
		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

· iShares MSCI Emerging Markets ETF | EEM | 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 E I S N O T P A R T O 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		6

Disclosure of Expenses		6

Schedules of Investments		7

Financial Statements

Statements of Assets and Liabilities		28

Statements of Operations		29

Statements of Changes in Net Assets		30

Financial Highlights		31

Notes to Financial Statements		33

Statement Regarding Liquidity Risk Management Program		43

Supplemental Information		44

General Information		45

Glossary of Terms Used in this Report		46


Fund Summary as of February 29, 2024		iShares^® Currency Hedged MSCI Emerging Markets ETF

Investment Objective

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.

Performance



				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		4.71	%		8.91	%		3.15	%		3.47	%		8.91	%		16.78	%		37.94	%
Fund Market		4.36			8.55			3.03			3.42			8.55			16.07			37.30
Index		5.30			9.82			3.67			3.95			9.82			19.77			44.13

The inception date of the Fund was September 23, 2014. The first day of secondary market trading was September 25, 2014.

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	$ 1,047.10	$ 0.00			$ 1,000.00	$ 1,024.90	$ 0.00		0.00	%

^(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


PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets

Investment Companies		99.9	%
Short-term Investments		34.0
Forward foreign currency exchange contracts, net cumulative appreciation		0.5
Other assets less liabilities		(34.4	)


SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment^(a)

Financials		22.8	%
Information Technology		22.6
Consumer Discretionary		12.7
Communication Services		8.4
Industrials		7.1
Materials		7.1
Consumer Staples		5.8
Energy		5.4
Health Care		3.6
Utilities		2.9
Real Estate		1.6

^(a)

Excludes money market funds.


4		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 T T O S H A R E H O L D E R S


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

Investment Objective

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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		4.29	%		7.76	%		1.11	%		2.32	%		7.76	%		5.65	%		25.83	%
Fund Market		4.06			7.46			1.10			2.35			7.46			5.62			26.20
Index		4.93			8.73			1.89			3.01			8.73			9.82			34.47

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	$ 1,042.90	$ 3.71			$ 1,000.00	$ 1,021.20	$ 3.67		0.73	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)

Financials	22.8	%
Information Technology	22.6
Consumer Discretionary	12.7
Communication Services	8.4
Materials	7.1
Industrials	7.1
Consumer Staples	5.8
Energy	5.4
Health Care	3.6
Utilities	2.9
Real Estate	1.6

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)

China	25.3	%
India	18.0
Taiwan	16.8
South Korea	12.5
Brazil	5.5
Saudi Arabia	4.6
Mexico	2.6
South Africa	2.5
Indonesia	1.9
Thailand	1.6
Malaysia	1.4
United Arab Emirates	1.2
Poland	1.0
Other (each representing less than 1%)	5.1


F U N D S U M M A R Y			5

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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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.


6		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 T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 99.9%
iShares MSCI Emerging Markets ETF^(a)(b)		2,975,975	$	119,009,240


Total Investment Companies (Cost: $134,345,987)				119,009,240


Short-Term Securities

Money Market Funds — 34.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.50%^(a)(c)(d)		40,017,475		40,037,484
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.30%^(a)(c)		440,000		440,000


Total Short-Term Securities — 34.0% (Cost: $40,477,484)				40,477,484


Total Investments in Securities — 133.9% (Cost: $174,823,471)				159,486,724

Liabilities in Excess of Other Assets — (33.9)%				(40,405,521	)


Net Assets — 100.0%			$	119,081,203

^(a)	Affiliate of the Fund.

^(b)	All or a portion of this security is on loan.

^(c)	Annualized 7-day yield as of period end.

^(d)	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	$	—	$	40,013,347	^(a)	$	—		$	24,137		$	—	$	40,037,484		40,017,475	$	29,168	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,240,000		—			(800,000	)^(a)		—			—		440,000		440,000		11,525			—
iShares MSCI Emerging Markets ETF		134,168,374		8,330,896			(25,965,238	)		(1,954,221	)		4,429,429		119,009,240		2,975,975		2,422,754			—


									$	(1,930,084	)	$	4,429,429	$	159,486,724			$	2,463,447		$	—

^(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

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

BRL

33,401,000

USD

6,716,226

State Street Bank & Trust Company

03/06/24

1,227

CLP

637,182,000

USD

658,927

State Street Bank & Trust Company

03/06/24

573

CNH

651,000

USD

90,274

BNP Paribas SA

03/06/24

EUR

37,000

USD

39,878

Bank of America N.A.

03/06/24

115

INR

14,599,000

USD

175,610

Morgan Stanley & Co. International PLC

03/06/24

448


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

INR	31,637,000	USD	381,077	State Street Bank & Trust Company		03/06/24	$	452
KRW	19,994,210,000	USD	14,985,804	JPMorgan Chase Bank N.A.		03/06/24		24,461
MXN	1,047,000	USD	61,280	Bank of America N.A.		03/06/24		129
MXN	56,660,000	USD	3,319,954	Citibank N.A.		03/06/24		3,253
MYR	7,756,000	USD	1,632,668	State Street Bank & Trust Company		03/06/24		1,378
THB	1,288,000	USD	35,729	HSBC Bank PLC		03/06/24		189
TRY	25,765,000	USD	821,071	Bank of America N.A.		03/06/24		2,058
TRY	48,000	USD	1,529	BNP Paribas SA		03/06/24		4
USD	6,944,694	BRL	34,437,000	Citibank N.A.		03/06/24		18,885
USD	714,653	CLP	667,529,000	Citibank N.A.		03/06/24		23,744
USD	5,261,292	CNH	37,662,320	HSBC Bank PLC		03/06/24		34,376
USD	2,233,187	EUR	2,053,000	Citibank N.A.		03/06/24		14,133
USD	21,716	EUR	20,000	HSBC Bank PLC		03/06/24		99
USD	23,755,334	HKD	185,525,000	Bank of America N.A.		03/06/24		58,052
USD	15,989,266	KRW	21,255,650,000	Citibank N.A.		03/06/24		31,998
USD	21,571	KRW	28,671,000	Morgan Stanley & Co. International PLC		03/06/24		47
USD	1,643,720	MYR	7,769,000	State Street Bank & Trust Company		03/06/24		6,935
USD	2,060,881	THB	72,610,000	Citibank N.A.		03/06/24		36,022
USD	2,064	THB	73,000	UBS AG		03/06/24		28
USD	732,557	TRY	22,910,000	UBS AG		03/06/24		639
USD	19,937,870	TWD	620,307,000	Citibank N.A.		03/06/24		320,716
USD	3,646,472	ZAR	68,009,000	Bank of America N.A.		03/06/24		101,237
USD	14,157	ZAR	265,000	Bank of New York		03/06/24		343
ZAR	65,378,000	USD	3,407,456	Morgan Stanley & Co. International PLC		03/06/24		628
BRL	539,000	USD	108,067	Citibank N.A.		04/03/24		23
BRL	632,000	USD	126,605	Morgan Stanley & Co. International PLC		04/03/24		136
CLP	10,467,000	USD	10,814	Citibank N.A.		04/03/24		4
CLP	355,000	USD	367	Morgan Stanley & Co. International PLC		04/03/24		—
CNH	675,000	USD	93,820	Bank of New York		04/03/24		16
CNH	579,000	USD	80,481	JPMorgan Chase Bank N.A.		04/03/24		9
EUR	33,000	USD	35,703	Barclays Bank PLC		04/03/24		7
EUR	33,000	USD	35,691	HSBC Bank PLC		04/03/24		19
HKD	2,767,000	USD	353,717	State Street Bank & Trust Company		04/03/24		5
KRW	328,447,000	USD	246,271	State Street Bank & Trust Company		04/03/24		117
MXN	2,040,000	USD	119,010	Bank of America N.A.		04/03/24		107
MXN	1,148,000	USD	66,991	Morgan Stanley & Co. International PLC		04/03/24		42
THB	1,145,000	USD	31,937	HSBC Bank PLC		04/03/24		65
THB	881,000	USD	24,555	JPMorgan Chase Bank N.A.		04/03/24		68
TRY	878,000	USD	27,097	BNP Paribas SA		04/03/24		76
TWD	97,000	USD	3,068	Morgan Stanley & Co. International PLC		04/03/24		—
TWD	9,951,000	USD	314,423	State Street Bank & Trust Company		04/03/24		274
USD	6,812,997	BRL	33,972,000	State Street Bank & Trust Company		04/03/24		280
USD	437,400	CNH	3,146,000	JPMorgan Chase Bank N.A.		04/03/24		56
USD	4,896,766	CNH	35,216,320	Morgan Stanley & Co. International PLC		04/03/24		1,128
USD	164,685	EUR	152,000	Bank of America N.A.		04/03/24		203


8		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 T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	2,191,874	EUR	2,023,000	State Street Bank & Trust Company		04/03/24	$	2,747
USD	2,017,938	HKD	15,784,000	JPMorgan Chase Bank N.A.		04/03/24		172
USD	21,535,515	HKD	168,448,000	Morgan Stanley & Co. International PLC		04/03/24		1,768
USD	8,860	IDR	139,267,000	Morgan Stanley & Co. International PLC		04/03/24		2
USD	15,005,373	KRW	19,994,210,000	JPMorgan Chase Bank N.A.		04/03/24		6,482
USD	796,937	KRW	1,061,759,000	State Street Bank & Trust Company		04/03/24		446
USD	1,662,379	MYR	7,883,000	State Street Bank & Trust Company		04/03/24		1,780
USD	19,167,663	TWD	605,794,000	JPMorgan Chase Bank N.A.		04/03/24		9,688
USD	1,114,263	TWD	35,233,000	State Street Bank & Trust Company		04/03/24		35
ZAR	2,278,000	USD	118,385	Bank of America N.A.		04/03/24		86
ZAR	856,000	USD	44,508	Morgan Stanley & Co. International PLC		04/03/24		9
USD	20,625,523	INR	1,711,939,000	JPMorgan Chase Bank N.A.		04/04/24		5,962
USD	1,008,818	INR	83,742,000	State Street Bank & Trust Company		04/04/24		182


								714,237

BRL	791,000	USD	159,516	Citibank N.A.		03/06/24		(434	)
BRL	245,000	USD	49,422	Goldman Sachs & Co.		03/06/24		(149	)
CLP	18,572,000	USD	19,866	Citibank N.A.		03/06/24		(643	)
CLP	11,775,000	USD	12,191	State Street Bank & Trust Company		03/06/24		(4	)
CNH	692,000	USD	96,529	Bank of New York		03/06/24		(490	)
CNH	36,319,320	USD	5,042,425	Morgan Stanley & Co. International PLC		03/06/24		(1,895	)
EUR	13,000	USD	14,142	JPMorgan Chase Bank N.A.		03/06/24		(91	)
EUR	2,023,000	USD	2,189,358	State Street Bank & Trust Company		03/06/24		(2,731	)
HKD	9,182,000	USD	1,175,792	Bank of America N.A.		03/06/24		(2,967	)
HKD	4,782,000	USD	612,273	HSBC Bank PLC		03/06/24		(1,463	)
HKD	3,113,000	USD	398,307	JPMorgan Chase Bank N.A.		03/06/24		(681	)
HKD	168,448,000	USD	21,518,734	Morgan Stanley & Co. International PLC		03/06/24		(2,713	)
IDR	35,505,497,000	USD	2,260,057	JPMorgan Chase Bank N.A.		03/06/24		(336	)
IDR	656,159,000	USD	41,983	State Street Bank & Trust Company		03/06/24		(222	)
INR	1,711,939,000	USD	20,650,901	JPMorgan Chase Bank N.A.		03/06/24		(5,630	)
KRW	1,290,111,000	USD	970,646	State Street Bank & Trust Company		03/06/24		(2,120	)
MYR	13,000	USD	2,767	Morgan Stanley & Co. International PLC		03/06/24		(29	)
THB	69,692,000	USD	1,945,698	Citibank N.A.		03/06/24		(2,213	)
THB	1,703,000	USD	48,343	Morgan Stanley & Co. International PLC		03/06/24		(851	)
TRY	476,000	USD	15,219	JPMorgan Chase Bank N.A.		03/06/24		(12	)
TWD	605,794,000	USD	19,159,782	JPMorgan Chase Bank N.A.		03/06/24		(1,601	)
TWD	3,318,000	USD	106,637	Morgan Stanley & Co. International PLC		03/06/24		(1,705	)
TWD	11,195,000	USD	357,713	State Street Bank & Trust Company		03/06/24		(3,673	)
USD	2,265,046	IDR	35,698,265,000	Citibank N.A.		03/06/24		(6,944	)
USD	29,361	IDR	463,391,000	Morgan Stanley & Co. International PLC		03/06/24		(131	)
USD	21,148,433	INR	1,758,175,000	Citibank N.A.		03/06/24		(54,424	)
USD	3,306,538	MXN	57,104,000	HSBC Bank PLC		03/06/24		(42,711	)


S C H E D U L E O F I N V E S T M E N T S			9

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	34,905		MXN	603,000	Morgan Stanley & Co. International PLC		03/06/24	$	(462	)
USD	107,591		TRY	3,379,000	UBS AG		03/06/24		(360	)
ZAR	1,208,000		USD	63,680	Bank of America N.A.		03/06/24		(708	)
ZAR	1,688,000		USD	90,512	Citibank N.A.		03/06/24		(2,518	)
HKD	4,212,000		USD	538,466	State Street Bank & Trust Company		04/03/24		(20	)
IDR	583,253,000		USD	37,126	Citibank N.A.		04/03/24		(29	)
MYR	101,000		USD	21,285	Morgan Stanley & Co. International PLC		04/03/24		(9	)
MYR	125,000		USD	26,399	State Street Bank & Trust Company		04/03/24		(67	)
USD	707,612		CLP	685,229,000	State Street Bank & Trust Company		04/03/24		(605	)
USD	2,258,188		IDR	35,505,497,000	JPMorgan Chase Bank N.A.		04/03/24		(96	)
USD	77,486		IDR	1,218,470,000	State Street Bank & Trust Company		04/03/24		(13	)
USD	163,190		KRW	217,679,000	Morgan Stanley & Co. International PLC		04/03/24		(104	)
USD	3,305,139		MXN	56,660,000	Citibank N.A.		04/03/24		(3,283	)
USD	1,947,553		THB	69,692,000	Citibank N.A.		04/03/24		(301	)
USD	52,039		THB	1,863,000	JPMorgan Chase Bank N.A.		04/03/24		(31	)
USD	856,484		TRY	27,767,000	Bank of America N.A.		04/03/24		(2,867	)
USD	3,399,359		ZAR	65,378,000	Morgan Stanley & Co. International PLC		04/03/24		(744	)
INR	28,122,000		USD	338,778	Citibank N.A.		04/04/24		(61	)
INR	29,940,000		USD	360,719	Morgan Stanley & Co. International PLC		04/04/24		(104	)


									(149,245	)


									$564,992

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
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	714,237	$	—	$	—	$	714,237

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	149,245	$	—	$	—	$	149,245

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
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,163,434		$	—	$	—	$	2,163,434

Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(1,498,901	)	$	—	$	—	$	(1,498,901	)


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 T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	115,301,879
Average amounts sold — in USD	$	225,716,168

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	714,237	$	149,245


Total derivative assets and liabilities in the Statement of Assets and Liabilities		714,237		149,245
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA	$	714,237	$	149,245

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:




Counterparty	Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)


Bank of America N.A.		$	161,987	$	(6,542	)	$	—	$	—		$	155,445
Bank of New York			359		(359	)		—		—			—
Barclays Bank PLC			7		—			—		—			7
BNP Paribas SA			154		—			—		—			154
Citibank N.A.			448,778		(70,850	)		—		(377,928	)		—
HSBC Bank PLC			34,748		(34,748	)		—		—			—
JPMorgan Chase Bank N.A.			46,898		(8,478	)		—		—			38,420
Morgan Stanley & Co. International PLC			4,208		(4,208	)		—		—			—
State Street Bank & Trust Company			16,431		(9,455	)		—		—			6,976
UBS AG			667		(360	)		—		—			307


		$	714,237	$	(135,000	)	$	—	$	(377,928	)	$	201,309




Counterparty	Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities	^(d)


Bank of America N.A.		$	6,542	$	(6,542	)	$	—	$	—		$	—
Bank of New York			490		(359	)		—		—			131
Citibank N.A.			70,850		(70,850	)		—		—			—
Goldman Sachs & Co.			149		—			—		—			149
HSBC Bank PLC			44,174		(34,748	)		—		—			9,426
JPMorgan Chase Bank N.A.			8,478		(8,478	)		—		—			—
Morgan Stanley & Co. International PLC			8,747		(4,208	)		—		—			4,539
State Street Bank & Trust Company			9,455		(9,455	)		—		—			—
UBS AG			360		(360	)		—		—			—


		$	149,245	$	(135,000	)	$	—	$	—		$	14,245

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.


