrial Solutions Ltd.

    13,325       71,206  

Cholamandalam Investment and Finance Co. Ltd.

    8,938       117,090  

Cipla Ltd.

    10,496       187,444  

Coal India Ltd.

    32,513       170,736  

Colgate-Palmolive India Ltd.

    2,573       78,248  

Container Corp. of India Ltd.

    5,822       68,587  

Cummins India Ltd.

    2,419       79,924  

Dabur India Ltd.

    12,177       79,075  

Divi’s Laboratories Ltd.

    2,501       105,200  

DLF Ltd.

    14,031       152,428  

Dr. Reddy’s Laboratories Ltd.

    2,173       168,494  

Eicher Motors Ltd.

    2,788       127,403  

GAIL India Ltd.

    45,958       100,850  

GMR Airports Infrastructure Ltd.(a)

    46,658       47,268  

Godrej Consumer Products Ltd.

    8,118       122,907  

Godrej Properties Ltd.(a)

    2,911       84,206  

Grasim Industries Ltd.

    5,658       149,342  

Havells India Ltd.

    5,125       94,558  

HCL Technologies Ltd.

    19,106       382,887  

HDFC Asset Management Co. Ltd.(b)

    1,681       76,077  

HDFC Bank Ltd.

    57,020       963,008  

HDFC Life Insurance Co. Ltd.(b)

    20,336       142,755  

Hero MotoCorp Ltd.

    2,355       125,506  

Hindalco Industries Ltd.

    25,707       155,937  

Hindustan Aeronautics Ltd., NVS

    3,854       143,092  

Hindustan Petroleum Corp. Ltd.

    11,808       72,591  

Hindustan Unilever Ltd.

    16,523       480,733  

ICICI Bank Ltd.

    105,520        1,340,184  

ICICI Lombard General Insurance Co. Ltd.(b)

    4,841       100,011  

ICICI Prudential Life Insurance Co. Ltd.(b)

    7,545       48,491  

IDFC First Bank Ltd.(a)

    63,394       61,937  

Indian Hotels Co. Ltd., Class A

    17,653       124,948  

Indian Oil Corp. Ltd.

    55,063       109,806  

Indian Railway Catering & Tourism Corp. Ltd.

    4,860       54,342  

Indraprastha Gas Ltd.

    6,929       35,562  

IndusInd Bank Ltd.

    4,665       82,868  

 

 

42  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Info Edge India Ltd.

    1,558     $ 98,835  

Infosys Ltd.

    67,240       1,353,171  

InterGlobe Aviation Ltd.(a)(b)

    2,870       108,980  

ITC Ltd.

    61,090       298,977  

Jindal Steel & Power Ltd.

    7,913       73,824  

Jio Financial Services Ltd., NVS(a)

    57,778       215,697  

JSW Steel Ltd.

    12,792       123,329  

Jubilant Foodworks Ltd.

    8,077       45,179  

Kotak Mahindra Bank Ltd.

    22,427       456,277  

Larsen & Toubro Ltd.

    13,719       575,187  

LTIMindtree Ltd.(b)

    1,830       117,005  

Lupin Ltd.

    4,100       80,199  

Macrotech Developers Ltd.

    4,822       67,566  

Mahindra & Mahindra Ltd.

    19,193       446,904  

Marico Ltd.

    9,594       60,447  

Maruti Suzuki India Ltd.

    2,747       373,852  

Max Healthcare Institute Ltd.

    16,113       154,212  

Mphasis Ltd.

    1,599       50,444  

MRF Ltd.

    41       72,280  

Muthoot Finance Ltd.

    3,075       48,233  

Nestle India Ltd., NVS

    6,560       205,443  

NMDC Ltd.

    18,532       50,489  

NTPC Ltd.

    85,977       347,421  

Oil & Natural Gas Corp. Ltd.

    62,115       197,612  

One 97 Communications Ltd., NVS(a)

    5,183       25,087  

Page Industries Ltd.

    123       50,894  

Persistent Systems Ltd.

    950       98,860  

Petronet LNG Ltd.

    16,113       53,052  

PI Industries Ltd.

    1,804       79,907  

Pidilite Industries Ltd.

    3,321       109,651  

Polycab India Ltd.

    823       47,114  

Power Finance Corp. Ltd.

    30,465       147,381  

Power Grid Corp. of India Ltd.

    89,161       304,616  

Punjab National Bank

    41,615       61,156  

REC Ltd.

    25,420       135,360  

Reliance Industries Ltd.

    61,787        2,174,609  

Samvardhana Motherson International Ltd.

    48,093       69,094  

SBI Cards & Payment Services Ltd.

    5,494       47,663  

SBI Life Insurance Co. Ltd.(b)

    9,266       173,135  

Shree Cement Ltd.

    205       62,913  

Shriram Finance Ltd.

    5,822       171,023  

Siemens Ltd.

    1,804       101,712  

Sona Blw Precision Forgings Ltd.(b)

    9,143       75,942  

SRF Ltd.

    3,116       89,828  

State Bank of India

    36,777       331,169  

Sun Pharmaceutical Industries Ltd.

    19,352       367,901  

Supreme Industries Ltd.

    1,230       61,515  

Suzlon Energy Ltd.(a)

    173,588       94,574  

Tata Communications Ltd.

    1,895       43,885  

Tata Consultancy Services Ltd.

    18,409       908,136  

Tata Consumer Products Ltd.

    11,585       166,139  

Tata Elxsi Ltd.

    738       69,494  

Tata Motors Ltd.

    34,227       391,869  

Tata Motors Ltd., Class A

    7,351       55,974  

Tata Power Co. Ltd. (The)

    29,192       130,922  

Tata Steel Ltd.

    149,691       253,752  

Tech Mahindra Ltd.

    11,070       170,115  

Titan Co. Ltd.

    7,257       317,142  

Torrent Pharmaceuticals Ltd.

    2,091       67,369  

Trent Ltd.

    3,813       178,206  

Tube Investments of India Ltd.

    2,255       94,660  

TVS Motor Co. Ltd.

    5,002       128,897  
Security   Shares     Value  
India (continued)            

UltraTech Cement Ltd.

    2,337     $ 278,819  

Union Bank of India Ltd.

    27,839       49,120  

United Spirits Ltd.

    6,068       85,296  

UPL Ltd.

    9,635       54,567  

Varun Beverages Ltd.

    9,717       165,134  

Vedanta Ltd.

    15,252       49,146  

Wipro Ltd.

    26,149       163,139  

Yes Bank Ltd.(a)

    282,900       83,187  

Zomato Ltd.(a)

    120,950       240,740  
   

 

 

 
       25,544,007  
Kazakhstan — 0.0%            

Polymetal International PLC(a)(d)

    10,488       1  
   

 

 

 
Russia — 0.0%            

Alrosa PJSC(a)(d)

    83,790       9  

Gazprom PJSC(a)(d)

    376,774       41  

Inter RAO UES PJSC(a)(d)

    1,065,900       117  

LUKOIL PJSC(a)(d)

    12,996       1  

MMC Norilsk Nickel PJSC(a)(d)

    1,995        

Mobile TeleSystems PJSC(a)(d)

    16,644       2  

Moscow Exchange MICEX-RTS PJSC(a)(d)

    41,040       5  

Novatek PJSC(a)(d)

    29,170       3  

Novolipetsk Steel PJSC(a)(d)

    41,610       5  

Ozon Holdings PLC, ADR(a)(d)

    1,881        

PhosAgro PJSC(a)(d)

    1,464        

PhosAgro PJSC, GDR(a)(d)(e)

    1        

PhosAgro PJSC, New(a)(d)

    28        

Polyus PJSC(a)(d)

    1,083        

Rosneft Oil Co. PJSC(a)(d)

    37,278       4  

Sberbank of Russia PJSC(a)(d)

    331,170       36  

Severstal PAO(a)(d)

    6,669       1  

Surgutneftegas PJSC(a)(d)

    182,410       20  

Tatneft PJSC(a)(d)

    41,097       5  

TCS Group Holding PLC, GDR(a)(d)(e)

    3,884        

United Co. RUSAL International PJSC(a)(d)

    95,760       11  

VK Co. Ltd.(a)(d)

    4,446       1  

VTB Bank PJSC(a)(d)

    153,340,001       17  

X5 Retail Group NV, GDR(a)(d)

    2,622        

Yandex NV(a)(d)

    9,690       1  
   

 

 

 
      279  
   

 

 

 

Total Common Stocks — 96.6%
(Cost: $90,995,137)

 

    67,145,803  
   

 

 

 

Preferred Stocks

 

Brazil — 3.2%  

Banco Bradesco SA, Preference Shares, NVS

    107,594       297,604  

Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS

    4,510       43,466  

Cia. Energetica de Minas Gerais, Preference Shares, NVS

    27,902       67,186  

Companhia Paranaense de Energia, Preference Shares, NVS

    19,680       40,460  

Gerdau SA, Preference Shares, NVS

    22,962       99,311  

Itau Unibanco Holding SA, Preference Shares, NVS

    98,277       670,982  

Itausa SA, Preference Shares, NVS

    111,343       230,700  

Petroleo Brasileiro SA, Preference Shares, NVS

    96,770       781,386  
   

 

 

 
      2,231,095  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  43


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Russia — 0.0%            

Surgutneftegas PJSC, Preference Shares, NVS(a)(d)

    193,800     $ 21  
   

 

 

 

Total Preferred Stocks — 3.2%
(Cost: $1,380,445)

 

    2,231,116  
   

 

 

 

Rights

 

China — 0.0%  

Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(a)

    2,278        
   

 

 

 

Total Rights — 0.0%
(Cost: $—)

 

     
   

 

 

 

Total Long-Term Investments — 99.8%
(Cost: $92,375,582)

 

    69,376,919  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 2.1%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(f)(g)(h)

    830,356       830,771  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(f)(g)

    640,000       640,000  
   

 

 

 

Total Short-Term Securities — 2.1%
(Cost: $1,470,411)

 

    1,470,771  
   

 

 

 

Total Investments — 101.9%
(Cost: $93,845,993)

 

    70,847,690  

Liabilities in Excess of Other Assets — (1.9)%

 

    (1,325,608
   

 

 

 

Net Assets — 100.0%

 

  $  69,522,082  
   

 

 

 

 

(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) 

All or a portion of this security is on loan.

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

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 six months ended February 29, 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 Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

02/29/24

    

Shares

Held at
02/29/24

     Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,086,148      $     $ (255,243 )(a)    $ (212   $ 78      $ 830,771        830,356      $ 5,895 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    330,000        310,000 (a)                         640,000        640,000        23,531        
        

 

 

   

 

 

    

 

 

       

 

 

   

 

 

 
         $ (212   $ 78      $ 1,470,771         $ 29,426     $  
        

 

 

   

 

 

    

 

 

       

 

 

   

 

 

 

 

  (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.

 

 

 

44  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

 

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 China Index

    2        03/15/24      $ 40      $ (1,215

MSCI Emerging Markets Index

    1        03/15/24        51        (147
          

 

 

 
           $ (1,362
          

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Liabilities — Derivative Financial Instruments

                   

Futures contracts

                   

Unrealized depreciation on futures contracts(a)

  $      $      $ 1,362      $      $      $      $ 1,362  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
    Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                  

Futures contracts

  $      $      $ (14,063   $      $      $      $ (14,063
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                  

Futures contracts

  $      $      $ 86     $      $      $      $ 86  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 127,588   

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

  $ 9,588,003      $ 57,557,520      $ 280      $ 67,145,803  

Preferred Stocks

    2,231,095               21        2,231,116  

Rights

                          

Short-Term Securities

          

Money Market Funds

    1,470,771                      1,470,771  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 13,289,869      $ 57,557,520      $   301      $ 70,847,690  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

 

S C H E D U L EO F  I N V E S T M E N T S

  45


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI BIC ETF

 

Fair Value Hierarchy as of Period End (continued)

 

 

 
    Level 1     Level 2     Level 3      Total  

 

 

Derivative Financial Instruments(a)

        

Liabilities

        

Equity Contracts

  $   (147   $   (1,215   $    —      $   (1,362
 

 

 

   

 

 

   

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

46  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) 

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
China — 32.3%            

360 Security Technology Inc., Class A(a)

    31,099     $ 37,809  

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    11,700       31,514  

AAC Technologies Holdings Inc.

    62,500       155,384  

Advanced Micro-Fabrication Equipment Inc., Class A

    4,600       93,837  

AECC Aero-Engine Control Co. Ltd., Class A

    6,500       15,945  

AECC Aviation Power Co. Ltd., Class A

    15,400       73,520  

Agricultural Bank of China Ltd., Class A

    427,800       248,504  

Agricultural Bank of China Ltd., Class H

    2,018,000       827,875  

Aier Eye Hospital Group Co. Ltd., Class A

    37,426       75,882  

Air China Ltd., Class A(a)

    57,300       59,344  

Air China Ltd., Class H(a)

    124,000       66,400  

Akeso Inc.(a)(b)(c)

    35,000       209,875  

Alibaba Group Holding Ltd.

    1,216,820        11,187,051  

Alibaba Health Information Technology Ltd.(a)(c)

    372,000       162,547  

Aluminum Corp. of China Ltd., Class A

    102,800       85,969  

Aluminum Corp. of China Ltd., Class H

    244,000       121,583  

Amlogic Shanghai Co. Ltd.

    2,875       22,295  

Anhui Conch Cement Co. Ltd., Class A

    13,600       45,144  

Anhui Conch Cement Co. Ltd., Class H

    98,500       214,334  

Anhui Gujing Distillery Co. Ltd., Class A

    3,000       90,928  

Anhui Gujing Distillery Co. Ltd., Class B

    6,525       92,253  

Anhui Yingjia Distillery Co. Ltd., Class A

    6,200       55,019  

ANTA Sports Products Ltd.

    99,200       967,106  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    3,220       45,192  

Autohome Inc., ADR

    4,843       125,870  

Avary Holding Shenzhen Co. Ltd., Class A

    5,100       14,900  

AVIC Industry-Finance Holdings Co. Ltd., Class A

    80,600       37,076  

AviChina Industry & Technology Co. Ltd.,
Class H

    231,000       94,782  

Baidu Inc.(a)

    167,442       2,118,710  

Bank of Beijing Co. Ltd., Class A

    103,000       74,038  

Bank of Chengdu Co. Ltd., Class A

    18,800       34,468  

Bank of China Ltd., Class A

    178,000       110,297  

Bank of China Ltd., Class H

    5,909,000       2,318,108  

Bank of Communications Co. Ltd., Class A

    192,000       166,846  

Bank of Communications Co. Ltd., Class H

    620,000       406,190  

Bank of Hangzhou Co. Ltd., Class A

    30,600       47,018  

Bank of Jiangsu Co. Ltd., Class A

    92,458       98,303  

Bank of Nanjing Co. Ltd., Class A

    49,700       60,299  

Bank of Ningbo Co. Ltd., Class A

    31,000       95,552  

Bank of Shanghai Co. Ltd., Class A

    69,070       62,577  

Baoshan Iron & Steel Co. Ltd., Class A

    117,800       108,852  

BeiGene Ltd.(a)

    49,575       638,266  

Beijing Dabeinong Technology Group Co. Ltd., Class A

    14,700       10,730  

Beijing Enlight Media Co. Ltd., Class A

    14,000       17,579  

Beijing Enterprises Holdings Ltd.

    30,000       112,855  

Beijing Enterprises Water Group Ltd.

    372,000       87,264  

Beijing Kingsoft Office Software Inc., Class A

    2,947       110,861  

Beijing New Building Materials PLC, Class A

    9,200       35,820  

Beijing Tongrentang Co. Ltd., Class A

    6,300       38,911  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    6,160       63,197  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

    198,600       139,155  

Bilibili Inc.(a)(c)

    12,407       120,314  

Bloomage Biotechnology Corp. Ltd.

    4,071       36,077  

BOC Aviation Ltd.(b)

    12,400       91,278  

BOE Technology Group Co. Ltd., Class A

    168,500       93,215  

Bosideng International Holdings Ltd.

    270,000       135,804  

Brilliance China Automotive Holdings Ltd.

    124,000       72,179  
Security   Shares     Value  
China (continued)            

BYD Co. Ltd., Class A

    9,200     $ 242,996  

BYD Co. Ltd., Class H

    76,500       1,884,200  

BYD Electronic International Co. Ltd.

    62,000       234,104  

C&D International Investment Group Ltd.

    63,000       102,434  

Caitong Securities Co. Ltd., Class A

    13,380       14,806  

Cambricon Technologies Corp. Ltd.(a)

    2,910       68,107  

Canmax Technologies Co. Ltd., Class A

    5,360       16,967  

CGN Power Co. Ltd.

    93,000       49,814  

CGN Power Co. Ltd., Class H(b)

    868,000       263,596  

Changchun High & New Technology Industry Group Inc., Class A

    3,400       60,705  

Changjiang Securities Co. Ltd., Class A

    52,200       39,825  

Chaozhou Three-Circle Group Co. Ltd., Class A

    6,899       24,276  

Chengxin Lithium Group Co. Ltd., Class A

    6,200       18,830  

China Cinda Asset Management Co. Ltd., Class H

    807,000       77,272  

China CITIC Bank Corp. Ltd., Class H

    670,000       356,231  

China Coal Energy Co. Ltd., Class H

    127,000       136,769  

China Communications Services Corp. Ltd.,
Class H

    248,000       105,345  

China Construction Bank Corp., Class A

    43,500       42,211  

China Construction Bank Corp., Class H

    7,187,000        4,457,062  

China CSSC Holdings Ltd., Class A

    23,200       114,336  

China Eastern Airlines Corp. Ltd., Class A(a)

    143,672       75,843  

China Energy Engineering Corp. Ltd.

    156,500       47,289  

China Everbright Bank Co. Ltd., Class A

    237,600       106,065  

China Everbright Bank Co. Ltd., Class H

    191,000       59,716  

China Feihe Ltd.(b)

    249,000       123,850  

China Galaxy Securities Co. Ltd., Class A

    18,600       31,349  

China Galaxy Securities Co. Ltd., Class H

    208,000       109,290  

China Gas Holdings Ltd.

    186,000       170,224  

China Great Wall Securities Co. Ltd., Class A

    25,200       27,646  

China Hongqiao Group Ltd.

    171,000       132,334  

China International Capital Corp. Ltd., Class A

    12,500       60,609  

China International Capital Corp. Ltd., Class H(b)

    99,200       124,353  

China Jushi Co. Ltd., Class A

    19,400       26,931  

China Life Insurance Co. Ltd., Class A

    7,800       32,738  

China Life Insurance Co. Ltd., Class H

    579,000       709,732  

China Literature Ltd.(a)(b)

    25,200       77,256  

China Longyuan Power Group Corp. Ltd.,
Class H

    229,000       161,379  

China Medical System Holdings Ltd.

    125,000       205,484  

China Mengniu Dairy Co. Ltd.

    259,000       647,588  

China Merchants Bank Co. Ltd., Class A

    86,800       384,379  

China Merchants Bank Co. Ltd., Class H

    279,331       1,080,178  

China Merchants Energy Shipping Co. Ltd.,
Class A

    25,000       24,978  

China Merchants Expressway Network & Technology Holdings Co. Ltd.

    62,000       90,767  

China Merchants Port Holdings Co. Ltd.

    128,000       158,880  

China Merchants Securities Co. Ltd., Class A

    43,470       85,051  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    41,475       54,116  

China Minsheng Banking Corp. Ltd., Class A

    198,600       111,268  

China Minsheng Banking Corp. Ltd., Class H

    447,660       157,551  

China National Building Material Co. Ltd., Class H

    224,000       84,248  

China National Chemical Engineering Co. Ltd., Class A

    46,000       44,519  

China National Nuclear Power Co. Ltd., Class A

    81,100       97,630  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

    21,300       55,709  

China Oilfield Services Ltd., Class H

    176,000       154,879  

China Overseas Land & Investment Ltd.

    280,000       413,509  

China Overseas Property Holdings Ltd.

    120,000       100,888  

China Pacific Insurance Group Co. Ltd., Class A

    33,400       118,271  

China Pacific Insurance Group Co. Ltd., Class H

    180,800       342,951  

China Petroleum & Chemical Corp., Class A

    131,000       113,360  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  47


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

China Petroleum & Chemical Corp., Class H

    1,794,600     $ 988,741  

China Power International Development Ltd.

    388,000       156,726  

China Railway Group Ltd., Class A

    86,896       76,440  

China Railway Group Ltd., Class H

    303,000       147,588  

China Renewable Energy Investment Ltd.(d)

    2,513        

China Resources Beer Holdings Co. Ltd.

    126,000       542,928  

China Resources Gas Group Ltd.

    66,400       200,377  

China Resources Land Ltd.

    249,777       762,907  

China Resources Microelectronics Ltd.

    8,542       50,701  

China Resources Mixc Lifestyle Services Ltd.(b)

    50,000       150,691  

China Resources Pharmaceutical Group Ltd.(b)

    125,000       84,542  

China Resources Power Holdings Co. Ltd.

    158,000       340,119  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

    6,490       49,514  

China Ruyi Holdings Ltd.(a)(c)

    396,000       77,731  

China Shenhua Energy Co. Ltd., Class A

    32,200       172,032  

China Shenhua Energy Co. Ltd., Class H

    248,000       954,227  

China Southern Airlines Co. Ltd., Class A(a)

    68,800       56,413  

China State Construction Engineering Corp. Ltd., Class A

    175,140       129,795  

China State Construction International Holdings Ltd.

    134,000       149,318  

China Taiping Insurance Holdings Co. Ltd.

    112,500       97,742  

China Three Gorges Renewables Group Co. Ltd., Class A

    117,800       75,472  

China Tourism Group Duty Free Corp. Ltd.(b)(c)

    6,200       60,712  

China Tourism Group Duty Free Corp. Ltd., Class A

    10,300       124,032  

China Tower Corp. Ltd., Class H(b)

    3,348,000       405,804  

China United Network Communications Ltd., Class A

    147,000       97,813  

China Vanke Co. Ltd., Class A

    58,900       81,832  

China Vanke Co. Ltd., Class H

    130,200       100,382  

China Yangtze Power Co. Ltd., Class A

    105,500       366,726  

China Zhenhua Group Science & Technology Co. Ltd., Class A

    3,900       31,014  

China Zheshang Bank Co. Ltd., Class A

    172,010       66,299  

Chongqing Brewery Co. Ltd., Class A

    3,199       28,984  

Chongqing Changan Automobile Co. Ltd., Class A

    43,412       89,550  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    8,250       61,174  

Chow Tai Fook Jewellery Group Ltd.

    148,800       221,723  

CITIC Ltd.

    434,000       436,592  

CITIC Securities Co. Ltd., Class A

    49,690       146,613  

CITIC Securities Co. Ltd., Class H

    125,225       231,473  

CMOC Group Ltd., Class A

    52,300       44,517  

CMOC Group Ltd., Class H

    315,000       194,326  

Contemporary Amperex Technology Co. Ltd., Class A

    21,420       484,466  

COSCO Shipping Energy Transportation Co. Ltd., Class A

    1,300       2,479  

COSCO Shipping Energy Transportation Co. Ltd., Class H

    128,000       121,104  

COSCO Shipping Holdings Co. Ltd., Class A

    50,250       73,216  

COSCO Shipping Holdings Co. Ltd., Class H

    217,950       234,632  

COSCO Shipping Ports Ltd.

    68,000       40,575  

Country Garden Holdings Co. Ltd.(a)(c)

    930,828       75,642  

Country Garden Services Holdings Co. Ltd.

    177,000       134,730  

CRRC Corp. Ltd., Class A

    125,700       111,235  

CRRC Corp. Ltd., Class H

    306,000       157,545  

CSC Financial Co. Ltd., Class A

    19,100       61,599  

CSPC Innovation Pharmaceutical Co. Ltd.

    6,200       29,450  

CSPC Pharmaceutical Group Ltd.

    621,200        483,821  

CSSC Science & Technology Co. Ltd.

    6,200       15,085  

Daqin Railway Co. Ltd., Class A

    73,300       75,880  

Dong-E-E-Jiao Co. Ltd., Class A

    6,500       52,462  

Dongfang Electric Corp. Ltd., Class A

    6,200       14,060  
Security   Shares     Value  
China (continued)            

Dongfeng Motor Group Co. Ltd., Class H

    256,000     $ 109,506  

Dongxing Securities Co. Ltd., Class A

    12,400       14,589  

East Buy Holding Ltd.(a)(b)(c)

    31,000       95,557  

East Money Information Co. Ltd., Class A

    56,298       109,358  

Ecovacs Robotics Co. Ltd., Class A

    3,600       18,611  

Empyrean Technology Co. Ltd., NVS

    6,200       78,292  

ENN Energy Holdings Ltd.

    62,100       504,242  

ENN Natural Gas Co. Ltd., Class A

    12,400       32,201  

Eve Energy Co. Ltd., Class A

    12,400       65,796  

Everbright Securities Co. Ltd., Class A

    18,600       43,580  

Fangda Carbon New Material Co. Ltd., Class A(a)

    31,440       21,465  

Far East Horizon Ltd.

    133,000       106,848  

First Capital Securities Co. Ltd., Class A

    40,400       32,075  

Flat Glass Group Co. Ltd., Class A

    3,000       9,078  

Flat Glass Group Co. Ltd., Class H

    51,000       94,287  

Focus Media Information Technology Co. Ltd., Class A

    79,000       68,877  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    18,748       105,367  

Fosun International Ltd.

    188,500       108,753  

Founder Securities Co. Ltd., Class A

    43,400       45,884  

Foxconn Industrial Internet Co. Ltd., Class A

    49,800        129,139  

Fuyao Glass Industry Group Co. Ltd., Class A

    6,300       37,830  

Fuyao Glass Industry Group Co. Ltd., Class H(b)

    53,600       268,666  

Ganfeng Lithium Group Co. Ltd., Class A

    10,920       60,555  

Ganfeng Lithium Group Co. Ltd., Class H(b)(c)

    30,880       102,300  

GCL Technology Holdings Ltd.

    1,612,000       224,227  

GD Power Development Co. Ltd., Class A

    87,600       56,889  

Geely Automobile Holdings Ltd.

    440,000       478,840  

GEM Co. Ltd., Class A

    45,700       33,964  

Genscript Biotech Corp.(a)(c)

    102,000       206,207  

GF Securities Co. Ltd., Class A

    29,800       58,545  

GF Securities Co. Ltd., Class H

    69,800       74,947  

Giant Biogene Holding Co. Ltd.(a)(b)

    12,400       56,698  

GigaDevice Semiconductor Inc., Class A

    5,000       50,804  

Ginlong Technologies Co. Ltd., Class A

    2,800       25,274  

GoerTek Inc., Class A

    21,700       50,141  

Goldwind Science & Technology Co Ltd., Class A

    25,102       26,593  

Gongniu Group Co. Ltd.

    6,200       87,755  

Gotion High-tech Co. Ltd., Class A(a)

    9,000       24,704  

Great Wall Motor Co. Ltd.

    12,600       40,852  

Great Wall Motor Co. Ltd., Class H

    159,500       180,020  

Gree Electric Appliances Inc. of Zhuhai, Class A

    12,400       67,105  

Guangdong Haid Group Co. Ltd., Class A

    2,800       16,728  

Guangdong Investment Ltd.

