LOGO

  AUGUST 31, 2023

 

   2023 Annual Report

 

iShares, Inc.

 

·  

iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca

 

·  

iShares MSCI BIC ETF | BKF | NYSE Arca

 

·  

iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ

 

·  

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


The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, 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”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

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 decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening 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, U.S. inflation-linked bonds, U.S. mortgage-backed securities, 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 August 31, 2023

 

     
  6-Month  12-Month 
   

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

  14.50 %    15.94 % 
   

U.S. small cap equities
(Russell 2000® Index)

  0.99   4.65
   

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

  4.75   17.92
   

Emerging market equities
(MSCI Emerging Markets Index)

  3.62   1.25
   

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

  2.47   4.25
   

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

  0.11   (4.71 )
   

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

  0.95   (1.19 )
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  1.04   1.70
   

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

  4.55   7.19

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  

Annual Report:

 

Market Overview

    4  

Fund Summary

    5  

About Fund Performance

    13  

Disclosure of Expenses

    13  

Schedules of Investments

    14  

Financial Statements

 

Statements of Assets and Liabilities

    77  

Statements of Operations

    78  

Statements of Changes in Net Assets

    79  

Financial Highlights

    81  

Notes to Financial Statements

    85  

Report of Independent Registered Public Accounting Firm

    96  

Important Tax Information

    97  

Board Review and Approval of Investment Advisory Contract

    98  

Supplemental Information

    106  

Director and Officer Information

    108  

General Information

    110  

Glossary of Terms Used in this Report

    111  

 

 

 


Market Overview

 

iShares, Inc.

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

 

 

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Fund Summary as of August 31, 2023     iShares® Core MSCI Emerging Markets ETF

 

Investment Objective

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

Performance

 

     Average Annual Total Returns            Cumulative Total Returns   
     1 Year     5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    3.13     1.50      3.25       3.13     7.74      37.68

Fund Market

    3.65       1.47        3.30         3.65       7.56        38.42  

Index

    2.79       1.63        3.30               2.79       8.40        38.35  

GROWTH OF $10,000 INVESTMENT 

(AT NET ASSET VALUE)

 

LOGO

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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      


Expenses

Paid During
the Period

 


(a) 

      

Annualized

Expense

Ratio

 

 

 

      $   1,000.00          $   1,047.20          $   0.46               $   1,000.00          $   1,024.80          $   0.46          0.09

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. 

 

 

 

F U N D S U M M A R Y

  5


Fund Summary as of August 31, 2023 (continued)    iShares® Core MSCI Emerging Markets ETF

 

Portfolio Management Commentary

Emerging market stocks advanced modestly during the reporting period, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

Taiwanese information technology stocks contributed notably to the Index’s performance, as companies in the technology hardware, storage, and peripherals industry and the semiconductors industry were buoyed by growing investor interest in technologies related to artificial intelligence (“AI”). In this environment, companies that manufacture AI servers and companies that produce microchips for AI applications posted strong gains.

South Korean stocks contributed the most to the Index’s return, led by the information technology sector. A U.S. law enacted in August 2022 directed incentives toward a leading South Korean microchip producer and electronics conglomerate to expand its manufacturing footprint within the U.S. Investors also responded favorably to early-2023 production cuts by microchip producers.

Mexican stocks also contributed, led by the consumer staples sector. The beverages industry advanced, as strong sales growth across business segments benefited a leading operator of convenience stores and bottling operations. The company’s strategic investments in digital enterprises further buoyed investor sentiment. In India, strong industrial production buoyed the capital goods industry, while strong automobile sales drove the automobiles and components industry.

On the downside, Chinese stocks detracted the most from the Index’s performance, reflecting the negative impact of slowing economic growth. While investors were initially optimistic following China’s lifting of several coronavirus pandemic-related lockdowns in December 2022, subsequent economic performance disappointed, while tensions with the U.S. increased. Internet and direct marketing companies, in the consumer discretionary sector, were the largest detractors. The reopening of China’s economy dented the profit margins of food delivery service providers, as the end of pandemic-related lockdowns led to reduced demand. In addition, increased competition in the space, including from one of China’s largest technology firms, weighed on the industry.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Financials

    20.2

Information Technology

    20.0  

Consumer Discretionary

    13.6  

Communication Services

    8.9  

Materials

    8.8  

Industrials

    8.3  

Consumer Staples

    6.2  

Energy

    4.6  

Health Care

    4.5  

Utilities

    2.6  

Real Estate

    2.3  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

China

    26.9

India

    16.5  

Taiwan

    15.8  

South Korea

    12.7  

Brazil

    5.2  

Saudi Arabia

    4.3  

South Africa

    2.9  

Mexico

    2.5  

Thailand

    2.2  

Indonesia

    2.0  

Malaysia

    1.5  

United Arab Emirates

    1.3  

Other (each representing less than 1%)

    6.2  

 

  (a)

Excludes money market funds.

 

 

 

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Fund Summary as of August 31, 2023     iShares® MSCI BIC ETF

 

Investment Objective

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

Performance

 

     Average Annual Total Returns            Cumulative Total Returns   
     1 Year     5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    (3.05 )%      (1.59 )%       2.01       (3.05 )%      (7.70 )%       22.01

Fund Market

    (1.90     (1.46      2.14         (1.90     (7.07      23.57  

Index

    (3.27     (1.08      2.57               (3.27     (5.30      28.90  

GROWTH OF $10,000 INVESTMENT 

(AT NET ASSET VALUE)

 

LOGO

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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $   1,000.00          $   1,018.50          $   3.61               $   1,000.00          $   1,021.60          $   3.62          0.71

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

F U N D S U M M A R Y

  7


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI BIC ETF

 

Portfolio Management Commentary

The Index declined during the reporting period, as slowing economic growth negatively impacted Chinese equities. While investors were initially optimistic following China’s lifting of several coronavirus pandemic-related lockdowns in December 2022, subsequent economic performance disappointed. In contrast, Brazilian stocks posted robust gains. After contracting in the fourth quarter of 2022, the country’s economy grew faster than anticipated in the first quarter of 2023, driven by a surge in agricultural output.

Chinese equities detracted the most from the Index’s return, driven by the internet and direct marketing retail industry in the consumer discretionary sector. The reopening of China’s economy dented the profit margins of food delivery service providers, as the end of pandemic-related lockdowns led to reduced demand. In addition, increased competition in the space, including from one of China’s largest technology firms, weighed on the industry. Some Chinese e-commerce platforms reduced prices during the reporting period with the goal of gaining market share. Investors grew concerned about the impact of lowered prices on profitability, which further weighed on the stocks of internet and direct marketing retail companies.

China’s healthcare sector also detracted from the Index’s return. Life sciences tools and services companies were pressured by a U.S. executive order introducing a national biotechnology and biomanufacturing initiative. Given the program’s stated goal of reducing American reliance on China, stocks of Chinese companies engaged in contract drug research declined. The Chinese consumer staples sector detracted further, as investor concerns over the growth potential of the liquid milk market dampened investor sentiment toward food, beverage, and tobacco companies.

On the upside, Brazilian stocks contributed to the Index’s return, led by the energy sector. The integrated oil and gas industry benefited from positive investor reaction to government policies introducing flexibility in the pricing of gasoline and diesel. In the second quarter of 2023, a reduction in oil prices curbed profits for oil companies in Brazil, but to a lesser extent than in other countries.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Consumer Discretionary

    22.2

Financials

    19.9  

Communication Services

    13.2  

Information Technology

    7.6  

Energy

    7.1  

Consumer Staples

    6.8  

Materials

    6.4  

Industrials

    6.4  

Health Care

    5.1  

Utilities

    3.4  

Real Estate

    1.9  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

China

    59.7

India

    29.8  

Brazil

    10.5  

Russia

    0.0 (b)  

 

  (a) 

Excludes money market funds.

 
  (b) 

Rounds to less than 0.1%

 

 

 

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Fund Summary as of August 31, 2023     iShares® MSCI Emerging Markets Asia ETF

 

Investment Objective

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

Performance

 

     Average Annual Total Returns            Cumulative Total Returns   
     1 Year     5 Years      10 Years            1 Year     5 Years      10 Years  

Fund NAV

    (0.08 )%      0.61      4.16       (0.08 )%      3.11      50.38

Fund Market

    0.66       0.68        4.27         0.66       3.42        51.94  

Index

    (0.30     1.20        4.64               (0.30     6.12        57.40  

GROWTH OF $10,000 INVESTMENT 

(AT NET ASSET VALUE) 

 

LOGO

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

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

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      


Expenses

Paid During
the Period

 


(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $   1,000.00          $   1,021.20          $   2.50               $   1,000.00          $   1,022.70          $   2.50          0.49

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

F U N D S U M M A R Y

  9


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Emerging Markets Asia ETF

 

Portfolio Management Commentary

Stocks in Asian emerging markets declined marginally during the reporting period. Chinese equities detracted the most from the Index’s return, reflecting the negative impact of China’s slowing economic growth. While investors were initially optimistic following China’s lifting of several coronavirus pandemic-related lockdowns in December 2022, subsequent economic performance disappointed, while tensions with the U.S. increased.