S C H E D U L E O F I N V E S T M E N T S			11

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

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
Investment Companies	$	119,009,240	$	—		$	—	$	119,009,240
Short-Term Securities
Money Market Funds		40,477,484		—			—		40,477,484


	$	159,486,724	$	—		$	—	$	159,486,724

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	714,237		$	—	$	714,237
Liabilities
Foreign Currency Exchange Contracts		—		(149,245	)		—		(149,245	)


	$	—	$	564,992		$	—		564,992

^(a)

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


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 T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.9%
Ambev SA		11,827,077	$	29,929,921
Atacadao SA		1,597,144		3,884,346
B3 SA - Brasil Bolsa Balcao		14,411,644		37,195,267
Banco Bradesco SA		3,859,618		9,549,859
Banco BTG Pactual SA		2,992,517		21,906,156
Banco do Brasil SA		2,146,378		24,982,284
Banco Santander Brasil SA		912,178		5,247,992
BB Seguridade Participacoes SA		1,749,970		11,736,638
Caixa Seguridade Participacoes S/A		1,506,778		4,355,656
CCR SA		2,553,280		7,077,749
Centrais Eletricas Brasileiras SA		3,040,846		26,609,161
Cia. de Saneamento Basico do Estado de Sao Paulo		867,260		13,810,284
Cia. Siderurgica Nacional SA		1,714,900		5,802,462
Cosan SA		3,090,961		10,570,364
CPFL Energia SA		551,281		3,924,651
Energisa SA		548,998		5,614,664
Eneva SA^(a)		1,846,059		4,764,526
Engie Brasil Energia SA		515,713		4,359,249
Equatorial Energia SA		2,580,464		17,742,604
Hapvida Participacoes e Investimentos SA^(a)(b)		12,383,585		9,142,394
Hypera SA		964,357		6,378,479
JBS SA		1,939,235		8,995,747
Klabin SA		1,896,668		8,611,333
Localiza Rent a Car SA		2,293,934		24,457,062
Localiza Rent a Car SA, NVS^(a)		8,247		83,945
Lojas Renner SA		2,444,105		7,768,272
Magazine Luiza SA^(a)		7,776,708		3,332,137
Magazine Luiza SA, NVS		744,932		319,186
Natura & Co. Holding SA^(a)		2,322,853		7,621,197
Petroleo Brasileiro SA		9,366,049		77,662,598
PRIO SA		2,020,175		17,763,040
Raia Drogasil SA		3,269,481		17,521,067
Rede D’Or Sao Luiz SA^(b)		1,452,329		7,397,351
Rumo SA		3,271,253		14,950,990
Sendas Distribuidora SA		3,414,099		9,752,410
Suzano SA		1,995,024		22,614,633
Telefonica Brasil SA		1,055,339		11,565,824
TIM SA/Brazil		2,219,171		8,111,351
TOTVS SA		1,376,170		8,496,039
Ultrapar Participacoes SA		1,835,322		10,839,664
Vale SA		8,566,357		115,439,290
Vibra Energia SA		2,933,140		15,258,394
WEG SA		4,259,968		31,441,376


				694,587,612

Chile — 0.4%
Banco de Chile		113,770,353		13,192,413
Banco de Credito e Inversiones SA		198,621		5,510,054
Banco Santander Chile		168,433,008		8,190,985
Cencosud SA		3,333,248		5,986,362
Cia. Sud Americana de Vapores SA		39,063,910		2,727,430
Empresas CMPC SA		2,883,600		5,119,117
Empresas Copec SA		989,695		6,351,685
Enel Americas SA		54,440,781		5,550,812
Enel Chile SA		70,568,699		4,238,972
Falabella SA^(a)		2,166,829		5,495,729
Latam Airlines Group SA^(a)		468,177,037		5,888,196


				68,251,755

China — 25.3%
360 Security Technology Inc., Class A^(a)		1,202,306		1,461,726


Security	Shares		Value

China (continued)
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		365,188	$	983,621
AAC Technologies Holdings Inc.		1,846,000		4,589,433
Advanced Micro-Fabrication Equipment Inc., Class A		105,029		2,142,526
AECC Aviation Power Co. Ltd., Class A		426,073		2,034,085
Agricultural Bank of China Ltd., Class A		13,079,800		7,597,915
Agricultural Bank of China Ltd., Class H		69,665,000		28,579,751
Aier Eye Hospital Group Co. Ltd., Class A		1,544,317		3,131,124
Air China Ltd., Class A^(a)		2,042,593		2,115,444
Air China Ltd., Class H^(a)		4,152,000		2,223,338
Akeso Inc.^(a)(b)(c)		1,285,000		7,705,404
Alibaba Group Holding Ltd.		41,004,856		376,985,417
Alibaba Health Information Technology Ltd.^(a)(c)		13,880,000		6,064,908
Aluminum Corp. of China Ltd., Class A		2,958,900		2,474,457
Aluminum Corp. of China Ltd., Class H		9,672,000		4,819,487
Anhui Conch Cement Co. Ltd., Class A		676,986		2,247,207
Anhui Conch Cement Co. Ltd., Class H		2,972,500		6,468,112
Anhui Gujing Distillery Co. Ltd., Class A		62,985		1,909,039
Anhui Gujing Distillery Co. Ltd., Class B		273,000		3,859,781
Anhui Jianghuai Automobile Group Corp. Ltd.^(a)		468,200		1,002,534
Anhui Kouzi Distillery Co. Ltd., Class A		118,452		699,271
Anhui Yingjia Distillery Co. Ltd., Class A		117,800		1,041,638
Anjoy Foods Group Co. Ltd., Class A		60,500		731,425
ANTA Sports Products Ltd.		3,163,802		30,844,060
Asymchem Laboratories Tianjin Co. Ltd., Class A		60,680		851,634
Autohome Inc., ADR		178,340		4,635,057
Avary Holding Shenzhen Co. Ltd., Class A		447,004		1,305,984
AVIC Industry-Finance Holdings Co. Ltd., Class A		1,745,289		802,824
AviChina Industry & Technology Co. Ltd., Class H		6,029,000		2,473,757
Avicopter PLC, Class A		135,553		685,053
BAIC BluePark New Energy Technology Co. Ltd.		1,119,900		921,784
Baidu Inc.^(a)		5,687,780		71,969,737
Bank of Beijing Co. Ltd., Class A		3,808,206		2,737,400
Bank of Chengdu Co. Ltd., Class A		632,295		1,159,244
Bank of China Ltd., Class A		5,999,800		3,717,764
Bank of China Ltd., Class H		199,143,000		78,124,057
Bank of Communications Co. Ltd., Class A		6,403,593		5,564,656
Bank of Communications Co. Ltd., Class H		21,866,600		14,325,808
Bank of Hangzhou Co. Ltd., Class A		998,845		1,534,750
Bank of Jiangsu Co. Ltd., Class A		2,980,110		3,168,495
Bank of Nanjing Co. Ltd., Class A		1,725,646		2,093,649
Bank of Ningbo Co. Ltd., Class A		1,003,979		3,094,587
Bank of Shanghai Co. Ltd., Class A		2,692,542		2,439,424
Baoshan Iron & Steel Co. Ltd., Class A		3,673,773		3,394,713
BeiGene Ltd.^(a)		1,732,022		22,299,342
Beijing Enlight Media Co. Ltd., Class A		742,895		932,829
Beijing Enterprises Holdings Ltd.		1,413,500		5,317,330
Beijing Enterprises Water Group Ltd.		11,970,000		2,807,936
Beijing Kingsoft Office Software Inc., Class A		71,481		2,688,980
Beijing New Building Materials PLC, Class A		284,213		1,106,563
Beijing Roborock Technology Co. Ltd., Class A		24,165		1,092,923
Beijing Tongrentang Co. Ltd., Class A		267,000		1,649,106
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		135,130		1,386,338
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		8,010,100		5,612,498
Bilibili Inc.^(a)(c)		494,674		4,796,975


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Bloomage Biotechnology Corp. Ltd.		92,105	$	816,220
BOC Aviation Ltd.^(b)		579,300		4,264,317
BOE Technology Group Co. Ltd., Class A		6,681,900		3,696,453
Bosideng International Holdings Ltd.		10,046,000		5,052,908
Brilliance China Automotive Holdings Ltd.		7,448,000		4,335,421
BYD Co. Ltd., Class A		279,212		7,374,723
BYD Co. Ltd., Class H		2,621,500		64,567,719
BYD Electronic International Co. Ltd.		1,996,500		7,538,518
C&D International Investment Group Ltd.		1,796,000		2,920,172
Caitong Securities Co. Ltd., Class A		999,074		1,105,516
Cambricon Technologies Corp. Ltd.^(a)		68,154		1,595,112
CGN Power Co. Ltd.		1,920,100		1,027,845
CGN Power Co. Ltd., Class H^(b)		27,351,000		8,306,016
Changchun High & New Technology Industry Group Inc., Class A		67,494		1,205,057
Changjiang Securities Co. Ltd., Class A		1,234,435		941,798
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		51,100		995,920
Chaozhou Three-Circle Group Co. Ltd., Class A		397,730		1,399,533
China Cinda Asset Management Co. Ltd., Class H		25,097,000		2,403,090
China CITIC Bank Corp. Ltd., Class H		22,886,800		12,168,639
China Coal Energy Co. Ltd., Class H		5,281,000		5,687,205
China Communications Services Corp. Ltd., Class H		6,710,000		2,850,267
China Construction Bank Corp., Class A		1,763,568		1,711,329
China Construction Bank Corp., Class H		241,666,760		149,871,110
China CSSC Holdings Ltd., Class A		767,300		3,781,458
China Eastern Airlines Corp. Ltd., Class A^(a)		2,754,297		1,453,974
China Energy Engineering Corp. Ltd.		6,654,152		2,010,646
China Everbright Bank Co. Ltd., Class A		8,299,903		3,705,081
China Everbright Bank Co. Ltd., Class H		5,211,000		1,629,219
China Feihe Ltd.^(b)		9,480,000		4,715,264
China Galaxy Securities Co. Ltd., Class A		822,300		1,385,934
China Galaxy Securities Co. Ltd., Class H		8,688,000		4,564,976
China Gas Holdings Ltd.		7,031,800		6,435,377
China Greatwall Technology Group Co. Ltd., Class A		680,573		979,628
China Hongqiao Group Ltd.^(c)		6,249,500		4,836,372
China International Capital Corp. Ltd., Class A		290,000		1,406,130
China International Capital Corp. Ltd., Class H^(b)		3,976,400		4,984,649
China Jushi Co. Ltd., Class A		831,940		1,154,891
China Life Insurance Co. Ltd., Class A		448,512		1,882,492
China Life Insurance Co. Ltd., Class H		18,609,000		22,810,719
China Literature Ltd.^(a)(b)		1,040,200		3,188,938
China Longyuan Power Group Corp. Ltd., Class H		8,541,000		6,018,954
China Medical System Holdings Ltd.		3,542,000		5,822,608
China Mengniu Dairy Co. Ltd.		7,995,000		19,990,231
China Merchants Bank Co. Ltd., Class A		3,226,489		14,287,974
China Merchants Bank Co. Ltd., Class H		9,653,967		37,332,069
China Merchants Energy Shipping Co. Ltd., Class A		1,419,000		1,417,740
China Merchants Port Holdings Co. Ltd.		3,592,000		4,458,576
China Merchants Securities Co. Ltd., Class A		1,471,779		2,879,596
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,301,590		1,698,284
China Minsheng Banking Corp. Ltd., Class A		6,873,155		3,850,754
China Minsheng Banking Corp. Ltd., Class H		13,996,548		4,925,989


Security	Shares		Value

China (continued)
China National Building Material Co. Ltd., Class H		9,942,000	$	3,739,257
China National Chemical Engineering Co. Ltd., Class A		1,282,467		1,241,179
China National Nuclear Power Co. Ltd., Class A		3,207,100		3,860,794
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		704,754		1,843,257
China Oilfield Services Ltd., Class H		4,912,000		4,322,521
China Overseas Land & Investment Ltd.		9,668,460		14,278,554
China Overseas Property Holdings Ltd.^(c)		3,360,000		2,824,859
China Pacific Insurance Group Co. Ltd., Class A		1,144,907		4,054,163
China Pacific Insurance Group Co. Ltd., Class H		6,413,000		12,164,514
China Petroleum & Chemical Corp., Class A		4,793,889		4,148,365
China Petroleum & Chemical Corp., Class H		62,020,800		34,170,558
China Power International Development Ltd.		12,882,000		5,203,456
China Railway Group Ltd., Class A		3,346,500		2,943,831
China Railway Group Ltd., Class H		10,220,000		4,978,043
China Resources Beer Holdings Co. Ltd.		4,092,000		17,632,244
China Resources Gas Group Ltd.		2,370,900		7,154,713
China Resources Land Ltd.		8,117,333		24,793,212
China Resources Microelectronics Ltd.		292,493		1,736,094
China Resources Mixc Lifestyle Services Ltd.^(b)		1,706,200		5,142,177
China Resources Pharmaceutical Group Ltd.^(b)		4,067,500		2,751,002
China Resources Power Holdings Co. Ltd.		4,932,999		10,619,038
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		172,599		1,316,815
China Ruyi Holdings Ltd.^(a)(c)		14,760,000		2,897,247
China Shenhua Energy Co. Ltd., Class A		1,100,039		5,877,086
China Shenhua Energy Co. Ltd., Class H		8,429,000		32,432,181
China Southern Airlines Co. Ltd., Class A^(a)		2,403,800		1,971,020
China State Construction Engineering Corp. Ltd., Class A		6,656,871		4,933,364
China State Construction International Holdings Ltd.		5,506,000		6,135,403
China Taiping Insurance Holdings Co. Ltd.		3,842,260		3,338,236
China Three Gorges Renewables Group Co. Ltd., Class A		5,118,825		3,279,526
China Tourism Group Duty Free Corp. Ltd.^(b)(c)		193,000		1,889,915
China Tourism Group Duty Free Corp. Ltd., Class A		359,132		4,324,646
China Tower Corp. Ltd., Class H^(b)		115,412,000		13,988,857
China United Network Communications Ltd., Class A		5,063,900		3,369,508
China Vanke Co. Ltd., Class A		1,406,366		1,953,926
China Vanke Co. Ltd., Class H		5,321,931		4,103,116
China Yangtze Power Co. Ltd., Class A		3,764,415		13,085,396
China Zhenhua Group Science & Technology Co. Ltd., Class A		127,500		1,013,908
China Zheshang Bank Co. Ltd., Class A		4,692,730		1,808,740
Chongqing Brewery Co. Ltd., Class A		84,600		766,497
Chongqing Changan Automobile Co. Ltd., Class A		1,285,817		2,652,385
Chongqing Zhifei Biological Products Co. Ltd., Class A		367,913		2,728,066
Chow Tai Fook Jewellery Group Ltd.^(c)		5,038,800		7,508,169
CITIC Ltd.		14,815,000		14,903,470
CITIC Securities Co. Ltd., Class A		1,925,793		5,682,174
CITIC Securities Co. Ltd., Class H		4,366,100		8,070,530
CMOC Group Ltd., Class A		3,333,198		2,837,168