    256,000       151,915  

Guanghui Energy Co. Ltd., Class A

    21,300       22,133  

Guangzhou Automobile Group Co. Ltd., Class A

    49,900       61,590  

Guangzhou Automobile Group Co. Ltd., Class H

    92,800       40,154  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    13,200       54,207  

Guangzhou Haige Communications Group Inc. Co., Class A

    43,400       69,619  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    5,000       27,177  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    18,600       53,273  

Guosen Securities Co. Ltd., Class A

    31,500       37,639  

Guotai Junan Securities Co. Ltd., Class A

    37,600       78,658  

Guoyuan Securities Co. Ltd., Class A

    31,240       30,204  

H World Group Ltd., ADR

    15,500       566,680  

Haidilao International Holding Ltd.(b)

    134,000       243,689  

Haier Smart Home Co. Ltd., Class A

    31,200       103,924  

Haier Smart Home Co. Ltd., Class H

    173,600       525,772  

Hainan Airlines Holding Co. Ltd., Class A(a)

    155,000       30,767  

 

 

48  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Hainan Airport Infrastructure Co. Ltd., NVS(a)

    91,900     $ 47,771  

Haitian International Holdings Ltd.

    64,000       162,052  

Haitong Securities Co. Ltd., Class A

    50,400       63,846  

Haitong Securities Co. Ltd., Class H

    173,600       86,174  

Hangzhou First Applied Material Co. Ltd., Class A

    6,664       25,691  

Hangzhou Robam Appliances Co. Ltd., Class A

    6,300       21,804  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    10,900       31,569  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    3,400       21,226  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    104,000       183,307  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    14,656       59,329  

Hengan International Group Co. Ltd.

    57,000       175,685  

Hengli Petrochemical Co. Ltd., Class A(a)

    37,300       65,893  

Hengyi Petrochemical Co. Ltd., Class A(a)

    37,290       35,741  

Hesteel Co. Ltd., Class A

    74,400       22,478  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    3,700       70,207  

HLA Group Corp. Ltd., Class A

    18,600       22,237  

Hongfa Technology Co. Ltd., Class A

    5,840       20,138  

Hoshine Silicon Industry Co. Ltd., Class A

    12,400       91,197  

Hua Hong Semiconductor Ltd.(a)(b)

    53,000       113,591  

Huadian Power International Corp. Ltd., Class A

    39,200       33,671  

Huadong Medicine Co. Ltd., Class A

    6,372       29,671  

Hualan Biological Engineering Inc., Class A

    12,600       34,432  

Huaneng Power International Inc., Class A(a)

    50,800       62,155  

Huaneng Power International Inc., Class H(a)

    280,000       157,041  

Huatai Securities Co. Ltd., Class A

    37,300       75,113  

Huatai Securities Co. Ltd., Class H(b)

    76,800       90,649  

Huaxia Bank Co. Ltd., Class A

    68,200       59,967  

Huayu Automotive Systems Co. Ltd., Class A

    21,500       52,019  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    4,100       58,158  

Hunan Valin Steel Co. Ltd., Class A

    24,900       19,616  

Hundsun Technologies Inc., Class A

    2,775       9,384  

Hygeia Healthcare Holdings Co. Ltd.(b)(c)

    19,800       74,326  

Hygon Information Technology Co. Ltd., NVS

    7,874       92,943  

IEIT Systems Co. Ltd., Class A

    8,500       44,102  

Iflytek Co. Ltd., Class A

    9,700       66,559  

Imeik Technology Development Co. Ltd., Class A

    1,500       68,104  

Industrial & Commercial Bank of China Ltd., Class A

    291,700       215,564  

Industrial & Commercial Bank of China Ltd., Class H

    4,851,000        2,486,684  

Industrial Bank Co. Ltd., Class A

    93,200       215,001  

Industrial Securities Co. Ltd., Class A

    56,240       45,298  

Ingenic Semiconductor Co. Ltd., Class A

    3,600       32,597  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)

    217,000       46,364  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    83,100       44,807  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    31,100       122,100  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    80,600       161,897  

Innovent Biologics Inc.(a)(b)

    93,000       501,521  

iQIYI Inc., ADR(a)

    33,915       125,146  

JA Solar Technology Co. Ltd., Class A

    13,488       35,036  

JCET Group Co. Ltd., Class A

    3,700       13,430  

JD Health International Inc.(a)(b)(c)

    80,200       302,480  

JD Logistics Inc.(a)(b)

    130,200       128,560  

JD.com Inc.

    176,444       1,991,326  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    25,300       36,827  

Jiangsu Expressway Co. Ltd., Class H

    134,000       137,643  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    3,820       30,076  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    28,176       166,283  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    6,300       46,782  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    2,503       34,927  

Jiangsu Yangnong Chemical Co. Ltd., Class A

    2,990       22,667  
Security   Shares     Value  
China (continued)            

Jiangsu Zhongtian Technology Co. Ltd., Class A

    7,900     $ 14,326  

Jiangxi Copper Co. Ltd., Class A

    24,400       66,147  

Jiangxi Copper Co. Ltd., Class H

    78,000       115,761  

Jinko Solar Co. Ltd.

    24,993       30,648  

JiuGui Liquor Co. Ltd., Class A

    2,400       20,240  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

    12,929       21,603  

Jointown Pharmaceutical Group Co. Ltd., Class A

    24,853       28,073  

Juneyao Airlines Co. Ltd., Class A(a)

    18,800       34,647  

Kanzhun Ltd., ADR

    16,678       261,011  

KE Holdings Inc., ADR

    49,043       666,494  

Kingboard Holdings Ltd.

    62,000       121,611  

Kingdee International Software Group Co. Ltd.(a)

    225,000       241,940  

Kingsoft Corp. Ltd.

    64,600       179,500  

Kuaishou Technology(a)(b)

    176,900       998,938  

Kunlun Energy Co. Ltd.

    232,000       197,783  

Kunlun Tech Co. Ltd., Class A(a)

    6,400       35,897  

Kweichow Moutai Co. Ltd., Class A

    5,818       1,364,839  

LB Group Co. Ltd., Class A

    18,700       48,657  

Legend Biotech Corp., ADR(a)

    5,084       331,273  

Lenovo Group Ltd.

    602,000       665,047  

Lens Technology Co. Ltd., Class A

    24,900       41,779  

Lepu Medical Technology Beijing Co. Ltd., Class A

    5,200       10,889  

Li Auto Inc.(a)

    86,748        1,979,759  

Li Ning Co. Ltd.

    155,000       383,487  

Longfor Group Holdings Ltd.(b)

    155,500       194,764  

LONGi Green Energy Technology Co. Ltd., Class A

    31,256       92,012  

Luxshare Precision Industry Co. Ltd., Class A

    31,141       119,164  

Luzhou Laojiao Co. Ltd., Class A

    7,700       186,712  

Mango Excellent Media Co. Ltd., Class A

    6,300       21,632  

Maxscend Microelectronics Co. Ltd., Class A

    2,820       42,049  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)

    12,384       9,556  

Meituan, Class B(a)(b)

    378,750       3,845,133  

Metallurgical Corp. of China Ltd., Class A

    55,800       25,752  

MGI Tech Co. Ltd., NVS

    3,782       37,535  

Midea Group Co. Ltd., Class A

    18,600       161,650  

Ming Yang Smart Energy Group Ltd., Class A

    12,300       17,408  

MINISO Group Holding Ltd.

    30,940       142,203  

Montage Technology Co. Ltd., Class A

    8,400       60,908  

Muyuan Foods Co. Ltd., Class A

    29,211       155,626  

NARI Technology Co. Ltd., Class A

    33,793       108,596  

National Silicon Industry Group Co. Ltd., Class A(a)

    12,400       26,510  

NAURA Technology Group Co. Ltd., Class A

    3,400       133,993  

NetEase Inc.

    142,700       3,099,811  

New China Life Insurance Co. Ltd., Class A

    12,600       57,214  

New China Life Insurance Co. Ltd., Class H

    48,200       92,594  

New Hope Liuhe Co. Ltd., Class A(a)

    43,500       53,370  

New Oriental Education & Technology Group Inc.(a)

    111,860       1,051,292  

Ninestar Corp., Class A

    7,200       23,411  

Ningbo Deye Technology Co. Ltd., NVS

    2,700       31,352  

Ningbo Orient Wires & Cables Co. Ltd.

    6,200       33,310  

Ningbo Sanxing Medical Electric Co. Ltd.

    12,400       46,528  

Ningbo Shanshan Co. Ltd.

    18,600       29,521  

Ningbo Tuopu Group Co. Ltd., Class A

    6,700       54,420  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    43,500       91,966  

NIO Inc., ADR(a)(c)

    102,929       591,842  

Nongfu Spring Co. Ltd., Class H(b)

    148,800       841,434  

OFILM Group Co. Ltd., Class A(a)

    14,900       16,872  

Oppein Home Group Inc., Class A

    3,800       36,559  

Orient Overseas International Ltd.

    12,500       193,567  

Orient Securities Co. Ltd., Class A

    37,444       45,710  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  49


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)

    43,400     $ 19,167  

PDD Holdings Inc., ADR(a)

    44,635       5,558,843  

People’s Insurance Co. Group of China Ltd. (The), Class A

    25,100       18,246  

People’s Insurance Co. Group of China Ltd. (The), Class H

    683,000       227,510  

Perfect World Co. Ltd., Class A

    12,996       21,073  

PetroChina Co. Ltd., Class A

    105,400       129,023  

PetroChina Co. Ltd., Class H

    1,524,000       1,195,291  

Pharmaron Beijing Co. Ltd., Class A

    5,400       17,451  

PICC Property & Casualty Co. Ltd., Class H

    550,740       752,927  

Ping An Bank Co. Ltd., Class A

    86,536       126,879  

Ping An Insurance Group Co. of China Ltd., Class A

    43,600       258,604  

Ping An Insurance Group Co. of China Ltd., Class H

    491,500        2,185,783  

Poly Developments and Holdings Group Co. Ltd., Class A

    53,400       72,173  

Pop Mart International Group Ltd.(b)

    32,000       79,775  

Postal Savings Bank of China Co. Ltd., Class A

    149,200       100,216  

Postal Savings Bank of China Co. Ltd.,
Class H(b)

    581,000       305,242  

Power Construction Corp. of China Ltd., Class A

    87,200       61,747  

Qifu Technology Inc.

    8,333       128,745  

Qinghai Salt Lake Industry Co. Ltd., Class A(a)

    18,700       41,890  

Range Intelligent Computing Technology Group Co. Ltd.

    12,400       44,618  

Rongsheng Petrochemical Co. Ltd., Class A

    49,128       69,854  

SAIC Motor Corp. Ltd., Class A

    44,422       92,079  

Sanan Optoelectronics Co. Ltd., Class A

    24,800       42,773  

Sany Heavy Equipment International Holdings Co. Ltd.

    63,000       48,716  

Sany Heavy Industry Co. Ltd., Class A

    37,400       72,158  

Satellite Chemical Co. Ltd., Class A(a)

    31,012       71,195  

SDIC Capital Co. Ltd., Class A

    24,900       23,844  

SDIC Power Holdings Co. Ltd., Class A

    37,200       74,386  

Seazen Holdings Co. Ltd., Class A(a)

    14,900       21,414  

Seres Group Co. Ltd., NVS(a)

    6,200       79,068  

SF Holding Co. Ltd., Class A

    25,100       133,106  

SG Micro Corp., Class A

    3,510       34,435  

Shaanxi Coal Industry Co. Ltd., Class A

    43,573       155,801  

Shan Xi Hua Yang Group New Energy Co. Ltd.

    16,650       23,365  

Shandong Gold Mining Co. Ltd., Class A

    24,860       74,608  

Shandong Gold Mining Co. Ltd., Class H(b)

    46,500       73,473  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    6,100       23,235  

Shandong Linglong Tyre Co. Ltd., Class A

    12,405       38,074  

Shandong Nanshan Aluminum Co. Ltd., Class A

    136,500       58,691  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    197,200       128,201  

Shanghai Aiko Solar Energy Co. Ltd.

    9,880       20,706  

Shanghai Baosight Software Co. Ltd., Class A

    4,040       26,232  

Shanghai Baosight Software Co. Ltd., Class B

    33,276       74,767  

Shanghai Electric Group Co. Ltd., Class A(a)

    81,600       47,963  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    6,300       21,455  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    43,500       78,382  

Shanghai International Airport Co. Ltd.,
Class A(a)

    6,900       33,604  

Shanghai International Port Group Co. Ltd., Class A

    24,300       18,306  

Shanghai Jinjiang International Hotels Co. Ltd., Class A

    7,056       28,403  

Shanghai Junshi Biosciences Co. Ltd.(a)

    5,200       22,677  

Shanghai M&G Stationery Inc., Class A

    200       988  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    18,900       47,478  
Security   Shares     Value  
China (continued)            

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    51,600     $ 82,978  

Shanghai Pudong Development Bank Co. Ltd., Class A

    155,500       154,073  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    11,275       29,345  

Shanghai RAAS Blood Products Co. Ltd., Class A

    23,700       23,642  

Shanghai Rural Commercial Bank Co. Ltd.

    56,000       50,092  

Shanghai United Imaging Healthcare Co. Ltd., NVS

    3,696       73,045  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

    6,200       17,157  

Shanxi Coal International Energy Group Co. Ltd.

    12,700       32,396  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

    25,080       40,499  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

    24,800       88,925  

Shanxi Meijin Energy Co. Ltd., Class A(a)

    33,900       32,276  

Shanxi Taigang Stainless Steel Co. Ltd., Class A

    74,400       39,113  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    6,220       200,251  

Shede Spirits Co. Ltd.

    6,200       69,946  

Shennan Circuits Co. Ltd., Class A

    3,800       36,967  

Shenwan Hongyuan Group Co. Ltd., Class A

    110,700       70,285  

Shenzhen Energy Group Co. Ltd., Class A

    31,420       28,712  

Shenzhen Goodix Technology Co. Ltd., Class A(a)

    6,200       54,460  

Shenzhen Inovance Technology Co. Ltd., Class A

    6,650       58,234  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    1,020       3,428  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    6,400       255,899  

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A

    6,200       69,598  

Shenzhen Overseas Chinese Town Co. Ltd.,
Class A(a)

    37,200       15,816  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

    6,300       25,489  

Shenzhen Transsion Holding Co. Ltd., Class A

    3,212       70,801  

Shenzhou International Group Holdings Ltd.

    58,000       475,744  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

    10,620       31,594  

Sichuan Changhong Electric Co. Ltd.

    24,800       17,699  

Sichuan Chuantou Energy Co. Ltd., Class A

    24,000       52,154  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

    7,300       27,746  

Sichuan Road & Bridge Co. Ltd., Class A

    33,720       38,156  

Sichuan Swellfun Co. Ltd., Class A

    3,700       25,726  

Sino Biopharmaceutical Ltd.

    746,250        296,604  

Sinoma International Engineering Co.

    6,400       9,947  

Sinoma Science & Technology Co. Ltd., Class A

    18,900       41,007  

Sinopharm Group Co. Ltd., Class H

    112,800       315,663  

Sinotruk Hong Kong Ltd.

    41,500       109,720  

Smoore International Holdings Ltd.(b)(c)

    153,000       106,361  

Songcheng Performance Development Co. Ltd., Class A

    10,600       15,853  

SooChow Securities Co. Ltd., Class A

    25,036       25,324  

Spring Airlines Co. Ltd., Class A(a)

    6,145       48,920  

StarPower Semiconductor Ltd., Class A

    1,300       27,324  

Sungrow Power Supply Co. Ltd., Class A

    2,900       35,012  

Sunny Optical Technology Group Co. Ltd.

    49,800       320,508  

Sunwoda Electronic Co. Ltd., Class A

    13,600       26,783  

SUPCON Technology Co. Ltd.

    2,391       15,251  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    13,600       28,220  

Suzhou Maxwell Technologies Co. Ltd., Class A

    2,080       35,009  

TAL Education Group, ADR(a)

    32,302       475,808  

TBEA Co. Ltd., Class A

    24,200       49,957  

TCL Technology Group Corp., Class A(a)

    111,170       69,754  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A

    8,075       15,133  

 

 

50  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Tencent Holdings Ltd.

    496,000     $  17,375,186  

Tencent Music Entertainment Group, ADR(a)

    56,513       591,691  

Thunder Software Technology Co. Ltd., Class A

    3,200       26,872  

Tianfeng Securities Co. Ltd., Class A(a)

    167,400       72,476  

Tianma Microelectronics Co. Ltd., Class A(a)

    24,800       31,482  

Tianqi Lithium Corp., Class A

    7,300       54,193  

Tingyi Cayman Islands Holding Corp.

    180,000       200,170  

Tongcheng Travel Holdings Ltd.(a)

    97,200       244,356  

Tongling Nonferrous Metals Group Co. Ltd., Class A

    95,800       43,498  

Tongwei Co. Ltd., Class A

    18,900       69,379  

Topsports International Holdings Ltd.(b)

    136,000       92,034  

TravelSky Technology Ltd., Class H

    80,000       95,637  

Trina Solar Co. Ltd.

    12,385       43,049  

Trip.com Group Ltd.(a)

    41,647       1,890,369  

Tsingtao Brewery Co. Ltd., Class A

    464       5,155  

Tsingtao Brewery Co. Ltd., Class H

    48,000       307,139  

Unigroup Guoxin Microelectronics Co. Ltd.,
Class A(a)

    6,159       61,026  

Unisplendour Corp. Ltd., Class A(a)

    12,480       38,250  

Vinda International Holdings Ltd.

    24,000       71,077  

Vipshop Holdings Ltd., ADR(a)

    26,102       502,464  

Walvax Biotechnology Co. Ltd., Class A

    11,200       28,557  

Wanhua Chemical Group Co. Ltd., Class A

    15,900       174,912  

Want Want China Holdings Ltd.

    372,000       205,254  

Weichai Power Co. Ltd., Class A

    25,124       58,866  

Weichai Power Co. Ltd., Class H

    162,200       319,268  

Wens Foodstuffs Group Co. Ltd., Class A

    31,360       83,465  

Western Securities Co. Ltd., Class A

    28,900       31,953  

Will Semiconductor Co. Ltd. Shanghai, Class A

    7,530       99,969  

Wingtech Technology Co. Ltd., Class A(a)

    2,700       14,278  

Wuhan Guide Infrared Co. Ltd., Class A

    54,505       47,630  

Wuliangye Yibin Co. Ltd., Class A

    19,100       375,779  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    6,500       23,825  

WuXi AppTec Co. Ltd., Class A

    12,604       94,987  

WuXi AppTec Co. Ltd., Class H(b)(c)

    24,996       154,088  

Wuxi Biologics Cayman Inc.(a)(b)

    295,500       699,924  

XCMG Construction Machinery Co. Ltd.,
Class A

    62,400       51,312  

Xiamen C & D Inc., Class A

    14,700       21,171  

Xiamen Faratronic Co. Ltd.

    1,700       24,559  

Xiaomi Corp., Class B(a)(b)

    1,142,000       1,919,043  

Xinjiang Daqo New Energy Co. Ltd.

    56       227  

Xinyi Solar Holdings Ltd.

    290,000       175,608  

XPeng Inc.(a)(c)

    80,652       377,475  

Yadea Group Holdings Ltd.(b)

    122,000       191,671  

Yankuang Energy Group Co. Ltd., Class A

    50       179  

Yankuang Energy Group Co. Ltd., Class H(a)

    151,000       348,212  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

    3,000       12,557  

Yealink Network Technology Corp. Ltd., Class A

    6,780       27,585  

Yifeng Pharmacy Chain Co. Ltd., Class A

    6,840       37,351  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    13,500       60,415  

Yintai Gold Co. Ltd., Class A

    6,200       12,857  

YongXing Special Materials Technology Co. Ltd., Class A

    3,900       29,807  

Yonyou Network Technology Co. Ltd., Class A

    18,618       32,739  

YTO Express Group Co. Ltd., Class A

    6,200       10,957  

Yuexiu Property Co. Ltd.

    124,600       82,861  

Yum China Holdings Inc.

    30,504       1,308,317  

Yunda Holding Co. Ltd., Class A

    9,880       9,872  

Yunnan Aluminium Co. Ltd., Class A

    18,600       29,813  

Yunnan Baiyao Group Co. Ltd., Class A

    6,280       43,356  

Yunnan Botanee Bio-Technology Group Co. Ltd.

    2,100       19,090  

Yunnan Energy New Material Co. Ltd., Class A

    5,600       35,625  

Zai Lab Ltd.(a)

    72,320       154,344  
Security   Shares     Value  
China (continued)            

Zangge Mining Co. Ltd.

    24,800     $ 100,798  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    3,800       117,427  

Zhaojin Mining Industry Co. Ltd., Class H

    93,000       96,159  

Zhejiang China Commodities City Group Co. Ltd., Class A

    24,800       28,230  

Zhejiang Chint Electrics Co. Ltd., Class A

    19,800       56,453  

Zhejiang Dahua Technology Co. Ltd., Class A

    15,800       40,493  

Zhejiang Expressway Co. Ltd., Class H

    94,320       71,930  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

    13,900       26,841  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    4,320       16,571  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

    6,200       31,816  

Zhejiang Juhua Co. Ltd., Class A

    18,600       52,679  

Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)

    34,866       121,983  

Zhejiang NHU Co. Ltd., Class A

    6,660       16,624  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    18,600       64,319  

Zhejiang Weiming Environment Protection Co. Ltd., Class A

    12,700       31,546  

Zhejiang Zheneng Electric Power Co. Ltd.,
Class A(a)

    93,000       69,430  

Zheshang Securities Co. Ltd., Class A

    25,200       35,793  

ZhongAn Online P&C Insurance Co. Ltd.,
Class H(a)(b)(c)

    43,400       68,343  

Zhongji Innolight Co. Ltd., Class A

    6,200       133,491  

Zhongjin Gold Corp. Ltd., Class A

    55,800       80,683  

Zhongsheng Group Holdings Ltd.

    57,000       103,776  

Zhongtai Securities Co. Ltd.

    50,200       48,358  

Zhuzhou CRRC Times Electric Co. Ltd.

    43,000       126,074  

Zijin Mining Group Co. Ltd., Class A

    93,000       168,535  

Zijin Mining Group Co. Ltd., Class H

    448,000       719,633  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    34,700       38,499  

ZTE Corp., Class A

    12,400       51,304  

ZTE Corp., Class H

    57,760       130,103  

ZTO Express Cayman Inc., ADR

    31,091       596,636  
   

 

 

 
       132,895,515  
India — 22.9%            

ABB India Ltd.

    3,954       259,196  

Adani Enterprises Ltd.

    12,543       496,806  

Adani Green Energy Ltd.(a)

    23,499       537,069  

Adani Ports & Special Economic Zone Ltd.

    39,615       628,922  

Adani Power Ltd.(a)

    56,681       375,122  

Ambuja Cements Ltd.

    44,083       321,953  

APL Apollo Tubes Ltd.

    12,648       235,565  

Apollo Hospitals Enterprise Ltd.

    7,502       552,292  

Ashok Leyland Ltd.

    106,268       217,663  

Asian Paints Ltd.

    28,521       972,809  

Astral Ltd.

    9,238       230,528  

AU Small Finance Bank Ltd.(b)

    12,480       85,551  

Aurobindo Pharma Ltd.

    19,532       242,129  

Avenue Supermarts Ltd.(a)(b)

    12,400       585,591  

Axis Bank Ltd.

    172,111       2,227,981  

Bajaj Auto Ltd.

    4,904       467,395  

Bajaj Finance Ltd.

    20,321       1,585,396  

Bajaj Finserv Ltd.

    29,142       559,375  

Bajaj Holdings & Investment Ltd.

    2,046       225,693  

Balkrishna Industries Ltd.

    6,405       172,040  

Bandhan Bank Ltd.(b)

    55,039       129,613  

Bank of Baroda

    83,068       265,778  

Berger Paints India Ltd.

    21,962       160,700  

Bharat Electronics Ltd.

    266,662       658,681  

Bharat Forge Ltd.

    20,039       277,865  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  51


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Bharat Heavy Electricals Ltd.

    73,814     $ 202,570  

Bharat Petroleum Corp. Ltd.

    55,404       402,641  

Bharti Airtel Ltd.

    166,657        2,256,369  

Britannia Industries Ltd.

    8,194       491,055  

CG Power and Industrial Solutions Ltd.

    46,004       245,837  

Cholamandalam Investment and Finance Co. Ltd.

    31,462       412,162  

Cipla Ltd.

    38,316       684,270  

Coal India Ltd.

    113,336       595,163  

Colgate-Palmolive India Ltd.

    9,052       275,282  

Container Corp. of India Ltd.

    22,072       260,023  

Cummins India Ltd.

    10,540       348,244  

Dabur India Ltd.

    46,190       299,948  

Divi’s Laboratories Ltd.

    8,860       372,678  

DLF Ltd.

    55,394       601,782  

Dr. Reddy’s Laboratories Ltd.

    8,710       675,373  

Eicher Motors Ltd.

    10,122       462,543  

GAIL India Ltd.

    175,364       384,817  

GMR Airports Infrastructure Ltd.(a)

    172,161       174,411  

Godrej Consumer Products Ltd.

    30,467       461,272  

Godrej Properties Ltd.(a)

    9,651       279,173  

Grasim Industries Ltd.

    20,866       550,755  

Havells India Ltd.

    18,065       333,307  

HCL Technologies Ltd.

    69,874       1,400,287  

HDFC Asset Management Co. Ltd.(b)

    6,448       291,818  

HDFC Bank Ltd.

    209,470       3,537,729  

HDFC Life Insurance Co. Ltd.(b)

    73,848       518,401  

Hero MotoCorp Ltd.

    8,657       461,362  

Hindalco Industries Ltd.

    99,373       602,789  

Hindustan Aeronautics Ltd., NVS

    15,128       561,676  

Hindustan Petroleum Corp. Ltd.

    41,318       254,009  

Hindustan Unilever Ltd.

    60,699       1,766,022  

ICICI Bank Ltd.

    388,951       4,939,974  

ICICI Lombard General Insurance Co. Ltd.(b)

    18,280       377,648  

ICICI Prudential Life Insurance Co. Ltd.(b)

    27,972       179,775  

IDFC First Bank Ltd.(a)

    267,010       260,874  

Indian Hotels Co. Ltd., Class A

    67,828       480,088  

Indian Oil Corp. Ltd.

    211,322       421,415  

Indian Railway Catering & Tourism Corp. Ltd.

    18,662       208,670  

Indraprastha Gas Ltd.

    23,872       122,518  

IndusInd Bank Ltd.

    21,575       383,252  

Info Edge India Ltd.

    5,234       332,029  

Infosys Ltd.

    248,993       5,010,857  

InterGlobe Aviation Ltd.(a)(b)

    11,516       437,285  

ITC Ltd.

    221,607       1,084,555  

Jindal Steel & Power Ltd.

    26,498       247,212  

Jio Financial Services Ltd., NVS(a)

    213,193       795,892  

JSW Steel Ltd.

    45,884       442,374  

Jubilant Foodworks Ltd.

    29,515       165,093  

Kotak Mahindra Bank Ltd.

    82,399       1,676,406  

Larsen & Toubro Ltd.

    50,246       2,106,629  

LTIMindtree Ltd.(b)

    6,405       409,517  

Lupin Ltd.

    15,882       310,665  

Macrotech Developers Ltd.

    17,050       238,903  

Mahindra & Mahindra Ltd.

    69,874       1,626,997  

Marico Ltd.

    37,076       233,597  

Maruti Suzuki India Ltd.