Within China, the consumer discretionary sector detracted significantly from the Index’s return, led by the internet and direct marketing industry. The reopening of China’s economy dented the profits of food delivery service providers, as the end of pandemic-related lockdowns led to reduced demand. In addition, increased competition in the space, including from one of China’s largest technology firms, weighed on the industry. Some Chinese e-commerce platforms reduced prices during the reporting period with the goal of gaining market share. Investors grew concerned about the impact of lowered prices on profitability, which further pressured the stocks of internet and direct marketing retail companies. Malaysian and Philippine equities also detracted, driven by the financials and real estate sectors, respectively.

On the upside, South Korean stocks were the largest contributor to the Index’s return, led by the information technology sector. The technology hardware, storage, and peripherals industry advanced, as a U.S. law enacted in August 2022 encouraged South Korean companies in the industry to expand manufacturing in the U.S. Investors also responded favorably to early-2023 production cuts by microchip producers, which aimed to lower inventories and help the market for microchips to recover.

Taiwanese stocks also contributed meaningfully to the Index’s performance. A slowdown in the U.S. inflation rate supported the Taiwanese information technology sector, as investors grew optimistic that the monetary tightening cycle was nearing an end. Companies in the technology hardware, storage, and peripherals industry and the semiconductors industry were buoyed by growing investor interest in technologies related to artificial intelligence (“AI”). In this environment, Taiwanese companies involved in AI-related activities, such as manufacturing AI servers and producing microchips for AI applications, posted strong gains.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Information Technology

    25.9

Financials

    17.5  

Consumer Discretionary

    16.3  

Communication Services

    10.4  

Industrials

    6.8  

Materials

    6.0  

Consumer Staples

    5.3  

Health Care

    4.2  

Energy

    4.0  

Utilities

    2.0  

Real Estate

    1.6  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

China

    38.3

India

    19.1  

Taiwan

    19.0  

South Korea

    15.9  

Thailand

    2.6  

Indonesia

    2.5  

Malaysia

    1.8  

Philippines

    0.8  

 

  (a)

Excludes money market funds.

 

 

 

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Fund Summary as of August 31, 2023     iShares® MSCI Emerging Markets Small-Cap ETF

 

Investment Objective

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

in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    12.99      5.75      5.02       12.99      32.28      63.24

Fund Market

    13.75        5.89        5.12         13.75        33.10        64.71  

Index

    13.05        6.18        5.45               13.05        34.94        69.99  

GROWTH OF $10,000 INVESTMENT 

(AT NET ASSET VALUE) 

 

LOGO

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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      


Expenses

Paid During
the Period

 


(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $   1,000.00          $   1,123.60          $   3.80               $   1,000.00          $   1,021.60          $   3.62          0.71

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. 

 

 

 

F U N D S U M M A R Y

  11


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Emerging Markets Small-Cap ETF

 

Portfolio Management Commentary

Small-capitalization stocks in emerging markets advanced significantly during the reporting period. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases supported emerging market stocks. In China, however, slowing economic growth and geopolitical tensions led to stock declines.

Indian stocks contributed the most to the Index’s return, led by the industrials sector. India’s economy continued to rapidly expand, as strong domestic demand drove a rise in manufacturing. In the electrical equipment industry, a robust increase in India’s rate of electricity generation benefited distributors of cables and transformers. Higher demand for electricity generated by solar and wind power supported gains for makers of renewable energy infrastructure. The Indian financials sector was another source of strength, led by financial services companies. A state-owned provider of infrastructure financing for power projects posted substantial revenue gains, driven by an increase in net interest income on loan assets.

Taiwanese stocks contributed meaningfully to the Index’s performance, led by the information technology sector. Growing investor interest in technologies related to artificial intelligence (“AI”) buoyed the technology hardware, storage, and peripherals industry. In this environment, companies involved in AI-related activities, such as manufacturing AI servers, posted strong gains. A slowdown in the inflation rate in the U.S. also provided a tailwind to Taiwanese information technology stocks, as investors grew optimistic that the monetary tightening cycle was nearing an end.

South Korean stocks also contributed, led by the materials sector. In an environment of rising global demand for electric vehicles, South Korean companies that manufacture cathodes used in lithium-ion batteries for electric vehicles announced plans to build new production facilities overseas, supporting the commodities chemicals industry.

On the downside, Chinese equities detracted from the Index’s return, driven by the real estate sector. Despite support from the Chinese government through guarantees of repayment for onshore bonds, the real estate management and development industry declined as high debt levels and difficulties in accessing capital pressured several companies.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Information Technology

    17.6

Industrials

    17.0  

Materials

    13.2  

Consumer Discretionary

    11.6  

Financials

    10.3  

Health Care

    9.0  

Real Estate

    6.4  

Consumer Staples

    6.2  

Communication Services

    3.7  

Utilities

    3.0  

Energy

    2.0  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

India

    25.4

Taiwan

    21.1  

South Korea

    14.4  

China

    7.7  

Brazil

    5.1  

Saudi Arabia

    3.7  

Thailand

    3.6  

South Africa

    3.1  

Malaysia

    2.4  

Mexico

    2.4  

Turkey

    2.3  

Indonesia

    2.2  

Poland

    1.1  

United Arab Emirates

    1.1  

Kuwait

    1.0  

Other (each representing less than 1%)

    3.4  

 

  (a)

Excludes money market funds. 

 

 

 

12  

2 0 2 3I S H A R E S 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


About Fund Performance

 

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

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

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

 

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S

  13


Schedule of Investments 

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 3.9%            

3R Petroleum Oleo E Gas SA(a)

    2,248,742     $ 14,949,079  

AES Brasil Energia SA

    3,906,150       8,708,292  

Aliansce Sonae Shopping Centers SA

    4,447,037       20,447,902  

Alupar Investimento SA

    1,767,465       10,097,149  

Ambev SA

    41,772,358        116,745,476  

Arezzo Industria e Comercio SA

    649,951       9,275,358  

Atacadao SA

    4,702,587       9,743,145  

Auren Energia SA

    2,751,975       7,563,409  

B3 SA - Brasil, Bolsa, Balcao

    52,765,504       137,772,835  

Banco Bradesco SA

    13,958,487       37,319,972  

Banco BTG Pactual SA

    10,985,329       72,029,489  

Banco do Brasil SA

    7,700,922       73,245,106  

Banco Santander Brasil SA

    2,914,646       15,956,231  

BB Seguridade Participacoes SA

    6,294,921       38,618,289  

BRF SA(a)

    7,481,795       13,658,066  

Camil Alimentos SA

    1,713,660       2,941,430  

CCR SA

    9,699,519       24,405,248  

Centrais Eletricas Brasileiras SA

    10,918,074       77,739,782  

Cia. Brasileira de Aluminio

    2,310,269       1,996,739  

Cia. de Saneamento Basico do Estado de Sao Paulo

    3,080,413       36,029,023  

Cia. de Saneamento de Minas Gerais-COPASA

    2,720,346       9,844,125  

Cia. de Saneamento do Parana

    1,688,062       7,720,965  

Cia. Siderurgica Nacional SA

    6,007,705       14,691,554  

Cielo SA

    10,373,517       7,792,628  

Cogna Educacao(a)

    17,862,004       10,532,416  

Cosan SA

    10,710,115       37,891,624  

CPFL Energia SA

    1,487,142       10,255,530  

Cyrela Brazil Realty SA Empreendimentos e Participacoes

    2,832,293       12,834,413  

Dexco SA

    4,637,400       7,454,227  

Direcional Engenharia SA

    978,400       4,000,889  

EcoRodovias Infraestrutura e Logistica SA

    3,243,270       4,944,758  

Embraer SA(a)

    6,612,404       26,024,728  

Enauta Participacoes SA

    1,527,430       4,839,486  

Energisa SA

    1,442,435       13,428,025  

Eneva SA(a)

    9,119,451       21,951,284  

Engie Brasil Energia SA

    1,438,748       12,237,370  

Equatorial Energia SA

    9,495,547       60,707,993  

Ez Tec Empreendimentos e Participacoes SA

    1,484,514       6,607,100  

Fleury SA

    4,131,504       12,314,294  

GPS Participacoes e Empreendimentos SA(b)

    2,935,796       10,949,839  

Grendene SA

    4,632,582       6,370,671  

Grupo De Moda Soma SA

    4,832,632       7,309,380  

Grupo Mateus SA(a)

    5,697,987       7,743,753  

Grupo SBF SA

    1,286,279       1,857,189  

Hapvida Participacoes e Investimentos SA(a)(b)

    48,203,920       41,467,412  

Hidrovias do Brasil SA(a)