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 T T 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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
CMOC Group Ltd., Class H		8,700,000	$	5,367,090
CNPC Capital Co. Ltd., NVS		1,445,100		1,240,734
Contemporary Amperex Technology Co. Ltd., Class A		673,534		15,233,619
COSCO Shipping Energy Transportation Co. Ltd., Class A		620,800		1,184,018
COSCO Shipping Energy Transportation Co. Ltd., Class H		3,216,000		3,042,730
COSCO Shipping Holdings Co. Ltd., Class A		2,003,864		2,919,706
COSCO Shipping Holdings Co. Ltd., Class H		7,462,849		8,034,059
COSCO Shipping Ports Ltd.		3,734,000		2,228,062
Country Garden Holdings Co. Ltd.^(a)(c)		31,100,939		2,527,349
Country Garden Services Holdings Co. Ltd.		5,414,000		4,121,063
CRRC Corp. Ltd., Class A		4,067,800		3,599,701
CRRC Corp. Ltd., Class H		11,351,000		5,844,087
CSC Financial Co. Ltd., Class A		736,033		2,373,782
CSPC Innovation Pharmaceutical Co. Ltd.		175,600		827,493
CSPC Pharmaceutical Group Ltd.		22,650,479		17,641,320
Daqin Railway Co. Ltd., Class A		2,745,100		2,841,703
Dongfang Electric Corp. Ltd., Class A		553,900		1,256,065
Dongfeng Motor Group Co. Ltd., Class H		6,718,000		2,873,676
Dongxing Securities Co. Ltd., Class A		853,797		1,004,507
East Buy Holding Ltd.^(a)(b)(c)		1,156,500		3,564,887
East Money Information Co. Ltd., Class A		2,421,498		4,703,706
Eastroc Beverage Group Co. Ltd.		51,000		1,265,291
Ecovacs Robotics Co. Ltd., Class A		121,653		628,910
ENN Energy Holdings Ltd.		2,009,300		16,315,188
ENN Natural Gas Co. Ltd., Class A		410,500		1,066,017
Eoptolink Technology Inc. Ltd.		123,900		1,034,506
Eve Energy Co. Ltd., Class A		330,853		1,755,559
Everbright Securities Co. Ltd., Class A		689,083		1,614,531
Fangda Carbon New Material Co. Ltd., Class A^(a)		1,313,834		897,008
Far East Horizon Ltd.		4,285,000		3,442,448
First Capital Securities Co. Ltd., Class A		1,041,900		827,210
Flat Glass Group Co. Ltd., Class A		255,400		772,821
Flat Glass Group Co. Ltd., Class H^(c)		1,066,000		1,970,789
Focus Media Information Technology Co. Ltd., Class A		2,618,978		2,283,384
Foshan Haitian Flavouring & Food Co. Ltd., Class A		748,756		4,208,156
Fosun International Ltd.		6,552,000		3,780,089
Founder Securities Co. Ltd., Class A		1,491,200		1,576,556
Foxconn Industrial Internet Co. Ltd., Class A		2,034,997		5,277,072
Fuyao Glass Industry Group Co. Ltd., Class A		366,772		2,202,370
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		1,536,800		7,703,094
Ganfeng Lithium Group Co. Ltd., Class A		300,173		1,664,564
Ganfeng Lithium Group Co. Ltd., Class H^(b)(c)		982,080		3,253,452
GCL Technology Holdings Ltd.		53,688,000		7,467,943
GD Power Development Co. Ltd., Class A		3,227,900		2,096,272
Geely Automobile Holdings Ltd.		15,308,000		16,659,265
GEM Co. Ltd., Class A		1,823,100		1,354,904
Genscript Biotech Corp.^(a)(c)		2,956,000		5,975,956
GF Securities Co. Ltd., Class A		1,018,694		2,001,326
GF Securities Co. Ltd., Class H		2,771,600		2,975,987
Giant Biogene Holding Co. Ltd.^(a)(b)		749,600		3,427,509
GigaDevice Semiconductor Inc., Class A		122,894		1,248,703
Ginlong Technologies Co. Ltd., Class A		70,500		636,360
GoerTek Inc., Class A		529,100		1,222,572
Goldwind Science & Technology Co Ltd., Class A		1,074,393		1,138,192


Security	Shares		Value

China (continued)
Gongniu Group Co. Ltd.		85,300	$	1,205,815
GoodWe Technologies Co. Ltd., NVS		29,209		439,021
Gotion High-tech Co. Ltd., Class A^(a)		368,723		1,012,115
Great Wall Motor Co. Ltd.		415,400		1,346,821
Great Wall Motor Co. Ltd., Class H		5,807,500		6,554,664
Gree Electric Appliances Inc. of Zhuhai, Class A		463,600		2,508,862
Guangdong Haid Group Co. Ltd., Class A		306,627		1,831,919
Guangdong Investment Ltd.		7,618,110		4,520,721
Guanghui Energy Co. Ltd., Class A		1,166,500		1,212,098
Guangzhou Automobile Group Co. Ltd., Class A		908,400		1,121,204
Guangzhou Automobile Group Co. Ltd., Class H		7,751,838		3,354,206
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		293,596		1,205,676
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		98,584		822,016
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		152,591		829,398
Guangzhou Tinci Materials Technology Co. Ltd., Class A		354,200		1,014,005
Guosen Securities Co. Ltd., Class A		1,238,751		1,480,159
Guotai Junan Securities Co. Ltd., Class A		1,313,040		2,746,843
H World Group Ltd., ADR		522,740		19,111,374
Haidilao International Holding Ltd.^(b)(c)		4,255,000		7,738,019
Haier Smart Home Co. Ltd., Class A		1,071,341		3,568,542
Haier Smart Home Co. Ltd., Class H		5,984,800		18,125,809
Hainan Airlines Holding Co. Ltd., Class A^(a)		6,855,200		1,360,747
Hainan Airport Infrastructure Co. Ltd., NVS^(a)		2,355,600		1,224,467
Haitian International Holdings Ltd.		1,788,000		4,527,337
Haitong Securities Co. Ltd., Class A		1,718,300		2,176,701
Haitong Securities Co. Ltd., Class H		6,485,200		3,219,202
Hangzhou First Applied Material Co. Ltd., Class A		328,192		1,265,233
Hangzhou Robam Appliances Co. Ltd., Class A		225,864		781,699
Hangzhou Silan Microelectronics Co. Ltd., Class A		323,500		936,946
Hangzhou Tigermed Consulting Co. Ltd., Class A		55,100		343,985
Hansoh Pharmaceutical Group Co. Ltd.^(b)		3,004,000		5,294,744
Henan Shenhuo Coal & Power Co. Ltd.		495,500		1,264,698
Henan Shuanghui Investment & Development Co. Ltd., Class A		676,400		2,738,159
Hengan International Group Co. Ltd.		1,609,500		4,960,803
Hengli Petrochemical Co. Ltd., Class A^(a)		1,255,291		2,217,557
Hengyi Petrochemical Co. Ltd., Class A^(a)		1,098,349		1,052,733
Hithink RoyalFlush Information Network Co. Ltd., Class A		85,600		1,624,245
Hoshine Silicon Industry Co. Ltd., Class A		155,300		1,140,658
Hua Hong Semiconductor Ltd.^(a)(b)		1,534,000		3,287,717
Huadian Power International Corp. Ltd., Class A		1,646,200		1,414,018
Huadong Medicine Co. Ltd., Class A		327,705		1,525,960
Huafon Chemical Co. Ltd., Class A		1,104,400		1,044,713
Huagong Tech Co. Ltd., Class A		208,600		918,898
Hualan Biological Engineering Inc., Class A		483,883		1,322,310
Huaneng Power International Inc., Class A^(a)		1,665,800		2,038,130
Huaneng Power International Inc., Class H^(a)		10,616,000		5,954,107
Huatai Securities Co. Ltd., Class A		1,307,909		2,633,805
Huatai Securities Co. Ltd., Class H^(b)		2,895,400		3,417,498
Huaxia Bank Co. Ltd., Class A		2,644,960		2,325,649


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Huayu Automotive Systems Co. Ltd., Class A		617,268	$	1,493,484
Huizhou Desay Sv Automotive Co. Ltd., Class A		90,900		1,289,404
Humanwell Healthcare Group Co. Ltd., Class A		350,200		1,068,174
Hunan Valin Steel Co. Ltd., Class A		1,479,200		1,165,307
Hundsun Technologies Inc., Class A		327,144		1,106,264
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		884,400		3,319,896
Hygon Information Technology Co. Ltd., NVS		312,752		3,691,676
IEIT Systems Co. Ltd., Class A		233,790		1,213,006
Iflytek Co. Ltd., Class A		371,419		2,548,590
Imeik Technology Development Co. Ltd., Class A		36,900		1,675,370
Industrial & Commercial Bank of China Ltd., Class A		9,969,962		7,367,733
Industrial & Commercial Bank of China Ltd., Class H		163,298,085		83,708,669
Industrial Bank Co. Ltd., Class A		3,174,242		7,322,592
Industrial Securities Co. Ltd., Class A		1,930,676		1,555,056
Ingenic Semiconductor Co. Ltd., Class A		98,100		888,257
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		8,757,600		1,871,130
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,027,600		1,093,280
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		997,170		3,914,918
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,768,600		5,561,135
Innovent Biologics Inc.^(a)(b)		3,036,000		16,372,237
iQIYI Inc., ADR^(a)(c)		1,131,996		4,177,065
Isoftstone Information Technology Group Co. Ltd., NVS^(a)		151,400		957,163
JA Solar Technology Co. Ltd., Class A		567,660		1,474,521
JCET Group Co. Ltd., Class A		381,500		1,384,714
JD Health International Inc.^(a)(b)(c)		2,821,500		10,641,495
JD Logistics Inc.^(a)(b)		4,929,300		4,867,194
JD.com Inc.		5,916,204		66,769,571
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,095,400		1,594,480
Jiangsu Expressway Co. Ltd., Class H		3,882,000		3,987,540
Jiangsu Hengli Hydraulic Co. Ltd., Class A		230,288		1,813,117
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		997,241		5,885,308
Jiangsu King’s Luck Brewery JSC Ltd., Class A		212,286		1,576,362
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		231,250		3,226,831
Jiangsu Zhongtian Technology Co. Ltd., Class A		610,624		1,107,305
Jiangxi Copper Co. Ltd., Class A		497,200		1,347,871
Jiangxi Copper Co. Ltd., Class H		2,902,000		4,306,897
Jinko Solar Co. Ltd.		1,160,002		1,422,467
JiuGui Liquor Co. Ltd., Class A		65,300		550,708
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A^(a)		235,733		826,198
Kanzhun Ltd., ADR		568,333		8,894,411
KE Holdings Inc., ADR		1,663,117		22,601,760
Kingboard Holdings Ltd.		1,791,000		3,512,989
Kingdee International Software Group Co. Ltd.^(a)		7,174,000		7,714,109
Kingsoft Corp. Ltd.		2,409,200		6,694,294
Kuaishou Technology^(a)(b)		5,889,000		33,254,655
Kunlun Energy Co. Ltd.		9,986,000		8,513,198
Kunlun Tech Co. Ltd., Class A^(a)		213,200		1,195,823
Kweichow Moutai Co. Ltd., Class A		189,687		44,498,483
LB Group Co. Ltd., Class A		546,500		1,421,991


Security	Shares		Value

China (continued)
Legend Biotech Corp., ADR^(a)(c)		183,585	$	11,962,399
Lenovo Group Ltd.		20,226,000		22,344,255
Lens Technology Co. Ltd., Class A		993,800		1,667,486
Lepu Medical Technology Beijing Co. Ltd., Class A		432,570		905,789
Li Auto Inc.^(a)		2,892,190		66,005,444
Li Ning Co. Ltd.		5,965,500		14,759,301
Lingyi iTech Guangdong Co., Class A		1,794,480		1,365,956
Longfor Group Holdings Ltd.^(b)		4,913,500		6,154,180
LONGi Green Energy Technology Co. Ltd., Class A		1,168,371		3,439,484
Luxshare Precision Industry Co. Ltd., Class A		1,112,946		4,258,789
Luzhou Laojiao Co. Ltd., Class A		222,739		5,401,058
Mango Excellent Media Co. Ltd., Class A		319,200		1,096,031
Maxscend Microelectronics Co. Ltd., Class A		92,644		1,381,419
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		1,010,680		779,860
Meituan, Class B^(a)(b)		12,794,300		129,889,861
Metallurgical Corp. of China Ltd., Class A		3,427,690		1,581,877
Midea Group Co. Ltd., Class A		529,100		4,598,348
Ming Yang Smart Energy Group Ltd., Class A		430,800		609,706
MINISO Group Holding Ltd.		945,080		4,343,676
Montage Technology Co. Ltd., Class A		206,400		1,496,602
Muyuan Foods Co. Ltd., Class A		881,639		4,697,071
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		377,953		751,226
NARI Technology Co. Ltd., Class A		1,416,054		4,550,577
National Silicon Industry Group Co. Ltd., Class A^(a)		529,941		1,132,972
NAURA Technology Group Co. Ltd., Class A		86,200		3,397,119
NetEase Inc.		4,875,750		105,913,828
New China Life Insurance Co. Ltd., Class A		354,702		1,610,634
New China Life Insurance Co. Ltd., Class H		1,930,200		3,707,979
New Hope Liuhe Co. Ltd., Class A^(a)		1,049,597		1,287,752
New Oriental Education & Technology Group Inc.^(a)		3,754,100		35,282,081
Ninestar Corp., Class A		308,338		1,002,579
Ningbo Deye Technology Co. Ltd., NVS		74,300		862,758
Ningbo Joyson Electronic Corp., Class A		344,100		793,614
Ningbo Orient Wires & Cables Co. Ltd.		149,700		804,274
Ningbo Shanshan Co. Ltd.		580,903		921,981
Ningbo Tuopu Group Co. Ltd., Class A		186,200		1,512,391
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,377,300		2,911,834
NIO Inc., ADR^(a)(c)		3,418,909		19,658,727
Nongfu Spring Co. Ltd., Class H^(b)		4,996,200		28,252,513
OFILM Group Co. Ltd., Class A^(a)		623,300		705,779
Oppein Home Group Inc., Class A		87,700		843,746
Orient Overseas International Ltd.		331,500		5,133,388
Orient Securities Co. Ltd., Class A		1,310,134		1,599,350
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		2,003,589		884,870
PDD Holdings Inc., ADR^(a)		1,507,364		187,727,113
People.cn Co. Ltd.		181,200		666,897
People’s Insurance Co. Group of China Ltd. (The), Class A		1,842,300		1,339,195
People’s Insurance Co. Group of China Ltd. (The), Class H		19,804,000		6,596,782
Perfect World Co. Ltd., Class A		432,100		700,635
PetroChina Co. Ltd., Class A		3,221,300		3,943,273
PetroChina Co. Ltd., Class H		53,208,000		41,731,640
Pharmaron Beijing Co. Ltd., Class A		235,300		760,426