    10,355       1,409,258  

Max Healthcare Institute Ltd.

    60,451       578,557  

Mphasis Ltd.

    5,660       178,556  

MRF Ltd.

    143       252,100  

Muthoot Finance Ltd.

    10,203       160,039  

Nestle India Ltd., NVS

    24,782       776,111  

NMDC Ltd.

    65,018       177,137  
Security   Shares     Value  
India (continued)            

NTPC Ltd.

    327,805     $ 1,324,613  

Oil & Natural Gas Corp. Ltd.

    228,812       727,939  

One 97 Communications Ltd., NVS(a)

    16,492       79,826  

Page Industries Ltd.

    475       196,542  

Persistent Systems Ltd.

    3,472       361,307  

Petronet LNG Ltd.

    53,194       175,142  

PI Industries Ltd.

    6,131       271,570  

Pidilite Industries Ltd.

    12,116       400,041  

Polycab India Ltd.

    3,096       177,234  

Power Finance Corp. Ltd.

    110,541       534,765  

Power Grid Corp. of India Ltd.

    349,667       1,194,629  

Punjab National Bank

    161,592       237,468  

REC Ltd.

    97,712       520,309  

Reliance Industries Ltd.

    227,526       8,007,833  

Samvardhana Motherson International Ltd.

    175,150       251,634  

SBI Cards & Payment Services Ltd.

    21,308       184,856  

SBI Life Insurance Co. Ltd.(b)

    33,280       621,837  

Shree Cement Ltd.

    689       211,450  

Shriram Finance Ltd.

    20,914       614,353  

Siemens Ltd.

    6,455       363,940  

Sona Blw Precision Forgings Ltd.(b)

    31,067       258,045  

SRF Ltd.

    11,215       323,306  

State Bank of India

    136,155       1,226,048  

Sun Pharmaceutical Industries Ltd.

    70,544       1,341,114  

Supreme Industries Ltd.

    4,712       235,657  

Suzlon Energy Ltd.(a)

    665,508       362,580  

Tata Communications Ltd.

    8,990       208,196  

Tata Consultancy Services Ltd.

    68,638       3,385,988  

Tata Consumer Products Ltd.

    42,660       611,783  

Tata Elxsi Ltd.

    2,546       239,744  

Tata Motors Ltd.

    122,596       1,403,616  

Tata Motors Ltd., Class A

    34,884       265,625  

Tata Power Co. Ltd. (The)

    106,787       478,925  

Tata Steel Ltd.

    549,631       931,721  

Tech Mahindra Ltd.

    40,134       616,748  

Titan Co. Ltd.

    26,585       1,161,804  

Torrent Pharmaceuticals Ltd.

    7,073       227,882  

Trent Ltd.

    13,470       629,540  

Tube Investments of India Ltd.

    7,935       333,095  

TVS Motor Co. Ltd.

    18,968       488,788  

UltraTech Cement Ltd.

    8,795       1,049,299  

Union Bank of India Ltd.

    104,757       184,836  

United Spirits Ltd.

    21,331       299,843  

UPL Ltd.

    33,907       192,029  

Varun Beverages Ltd.

    33,604       571,080  

Vedanta Ltd.

    65,080       209,706  

Wipro Ltd.

    96,784       603,818  

Yes Bank Ltd.(a)

    1,007,616       296,290  

Zomato Ltd.(a)

    442,991       881,734  
   

 

 

 
       94,135,592  
Indonesia — 2.4%            

Adaro Energy Indonesia Tbk PT

    1,023,000       157,665  

Amman Mineral Internasional PT(a)

    452,600       244,634  

Aneka Tambang Tbk

    725,700       67,400  

Astra International Tbk PT

    1,481,800       493,289  

Bank Central Asia Tbk PT

    4,167,600       2,622,529  

Bank Mandiri Persero Tbk PT

    2,831,400       1,264,711  

Bank Negara Indonesia Persero Tbk PT

    1,132,200       432,709  

Bank Rakyat Indonesia Persero Tbk PT

    5,147,777       2,006,005  

Barito Pacific Tbk PT

    2,139,093       132,962  

Charoen Pokphand Indonesia Tbk PT

    545,600       168,219  

GoTo Gojek Tokopedia Tbk PT(a)

    63,965,500       289,532  

 

 

52  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Indonesia (continued)            

Indah Kiat Pulp & Paper Tbk PT

    187,600     $ 104,264  

Indofood CBP Sukses Makmur Tbk PT

    142,700       105,210  

Indofood Sukses Makmur Tbk PT

    327,700       138,149  

Kalbe Farma Tbk PT

    1,478,200       139,940  

Merdeka Copper Gold Tbk PT(a)

    706,866       101,667  

Sarana Menara Nusantara Tbk PT

    1,612,000       94,527  

Semen Indonesia Persero Tbk PT

    249,925       97,084  

Sumber Alfaria Trijaya Tbk PT

    1,326,800       232,179  

Telkom Indonesia Persero Tbk PT

    3,703,000       943,929  

Unilever Indonesia Tbk PT

    560,000       97,283  

United Tractors Tbk PT

    105,400       157,857  
   

 

 

 
       10,091,744  
Malaysia — 1.8%            

AMMB Holdings Bhd

    141,100       129,161  

Axiata Group Bhd

    220,700       129,372  

CELCOMDIGI Bhd

    235,900       216,617  

CIMB Group Holdings Bhd

    477,300       649,977  

Gamuda Bhd

    147,100       163,978  

Genting Bhd

    151,600       152,500  

Genting Malaysia Bhd

    246,000       148,989  

Hong Leong Bank Bhd

    50,800       211,236  

IHH Healthcare Bhd

    147,700       191,414  

Inari Amertron Bhd

    149,000       99,746  

IOI Corp. Bhd

    180,000       150,927  

Kuala Lumpur Kepong Bhd

    36,600       172,953  

Malayan Banking Bhd

    413,000       829,762  

Malaysia Airports Holdings Bhd

    62,056       110,891  

Maxis Bhd

    192,800       151,136  

MISC Bhd

    84,300       135,151  

MR DIY Group M Bhd(b)

    173,600       57,058  

Nestle Malaysia Bhd

    6,300       165,814  

Petronas Chemicals Group Bhd

    202,000       298,148  

Petronas Dagangan Bhd

    22,900       110,217  

Petronas Gas Bhd

    60,500       228,716  

PPB Group Bhd

    49,680       163,105  

Press Metal Aluminium Holdings Bhd

    298,200       294,306  

Public Bank Bhd

    1,157,650       1,074,451  

QL Resources Bhd

    87,650       107,270  

RHB Bank Bhd

    111,762       131,995  

Sime Darby Bhd

    195,900       111,937  

Sime Darby Plantation Bhd

    163,900       149,785  

Telekom Malaysia Bhd

    92,700       118,244  

Tenaga Nasional Bhd

    192,200       456,047  

YTL Corp. Bhd

    196,900       110,784  

YTL Power International Bhd

    167,400       139,338  
   

 

 

 
      7,361,025  
Philippines — 0.8%            

Aboitiz Equity Ventures Inc.

    135,290       127,591  

Ayala Corp.

    18,330       221,212  

Ayala Land Inc.

    512,060       319,149  

Bank of the Philippine Islands

    138,984       309,451  

BDO Unibank Inc.

    180,034       490,467  

International Container Terminal Services Inc.

    78,660       403,670  

JG Summit Holdings Inc.

    226,575       165,251  

Jollibee Foods Corp.

    34,870       169,837  

Manila Electric Co.

    18,920       131,260  

Metropolitan Bank & Trust Co.

    143,842       158,647  

PLDT Inc.

    5,855       136,620  

SM Investments Corp.

    18,424       308,293  

SM Prime Holdings Inc.

    744,150       418,307  
Security   Shares     Value  
Philippines (continued)            

Universal Robina Corp.

    62,650     $ 130,424  
   

 

 

 
      3,490,179  
South Korea — 15.1%            

Amorepacific Corp.

    2,051       184,421  

Celltrion Inc.

    11,436        1,546,563  

Celltrion Pharm Inc.(a)

    1,381       115,091  

CJ CheilJedang Corp.

    600       135,220  

CosmoAM&T Co. Ltd.(a)

    1,729       231,092  

Coway Co. Ltd.

    4,430       180,311  

DB Insurance Co. Ltd.(a)

    3,530       261,942  

Doosan Bobcat Inc.

    4,051       143,023  

Doosan Enerbility Co. Ltd.(a)

    33,650       410,714  

Ecopro BM Co. Ltd.(a)

    3,584       720,357  

Ecopro Co. Ltd.(a)

    1,488       693,982  

Ecopro Materials Co. Ltd.(a)

    682       98,899  

GS Holdings Corp.

    3,519       127,024  

Hana Financial Group Inc.

    21,763       925,970  

Hanjin Kal Corp.

    1,550       73,566  

Hankook Tire & Technology Co. Ltd.

    5,622       229,042  

Hanmi Pharm Co. Ltd.(a)

    506       126,995  

Hanmi Semiconductor Co. Ltd.(a)

    2,976       190,404  

Hanon Systems

    14,881       68,952  

Hanwha Aerospace Co. Ltd.

    2,732       384,978  

Hanwha Ocean Co. Ltd.(a)

    4,896       86,900  

Hanwha Solutions Corp.

    7,836       163,625  

HD Hyundai Co. Ltd.

    3,550       188,712  

HD Hyundai Heavy Industries Co. Ltd.(a)

    1,676       148,620  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)

    3,157       265,576  

HLB Inc.(a)

    8,832       541,840  

HMM Co. Ltd.(a)

    17,670       242,433  

HYBE Co. Ltd.

    1,610       241,132  

Hyundai Engineering & Construction Co. Ltd.(a)

    5,775       150,635  

Hyundai Glovis Co. Ltd.(a)

    1,357       194,275  

Hyundai Mobis Co. Ltd.

    4,673       852,344  

Hyundai Motor Co.

    10,102       1,901,877  

Hyundai Steel Co.(a)

    6,300       170,322  

Industrial Bank of Korea(a)

    22,610       237,947  

Kakao Corp.

    23,466       941,878  

KakaoBank Corp.

    12,210       261,652  

Kakaopay Corp.(a)

    2,185       72,420  

Kangwon Land Inc.(a)

    7,810       102,041  

KB Financial Group Inc.

    28,939        1,380,222  

Kia Corp.(a)

    19,436       1,820,141  

Korea Aerospace Industries Ltd.(a)

    5,643       217,733  

Korea Electric Power Corp.(a)

    19,219       357,869  

Korea Investment Holdings Co. Ltd.(a)

    3,444       183,941  

Korea Zinc Co. Ltd.

    658       221,228  

Korean Air Lines Co. Ltd.

    13,666       236,098  

Krafton Inc.(a)

    2,147       366,955  

KT Corp.

    5,222       153,175  

KT&G Corp.

    7,518       525,092  

Kum Yang Co. Ltd.(a)

    2,717       197,128  

Kumho Petrochemical Co. Ltd.(a)

    1,291       143,375  

L&F Co. Ltd.(a)

    1,958       250,120  

LG Chem Ltd.

    3,722       1,271,272  

LG Corp.

    7,099       499,691  

LG Display Co. Ltd.(a)

    17,548       149,768  

LG Electronics Inc.

    8,019       573,260  

LG Energy Solution Ltd.(a)

    3,514       1,061,967  

LG H&H Co. Ltd.

    733       176,054  

LG Innotek Co. Ltd.

    1,054       160,173  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  53


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)            

LG Uplus Corp.

    15,810     $ 122,622  

Lotte Chemical Corp.

    1,472       135,349  

Meritz Financial Group Inc.

    7,647       477,280  

Mirae Asset Securities Co. Ltd.(a)

    17,796       120,766  

NAVER Corp.

    9,865       1,448,489  

NCSoft Corp.

    1,011       147,456  

Netmarble Corp.(a)(b)

    1,830       84,975  

NH Investment & Securities Co. Ltd.(a)

    12,602       111,272  

Orion Corp./Republic of Korea

    1,798       125,404  

Pearl Abyss Corp.(a)

    203       4,640  

Posco DX Co. Ltd.(a)

    4,030       164,453  

POSCO Future M Co. Ltd.(a)

    2,306       551,195  

POSCO Holdings Inc.

    5,392       1,752,366  

Posco International Corp.(a)

    3,973       168,521  

Samsung Biologics Co. Ltd.(a)(b)

    1,246       725,009  

Samsung C&T Corp.

    6,209       731,010  

Samsung Electro-Mechanics Co. Ltd.

    4,095       431,535  

Samsung Electronics Co. Ltd.

    355,431        19,617,259  

Samsung Engineering Co. Ltd.(a)

    11,379       210,456  

Samsung Fire & Marine Insurance Co. Ltd.(a)

    2,275       509,143  

Samsung Heavy Industries Co. Ltd.(a)

    49,632       295,065  

Samsung Life Insurance Co. Ltd.

    6,080       442,569  

Samsung SDI Co. Ltd.

    4,145       1,177,558  

Samsung SDS Co. Ltd.

    2,851       342,949  

Samsung Securities Co. Ltd.

    4,778       149,327  

Shinhan Financial Group Co. Ltd.

    33,109       1,082,319  

SK Biopharmaceuticals Co. Ltd.(a)

    2,409       175,565  

SK Bioscience Co. Ltd.(a)

    1,759       81,288  

SK Hynix Inc.

    40,684       4,796,010  

SK IE Technology Co. Ltd.(a)(b)

    1,990       109,763  

SK Inc.

    2,668       384,845  

SK Innovation Co. Ltd.(a)

    4,713       415,818  

SK Square Co. Ltd.(a)

    7,713       404,722  

SK Telecom Co. Ltd.

    3,154       124,849  

SKC Co. Ltd.(a)

    1,554       96,825  

S-Oil Corp.

    3,253       186,883  

Woori Financial Group Inc.

    45,623       511,200  

Yuhan Corp.

    4,208       213,438  
   

 

 

 
      62,188,230  
Taiwan — 21.4%            

Accton Technology Corp.

    41,000       674,714  

Acer Inc.

    189,062       270,391  

Advantech Co. Ltd.

    39,158       483,287  

Airtac International Group

    11,161       427,614  

Alchip Technologies Ltd.

    6,000       787,095  

ASE Technology Holding Co. Ltd.

    227,484       1,004,260  

Asia Cement Corp.

    179,229       229,424  

Asustek Computer Inc.

    54,000       778,067  

AUO Corp.

    449,200       249,136  

Catcher Technology Co. Ltd.

    47,000       292,839  

Cathay Financial Holding Co. Ltd.

    706,888       1,008,613  

Chailease Holding Co. Ltd.

    124,514       688,419  

Chang Hwa Commercial Bank Ltd.

    371,518       209,334  

Cheng Shin Rubber Industry Co. Ltd.

    113,776       169,124  

China Airlines Ltd.

    186,000       117,794  

China Development Financial Holding Corp.(a)

    1,118,400       444,558  

China Steel Corp.

    860,867       670,437  

Chunghwa Telecom Co. Ltd.

    285,000       1,085,753  

Compal Electronics Inc.

    284,000       327,953  

CTBC Financial Holding Co. Ltd.

    1,302,265       1,212,295  

Delta Electronics Inc.

    150,000       1,397,798  

E Ink Holdings Inc.

    69,000       537,184  
Security   Shares     Value  
Taiwan (continued)            

E.Sun Financial Holding Co. Ltd.

    1,021,582     $ 816,717  

Eclat Textile Co. Ltd.

    15,604       266,700  

eMemory Technology Inc.

    5,000       429,311  

Eva Airways Corp.

    186,000       185,165  

Evergreen Marine Corp. Taiwan Ltd.

    77,746       407,289  

Far Eastern New Century Corp.

    186,460       192,325  

Far EasTone Telecommunications Co. Ltd.

    134,000       333,847  

Feng TAY Enterprise Co. Ltd.

    48,391       253,144  

First Financial Holding Co. Ltd.

    778,783       667,943  

Formosa Chemicals & Fibre Corp.

    234,950       425,522  

Formosa Petrochemical Corp.

    101,000       237,522  

Formosa Plastics Corp.

    281,400       638,633  

Fubon Financial Holding Co. Ltd.

    561,435       1,208,729  

Gigabyte Technology Co. Ltd.

    40,000       437,508  

Global Unichip Corp.

    7,000       352,799  

Globalwafers Co. Ltd.

    16,000       282,598  

Hon Hai Precision Industry Co. Ltd.

    943,651       3,076,751  

Hotai Motor Co. Ltd.

    23,600       501,200  

Hua Nan Financial Holdings Co. Ltd.

    584,033       406,729  

Innolux Corp.

    635,992       305,158  

Inventec Corp.

    164,980       287,369  

Largan Precision Co. Ltd.

    7,000       574,486  

Lite-On Technology Corp.

    160,032       555,256  

MediaTek Inc.

    114,176       4,120,191  

Mega Financial Holding Co. Ltd.

    826,651       1,012,763  

Micro-Star International Co. Ltd.

    62,000       375,198  

Nan Ya Plastics Corp.

    324,090       612,869  

Nan Ya Printed Circuit Board Corp.

    22,000       147,397  

Nanya Technology Corp.

    64,000       136,256  

Nien Made Enterprise Co. Ltd.

    16,000       187,300  

Novatek Microelectronics Corp.

    42,000       799,401  

Parade Technologies Ltd.

    7,000       225,171  

Pegatron Corp.

    172,000       465,734  

PharmaEssentia Corp.(a)

    21,000       218,241  

Pou Chen Corp.

    125,000       120,760  

Powerchip Semiconductor Manufacturing Corp.

    186,000       162,596  

President Chain Store Corp.

    44,000       375,147  

Quanta Computer Inc.

    204,000       1,499,059  

Realtek Semiconductor Corp.

    39,140       705,422  

Ruentex Development Co. Ltd.

    103,242       118,809  

Shanghai Commercial & Savings Bank Ltd. (The)

    272,981       388,669  

Shin Kong Financial Holding Co. Ltd.(a)

    930,033       244,166  

Silergy Corp.

    24,000       316,682  

SinoPac Financial Holdings Co. Ltd.

    739,441       470,525  

Synnex Technology International Corp.

    62,050       152,863  

Taishin Financial Holding Co. Ltd.

    788,881       434,396  

Taiwan Business Bank

    449,552       199,181  

Taiwan Cement Corp.

    496,754       505,033  

Taiwan Cooperative Financial Holding Co. Ltd.

    732,075       601,501  

Taiwan High Speed Rail Corp.

    137,000       130,918  

Taiwan Mobile Co. Ltd.

    127,000       397,998  

Taiwan Semiconductor Manufacturing Co. Ltd.

    1,836,004        40,235,138  

Unimicron Technology Corp.

    103,000       585,239  

Uni-President Enterprises Corp.

    387,650       941,307  

United Microelectronics Corp.

    823,000       1,268,925  

Vanguard International Semiconductor Corp.

    77,000       175,894  

Voltronic Power Technology Corp.

    6,000       304,927  

Walsin Lihwa Corp.

    204,884       239,982  

Wan Hai Lines Ltd.

    62,000       98,767  

Winbond Electronics Corp.

    160,592       141,981  

Wistron Corp.

    200,000       732,353  

Wiwynn Corp.

    8,000       590,623  

 

 

54  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Taiwan (continued)            

WPG Holdings Ltd.

    129,320     $ 379,697  

Yageo Corp.

    25,936       458,247  

Yang Ming Marine Transport Corp.

    89,000       140,414  

Yuanta Financial Holding Co. Ltd.

    696,163       604,981  

Zhen Ding Technology Holding Ltd.

    63,455       201,944  
   

 

 

 
      88,133,455  
Thailand — 2.0%            

Advanced Info Service PCL, NVDR

    86,000       482,490  

Airports of Thailand PCL, NVDR

    318,400       564,253  

Asset World Corp. PCL, NVDR(c)

    675,800       72,608  

Bangkok Dusit Medical Services PCL, NVDR

    856,700       680,614  

Bangkok Expressway & Metro PCL, NVDR

    601,500       135,209  

Berli Jucker PCL, NVDR

    4,100       2,771  

BTS Group Holdings PCL, NVDR

    576,600       82,863  

Bumrungrad Hospital PCL, NVDR

    44,400       277,027  

Central Pattana PCL, NVDR

    148,800       268,626  

Central Retail Corp. PCL, NVDR

    148,474       144,122  

Charoen Pokphand Foods PCL, NVDR(c)

    260,400       137,204  

CP ALL PCL, NVDR

    428,100       686,441  

CP Axtra PCL, NVDR

    146,900       136,410  

Delta Electronics Thailand PCL, NVDR(c)

    229,400       456,670  

Energy Absolute PCL, NVDR

    125,600       123,621  

Global Power Synergy PCL, NVDR

    62,100       88,322  

Gulf Energy Development PCL, NVDR

    208,000       249,724  

Home Product Center PCL, NVDR

    455,949       142,406  

Indorama Ventures PCL, NVDR

    130,600       84,874  

Intouch Holdings PCL, NVDR

    87,900       166,103  

Kasikornbank PCL, NVDR

    45,300       155,452  

Krung Thai Bank PCL, NVDR

    254,750       114,334  

Krungthai Card PCL, NVDR

    74,600       88,959  

Land & Houses PCL, NVDR

    613,800       129,955  

Minor International PCL, NVDR

    243,580       215,684  

Muangthai Capital PCL, NVDR

    49,600       63,475  

PTT Exploration & Production PCL, NVDR

    100,510       422,076  

PTT Global Chemical PCL, NVDR

    164,600       174,211  

PTT Oil & Retail Business PCL, NVDR

    237,900       120,015  

PTT PCL, NVDR

    751,000       716,814  

SCB X PCL, NVDR

    62,500       196,308  

SCG Packaging PCL, NVDR

    99,200       77,459  

Siam Cement PCL (The), NVDR

    59,000       442,531  

Thai Oil PCL, NVDR

    93,400       145,822  

TMBThanachart Bank PCL, NVDR

    1,488,000       76,432  

True Corp. PCL, NVDR(a)

    775,042       152,651  
   

 

 

 
      8,274,536  
   

 

 

 

Total Common Stocks — 98.7%
(Cost: $397,340,996)

       406,570,276  
   

 

 

 

Preferred Stocks

   

South Korea — 0.9%

   

Hyundai Motor Co.

   

Preference Shares, NVS

    1,800       215,951  
Security   Shares     Value  
South Korea (continued)            

Series 2, Preference Shares, NVS

    2,860     $ 345,938  

LG Chem Ltd., Preference Shares, NVS

    497       112,361  

Samsung Electronics Co. Ltd., Preference Shares, NVS

    61,652       2,952,308  
   

 

 

 
      3,626,558  
   

 

 

 

Total Preferred Stocks — 0.9%
(Cost: $3,487,538)

      3,626,558  
   

 

 

 

Rights

   
China — 0.0%            

Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(a)

    1,386        
   

 

 

 
South Korea — 0.0%            

LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)(a)

    5,578       5,488  
   

 

 

 

Total Rights — 0.0%
(Cost: $—)

      5,488  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $400,828,534)

       410,202,322  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 1.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)

    2,946,697       2,948,171  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(e)(f)

    1,500,000       1,500,000  
   

 

 

 

Total Short-Term Securities — 1.1%
(Cost: $4,445,329)

      4,448,171  
   

 

 

 

Total Investments — 100.7%
(Cost: $405,273,863)

      414,650,493  

Liabilities in Excess of Other Assets — (0.7)%

 

    (3,001,310
   

 

 

 

Net Assets — 100.0%

    $ 411,649,183  
   

 

 

 

 

(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)

All or a portion of this security is on loan.