    5,406,573       4,301,632  

Hypera SA

    3,511,628       27,648,827  

Iguatemi SA

    1,999,534       8,317,848  

Intelbras SA Industria de Telecomunicacao Eletronica Brasileira

    1,086,597       4,803,184  

Iochpe Maxion SA

    1,706,713       4,787,158  

IRB Brasil Resseguros S/A(a)

    714,057       6,194,584  

JBS SA

    6,488,289       24,108,100  

JHSF Participacoes SA

    4,265,439       4,134,471  

Klabin SA

    6,771,549       31,122,556  

Localiza Rent a Car SA

    8,192,748       104,641,777  
Security   Shares     Value  
Brazil (continued)            

Locaweb Servicos de Internet SA(b)

    4,283,059     $ 6,114,887  

LOG Commercial Properties e Participacoes SA

    749,606       2,845,810  

Lojas Renner SA

    8,647,422       27,992,079  

M. Dias Branco SA

    925,025       6,948,825  

Magazine Luiza SA(a)

    27,313,583       15,223,087  

Marfrig Global Foods SA

    3,170,975       4,744,888  

Minerva SA

    2,952,540       5,008,297  

Movida Participacoes SA

    1,824,064       4,571,164  

MRV Engenharia e Participacoes SA

    3,483,600       7,991,377  

Multiplan Empreendimentos Imobiliarios SA

    2,389,338       11,936,920  

Natura & Co. Holding SA(a)

    8,222,266       25,204,511  

Odontoprev SA

    3,484,711       7,276,161  

Omega Energia SA(a)

    3,480,259       7,034,944  

Oncoclinicas do Brasil Servicos Medicos SA(a)

    2,046,588       5,000,700  

Pet Center Comercio e Participacoes SA

    4,295,944       4,753,945  

Petroleo Brasileiro SA

    34,416,476       240,051,106  

Petroreconcavo SA

    1,467,759       6,864,490  

PRIO SA(a)

    7,275,524       68,200,003  

Raia Drogasil SA

    11,463,202       63,611,795  

Rede D’Or Sao Luiz SA(b)

    5,292,329       30,629,365  

Rumo SA

    11,922,350       53,808,932  

Santos Brasil Participacoes SA

    5,475,869       9,542,866  

Sao Martinho SA

    1,551,719       11,321,293  

Sendas Distribuidora SA

    11,832,376       27,740,811  

SIMPAR SA

    4,398,917       8,660,947  

SLC Agricola SA

    1,047,920       8,511,090  

Smartfit Escola de Ginastica e Danca SA(a)

    2,505,012       10,420,583  

Suzano SA

    7,145,180       72,360,089  

Telefonica Brasil SA

    3,533,510       29,505,081  

Tim SA

    7,394,890       21,518,435  

TOTVS SA

    4,903,164       27,466,154  

Transmissora Alianca de Energia Eletrica SA

    1,437,805       9,929,813  

Ultrapar Participacoes SA

    6,655,269       24,405,991  

Vale SA

    30,785,863       404,588,799  

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA

    3,791,460       8,965,579  

Via S/A(a)

    12,830,735       3,290,563  

Vibra Energia SA

    10,459,438       38,990,161  

Vivara Participacoes SA

    1,619,355       8,888,050  

WEG SA

    15,321,657       111,012,824  

YDUQS Participacoes SA

    2,581,700       10,619,689  
   

 

 

 
       2,764,625,914  
Chile — 0.4%            

Aguas Andinas SA, Class A

    32,485,838       11,087,781  

Banco de Chile

    409,718,480       44,693,154  

Banco de Credito e Inversiones SA

    582,501       16,757,669  

Banco Itau Chile SA, NVS

    803,248       8,827,988  

Banco Santander Chile

    594,081,485       28,430,119  

CAP SA

    769,235       5,413,558  

Cencosud SA

    12,793,432       27,385,611  

Cia. Cervecerias Unidas SA

    1,174,259       8,678,524  

Cia. Sud Americana de Vapores SA

    142,831,441       9,532,539  

Colbun SA

    76,378,920       11,983,185  

Empresa Nacional de Telecomunicaciones SA

    1,756,033       6,580,554  

Empresas CMPC SA

    10,252,217       18,614,923  

Empresas COPEC SA

    3,406,667       24,606,048  

Enel Americas SA(a)

    199,135,842       23,665,578  

Enel Chile SA

    242,714,662       16,355,301  

Engie Energia Chile SA(a)

    6,794,528       6,694,391  

 

 

14  

2 0 2 3I S H A R E S 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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chile (continued)

   

Falabella SA

    7,001,128     $ 17,245,687  

Inversiones Aguas Metropolitanas SA

    5,483,422       4,450,720  

Parque Arauco SA

    6,250,875       9,274,785  

SMU SA

    31,851,131       5,921,430  

Vina Concha y Toro SA

    5,697,599       7,214,181  
   

 

 

 
      313,413,726  
China — 26.9%  

360 Security Technology Inc., Class A(a)

    4,137,188       6,345,014  

361 Degrees International Ltd.

    9,851,000       5,183,530  

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

    1,662,537       5,635,206  

3SBio Inc.(b)

    14,824,500       12,397,294  

AAC Technologies Holdings Inc.(c)

    6,328,500       12,258,627  

Advanced Micro-Fabrication Equipment Inc., Class A(a)

    388,217       8,148,382  

AECC Aviation Power Co. Ltd., Class A

    1,269,777       6,842,490  

Agile Group Holdings Ltd.(a)(c)

    14,106,500       1,598,399  

Agora Inc., ADR(a)(c)

    773,470       2,165,716  

Agricultural Bank of China Ltd., Class A

    43,413,435       20,634,310  

Agricultural Bank of China Ltd., Class H

    269,489,000       92,368,576  

Aier Eye Hospital Group Co. Ltd., Class A

    4,833,946       11,979,501  

Air China Ltd., Class A(a)

    3,806,000       4,529,064  

Air China Ltd., Class H(a)

    17,610,000       13,035,202  

AK Medical Holdings Ltd.(b)(c)

    6,024,000       4,840,771  

Akeso Inc.(a)(b)

    4,669,000       20,507,063  

Alibaba Group Holding Ltd.(a)

    149,345,904       1,733,328,784  

Alibaba Health Information Technology
Ltd.(a)

    48,020,000       28,350,675  

Alibaba Pictures Group Ltd.(a)

    123,430,000       8,177,101  

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

    7,198,250       4,593,728  

Alphamab Oncology(a)(b)(c)

    5,504,000       6,036,973  

Aluminum Corp. of China Ltd., Class A

    6,072,400       4,930,772  

Aluminum Corp. of China Ltd., Class H

    37,230,000       17,961,073  

Amlogic Shanghai Co. Ltd.(a)

    315,986       3,803,609  

Anhui Conch Cement Co. Ltd., Class A

    1,612,429       5,695,320  

Anhui Conch Cement Co. Ltd., Class H

    11,070,000       30,823,912  

Anhui Gujing Distillery Co. Ltd., Class A

    250,555       9,909,937  

Anhui Gujing Distillery Co. Ltd., Class B

    1,006,180       16,738,126  

Anhui Kouzi Distillery Co. Ltd., Class A

    467,148       3,659,229  

Anhui Yingjia Distillery Co. Ltd., Class A

    531,100       5,595,124  

Anjoy Foods Group Co. Ltd., Class A

    271,300       4,875,272  

ANTA Sports Products Ltd.

    11,360,400       128,068,089  

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

    2,512,000       7,709,694  

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

    1,055,300       4,055,985  

Asia Cement China Holdings Corp.

    5,905,500       2,306,582  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    243,440       4,445,764  

Autobio Diagnostics Co. Ltd., Class A

    423,200       2,666,207  

Autohome Inc., ADR

    655,707       18,949,932  

Avary Holding Shenzhen Co. Ltd., Class A

    932,000       2,734,601  

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

    6,831,091       3,464,418  

AviChina Industry & Technology Co. Ltd., Class H

    23,994,000       10,752,648  

Baidu Inc.(a)

    20,504,112        366,187,792  

Bank of Beijing Co. Ltd., Class A

    16,736,006       10,277,168  

Bank of Chengdu Co. Ltd., Class A

    3,187,808       6,001,712  

Bank of China Ltd., Class A

    17,166,400       8,842,961  

Bank of China Ltd., Class H

    723,799,000       245,307,810  

Bank of Communications Co. Ltd., Class A

    21,741,580       16,588,210  
Security   Shares     Value  

China (continued)

   

Bank of Communications Co. Ltd., Class H

    78,999,000     $ 45,215,108  

Bank of Hangzhou Co. Ltd., Class A

    4,201,597       6,472,755  

Bank of Jiangsu Co. Ltd., Class A

    7,552,208       7,404,211  

Bank of Nanjing Co. Ltd., Class A

    6,770,981       7,369,384  

Bank of Ningbo Co. Ltd., Class A

    3,564,693       12,814,708  

Bank of Shanghai Co. Ltd., Class A

    13,499,965       11,036,889  

Baoshan Iron & Steel Co. Ltd., Class A

    10,934,130       9,104,100  

BeiGene Ltd.(a)

    6,282,064       100,776,200  

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

    17,828,000       9,335,172  

Beijing Dabeinong Technology Group Co. Ltd., Class A

    4,283,500       3,818,726  

Beijing Easpring Material Technology Co. Ltd., Class A

    528,600       3,219,093  

Beijing Enlight Media Co. Ltd., Class A

    2,614,794       3,356,110  

Beijing Enterprises Holdings Ltd.