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 T T 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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
PICC Property & Casualty Co. Ltd., Class H		17,297,192	$	23,647,313
Ping An Bank Co. Ltd., Class A		2,938,667		4,308,656
Ping An Insurance Group Co. of China Ltd., Class A		1,687,584		10,009,549
Ping An Insurance Group Co. of China Ltd., Class H		16,741,500		74,452,246
Piotech Inc., NVS		38,368		1,137,751
Poly Developments and Holdings Group Co. Ltd., Class A		1,781,884		2,408,325
Pop Mart International Group Ltd.^(b)		1,208,000		3,011,512
Postal Savings Bank of China Co. Ltd., Class A		4,707,500		3,161,966
Postal Savings Bank of China Co. Ltd., Class H^(b)		18,823,000		9,889,108
Power Construction Corp. of China Ltd., Class A		2,799,400		1,982,280
Qifu Technology Inc.		301,942		4,665,004
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		979,500		2,194,193
Range Intelligent Computing Technology Group Co. Ltd.		309,700		1,115,235
Rongsheng Petrochemical Co. Ltd., Class A		1,672,158		2,377,592
SAIC Motor Corp. Ltd., Class A		1,416,106		2,935,337
Sanan Optoelectronics Co. Ltd., Class A		960,700		1,656,938
Sangfor Technologies Inc., Class A^(a)		80,300		706,594
Sany Heavy Equipment International Holdings Co. Ltd.		2,999,000		2,319,023
Sany Heavy Industry Co. Ltd., Class A		1,462,952		2,822,544
Satellite Chemical Co. Ltd., Class A^(a)		696,684		1,599,384
SDIC Capital Co. Ltd., Class A		1,729,100		1,655,755
SDIC Power Holdings Co. Ltd., Class A		1,292,300		2,584,098
Seazen Holdings Co. Ltd., Class A^(a)		374,973		538,912
Seres Group Co. Ltd., NVS^(a)		235,200		2,999,495
SF Holding Co. Ltd., Class A		778,735		4,129,657
SG Micro Corp., Class A		97,121		952,805
Shaanxi Coal Industry Co. Ltd., Class A		1,527,376		5,461,330
Shandong Gold Mining Co. Ltd., Class A		657,836		1,974,237
Shandong Gold Mining Co. Ltd., Class H^(b)		1,792,500		2,832,270
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		454,080		1,729,596
Shandong Linglong Tyre Co. Ltd., Class A		368,800		1,131,942
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		6,248,000		4,061,858
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		263,272		733,718
Shanghai Baosight Software Co. Ltd., Class A		321,216		2,085,645
Shanghai Baosight Software Co. Ltd., Class B		1,564,297		3,514,778
Shanghai Construction Group Co. Ltd., Class A		2,241,752		761,264
Shanghai Electric Group Co. Ltd., Class A^(a)		2,967,391		1,744,166
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		386,600		1,316,580
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,302,500		2,346,949
Shanghai International Airport Co. Ltd., Class A^(a)		238,198		1,160,055
Shanghai International Port Group Co. Ltd., Class A		1,897,189		1,429,229
Shanghai Junshi Biosciences Co. Ltd.^(a)		125,200		545,987
Shanghai M&G Stationery Inc., Class A		195,537		965,477
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		579,300		1,455,250
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,920,000		3,087,553


Security	Shares		Value

China (continued)
Shanghai Pudong Development Bank Co. Ltd., Class A		4,849,495	$	4,804,978
Shanghai Putailai New Energy Technology Co. Ltd., Class A		386,466		1,005,850
Shanghai RAAS Blood Products Co. Ltd., Class A		1,385,700		1,382,337
Shanghai Rural Commercial Bank Co. Ltd.		1,894,600		1,694,718
Shanghai United Imaging Healthcare Co. Ltd., NVS		125,684		2,483,916
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		234,700		649,479
Shanxi Coal International Energy Group Co. Ltd.		360,200		918,826
Shanxi Coking Coal Energy Group Co. Ltd., Class A		966,000		1,559,890
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		488,700		1,751,717
Shanxi Meijin Energy Co. Ltd., Class A^(a)		1,144,400		1,089,577
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		185,200		5,962,455
Shede Spirits Co. Ltd.		54,900		616,032
Shengyi Technology Co. Ltd., Class A		535,300		1,272,026
Shennan Circuits Co. Ltd., Class A		114,640		1,115,251
Shenwan Hongyuan Group Co. Ltd., Class A		4,493,670		2,853,101
Shenzhen Inovance Technology Co. Ltd., Class A		250,697		2,195,345
Shenzhen Kangtai Biological Products Co. Ltd., Class A		235,635		791,813
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		195,832		7,830,201
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		139,100		1,561,471
Shenzhen Overseas Chinese Town Co. Ltd., Class A^(a)		1,448,600		615,895
Shenzhen Transsion Holding Co. Ltd., Class A		124,533		2,745,019
Shenzhou International Group Holdings Ltd.		2,097,400		17,203,897
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		289,900		862,438
Sichuan Chuantou Energy Co. Ltd., Class A		914,860		1,988,053
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		318,578		1,210,872
Sichuan Road & Bridge Co. Ltd., Class A		1,388,080		1,570,683
Sichuan Swellfun Co. Ltd., Class A		98,193		682,720
Sino Biopharmaceutical Ltd.^(c)		26,247,750		10,432,424
Sinoma Science & Technology Co. Ltd., Class A		411,600		893,032
Sinopharm Group Co. Ltd., Class H		3,524,800		9,863,919
Sinotruk Hong Kong Ltd.		1,652,000		4,367,635
Skshu Paint Co. Ltd., Class A^(a)		106,796		571,313
Smoore International Holdings Ltd.^(b)(c)		4,671,000		3,247,130
Songcheng Performance Development Co. Ltd., Class A		617,318		923,251
SooChow Securities Co. Ltd., Class A		884,100		894,270
Spring Airlines Co. Ltd., Class A^(a)		190,300		1,513,759
StarPower Semiconductor Ltd., Class A		32,500		683,092
Sungrow Power Supply Co. Ltd., Class A		234,300		2,828,767
Sunny Optical Technology Group Co. Ltd.		1,785,400		11,490,670
Sunwoda Electronic Co. Ltd., Class A		443,100		872,611
SUPCON Technology Co. Ltd.		183,243		1,168,835
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		439,500		911,948


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Suzhou Maxwell Technologies Co. Ltd., Class A		49,440	$	832,126
Suzhou TFC Optical Communication Co. Ltd.		69,200		1,308,244
TAL Education Group, ADR^(a)		1,118,559		16,476,374
TBEA Co. Ltd., Class A		935,380		1,930,939
TCL Technology Group Corp., Class A^(a)		3,813,530		2,392,799
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		691,316		1,295,596
Tencent Holdings Ltd.		16,691,900		584,727,550
Tencent Music Entertainment Group, ADR^(a)		1,905,220		19,947,653
Thunder Software Technology Co. Ltd., Class A		79,987		671,685
Tianma Microelectronics Co. Ltd., Class A^(a)		914,823		1,161,306
Tianqi Lithium Corp., Class A		224,000		1,662,901
Tingyi Cayman Islands Holding Corp.		5,220,000		5,804,930
Tongcheng Travel Holdings Ltd.^(a)		3,319,600		8,345,310
TongFu Microelectronics Co. Ltd., Class A		338,400		1,042,138
Tongkun Group Co. Ltd., Class A^(a)		682,500		1,283,666
Tongwei Co. Ltd., Class A		709,384		2,604,033
Topchoice Medical Corp., Class A^(a)		77,700		706,838
Topsports International Holdings Ltd.^(b)		4,942,000		3,344,347
TravelSky Technology Ltd., Class H		2,615,000		3,126,149
Trina Solar Co. Ltd.		360,397		1,252,710
Trip.com Group Ltd.^(a)		1,388,762		63,036,287
Tsingtao Brewery Co. Ltd., Class A		121,090		1,345,297
Tsingtao Brewery Co. Ltd., Class H		1,550,000		9,918,020
Unigroup Guoxin Microelectronics Co. Ltd., Class A^(a)		156,839		1,554,035
Unisplendour Corp. Ltd., Class A^(a)		500,354		1,533,520
Vinda International Holdings Ltd.		814,000		2,410,702
Vipshop Holdings Ltd., ADR^(a)		871,810		16,782,342
Walvax Biotechnology Co. Ltd., Class A		351,847		897,100
Wanhua Chemical Group Co. Ltd., Class A		494,591		5,440,871
Want Want China Holdings Ltd.		12,568,000		6,934,512
Weichai Power Co. Ltd., Class A		1,318,144		3,088,460
Weichai Power Co. Ltd., Class H		4,749,800		9,349,324
Wens Foodstuffs Group Co. Ltd., Class A		1,130,870		3,009,837
Western Securities Co. Ltd., Class A		1,146,110		1,267,202
Western Superconducting Technologies Co. Ltd., Class A		195,212		1,084,090
Will Semiconductor Co. Ltd. Shanghai, Class A		199,970		2,654,826
Wingtech Technology Co. Ltd., Class A^(a)		181,400		959,268
Wuhan Guide Infrared Co. Ltd., Class A		1,079,732		943,544
Wuliangye Yibin Co. Ltd., Class A		588,028		11,569,050
WUS Printed Circuit Kunshan Co. Ltd., Class A		356,823		1,307,892
WuXi AppTec Co. Ltd., Class A		378,229		2,850,430
WuXi AppTec Co. Ltd., Class H^(b)(c)		880,770		5,429,513
Wuxi Biologics Cayman Inc.^(a)(b)		9,662,000		22,885,491
XCMG Construction Machinery Co. Ltd., Class A		2,196,069		1,805,855
Xiaomi Corp., Class B^(a)(b)		38,622,800		64,902,652
Xinjiang Daqo New Energy Co. Ltd.		329,152		1,332,579
Xinyi Solar Holdings Ltd.		12,690,000		7,684,370
XPeng Inc.^(a)(c)		2,884,076		13,498,319
Yadea Group Holdings Ltd.^(b)(c)		3,202,000		5,030,565
Yankuang Energy Group Co. Ltd., Class A		649,900		2,330,377
Yankuang Energy Group Co. Ltd., Class H^(a)		5,662,200		13,057,273
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		271,298		1,135,568
Yealink Network Technology Corp. Ltd., Class A		266,242		1,083,211
Yifeng Pharmacy Chain Co. Ltd., Class A		194,090		1,059,861
Yihai Kerry Arawana Holdings Co. Ltd., Class A		290,100		1,298,257
Yintai Gold Co. Ltd., Class A		596,600		1,237,131


Security	Shares		Value

China (continued)
YongXing Special Materials Technology Co. Ltd., Class A		98,630	$	753,816
Yonyou Network Technology Co. Ltd., Class A		548,351		964,265
YTO Express Group Co. Ltd., Class A		652,200		1,152,570
Yuexiu Property Co. Ltd.		4,192,000		2,787,755
Yum China Holdings Inc.		1,027,588		44,073,249
Yunda Holding Co. Ltd., Class A		641,804		641,276
Yunnan Aluminium Co. Ltd., Class A		641,500		1,028,225
Yunnan Baiyao Group Co. Ltd., Class A		354,922		2,450,312
Yunnan Energy New Material Co. Ltd., Class A		144,800		921,158
Zai Lab Ltd.^(a)		2,361,760		5,040,410
Zangge Mining Co. Ltd.		369,800		1,501,320
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		97,964		3,027,273
Zhaojin Mining Industry Co. Ltd., Class H^(c)		3,458,500		3,575,971
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		1,293,598		877,788
Zhejiang China Commodities City Group Co. Ltd., Class A		801,100		911,904
Zhejiang Chint Electrics Co. Ltd., Class A		471,423		1,344,113
Zhejiang Dahua Technology Co. Ltd., Class A		549,284		1,407,741
Zhejiang Expressway Co. Ltd., Class H		5,154,640		3,931,032
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		374,404		722,986
Zhejiang Huayou Cobalt Co. Ltd., Class A		300,815		1,153,912
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		258,084		1,324,373
Zhejiang Juhua Co. Ltd., Class A		560,700		1,582,637
Zhejiang Leapmotor Technology Co. Ltd.^(a)(b)(c)		1,288,000		4,506,230
Zhejiang NHU Co. Ltd., Class A		658,687		1,644,098
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		290,500		1,003,543
Zhejiang Supor Co. Ltd., Class A		138,082		1,061,097
Zhejiang Zheneng Electric Power Co. Ltd., Class A^(a)		2,359,600		1,761,580
Zheshang Securities Co. Ltd., Class A		921,700		1,309,126
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		1,769,700		2,786,785
Zhongji Innolight Co. Ltd., Class A		126,900		2,733,272
Zhongjin Gold Corp. Ltd., Class A		842,600		1,213,832
Zhongsheng Group Holdings Ltd.		2,035,500		3,705,901
Zhongtai Securities Co. Ltd.		1,764,700		1,699,954
Zhuzhou CRRC Times Electric Co. Ltd.		1,387,400		4,067,783
Zijin Mining Group Co. Ltd., Class A		3,339,400		6,051,683
Zijin Mining Group Co. Ltd., Class H		13,538,000		21,746,406
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,520,354		1,686,806
ZTE Corp., Class A		604,000		2,499,024
ZTE Corp., Class H		1,886,600		4,249,536
ZTO Express Cayman Inc., ADR		1,062,404		20,387,533


				4,494,015,653

Colombia — 0.1%
Bancolombia SA		630,177		5,288,670
Interconexion Electrica SA ESP		1,157,083		4,929,026