(d)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

S C H E D U L EO F  I N V E S T M E N T S

  55


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 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 Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

02/29/24

    

Shares

Held at

02/29/24

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 5,293,612      $      $ (2,345,811 )(a)     $ (72    $ 442      $ 2,948,171        2,946,697      $ 32,145 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

            1,500,000 (a)                            1,500,000        1,500,000        70,845         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (72    $ 442      $ 4,448,171         $ 102,990      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

           

MSCI China Index

     7        03/15/24      $ 142      $ (130

MSCI Emerging Markets Index

     19        03/15/24        966        12,248  
           

 

 

 
            $ 12,118  
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

      

Credit

Contracts

      

Equity

Contracts

      

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

      

Other

Contracts

       Total  

 

 

Assets — Derivative Financial Instruments

                                

Futures contracts

                                

Unrealized appreciation on futures contracts(a)

   $        $        $ 12,248        $        $        $        $ 12,248  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities — Derivative Financial Instruments

                                

Futures contracts

                                

Unrealized depreciation on futures contracts(a)

   $        $        $ 130        $        $        $        $ 130  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

      

Credit

Contracts

      

Equity

Contracts

      

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

      

Other

Contracts

       Total  

 

 

Net Realized Gain (Loss) from

                                

Futures contracts

   $        $        $ (44,841      $        $        $        $ (44,841
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                                

Futures contracts

   $        $        $ 26,344        $        $        $        $ 26,344  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

 

56  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Asia ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 1,063,169   

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

   $ 18,172,443        $ 388,397,833        $        $ 406,570,276  

Preferred Stocks

              3,626,558                   3,626,558  

Rights

              5,488                   5,488  

Short-Term Securities

                 

Money Market Funds

     4,448,171                            4,448,171  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 22,620,614        $ 392,029,879        $        $ 414,650,493  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Equity Contracts

   $ 12,248        $        $        $ 12,248  

Liabilities

                 

Equity Contracts

              (130                 (130
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 12,248        $ (130      $   —          12,118  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

S C H E D U L EO F  I N V E S T M E N T S

  57


Schedule of Investments (unaudited)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 3.9%            

3R Petroleum Oleo E Gas SA(a)

    72,416     $ 407,159  

AES Brasil Energia SA(a)

    64,232       134,896  

Allos SA, NVS

    128,464       638,043  

Alupar Investimento SA

    31,062       186,081  

Ambipar Participacoes e Empreendimentos SA

    22,568       67,099  

Arezzo Industria e Comercio SA

    21,360       254,502  

Armac Locacao Logistica E Servicos SA

    33,790       86,190  

Auren Energia SA

    56,110       144,815  

BrasilAgro - Co. Brasileira de Propriedades Agricolas

    19,096       91,118  

BRF SA(a)

    177,878       540,315  

Cia de Saneamento de Minas Gerais Copasa MG

    57,660       239,752  

Cia. Brasileira de Aluminio

    76,183       61,301  

Cia. de Saneamento do Parana

    50,344       261,589  

Cielo SA

    368,156       396,217  

CM Hospitalar SA(a)

    40,052       68,081  

Cogna Educacao SA(a)

    547,646       277,618  

Cury Construtora e Incorporadora SA

    44,082       170,968  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

    85,126       411,836  

Dexco SA

    118,110       193,401  

Direcional Engenharia SA

    41,416       197,203  

EcoRodovias Infraestrutura e Logistica SA

    82,920       153,126  

Embraer SA(a)

    207,452        1,019,503  

Enauta Participacoes SA

    44,700       229,116  

Ez Tec Empreendimentos e Participacoes SA

    36,720       124,687  

Fleury SA

    67,084       214,702  

GPS Participacoes e Empreendimentos SA(b)

    111,290       400,958  

Grendene SA

    117,420       152,352  

Grupo De Moda Soma SA

    165,240       232,681  

Grupo Mateus SA(a)

    164,926       267,738  

Grupo SBF SA

    31,620       78,301  

Hidrovias do Brasil SA(a)

    216,318       167,098  

Iguatemi SA

    67,208       317,984  

Intelbras SA Industria de Telecomunicacao Eletronica Brasileira

    30,420       129,731  

Iochpe Maxion SA

    36,332       91,797  

IRB-Brasil Resseguros SA(a)

    18,901       147,601  

JHSF Participacoes SA

    116,808       104,798  

LOG Commercial Properties e Participacoes SA

    14,570       64,070  

LWSA SA(b)

    121,768       136,438  

M. Dias Branco SA

    20,760       172,140  

Marfrig Global Foods SA(a)

    112,220       223,487  

Mills Locacao Servicos e Logistica SA

    38,100       95,421  

Minerva SA

    72,478       99,289  

Movida Participacoes SA

    52,638       90,323  

MRV Engenharia e Participacoes SA(a)

    118,481       181,615  

Multiplan Empreendimentos Imobiliarios SA

    75,206       399,548  

Odontoprev SA

    79,608       192,971  

Oncoclinicas do Brasil Servicos Medicos SA(a)

    78,802       163,276  

Orizon Valorizacao de Residuos SA(a)

    19,592       132,030  

Pet Center Comercio e Participacoes SA

    115,620       96,988  

Petroreconcavo SA

    46,438       214,857  

Santos Brasil Participacoes SA

    158,038       335,399  

Sao Martinho SA

    48,720       277,358  

Serena Energia SA, NVS

    60,780       114,442  

SIMPAR SA

    122,460       189,438  

SLC Agricola SA

    58,032       229,508  

Smartfit Escola de Ginastica e Danca SA

    81,344       400,248  

Transmissora Alianca de Energia Eletrica SA

    41,044       292,281  

Tres Tentos Agroindustrial SA

    36,960       79,034  
Security   Shares     Value  
Brazil (continued)            

Tupy SA

    24,000     $ 123,594  

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA

    137,330       241,172  

Vivara Participacoes SA

    45,260       297,721  

Vulcabras SA

    29,636       110,589  

Wilson Sons SA, NVS

    68,758       238,594  

YDUQS Participacoes SA

    80,042       327,826  
   

 

 

 
       14,180,014  
Chile — 0.7%            

Aguas Andinas SA, Class A

    741,842       218,085  

Banco Itau Chile SA, NVS

    20,580       202,379  

CAP SA

    27,420       188,107  

Cia. Cervecerias Unidas SA

    44,950       260,804  

Colbun SA

    2,611,800       358,898  

Empresa Nacional de Telecomunicaciones SA

    52,411       170,683  

Engie Energia Chile SA(a)

    164,548       140,521  

Inversiones La Construccion SA

    5,108       44,045  

Parque Arauco SA

    208,444       332,497  

Plaza SA(a)

    136,980       202,763  

SMU SA

    1,133,298       191,264  

Sociedad de Inversiones Oro Blanco SA

    11,491,452       81,765  

Vina Concha y Toro SA

    173,724       180,295  
   

 

 

 
      2,572,106  
China — 8.2%            

361 Degrees International Ltd.

    300,000       160,184  

3SBio Inc.(b)

    434,000       286,580  

AIM Vaccine Co. Ltd., NVS

    86,800       78,047  

AK Medical Holdings Ltd.(b)(c)

    240,000       155,719  

Alibaba Pictures Group Ltd.(a)

    3,600,000       206,501  

A-Living Smart City Services Co. Ltd.,
Class A(b)

    240,000       122,891  

Alphamab Oncology(a)(b)

    186,000       118,954  

ANE Cayman Inc.(a)

    248,000       130,112  

Angelalign Technology Inc.(b)(c)

    12,400       104,010  

Anhui Expressway Co. Ltd., Class H

    138,000       153,343  

Anxin-China Holdings Ltd.(d)

    1,084,000       1  

Arrail Group Ltd., NVS(a)(b)(c)

    93,000       71,863  

Ascentage Pharma Group International(a)(b)(c)

    74,400       246,032  

Asia Cement China Holdings Corp.

    279,000       75,275  

Ausnutria Dairy Corp. Ltd.

    98,000       31,667  

Bairong Inc. (a)(b)

    93,000       156,682  

Beijing Capital International Airport Co. Ltd., Class H(a)

    620,000       199,936  

Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H(c)

    62,000       78,396  

Beijing Jingneng Clean Energy Co. Ltd.,
Class H

    620,000       131,182  

Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(c)

    120,000       142,829  

Binjiang Service Group Co. Ltd.

    37,500       79,231  

BOE Varitronix Ltd.(c)

    120,000       83,630  

Boshiwa International Holding Ltd.(d)

    32,000        

Canaan Inc., ADR(a)(c)

    59,245       93,015  

Canggang Railway Ltd., NVS(c)

    496,000       92,787  

Canvest Environmental Protection Group Co. Ltd.

    186,000       97,638  

CARsgen Therapeutics Holdings Ltd.,
NVS(a)(b)(c)

    124,000       105,478  

CGN Mining Co. Ltd.(a)(c)

    930,000       226,303  

CGN New Energy Holdings Co. Ltd.(c)

    620,000       153,418  

Chervon Holdings Ltd.(c)

    39,600       75,665  

China Animal Healthcare Ltd.(d)

    126,000        

China Aoyuan Group Ltd.(a)

    603,000       12,939  

China BlueChemical Ltd., Class H

    600,000       180,079  

China Conch Venture Holdings Ltd.

    496,000       496,695  

 

 

58  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

China Datang Corp. Renewable Power Co. Ltd., Class H

    780,000     $  177,125  

China East Education Holdings Ltd.(b)

    248,000       82,949  

China Education Group Holdings Ltd.

    372,000       213,127  

China Everbright Environment Group Ltd.

    1,082,000       402,148  

China Everbright Ltd.

    372,000       203,934  

China Foods Ltd.

    372,000       133,986  

China High Speed Transmission Equipment Group Co. Ltd.(a)

    15,000       2,773  

China Huiyuan Juice Group Ltd.(d)

    379,000        

China Jinmao Holdings Group Ltd.

    1,800,000       146,270  

China Lesso Group Holdings Ltd.

    372,000       176,921  

China Lilang Ltd.

    186,000       99,724  

China Metal Recycling Holdings Ltd.(d)

    12,000        

China Modern Dairy Holdings Ltd.

    1,240,000       102,882  

China New Higher Education Group Ltd.(b)

    300,000       94,445  

China Nonferrous Mining Corp Ltd.

    434,000       301,485  

China Oriental Group Co. Ltd.

    620,000       93,284  

China Overseas Grand Oceans Group Ltd.

    552,000       141,282  

China Renaissance Holdings Ltd.(a)(b)(c)(d)

    172,500       98,267  

China Resources Building Materials Technology Holdings Ltd.

    868,000       150,564  

China Resources Medical Holdings Co. Ltd.(c)

    341,000       185,827  

China Risun Group Ltd.(c)

    600,000       234,689  

China Shineway Pharmaceutical Group Ltd.

    120,000       135,077  

China South City Holdings Ltd.(c)

    2,040,000       43,336  

China Tobacco International HK Co. Ltd.

    124,000       155,072  

China Traditional Chinese Medicine Holdings Co. Ltd.

    868,000       478,927  

China Travel International Investment Hong Kong Ltd.

    868,000       148,498  

China Water Affairs Group Ltd.(c)

    248,000       170,095  

China XLX Fertiliser Ltd.

    262,000       105,819  

China Youran Dairy Group Ltd.(b)(c)

    558,000       89,669  

Chinasoft International Ltd.

    620,000       403,857  

CIMC Enric Holdings Ltd.

    240,000       192,991  

Cloud Music Inc.(a)(b)(c)

    19,550       219,536  

CMGE Technology Group Ltd.(a)(c)

    620,000       76,741  

COFCO Joycome Foods Ltd.(a)(c)

    1,116,000       218,001  

Concord New Energy Group Ltd.

    2,480,000       205,575  

Cosmopolitan International Holdings Ltd., NVS(c)

    144,000       33,694  

CSG Holding Co. Ltd.

    384,400       118,322  

Dada Nexus Ltd., ADR(a)(c)

    28,954       60,803  

Daqo New Energy Corp., ADR(a)

    11,718       249,359  

Digital China Holdings Ltd.

    310,000       105,509  

Dongyue Group Ltd.

    480,000       429,647  

DPC Dash Ltd., NVS(c)

    12,400       89,648  

Everest Medicines Ltd.(a)(b)

    60,000       184,530  

FIH Mobile Ltd. (a)(c)

    1,980,000       122,500  

FinVolution Group, ADR

    49,166       257,138  

Fu Shou Yuan International Group Ltd.

    481,000       314,165  

Fufeng Group Ltd.

    434,400       266,322  

GDS Holdings Ltd.(a)

    279,000       236,969  

Gemdale Properties & Investment Corp. Ltd.(c)

    2,644,000       89,222  

Genertec Universal Medical Group Co. Ltd.(b)

    310,000       169,982  

Global New Material International Holdings Ltd.(a)

    372,000       182,218  

Golden Solar New Energy Technology Holdings Ltd. (a)(c)

    288,800       141,643  

Grand Pharmaceutical Group Ltd., Class A

    403,000       183,975  

Greentown China Holdings Ltd.

    279,000       224,141  

Greentown Management Holdings Co. Ltd.(b)

    240,000       151,075  

Greentown Service Group Co. Ltd.

    438,000       157,370  

Guangzhou R&F Properties Co. Ltd., Class H(a)(c)

    504,000       65,334  

Gushengtang Holdings Ltd.(c)

    48,000       263,497  
Security   Shares     Value  
China (continued)            

Haichang Ocean Park Holdings Ltd.(a)(b)(c)

    960,000     $ 92,070  

Hainan Meilan International Airport Co. Ltd.,
Class H(a)(c)

    62,000       58,399  

Hangzhou Steam Turbine Power Group Co. Ltd., Class B

    132,057        118,341  

Harbin Electric Co. Ltd., Class H

    240,000       73,125  

Helens International Holdings Co. Ltd. (c)

    150,000       63,712  

Hello Group Inc., ADR

    46,490       306,369  

Hopson Development Holdings Ltd.(a)(c)

    341,087       163,001  

Hua Han Health Industry Holdings Ltd.(d)

    1,112,400       1  

Huabao International Holdings Ltd.(c)

    300,000       89,327  

HUTCHMED China Ltd.(a)(c)

    180,000       556,195  

HUYA Inc., ADR(a)(c)

    31,992       111,972  

iDreamSky Technology Holdings Ltd.(a)(b)(c)

    396,800       102,706  

InnoCare Pharma Ltd.(a)(b)

    248,000       163,216  

Jinchuan Group International Resources Co. Ltd.

    1,054,000       88,547  

JinkoSolar Holding Co. Ltd., ADR

    13,440       363,418  

Jinxin Fertility Group Ltd.(a)(b)(c)

    713,000       220,949  

Jiumaojiu International Holdings Ltd.(b)

    310,000       215,167  

JOYY Inc., ADR

    9,610       302,715  

Kangji Medical Holdings Ltd.

    217,000       176,647  

Keymed Biosciences Inc.(a)(b)(c)

    60,000       259,872  

Kingboard Laminates Holdings Ltd.

    217,000       134,698  

Kingsoft Cloud Holdings Ltd.(a)

    116,000       23,557  

Kingsoft Cloud Holdings Ltd., ADR(a)(c)

    33,660       96,604  

Lee & Man Paper Manufacturing Ltd.

    420,000       119,755  

Legend Holdings Corp., Class H(b)

    83,100       69,414  

Lepu Biopharma Co. Ltd.(c)

    241,000       114,813  

LexinFintech Holdings Ltd., ADR

    10,050       18,492  

Lifetech Scientific Corp. (a)(c)

    1,364,000       345,902  

LK Technology Holdings Ltd.

    180,000       78,726  

Lonking Holdings Ltd.

    744,000       125,009  

Lufax Holding Ltd., Class A, ADR

    49,600       154,752  

Luye Pharma Group Ltd. (a)(b)(c)

    589,000       217,548  

Maoyan Entertainment(a)(b)

    124,000       136,730  

Medlive Technology Co. Ltd.(b)

    93,000       88,484  

Meitu Inc.(b)(c)

    806,000       265,252  

MH Development Ltd.(d)

    32,500       151  

Microport Cardioflow Medtech Corp.(a)(b)(c)

    480,000       79,371  

Microport Scientific Corp.(a)

    229,400       225,020  

Midea Real Estate Holding Ltd.(b)

    108,000       60,167  

Ming Yuan Cloud Group Holdings Ltd.(a)(c)

    310,000       88,362  

Minth Group Ltd.

    222,000       377,679  

MMG Ltd.(a)

    960,000       256,994  

Mobvista Inc.(a)(b)(c)

    240,000       100,513  

National Agricultural Holdings Ltd., NVS(d)

    354,000        

Nayuki Holdings Ltd.(a)

    180,000       70,632  

NetDragon Websoft Holdings Ltd.(c)

    105,000       150,855  

New Horizon Health Ltd.(a)(b)(c)

    91,000       236,958  

Nexteer Automotive Group Ltd.(c)

    300,000       138,227  

Nine Dragons Paper Holdings Ltd.(a)

    434,000       201,216  

Noah Holdings Ltd., ADR

    11,580       128,770  

Ocumension Therapeutics(a)(b)

    125,000       82,383  

Peijia Medical Ltd.(a)(b)(c)

    186,000       120,974  

Ping An Healthcare and Technology Co. Ltd.(a)(b)

    136,400       211,494  

Poly Property Group Co. Ltd.

    637,000       117,038  

Qingdao Ainnovation Technology Group Co.
Ltd.(a)(b)

    80,600       71,671  

Radiance Holdings Group Co. Ltd.(a)(c)

    248,000       67,785  

Redco Properties Group Ltd.(a)(b)(c)(d)

    570,000       42,055  

RLX Technology Inc., ADR

    178,064       347,225  

SciClone Pharmaceuticals Holdings Ltd.(b)

    124,000       206,560  

Seazen Group Ltd.(a)(c)

    720,000       101,556  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  59


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Shanghai Industrial Holdings Ltd.

    186,000     $ 243,245  

Shenzhen International Holdings Ltd.

    480,000       404,757  

Shenzhen Investment Ltd.

    840,000       112,465  

Shoucheng Holdings Ltd.(c)

    879,200       169,554  

Shougang Fushan Resources Group Ltd.

    620,000       258,157  

Shui On Land Ltd.

    964,000       87,242  

Sihuan Pharmaceutical Holdings Group Ltd.(c)

    1,860,000       135,416  

Simcere Pharmaceutical Group Ltd.(b)

    186,000       132,323  

Sinopec Engineering Group Co. Ltd., Class H

    502,500       275,513  

Sinopec Kantons Holdings Ltd.

    372,000       168,670  

Skyworth Group Ltd.

    396,000       139,217  

SOHO China Ltd.(a)

    1,085,000       95,227  

SSY Group Ltd.

    480,000       268,868  

Sun King Technology Group Ltd.(a)

    10,000       1,456  

Sunac Services Holdings Ltd.(b)(c)

    372,000       94,574  

Superb Summit International Group Ltd.(d)

    11,913        

SY Holdings Group Ltd.(c)

    248,000       134,400  

TCL Electronics Holdings Ltd.

    372,000       135,964  

Tiangong International Co. Ltd.

    496,000       113,817  

Tianli International Holdings Ltd.

    434,000       260,560  

Tianneng Power International Ltd.(c)

    240,000       216,368  

Tong Ren Tang Technologies Co. Ltd., Class H

    220,000       144,270  

Tongdao Liepin Group(a)

    124,000       61,347  

Towngas Smart Energy Co. Ltd.(c)

    360,000       129,929  

Triumph New Energy Co. Ltd., Class H (a)(c)

    120,000       81,096  

Tuya Inc.(a)

    72,420       142,667  

Untrade SMI Holdings(d)

    468,800       1  

Untradelumena Newmat, NVS(d)

    5,249        

Up Fintech Holding Ltd., ADR(a)(c)

    33,590       135,032  

Venus MedTech Hangzhou Inc., Class H(a)(b)(d)

    103,500       60,938  

Vnet Group Inc., ADR(a)(c)

    40,176       62,273  

Wasion Holdings Ltd.

    240,000       150,280  

Weibo Corp., ADR

    18,538       169,067  

Weimob Inc.(a)(b)(c)

    806,000       215,826  

West China Cement Ltd.

    1,080,000       124,109  

XD Inc.(a)(c)

    86,800       161,675  

Xinte Energy Co. Ltd.(a)

    99,200       132,529  

Xtep International Holdings Ltd.

    341,000       188,585  

Yeahka Ltd.(a)(c)

    72,000       116,562  

Yidu Tech Inc. (a)(b)

    235,600       126,673  

Yihai International Holding Ltd.

    180,000       251,985  

Youdao Inc., ADR(a)

    2,466       10,752  

Yuexiu REIT

    992,000       132,791  

Yuexiu Transport Infrastructure Ltd.

    464,000       263,652  

Zhou Hei Ya International Holdings Co. Ltd.(b)

    496,000       114,583  

Zonqing Environmental Ltd., NVS(c)

    18,000       51,153  
   

 

 

 
       29,603,730  
Czech Republic — 0.0%            

Colt CZ Group SE

    2,622       68,779  

Philip Morris CR AS(c)

    141       93,338  
   

 

 

 
      162,117  
Egypt — 0.4%            

Abou Kir Fertilizers & Chemical Industries

    49,650       65,021  

Cairo For Investment & Real Estate Developments - CIRA Education

    134,772       35,107  

Cleopatra Hospital(a)

    470,267       55,389  

E-Finance for Digital & Financial Investments, NVS

    136,613       57,471  

EISewedy Electric Co.

    267,345       182,577  

Ezz Steel Co. SAE(a)

    66,310       101,468  

Fawry for Banking & Payment Technology Services SAE(a)

    339,221       48,980  
Security   Shares     Value  
Egypt (continued)            

Misr Fertilizers Production Co. SAE

    159,225     $ 195,783  

Talaat Moustafa Group

    499,040       650,846  

Telecom Egypt Co.

    212,632       160,148  
   

 

 

 
      1,552,790  
Greece — 0.5%            

Aegean Airlines SA(a)

    17,608       239,406  

Athens Water Supply & Sewage Co. SA(c)

    14,136       84,336  

GEK Terna Holding Real Estate Construction SA

    19,323       297,392  

Hellenic Energy Holdings SA

    25,544       232,745  

Holding Co. ADMIE IPTO SA

    52,700       130,144  

LAMDA Development SA(a)

    28,830       210,638  

Sarantis SA

    13,516       133,956  

Terna Energy SA

    17,484       313,066  

Titan Cement International SA

    12,462       353,559  
   

 

 

 
      1,995,242  
Hungary — 0.1%            

Magyar Telekom Telecommunications PLC

    112,778       256,026  
   

 

 

 
India — 26.0%            

360 ONE WAM Ltd.

    42,036       363,230  

3M India Ltd.

    1,020       393,375  

Aarti Drugs Ltd.

    16,616       99,627  

Aarti Industries Ltd.

    55,986       442,850  

Aarti Pharmalabs Ltd., NVS

    17,608       103,752  

Aavas Financiers Ltd.(a)

    15,126       265,152  

Action Construction Equipment Ltd.

    9,144       139,410  

Aditya Birla Fashion and Retail Ltd.(a)

    113,088       306,752  

Advanced Enzyme Technologies Ltd.

    33,480       155,234  

Aegis Logistics Ltd.

    47,280       250,815  

Affle India Ltd.(a)

    19,800       266,320  

AGI Greenpac Ltd.

    9,052       89,396  

AIA Engineering Ltd.

    13,020       573,587  

Ajanta Pharma Ltd.

    13,640       363,223  

Alembic Pharmaceuticals Ltd.

    16,262       199,597  

Alkyl Amines Chemicals

    6,014       155,530  

Allcargo Logistics Ltd.

    104,718       107,665  

Alok Industries Ltd.(a)

    386,520       134,340  

Amara Raja Energy & Mobility Ltd.

    35,154       355,657  

Amber Enterprises India Ltd.(a)

    6,060       269,064  

Anand Rathi Wealth Ltd.

    6,200       272,543  

Angel One Ltd.

    11,904       399,538  

Apar Industries Ltd.

    5,642       425,643  

Apollo Tyres Ltd.

    100,440       627,060  

Aptus Value Housing Finance India Ltd.

    58,218       246,924  

Archean Chemical Industries Ltd., NVS

    18,228       166,142  

Asahi India Glass Ltd.

    33,780       218,275  

Aster DM Healthcare Ltd.(a)(b)

    46,748       266,828  

AstraZeneca Pharma India Ltd.

    1,922       127,874  

Atul Ltd.

    4,278       320,625  

Avanti Feeds Ltd.

    15,424       94,199  

Bajaj Electricals Ltd.

    14,074       168,994  

Bajel Projects Ltd., NVS

    10,015       26,240  

Balaji Amines Ltd.

    4,154       108,866  

Balrampur Chini Mills Ltd.

    43,752       196,535  

BASF India Ltd.

    5,084       201,990  

Bata India Ltd.

    18,538       315,122  

Bayer CropScience Ltd.

    4,526       309,463  

BEML Ltd., (Acquired 02/10/22, Cost: $142,261)(e)

    6,572       246,787  

Bharat Dynamics Ltd.

    14,880       324,314  

Biocon Ltd.

    123,132       409,646  

Birla Corp. Ltd.

    9,060       178,984  

Birlasoft Ltd.

    53,100       496,281  

 

 

60  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
India (continued)            

BLS International Services Ltd.

    41,788     $ 184,001  

Blue Dart Express Ltd.

    2,046       148,909  

Blue Star Ltd.

    40,140       614,356  

Borosil Renewables Ltd.(a)

    20,040       129,716  

Brigade Enterprises Ltd.

    40,362       485,781  

Brightcom Group Ltd.(a)

    508,152       105,410  

Brookfield India Real Estate Trust(b)

    61,256       187,093  

BSE Ltd.

    20,398       582,665  

Campus Activewear Ltd.(a)

    23,746       69,749  

Can Fin Homes Ltd.

    27,528       256,886  

Carborundum Universal Ltd.

    34,100       439,354  

Castrol India Ltd.

    114,191       286,632  

CCL Products India Ltd.

    29,202       221,790  

CE Info Systems Ltd.

    5,952       129,506  

Ceat Ltd.

    6,944       238,893  

Central Depository Services India Ltd.

    16,554       382,860  

Century Plyboards India Ltd.

    18,972       161,855  

Century Textiles & Industries Ltd.

    17,050       289,788  

Cera Sanitaryware Ltd.

    1,860       169,934  

CESC Ltd.

    195,600       299,625  

Chalet Hotels Ltd.(a)

    26,102       254,618  

Chambal Fertilisers and Chemicals Ltd.

    59,280       250,769  

Chemplast Sanmar Ltd.(a)

    26,820       152,216  

Chennai Petroleum Corp. Ltd.

    10,292       109,733  

Cholamandalam Financial Holdings Ltd.

    31,062       392,767  

CIE Automotive India Ltd.

    45,322       240,466  

City Union Bank Ltd.

    110,280       179,307  

Clean Science & Technology Ltd.

    7,680       130,648  

CMS Info Systems Ltd.

    47,306       219,078  

Cochin Shipyard Ltd., NVS

    26,970       283,883  

Coforge Ltd.

    17,732       1,401,716  

Computer Age Management Services Ltd.

    13,589       502,227  

Coromandel International Ltd.

    36,180       468,993  

Craftsman Automation Ltd.

    2,728       137,720  

CreditAccess Grameen Ltd.(a)

    18,360       325,170  

CRISIL Ltd.

    5,828       351,955  

Crompton Greaves Consumer Electricals Ltd.

    184,946       647,823  

Cyient Ltd.

    25,606       625,724  

Data Patterns India Ltd.(a)

    6,944       207,590  

Deepak Fertilisers & Petrochemicals Corp. Ltd.

    24,180       147,316  

Deepak Nitrite Ltd.

    19,980       532,114  

Delhivery Ltd.(a)

    109,740       623,824  

Devyani International Ltd.(a)

    110,988       204,906  

Dixon Technologies India Ltd.

    9,920       797,474  

Dr Lal PathLabs Ltd.(b)

    12,247       346,985  

Easy Trip Planners Ltd., NVS

    224,564       130,869  

eClerx Services Ltd.

    8,112       247,065  

Edelweiss Financial Services Ltd.

    187,736       172,057  

EID Parry India Ltd.

    32,882       249,707  

EIH Ltd.

    63,302       307,789  

Elecon Engineering Co. Ltd.

    13,620       164,464  

Electronics Mart India Ltd., NVS

    41,292       102,805  

Electrosteel Castings Ltd.

    75,144       144,912  

Elgi Equipments Ltd.

    58,320       458,853  

Emami Ltd.

    60,003       336,465  

Embassy Office Parks REIT

    251,472        1,133,677  

Endurance Technologies Ltd.(b)

    10,500       235,032  

Engineers India Ltd.

    88,102       222,440  

EPL Ltd.

    55,862       126,076  

Equitas Small Finance Bank Ltd.(b)

    191,880       230,349  

Eris Lifesciences Ltd.(a)(b)

    16,058       170,766  

Exide Industries Ltd.

    149,640       576,912  
Security   Shares     Value  

 

 
India (continued)            

Federal Bank Ltd.

    545,160     $ 987,977  

Fine Organic Industries Ltd.

    2,640       137,808  

Finolex Cables Ltd.

    22,382       248,203  

Finolex Industries Ltd.

    87,720       230,835  

Firstsource Solutions Ltd.

    129,394       320,046  

Five-Star Business Finance Ltd., NVS

    36,518       310,866  

Fortis Healthcare Ltd.

    138,922       682,378  

Galaxy Surfactants Ltd.

    3,591       109,835  

GE T&D India Ltd.(a)

    5,566       61,180  

Genus Power Infrastructures Ltd.

    23,460       70,706  

GHCL Ltd.

    23,374       143,870  

Gland Pharma Ltd.(a)(b)

    9,224       196,415  

GlaxoSmithKline Pharmaceuticals Ltd.

    12,896       337,016  

Glenmark Pharmaceuticals Ltd.

    45,120       503,574  

Global Health Ltd., NVS(a)

    27,218       447,731  

GMM Pfaudler Ltd.

    11,718       183,703  

Go Fashion India Ltd.(a)

    10,920       148,978  

Godawari Power and Ispat Ltd.

    21,762       194,178  

Godfrey Phillips India Ltd.

    4,529       161,089  

Godrej Industries Ltd.(a)

    23,684       228,799  

Gokaldas Exports Ltd.

    16,430       166,961  

Granules India Ltd.

    44,330       248,290  

Graphite India Ltd.

    32,340       233,335  

Gravita India Ltd.

    8,308       95,539  

Great Eastern Shipping Co. Ltd. (The)

    33,914        411,476  

Greaves Cotton Ltd.

    63,302       115,274  

Greenpanel Industries Ltd.

    21,824       101,452  

Grindwell Norton Ltd.

    13,980       351,503  

Gujarat Ambuja Exports Ltd.

    25,620       121,179  

Gujarat Fluorochemicals Ltd.

    8,494       379,380  

Gujarat Gas Ltd.

    41,416       282,563  

Gujarat Mineral Development Corp. Ltd.

    27,466       129,171  

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

    29,946       231,150  

Gujarat Pipavav Port Ltd.