    4,075,000       15,266,955  

Beijing Enterprises Water Group Ltd.

    38,880,000       8,957,528  

Beijing Kingsoft Office Software Inc., Class A

    254,651       13,805,586  

Beijing New Building Materials PLC, Class A

    1,475,419       6,063,368  

Beijing Shiji Information Technology Co. Ltd., Class A(a)

    1,634,714       3,046,337  

Beijing Tong Ren Tang Chinese Medicine Co. Ltd.

    3,716,000       6,735,254  

Beijing Tongrentang Co. Ltd., Class A

    1,152,300       8,903,527  

Beijing United Information Technology Co. Ltd., Class A

    675,650       3,352,689  

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

    516,458       3,551,275  

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

    16,605,601       11,649,786  

Bethel Automotive Safety Systems Co. Ltd.

    447,700       4,627,413  

Betta Pharmaceuticals Co. Ltd., Class A

    320,594       2,177,605  

BGI Genomics Co. Ltd., Class A

    366,700       2,704,296  

Bilibili Inc.(a)(c)

    1,785,337       26,976,887  

Bloomage Biotechnology Corp. Ltd.

    273,586       3,485,590  

BOC Aviation Ltd.(b)

    1,853,100       13,898,961  

BOE Technology Group Co. Ltd., Class A

    15,541,100       8,558,706  

BOE Varitronix Ltd.(c)

    3,838,000       3,722,699  

Bosideng International Holdings Ltd.

    33,920,000       13,310,662  

Brii Biosciences Ltd.(a)(c)

    5,910,000       2,146,487  

BYD Co. Ltd., Class A

    990,386       33,968,314  

BYD Co. Ltd., Class H

    9,444,500       296,657,974  

BYD Electronic International Co. Ltd.

    7,182,000       33,263,452  

By-health Co. Ltd., Class A

    1,599,200       4,245,836  

C&D International Investment Group Ltd.

    6,446,000       16,381,151  

Caitong Securities Co. Ltd., Class A

    7,601,550       8,367,782  

Cambricon Technologies Corp. Ltd.(a)

    267,758       5,858,521  

Canaan Inc., ADR(a)(c)

    1,782,304       3,582,431  

Canggang Railway Ltd., NVS

    12,000       15,546  

Canvest Environmental Protection Group Co. Ltd.(c)

    11,726,000       6,279,903  

CGN New Energy Holdings Co. Ltd.(c)

    15,704,000       4,225,087  

CGN Power Co. Ltd., Class H(b)

    95,243,000        23,799,279  

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

    270,942       5,127,535  

Changjiang Securities Co. Ltd., Class A

    8,312,028       6,829,143  

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

    249,769       5,072,701  

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

    1,730,753       7,630,197  

Chengxin Lithium Group Co. Ltd., Class A

    884,300       2,776,578  

China Aircraft Leasing Group Holdings Ltd.(c)

    5,470,000       2,866,705  

 

 

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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

China Animal Healthcare Ltd.(d)

    1,237,000     $ 2  

China Aoyuan Group Ltd.(a)(c)(d)

    10,538,000       622,026  

China Baoan Group Co. Ltd., Class A

    2,820,600       4,129,217  

China BlueChemical Ltd., Class H

    16,796,000       4,173,821  

China Cinda Asset Management Co. Ltd., Class H

    70,986,000       6,961,205  

China CITIC Bank Corp. Ltd., Class H

    80,381,000       35,775,052  

China Coal Energy Co. Ltd., Class H

    19,110,000       13,036,415  

China Communications Services Corp. Ltd., Class H

    22,278,000       10,029,791  

China Conch Environment Protection Holdings Ltd.(a)(c)

    17,254,000       4,358,718  

China Conch Venture Holdings Ltd.

    12,384,000       12,167,735  

China Construction Bank Corp., Class A

    4,023,622       3,318,782  

China Construction Bank Corp., Class H

    871,829,000        466,472,844  

China CSSC Holdings Ltd., Class A

    2,734,701       10,667,215  

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

    24,628,000       6,124,822  

China East Education Holdings Ltd.(b)(c)

    5,984,500       2,565,514  

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

    11,660,375       6,960,895  

China Education Group Holdings Ltd.(c)

    9,854,000       8,373,595  

China Energy Engineering Corp. Ltd.

    33,041,744       10,396,950  

China Everbright Bank Co. Ltd., Class A

    22,786,282       9,424,566  

China Everbright Bank Co. Ltd., Class H

    25,083,000       7,224,436  

China Everbright Environment Group Ltd.

    32,938,148       11,998,128  

China Everbright Greentech Ltd.(b)

    13,033,000       1,427,721  

China Everbright Ltd.

    9,594,000       5,596,310  

China Feihe Ltd.(b)

    30,915,000       18,586,714  

China Fiber Optic Network System Group Ltd.(d)

    10,394,800       13  

China Foods Ltd.

    11,662,000       4,322,004  

China Galaxy Securities Co. Ltd., Class A

    2,053,100       3,257,435  

China Galaxy Securities Co. Ltd., Class H

    37,896,000       20,386,684  

China Gas Holdings Ltd.

    25,300,000       25,823,018  

China Greatwall Technology Group Co. Ltd., Class A

    2,879,400       4,305,411  

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

    5,892,000       1,913,878  

China Hongqiao Group Ltd.(c)

    20,679,500       20,584,891  

China Huiyuan Juice Group Ltd.(d)

    10,877,000       14  

China International Capital Corp. Ltd., Class A

    1,463,300       7,844,963  

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

    13,469,600       25,870,139  

China Jinmao Holdings Group Ltd.(c)

    53,642,000       7,595,196  

China Jushi Co. Ltd., Class A

    3,295,262       6,322,430  

China Lesso Group Holdings Ltd.

    11,146,000       6,129,867  

China Life Insurance Co. Ltd., Class A

    1,657,621       8,128,481  

China Life Insurance Co. Ltd., Class H

    67,030,000       101,593,389  

China Lilang Ltd.(c)

    6,026,000       2,965,994  

China Literature Ltd.(a)(b)

    3,653,200       14,670,996  

China Longyuan Power Group Corp. Ltd., Class H

    29,471,000       23,329,089  

China Maple Leaf Educational Systems Ltd.(a)(d)

    19,720,000       521,493  

China Medical System Holdings Ltd.

    12,720,000       18,320,115  

China Meheco Co. Ltd., Class A

    1,085,100       1,868,420  

China Meidong Auto Holdings Ltd.(c)

    5,892,000       4,437,551  

China Mengniu Dairy Co. Ltd.

    28,720,000       96,570,041  

China Merchants Bank Co. Ltd., Class A

    10,943,282       47,534,767  

China Merchants Bank Co. Ltd., Class H

    35,257,964       139,615,131  

China Merchants Energy Shipping Co. Ltd., Class A

    5,676,400       4,582,580  
Security   Shares     Value  

China (continued)

 

China Merchants Port Holdings Co. Ltd.

    12,736,270     $ 15,236,258  

China Merchants Securities Co. Ltd., Class A

    3,526,181       6,892,182  

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

    4,131,866       7,767,565  

China Metal Recycling Holdings Ltd.(d)

    62,400        

China Minmetals Rare Earth Co. Ltd., Class A

    986,300       3,871,666  

China Minsheng Banking Corp. Ltd., Class A

    20,264,417       10,520,517  

China Minsheng Banking Corp. Ltd., Class H

    54,850,220       17,617,018  

China Modern Dairy Holdings Ltd.(c)

    34,063,000       3,210,679  

China National Building Material Co. Ltd., Class H

    34,280,850       17,423,782  

China National Chemical Engineering Co. Ltd., Class A

    4,712,122       5,039,765  

China National Nuclear Power Co. Ltd., Class A

    9,063,809       8,970,105  

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

    701,580       4,160,243  

China New Higher Education Group Ltd.(b)

    10,035,000       3,181,978  

China Nonferrous Mining Corp Ltd.

    19,844,000        10,735,193  

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

    2,499,200       7,578,496  

China Oilfield Services Ltd., Class H

    15,704,000       17,785,304  

China Oriental Group Co. Ltd.

    15,542,000       2,374,855  

China Overseas Grand Oceans Group Ltd.(c)

    17,494,500       6,854,109  

China Overseas Land & Investment Ltd.

    34,188,500       72,072,341  

China Overseas Property Holdings Ltd.