				10,217,696

Czech Republic — 0.1%
CEZ AS		402,872		13,764,090
Komercni Banka AS		187,587		6,528,396
Moneta Money Bank AS^(b)		853,562		3,746,845


				24,039,331


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 T T 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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Egypt — 0.1%
Commercial International Bank - Egypt (CIB)		9,039,285	$	12,904,079
Eastern Co. S.A.E		4,110,572		2,907,649
EFG Holding S.A.E.^(a)		2,296,495		842,870


				16,654,598

Greece — 0.5%
Alpha Services and Holdings SA^(a)		5,539,714		10,435,366
Eurobank Ergasias Services and Holdings SA, Class A^(a)		6,331,967		13,081,516
FF Group^(d)		246,892		3
Hellenic Telecommunications Organization SA		490,670		7,403,210
JUMBO SA		299,790		8,761,308
Motor Oil Hellas Corinth Refineries SA		161,140		4,603,981
Mytilineos SA		246,359		9,585,529
National Bank of Greece SA^(a)		1,925,955		15,122,523
OPAP SA		468,507		8,542,329
Piraeus Financial Holdings SA^(a)		1,725,456		7,622,908
Public Power Corp. SA^(a)		535,884		6,999,910


				92,158,583

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		1,098,501		8,740,193
OTP Bank Nyrt		561,495		26,921,055
Richter Gedeon Nyrt		347,459		9,250,235


				44,911,483

India — 17.9%
ABB India Ltd.		134,291		8,803,154
Adani Enterprises Ltd.		433,876		17,185,054
Adani Green Energy Ltd.^(a)		802,673		18,345,083
Adani Ports & Special Economic Zone Ltd.		1,334,655		21,188,797
Adani Power Ltd.^(a)		1,945,786		12,877,466
Ambuja Cements Ltd.		1,504,566		10,988,346
APL Apollo Tubes Ltd.		432,905		8,062,713
Apollo Hospitals Enterprise Ltd.		255,528		18,811,791
Ashok Leyland Ltd.		3,849,312		7,884,354
Asian Paints Ltd.		969,008		33,051,428
Astral Ltd.		331,993		8,284,668
AU Small Finance Bank Ltd.^(b)		427,058		2,927,490
Aurobindo Pharma Ltd.		668,886		8,291,866
Avenue Supermarts Ltd.^(a)(b)		415,939		19,642,748
Axis Bank Ltd.		5,737,180		74,267,941
Bajaj Auto Ltd.		171,440		16,339,778
Bajaj Finance Ltd.		697,121		54,387,708
Bajaj Finserv Ltd.		968,906		18,597,974
Bajaj Holdings & Investment Ltd.		67,632		7,460,447
Balkrishna Industries Ltd.		196,275		5,271,996
Bandhan Bank Ltd.^(b)		1,800,847		4,240,857
Bank of Baroda		2,624,317		8,396,567
Berger Paints India Ltd.		764,319		5,592,673
Bharat Electronics Ltd.		9,273,590		22,906,671
Bharat Forge Ltd.		648,027		8,985,668
Bharat Heavy Electricals Ltd.		2,631,482		7,221,669
Bharat Petroleum Corp. Ltd.		1,923,908		13,981,752
Bharti Airtel Ltd.		5,665,971		76,711,572
Britannia Industries Ltd.		275,050		16,483,372
CG Power and Industrial Solutions Ltd.		1,550,046		8,283,159
Cholamandalam Investment and Finance Co. Ltd.		1,043,216		13,666,440
Cipla Ltd.		1,320,364		23,579,842
Coal India Ltd.		3,850,540		20,220,410
Colgate-Palmolive India Ltd.		315,159		9,584,345
Container Corp. of India Ltd.		692,811		8,161,767
Cummins India Ltd.		363,519		12,010,756


Security	Shares		Value

India (continued)
Dabur India Ltd.		1,583,655	$	10,283,931
Divi’s Laboratories Ltd.		303,606		12,770,586
DLF Ltd.		1,870,658		20,322,208
Dr. Reddy’s Laboratories Ltd.		288,336		22,357,548
Eicher Motors Ltd.		346,994		15,856,509
GAIL India Ltd.		5,839,138		12,813,357
GMR Airports Infrastructure Ltd.^(a)		6,063,220		6,142,469
Godrej Consumer Products Ltd.		1,038,091		15,716,743
Godrej Properties Ltd.^(a)		317,507		9,184,467
Grasim Industries Ltd.		668,363		17,641,342
Havells India Ltd.		635,974		11,733,991
HCL Technologies Ltd.		2,380,780		47,711,225
HDFC Asset Management Co. Ltd.^(b)		235,699		10,667,066
HDFC Bank Ltd.		7,059,123		119,221,197
HDFC Life Insurance Co. Ltd.^(b)		2,435,826		17,099,091
Hero MotoCorp Ltd.		295,623		15,754,793
Hindalco Industries Ltd.		3,340,859		20,265,399
Hindustan Aeronautics Ltd., NVS		500,385		18,578,422
Hindustan Petroleum Corp. Ltd.		1,439,870		8,851,820
Hindustan Unilever Ltd.		2,068,049		60,169,376
ICICI Bank Ltd.		13,063,076		165,911,031
ICICI Lombard General Insurance Co. Ltd.^(b)		607,598		12,552,419
ICICI Prudential Life Insurance Co. Ltd.^(b)		908,873		5,841,283
IDFC First Bank Ltd.^(a)		8,515,594		8,319,916
Indian Hotels Co. Ltd., Class A		2,176,498		15,405,285
Indian Oil Corp. Ltd.		7,116,765		14,192,146
Indian Railway Catering & Tourism Corp. Ltd.		608,951		6,809,001
Indraprastha Gas Ltd.		796,161		4,086,140
IndusInd Bank Ltd.		738,742		13,122,810
Info Edge India Ltd.		181,727		11,528,206
Infosys Ltd.		8,363,130		168,303,732
InterGlobe Aviation Ltd.^(a)(b)		370,884		14,083,196
ITC Ltd.		7,559,894		36,998,491
Jindal Steel & Power Ltd.		906,060		8,453,046
Jio Financial Services Ltd., NVS^(a)		7,884,443		29,434,184
JSW Steel Ltd.		1,533,455		14,784,253
Jubilant Foodworks Ltd.		1,008,475		5,640,937
Kotak Mahindra Bank Ltd.		2,763,368		56,220,663
Larsen & Toubro Ltd.		1,700,199		71,283,044
LTIMindtree Ltd.^(b)		225,320		14,406,287
Lupin Ltd.		543,786		10,636,917
Macrotech Developers Ltd.		570,022		7,987,112
Mahindra & Mahindra Ltd.		2,366,417		55,101,370
Marico Ltd.		1,304,281		8,217,616
Maruti Suzuki India Ltd.		353,934		48,168,465
Max Healthcare Institute Ltd.		1,981,604		18,965,281
Mphasis Ltd.		194,157		6,125,058
MRF Ltd.		5,876		10,359,013
Muthoot Finance Ltd.		305,734		4,795,577
Nestle India Ltd., NVS		853,726		26,736,590
NMDC Ltd.		2,575,867		7,017,784
NTPC Ltd.		10,972,042		44,336,443
Oil & Natural Gas Corp. Ltd.		7,872,032		25,043,960
One 97 Communications Ltd., NVS^(a)		618,033		2,991,444
Page Industries Ltd.		15,630		6,467,262
Persistent Systems Ltd.		127,943		13,314,143
Petronet LNG Ltd.		1,863,062		6,134,164
PI Industries Ltd.		208,362		9,229,289
Pidilite Industries Ltd.		390,068		12,879,113
Polycab India Ltd.		111,805		6,400,416
Power Finance Corp. Ltd.		3,727,622		18,033,135
Power Grid Corp. of India Ltd.		11,695,280		39,956,639


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Punjab National Bank		5,547,534	$	8,152,407
REC Ltd.		3,301,054		17,577,858
Reliance Industries Ltd.		7,670,187		269,954,107
Samvardhana Motherson International Ltd.		5,991,010		8,607,152
SBI Cards & Payment Services Ltd.		705,527		6,120,750
SBI Life Insurance Co. Ltd.^(b)		1,140,469		21,309,657
Shree Cement Ltd.		22,761		6,985,209
Shriram Finance Ltd.		712,469		20,928,937
Siemens Ltd.		224,671		12,667,206
Sona Blw Precision Forgings Ltd.^(b)		1,039,858		8,637,142
SRF Ltd.		377,698		10,888,288
State Bank of India		4,492,174		40,451,126
Sun Pharmaceutical Industries Ltd.		2,419,289		45,993,170
Supreme Industries Ltd.		164,564		8,230,189
Suzlon Energy Ltd.^(a)		22,084,529		12,032,009
Tata Communications Ltd.		305,243		7,068,995
Tata Consultancy Services Ltd.		2,293,306		113,131,304
Tata Consumer Products Ltd.		1,414,428		20,284,163
Tata Elxsi Ltd.		86,920		8,184,821
Tata Motors Ltd.		4,157,465		47,599,322
Tata Motors Ltd., Class A		1,196,730		9,112,542
Tata Power Co. Ltd. (The)		3,648,495		16,362,992
Tata Steel Ltd.		18,597,773		31,526,489
Tech Mahindra Ltd.		1,342,807		20,635,217
Titan Co. Ltd.		897,790		39,234,751
Torrent Pharmaceuticals Ltd.		257,671		8,301,782
Trent Ltd.		462,304		21,606,434
Tube Investments of India Ltd.		269,809		11,326,017
TVS Motor Co. Ltd.		602,352		15,522,059
UltraTech Cement Ltd.		291,586		34,788,042
Union Bank of India Ltd.		3,086,095		5,445,202
United Spirits Ltd.		738,255		10,377,413
UPL Ltd.		1,142,726		6,471,706
Varun Beverages Ltd.		1,153,816		19,608,402
Vedanta Ltd.		2,245,314		7,235,016
Wipro Ltd.		3,237,528		20,198,367
Yes Bank Ltd.^(a)		32,914,574		9,678,537
Zomato Ltd.^(a)		15,312,986		30,479,127


				3,184,826,630

Indonesia — 1.9%
Adaro Energy Indonesia Tbk PT		36,433,700		5,615,180
Amman Mineral Internasional PT^(a)		16,975,900		9,175,611
Aneka Tambang Tbk		23,124,300		2,147,681
Astra International Tbk PT		51,160,700		17,031,303
Bank Central Asia Tbk PT		139,193,600		87,589,788
Bank Mandiri Persero Tbk PT		93,768,000		41,883,680
Bank Negara Indonesia Persero Tbk PT		37,901,752		14,485,449
Bank Rakyat Indonesia Persero Tbk PT		171,336,908		66,767,198
Barito Pacific Tbk PT		71,670,622		4,454,927
Charoen Pokphand Indonesia Tbk PT		18,723,145		5,772,717
GoTo Gojek Tokopedia Tbk PT^(a)		2,121,524,100		9,602,815
Indah Kiat Pulp & Paper Tbk PT		6,444,700		3,581,810
Indofood CBP Sukses Makmur Tbk PT		5,970,500		4,401,949
Indofood Sukses Makmur Tbk PT		11,085,500		4,673,334
Kalbe Farma Tbk PT		53,367,415		5,052,250
Merdeka Copper Gold Tbk PT^(a)		26,675,563		3,836,679
Sarana Menara Nusantara Tbk PT		51,787,800		3,036,805
Semen Indonesia Persero Tbk PT		8,396,071		3,261,485
Sumber Alfaria Trijaya Tbk PT		43,810,700		7,666,524
Telkom Indonesia Persero Tbk PT		125,191,000		31,912,353
Unilever Indonesia Tbk PT		19,011,700		3,302,701


Security	Shares		Value

Indonesia (continued)
United Tractors Tbk PT		3,648,553	$	5,464,418


				340,716,657

Kazakhstan — 0.0%
Polymetal International PLC^(a)(d)		1,312,267		144


Kuwait — 0.8%
Agility Public Warehousing Co. KSC^(a)		4,060,890		7,941,016
Boubyan Bank KSCP		3,519,502		7,358,898
Gulf Bank KSCP		5,144,265		4,935,419
Kuwait Finance House KSCP		21,698,364		57,167,839
Mabanee Co. KPSC		1,669,829		4,438,408
Mobile Telecommunications Co. KSCP		4,940,662		8,080,419
National Bank of Kuwait SAKP		18,810,883		59,934,254


				149,856,253

Malaysia — 1.4%
AMMB Holdings Bhd		4,218,375		3,861,439
Axiata Group Bhd		7,060,900		4,139,025
CELCOMDIGI Bhd		9,096,300		8,352,728
CIMB Group Holdings Bhd		15,994,500		21,780,963
Gamuda Bhd		4,527,700		5,047,210
Genting Bhd		5,285,200		5,316,582
Genting Malaysia Bhd		7,346,900		4,449,633
Hong Leong Bank Bhd		1,649,600		6,859,360
IHH Healthcare Bhd		4,922,300		6,379,126
Inari Amertron Bhd		6,791,900		4,546,760
IOI Corp. Bhd		6,466,220		5,421,809
Kuala Lumpur Kepong Bhd		1,287,400		6,083,585
Malayan Banking Bhd		13,389,100		26,900,173
Malaysia Airports Holdings Bhd		1,930,900		3,450,433
Maxis Bhd^(c)		6,020,400		4,719,395
MISC Bhd		3,282,200		5,262,061
MR DIY Group M Bhd^(b)		7,866,300		2,585,438
Nestle Malaysia Bhd		195,100		5,134,968
Petronas Chemicals Group Bhd		7,065,600		10,428,684
Petronas Dagangan Bhd		772,500		3,718,028
Petronas Gas Bhd		2,027,400		7,664,431
PPB Group Bhd		1,640,860		5,387,124
Press Metal Aluminium Holdings Bhd		9,419,700		9,296,697
Public Bank Bhd		36,486,750		33,864,471
QL Resources Bhd		2,799,400		3,426,032
RHB Bank Bhd		3,701,325		4,371,409
Sime Darby Bhd		6,851,973		3,915,215
Sime Darby Plantation Bhd		5,407,373		4,941,702
Telekom Malaysia Bhd		3,116,100		3,974,761
Tenaga Nasional Bhd		6,466,250		15,342,951
YTL Corp. Bhd		7,990,700		4,495,874
YTL Power International Bhd		6,146,300		5,115,980


				246,234,047

Mexico — 2.6%
Alfa SAB de CV, Class A		7,603,947		5,670,309
America Movil SAB de CV		47,330,550		44,319,672
Arca Continental SAB de CV		1,284,936		13,842,035
Banco del Bajio SA^(b)		1,976,800		7,356,641
Cemex SAB de CV, NVS^(a)		38,463,415		29,404,538
Coca-Cola Femsa SAB de CV		1,332,569		13,006,508
Fibra Uno Administracion SA de CV		7,348,581		13,279,334
Fomento Economico Mexicano SAB de CV		4,898,472		61,166,774
Gruma SAB de CV, Class B		469,666		8,363,977
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		732,654		6,350,234