    48,608       122,639  

Gujarat State Fertilizers & Chemicals Ltd.

    82,620       216,473  

Gujarat State Petronet Ltd.

    93,620       416,298  

Happiest Minds Technologies Ltd.

    24,676       251,846  

HBL Power Systems Ltd.

    33,720       211,206  

HFCL Ltd.

    241,440       311,895  

HG Infra Engineering Ltd.

    11,618       123,219  

Himadri Speciality Chemical Ltd.

    56,854       252,424  

Hindustan Construction Co. Ltd.(a)

    262,384       131,957  

Hindustan Copper Ltd.

    78,058       253,683  

Hindustan Foods Ltd.(a)

    16,058       100,151  

Hitachi Energy India Ltd.

    3,534       255,566  

ICICI Securities Ltd.(b)

    33,687       331,888  

IDFC Ltd.(a)

    385,454       540,688  

IFCI Ltd.(a)

    214,024       118,180  

IIFL Finance Ltd.

    64,728       459,916  

India Cements Ltd. (The)(a)

    56,544       155,806  

Indiabulls Housing Finance Ltd.

    130,386       297,209  

Indiabulls Real Estate Ltd.(a)

    147,932       212,747  

IndiaMART Intermesh Ltd.(b)

    9,052       290,104  

Indian Energy Exchange Ltd.(b)

    138,600       236,946  

Indian Renewable Energy Development Agency Ltd., NVS

    190,446       344,642  

Indigo Paints Ltd.

    4,898       82,611  

Indo Count Industries Ltd.

    31,000       126,996  

Infibeam Avenues Ltd.

    285,758       126,653  

Inox Wind Ltd.(a)

    30,690       223,208  

Intellect Design Arena Ltd.

    28,080       373,943  

ION Exchange India Ltd., NVS

    27,000       157,349  

 

 

S C H E D U L EO F  I N V E S T M E N T S

    61  


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
India (continued)            

Ipca Laboratories Ltd.

    42,284     $ 607,367  

IRB Infrastructure Developers Ltd., NVS

    391,778       296,638  

IRCON International Ltd.(b)

    112,964       311,331  

Jai Balaji Industries Ltd., NVS

    7,936       122,754  

Jai Corp. Ltd.

    18,972       72,026  

Jain Irrigation Systems Ltd.(a)

    128,588       85,089  

Jaiprakash Associates Ltd.(a)

    359,878       86,371  

Jaiprakash Power Ventures Ltd.(a)

    1,110,482        243,291  

Jammu & Kashmir Bank Ltd. (The)

    72,044       124,380  

JB Chemicals & Pharmaceuticals Ltd., NVS

    21,638       407,901  

JBM Auto Ltd.

    8,556       223,333  

Jindal Saw Ltd.

    37,944       218,794  

JK Cement Ltd.

    11,408       620,601  

JK Lakshmi Cement Ltd.

    19,964       221,142  

JK Paper Ltd.

    28,148       126,722  

JK Tyre & Industries Ltd.

    23,498       147,493  

JM Financial Ltd.

    164,424       190,640  

Jubilant Ingrevia Ltd.

    24,311       141,153  

Jubilant Pharmova Ltd., Class A

    25,296       173,052  

Jupiter Wagons Ltd., NVS

    37,200       166,829  

Just Dial Ltd.(a)

    9,908       110,510  

Jyothy Labs Ltd.

    49,352       275,007  

Kajaria Ceramics Ltd.

    26,880       413,551  

Kalpataru Projects International Ltd.

    29,884       347,366  

Kalyan Jewellers India Ltd.

    81,902       392,538  

Kansai Nerolac Paints Ltd.

    62,496       218,267  

Karnataka Bank Ltd. (The)

    61,814       169,135  

Karur Vysya Bank Ltd. (The)

    134,520       297,361  

Kaveri Seed Co. Ltd.

    13,920       111,428  

Kaynes Technology India Ltd., NVS

    8,308       294,477  

KEC International Ltd.

    41,168       360,181  

KEI Industries Ltd.

    17,223       665,614  

Kirloskar Brothers Ltd.

    6,120       67,838  

Kirloskar Ferrous Industries Ltd.

    25,668       164,528  

Kirloskar Oil Engines Ltd.

    28,334       312,333  

KNR Constructions Ltd.

    57,288       184,739  

KPI Green Energy Ltd.(b)

    4,762       99,939  

KPIT Technologies Ltd.

    52,140       985,392  

KPR Mill Ltd.

    27,652       256,197  

KRBL Ltd.

    22,754       88,311  

Krishna Institute Of Medical Sciences Ltd.(a)(b)

    15,624       424,606  

KSB Ltd.

    4,898       216,179  

L&T Finance Holdings Ltd.

    240,622       484,155  

Lakshmi Machine Works Ltd.

    1,626       283,764  

Laurus Labs Ltd.(b)

    105,958       518,888  

Laxmi Organic Industries Ltd.

    35,774       109,090  

Lemon Tree Hotels Ltd.(a)(b)

    168,454       283,084  

LIC Housing Finance Ltd.

    95,976       749,155  

Lloyds Engineering Works Ltd., NVS

    170,906       120,547  

LT Foods Ltd.

    57,480       124,725  

Mahanagar Gas Ltd.

    16,058       287,006  

Maharashtra Seamless Ltd.

    16,740       185,571  

Mahindra & Mahindra Financial Services Ltd.

    156,860       534,976  

Mahindra Lifespace Developers Ltd.

    31,868       222,005  

Manappuram Finance Ltd.

    177,780       378,078  

Mastek Ltd.

    7,130       251,995  

Max Financial Services Ltd.(a)

    76,756       895,686  

Medplus Health Services Ltd.(a)

    18,166       152,519  

Metropolis Healthcare Ltd.(b)

    9,060       174,929  

Mindspace Business Parks REIT(b)

    62,040       254,420  

Mishra Dhatu Nigam Ltd.(b)

    19,468       95,210  

Motherson Sumi Wiring India Ltd.

    599,040       505,957  
Security   Shares     Value  

 

 
India (continued)            

Motilal Oswal Financial Services Ltd.

    12,896     $ 250,554  

MTAR Technologies Ltd.(a)

    7,068       163,272  

Multi Commodity Exchange of India Ltd.

    8,494       384,769  

Narayana Hrudayalaya Ltd.

    23,002       372,182  

Natco Pharma Ltd.

    24,651       295,654  

National Aluminium Co. Ltd.

    257,486       482,883  

Navin Fluorine International Ltd.

    9,734       354,834  

Nazara Technologies Ltd.(a)

    11,966       107,569  

NBCC India Ltd.

    182,838       296,852  

NCC Ltd./India

    152,768       455,264  

Network18 Media & Investments Ltd.(a)

    72,420       93,246  

Neuland Laboratories Ltd.

    2,666       229,369  

Newgen Software Technologies Ltd.

    22,444       229,708  

Nexus Select Trust, NVS

    152,086       231,459  

NIIT Learning Systems Ltd., NVS

    28,148       176,340  

Nippon Life India Asset Management Ltd.(b)

    42,284       263,120  

NLC India Ltd.

    44,268       118,763  

NMDC Steel Ltd., NVS(a)

    244,714       181,196  

Nuvama Wealth Management Ltd., NVS

    2,480       122,957  

Nuvoco Vistas Corp. Ltd.(a)

    31,186       124,529  

Olectra Greentech Ltd.

    12,090       286,356  

Orient Cement Ltd.

    42,842       117,300  

Orient Electric Ltd.

    40,858       102,669  

Orissa Minerals Development Co. Ltd. (The)(a)

    660       53,957  

Paisalo Digital Ltd.

    67,642       150,390  

Patel Engineering Ltd.(a)

    106,640       86,721  

PB Fintech Ltd.(a)

    76,074       1,070,082  

PCBL Ltd.

    91,800       316,754  

PDS Ltd.

    9,176       56,637  

Phoenix Mills Ltd. (The)

    30,628        1,016,275  

Piramal Enterprises Ltd.

    33,170       366,001  

Piramal Pharma Ltd., NVS(a)

    162,613       258,660  

PNB Housing Finance Ltd.(a)(b)

    35,340       295,698  

PNC Infratech Ltd.

    42,036       216,983  

Poly Medicure Ltd.

    12,028       226,441  

Polyplex Corp. Ltd.

    6,263       65,080  

Poonawalla Fincorp Ltd.

    82,020       461,608  

Praj Industries Ltd.

    41,602       249,960  

Pricol Ltd.(a)

    28,272       137,618  

Procter & Gamble Health Ltd.

    2,760       169,464  

PTC Industries Ltd., NVS

    1,302       132,045  

PVR Inox Ltd.(a)

    22,072       364,993  

Quess Corp. Ltd.(b)

    24,240       150,203  

Radico Khaitan Ltd.

    24,490       463,140  

Rain Industries Ltd.

    70,432       156,188  

Rainbow Children’s Medicare Ltd.

    18,240       298,295  

Rajesh Exports Ltd.(a)

    21,700       80,664  

Rajratan Global Wire Ltd.

    8,760       66,463  

Ramco Cements Ltd. (The)

    33,108       333,263  

Ramkrishna Forgings Ltd.

    31,558       297,629  

Ratnamani Metals & Tubes Ltd.

    9,238       337,609  

RattanIndia Enterprises Ltd.(a)

    153,060       154,230  

Raymond Ltd.

    11,940       263,983  

RBL Bank Ltd.(b)

    146,568       459,725  

Redington Ltd.

    181,226       451,335  

Relaxo Footwears Ltd.

    23,100       233,013  

Reliance Infrastructure Ltd.(a)

    73,153       194,433  

Reliance Power Ltd.(a)

    871,906       254,701  

Restaurant Brands Asia Ltd.(a)

    117,924       152,045  

Rhi Magnesita India Ltd.

    20,760       142,833  

Route Mobile Ltd.

    11,460       220,396  

Safari Industries India Ltd.

    8,742       214,680  

 

 

62  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
India (continued)            

Sanofi India Ltd.

    2,451     $ 254,013  

Sapphire Foods India Ltd.(a)

    11,532       208,842  

Saregama India Ltd.

    30,660       148,760  

Sharda Cropchem Ltd.

    8,760       37,860  

Sheela Foam Ltd.(a)

    13,206       165,026  

Shivalik Bimetal Controls Ltd., NVS

    7,936       51,645  

Shoppers Stop Ltd.(a)

    18,042       161,475  

Shree Renuka Sugars Ltd.(a)

    261,268       146,634  

SJVN Ltd.

    239,100        350,076  

SKF India Ltd.

    7,874       448,507  

Sobha Ltd.

    13,680       257,566  

Sonata Software Ltd.

    55,180       538,805  

South Indian Bank Ltd. (The)

    356,700       138,718  

Star Health & Allied Insurance Co. Ltd.(a)

    42,656       288,131  

Sterling and Wilson Renewable Energy Ltd.(a)

    22,692       165,367  

Sterlite Technologies Ltd.

    64,800       107,104  

Sumitomo Chemical India Ltd.

    33,294       150,297  

Sun TV Network Ltd.

    25,320       187,950  

Sundram Fasteners Ltd.

    35,526       458,268  

Suprajit Engineering Ltd.

    40,500       207,778  

Supreme Petrochem Ltd., NVS

    23,808       209,578  

Surya Roshni Ltd., NVS

    12,710       91,906  

Suven Pharmaceuticals Ltd.(a)

    34,740       263,562  

Swan Energy Ltd.

    5,836       52,450  

Syngene International Ltd.(b)

    54,292       461,820  

Tamilnad Mercantile Bank Ltd., NVS

    22,402       130,654  

Tanla Platforms Ltd.

    21,240       250,278  

Tata Chemicals Ltd.

    42,904       484,720  

Tata Investment Corp. Ltd.

    3,906       340,907  

Tata Teleservices Maharashtra Ltd.(a)

    187,674       197,819  

TCI Express Ltd.

    4,740       63,944  

TeamLease Services Ltd.(a)

    4,154       150,702  

Tejas Networks Ltd.(a)(b)

    23,400       210,625  

Texmaco Rail & Engineering Ltd.

    68,963       157,067  

Thanga Mayil Jewellery Ltd., NVS

    5,201       85,786  

Timken India Ltd.

    9,238       302,747  

Titagarh Rail System Ltd.

    20,340       229,875  

Transport Corp. of India Ltd.

    9,920       99,205  

Trident Ltd.

    428,110       218,167  

Triveni Engineering & Industries Ltd.

    33,840       134,616  

Triveni Turbine Ltd.

    47,740       286,412  

TTK Prestige Ltd.

    15,600       140,611  

TV18 Broadcast Ltd.(a)

    226,020       162,325  

UNO Minda Ltd.

    63,860       514,485  

Usha Martin Ltd.

    51,578       204,603  

UTI Asset Management Co. Ltd.

    14,460       155,947  

Vardhman Textiles Ltd.

    36,390       187,408  

Varroc Engineering Ltd.(a)(b)

    17,360       101,826  

V-Guard Industries Ltd.

    55,920       218,893  

Vijaya Diagnostic Centre Pvt Ltd.

    17,918       139,275  

Vinati Organics Ltd.

    9,780       196,515  

VIP Industries Ltd.

    24,420       162,667  

V-Mart Retail Ltd.(a)

    4,320       99,497  

Voltamp Transformers Ltd.

    1,429       151,781  

Voltas Ltd.

    58,590       783,027  

Welspun Corp. Ltd.

    35,960       221,414  

Welspun Living Ltd.

    80,104       149,235  

West Coast Paper Mills Ltd.

    10,230       76,538  

Westlife Foodworld Ltd.

    21,576       194,730  

Whirlpool of India Ltd.

    9,238       140,041  

Zee Entertainment Enterprises Ltd.(a)

    241,304       467,079  

Zen Technologies Ltd.

    11,543       119,841  
Security   Shares     Value  

 

 
India (continued)            

Zensar Technologies Ltd.

    38,502     $ 254,981  

ZF Commercial Vehicle Control Systems India Ltd.

    1,680       294,278  
   

 

 

 
       94,160,078  
Indonesia — 1.8%            

Ace Hardware Indonesia Tbk PT

    2,281,600       121,251  

AKR Corporindo Tbk PT

    2,517,200       272,303  

Astra Agro Lestari Tbk PT

    90,000       38,392  

Astrindo Nusantara Infrastructure Tbk PT(a)

    13,640,000       71,173  

Bank Aladin Syariah Tbk PT(a)

    2,380,800       162,103  

Bank BTPN Syariah Tbk PT

    756,000       66,147  

Bank Bukopin Tbk PT(a)

    15,975,352       78,276  

Bank Jago Tbk PT(a)

    1,295,800       224,221  

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT

    840,064       64,415  

Bank Tabungan Negara Persero Tbk PT

    1,339,200       121,963  

Berkah Beton Sadaya Tbk PT(a)

    7,350,000       23,385  

BFI Finance Indonesia Tbk PT

    2,932,600       257,524  

Bukalapak.com PT Tbk(a)

    17,492,400       175,151  

Bukit Asam Tbk PT

    1,153,200       187,761  

Bumi Resources Minerals Tbk PT(a)

    18,336,000       168,017  

Bumi Resources Tbk PT(a)

    16,524,100       91,479  

Bumi Serpong Damai Tbk PT(a)

    1,605,800       103,581  

Ciputra Development Tbk PT

    2,982,063       240,994  

Elang Mahkota Teknologi Tbk PT

    3,831,600       114,647  

Energi Mega Persada Tbk PT, NVS(a)

    3,858,000       49,591  

Erajaya Swasembada Tbk PT

    2,592,000       78,181  

Hanson International Tbk PT(a)(d)

    25,794,200        

Harum Energy Tbk PT(a)

    840,000       66,926  

Indika Energy Tbk PT

    576,000       49,848  

Indo Tambangraya Megah Tbk PT

    117,800       196,334  

Indocement Tunggal Prakarsa Tbk PT

    316,200       182,582  

Industri Jamu Dan Farmasi Sido Muncul Tbk PT

    2,219,657       86,865  

Inti Agri Resources Tbk PT(a)(d)

    12,327,500        

Japfa Comfeed Indonesia Tbk PT

    1,560,000       114,158  

Jasa Marga Persero Tbk PT

    682,000       235,566  

Lippo Karawaci Tbk PT(a)

    10,912,000       52,078  

Map Aktif Adiperkasa PT

    3,515,400       246,067  

Medco Energi Internasional Tbk PT

    1,908,512       158,698  

Media Nusantara Citra Tbk PT

    1,612,000       33,440  

Medikaloka Hermina Tbk PT

    1,767,000       142,237  

Metro Healthcare Indonesia TBK PT(a)

    6,324,000       59,155  

Mitra Adiperkasa Tbk PT

    2,591,600       316,602  

Pabrik Kertas Tjiwi Kimia Tbk PT

    480,000       209,227  

Pacific Strategic Financial Tbk PT(a)

    2,394,000       169,096  

Pakuwon Jati Tbk PT

    4,878,000       126,024  

Panin Financial Tbk PT(a)

    3,740,500       61,933  

Perusahaan Gas Negara Tbk PT

    2,926,400       203,019  

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT

    990,000       53,279  

Sawit Sumbermas Sarana Tbk PT

    1,104,000       79,735  

Smartfren Telecom Tbk PT(a)

    56,351,800       190,051  

Sugih Energy Tbk PT(a)(d)

    1,824,800        

Summarecon Agung Tbk PT

    3,150,050       110,134  

Surya Citra Media Tbk PT

    7,872,000       74,714  

Surya Esa Perkasa Tbk PT

    2,718,000       89,072  

Transcoal Pacific Tbk PT

    318,000       159,432  

Waskita Karya Persero Tbk PT(a)(d)

    3,225,094       33,164  

XL Axiata Tbk PT

    1,314,000       199,002  
   

 

 

 
      6,408,993  
Kuwait — 1.1%            

Al Ahli Bank of Kuwait KSCP

    319,424       266,178  

 

 

S C H E D U L EO F  I N V E S T M E N T S

    63  


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Kuwait (continued)            

Ali Alghanim Sons Automotive Co. KSCC, NVS

    48,794     $ 186,263  

Boubyan Petrochemicals Co. KSCP

    117,741       233,450  

Boursa Kuwait Securities Co. KPSC

    34,380       228,214  

Burgan Bank SAK

    286,860       193,000  

Commercial Real Estate Co. Ksc

    418,128       163,039  

Gulf Cable & Electrical Industries Co. KSCP

    38,254       185,583  

Humansoft Holding Co. KSC

    30,341       332,248  

Jazeera Airways Co. KSCP

    32,222       118,208  

Kuwait International Bank KSCP

    274,298       147,160  

Kuwait Projects Co. Holding KSCP(a)

    630,292       258,068  

Kuwait Telecommunications Co.

    131,502       258,883  

National Industries Group Holding SAK

    610,824       475,431  

National Investments Co. KSCP

    152,644       141,360  

National Real Estate Co. KPSC(a)

    408,084       105,292  

Salhia Real Estate Co. KSCP

    133,672       199,802  

Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC

    179,924       99,547  

Warba Bank KSCP

    458,490       280,361  
   

 

 

 
       3,872,087  
Malaysia — 2.3%            

AFFIN Bank Bhd

    179,800       97,832  

Alliance Bank Malaysia Bhd

    336,000       252,170  

Axis Real Estate Investment Trust

    427,800       159,563  

Bank Islam Malaysia Bhd

    168,400       87,380  

Bermaz Auto Bhd

    426,100       219,088  

British American Tobacco Malaysia Bhd

    54,144       95,270  

Bumi Armada Bhd(a)(c)

    840,000       97,354  

Bursa Malaysia Bhd

    186,050       293,198  

Carlsberg Brewery Malaysia Bhd

    60,000       240,986  

Chin Hin Group Bhd, NVS(a)

    222,000       181,642  

CTOS Digital Bhd

    452,600       144,110  

D&O Green Technologies Bhd(a)

    180,000       126,071  

Dialog Group Bhd

    992,000       438,984  

DRB-Hicom Bhd

    348,000       102,096  

Fraser & Neave Holdings Bhd

    43,400       269,792  

Frontken Corp. Bhd

    434,050       336,625  

Greatech Technology Bhd(a)

    136,400       137,392  

HAP Seng Consolidated Bhd

    73,700       68,645  

Hartalega Holdings Bhd(a)

    522,000       276,250  

Heineken Malaysia Bhd

    48,200       230,157  

Hibiscus Petroleum Bhd

    255,080       135,911  

IJM Corp. Bhd

    630,000       284,487  

IOI Properties Group Bhd(c)

    489,800       237,412  

Kossan Rubber Industries Bhd

    468,000       185,405  

Lotte Chemical Titan Holding Bhd(a)(b)

    210,000       52,218  

Magnum Bhd

    99,250       23,633  

Malaysia Building Society Bhd(c)

    1,074,100       172,326  

Malaysian Pacific Industries Bhd(c)

    24,000       147,038  

My EG Services Bhd

    1,831,500       311,071  

Padini Holdings Bhd

    180,000       128,585  

Pentamaster Corp. Bhd

    222,050       200,985  

PMB Technology Bhd(a)

    130,200       76,822  

Sam Engineering & Equipment M Bhd

    99,200       99,712  

Scientex Bhd

    276,000       226,239  

Sime Darby Property Bhd

    1,074,500       174,728  

SP Setia Bhd Group(c)

    606,100       108,130  

Sports Toto Bhd

    148,806       44,841  

Sunway REIT

    483,600       158,975  

Supermax Corp. Bhd

    628,616       109,995  

Syarikat Takaful Malaysia Keluarga Bhd

    30,144       23,630  

TIME dotCom Bhd

    389,400       451,809  

Top Glove Corp. Bhd(a)

    1,866,000       316,700  
Security   Shares     Value  

 

 
Malaysia (continued)            

TSH Resources Bhd

    260,400     $ 57,097  

Unisem M Bhd(c)

    120,000       84,371  

United Plantations Bhd

    49,600       231,198  

UWC Bhd(a)

    174,000       125,964  

ViTrox Corp. Bhd

    89,600       141,608  

VS Industry Bhd

    905,250       141,261  

Yinson Holdings Bhd

    353,400       189,900  
   

 

 

 
       8,496,656  
Mexico — 2.0%            

Alsea SAB de CV(a)

    148,800       570,258  

Bolsa Mexicana de Valores SAB de CV

    119,500       257,730  

Concentradora Fibra Danhos SA de CV(c)

    49,600       59,686  

Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(c)

    297,600       216,509  

Corp Inmobiliaria Vesta SAB de CV

    248,035       869,507  

FIBRA Macquarie Mexico(b)

    223,461       439,600  

GCC SAB de CV

    49,620       523,908  

Genomma Lab Internacional SAB de CV, Class B

    204,600       157,973  

Gentera SAB de CV

    347,200       521,892  

Grupo Rotoplas SAB de CV

    80,626       137,844  

Grupo Televisa SAB, CPO

    706,800       422,564  

Grupo Traxion SAB de CV, Class A(a)(b)

    108,337       196,217  

La Comer SAB de CV

    148,800       347,899  

Megacable Holdings SAB de CV, CPO

    86,800       223,668  

Nemak SAB de CV(a)(b)

    882,096       180,101  

Ollamani SAB, NVS

    3,200       5,402  

Qualitas Controladora SAB de CV

    62,000       696,417  

Regional SAB de CV

    74,400       694,183  

TF Administradora Industrial S de Real de CV(c)

    241,800       577,678  
   

 

 

 
      7,099,036  
Panama — 0.1%            

Intercorp Financial Services Inc.

    7,502       204,805  
   

 

 

 
Philippines — 0.7%            

Alliance Global Group Inc.

    806,000       147,966  

AREIT Inc.

    240,000       148,999  

Bloomberry Resorts Corp.(a)

    1,260,000       251,485  

Century Pacific Food Inc.

    415,400       247,548  

Converge Information and Communications Technology Solutions Inc.(a)

    600,000       96,104  

D&L Industries Inc.

    840,100       101,024  

DMCI Holdings Inc.

    924,000       180,148  

GT Capital Holdings Inc.

    30,380       379,919  

LT Group Inc.

    731,600       123,636  

Manila Water Co. Inc.

    372,000       128,643  

Megaworld Corp.

    1,984,000       68,170  

Puregold Price Club Inc.

    310,000       151,650  

Robinsons Land Corp.

    612,000       178,250  

Robinsons Retail Holdings Inc.

    49,600       33,087  

Security Bank Corp.

    110,400       139,436  

Semirara Mining & Power Corp., Class A

    260,400       149,621  

Wilcon Depot Inc.

    474,000       182,129  
   

 

 

 
      2,707,815  
Poland — 1.3%            

Alior Bank SA(a)

    28,024       673,195  

AmRest Holdings SE(a)

    24,720       154,917  

Asseco Poland SA

    14,788       277,709  

Bank Millennium SA(a)

    189,420       473,953  

CCC SA(a)

    13,950       265,910  

Enea SA(a)

    93,109       228,030  

Grupa Azoty SA(a)(c)

    17,633       99,531  

 

 

64  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Poland (continued)            

Grupa Kety SA

    2,852     $ 503,687  

Jastrzebska Spolka Weglowa SA,
Class S(a)(c)

    16,920       174,874  

KRUK SA

    5,580       588,360  

Orange Polska SA

    203,112       415,700  

Tauron Polska Energia SA(a)

    347,924       315,612  

Text SA

    5,700       136,465  

Warsaw Stock Exchange

    6,360       70,179  

XTB SA(b)

    17,732       214,129  
   

 

 

 
       4,592,251  
Qatar — 0.7%            

Al Meera Consumer Goods Co. QSC

    22,568       80,209  

Baladna(a)

    290,100       101,531  

Doha Bank QPSC

    557,504       252,076  

Estithmar Holding QPSC(a)

    258,480       140,351  

Gulf International Services QSC

    276,656       217,903  

Gulf Warehousing Co.

    74,834       64,501  

Medicare Group

    68,356       86,717  

Qatar Aluminum Manufacturing Co.

    731,972       255,081  

Qatar Navigation QSC

    288,300       869,683  

Qatari Investors Group QSC

    114,290       59,468  

United Development Co. QSC

    408,022       115,865  

Vodafone Qatar QSC

    534,254       253,465  
   

 

 

 
      2,496,850  
Russia — 0.0%            

Credit Bank of Moscow PJSC(a)(d)

    4,743,600       518  

Detsky Mir PJSC(a)(b)(d)

    238,520       26  

Federal Grid Co. Rosseti PJSC(a)(d)

    142,040,000       16  

Globaltrans Investment PLC, GDR(a)(d)(f)

    36,180       4  

IPJSC United Medical Group, GDR(d)(f)

    11,658       1  

Lenta PJSC, GDR(a)(d)

    58,692       6  

LSR Group PJSC, Class A(d)

    16,818       2  

Mosenergo PJSC(d)

    4,900,000       536  

QIWI PLC, ADR(a)(d)

    20,971       2  

Rostelecom PJSC(d)

    373,860       41  

Segezha Group PJSC(a)(b)(d)

    1,675,000       183  

Sistema AFK PAO(d)

    1,865,280       204  

Sovcomflot PJSC(d)

    338,350       37  

Unipro PJSC(a)(d)

    4,288,000       469  
   

 

 

 
      2,045  
Saudi Arabia — 4.1%            

Abdullah Al Othaim Markets Co.

    136,524       485,908  

Al Hammadi Holding

    25,920       462,385  

Al Jouf Agricultural Development Co.

    6,518       94,199  

Al Masane Al Kobra Mining Co.