    12,915,000       15,420,220  

China Pacific Insurance Group Co. Ltd., Class A

    3,681,242       14,038,138  

China Pacific Insurance Group Co. Ltd., Class H

    24,205,200       55,358,492  

China Petroleum & Chemical Corp., Class A

    16,372,200       13,653,040  

China Petroleum & Chemical Corp., Class H

    226,312,200       132,326,098  

China Power International Development Ltd.

    45,925,000       16,367,602  

China Railway Group Ltd., Class A

    11,693,266       10,779,883  

China Railway Group Ltd., Class H

    36,685,000       19,407,482  

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

    2,502,500       1,848,838  

China Resources Beer Holdings Co. Ltd.

    14,700,000       86,308,769  

China Resources Cement Holdings Ltd.

    21,736,000       7,199,713  

China Resources Gas Group Ltd.

    8,518,000       23,913,172  

China Resources Land Ltd.

    29,133,777       123,139,688  

China Resources Medical Holdings Co. Ltd.(c)

    11,032,000       8,189,302  

China Resources Microelectronics Ltd.

    944,212       7,594,390  

China Resources Mixc Lifestyle Services
Ltd.(b)

    6,275,000       27,115,142  

China Resources Pharmaceutical Group
Ltd.(b)

    15,189,500       10,139,664  

China Resources Power Holdings Co. Ltd.

    17,600,000       34,457,924  

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

    793,327       5,186,633  

China Ruyi Holdings Ltd.(a)(c)

    53,039,200       14,064,730  

China Shenhua Energy Co. Ltd., Class A

    3,323,029       12,864,831  

China Shenhua Energy Co. Ltd., Class H

    30,848,000       89,783,562  

China Shineway Pharmaceutical Group Ltd.

    4,639,000       4,581,250  

China South City Holdings Ltd.(a)(c)

    50,450,000       2,985,391  

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

    6,644,684       5,779,955  

China Southern Airlines Co. Ltd., Class H(a)(c)

    14,410,000       7,654,834  

China State Construction Engineering Corp. Ltd., Class A

    21,258,019       16,441,301  

China State Construction International Holdings Ltd.

    19,204,000       21,359,530  

China Taiping Insurance Holdings Co. Ltd.

    12,969,108       13,645,061  

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

    13,622,370       9,211,398  

China Tobacco International HK Co. Ltd.(c)

    4,290,000       6,193,015  

 

 

16  

2 0 2 3I S H A R E S 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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

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

    722,500     $ 9,702,504  

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

    983,579       14,745,970  

China Tower Corp. Ltd., Class H(b)

    383,100,000       37,065,689  

China Traditional Chinese Medicine Holdings Co. Ltd.

    25,814,000       10,090,763  

China Travel International Investment Hong Kong Ltd.(a)(c)

    34,904,000       6,625,749  

China United Network Communications Ltd., Class A

    16,231,525       11,639,049  

China Vanke Co. Ltd., Class A

    4,565,368       8,561,202  

China Vanke Co. Ltd., Class H

    18,731,387       21,850,523  

China Water Affairs Group Ltd.

    9,084,000       6,964,734  

China XLX Fertiliser Ltd.

    5,160,000       2,541,360  

China Yangtze Power Co. Ltd., Class A

    12,488,625       37,876,885  

China Youzan Ltd.(a)(c)

    147,556,000       2,521,868  

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

    389,500       4,905,278  

China Zheshang Bank Co. Ltd., Class A

    24,132,196       8,529,394  

China Zhongwang Holdings Ltd., NVS

    7,952,400       10  

Chinasoft International Ltd.

    24,542,000       16,266,226  

Chindata Group Holdings Ltd., ADR(a)(c)

    1,379,231       11,544,163  

Chongqing Brewery Co. Ltd., Class A

    349,900       4,393,784  

Chongqing Changan Automobile Co. Ltd., Class A

    4,687,364       8,088,028  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    1,149,563       6,972,018  

Chow Tai Fook Jewellery Group Ltd.

    19,603,200       29,725,564  

CIFI Ever Sunshine Services Group Ltd.(c)(d)

    7,140,000       1,947,707  

CIFI Holdings Group Co. Ltd.(a)(c)(d)

    38,960,600       2,648,279  

CIMC Enric Holdings Ltd.

    8,186,000       7,785,820  

CITIC Ltd.

    52,636,000       52,235,959  

CITIC Securities Co. Ltd., Class A

    5,877,049       17,959,450  

CITIC Securities Co. Ltd., Class H

    17,836,400       34,827,760  

CMGE Technology Group Ltd.(a)(c)

    21,588,000       3,960,054  

CMOC Group Ltd., Class A

    10,164,433       7,993,874  

CMOC Group Ltd., Class H

    34,434,000        20,542,117  

CNGR Advanced Material Co. Ltd.

    452,000       3,406,859  

COFCO Joycome Foods Ltd.(a)(c)

    28,256,000       6,547,230  

Concord New Energy Group Ltd.

    81,410,000       6,643,619  

Contemporary Amperex Technology Co. Ltd., Class A

    2,410,751       78,308,543  

COSCO SHIPPING Energy Transportation Co. Ltd., Class A

    3,585,200       6,527,368  

COSCO SHIPPING Energy Transportation Co. Ltd., Class H

    8,506,000       8,886,132  

COSCO Shipping Holdings Co. Ltd., Class A

    5,093,046       6,860,562  

COSCO Shipping Holdings Co. Ltd., Class H

    29,807,100       30,566,714  

COSCO SHIPPING International Hong Kong Co. Ltd.

    12,824,000       5,412,592  

COSCO SHIPPING Ports Ltd.(c)

    17,434,000       10,733,892  

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

    105,180,733       11,921,909  

Country Garden Services Holdings Co. Ltd.(c)

    19,761,000       22,959,181  

CRRC Corp. Ltd., Class A

    11,309,000       9,227,673  

CRRC Corp. Ltd., Class H

    41,678,000       20,521,045  

CSC Financial Co. Ltd., Class A

    2,026,194       7,183,601  

CSPC Pharmaceutical Group Ltd.

    80,469,760       60,481,695  

CStone Pharmaceuticals(a)(b)(c)

    7,991,500       2,278,324  

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

    764,746       4,129,628  

Dajin Heavy Industry Co. Ltd.

    617,600       2,093,306  

Daqin Railway Co. Ltd., Class A

    8,498,319       8,323,473  

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

    532,481       19,685,823  
Security   Shares     Value  

China (continued)

   

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    1,114,733     $ 4,081,668  

DHC Software Co. Ltd., Class A

    5,066,998       4,676,227  

Digital China Holdings Ltd.

    10,263,000       3,322,280  

Do-Fluoride New Materials Co. Ltd., Class A

    1,238,760       2,785,420  

Dongfang Electric Corp. Ltd., Class A

    2,144,224       4,941,383  

Dongfeng Motor Group Co. Ltd., Class H

    23,378,000       8,575,518  

Dongxing Securities Co. Ltd., Class A

    4,795,767       5,464,947  

Dongyue Group Ltd.

    13,503,000       11,586,863  

DouYu International Holdings Ltd., ADR(a)

    1,382,627       1,410,280  

East Money Information Co. Ltd., Class A

    8,490,188       18,535,910  

Eastroc Beverage Group Co. Ltd.

    189,800       5,119,474  

Ecovacs Robotics Co. Ltd., Class A

    458,400       3,342,518  

ENN Energy Holdings Ltd.

    7,196,500       56,460,955  

ENN Natural Gas Co. Ltd., Class A

    2,053,128       4,918,107  

Eve Energy Co. Ltd., Class A

    1,168,577       7,930,247  

Everbright Securities Co. Ltd., Class A

    2,799,186       6,602,126  

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

    2,360,000       5,441,412  

Excellence Commercial Property & Facilities Management Group Ltd.(c)

    5,219,000       1,484,284  

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

    5,061,784       4,054,916  

Far East Horizon Ltd.

    11,530,000       7,876,948  

FinVolution Group, ADR

    1,247,831       6,264,112  

Fire Rock Holdings Ltd.(a)(c)(d)

    19,668,000       797,845  

First Capital Securities Co. Ltd., Class A

    9,184,900       7,591,588  

Flat Glass Group Co. Ltd., Class A

    1,117,300       4,739,017  

Flat Glass Group Co. Ltd., Class H

    3,799,000       9,434,532  

Focus Media Information Technology Co. Ltd., Class A

    8,336,899       8,805,902  

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

    2,083,774       11,217,344  

Fosun International Ltd.

    22,735,000       14,211,260  

Foxconn Industrial Internet Co. Ltd., Class A

    5,339,525       16,051,170  

Fu Shou Yuan International Group Ltd.

    11,442,000       8,510,582  

Fufeng Group Ltd.(c)

    17,078,400       9,071,843  

Fuyao Glass Industry Group Co. Ltd., Class A

    1,029,300       5,377,550  

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

    5,539,600       25,065,875  

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

    3,515,600       16,792,662  

Ganfeng Lithium Group Co. Ltd., Class A

    826,757       5,388,745  

GCL-Poly Energy Holdings Ltd.