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 T T 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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mexico (continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		978,100	$	14,442,315
Grupo Aeroportuario del Sureste SAB de CV, Class B		469,542		13,776,685
Grupo Bimbo SAB de CV, Series A		3,345,946		13,996,858
Grupo Carso SAB de CV, Series A1		1,424,941		12,328,017
Grupo Financiero Banorte SAB de CV, Class O		6,542,712		67,644,907
Grupo Financiero Inbursa SAB de CV, Class O^(a)(c)		4,665,549		14,154,659
Grupo Mexico SAB de CV, Series B		7,917,388		38,434,351
Industrias Penoles SAB de CV^(a)(c)		511,563		6,410,351
Kimberly-Clark de Mexico SAB de CV, Class A		3,860,263		8,579,243
Operadora De Sites Mexicanos SAB de CV		3,277,721		3,809,593
Orbia Advance Corp. SAB de CV		2,629,934		4,863,548
Prologis Property Mexico SA de CV		1,871,642		8,412,602
Promotora y Operadora de Infraestructura SAB de CV		472,425		4,909,888
Wal-Mart de Mexico SAB de CV		13,121,200		52,540,998


				467,064,037

Netherlands — 0.1%
NEPI Rockcastle NV		1,300,516		9,279,229
Pepco Group NV^(a)		426,309		2,139,377


				11,418,606

Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		519,532		7,844,933
Credicorp Ltd.		170,216		29,086,510
Southern Copper Corp.		216,194		17,481,447


				54,412,890

Philippines — 0.7%
Aboitiz Equity Ventures Inc.		4,292,730		4,048,426
Ayala Corp.		629,516		7,597,183
Ayala Land Inc.		17,081,600		10,646,346
Bank of the Philippine Islands		4,758,008		10,593,819
BDO Unibank Inc.		6,012,243		16,379,175
International Container Terminal Services Inc.		2,578,040		13,230,065
JG Summit Holdings Inc.		7,205,293		5,255,128
Jollibee Foods Corp.		1,137,669		5,541,115
Manila Electric Co.		611,540		4,242,651
Metropolitan Bank & Trust Co.		4,718,245		5,203,881
PLDT Inc.		191,788		4,475,178
SM Investments Corp.		627,292		10,496,615
SM Prime Holdings Inc.		25,664,525		14,426,737
Universal Robina Corp.		2,211,270		4,603,391


				116,739,710

Poland — 1.0%
Allegro.eu SA ^(a)(b)(c)		1,309,987		10,586,547
Bank Polska Kasa Opieki SA		459,200		19,917,060
Budimex SA		33,610		6,144,424
CD Projekt SA		167,277		4,597,406
Dino Polska SA^(a)(b)(c)		123,622		14,384,862
KGHM Polska Miedz SA		355,241		9,601,317
LPP SA		2,834		12,732,454
mBank SA^(a)		38,255		6,665,856
ORLEN SA		1,434,072		22,275,904
PGE Polska Grupa Energetyczna SA^(a)		2,305,165		4,606,743
Powszechna Kasa Oszczednosci Bank Polski SA		2,191,623		30,541,146
Powszechny Zaklad Ubezpieczen SA		1,487,317		18,301,765
Santander Bank Polska SA		90,758		12,516,239


				172,871,723


Security	Shares		Value

Qatar — 0.9%
Barwa Real Estate Co.		4,970,504	$	4,170,409
Commercial Bank PSQC (The)		8,171,223		11,333,391
Dukhan Bank		4,740,904		5,414,959
Industries Qatar QSC		3,820,894		13,528,784
Masraf Al Rayan QSC		14,032,212		9,746,821
Mesaieed Petrochemical Holding Co. QSC		12,079,114		6,260,668
Ooredoo QPSC		2,043,632		6,372,164
Qatar Electricity & Water Co. QSC		1,116,569		5,294,775
Qatar Fuel QSC		1,702,137		6,979,579
Qatar Gas Transport Co. Ltd.		6,416,182		7,034,331
Qatar International Islamic Bank QSC		2,372,716		7,424,294
Qatar Islamic Bank SAQ		4,270,251		23,596,753
Qatar National Bank QPSC		11,598,657		48,443,040


				155,599,968

Russia — 0.0%
Alrosa PJSC^(a)(d)		9,805,890		1,072
Gazprom PJSC^(a)(d)		43,696,315		4,775
Inter RAO UES PJSC^(a)(d)		121,651,300		13,295
LUKOIL PJSC^(a)(d)		1,533,792		168
MMC Norilsk Nickel PJSC^(a)(d)		233,757		26
Mobile TeleSystems PJSC^(a)(d)		3,162,662		346
Moscow Exchange MICEX-RTS PJSC^(a)(d)		5,279,850		577
Novatek PJSC^(a)(d)		3,371,230		368
Novolipetsk Steel PJSC^(a)(d)		5,629,360		615
Ozon Holdings PLC, ADR^(a)(d)		197,078		21
PhosAgro PJSC^(a)(d)		174,249		19
PhosAgro PJSC, GDR^(a)(d)(e)		2		—
PhosAgro PJSC, New^(a)(d)		3,367		34
Polyus PJSC^(a)(d)		126,490		14
Rosneft Oil Co. PJSC^(a)(d)		4,281,715		468
Sberbank of Russia PJSC^(a)(d)		39,606,181		4,328
Severstal PAO^(a)(d)		805,849		88
Surgutneftegas PJSC^(a)(d)		26,192,370		2,863
Tatneft PJSC^(a)(d)		5,175,395		566
TCS Group Holding PLC, GDR^(a)(d)(e)		445,207		49
United Co. RUSAL International PJSC^(a)(d)		11,428,270		1,249
VK Co. Ltd.^(a)(d)		404,870		44
VTB Bank PJSC^(a)(d)		11,783,971,998		1,288
X5 Retail Group NV, GDR^(a)(d)		424,766		46
Yandex NV^(a)(d)		1,127,576		123


				32,442

Saudi Arabia — 4.5%
ACWA Power Co.		236,813		16,672,735
Ades Holding Co.^(a)		850,623		4,536,293
Advanced Petrochemical Co.		349,348		3,557,103
Al Rajhi Bank		4,951,900		117,598,776
Alinma Bank		2,461,101		28,886,501
Almarai Co. JSC		619,567		9,714,033
Anglogold Ashanti PLC, NVS		1,063,366		20,032,072
Arab National Bank		1,710,052		12,715,009
Arabian Internet & Communications Services Co.		58,718		5,750,703
Bank AlBilad		1,243,344		16,410,070
Bank Al-Jazira^(a)		1,024,571		5,322,018
Banque Saudi Fransi		1,489,402		15,143,642
Bupa Arabia for Cooperative Insurance Co.		202,331		12,379,679
Co. for Cooperative Insurance (The)		177,878		7,683,715
Dallah Healthcare Co.		86,860		4,344,969
Dar Al Arkan Real Estate Development Co.^(a)		1,342,821		5,004,518
Dr Sulaiman Al Habib Medical Services Group Co.		222,027		19,551,624


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Saudi Arabia (continued)
Elm Co.		60,921	$	17,183,292
Etihad Etisalat Co.		948,044		13,979,371
Jarir Marketing Co.		1,484,862		6,171,851
Mobile Telecommunications Co. Saudi Arabia		1,118,508		4,443,850
Mouwasat Medical Services Co.		248,815		8,199,650
Nahdi Medical Co.		96,674		3,660,429
Power & Water Utility Co. for Jubail & Yanbu		194,408		3,944,217
Rabigh Refining & Petrochemical Co.^(a)		49,082		108,277
Reinet Investments SCA		348,162		8,786,462
Riyad Bank		3,710,588		30,805,667
SABIC Agri-Nutrients Co.		589,751		19,716,458
Sahara International Petrochemical Co.		902,719		7,376,482
Saudi Arabian Mining Co.^(a)		3,299,171		43,779,593
Saudi Arabian Oil Co.^(b)		6,607,159		55,862,681
Saudi Aramco Base Oil Co.		131,224		5,886,577
Saudi Awwal Bank		2,542,490		27,996,362
Saudi Basic Industries Corp.		2,262,167		47,525,878
Saudi Electricity Co.		2,114,401		11,286,807
Saudi Industrial Investment Group		938,520		5,188,385
Saudi Investment Bank (The)		1,243,344		5,372,092
Saudi Kayan Petrochemical Co.^(a)		1,941,408		4,995,490
Saudi National Bank (The)		7,392,949		83,549,392
Saudi Research & Media Group^(a)		95,719		6,321,120
Saudi Tadawul Group Holding Co.		122,521		7,909,890
Saudi Telecom Co.		5,052,436		57,191,516
Savola Group (The)		654,303		9,246,743
Yanbu National Petrochemical Co.		666,466		6,651,115


				808,443,107

South Africa — 2.5%
Absa Group Ltd.		2,122,086		18,115,770
Anglo American Platinum Ltd.		169,546		6,522,208
Aspen Pharmacare Holdings Ltd.		957,728		9,786,502
Bid Corp. Ltd.		851,178		19,912,595
Bidvest Group Ltd. (The)		733,977		8,941,661
Capitec Bank Holdings Ltd.		219,147		23,088,820
Clicks Group Ltd.		606,490		9,489,134
Discovery Ltd.		1,375,181		9,752,954
Exxaro Resources Ltd.		620,527		5,757,936
FirstRand Ltd.		12,756,828		43,157,539
Gold Fields Ltd.		2,258,570		29,753,120
Harmony Gold Mining Co. Ltd.		1,422,088		8,266,658
Impala Platinum Holdings Ltd.		2,234,761		7,583,833
Kumba Iron Ore Ltd.		164,972		4,618,442
MTN Group Ltd.		4,303,004		18,733,099
Naspers Ltd., Class N		463,720		76,282,665
Nedbank Group Ltd.		1,106,385		12,657,377
Northam Platinum Holdings Ltd.		905,816		5,179,870
Old Mutual Ltd.		11,891,493		7,401,060
OUTsurance Group Ltd., NVS		2,052,639		4,456,303
Pepkor Holdings Ltd.^(b)(c)		5,127,253		4,990,918
Remgro Ltd.		1,334,698		10,122,272
Sanlam Ltd.		4,459,908		17,102,515
Sasol Ltd.		1,454,340		10,960,427
Shoprite Holdings Ltd.		1,268,247		17,074,387
Sibanye Stillwater Ltd.		7,181,979		7,402,397
Standard Bank Group Ltd.		3,375,813		35,521,719
Vodacom Group Ltd.		1,584,597		7,767,665
Woolworths Holdings Ltd./South Africa		2,383,292		7,973,715


			448,373,561

South Korea — 11.8%
Amorepacific Corp.		73,917		6,646,421


Security	Shares		Value

South Korea (continued)
Celltrion Inc.		385,778	$	52,171,226
Celltrion Pharm Inc.^(a)(c)		47,471		3,956,165
CJ CheilJedang Corp.		21,195		4,776,630
CosmoAM&T Co. Ltd.^(a)		61,451		8,213,326
Coway Co. Ltd.		140,566		5,721,354
DB Insurance Co. Ltd.^(a)		113,770		8,442,251
Doosan Bobcat Inc.		140,593		4,963,723
Doosan Enerbility Co. Ltd.^(a)		1,137,782		13,887,158
Ecopro BM Co. Ltd.^(a)(c)		123,619		24,846,499
Ecopro Co. Ltd.^(a)(c)		50,396		23,503,979
Ecopro Materials Co. Ltd.^(a)		34,648		5,024,428
GS Holdings Corp.		117,913		4,256,276
Hana Financial Group Inc.		733,525		31,209,941
Hanjin Kal Corp.		67,064		3,182,971
Hankook Tire & Technology Co. Ltd.		188,685		7,687,080
Hanmi Pharm Co. Ltd.^(a)		17,922		4,498,034
Hanmi Semiconductor Co. Ltd.^(a)		112,343		7,187,697
Hanon Systems		474,093		2,196,750
Hanwha Aerospace Co. Ltd.		89,968		12,677,771
Hanwha Ocean Co. Ltd.^(a)		182,505		3,239,327
Hanwha Solutions Corp.		277,889		5,802,652
HD Hyundai Co. Ltd.		112,172		5,962,887
HD Hyundai Heavy Industries Co. Ltd.^(a)		55,582		4,928,756
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		107,900		9,076,870
HLB Inc.^(a)		296,180		18,170,549
HMM Co. Ltd.^(a)		604,421		8,292,677
HYBE Co. Ltd.		52,940		7,928,901
Hyundai Engineering & Construction Co. Ltd.^(a)		198,197		5,169,780
Hyundai Glovis Co. Ltd.^(a)		46,306		6,629,385
Hyundai Mobis Co. Ltd.		153,734		28,040,722
Hyundai Motor Co.		346,494		65,233,531
Hyundai Steel Co.^(a)		224,629		6,072,891
Industrial Bank of Korea^(a)		685,697		7,216,241
Kakao Corp.		782,523		31,408,900
KakaoBank Corp.		420,335		9,007,488
Kakaopay Corp.^(a)(c)		68,142		2,258,507
Kangwon Land Inc.^(a)		253,393		3,310,680
KB Financial Group Inc.		963,578		45,957,076
Kia Corp.^(a)		657,016		61,528,179
Korea Aerospace Industries Ltd.^(a)		185,543		7,159,096
Korea Electric Power Corp.^(a)		657,195		12,237,352
Korea Investment Holdings Co. Ltd.^(a)		110,220		5,886,752
Korea Zinc Co. Ltd.^(c)		21,048		7,076,592
Korean Air Lines Co. Ltd.		456,657		7,889,346
Krafton Inc.^(a)		73,699		12,596,290
KT Corp.		169,279		4,965,409
KT&G Corp.		257,731		18,001,145
Kum Yang Co. Ltd.^(a)		86,812		6,298,533
Kumho Petrochemical Co. Ltd.^(a)		41,873		4,650,288
L&F Co. Ltd.^(a)		64,535		8,243,884
LG Chem Ltd.		124,122		42,394,624
LG Corp.		237,406		16,710,769
LG Display Co. Ltd.^(a)		590,244		5,037,591
LG Electronics Inc.		268,600		19,201,602
LG Energy Solution Ltd.^(a)(c)		118,291		35,748,742
LG H&H Co. Ltd.		23,566		5,660,160
LG Innotek Co. Ltd.		35,067		5,329,035
LG Uplus Corp.		548,145		4,251,398
Lotte Chemical Corp.		47,839		4,398,748
Meritz Financial Group Inc.		260,687		16,270,516
Mirae Asset Securities Co. Ltd.^(a)		657,130		4,459,381