    9,982       155,707  

Al Moammar Information Systems Co.

    5,260       204,222  

Al Rajhi Co. for Co-operative Insurance(a)

    13,950       315,663  

Al Rajhi REIT

    73,253       175,793  

Alamar Foods, NVS

    3,240       93,132  

Al-Dawaa Medical Services Co.

    11,594       354,322  

Aldrees Petroleum and Transport Services Co.

    11,346       546,191  

AlKhorayef Water & Power Technologies
Co.(a)

    4,657       301,253  

Almunajem Foods Co.

    6,448       180,606  

Alujain Corp.(a)

    14,136       159,188  

Arabian Cement Co./Saudi Arabia

    17,422       152,564  

Arabian Contracting Services Co.

    5,078       355,567  

Arriyadh Development Co.

    32,580       205,342  

Astra Industrial Group

    12,338       555,988  

Catrion Catering Holding Co.

    13,454       479,283  

City Cement Co.

    27,387       139,604  

Eastern Province Cement Co.

    15,180       145,239  

Electrical Industries Co.

    148,428       166,622  
Security   Shares     Value  

 

 
Saudi Arabia (continued)            

Emaar Economic City(a)

    122,450     $ 266,207  

Fawaz Abdulaziz Al Hokair & Co.(a)

    19,964       95,500  

Halwani Brothers Co.(a)

    6,882       102,241  

Herfy Food Services Co.

    6,060       59,174  

Jadwa REIT Saudi Fund

    61,256       213,970  

Jahez International Co., NVS

    26,670       253,688  

Jamjoom Pharmaceuticals Factory Co., NVS

    6,448       248,109  

Leejam Sports Co. JSC

    8,280       475,565  

Maharah Human Resources Co.

    74,958       146,577  

Methanol Chemicals Co.(a)

    16,802       77,847  

Middle East Healthcare Co.(a)

    12,710       412,110  

Middle East Paper Co.

    13,702       161,530  

National Agriculture Development Co. (The)(a)

    49,600       437,880  

National Co. for Learning & Education

    6,262       282,519  

National Gas & Industrialization Co.

    12,400       283,457  

National Industrialization Co.(a)

    39,618       139,233  

National Medical Care Co.

    7,688       412,563  

Perfect Presentation For Commercial Services Co., NVS(a)

    19,778       184,580  

Qassim Cement Co. (The)

    13,380       212,279  

Saudi Arabia Refineries Co.

    4,650       114,691  

Saudi Automotive Services Co.

    10,122       254,825  

Saudi Cement Co.

    22,072       274,848  

Saudi Ceramic Co.

    15,314       126,467  

Saudi Chemical Co. Holding

    142,800       203,940  

Saudi Ground Services Co.(a)

    33,960       374,888  

Saudi Pharmaceutical Industries & Medical Appliances Corp.(a)

    18,120       184,930  

Saudi Public Transport Co.(a)

    28,080       155,438  

Saudi Real Estate Co.(a)

    53,320       285,402  

Saudia Dairy & Foodstuff Co.

    5,040       510,813  

Seera Group Holding(a)

    49,980       445,120  

Sinad Holding Co.(a)

    23,374       87,256  

Southern Province Cement Co.

    17,940       191,105  

Sustained Infrastructure Holding Co.

    18,352       152,921  

Tanmiah Food Co.

    2,511       89,230  

Theeb Rent A Car Co.

    8,928       176,041  

United Electronics Co.

    12,745       324,890  

United International Transportation Co.

    13,950       328,770  

Yamama Cement Co.

    34,380       330,827  

Yanbu Cement Co.

    24,420       205,112  
   

 

 

 
       15,011,321  
South Africa — 3.0%            

Adcock Ingram Holdings Ltd.

    16,554       48,411  

AECI Ltd.

    17,090       86,615  

African Rainbow Minerals Ltd.

    30,938       272,345  

Astral Foods Ltd.

    13,578       103,838  

AVI Ltd.

    101,256       472,070  

Barloworld Ltd.

    40,300       141,302  

Burstone Group Ltd.

    243,102       97,089  

Coronation Fund Managers Ltd.

    75,480       122,822  

Dis-Chem Pharmacies Ltd.(b)

    124,868       198,825  

DRDGOLD Ltd.

    156,420       106,152  

Equites Property Fund Ltd.

    238,920       163,227  

Fortress REIT Ltd., Series B, Class B(a)

    392,150       339,809  

Foschini Group Ltd. (The)

    100,800       550,505  

Grindrod Ltd.

    228,360       153,589  

Growthpoint Properties Ltd.

    977,554       596,828  

Hosken Consolidated Investments Ltd.(a)

    13,740       126,123  

Hyprop Investments Ltd.(c)

    118,769       194,049  

Investec Ltd.

    77,252       485,826  

JSE Ltd.

    23,374       106,804  

 

 

S C H E D U L EO F  I N V E S T M E N T S

    65  


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
South Africa (continued)            

Life Healthcare Group Holdings Ltd.(c)

    385,206     $ 352,469  

Momentum Metropolitan Holdings

    320,044       347,743  

Motus Holdings Ltd.

    50,964       246,184  

Mr. Price Group Ltd.

    78,180       693,304  

MultiChoice Group(a)

    84,506       460,025  

Netcare Ltd.

    319,052       225,565  

Ninety One Ltd.

    55,268       112,723  

Oceana Group Ltd.

    35,650       132,488  

Omnia Holdings Ltd.

    28,946       94,173  

Pick n Pay Stores Ltd.

    117,004       123,470  

PSG Financial Services Ltd.

    340,689       269,816  

Redefine Properties Ltd.(c)

    2,083,944       434,964  

Resilient REIT Ltd.(c)

    93,540       229,900  

Reunert Ltd.

    55,180       187,520  

Santam Ltd.

    13,920       219,686  

Sappi Ltd.

    156,178       375,951  

SPAR Group Ltd. (The)(a)

    54,808       279,041  

Super Group Ltd./South Africa

    111,352       153,327  

Telkom SA SOC Ltd.(a)

    92,340       139,136  

Thungela Resources Ltd.

    39,060       213,832  

Tiger Brands Ltd.

    48,732       506,884  

Truworths International Ltd.(c)

    117,300       439,539  

Vukile Property Fund Ltd.

    272,493       209,839  

Wilson Bayly Holmes-Ovcon Ltd.(a)

    23,160       157,036  
   

 

 

 
       10,970,844  
South Korea — 13.1%            

ABLBio Inc.(a)

    11,842       202,401  

Advanced Nano Products Co. Ltd.(a)

    2,914       306,136  

AfreecaTV Co. Ltd.

    2,480       239,940  

Ahnlab Inc.(c)

    2,040       109,704  

Alteogen Inc.(a)(c)

    11,160       1,343,066  

Amorepacific Group

    9,362       187,758  

Asiana Airlines Inc.(a)

    16,980       148,484  

BGF retail Co. Ltd.

    2,542       252,229  

BH Co. Ltd.

    8,006       102,940  

Bioneer Corp.(a)

    7,200       132,524  

BNK Financial Group Inc.

    75,144       423,702  

Boryung

    13,144       117,608  

Canariabio Inc.(a)

    44,392       33,137  

Caregen Co. Ltd.

    5,100       89,380  

Cellivery Therapeutics Inc.(a)(c)(d)

    10,519       42,215  

Chabiotech Co. Ltd.(a)

    14,323       180,292  

Cheil Worldwide Inc.

    19,034       264,430  

Chong Kun Dang Pharmaceutical Corp.

    2,356       191,332  

Chunbo Co. Ltd.(a)

    1,984       135,025  

CJ CGV Co. Ltd.(a)

    25,143       116,826  

CJ Corp.(a)

    4,092       298,029  

CJ ENM Co. Ltd.(a)

    3,300       197,010  

CJ Logistics Corp.(a)

    2,852       266,528  

Classys Inc.

    6,882       166,427  

Com2uSCorp

    2,880       92,354  

Cosmax Inc.(a)

    2,542       205,514  

Cosmochemical Co. Ltd.(a)

    8,509       224,956  

Creative & Innovative System(a)(c)

    20,274       169,497  

CS Wind Corp.

    8,060       313,720  

Cuckoo Homesys Co. Ltd.(a)

    4,712       71,036  

Curexo Inc.(a)

    8,946       100,357  

Daeduck Electronics Co. Ltd./New(a)(c)

    10,478       175,832  

Daejoo Electronic Materials Co. Ltd.(a)

    4,278       242,399  

Daesang Corp.(a)

    9,480       139,945  

Daewoo Engineering & Construction Co. Ltd.(a)

    53,568       160,281  

Daewoong Co. Ltd.

    8,100       133,761  
Security   Shares     Value  

 

 
South Korea (continued)            

Daewoong Pharmaceutical Co. Ltd.

    1,620     $ 139,485  

Daishin Securities Co. Ltd.(a)

    13,020       160,701  

Daou Technology Inc.

    7,316       119,469  

Dawonsys Co. Ltd.(a)(c)

    10,354       100,240  

DB HiTek Co. Ltd.

    9,920       346,723  

Dentium Co. Ltd.(a)

    2,356       255,645  

DGB Financial Group Inc.

    45,446       302,555  

DL E&C Co. Ltd.

    8,804       245,027  

DL Holdings Co. Ltd.(a)

    3,968       141,854  

Dong-A Socio Holdings Co. Ltd.

    1,302       106,533  

Dong-A ST Co. Ltd.

    1,922       108,269  

Dongjin Semichem Co. Ltd.(a)

    10,920       306,475  

DongKook Pharmaceutical Co. Ltd.

    10,049       124,633  

Dongkuk Steel Mill Co. Ltd/New

    12,338       119,934  

Dongsuh Companies Inc.

    15,004       197,032  

Dongwha Enterprise Co. Ltd.(a)

    2,326       120,487  

Dongwon F&B Co. Ltd.(a)

    3,385       80,934  

Doosan Co. Ltd.(a)

    2,340       160,263  

Doosan Fuel Cell Co. Ltd.(a)

    14,446        215,901  

Doosan Tesna Inc.(a)

    4,216       135,694  

DoubleUGames Co. Ltd.

    3,844       133,833  

Douzone Bizon Co. Ltd.(a)

    5,332       182,729  

Duk San Neolux Co. Ltd.(a)

    3,480       101,751  

Ecopro HN Co. Ltd.

    3,840       173,125  

E-MART Inc.(a)

    5,642       313,834  

EMRO Inc., NVS

    2,480       100,833  

EM-Tech Co. Ltd.

    4,650       126,672  

Enchem Co. Ltd.(a)

    2,542       537,259  

Eo Technics Co. Ltd.(a)

    2,700       416,523  

Eoflow Co. Ltd.(a)

    3,492       13,512  

ESR Kendall Square REIT Co. Ltd.

    50,816       152,156  

Eugene Technology Co. Ltd.

    5,208       147,676  

F&F Co. Ltd./New

    2,852       155,065  

Fila Holdings Corp.

    14,322       412,780  

Foosung Co. Ltd.(a)

    17,655       110,881  

Gaonchips Co. Ltd.(a)

    1,364       109,091  

GC Cell Corp.

    3,410       101,706  

GemVax & Kael Co. Ltd.(a)

    10,440       96,148  

GOLFZON Co. Ltd.(a)

    1,984       116,966  

Green Cross Corp.

    2,046       181,163  

Green Cross Holdings Corp.

    9,660       119,542  

GS Engineering & Construction Corp.(a)

    19,344       232,055  

GS Retail Co. Ltd.

    11,780       197,414  

HAESUNG DS Co. Ltd.

    3,667       127,473  

Hana Materials Inc.(c)

    3,348       119,857  

Hana Micron Inc.(a)

    11,656       227,498  

Hana Tour Service Inc.(a)

    4,195       207,426  

Hanall Biopharma Co. Ltd.(a)

    10,788       282,257  

Handsome Co. Ltd.

    5,882       84,390  

Hanil Cement Co. Ltd./New

    11,780       107,586  

Hankook & Co. Co. Ltd.

    7,874       100,737  

Hanmi Science Co. Ltd.(a)

    6,696       207,335  

Hansae Co. Ltd.

    5,958       91,370  

Hansol Chemical Co. Ltd.(a)

    2,790       357,580  

Hanssem Co. Ltd.

    2,852       103,819  

Hanwha Corp.

    12,772       282,669  

Hanwha Investment & Securities Co. Ltd.(a)

    47,678       159,540  

Hanwha Life Insurance Co. Ltd.(a)

    93,372       221,271  

Hanwha Systems Co. Ltd.

    21,390       268,278  

HD Hyundai Construction Equipment Co. Ltd.

    3,780       153,074  

HD Hyundai Electric Co. Ltd.

    6,758       633,048  

HD Hyundai Infracore Co. Ltd.

    40,740       246,719  

 

 

66  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
South Korea (continued)            

HDC Hyundai Development Co-Engineering & Construction, Class E

    12,276     $ 183,316  

Hite Jinro Co. Ltd.(c)

    10,020       150,380  

HL Mando Co. Ltd.

    10,503       262,225  

HLB Life Science Co. Ltd.(a)

    26,288       278,748  

Hotel Shilla Co. Ltd.

    6,944       313,408  

HPSP Co. Ltd.

    11,594        448,797  

Hugel Inc.(a)

    1,984       273,513  

Hyosung Advanced Materials Corp.

    930       233,319  

Hyosung Corp.

    2,976       133,717  

Hyosung Heavy Industries Corp.

    1,550       224,373  

Hyosung TNC Corp.

    806       175,423  

Hyundai Bioscience Co. Ltd.(a)

    10,850       169,029  

Hyundai Department Store Co. Ltd.

    4,838       190,657  

Hyundai Elevator Co. Ltd.(a)

    7,502       224,890  

Hyundai Marine & Fire Insurance Co. Ltd.(a)

    16,740       395,930  

Hyundai Mipo Dockyard Co. Ltd.(a)

    4,960       234,293  

Hyundai Rotem Co. Ltd.(c)

    23,374       588,575  

Hyundai Wia Corp.(a)

    5,394       244,081  

Il Dong Pharmaceutical Co. Ltd.(a)

    6,135       72,468  

Iljin Hysolus Co. Ltd.(a)

    6,448       114,015  

Innocean Worldwide Inc.

    5,766       94,960  

Innox Advanced Materials Co. Ltd.

    5,270       125,636  

Intellian Technologies Inc.(a)

    2,852       117,440  

IS Dongseo Co. Ltd.

    5,520       114,947  

ISC Co. Ltd.

    3,472       188,300  

i-SENS Inc.

    6,572       113,249  

ISU Specialty Chemical, NVS(a)

    1,240       305,528  

IsuPetasys Co. Ltd.

    14,460       333,682  

JB Financial Group Co. Ltd.

    31,864       314,928  

Jeisys Medical Inc.(a)

    21,328       126,398  

Jeju Semiconductor Corp.(a)

    7,750       157,724  

Jin Air Co. Ltd.(a)

    11,520       108,156  

JR Global REIT

    63,054       195,181  

Jusung Engineering Co. Ltd.

    10,354       286,483  

JW Pharmaceutical Corp.

    4,774       118,236  

JYP Entertainment Corp.(a)

    7,688       425,507  

K Car Co. Ltd., NVS

    8,680       80,088  

Kakao Games Corp.(a)

    13,516       238,750  

KCC Corp.

    1,500       299,447  

KCC Glass Corp.

    4,774       147,171  

KEPCO Engineering & Construction Co. Inc.(a)

    5,208       277,684  

KEPCO Plant Service & Engineering Co. Ltd.(a)

    7,800       218,128  

KG Dongbusteel

    16,864       95,106  

KIWOOM Securities Co. Ltd.(a)

    4,364       412,509  

KMW Co. Ltd.(a)

    8,308       88,782  

Koh Young Technology Inc.

    17,174       248,283  

Kolmar Korea Co. Ltd.(a)

    4,514       161,063  

Kolon Industries Inc.

    6,180       180,245  

KoMiCo Ltd.

    2,542       118,440  

Korea Electric Terminal Co. Ltd.

    1,860       88,802  

Korea Gas Corp.(a)

    8,665       188,832  

Korea Line Corp.(a)

    62,806       96,926  

Korea Petrochemical Ind Co. Ltd.

    1,302       139,478  

Korean Reinsurance Co.(a)

    39,494       238,778  

Kumho Tire Co. Inc.(a)

    41,974       198,914  

Kyung Dong Navien Co. Ltd.

    2,943       117,356  

L&C Bio Co. Ltd.

    8,122       145,215  

Lake Materials Co. Ltd.(a)

    11,883       186,841  

LEENO Industrial Inc.

    2,976       466,246  

LegoChem Biosciences Inc.(a)

    8,308       331,670  

LIG Nex1 Co. Ltd.

    3,720       400,679  
Security   Shares     Value  

 

 
South Korea (continued)            

Lotte Corp.

    2,389     $ 54,181  

Lotte Energy Materials Corp.

    7,254       190,150  

Lotte Fine Chemical Co. Ltd.

    5,332       190,369  

LOTTE REIT Co. Ltd.

    47,460       111,585  

Lotte Rental Co. Ltd.

    4,526       91,818  

Lotte Shopping Co. Ltd.

    3,410       198,911  

Lotte Tour Development Co. Ltd.(a)

    15,996       108,757  

LS Corp.

    5,394       356,657  

LS Electric Co. Ltd.

    4,800       231,451  

Lunit Inc.(a)

    6,060       278,032  

LX International Corp.

    8,866       183,020  

LX Semicon Co. Ltd.

    3,660       207,388  

Mcnex Co. Ltd.

    4,581       87,605  

Medytox Inc.

    1,612       191,799  

MegaStudyEdu Co. Ltd.

    2,820       131,662  

Mezzion Pharma Co. Ltd.(a)

    7,192        218,330  

Myoung Shin Industrial Co. Ltd.(a)(c)

    11,904       144,194  

Naturecell Co. Ltd.(a)(c)

    20,088       105,207  

Neowiz Games Corp.

    3,360       55,949  

Nexon Games Co. Ltd.(a)

    9,734       101,949  

NEXTIN Inc.(a)

    2,976       170,864  

NHN Corp.

    5,332       106,415  

NICE Information Service Co. Ltd.(a)(c)

    12,772       102,798  

NKMax Co. Ltd.(a)

    25,080       30,624  

NongShim Co. Ltd.

    992       259,069  

OCI Co. Ltd.

    1,922       122,185  

OCI Holdings Co. Ltd.

    4,650       328,664  

Orion Holdings Corp.

    7,080       76,048  

Oscotec Inc.(a)

    9,362       156,230  

Ottogi Corp.(c)

    660       198,908  

Pan Ocean Co. Ltd.

    84,134       308,046  

Paradise Co. Ltd.

    14,818       141,018  

Park Systems Corp.

    1,800       233,637  

Partron Co. Ltd.

    13,260       78,381  

Pearl Abyss Corp.(a)

    6,448       146,964  

People & Technology Inc.(a)

    6,267       190,627  

Peptron Inc.(a)

    7,006       121,270  

PharmaResearch Co. Ltd.

    2,160       152,752  

PI Advanced Materials Co. Ltd.(a)

    6,420       101,588  

Poongsan Corp.

    5,084       164,887  

Posco M-Tech Co. Ltd.(a)

    6,200       114,228  

PSK Inc.

    8,618       164,767  

Rainbow Robotics(a)(c)

    2,820       342,865  

S&S Tech Corp.

    5,456       180,909  

S-1 Corp.

    4,898       213,477  

Sam Chun Dang Pharm Co. Ltd.(a)

    4,320       232,275  

Sam-A Aluminum Co. Ltd.

    1,560       116,245  

Sambu Engineering & Construction Co. Ltd.(a)

    67,794       122,952  

Samyang Foods Co. Ltd.

    1,364       175,078  

Samyang Holdings Corp.

    1,612       88,266  

SD Biosensor Inc.(a)(c)

    16,740       157,795  

Sebang Global Battery Co. Ltd.

    2,220       132,812  

Seegene Inc.

    11,718       219,151  

Seojin System Co. Ltd.(a)(c)

    9,360       144,098  

Seoul Semiconductor Co. Ltd.(a)

    13,206       98,920  

SFA Engineering Corp.(c)

    6,014       112,870  

SFA Semicon Co. Ltd.(a)

    26,640       120,156  

Shin Poong Pharmaceutical Co. Ltd.(a)

    11,491       103,949  

Shinsegae Inc.

    2,170       285,064  

Shinsegae International Inc.(c)

    5,952       73,849  

Shinsung Delta Tech Co. Ltd.

    5,084       469,610  

SIMMTECH Co. Ltd.(a)

    7,254       155,764  

 

 

S C H E D U L EO F  I N V E S T M E N T S

    67  


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
South Korea (continued)            

SK Chemicals Co. Ltd.

    4,920     $ 251,245  

SK Networks Co. Ltd.(a)

    34,782       171,296  

SK oceanplant Co. Ltd.(a)

    9,486       92,722  

SK REITs Co. Ltd.

    50,282       146,807  

SL Corp.

    5,952       151,291  

SM Entertainment Co. Ltd.

    3,540       208,347  

SNT Motiv Co. Ltd.

    3,660       122,264  

SOLUM Co. Ltd.(a)

    13,330       290,570  

Solus Advanced Materials Co. Ltd.

    12,022       109,468  

Soulbrain Co. Ltd.

    1,240       254,185  

Ssangyong C&E Co. Ltd.

    9,602       50,332  

ST Pharm Co. Ltd.

    3,596       171,637  

STCUBE(a)(c)

    17,050       80,703  

Studio Dragon Corp.(a)

    3,840       130,663  

Sungeel Hitech Co. Ltd.(a)

    1,712       126,352  

Synopex Inc.(a)

    18,508       122,729  

Taekwang Industrial Co. Ltd.(a)

    120       70,849  

Taihan Electric Wire Co. Ltd.(a)

    18,699       131,896  

TCC Steel(a)

    5,146       262,731  

TKG Huchems Co. Ltd.

    7,347       110,675  

Tokai Carbon Korea Co. Ltd.

    1,680       119,612  

Tongyang Life Insurance Co. Ltd.(a)

    15,190       66,481  

Unid Co. Ltd.

    1,295       75,774  

Vaxcell-Bio Therapeutics Co. Ltd.(a)

    6,572       94,720  

Voronoi Inc.(a)

    2,666       89,491  

Webzen Inc.

    7,874       98,683  

Wemade Co. Ltd.(a)

    5,881       206,342  

WONIK IPS Co. Ltd.(a)

    8,556       211,390  

Wonik QnC Corp.(a)

    5,880       124,286  

W-Scope Chungju Plant Co. Ltd.(a)

    3,534       119,856  

Wysiwyg Studious Co. Ltd.(a)

    36,193       75,049  

YG Entertainment Inc.

    3,972       122,258  

Youngone Corp.(a)

    8,060       266,159  
   

 

 

 
       47,464,167  
Taiwan — 22.1%            

AcBel Polytech Inc.

    186,773       251,995  

Acter Group Corp. Ltd.

    60,000       370,300  

ADATA Technology Co. Ltd.

    124,405       393,559  

Adimmune Corp.(a)

    124,000       115,543  

Advanced Ceramic X Corp.

    18,000       128,793  

Advanced Energy Solution Holding Co. Ltd.

    10,000       225,831  

Advanced Wireless Semiconductor Co.(a)

    60,596       270,874  

Airoha Technology Corp., NVS

    1,000       21,892  

Allis Electric Co. Ltd.

    16,000       50,618  

Andes Technology Corp.

    13,000       204,420  

AP Memory Technology Corp.

    28,000       403,551  

Arcadyan Technology Corp.

    60,541       353,117  

Ardentec Corp.

    129,000       289,720  

Asia Optical Co. Inc.

    124,000       263,432  

Asia Vital Components Co. Ltd.

    106,533       1,797,101  

ASMedia Technology Inc.

    8,000       597,128  

ASPEED Technology Inc.

    8,800       762,194  

AURAS Technology Co. Ltd.

    17,000       287,285  

BES Engineering Corp.

    496,000       191,531  

Bizlink Holding Inc.

    44,570       342,411  

Bora Pharmaceuticals Co. Ltd.

    16,184       342,527  

Brighton-Best International Taiwan Inc.

    120,000       128,839  

Capital Securities Corp.

    600,530       318,496  

Career Technology MFG. Co. Ltd.

    127,986       84,475  

Cathay Real Estate Development Co. Ltd.

    186,300       109,059  

Center Laboratories Inc.

    171,435       258,345  

Century Iron & Steel Industrial Co. Ltd.

    60,000       488,715  
Security   Shares     Value  

 

 
Taiwan (continued)            

Chang Wah Electromaterials Inc.

    120,000     $ 146,360  

Chang Wah Technology Co. Ltd.

    153,500       167,834  

Channel Well Technology Co. Ltd.

    62,000       161,074  

Charoen Pokphand Enterprise

    73,300       225,322  

Cheng Loong Corp.

    240,000       220,175  

Cheng Uei Precision Industry Co. Ltd.

    120,000       172,632  

Chicony Electronics Co. Ltd.

    180,000        1,068,535  

Chicony Power Technology Co. Ltd.

    62,000       332,970  

China General Plastics Corp.

    124,700       80,297  

China Man-Made Fiber Corp.(a)

    500,031       122,252  

China Motor Corp.

    66,200       263,027  

China Petrochemical Development Corp.(a)

    1,178,145       350,714  

China Steel Chemical Corp.

    60,000       212,580  

Chin-Poon Industrial Co. Ltd.

    120,000       198,787  

Chipbond Technology Corp.

    175,000       393,135  

ChipMOS Technologies Inc.

    124,000       173,087  

Chong Hong Construction Co. Ltd.

    62,424       154,251  

Chroma ATE Inc.

    120,000       885,802  

Chung Hung Steel Corp.

    300,000       220,056  

Chung Hwa Pulp Corp.

    124,000       88,459  

Chung-Hsin Electric & Machinery Manufacturing Corp.

    120,000       650,725  

Cleanaway Co. Ltd.

    40,000       225,891  

Clevo Co.

    120,000       152,282  

Compeq Manufacturing Co. Ltd.

    300,000       723,036  

Coretronic Corp.

    62,400       140,358  

Co-Tech Development Corp.

    62,000       116,191  

CSBC Corp. Taiwan(a)

    248,361       144,467  

CTCI Corp.

    180,000       244,690  

Cub Elecparts Inc.

    46,615       189,682  

Darfon Electronics Corp.

    120,000       202,154  

Dynamic Holding Co. Ltd.

    62,000       147,233  

Dynapack International Technology Corp.

    61,000       156,894  

EirGenix Inc.(a)

    62,000       185,944  

Elan Microelectronics Corp.

    89,000       467,538  

Elite Material Co. Ltd.

    80,000       1,255,597  

Elite Semiconductor Microelectronics Technology Inc.

    84,000       248,800  

Ennoconn Corp.

    26,000       246,075  

ENNOSTAR Inc.(a)

    186,184       252,849  

Episil Technologies Inc.

    124,425       237,332  

Eternal Materials Co. Ltd.

    276,129       281,009  

Etron Technology Inc.

    124,506       212,099  

Evergreen International Storage & Transport Corp.

    186,000       196,580  

Everlight Electronics Co. Ltd.

    120,000       189,836  

Far Eastern Department Stores Ltd.

    248,000       191,059  

Far Eastern International Bank

    704,102       275,099  

Faraday Technology Corp.

    62,000       761,190  

Farglory Land Development Co. Ltd.