    181,827,000       31,493,479  

GD Power Development Co. Ltd., Class A

    16,610,100       8,012,556  

GDS Holdings Ltd., Class A(a)

    8,129,776       12,070,454  

Geely Automobile Holdings Ltd.

    54,744,000       67,957,887  

Gemdale Corp., Class A

    3,267,896       3,238,440  

Gemdale Properties & Investment Corp. Ltd.

    71,328,000       3,090,260  

Genertec Universal Medical Group Co. Ltd.(b)

    13,285,000       6,906,877  

Genscript Biotech Corp.(a)

    10,820,000       25,255,439  

GF Securities Co. Ltd., Class A

    2,028,730       4,197,156  

GF Securities Co. Ltd., Class H

    11,151,200       15,911,290  

GigaDevice Semiconductor Inc., Class A

    464,435       5,992,478  

Ginlong Technologies Co. Ltd., Class A

    273,550       2,820,636  

GoerTek Inc., Class A

    2,065,762       4,342,274  

Goldwind Science & Technology Co Ltd., Class A

    3,419,437       4,461,163  

Gongniu Group Co. Ltd.

    360,500       5,250,733  

Gotion High-tech Co. Ltd., Class A(a)

    1,674,300       5,569,508  

Grand Pharmaceutical Group Ltd., Class A

    16,163,000       8,369,457  

Great Wall Motor Co. Ltd., Class A

    1,075,600       3,863,843  

Great Wall Motor Co. Ltd., Class H

    22,445,000        26,592,847  

 

 

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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Gree Electric Appliances Inc. of Zhuhai, Class A

    1,850,400     $ 9,100,991  

Greentown China Holdings Ltd.

    8,024,500       9,529,728  

Greentown Management Holdings Co. Ltd.(b)

    8,716,000       6,786,474  

Greentown Service Group Co. Ltd.

    13,380,000       6,238,327  

Guangdong Haid Group Co. Ltd., Class A

    1,088,220       7,210,143  

Guangdong Investment Ltd.

    26,890,000        20,990,977  

Guanghui Energy Co. Ltd., Class A

    4,915,780       4,445,041  

Guangzhou Automobile Group Co. Ltd., Class A

    2,203,399       3,054,091  

Guangzhou Automobile Group Co. Ltd., Class H

    26,031,200       13,707,670  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    1,638,288       6,962,781  

Guangzhou Great Power Energy & Technology Co. Ltd.(a)

    436,800       2,148,853  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    375,200       3,083,122  

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

    15,146,400       2,313,095  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    444,183       3,250,929  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    1,398,196       6,302,859  

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

    3,634,400       5,425,354  

Guosen Securities Co. Ltd., Class A

    6,759,967       8,622,883  

Guotai Junan Securities Co. Ltd., Class A

    2,803,891       5,614,602  

Guoyuan Securities Co. Ltd., Class A

    4,587,071       4,378,430  

Gushengtang Holdings Ltd.(a)

    1,565,800       8,333,351  

H World Group Ltd., ADR(a)

    1,873,336        75,457,974  

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

    31,312,000       4,070,426  

Haidilao International Holding Ltd.(b)

    15,272,000       41,537,009  

Haier Smart Home Co. Ltd., Class A

    3,266,437       10,549,470  

Haier Smart Home Co. Ltd., Class H

    22,257,000       68,936,119  

Hainan Airlines Holding Co. Ltd., Class A

    27,489,341       5,892,475  

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

    2,024,000       1,941,024  

Haitian International Holdings Ltd.

    5,962,000       12,802,410  

Haitong Securities Co. Ltd., Class A

    4,740,031       6,407,328  

Haitong Securities Co. Ltd., Class H

    22,807,600       14,151,673  

Hanergy Thin Film Power Group Ltd.(d)

    8,046        

Hangzhou Binjiang Real Estate Group Co. Ltd.

    2,676,294       3,862,831  

Hangzhou Chang Chuan Technology Co. Ltd.

    515,326       2,644,943  

Hangzhou First Applied Material Co. Ltd., Class A

    1,197,308       5,128,291  

Hangzhou Lion Electronics Co. Ltd.

    470,300       2,131,355  

Hangzhou Oxygen Plant Group Co. Ltd., Class A

    819,100       3,445,158  

Hangzhou Robam Appliances Co. Ltd., Class A

    980,509       3,703,935  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    1,103,800       3,840,789  

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

    6,744,734       7,167,374  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    268,174       2,448,476  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    10,028,000       13,029,420  

Harbin Electric Co. Ltd., Class H

    8,374,000       2,558,623  

Helens International Holdings Co. Ltd. (a)(c)

    4,650,500       4,679,627  

Hello Group Inc., ADR

    1,393,357       12,024,671  

Henan Shenhuo Coal & Power Co. Ltd.

    2,295,700       5,005,032  

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

    2,905,032       10,721,591  

Hengan International Group Co. Ltd.

    5,666,000       21,017,217  
Security   Shares     Value  

China (continued)

   

Hengdian Group DMEGC Magnetics Co. Ltd.

    1,655,655     $ 3,730,295  

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

    3,877,430       7,653,148  

Hengtong Optic-Electric Co. Ltd., Class A

    1,991,600       3,868,388  

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

    3,637,961       3,834,956  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    334,102       7,688,657  

Hongfa Technology Co. Ltd., Class A

    822,568       3,971,554  

Hope Education Group Co. Ltd.(a)(b)

    55,052,000       3,574,788  

Hopson Development Holdings Ltd.(a)(c)

    9,829,883       6,023,678  

Hoshine Silicon Industry Co. Ltd., Class A

    469,823       3,990,088  

Hoyuan Green Energy Co. Ltd., Class A

    428,105       2,449,780  

Hua Han Health Industry Holdings Ltd.(d)

    19,424,288       25  

Hua Hong Semiconductor Ltd.(a)(b)

    5,203,000       13,562,855  

Hua Medicine(a)(b)

    722,500       154,979  

Huabao International Holdings Ltd.(c)

    9,061,000       3,264,587  

Huadian Power International Corp. Ltd., Class A

    6,457,000       4,514,139  

Huadong Medicine Co. Ltd., Class A

    1,221,051       6,370,390  

Huafon Chemical Co. Ltd., Class A

    6,016,855       5,782,705  

Hualan Biological Engineering Inc., Class A

    1,514,920       4,419,563  

Huaneng Power International Inc., Class A(a)

    5,454,026       6,107,784  

Huaneng Power International Inc., Class H(a)

    37,580,000       18,770,315  

Huatai Securities Co. Ltd., Class A

    3,268,151       7,143,211  

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

    13,597,000       17,890,832  

Huaxia Bank Co. Ltd., Class A

    11,082,630       8,436,593  

Huayu Automotive Systems Co. Ltd., Class A

    2,780,660       7,179,158  

Hubei Xingfa Chemicals Group Co. Ltd., Class A

    1,047,700       2,922,926  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    359,700       7,189,969  

Humanwell Healthcare Group Co. Ltd., Class A

    1,529,000       4,912,135  

Hunan Valin Steel Co. Ltd., Class A

    7,092,400       5,769,309  

Hundsun Technologies Inc., Class A

    1,338,149       6,620,456  

HUTCHMED China Ltd.(a)

    4,298,080       13,188,465  

HUYA Inc., ADR(a)(c)

    773,706       2,073,532  

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

    3,309,200       16,748,627  

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

    7,929,200       3,328,204  

Iflytek Co. Ltd., Class A

    1,263,496       9,507,854  

I-Mab, ADR(a)

    103,257       196,188  

Imeik Technology Development Co. Ltd., Class A

    134,780       8,124,874  

Industrial & Commercial Bank of China Ltd., Class A

    33,843,780       21,483,235  

Industrial & Commercial Bank of China Ltd., Class H

    592,519,000        271,656,477  

Industrial Bank Co. Ltd., Class A

    10,303,090       22,394,878  

Industrial Securities Co. Ltd., Class A

    7,702,051       6,790,912  

INESA Intelligent Tech Inc., Class B

    2,580,865       1,621,034  

Ingenic Semiconductor Co. Ltd., Class A

    323,303       3,277,395  

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

    40,128,500       9,873,271  

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

    12,899,300       7,409,694  

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

    2,719,362       9,723,187  

Inner Mongolia Yitai Coal Co. Ltd., Class B(a)

    9,693,095       12,913,849  

Innovent Biologics Inc.(a)(b)

    10,423,500       46,615,362  

Inspur Electronic Information Industry Co. Ltd., Class A

    1,002,472       5,390,027  

International Alliance Financial Leasing Co. Ltd. (a)(b)(c)

    8,460,000       1,402,386  

iQIYI Inc., ADR(a)

    4,008,764       20,204,171  

 

 

18  

2 0 2 3I S H A R E S 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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

JA Solar Technology Co. Ltd., Class A

    1,860,880     $ 7,113,981  

Jason Furniture Hangzhou Co. Ltd., Class A

    853,657       4,886,119  

JCET Group Co. Ltd., Class A

    1,288,000       5,765,781  

JD Health International Inc.(a)(b)

    10,127,950       54,606,471  

JD Logistics Inc.(a)(b)(c)

    16,862,000       22,476,565  

JD.com Inc., Class A

    21,283,354       353,476,123  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    3,972,700       6,272,178  

Jiangsu Expressway Co. Ltd., Class H

    10,744,000       9,702,540  

Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS

    119,988       2,284,156  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    975,696       8,337,267  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    3,197,055       18,380,067  

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

    965,056       7,941,406  

Jiangsu Pacific Quartz Co. Ltd., NVS

    284,082       3,725,232  

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

    741,051       13,652,614  

Jiangsu Yangnong Chemical Co. Ltd., Class A

    394,360       3,461,877  

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

    1,087,400       5,056,256  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    2,058,600       4,121,601  

Jiangxi Copper Co. Ltd., Class H

    12,630,000       19,671,255  

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

    1,211,600       1,510,173  

Jinchuan Group International Resources Co. Ltd.(c)

    36,943,000       1,857,850  

Jinke Smart Services Group Co. Ltd.(a)(c)

    1,417,500       1,861,734  

Jinko Solar Co. Ltd.