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 T T 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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
NAVER Corp.		328,181	$	48,187,169
NCSoft Corp.		36,447		5,315,851
Netmarble Corp.^(a)(b)		62,741		2,913,332
NH Investment & Securities Co. Ltd.^(a)		357,284		3,154,706
Orion Corp./Republic of Korea		60,278		4,204,172
Pearl Abyss Corp.^(a)		6,815		155,781
Posco DX Co. Ltd.^(a)		134,738		5,498,268
POSCO Future M Co. Ltd.^(a)(c)		78,244		18,702,388
POSCO Holdings Inc.		181,129		58,865,797
Posco International Corp.^(a)		134,094		5,687,816
Samsung Biologics Co. Ltd.^(a)(b)		44,551		25,922,839
Samsung C&T Corp.		209,368		24,649,707
Samsung Electro-Mechanics Co. Ltd.		139,657		14,717,197
Samsung Electronics Co. Ltd.		12,025,628		663,728,987
Samsung Engineering Co. Ltd.^(a)		392,316		7,255,943
Samsung Fire & Marine Insurance Co. Ltd.^(a)		76,986		17,229,389
Samsung Heavy Industries Co. Ltd.^(a)		1,637,427		9,734,590
Samsung Life Insurance Co. Ltd.		200,614		14,602,878
Samsung SDI Co. Ltd.		139,104		39,518,213
Samsung SDS Co. Ltd.		95,539		11,492,449
Samsung Securities Co. Ltd.		158,691		4,959,568
Shinhan Financial Group Co. Ltd.		1,089,380		35,611,374
SK Biopharmaceuticals Co. Ltd.^(a)		79,570		5,798,968
SK Bioscience Co. Ltd.^(a)		68,348		3,158,553
SK Hynix Inc.		1,375,659		162,168,778
SK IE Technology Co. Ltd.^(a)(b)		69,801		3,850,047
SK Inc.		92,680		13,368,595
SK Innovation Co. Ltd.^(a)		151,712		13,385,237
SK Square Co. Ltd.^(a)		251,349		13,188,952
SK Telecom Co. Ltd.		147,168		5,825,534
SKC Co. Ltd.^(a)		48,799		3,040,528
S-Oil Corp.		111,473		6,404,070
Woori Financial Group Inc.		1,510,662		16,926,764
Yuhan Corp.		142,936		7,249,984


				2,101,227,356

Taiwan — 16.7%
Accton Technology Corp.		1,259,000		20,718,652
Acer Inc.^(c)		7,429,121		10,624,911
Advantech Co. Ltd.		1,229,213		15,170,900
Airtac International Group^(c)		348,526		13,353,160
Alchip Technologies Ltd.		187,000		24,531,118
ASE Technology Holding Co. Ltd.		7,781,110		34,350,809
Asia Cement Corp.		5,865,077		7,507,650
Asustek Computer Inc.		1,773,968		25,560,497
AUO Corp.		16,657,200		9,238,450
Catcher Technology Co. Ltd.		1,481,210		9,228,849
Cathay Financial Holding Co. Ltd.		23,712,000		33,833,142
Chailease Holding Co. Ltd.^(c)		3,884,081		21,474,502
Chang Hwa Commercial Bank Ltd.		13,872,047		7,816,277
Cheng Shin Rubber Industry Co. Ltd.		4,979,128		7,401,295
China Airlines Ltd.^(c)		7,453,000		4,720,000
China Development Financial Holding Corp.^(a)		40,604,588		16,140,108
China Steel Corp.^(c)		29,950,313		23,325,105
Chunghwa Telecom Co. Ltd.^(c)		9,536,410		36,330,475
Compal Electronics Inc.		10,573,908		12,210,387
CTBC Financial Holding Co. Ltd.		44,247,772		41,190,827
Delta Electronics Inc.		4,901,000		45,670,727
E Ink Holdings Inc.^(c)		2,147,000		16,714,996
E.Sun Financial Holding Co. Ltd.		35,202,378		28,143,002
Eclat Textile Co. Ltd.		451,427		7,715,681
eMemory Technology Inc.		164,000		14,081,406
Eva Airways Corp.		6,681,000		6,651,004


Security	Shares		Value

Taiwan (continued)
Evergreen Marine Corp. Taiwan Ltd.		2,537,324	$	13,292,305
Far Eastern New Century Corp.		7,621,038		7,860,774
Far EasTone Telecommunications Co. Ltd.		4,355,000		10,850,041
Feng TAY Enterprise Co. Ltd.^(c)		1,325,593		6,934,473
First Financial Holding Co. Ltd.^(c)		27,324,089		23,435,211
Formosa Chemicals & Fibre Corp.^(c)		8,987,090		16,276,656
Formosa Petrochemical Corp.^(c)		2,872,000		6,754,080
Formosa Plastics Corp.^(c)		9,791,280		22,221,162
Fubon Financial Holding Co. Ltd.		19,493,073		41,967,179
Gigabyte Technology Co. Ltd.^(c)		1,285,000		14,054,929
Global Unichip Corp.^(c)		235,000		11,843,982
Globalwafers Co. Ltd.		549,000		9,696,629
Hon Hai Precision Industry Co. Ltd.		31,316,873		102,107,903
Hotai Motor Co. Ltd.		780,380		16,573,152
Hua Nan Financial Holdings Co. Ltd.		22,174,407		15,442,576
Innolux Corp.		22,007,738		10,559,610
Inventec Corp.^(c)		6,812,281		11,865,926
Largan Precision Co. Ltd.		253,000		20,763,556
Lite-On Technology Corp.		5,078,246		17,619,769
MediaTek Inc.		3,826,338		138,078,432
Mega Financial Holding Co. Ltd.		29,023,100		35,557,344
Micro-Star International Co. Ltd.		1,830,000		11,074,382
momo.com Inc.		1,000		14,089
Nan Ya Plastics Corp.^(c)		12,198,160		23,067,291
Nan Ya Printed Circuit Board Corp.^(c)		585,000		3,919,429
Nanya Technology Corp.		3,207,000		6,827,704
Nien Made Enterprise Co. Ltd.		450,000		5,267,803
Novatek Microelectronics Corp.^(c)		1,458,000		27,750,623
Parade Technologies Ltd.^(c)		196,000		6,304,780
Pegatron Corp.		4,917,414		13,315,169
PharmaEssentia Corp.^(a)		591,000		6,141,935
Pou Chen Corp.		5,792,220		5,595,747
Powerchip Semiconductor Manufacturing Corp.^(c)		7,729,000		6,756,479
President Chain Store Corp.		1,447,000		12,337,225
Quanta Computer Inc.		6,814,000		50,071,514
Realtek Semiconductor Corp.		1,242,637		22,396,097
Ruentex Development Co. Ltd.		4,123,916		4,745,726
Shanghai Commercial & Savings Bank Ltd. (The)		9,794,229		13,944,959
Shin Kong Financial Holding Co. Ltd.^(a)(c)		33,092,149		8,687,843
Silergy Corp.		820,000		10,819,981
SinoPac Financial Holdings Co. Ltd.		26,851,521		17,086,289
Synnex Technology International Corp.		3,244,834		7,993,778
Taishin Financial Holding Co. Ltd.		28,445,523		15,663,469
Taiwan Business Bank		15,952,184		7,067,850
Taiwan Cement Corp.^(c)		16,073,748		16,341,634
Taiwan Cooperative Financial Holding Co. Ltd.		26,143,701		21,480,678
Taiwan High Speed Rail Corp.		5,042,000		4,818,160
Taiwan Mobile Co. Ltd.		4,455,600		13,963,164
Taiwan Semiconductor Manufacturing Co. Ltd.		62,072,000		1,360,277,791
Unimicron Technology Corp.^(c)		3,459,000		19,653,803
Uni-President Enterprises Corp.		12,129,839		29,454,161
United Microelectronics Corp.^(c)		28,157,000		43,413,261
Vanguard International Semiconductor Corp.^(c)		2,329,000		5,320,234
Voltronic Power Technology Corp.		169,000		8,588,768
Walsin Lihwa Corp.^(c)		7,098,406		8,314,402
Wan Hai Lines Ltd.		1,693,090		2,697,122
Winbond Electronics Corp.^(c)		8,061,863		7,127,554
Wistron Corp.^(c)		6,585,000		24,112,729
Wiwynn Corp.^(c)		241,000		17,792,504
WPG Holdings Ltd.		4,094,449		12,021,733


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Yageo Corp.^(c)		841,940	$	14,875,705
Yang Ming Marine Transport Corp.		4,246,000		6,698,851
Yuanta Financial Holding Co. Ltd.		25,287,004		21,974,964
Zhen Ding Technology Holding Ltd.^(c)		1,653,075		5,260,872


				2,978,497,871

Thailand — 1.6%
Advanced Info Service PCL, NVDR		3,005,600		16,862,457
Airports of Thailand PCL, NVDR^(c)		10,712,200		18,983,627
Asset World Corp. PCL, NVDR^(c)		20,308,300		2,181,940
Bangkok Dusit Medical Services PCL, NVDR		27,776,100		22,066,996
Bangkok Expressway & Metro PCL, NVDR		19,420,400		4,365,441
Berli Jucker PCL, NVDR		122,500		82,799
BTS Group Holdings PCL, NVDR^(c)		19,301,700		2,773,851
Bumrungrad Hospital PCL, NVDR		1,529,000		9,539,963
Central Pattana PCL, NVDR		5,126,700		9,255,148
Central Retail Corp. PCL, NVDR^(c)		4,604,634		4,469,659
Charoen Pokphand Foods PCL, NVDR^(c)		9,557,700		5,035,934
CP ALL PCL, NVDR		14,766,100		23,676,857
CP Axtra PCL, NVDR		5,384,500		5,000,000
Delta Electronics Thailand PCL, NVDR		7,867,300		15,661,551
Energy Absolute PCL, NVDR^(c)		4,262,100		4,194,930
Global Power Synergy PCL, NVDR^(c)		1,943,000		2,763,428
Gulf Energy Development PCL, NVDR		7,445,700		8,939,279
Home Product Center PCL, NVDR		15,030,314		4,694,403
Indorama Ventures PCL, NVDR		4,342,780		2,822,277
Intouch Holdings PCL, NVDR		2,552,425		4,823,271
Kasikornbank PCL, NVDR		1,476,000		5,065,065
Krung Thai Bank PCL, NVDR		8,754,500		3,929,080
Krungthai Card PCL, NVDR		2,660,400		3,172,487
Land & Houses PCL, NVDR^(c)		20,942,400		4,433,976
Minor International PCL, NVDR		8,203,020		7,263,554
Muangthai Capital PCL, NVDR^(c)		1,863,800		2,385,181
PTT Exploration & Production PCL, NVDR^(c)		3,483,039		14,626,468
PTT Global Chemical PCL, NVDR^(c)		5,703,430		6,036,470
PTT Oil & Retail Business PCL, NVDR		7,576,000		3,821,921
PTT PCL, NVDR		25,346,900		24,193,088
SCB X PCL, NVDR		2,054,300		6,452,403
SCG Packaging PCL, NVDR		3,189,500		2,490,488
Siam Cement PCL (The), NVDR		1,945,300		14,590,778
Thai Oil PCL, NVDR		3,088,200		4,821,481
TMBThanachart Bank PCL, NVDR^(c)		61,611,900		3,164,715
True Corp. PCL, NVDR^(a)(c)		26,581,520		5,235,451


				279,876,417

Turkey — 0.7%
Akbank TAS		7,901,900		10,520,180
Aselsan Elektronik Sanayi Ve Ticaret AS		3,519,912		6,754,769
BIM Birlesik Magazalar AS		1,146,195		14,225,522
Coca-Cola Icecek A/S		191,640		3,970,065
Enka Insaat ve Sanayi AS		2		2
Eregli Demir ve Celik Fabrikalari TAS^(a)(c)		3,562,125		5,189,512
Ford Otomotiv Sanayi AS		180,401		5,874,448
Haci Omer Sabanci Holding AS		2,510,135		6,389,566
KOC Holding AS		1,902,165		10,244,278
Pegasus Hava Tasimaciligi AS^(a)		115,187		3,162,379
Sasa Polyester Sanayi AS^(a)		3,323,056		4,209,215
Tofas Turk Otomobil Fabrikasi AS		320,399		2,739,597
Turk Hava Yollari AO^(a)		1,373,672		12,392,363
Turkcell Iletisim Hizmetleri AS		3,046,632		6,530,971
Turkiye Is Bankasi AS, Class C		22,187,846		7,868,300
Turkiye Petrol Rafinerileri AS		2,415,355		12,513,150
Turkiye Sise ve Cam Fabrikalari AS		3,519,613		5,761,254


Security	Shares		Value

Turkey (continued)
Yapi ve Kredi Bankasi AS		8,522,080	$	6,289,171


				124,634,742

United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		7,344,332		17,136,341
Abu Dhabi Islamic Bank PJSC		3,686,333		11,280,955
Abu Dhabi National Oil Co. for Distribution PJSC		7,808,155		7,440,488
Aldar Properties PJSC		9,710,395		14,619,988
Americana Restaurants International PLC		6,411,994		5,987,868
Dubai Islamic Bank PJSC		7,159,505		12,553,183
Emaar Properties PJSC		16,722,720		36,969,871
Emirates NBD Bank PJSC		4,775,352		23,792,576
Emirates Telecommunications Group Co. PJSC		8,801,007		43,370,649
First Abu Dhabi Bank PJSC		11,082,660		41,171,740
Multiply Group PJSC^(a)		9,808,613		6,066,145


				220,389,804


Total Common Stocks — 97.3% (Cost: $16,333,606,761)				17,306,052,676


Preferred Stocks

Brazil — 1.6%
Banco Bradesco SA, Preference Shares, NVS		13,477,734		37,279,242
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		639,364		6,162,002
Cia. Energetica de Minas Gerais, Preference Shares, NVS		3,473,474		8,363,840
Companhia Paranaense de Energia, Preference Shares, NVS		2,582,695		5,309,719
Gerdau SA, Preference Shares, NVS		2,945,569		12,739,581
Itau Unibanco Holding SA, Preference Shares, NVS		12,201,922		83,308,168
Itausa SA, Preference Shares, NVS		13,813,595		28,621,438
Petroleo Brasileiro SA, Preference Shares, NVS		11,994,149		96,848,814


				278,632,804

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA,
Class B, Preference Shares		362,493		17,976,969


Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		1,129,912		9,235,051


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(d)		25,014,400		2,734


South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		56,702		6,802,687
Series 2, Preference Shares, NVS		91,427		11,058,784
LG Chem Ltd., Preference Shares, NVS		20,267		4,581,932
Samsung Electronics Co. Ltd., Preference Shares, NVS		2,074,450		99,338,470


				121,781,873


Total Preferred Stocks — 2.4% (Cost: $231,678,968)				427,629,431


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 T T 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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Rights

China — 0.0%

Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)^(a)		255,006	$	—


South Korea — 0.0%

LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)^(a)		187,634		184,591


Total Rights — 0.0% (Cost: $—)				184,591


Total Long-Term Investments — 99.7% (Cost: $16,565,285,729)				17,733,866,698


Short-Term Securities

Money Market Funds — 2.6%

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		446,818,337		447,041,746
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(f)(g)		12,100,000		12,100,000


Total Short-Term Securities — 2.6% (Cost: $458,792,342)				459,141,746


Total Investments — 102.3% (Cost: $17,024,078,071)				18,193,008,444

Liabilities in Excess of Other Assets — (2.3)%				(408,834,113	)


Net Assets — 100.0%			$ 17,784,174,331

^(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




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: Institu-tional, SL Agency Shares	$	706,808,674	$	—		$	(259,894,350)	^(a)	$	136,479	$	(9,057	)	$	447,041,746		446,818,337	$	4,296,969	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		12,100,000	^(a)		—			—		—			12,100,000		12,100,000		1,250,603			—