    92,000       163,578  

Feng Hsin Steel Co. Ltd.

    124,000       267,540  

Fitipower Integrated Technology Inc.

    332       2,539  

FLEXium Interconnect Inc.

    60,418       165,100  

FocalTech Systems Co. Ltd.

    62,000       191,467  

Formosa Sumco Technology Corp.

    29,000       143,690  

Formosa Taffeta Co. Ltd.

    240,000       179,239  

Fortune Electric Co. Ltd.

    38,000       648,111  

Foxconn Technology Co. Ltd.

    248,000       390,131  

Foxsemicon Integrated Technology Inc.

    25,200       191,440  

Fulgent Sun International Holding Co. Ltd.

    56,330       223,810  

Fusheng Precision Co. Ltd.

    26,000       185,275  

General Interface Solution Holding Ltd.

    62,000       114,236  

Genius Electronic Optical Co. Ltd.

    24,585       329,801  

Getac Holdings Corp.

    120,000       453,989  

 

 

68  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Taiwan (continued)            

Giant Manufacturing Co. Ltd.

    120,000     $ 775,502  

Global Brands Manufacture Ltd.

    117,000       241,762  

Global Mixed Mode Technology Inc.

    24,000       197,226  

Gloria Material Technology Corp.

    186,000       276,775  

Gold Circuit Electronics Ltd.

    116,600       949,349  

Goldsun Building Materials Co. Ltd.

    310,426       324,193  

Gourmet Master Co. Ltd.

    49,821       139,531  

Grand Pacific Petrochemical

    372,161       166,658  

Grape King Bio Ltd.

    62,000       304,266  

Great Tree Pharmacy Co. Ltd.

    19,649       190,352  

Great Wall Enterprise Co. Ltd.

    248,284       458,932  

Greatek Electronics Inc.

    63,000       119,260  

Gudeng Precision Industrial Co. Ltd.

    18,000        256,220  

Hannstar Board Corp.

    120,481       215,875  

HannStar Display Corp.(a)

    720,320       258,952  

Highwealth Construction Corp.

    366,909       460,853  

Hiwin Technologies Corp.

    62,044       471,440  

Holtek Semiconductor Inc.

    60,000       113,875  

Holy Stone Enterprise Co. Ltd.

    68,152       209,000  

Hota Industrial Manufacturing Co. Ltd.

    62,773       112,021  

Hotai Finance Co. Ltd.

    66,800       255,833  

Hsin Kuang Steel Co. Ltd.

    122,000       257,689  

HTC Corp.(a)

    248,000       383,209  

Huaku Development Co. Ltd.

    62,080       194,066  

IBF Financial Holdings Co. Ltd.(a)

    744,172       289,563  

Innodisk Corp.

    28,559       276,183  

International CSRC Investment Holdings Co.

    300,945       173,387  

International Games System Co. Ltd.

    36,000       970,951  

I-Sunny Construction & Development Co. Ltd.

    24,000       67,878  

ITE Technology Inc.

    60,000       313,365  

ITEQ Corp.

    62,559       176,603  

Jentech Precision Industrial Co. Ltd.

    24,399       710,451  

Jinan Acetate Chemical Co. Ltd.

    13,692       419,855  

Johnson Health Tech Co. Ltd.

    55,000       115,476  

Kaori Heat Treatment Co. Ltd.

    25,047       220,477  

Kenda Rubber Industrial Co. Ltd.

    248,260       237,616  

Kindom Development Co. Ltd.

    186,400       232,891  

King Slide Works Co. Ltd.

    17,000       730,388  

King Yuan Electronics Co. Ltd.

    310,000       872,939  

King’s Town Bank Co. Ltd.

    240,000       339,012  

Kinik Co.

    45,000       367,603  

Kinpo Electronics

    372,000       181,299  

Kinsus Interconnect Technology Corp.

    62,000       189,817  

KMC Kuei Meng International Inc.

    27,000       131,970  

L&K Engineering Co. Ltd.

    60,000       320,028  

Lien Hwa Industrial Holdings Corp.

    310,412       643,628  

Longchen Paper & Packaging Co. Ltd.

    249,775       110,259  

Lotes Co. Ltd.

    23,181       752,091  

Lotus Pharmaceutical Co. Ltd.

    62,000       568,658  

LuxNet Corp.

    58,082       286,910  

M31 Technology Corp.

    2,000       114,244  

Macronix International Co. Ltd.

    558,000       502,786  

Makalot Industrial Co. Ltd.

    62,391       734,320  

Medigen Vaccine Biologics Corp.(a)

    83,071       160,836  

Mercuries & Associates Holding Ltd.(a)

    142,030       57,095  

Mercuries Life Insurance Co. Ltd.(a)

    558,558       87,477  

Merida Industry Co. Ltd.

    74,000       488,990  

Merry Electronics Co. Ltd.

    61,616       230,210  

Microbio Co. Ltd.

    141,827       208,635  

Mitac Holdings Corp.

    265,383       355,377  

MPI Corp.

    25,000       255,461  

Nan Kang Rubber Tire Co. Ltd.(a)

    160,000       199,262  
Security   Shares     Value  

 

 
Taiwan (continued)            

Nantex Industry Co. Ltd.

    124,000     $ 138,709  

Nuvoton Technology Corp.

    60,000       245,114  

OBI Pharma Inc.(a)

    67,769       143,592  

Oneness Biotech Co. Ltd.

    88,260       493,234  

Orient Semiconductor Electronics Ltd.

    124,000       284,489  

Oriental Union Chemical Corp.

    186,000       113,150  

Pan Jit International Inc.

    115,000       227,245  

Pan-International Industrial Corp.

    124,722       129,607  

PharmaEngine Inc.

    36,000       117,876  

Pharmally International Holding Co. Ltd.(d)

    21,603        

Phihong Technology Co. Ltd.(a)

    124,432       241,627  

Phison Electronics Corp.

    58,000        1,153,654  

Pixart Imaging Inc.

    60,635       328,465  

Polaris Group/Tw(a)

    124,000       277,254  

Powertech Technology Inc.

    186,000       919,103  

Poya International Co. Ltd.

    17,326       269,408  

President Securities Corp.

    240,623       156,109  

Primax Electronics Ltd.

    124,000       285,711  

Prince Housing & Development Corp.

    372,917       121,001  

Qisda Corp.

    434,000       633,596  

Quanta Storage Inc.

    56,000       137,271  

Radiant Opto-Electronics Corp.

    135,000       630,427  

Raydium Semiconductor Corp.

    18,000       254,926  

RichWave Technology Corp.(a)

    490       3,500  

Ruentex Industries Ltd.

    186,735       350,025  

Run Long Construction Co. Ltd.

    62,220       202,828  

Sanyang Motor Co. Ltd.

    180,820       427,714  

ScinoPharm Taiwan Ltd.

    120,708       96,938  

SDI Corp.

    61,000       199,934  

Sercomm Corp.

    62,000       266,038  

Shihlin Electric & Engineering Corp.

    62,000       367,296  

Shin Zu Shing Co. Ltd.

    60,856       325,507  

Shinfox Energy Co. Ltd.

    60,000       289,923  

Shinkong Synthetic Fibers Corp.

    420,135       202,863  

Sigurd Microelectronics Corp.

    124,124       276,519  

Silicon Integrated Systems Corp.

    180,000       245,777  

Simplo Technology Co. Ltd.

    60,600       818,079  

Sinbon Electronics Co. Ltd.

    62,000       507,030  

Sincere Navigation Corp.

    124,000       108,467  

Sino-American Silicon Products Inc.

    124,000       728,636  

Sinyi Realty Inc.

    120,778       112,524  

Sitronix Technology Corp.

    43,000       394,982  

Solar Applied Materials Technology Corp.

    180,943       253,259  

Sporton International Inc.

    27,300       203,307  

Standard Foods Corp.

    120,000       143,126  

Sunny Friend Environmental Technology Co. Ltd.

    37,106       123,927  

Sunonwealth Electric Machine Industry Co. Ltd.

    62,000       249,437  

Sunplus Technology Co. Ltd.

    180,000       188,687  

Supreme Electronics Co. Ltd.

    155,017       306,212  

Synmosa Biopharma Corp.

    124,866       154,060  

Systex Corp.

    60,000       214,651  

TA Chen Stainless Pipe

    510,232       579,833  

Ta Ya Electric Wire & Cable

    248,904       295,474  

Taichung Commercial Bank Co. Ltd.

    1,054,301       555,494  

TaiMed Biologics Inc.(a)

    60,000       209,978  

Tainan Spinning Co. Ltd.

    434,190       212,312  

Taiwan Cogeneration Corp.

    186,860       293,346  

Taiwan Fertilizer Co. Ltd.

    186,000       392,074  

Taiwan Glass Industry Corp.(a)

    360,000       207,925  

Taiwan Hon Chuan Enterprise Co. Ltd.

    109,004       501,620  

Taiwan Mask Corp.

    68,000       149,843  

Taiwan Paiho Ltd.

    106,050       194,353  

 

 

S C H E D U L EO F  I N V E S T M E N T S

    69  


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Taiwan (continued)            

Taiwan Secom Co. Ltd.

    80,450     $ 301,641  

Taiwan Semiconductor Co. Ltd.

    73,000       184,935  

Taiwan Shin Kong Security Co. Ltd.

    109,366       138,569  

Taiwan Surface Mounting Technology Corp.

    62,000       192,634  

Taiwan TEA Corp.(a)

    186,000       122,319  

Taiwan Union Technology Corp.

    62,000       307,200  

Taiwan-Asia Semiconductor Corp.

    120,000       159,570  

Tatung Co. Ltd.(a)

    480,000       788,975  

TCI Co. Ltd.

    37,528       190,918  

Teco Electric and Machinery Co. Ltd.

    360,000       560,961  

Test Research Inc.

    60,000       138,554  

Ton Yi Industrial Corp.

    300,000       147,161  

Tong Hsing Electronic Industries Ltd.

    62,478       299,505  

Tong Yang Industry Co. Ltd.

    120,133       375,906  

Topco Scientific Co. Ltd.

    62,704       385,950  

TPK Holding Co. Ltd.

    120,000       132,863  

Transcend Information Inc.

    62,000       156,981  

Tripod Technology Corp.

    124,000       817,541  

TSEC Corp.

    180,997       159,572  

TSRC Corp.

    248,000       179,033  

TTY Biopharm Co. Ltd.

    60,450       154,904  

Tung Ho Steel Enterprise Corp.

    186,750       456,547  

TXC Corp.

    124,000       391,905  

U-Ming Marine Transport Corp.

    124,000       218,112  

Union Bank of Taiwan

    248,372       111,595  

United Integrated Services Co. Ltd.

    60,400       560,666  

United Renewable Energy Co. Ltd.

    431,059       169,218  

UPC Technology Corp.

    360,741       167,322  

UPI Semiconductor Corp.(a)

    18,000       179,071  

USI Corp.

    240,070       138,383  

Via Technologies Inc.

    62,000       258,857  

VisEra Technologies Co. Ltd.

    32,000       310,955  

Visual Photonics Epitaxy Co. Ltd.

    60,425       312,491  

Wafer Works Corp.

    186,918       235,572  

Waffer Technology Corp.

    60,000       195,908  

Wah Lee Industrial Corp.

    61,340       216,570  

Walsin Technology Corp.

    120,000       426,237  

Win Semiconductors Corp.

    114,000       548,525  

Wisdom Marine Lines Co. Ltd.

    142,000       275,638  

Wistron NeWeb Corp.

    116,240       564,978  

WT Microelectronics Co. Ltd.

    186,711       1,014,084  

XinTec Inc.

    60,000       250,757  

Xxentria Technology Materials Corp.

    78,600       179,116  

YFY Inc.

    360,000       344,604  

Yieh Phui Enterprise Co. Ltd.

    310,586       149,814  

Yulon Finance Corp.

    62,285       326,597  

Yulon Motor Co. Ltd.

    186,955       418,987  

YungShin Global Holding Corp.

    60,200       89,590  
   

 

 

 
       79,923,343  
Thailand — 3.1%            

AEON Thana Sinsap Thailand PCL, NVDR(c)

    31,000       129,789  

Amata Corp. PCL, NVDR

    415,476       260,805  

AP Thailand PCL, NVDR

    674,800       197,717  

B Grimm Power PCL, NVDR(c)

    279,000       200,453  

Bangchak Corp. PCL, NVDR

    255,600       296,048  

Bangkok Chain Hospital PCL, NVDR

    427,300       251,388  

Bangkok Commercial Asset Management PCL, NVDR(c)

    582,800       136,664  

Bangkok Land PCL, NVDR(a)

    6,058,100       114,862  

Bangkok Life Assurance PCL, NVDR

    196,500       98,136  

Banpu PCL, NVDR

    1,258,600       196,519  

BCPG PCL, NVDR

    558,000       120,716  
Security   Shares     Value  

 

 
Thailand (continued)            

Betagro PCL, NVS

    223,200     $ 138,259  

Beyond Securities PCL, NVDR(a)(c)

    731,600       75,189  

Carabao Group PCL, NVDR

    111,600       216,538  

Central Plaza Hotel PCL, NVDR(a)(c)

    192,600       231,088  

CH Karnchang PCL, NVDR(c)

    440,200       285,753  

Chularat Hospital PCL, NVDR

    2,178,000       178,738  

CK Power PCL, NVDR

    1,097,500       120,642  

Com7 PCL, NVDR(c)

    384,400       222,595  

Dhipaya Group Holdings PCL, NVDR(c)

    142,600       116,222  

Ditto Thailand PCL, NVDR(c)

    99,200       66,575  

Eastern Polymer Group PCL, NVDR

    551,800       109,532  

Electricity Generating PCL, NVDR(c)

    74,400       243,806  

Erawan Group PCL (The), NVDR(a)

    1,249,900       165,416  

GFPT PCL, NVDR(c)

    260,400       86,334  

Gunkul Engineering PCL, NVDR(c)

    1,760,899       134,561  

Hana Microelectronics PCL, NVDR(c)

    192,200       199,152  

IRPC PCL, NVDR(c)

    3,038,000       165,177  

I-TAIL Corp. PCL, NVS

    248,000       125,963  

Jasmine International PCL, NVDR

    1,630,600       92,969  

Jaymart Group Holdings PCL, NVDR(c)

    246,000       96,807  

JMT Network Services PCL, NVDR

    217,000       135,463  

KCE Electronics PCL, NVDR(c)

    256,100       271,116  

Khon Kaen Sugar Industry PCL, NVDR

    1,426,030       98,607  

Kiatnakin Phatra Bank PCL, NVDR(c)

    99,232       142,565  

Major Cineplex Group PCL, NVDR(c)

    270,800       104,952  

MBK PCL, NVDR

    415,400       191,467  

Mega Lifesciences PCL, NVDR

    144,000       167,063  

MK Restaurants Group PCL, NVDR

    105,400       110,292  

Ngern Tid Lor PCL, NVDR(c)

    390,600       245,374  

Plan B Media PCL, NVDR

    984,080       240,480  

Pruksa Holding PCL, NVDR

    341,000       117,130  

PTG Energy PCL, NVDR(c)

    360,400       91,562  

Quality Houses PCL, NVDR(c)

    2,304,067       138,764  

Ratch Group PCL, NVDR(c)

    322,400       260,589  

Sansiri PCL, NVDR

    5,400,200       277,285  

Sappe PCL(c)

    49,600       119,579  

Siam Global House PCL, NVDR

    476,201       225,360  

Siamgas & Petrochemicals PCL, NVDR

    324,000       76,336  

Sino-Thai Engineering & Construction PCL, NVDR(c)

    466,128       131,252  

SISB PCL(c)

    130,200       150,995  

Sri Trang Agro-Industry PCL, NVDR(c)

    359,680       193,557  

Srisawad Corp. PCL, NVDR

    223,200       237,335  

Star Petroleum Refining PCL, NVDR

    688,200       171,366  

Supalai PCL, NVDR

    421,600       246,850  

Super Energy Corp. PCL, NVDR(a)

    4,741,300       44,948  

Thai Union Group PCL, NVDR

    793,600       318,917  

Thai Vegetable Oil PCL, NVDR

    285,260       167,028  

Thanachart Capital PCL, NVDR

    105,400       146,205  

Thonburi Healthcare Group PCL, NVDR(c)

    114,000       138,269  

Tipco Asphalt PCL, NVDR

    297,600       131,935  

TOA Paint Thailand PCL, NVDR(c)

    260,800       145,603  

TPI Polene Power PCL, NVDR

    1,822,800       171,785  

TTW PCL, NVDR(c)

    732,000       191,887  

VGI PCL, NVDR(c)

    2,399,450       95,838  

WHA Corp. PCL, NVDR(c)

    3,137,200       402,507  
   

 

 

 
       11,174,674  
Turkey — 2.6%            

Agrotech Yueksek Teknoloji VE Yatirim AS, NVS

    87,968       102,526  

Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS

    248,248       106,512  

Akcansa Cimento A/S

    16,244       81,658  

Akfen Yenilenebilir Enerji A/S, NVS

    121,830       106,416  

Aksa Akrilik Kimya Sanayii AS

    46,376       157,995  

 

 

70  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Turkey (continued)            

Alarko Holding A/S

    60,636     $ 257,027  

Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS

    26,970       91,450  

Anadolu Anonim Turk Sigorta Sirketi(a)

    65,472       143,600  

Anadolu Efes Biracilik Ve Malt Sanayii AS(c)

    66,526       331,656  

Aygaz AS

    23,498       115,491  

Baticim Bati Anadolu Cimento Sanayii A/S(a)

    29,140       106,549  

Bien Yapi Urunleri Sanayi Turizm ve Ticaret A/S, NVS

    54,870       82,046  

Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS

    1,580       65,008  

Can2 Termik AS(a)

    146,940       85,017  

Cimsa Cimento Sanayi VE Ticaret AS

    135,660       152,029  

Dogan Sirketler Grubu Holding AS

    378,324       164,138  

Dogus Otomotiv Servis ve Ticaret AS

    16,560       141,705  

Eczacibasi Yatirim Holding Ortakligi A/S

    9,362       79,840  

EGE Endustri VE Ticaret AS

    434        240,742  

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS

    55,924       96,157  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS

    615,722       218,834  

Enerjisa Enerji AS(b)

    89,962       179,743  

Enerya Enerji A/S, NVS

    15,686       74,333  

Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S, NVS

    20,100       112,047  

GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS

    29,264       67,371  

Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a)

    46,314       114,927  

Hektas Ticaret TAS(a)

    306,963       187,438  

Is Gayrimenkul Yatirim Ortakligi AS(a)

    119,846       66,424  

Is Yatirim Menkul Degerler AS

    172,360       204,823  

Izdemir Enerji Elektrik Uretim A/S, NVS

    54,064       55,048  

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D

    308,760       265,405  

Kayseri Seker Fabrikasi A/S, NVS

    52,762       60,311  

Kiler Holding AS(a)

    82,336       163,451  

Kimteks Poliuretan Sanayi VE Ticaret AS, NVS

    37,696       80,868  

Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS(a)

    1        

Kontrolmatik Enerji Ve Muhendislik AS, NVS

    28,582       262,653  

Koza Altin Isletmeleri AS

    252,464       185,115  

Koza Anadolu Metal Madencilik Isletmeleri AS(a)

    62,186       101,514  

Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)

    54,002       245,358  

MIA Teknoloji A/S, NVS

    67,022       168,030  

Migros Ticaret AS

    30,628       483,719  

MLP Saglik Hizmetleri AS(a)(b)(c)

    29,264       160,227  

Nuh Cimento Sanayi AS

    19,158       201,815  

ODAS Elektrik Uretim ve Sanayi Ticaret AS(a)

    401,884       129,668  

Otokar Otomotiv Ve Savunma Sanayi AS(a)

    15,810       255,763  

Oyak Cimento Fabrikalari AS(a)

    52,171       118,519  

Oyak Yatirim Menkul Degerler AS, NVS(a)

    30,814       45,701  

Peker Gayrimenkul Yatirim Ortakligi A/S(a)

    132,420       139,494  

Petkim Petrokimya Holding AS(a)

    361,708       279,900  

Politeknik Metal Sanayi ve Ticaret A/S, NVS

    229       179,532  

Qua Granite Hayal(a)

    336,536       46,550  

Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS

    135,001       146,795  

SDT Uzay VE Savunma Teknolojileri A/S, NVS

    4,320       53,219  

Selcuk Ecza Deposu Ticaret ve Sanayi AS

    39,680       76,421  

Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a)

    58,962       122,808  

Sok Marketler Ticaret AS

    107,136       229,795  

TAV Havalimanlari Holding AS(a)

    63,860       356,806  

Torunlar Gayrimenkul Yatirim Ortakligi A/S

    92,752       110,942  

Turkiye Sinai Kalkinma Bankasi AS(a)

    465,120       123,140  

Ulker Biskuvi Sanayi AS(a)

    63,550       216,096  

Verusa Holding A/S

    9,238       78,976  

Vestel Elektronik Sanayi ve Ticaret AS(a)

    47,740       126,949  
Security   Shares     Value  
Turkey (continued)            

Zorlu Enerji Elektrik Uretim AS(a)

    719,572     $ 129,945  
   

 

 

 
      9,334,035  
United Arab Emirates — 1.0%            

Agthia Group PJSC

    124,682       178,799  

Air Arabia PJSC

    714,120       556,493  

Ajman Bank PJSC(a)

    377,518       185,010  

Al Waha Capital PJSC

    369,520       172,036  

AL Yah Satellite Communications Co-PJSC-Yah Sat

    289,726       177,482  

Amanat Holdings PJSC

    379,561       105,406  

Aramex PJSC

    246,191       162,878  

Dana Gas PJSC

    1,838,920       316,421  

Drake & Scull International PJSC(a)(d)

    241,185       1  

Dubai Financial Market PJSC

    497,160       179,065  

Dubai Investments PJSC

    608,158       387,451  

Emirates Central Cooling Systems Corp.

    558,000       249,151  

Gulf Navigation Holding PJSC(a)

    121,396       204,720  

National Central Cooling Co. PJSC

    221,040       209,734  

Ras Al Khaimah Ceramics

    174,368       137,673  

Sharjah Islamic Bank

    391,492       234,493  

Taaleem Holdings PJSC, NVS

    76,384       76,947  
   

 

 

 
       3,533,760  
   

 

 

 

Total Common Stocks — 98.8%
(Cost: $313,736,264)

      357,774,785  
   

 

 

 

Preferred Stocks

   
Brazil — 0.8%            

Alpargatas SA, Preference Shares, NVS

    68,460       140,057  

Azul SA, Preference Shares, NVS

    89,340       217,280  

Banco ABC Brasil SA

   

Preference Shares, NVS

    31,196       148,164  

Preference Shares, NVS

    1,035       4,580  

Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS

    54,600       169,475  

Banco Pan SA, Preference Shares, NVS

    103,620       182,598  

Bradespar SA, Preference Shares, NVS

    84,506       360,388  

Cia. de Saneamento do Parana, Preference Shares, NVS

    83,390       88,404  

Marcopolo SA, Preference Shares, NVS

    220,720       389,838  

Metalurgica Gerdau SA, Preference Shares, NVS

    189,286       384,961  

Randon SA Implementos e Participacoes, Preference Shares, NVS

    56,110       124,273  

Unipar Carbocloro SA, Class B, Preference Shares, NVS

    14,384       191,464  

Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS

    139,500       310,649  
   

 

 

 
      2,712,131  
Chile — 0.1%            

Embotelladora Andina SA, Class B, Preference Shares, NVS

    122,178       308,335  
   

 

 

 

Total Preferred Stocks — 0.9%
(Cost: $2,238,384)

      3,020,466  
   

 

 

 

Rights

   
India — 0.0%            

South Indian Bank Ltd. (The),
(Expires 03/27/24, Strike Price IDR 22)(a)

    89,175       11,019  
   

 

 

 

 

 

S C H E D U L EO F  I N V E S T M E N T S

  71


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
South Korea — 0.0%  

Foosung Co. Ltd., (Expires 04/18/24, Strike Price KRW 6870)(a)

    2,414     $ 2,665  

Taihan Electric Wire Co. Ltd., (Expires 03/12/24)(a)

    9,373       11,544  
   

 

 

 
      14,209  
   

 

 

 

Total Rights — 0.0%
(Cost: $—)

 

    25,228  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $315,974,648)

 

    360,820,479  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 3.9%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(g)(h)(i)

    14,063,853       14,070,885  
   

 

 

 

Total Short-Term Securities — 3.9%
(Cost: $14,063,149)

 

    14,070,885  
   

 

 

 

Total Investments — 103.6%
(Cost: $330,037,797)

 

    374,891,364  

Liabilities in Excess of Other Assets — (3.6)%

 

    (12,860,455
   

 

 

 

Net Assets — 100.0%

 

  $ 362,030,909  
   

 

 

 

 

(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) 

All or a portion of this security is on loan.

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $246,787, representing 0.1% of its net assets as of period end, and an original cost of $142,261.

(f) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

(i) 

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 six months ended February 29, 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 Sale

   

Net Realized

Gain (Loss)

    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/29/24
   

Shares

Held at

02/29/24

    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 19,798,508           $  —     $  (5,731,179 )(a)    $ 3,773     $ (217   $ 14,070,885       14,063,853     $ 422,507 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares(c)

                  0 (a)                              45,202        
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
          $ 3,773     $ (217   $ 14,070,885       $ 467,709     $  
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 
  (c) 

As of period end, the entity is no longer held.

 

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

    7       03/15/24     $ 356     $ 612  
       

 

 

 

 

 

72  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets Small-Cap ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 612      $      $      $      $  612  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ 83,805      $      $      $      $  83,805  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 612      $      $      $      $ 612  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 177,940   

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

   $ 78,048,289        $ 279,447,657        $ 278,839        $ 357,774,785  

Preferred Stocks

     3,020,466                            3,020,466  

Rights

              25,228                   25,228  

Short-Term Securities

                 

Money Market Funds

     14,070,885                            14,070,885  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 95,139,640        $ 279,472,885        $ 278,839        $ 374,891,364  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Equity Contracts

   $ 612        $        $     —        $ 612  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $10,400,926 are categorized as Level 2 within the fair value hierarchy.

   

See notes to financial statements.