    3,546,743       5,256,096  

JinkoSolar Holding Co. Ltd., ADR(a)(c)

    377,526       12,658,447  

Jinxin Fertility Group Ltd.(a)(b)

    15,328,000       7,665,648  

JiuGui Liquor Co. Ltd., Class A

    254,000       3,125,790  

Jiumaojiu International Holdings Ltd.(b)(c)

    7,909,000       12,685,162  

JNBY Design Ltd.

    2,807,500       2,891,766  

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

    942,942       4,375,373  

Joy Spreader Group Inc.(a)

    2,341,000       132,814  

JOYY Inc., ADR

    425,299       14,596,262  

Juewei Food Co. Ltd., Class A

    509,100       2,495,636  

Kangji Medical Holdings Ltd.

    4,895,000       4,315,338  

Kanzhun Ltd., ADR(a)

    1,943,579       28,764,969  

KE Holdings Inc., ADR(a)

    6,014,876       103,455,867  

Keda Industrial Group Co. Ltd.

    2,031,000       2,808,522  

Keymed Biosciences Inc.(a)(b)

    1,718,500       11,666,215  

Kingboard Holdings Ltd.

    6,294,200       14,283,092  

Kingboard Laminates Holdings Ltd.

    9,061,500       7,530,838  

Kingdee International Software Group Co.
Ltd.(a)

    24,987,000       38,607,751  

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

    1,038,523       5,909,196  

Kingsoft Corp. Ltd.

    8,789,000       35,032,410  

Kintor Pharmaceutical Ltd. (a)(b)

    439,500       194,324  

Konka Group Co. Ltd., Class B(a)

    10,789,418       1,952,449  

Koolearn Technology Holding Ltd.(a)(b)(c)

    3,829,000       19,396,872  

Kuaishou Technology(a)(b)

    21,083,800       172,590,312  

Kuang-Chi Technologies Co. Ltd., Class A

    1,559,850       3,196,155  

Kunlun Energy Co. Ltd.

    36,102,000       26,429,711  

Kunlun Tech Co. Ltd., Class A(a)

    844,600       4,188,402  

Kweichow Moutai Co. Ltd., Class A

    676,920       172,075,867  

KWG Group Holdings Ltd.(a)(c)

    12,617,500       1,461,735  

LB Group Co. Ltd., Class A

    2,248,207       5,599,554  

Lee & Man Paper Manufacturing Ltd.

    14,812,000       4,357,641  

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

    554,585       38,466,016  

Lenovo Group Ltd.

    66,384,000       75,035,552  
Security   Shares     Value  

China (continued)

   

Lens Technology Co. Ltd., Class A

    3,637,415     $ 6,143,055  

Lepu Medical Technology Beijing Co. Ltd., Class A

    1,775,182       3,949,538  

LexinFintech Holdings Ltd., ADR(a)

    1,235,409       3,199,709  

Li Auto Inc.(a)

    10,329,204       215,052,330  

Li Ning Co. Ltd.

    21,466,000       101,454,863  

Lifetech Scientific Corp. (a)(c)

    35,764,000       11,119,695  

Lingyi iTech Guangdong Co., Class A

    7,513,133       6,199,183  

LK Technology Holdings Ltd.(c)

    5,555,000       5,327,627  

Longfor Group Holdings Ltd.(b)

    17,077,000       36,042,719  

LONGi Green Energy Technology Co. Ltd., Class A

    3,636,649       13,291,420  

Lonking Holdings Ltd.

    23,779,000       4,240,332  

Lufax Holding Ltd., ADR

    5,932,773       7,178,655  

Luxshare Precision Industry Co. Ltd., Class A

    3,790,789       17,173,927  

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

    20,333,500       7,466,798  

Luzhou Laojiao Co. Ltd., Class A

    815,608       26,047,064  

Mango Excellent Media Co. Ltd., Class A

    1,215,932       4,938,526  

Maoyan Entertainment(a)(b)(c)

    6,102,800       8,364,061  

Maxscend Microelectronics Co. Ltd., Class A

    366,612       6,244,811  

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

    5,117,552       4,781,708  

Meitu Inc.(b)(c)

    25,497,000       9,795,265  

Meituan, Class B(a)(b)

    46,152,660       763,787,308  

Metallurgical Corp. of China Ltd., Class A

    13,640,600       6,821,704  

MH Development Ltd.(d)

    3,308,000       53,266  

Microport Scientific Corp.(a)(c)

    6,767,700       11,589,038  

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

    3,598,600       3,377,154  

Ming Yang Smart Energy Group Ltd., Class A

    1,435,500       2,943,545  

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

    7,982,000       4,017,894  

MINISO Group Holding Ltd.(a)

    904,320       23,421,888  

Minth Group Ltd.

    6,944,000       20,613,614  

MMG Ltd.(a)(c)

    27,971,999       9,281,927  

Mobvista Inc.(a)(b)

    7,219,000       3,296,666  

Montage Technology Co. Ltd., Class A

    687,000       4,837,226  

Muyuan Foods Co. Ltd., Class A

    2,755,083       15,351,768  

NARI Technology Co. Ltd., Class A

    3,745,436       12,246,204  

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

    2,107,600       5,891,825  

NAURA Technology Group Co. Ltd., Class A

    289,275       10,782,973  

NavInfo Co. Ltd., Class A(a)

    3,099,750       4,389,442  

NetDragon Websoft Holdings Ltd.

    3,034,000       5,880,459  

NetEase Inc.

    17,714,135       366,991,826  

New China Life Insurance Co. Ltd., Class A

    1,124,101       6,262,234  

New China Life Insurance Co. Ltd., Class H

    7,989,500       19,987,386  

New Hope Liuhe Co. Ltd., Class A(a)

    4,114,944       6,595,341  

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

    2,595,000       5,743,532  

New Oriental Education & Technology Group Inc.(a)

    13,990,390       75,901,450  

Nexteer Automotive Group Ltd.

    8,775,000       5,647,123  

Nine Dragons Paper Holdings Ltd.(c)

    15,302,000       8,491,203  

Ninestar Corp., Class A

    974,734       3,747,141  

Ningbo Deye Technology Co. Ltd., NVS

    261,160       3,308,575  

Ningbo Orient Wires & Cables Co. Ltd.

    565,300       2,872,866  

Ningbo Ronbay New Energy Technology Co. Ltd.

    339,717       2,378,821  

Ningbo Shanshan Co. Ltd.

    1,971,700       3,687,183  

Ningbo Tuopu Group Co. Ltd., Class A

    815,300       8,738,639  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    5,198,100       9,798,423  

NIO Inc., ADR(a)(c)

    12,631,065       129,721,038  

 

 

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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Noah Holdings Ltd., ADR(c)

    334,491     $ 4,652,770  

Nongfu Spring Co. Ltd., Class H(b)

    16,146,600       90,685,848  

North Industries Group Red Arrow Co. Ltd., Class A

    1,140,800       2,391,240  

Offshore Oil Engineering Co. Ltd., Class A

    2,796,700       2,240,859  

Oppein Home Group Inc., Class A

    402,980       5,423,678  

Orient Overseas International Ltd.(c)

    1,256,500       16,851,283  

Orient Securities Co. Ltd., Class A

    6,037,067       8,277,736  

Ovctek China Inc., Class A

    614,765       2,227,425  

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

    5,819,300       2,999,198  

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

    5,373,000       4,977,279  

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

    88,483,000       30,118,125  

Perfect World Co. Ltd., Class A

    1,463,586       2,777,535  

PetroChina Co. Ltd., Class A

    9,933,637       10,588,294  

PetroChina Co. Ltd., Class H

    193,850,000       139,836,758  

Pharmaron Beijing Co. Ltd., Class A

    867,025       3,544,218  

PICC Property & Casualty Co. Ltd., Class H

    62,571,040       71,954,091  

Pinduoduo Inc., ADR(a)(c)

    5,436,834        538,083,461  

Ping An Bank Co. Ltd., Class A

    9,206,636       14,079,990  

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

    4,702,900       11,738,900  

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

    6,475,454       43,476,344  

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

    60,978,500       365,087,117  

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

    5,830,811       11,227,935  

Poly Property Group Co. Ltd.(c)

    21,694,000       5,037,503  

Pop Mart International Group Ltd.(b)

    4,855,800       15,793,915  

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

    14,086,900       9,410,701  

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

    71,643,000       35,336,493  

Power Construction Corp. of China Ltd., Class A

    9,436,244       6,678,101  

Powerlong Real Estate Holdings Ltd.(a)(c)

    10,815,000       1,156,508  

Pylon Technologies Co. Ltd., NVS

    131,837       2,504,972  

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

    5,352,000       1,988,513  

Qifu Technology Inc.