									$	136,479	$	(9,057	)	$	459,141,746			$	5,547,572		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

1,176

03/15/24

59,788

459,969


S C H E D U L E O F I N V E S T M E N T S			25

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets 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)	$	—	$	—	$	459,969	$	—	$	—	$	—	$	459,969

^(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	$	—	$	—	$	(311,921	)	$	—	$	—	$	—	$	(311,921	)
Forward foreign currency exchange contracts		—		—		—			16,951		—		—		16,951


	$	—	$	—	$	(311,921	)	$	16,951	$	—	$	—	$	(294,970	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	553,273		$	—	$	—	$	—	$	553,273

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	35,446,358
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	241,108
Average amounts sold — in USD	$	481,817

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	2,691,568,489	$	14,614,451,598	$	32,589	$	17,306,052,676
Preferred Stocks		287,867,855		139,758,842		2,734		427,629,431
Rights		—		184,591		—		184,591
Short-Term Securities
Money Market Funds		459,141,746		—		—		459,141,746


	$	3,438,578,090	$	14,754,395,031	$	35,323	$	18,193,008,444


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 T T 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 ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	459,969	$	—	$	—	$	459,969

^(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 E O F I N V E S T M E N T S		27

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares Currency Hedged MSCI Emerging Markets ETF				iShares MSCI Emerging Markets ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	—			$	17,733,866,698
Investments, at value — affiliated^(c)			159,486,724				459,141,746
Cash			1,944				59,212,510
Cash pledged for futures contracts			—				1,912,000
Foreign currency, at value^(d)			—				43,334,470
Receivables:
Investments sold			—				94,771,637
Securities lending income — affiliated			2,828				441,311
Capital shares sold			—				130,912
Dividends — unaffiliated			—				33,794,600
Dividends — affiliated			1,528				272,137
Tax reclaims			—				422,604
Variation margin on futures contracts			—				11,704
Unrealized appreciation on forward foreign currency exchange contracts			714,237				—


Total assets			160,207,261				18,427,312,329


LIABILITIES
Cash received as collateral for OTC derivatives			380,000				—
Collateral on securities loaned, at value			40,037,484				446,274,217
Payables:
Investments purchased			549,566				109,707,310
Capital shares redeemed			9,763				15
Deferred foreign capital gain tax			—				76,622,493
Foreign taxes			—				72,312
Investment advisory fees			—				10,017,988
Professional fees			—				443,663
Unrealized depreciation on forward foreign currency exchange contracts			149,245				—


Total liabilities			41,126,058				643,137,998


Commitments and contingent liabilities

NET ASSETS		$	119,081,203			$	17,784,174,331


NET ASSETS CONSIST OF
Paid-in capital		$	145,106,879			$	29,556,778,453
Accumulated loss			(26,025,676	)			(11,772,604,122	)


NET ASSETS		$	119,081,203			$	17,784,174,331


NET ASSET VALUE
Shares outstanding			4,790,000				442,800,000



Net asset value		$	24.86			$	40.16



Shares authorized			250 million				5 billion



Par value		$	0.001			$	0.001


^(a) Investments, at cost — unaffiliated		$	—			$	16,565,285,729

^(b) Securities loaned, at value		$	39,051,195			$	421,954,447

^(c) Investments, at cost — affiliated		$	174,823,471			$	458,792,342

^(d)Foreign currency, at cost		$	—			$	43,722,080

See notes to financial statements.


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 T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares Currency Hedged MSCI Emerging Markets ETF				iShares MSCI Emerging Markets ETF


INVESTMENT INCOME
Dividends — unaffiliated		$	—			$	160,239,901
Dividends — affiliated			2,434,279				1,250,603
Securities lending income — affiliated — net^(a)			29,168				4,296,969
Other income — unaffiliated			—				4,914,480
Foreign taxes withheld			—				(18,785,717	)
Foreign withholding tax claims			—				82,898
Other foreign taxes			—				87,099


Total investment income			2,463,447				152,086,233


EXPENSES
Investment advisory			493,444				63,288,949
Interest expense			649				164,973
Commitment costs			633				19,473
Professional			—				499,750


Total expenses			494,726				63,973,145

Less:
Investment advisory fees waived			(494,726	)			—


Total expenses after fees waived			—				63,973,145


Net investment income			2,463,447				88,113,088


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(b)			—				214,659,645
Investments — affiliated			(1,456,220	)			136,479
Forward foreign currency exchange contracts			2,163,434				16,951
Foreign currency transactions			—				(1,716,632	)
Futures contracts			—				(311,921	)
In-kind redemptions — unaffiliated^(c)			—				(83,400,187	)
In-kind redemptions — affiliated^(c)			(473,864	)			—


			233,350				129,384,335

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(d)			—				349,079,953
Investments — affiliated			4,429,429				(9,057	)
Forward foreign currency exchange contracts			(1,498,901	)			—
Foreign currency translations			—				(940,902	)
Futures contracts			—				553,273


			2,930,528				348,683,267


Net realized and unrealized gain			3,163,878				478,067,602


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,627,325			$	566,180,690


^(a) Net of securities lending income tax paid of		$	—			$	465,842

^(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of		$	—			$	(41,498	)

^(c) See Note 2 of the Notes to Financial Statements.

^(d) Net of increase in deferred foreign capital gain tax of		$	—			$	(56,821,025	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		29

Statements of Changes in Net Assets


	iShares Currency Hedged MSCI Emerging Markets ETF										iShares MSCI Emerging Markets 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			$	2,463,447		$	3,305,910				$	88,113,088		$	498,842,578
Net realized gain (loss)				233,350			(7,873,217	)				129,384,335			(723,710,832	)
Net change in unrealized appreciation (depreciation)				2,930,528			6,943,243					348,683,267			278,661,967


Net increase in net assets resulting from operations				5,627,325			2,375,936					566,180,690			53,793,713


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders				(2,496,446	)		(10,223,364	)				(325,507,865	)		(532,484,400	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions				(18,346,688	)		(11,848,604	)				(3,814,876,129	)		(4,033,313,036	)


NET ASSETS
Total decrease in net assets				(15,215,809	)		(19,696,032	)				(3,574,203,304	)		(4,512,003,723	)
Beginning of period				134,297,012			153,993,044					21,358,377,635			25,870,381,358


End of period			$	119,081,203		$	134,297,012				$	17,784,174,331		$	21,358,377,635

^(a)	Consolidated Statement of Changes in Net Assets.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


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 T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI Emerging Markets ETF


	Six Months Ended
	02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19


Net asset value, beginning of period		$	24.20			$	25.20			$	31.31			$	27.41			$	24.38			$	25.70

Net investment income^(a)			0.47				0.57				0.67				0.44				0.71				0.55
Net realized and unrealized gain (loss)^(b)			0.66				0.12				(6.12	)			3.92				3.03				(1.27	)


Net increase (decrease) from investment operations			1.13				0.69				(5.45	)			4.36				3.74				(0.72	)


Distributions^(c)
From net investment income			(0.47	)			(0.56	)			(0.66	)			(0.46	)			(0.71	)			(0.60	)
From net realized gain			—				(1.13	)			—				—				—				—


Total distributions			(0.47	)			(1.69	)			(0.66	)			(0.46	)			(0.71	)			(0.60	)


Net asset value, end of period		$	24.86			$	24.20			$	25.20			$	31.31			$	27.41			$	24.38


Total Return^(d)
Based on net asset value			4.71	%^(e)			2.93	%			(17.62	)%			15.96	%			15.49	%			(2.72	)%


Ratios to Average Net Assets^(f)
Total expenses			0.78	%^(g)			0.79	%			0.78	%			0.78	%			0.78	%			0.78	%


Total expenses after fees waived			0.00	%^(g)			0.00	%			0.00	%			0.00	%^(h)			0.00	%^(h)			0.00	%


Net investment income			3.89	%^(g)			2.36	%			2.38	%			1.41	%			2.84	%			2.22	%


Supplemental Data
Net assets, end of period (000)		$	119,081			$	134,297			$	153,993			$	203,180			$	183,626			$	180,376


Portfolio turnover rate⁽ⁱ⁾			4	%			11	%			4	%			6	%			9	%			7	%

^(a)	Based on average shares outstanding.

^(b)	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.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Rounds to less than 0.01%.

⁽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		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets ETF


	Six Months Ended
		02/29/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited)			08/31/23			08/31/22	^(a)		08/31/21	^(a)		08/31/20	^(a)		08/31/19	^(a)


Net asset value, beginning of period		$	39.26		$	39.68		$	52.56		$	44.56		$	40.22		$	43.24

Net investment income^(b)			0.19			0.82			1.09	^(c)		0.75			0.98			0.90
Net realized and unrealized gain (loss)^(d)			1.46			(0.35	)		(12.88	)		8.01			4.52			(3.02	)


Net increase (decrease) from investment operations			1.65			0.47			(11.79	)		8.76			5.50			(2.12	)


Distributions from net investment income^(e)			(0.75	)		(0.89	)		(1.09	)		(0.76	)		(1.16	)		(0.90	)


Net asset value, end of period		$	40.16		$	39.26		$	39.68		$	52.56		$	44.56		$	40.22


Total Return^(f)
Based on net asset value			4.29	%^(g)		1.23	%		(22.73	)%^(c)		19.72	%		13.82	%		(4.87	)%


Ratios to Average Net Assets^(h)
Total expenses			0.73	%⁽ⁱ⁾		0.70	%		0.69	%		0.69	%		0.70	%		0.68	%


Total expenses excluding professional fees for foreign withholding tax claims			0.72	%⁽ⁱ⁾		N/A			0.69	%		0.68	%		0.70	%		0.68	%


Net investment income			1.00	%⁽ⁱ⁾		2.12	%		2.38	%^(c)		1.45	%		2.38	%		2.16	%


Supplemental Data
Net assets, end of period (000)		$	17,784,174		$	21,358,378		$	25,870,381		$	30,983,302		$	24,024,571		$	24,631,575


Portfolio turnover rate^(j)			3	%		15	%		21	%		9	%		19	%		15	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

^(c)	Reflects the 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, 2022:

• Net investment income per share by $—..

• Total return by 0.01%.

• Ratio of net investment income to average net assets by 0.01%.

^(d)	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.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(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.


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 T T O S H A R E H O L D E R S

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 financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

Currency Hedged MSCI Emerging Markets		Diversified
MSCI Emerging Markets		Diversified

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invested in Indian securities. On June 16, 2023, the 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.

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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

ForeignTaxes: Certain 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.

Certain 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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		33

Notes to Financial Statements (unaudited) (continued)

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.

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 and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

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.

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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.

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the 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;


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 T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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.

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


Currency Hedged MSCI Emerging Markets
BofA Securities, Inc.	$	39,051,195	$	(39,051,195	)	$	—		$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		35

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
Barclays Capital, Inc.	$	12,298,908	$	(12,298,908	)	$	—		$	—
BNP Paribas SA		5,933,574		(5,933,574	)		—			—
BofA Securities, Inc.		11,930,720		(11,930,720	)		—			—
Citigroup Global Markets Ltd		5,839,752		(5,839,752	)		—			—
Citigroup Global Markets, Inc.		3,936,632		(3,936,632	)		—			—
Goldman Sachs & Co. LLC		61,231,624		(61,231,624	)		—			—
Goldman Sachs International		25,533,020		(25,533,020	)		—			—
HSBC Bank PLC		14,958,336		(14,958,336	)		—			—
J.P. Morgan Securities LLC		21,531,154		(21,531,154	)		—			—
J.P. Morgan Securities PLC		30,814,345		(30,814,345	)		—			—
Jefferies LLC		153,099		(153,099	)		—			—
Macquarie Bank Ltd.		3,083,233		(3,083,233	)		—			—
Morgan Stanley		220,347,824		(220,347,824	)		—			—
Toronto-Dominion Bank (The)		78,192		(78,192	)		—			—
UBS AG		2,395,457		(2,395,457	)		—			—
UBS Europe SE		1,719,161		(1,719,161	)		—			—
Wells Fargo Bank N.A.		169,416		(169,416	)		—			—


	$	421,954,447	$	(421,954,447	)	$	—		$	—

^(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.

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.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation 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 value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.


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 T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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).

For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the 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: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.

This amount is included in investment advisory fees waived in the 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

Currency Hedged MSCI Emerging Markets	$	494,726


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)

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.

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

Currency Hedged MSCI Emerging Markets	$	9,658
MSCI Emerging Markets		1,013,231

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)

MSCI Emerging Markets	$	6,754,059	$	39,915,088	$	(73,557,800	)

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

Currency Hedged MSCI Emerging Markets	$	6,182,819	$	5,598,217
MSCI Emerging Markets		581,522,769		3,133,814,725


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Notes to Financial Statements (unaudited) (continued)

For the six months ended February 29, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Currency Hedged MSCI Emerging Markets	$	2,148,076	$	20,367,021
MSCI Emerging Markets		40,259,695		1,596,735,151

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.

As of August 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards			Qualified Late-Year Capital Losses

Currency Hedged MSCI Emerging Markets	$	—		$	(8,764,793)
MSCI Emerging Markets		(13,713,746,522	)		—

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)

Currency Hedged MSCI Emerging Markets	$	176,067,976	$	714,237	$	(16,730,497	)	$	(16,016,260)
MSCI Emerging Markets		16,307,041,573		5,378,265,402		(3,491,838,562	)		1,886,426,840

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 Currency Hedged MSCI Emerging Markets 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

MSCI Emerging Markets	$	89,673,000	$	4,833,615		6.44%


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)

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 BFAgenerally 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.

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.


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Notes to Financial Statements (unaudited) (continued)

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 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.

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


Currency Hedged MSCI Emerging Markets
Shares sold		90,000		$	2,148,157			2,140,000		$	52,467,876
Shares redeemed		(850,000	)		(20,494,845	)		(2,700,000	)		(64,316,480	)


		(760,000	)	$	(18,346,688	)		(560,000	)	$	(11,848,604	)


MSCI Emerging Markets
Shares sold		15,300,000		$	611,440,069			59,400,000		$	2,379,728,785
Shares redeemed		(116,550,000	)		(4,426,316,198	)		(167,400,000	)		(6,413,041,821	)


		(101,250,000	)	$	(3,814,876,129	)		(108,000,000	)	$	(4,033,313,036	)

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service 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 the iShares MSCI Emerging Markets ETF is able to pass through to its shareholders as a foreign tax credit in the 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 Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets 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:

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.

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.

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.

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.

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		43

Supplemental Information (unaudited)

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.


G E N E R A L I N F O R M A T I O N		45

Glossary of Terms Used in this Report



Currency Abbreviation

BRL		Brazilian Real

CLP		Chilean Peso

CNH		Chinese Yuan

EUR		Euro

HKD		Hong Kong Dollar

IDR		Indonesian Rupiah

INR		Indian Rupee

KRW		South Korean Won

MXN		Mexican Peso

MYR		Malaysian Ringgit

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		United States Dollar

ZAR		South African Rand

Portfolio Abbreviation

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


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 T T O S H A R E H O L D E R S

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.

iS-SAR-805-0224