 

 

S C H E D U L EO F  I N V E S T M E N T S

  73


Statements of Assets and Liabilities (unaudited)

February 29, 2024

 

   

iShares

Core MSCI

Emerging Markets

ETF

      

iShares

MSCI BIC

ETF

      

iShares

MSCI

Emerging

Markets Asia

ETF

      

iShares

MSCI

Emerging

Markets

Small-Cap

ETF

 

 

 

ASSETS

                      

Investments, at value — unaffiliated(a)(b)

  $ 74,419,175,912           $ 69,376,919           $ 410,202,322        $ 360,820,479  

Investments, at value — affiliated(c)

    3,184,528,846             1,470,771             4,448,171          14,070,885  

Cash

    275,407,933             475,188             1,660,563          8,541,777  

Cash pledged for futures contracts

    8,277,000             2,000             19,000          36,000  

Foreign currency, at value(d)

    170,731,011             492,979             2,496,742          504,215  

Receivables:

                      

Investments sold

    481,120,040             568,856             2,402,659          21,549,613  

Securities lending income — affiliated

    4,699,618             606             2,197          45,993  

Loans

                                     5,200,000  

Dividends — unaffiliated

    138,170,805             105,429             582,410          684,115  

Dividends — affiliated

    1,671,614             4,435             12,750          11,328  

Tax reclaims

    764,743                                  14,606  

Variation margin on futures contracts

    51,108                                  1,234  
 

 

 

         

 

 

         

 

 

      

 

 

 

Total assets

    78,684,598,630             72,497,183             421,826,814          411,480,245  
 

 

 

         

 

 

         

 

 

      

 

 

 

LIABILITIES

                      

Bank borrowings

                                     10,400,926  

Collateral on securities loaned, at value

    2,997,029,825             830,888             2,950,743          14,068,802  

Payables:

                      

Investments purchased

    563,150,285             964,185             4,003,794          22,069,599  

Deferred foreign capital gain tax

    374,371,316             1,136,749             3,062,550          2,702,479  

Foreign taxes

    994,242             3,750                      3,273  

Investment advisory fees

    5,130,185             39,050             157,379          204,257  

Professional fees

    242,190                                   

Variation margin on futures contracts

                479             3,165           
 

 

 

         

 

 

         

 

 

      

 

 

 

Total liabilities

    3,940,918,043             2,975,101             10,177,631          49,449,336  
 

 

 

         

 

 

         

 

 

      

 

 

 

Commitments and contingent liabilities

                      

NET ASSETS

  $ 74,743,680,587           $ 69,522,082           $ 411,649,183        $ 362,030,909  
 

 

 

         

 

 

         

 

 

      

 

 

 

NET ASSETS CONSIST OF

                      

Paid-in capital

  $ 78,885,610,031           $ 322,932,981           $ 543,447,527        $ 336,547,597  

Accumulated earnings (loss)

    (4,141,929,444           (253,410,899           (131,798,344        25,483,312  
 

 

 

         

 

 

         

 

 

      

 

 

 

NET ASSETS

  $ 74,743,680,587           $ 69,522,082           $ 411,649,183        $ 362,030,909  
 

 

 

         

 

 

         

 

 

      

 

 

 

NET ASSET VALUE

                      

Shares outstanding

    1,477,800,000             2,050,000             6,200,000          6,200,000  
 

 

 

         

 

 

         

 

 

      

 

 

 

Net asset value

  $ 50.58           $ 33.91           $ 66.40        $ 58.39  
 

 

 

         

 

 

         

 

 

      

 

 

 

Shares authorized

    15 billion             500 million             500 million          500 million  
 

 

 

         

 

 

         

 

 

      

 

 

 

Par value

  $ 0.001           $ 0.001           $ 0.001        $ 0.001  
 

 

 

         

 

 

         

 

 

      

 

 

 

(a) Investments, at cost — unaffiliated

  $ 67,995,651,796           $ 92,375,582           $ 400,828,534        $ 315,974,648  

(b) Securities loaned, at value

  $ 2,807,810,207           $ 765,855           $ 2,498,086        $ 12,749,201  

(c)  Investments, at cost — affiliated

  $ 3,182,975,557           $ 1,470,411           $ 4,445,329        $ 14,063,149  

(d) Foreign currency, at cost

  $ 171,495,302           $ 493,103           $ 2,497,517        $ 516,416  

See notes to financial statements.

 

 

74  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Statements of Operations (unaudited)

Six Months Ended February 29, 2024

 

   

iShares

Core MSCI

Emerging Markets

ETF

   

iShares

MSCI BIC

ETF

   

iShares

MSCI

Emerging

Markets Asia

ETF

   

iShares

MSCI

Emerging

Markets

Small-Cap

ETF

 

 

 

INVESTMENT INCOME

             

Dividends — unaffiliated

  $ 618,653,282       $ 512,886       $ 2,967,058       $ 2,536,728  

Dividends — affiliated

    6,528,718             23,531             70,845             45,202  

Interest — unaffiliated

    375,767         575         3,785         4,845  

Securities lending income — affiliated — net(a)

    36,274,865         5,895         32,145         422,507  

Other income — unaffiliated

    3,459,078                          

Foreign taxes withheld

    (73,366,350       (48,112       (406,330       (303,751

Foreign withholding tax claims

    253,609                          

Other foreign taxes

                    (7,148       (13,530
 

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

    592,178,969         494,775         2,660,355         2,692,001  
 

 

 

     

 

 

     

 

 

     

 

 

 

EXPENSES

             

Investment advisory

    31,915,318         246,455         1,049,798         1,216,856  

Interest expense

    497,021                 4,854         15,282  

Professional

    270,103                          

Commitment costs

    19,473         566         3,522         2,788  
 

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses

    32,701,915         247,021         1,058,174         1,234,926  

Less:

             

Investment advisory fees waived

    (786,597                        
 

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses after fees waived

    31,915,318         247,021         1,058,174         1,234,926  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

    560,263,651         247,754         1,602,181         1,457,075  
 

 

 

     

 

 

     

 

 

     

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

             

Net realized gain (loss) from:

             

Investments — unaffiliated(b)

    (774,356,912       (2,402,537       (8,258,216       2,671,819  

Investments — affiliated

    216,172         (212       (72       3,773  

Foreign currency transactions

    (2,044,188       (3,879       (43,105       (54,759

Futures contracts

    (2,847,626       (14,063       (44,841       83,805  

In-kind redemptions — unaffiliated(c)

    19,183,362                 (3,504,531        
 

 

 

     

 

 

     

 

 

     

 

 

 
    (759,849,192       (2,420,691       (11,850,765       2,704,638  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net change in unrealized appreciation (depreciation) on:

             

Investments — unaffiliated(d)

    3,784,099,266         2,159,436         22,584,642         18,697,828  

Investments — affiliated

    350,902         78         442         (217

Foreign currency translations

    (3,239,273       (373       (7,921       (19,607

Futures contracts

    4,068,433         86         26,344         612  
 

 

 

     

 

 

     

 

 

     

 

 

 
    3,785,279,328         2,159,227         22,603,507         18,678,616  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

    3,025,430,136         (261,464       10,752,742         21,383,254  
 

 

 

     

 

 

     

 

 

     

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 3,585,693,787       $ (13,710     $ 12,354,923       $ 22,840,329  
 

 

 

     

 

 

     

 

 

     

 

 

 

(a) Net of securities lending income tax paid of

  $ 3,684,387       $       $       $  

(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of

  $ (125,921     $ (30,921     $ (784,670     $ (842,972

(c)  See Note 2 of the Notes to Financial Statements

             

(d) Net of increase in deferred foreign capital gain tax of

  $ (210,874,838     $ (427,244     $ (996,029     $ (897,388

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  75


Statements of Changes in Net Assets

 

   

iShares

Core MSCI Emerging Markets ETF

   

iShares

MSCI BIC ETF

 
 

 

 

   

 

 

 
    Six Months Ended                 Six Months Ended        
    02/29/24         Year Ended (a)      02/29/24         Year Ended  
    (unaudited)           08/31/23           (unaudited)           08/31/23  

 

 

INCREASE (DECREASE) IN NET ASSETS

             

OPERATIONS

             

Net investment income

  $ 560,263,651           $ 1,889,943,041              $ 247,754           $ 1,403,185  

Net realized gain (loss)

    (759,849,192       339,899,724         (2,420,691       (11,178,976

Net change in unrealized appreciation (depreciation)

    3,785,279,328         (144,518,923       2,159,227         7,015,413  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

    3,585,693,787         2,085,323,842         (13,710       (2,760,378
 

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

             

Decrease in net assets resulting from distributions to shareholders

    (1,415,120,113       (1,577,225,963       (664,095 )(c)        (1,466,684
 

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

             

Net increase (decrease) in net assets derived from capital share transactions

    1,361,333,521         5,471,592,469                 (15,553,387
 

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

             

Total increase (decrease) in net assets

    3,531,907,195         5,979,690,348         (677,805       (19,780,449

Beginning of period

    71,211,773,392         65,232,083,044         70,199,887         89,980,336  
 

 

 

     

 

 

     

 

 

     

 

 

 

End of period

  $ 74,743,680,587       $ 71,211,773,392       $ 69,522,082       $ 70,199,887  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Consolidated Statement of Changes in Net Assets.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 

A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

 

 

76  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Statements of Changes in Net Assets (continued)

 

   

iShares

MSCI Emerging Markets Asia ETF

   

iShares

MSCI Emerging Markets Small-Cap

ETF

 
 

 

 

   

 

 

 
   

Six Months

Ended

                     

Six Months

Ended

       
    02/29/24         Year Ended       02/29/24         Year Ended (a) 
    (unaudited)           08/31/23           (unaudited)           08/31/23  

 

 

INCREASE (DECREASE) IN NET ASSETS

             

OPERATIONS

             

Net investment income

  $ 1,602,181           $ 9,398,020              $ 1,457,075           $ 8,372,097  

Net realized gain (loss)

    (11,850,765       (63,641,649       2,704,638         7,121,698  

Net change in unrealized appreciation (depreciation)

    22,603,507         45,884,457         18,678,616         34,787,933  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

    12,354,923         (8,359,172       22,840,329         50,281,728  
 

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

             

Decrease in net assets resulting from distributions to shareholders

    (7,498,490 )(c)        (8,905,772       (7,351,098       (5,397,487
 

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

             

Net increase (decrease) in net assets derived from capital share transactions

    (121,958,657       (25,364,343       28,074,204         (62,550,583
 

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

             

Total increase (decrease) in net assets

    (117,102,224       (42,629,287       43,563,435         (17,666,342

Beginning of period

    528,751,407         571,380,694         318,467,474         336,133,816  
 

 

 

     

 

 

     

 

 

     

 

 

 

End of period

  $ 411,649,183       $ 528,751,407       $ 362,030,909       $ 318,467,474  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Consolidated Statement of Changes in Net Assets.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 

A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  77


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares Core MSCI Emerging Markets ETF  
 

 

 

 
    Six Months Ended                                                              
    02/29/24           Year Ended           Year Ended           Year Ended           Year Ended           Year Ended  
    (unaudited)         08/31/23 (a)        08/31/22 (a)        08/31/21 (a)        08/31/20 (a)        08/31/19 (a) 

 

 

Net asset value, beginning of period

    $ 49.10       $ 48.75       $ 64.18       $ 53.34       $ 48.31       $ 52.27  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

          0.38             1.35             1.67                1.33             1.46             1.40  

Net realized and unrealized gain (loss)(c)

      2.08         0.14         (15.13       10.70         5.21         (4.01
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      2.46         1.49         (13.46       12.03         6.67         (2.61
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions from net investment income(d)

      (0.98       (1.14       (1.97       (1.19       (1.64       (1.35
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 50.58       $ 49.10       $ 48.75       $ 64.18       $ 53.34       $ 48.31  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(e)

                       

Based on net asset value

      5.08 %(f)        3.13       (21.40 )%        22.67       13.97       (4.93 )%(g) 
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(h)

                       

Total expenses

      0.09 %(i)        0.10       0.10       0.12       0.14       0.14
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses after fees waived

      0.09 %(i)        0.09       0.10       0.12       0.14       0.14
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses excluding professional fees for foreign withholding tax claims

      0.09 %(i)        N/A         0.10       0.11       0.14       0.14
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      1.58 %(i)        2.81       2.97       2.12       2.97       2.79
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                       

Net assets, end of period (000)

    $ 74,743,681       $ 71,211,773       $ 65,232,083       $ 80,599,322       $ 54,628,381       $ 53,020,298  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(j)

      2       21       7       9       15       15
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Consolidated Financial Highlights.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

 
(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

 
(e) 

Where applicable, assumes the reinvestment of distributions.

 
(f) 

Not annualized.

 
(g) 

Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2019:

 
 

Total return by 0.01%.

(h) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) 

Annualized.

(j) 

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

 

 

78  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares MSCI BIC ETF  
 

 

 

 
    Six Months Ended                                                              
    02/29/24     Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    (unaudited)         08/31/23         08/31/22         08/31/21 (a)        08/31/20 (a)        08/31/19 (a) 

 

 

Net asset value, beginning of period

    $ 34.24       $ 35.99       $ 50.27       $ 47.46       $ 40.23       $ 41.01  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

      0.12         0.62             0.91             0.62             0.55             0.69  

Net realized and unrealized gain (loss)(c)

      (0.13       (1.72       (13.74       2.74         7.34         (0.59
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (0.01       (1.10       (12.83       3.36         7.89         0.10  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions from net investment income(d)

      (0.32 )(e)        (0.65       (1.45       (0.55       (0.66       (0.88
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

           $ 33.91           $ 34.24       $ 35.99       $ 50.27       $ 47.46       $ 40.23  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(f)

                       

Based on net asset value

      0.02 %(g)        (3.05 )%        (26.03 )%        7.09       19.78       0.35
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(h)

                       

Total expenses

      0.72 %(i)        0.70       0.69       0.70       0.70       0.69
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      0.72 %(i)        1.80       2.15       1.20       1.29       1.69
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                       

Net assets, end of period (000)

    $ 69,522       $ 70,200       $ 89,980       $ 158,342       $ 147,123       $ 160,926  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(j)

      4       9       12       80       42       53
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

Consolidated Financial Highlights.

(b)

Based on average shares outstanding.

(c)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e)

A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(f) 

Where applicable, assumes the reinvestment of distributions.

(g)

Not annualized.

(h)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i)

Annualized.

(j)

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

  79


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

   

iShares MSCI Emerging Markets Asia ETF

 
 

 

 

 
    Six Months Ended                                                              
    02/29/24     Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    (unaudited)         08/31/23         08/31/22         08/31/21 (a)        08/31/20 (a)        08/31/19 (a) 

 

 

Net asset value, beginning of period

    $ 65.28           $ 66.44       $ 88.19       $ 75.48       $ 62.82       $ 69.38  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

      0.24         1.16         1.25         1.28         1.12         1.26  

Net realized and unrealized gain (loss)(c)

             2.05         (1.22           (20.98           12.32             12.79             (6.52
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      2.29         (0.06       (19.73       13.60         13.91         (5.26
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions from net investment income(d)

      (1.17 )(e)        (1.10       (2.02       (0.89       (1.25       (1.30
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 66.40       $ 65.28       $ 66.44       $ 88.19       $ 75.48       $ 62.82  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(f)

                       

Based on net asset value

      3.59 %(g)        (0.08 )%        (22.77 )%        18.11       22.31       (7.52 )% 
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(h)

                       

Total expenses

      0.49 %(i)        0.49       0.49       0.50       0.50       0.50
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      0.75 %(i)        1.79       1.62       1.46       1.68       1.94
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                       

Net assets, end of period (000)

    $ 411,649       $ 528,751       $ 571,381       $ 881,929       $ 558,558       $ 452,328  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(j)

      3       31       24       48       20       16
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a)

Consolidated Financial Highlights.

(b) 

Based on average shares outstanding.

(c)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e)

A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(f) 

Where applicable, assumes the reinvestment of distributions.

(g) 

Not annualized.

(h) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) 

Annualized.

(j)

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares MSCI Emerging Markets Small-Cap ETF  
 

 

 

 
    Six Months Ended                                                              
    02/29/24     Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    (unaudited)         08/31/23 (a)        08/31/22 (a)        08/31/21 (a)        08/31/20 (a)        08/31/19 (a) 

 

 

Net asset value, beginning of period

    $ 55.87       $ 50.17       $ 62.28       $ 44.74       $ 41.51           $ 47.64  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(b)

      0.24         1.17         1.24             0.96         0.85         0.99  

Net realized and unrealized gain (loss)(c)

      3.51         5.26         (11.56       17.81             3.52         (5.98
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      3.75         6.43         (10.32       18.77         4.37         (4.99
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions from net investment income(d)

      (1.23       (0.73       (1.79       (1.23       (1.14       (1.14
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 58.39       $ 55.87       $ 50.17       $ 62.28       $ 44.74       $ 41.51  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(e)

                                  

Based on net asset value

      6.80 %(f)            12.99       (17.00 )%        42.38       10.68       (10.50 )% 
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(g)

                       

Total expenses

      0.73 %(h)        0.71       0.70       0.69       0.71       0.69
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      0.86 %(h)        2.30       2.20       1.72       2.07       2.25
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                       

Net assets, end of period (000)

    $ 362,031       $ 318,467       $ 336,134       $ 417,274       $ 212,511       $ 238,702  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(i)

      15       43       53       34       46       29
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Consolidated Financial Highlights.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

  81


Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These consolidated financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF  

Diversification 

Classification 

Core MSCI Emerging Markets

  Diversified 

MSCI BIC

  Diversified 

MSCI Emerging Markets Asia

  Diversified 

MSCI Emerging Markets Small-Cap

  Diversified 

Basis of Consolidation: The accompanying consolidated financial statements for Core MSCI Emerging Markets and MSCI Emerging Markets Small-Cap included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invested in Indian securities. On April 26, 2023, each Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

   

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

 

   

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: 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

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  83


Notes to Financial Statements (unaudited) (continued)

 

   

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 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.

 

4.

SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 
iShares ETF and Counterparty    

Securities Loaned

at Value

 

 

    
Cash Collateral
Received
 
(a) 
   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

Core MSCI Emerging Markets

        

Barclays Bank PLC

  $ 11,510,777      $ (11,510,777   $     $  

Barclays Capital, Inc.

    52,153,158        (52,153,158            

BNP Paribas SA

    37,549,637        (37,549,637            

BofA Securities, Inc.

    291,984,228        (291,984,228            

Citigroup Global Markets Ltd.

    86,007,137        (86,007,137            

Citigroup Global Markets, Inc.

    52,261,622        (52,261,622            

Credit Suisse Securities (USA) LLC

    562        (562            

Goldman Sachs & Co. LLC

    234,352,985        (234,352,985            

Goldman Sachs International

    418,117,179        (418,117,179            

HSBC Bank PLC

    961,144        (961,144            

J.P. Morgan Securities LLC

    124,226,261        (124,226,261            

J.P. Morgan Securities PLC

    422,644,607        (422,644,607            

Jefferies LLC

    691,929        (691,929            

Macquarie Bank Ltd.

    4,483,545        (4,483,545            

Mizuho Securities USA LLC

    25,089        (25,089            

Morgan Stanley

    1,025,180,179        (1,025,180,179            

Nomura Securities International, Inc.

    324,311        (324,311            

SG Americas Securities LLC

    871,428        (871,428            

State Street Bank & Trust Co.

    1,294,592        (1,294,592            

Toronto-Dominion Bank (The)

    31,850        (31,850            

UBS AG

    10,427,921        (10,427,921            

UBS Europe SE

    31,969,466        (31,969,466            

UBS Securities LLC

    589,548        (589,548            

Wells Fargo Bank N.A.

    151,052        (151,052            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 2,807,810,207      $ (2,807,810,207   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

MSCI BIC

        

BofA Securities, Inc.

  $ 81,664      $ (81,664   $     $  

Morgan Stanley

    684,191        (684,191            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 765,855      $ (765,855   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

MSCI Emerging Markets Asia

        

BNP Paribas SA

  $ 585,919      $ (585,427   $     $ 492 (b) 

BofA Securities, Inc.

    575,947        (575,947            

Goldman Sachs & Co. LLC

    24,806        (24,806            

HSBC Bank PLC

    18,883        (18,883            

J.P. Morgan Securities LLC

    1,138        (1,138            

Morgan Stanley

    1,212,495        (1,212,495            

State Street Bank & Trust Co.

    9,921        (9,921            

UBS AG

    68,977        (68,977            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 2,498,086      $ (2,497,594   $     $ 492  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  85


Notes to Financial Statements (unaudited) (continued)

 

 

 
iShares ETF and Counterparty    

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

MSCI Emerging Markets Small-Cap

        

Barclays Bank PLC

  $ 66,220      $ (66,220   $     $  

Barclays Capital, Inc.

    766,994        (766,994            

BNP Paribas SA

    381,401        (381,401            

BofA Securities, Inc.

    4,003,027        (4,003,027            

Citigroup Global Markets Ltd.

    49,257        (49,257            

Citigroup Global Markets, Inc.

    249,255        (249,255            

Goldman Sachs & Co. LLC

    1,082,792        (1,082,792            

HSBC Bank PLC

    946,666        (946,666            

J.P. Morgan Securities LLC

    1,276,834        (1,276,834            

Jefferies LLC

    137,174        (137,174            

Macquarie Bank Ltd.

    10,721        (10,721            

Mizuho Securities USA LLC

    9,757        (9,757            

Morgan Stanley

    3,031,097        (3,031,097            

Morgan Stanley

                        

SG Americas Securities LLC

    103,698        (103,698            

State Street Bank & Trust Co.

    69,752        (69,752            

UBS AG

    564,556        (564,556            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 12,749,201      $ (12,749,201   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

 
  (b) 

The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA.

 
 

The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

 

 

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Notes to Financial Statements (unaudited) (continued)

 

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees    

Core MSCI Emerging Markets

    0.09%  

MSCI Emerging Markets Asia

    0.49    

For its investment advisory services to each of the iShares MSCI BIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   
Aggregate Average Daily Net Assets   Investment Advisory Fees    

First $14 billion

    0.75%  

Over $14 billion, up to and including $28 billion

    0.68    

Over $28 billion, up to and including $42 billion

    0.61    

Over $42 billion, up to and including $56 billion

    0.54    

Over $56 billion, up to and including $70 billion

    0.47    

Over $70 billion, up to and including $84 billion

    0.41    

Over $84 billion

    0.35    

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2025 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.09% of average daily net assets.

This amount is included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts Waived    

Core MSCI Emerging Markets

  $ 786,597    

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

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Notes to Financial Statements (unaudited) (continued)

 

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts  

Core MSCI Emerging Markets

  $  8,198,546   

MSCI BIC

    1,307  

MSCI Emerging Markets Asia

    7,095  

MSCI Emerging Markets Small-Cap

    83,119  

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

       
iShares ETF   Purchases      Sales     

Net Realized

Gain (Loss)

 

Core MSCI Emerging Markets

  $  2,221,977      $  69,999,687      $  (24,247,622

MSCI BIC

           258,354        (790,610

MSCI Emerging Markets Asia

    168,539        954,721        (1,344,619

MSCI Emerging Markets Small-Cap

    9,731,757        2,504,866        1,367,159   

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

7.

PURCHASES AND SALES

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

 

     
iShares ETF   Purchases      Sales  

Core MSCI Emerging Markets

  $  1,988,962,857      $  1,773,966,558  

MSCI BIC

    2,603,924        3,390,557  

MSCI Emerging Markets Asia

    11,031,047        98,737,969  

MSCI Emerging Markets Small-Cap

    66,443,387        50,060,395   

For the six months ended February 29, 2024, in-kind transactions were as follows:

 

     
iShares ETF  

In-kind

Purchases

    

In-kind

Sales

 

Core MSCI Emerging Markets

  $  13,357,435      $  56,433,398  

MSCI Emerging Markets Asia

           42,274,459   

MSCI Emerging Markets Small-Cap

    2,676,327         

 

8.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

As of August 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

   
iShares ETF  

Non-Expiring

Capital Loss

Carryforwards

 

Core MSCI Emerging Markets

  $ (9,993,717,670

MSCI BIC

    (226,979,021 )  

MSCI Emerging Markets Asia

    (115,044,765

MSCI Emerging Markets Small-Cap

    (6,287,765

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 29, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost     

Gross Unrealized

Appreciation

    

Gross Unrealized

Depreciation

   

Net Unrealized

Appreciation

(Depreciation)

 

Core MSCI Emerging Markets

    $ 70,753,613,005        $ 19,014,029,834        $ (12,162,526,885     $ 6,851,502,949  

MSCI BIC

    93,410,817        15,814,774        (38,379,263     (22,564,489

MSCI Emerging Markets Asia

    416,627,802        116,849,950        (118,815,141     (1,965,191

MSCI Emerging Markets Small-Cap

    343,746,904        86,036,243        (54,891,171     31,145,072   

 

9.

LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 29, 2024, the iShares MSCI BIC ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended February 29, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

 

       
iShares ETF  

Maximum

Amount

Borrowed

    

Average

Borrowing

    

Weighted

Average

Interest Rates

 

Core MSCI Emerging Markets

  $  380,000,000      $  14,079,209        6.44%  

MSCI Emerging Markets Asia

    2,730,000        149,011        6.44  

MSCI Emerging Markets Small-Cap

    6,933,000        390,758        6.98   

 

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

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Notes to Financial Statements (unaudited) (continued)

 

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registereing the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In

 

 

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Notes to Financial Statements (unaudited) (continued)

 

addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

 

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Six Months Ended

02/29/24

   

Year Ended

08/31/23

 
 

 

 

   

 

 

 
iShares ETF   Shares     Amount     Shares     Amount  

 

 

Core MSCI Emerging Markets

       

Shares sold

    31,200,000     $ 1,528,507,023       138,000,000     $ 6,641,906,049  

Shares redeemed

    (3,600,000     (167,173,502     (25,800,000     (1,170,313,580
 

 

 

   

 

 

   

 

 

   

 

 

 
    27,600,000     $  1,361,333,521       112,200,000     $ 5,471,592,469  
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI BIC

       

Shares sold

        $           $ (15,669

Shares redeemed

                (450,000     (15,537,718
 

 

 

   

 

 

   

 

 

   

 

 

 
        $       (450,000   $ (15,553,387
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI Emerging Markets Asia

       

Shares sold

        $ (27,273     2,200,000     $ 149,886,468  

Shares redeemed

    (1,900,000     (121,931,384     (2,700,000     (175,250,811
 

 

 

   

 

 

   

 

 

   

 

 

 
    (1,900,000   $ (121,958,657     (500,000   $ (25,364,343
 

 

 

   

 

 

   

 

 

   

 

 

 

MSCI Emerging Markets Small-Cap

       

Shares sold

    500,000     $ 28,074,204       1,400,000     $ 70,564,319  

Shares redeemed

                (2,400,000     (133,114,902
 

 

 

   

 

 

   

 

 

   

 

 

 
    500,000     $ 28,074,204       (1,000,000   $ (62,550,583
 

 

 

   

 

 

   

 

 

   

 

 

 

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator , to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares Core MSCI Emerging Markets ETF is able to pass through to shareholders as a foreign tax credit in the

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

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Notes to Financial Statements (unaudited) (continued)

 

current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

 

13.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

 

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Statement Regarding Liquidity Risk Management Program (unaudited)

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core MSCI Emerging Markets ETF, iShares MSCI BIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

 

  a)

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

 

  b)

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

 

  c)

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

 

  d)

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

 

  e)

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

 

 

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M

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Supplemental Information (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 29, 2024

 

         
    Total Cumulative Distributions
for the Fiscal Year-to-Date
            % Breakdown of the Total Cumulative
Distributions for the Fiscal Year-to-Date
       
iShares ETF  

Net

Investment

Income

    

Net Realized

Capital Gains

    

Return of

Capital

    

Total Per

Share

            

Net

Investment

Income

   

Net Realized

Capital Gains

   

Return of

Capital

   

Total Per

Share

        

MSCI BIC(a)

  $  0.156960      $      $  0.166989      $  0.323949           48         52     100  

MSCI Emerging Markets Asia(a)

    1.151981               0.019658        1.171639                 98             2       100          

 

  (a) 

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

 

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

 

 

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General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviation
ADR    American Depositary Receipt
CPO    Certificates of Participation (Ordinary)
GDR    Global Depositary Receipt
NVDR    Non-Voting Depositary Receipt
NVS    Non-Voting Shares
PJSC    Public Joint Stock Company
REIT    Real Estate Investment Trust

 

 

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Want to know more?

iShares.com  |  1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-810-0224

 

 

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