    1,066,527       18,130,959  

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

    2,840,350       6,981,213  

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

    11,872,000       1,445,906  

RLX Technology Inc., ADR(a)(c)

    5,145,032       7,871,899  

Rongsheng Petrochemical Co. Ltd., Class A

    5,248,371       8,691,777  

SAIC Motor Corp. Ltd., Class A

    1,936,590       3,825,555  

Sailun Group Co. Ltd., Class A

    3,573,200       6,058,726  

Sanan Optoelectronics Co. Ltd., Class A

    2,932,300       6,323,672  

Sangfor Technologies Inc., Class A(a)

    287,800       4,318,441  

Sany Heavy Equipment International Holdings Co. Ltd.

    11,519,000       17,948,727  

Sany Heavy Industry Co. Ltd., Class A

    4,066,356       8,663,765  

Satellite Chemical Co. Ltd., Class A

    3,005,507       6,314,104  

SDIC Capital Co. Ltd., Class A

    6,160,200       6,205,064  

SDIC Power Holdings Co. Ltd., Class A

    4,454,200       7,779,006  

Seazen Group Ltd.(a)

    21,132,000       4,121,658  

Seazen Holdings Co. Ltd., Class A(a)

    1,395,026       2,790,594  

SF Holding Co. Ltd., Class A

    2,526,492       15,088,634  

SG Micro Corp., Class A

    322,450       3,427,529  

Shaanxi Coal Industry Co. Ltd., Class A

    5,143,790       11,760,172  

Shan Xi Hua Yang Group New Energy Co. Ltd.

    3,008,100       3,124,420  

Shandong Gold Mining Co. Ltd., Class A

    2,010,001       7,195,118  

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

    6,046,500       12,175,821  
Security   Shares     Value  

China (continued)

   

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    1,834,399     $ 8,338,556  

Shandong Linglong Tyre Co. Ltd., Class A

    1,476,241       4,414,854  

Shandong Nanshan Aluminum Co. Ltd., Class A

    11,426,400       4,895,380  

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

    23,131,200        23,031,365  

Shanghai Aiko Solar Energy Co. Ltd.

    1,196,020       3,648,718  

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

    999,104       4,401,969  

Shanghai Baosight Software Co. Ltd., Class A

    1,110,030       7,319,389  

Shanghai Baosight Software Co. Ltd., Class B

    5,694,297       12,935,416  

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

    7,715,409       3,648,239  

Shanghai Construction Group Co. Ltd., Class A

    10,447,600       4,021,457  

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

    13,959,600       8,566,303  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    634,200       2,432,212  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    4,626,500       10,861,700  

Shanghai Fudan Microelectronics Group Co. Ltd.

    327,380       2,375,756  

Shanghai Haixin Group Co., Class B

    8,118,191       2,474,701  

Shanghai Highly Group Co. Ltd., Class B

    1,905,655       595,473  

Shanghai Industrial Holdings Ltd.

    5,737,000       7,527,856  

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

    1,176,103       6,347,915  

Shanghai International Port Group Co. Ltd., Class A

    8,910,570       6,248,793  

Shanghai Jinjiang International Hotels Co. Ltd., Class A

    666,778       3,539,204  

Shanghai Junshi Biosciences Co. Ltd., Class A(a)

    609,250       3,190,718  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

    3,295,409       1,353,009  

Shanghai M&G Stationery Inc., Class A

    814,247       4,213,307  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    1,328,200       3,261,193  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    7,208,300       11,851,445  

Shanghai Pudong Development Bank Co. Ltd., Class A

    13,401,246       12,863,183  

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

    1,401,694       6,303,575  

Shanghai RAAS Blood Products Co. Ltd., Class A

    8,539,634       8,350,720  

Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.

    1,394,538       995,813  

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

    3,658,500       4,184,564  

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

    2,272,200       5,082,528  

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

    3,694,469       3,635,431  

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

    674,439       22,443,457  

Shede Spirits Co. Ltd.

    256,900       4,762,803  

Shengyi Technology Co. Ltd., Class A

    2,020,508       4,112,946  

Shennan Circuits Co. Ltd., Class A

    333,071       3,028,125  

Shenwan Hongyuan Group Co. Ltd., Class A

    13,784,492       8,258,816  

Shenzhen Dynanonic Co. Ltd.

    192,931       2,489,584  

Shenzhen Inovance Technology Co. Ltd., Class A

    1,056,542       9,920,149  

Shenzhen International Holdings Ltd.

    11,164,250       7,935,913  

Shenzhen Investment Ltd.

    29,206,000       5,146,697  

 

 

20  

2 0 2 3I S H A R E S 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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Shenzhen Kangtai Biological Products Co. Ltd., Class A(a)

    766,100     $ 2,930,364  

Shenzhen Kstar Science & Technology Co. Ltd.

    419,600       1,747,129  

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

    629,546        23,379,933  

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

    533,400       4,454,742  

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

    6,570,602       3,934,271  

Shenzhen SC New Energy Technology Corp., Class A

    258,000       3,140,803  

Shenzhen Senior Technology Co. Ltd., Class A

    1,509,453       2,913,997  

Shenzhen Transsion Holding Co. Ltd., Class A

    508,900       10,271,925  

Shenzhou International Group Holdings Ltd.

    7,421,200       76,040,250  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

    1,116,818       3,571,210  

Shimao Services Holdings Ltd.(a)(b)(c)

    9,052,000       1,765,618  

Shoucheng Holdings Ltd.(c)

    30,362,800       7,085,111  

Shougang Fushan Resources Group Ltd.

    22,956,000       6,615,310  

Shui On Land Ltd.

    50,062,166       4,852,034  

Sichuan Chuantou Energy Co. Ltd., Class A

    4,206,278       8,646,003  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

    1,610,220       5,996,713  

Sichuan New Energy Power Co. Ltd., Class A(a)

    1,811,083       3,139,587  

Sichuan Road & Bridge Co. Ltd., Class A

    7,379,360       9,023,311  

Sichuan Swellfun Co. Ltd., Class A

    389,500       3,546,401  

Sichuan Yahua Industrial Group Co. Ltd., Class A

    1,184,200       2,549,475  

Sihuan Pharmaceutical Holdings Group Ltd.

    49,386,000       4,033,507  

Sino Biopharmaceutical Ltd.

    90,857,000       34,488,262  

Sinofert Holdings Ltd.

    27,756,000       3,395,768  

Sinoma Science & Technology Co. Ltd., Class A

    1,389,000       4,184,355  

Sinomine Resource Group Co. Ltd., Class A

    581,220       2,971,194  

Sino-Ocean Group Holding Ltd.(a)(c)

    31,329,000       1,457,153  

Sinopec Engineering Group Co. Ltd., Class H

    17,497,500       8,097,715  

Sinopec Kantons Holdings Ltd.(c)

    14,440,000       5,663,245  

Sinopharm Group Co. Ltd., Class H

    12,237,600       35,512,570  

Sinotruk Hong Kong Ltd.

    5,528,500       10,259,766  

Skshu Paint Co. Ltd., Class A(a)

    444,848       4,613,137  

Skyworth Group Ltd.

    15,284,000       5,592,307  

Smoore International Holdings Ltd.(b)(c)

    16,278,000       16,445,231  

SOHO China Ltd.(a)(c)

    21,725,500       2,520,882  

Sohu.com Ltd., ADR(a)

    309,607       3,269,450  

Songcheng Performance Development Co. Ltd., Class A

    2,366,756       4,037,582  

Spring Airlines Co. Ltd., Class A(a)

    645,000       5,192,686  

SSY Group Ltd.

    13,644,411       7,262,998  

StarPower Semiconductor Ltd., Class A

    109,900       2,991,361  

Sun King Technology Group Ltd.(a)

    11,060,000       2,240,313  

Sunac Services Holdings Ltd.(b)(c)

    9,862,000       3,077,744  

Sungrow Power Supply Co. Ltd., Class A

    795,100       10,899,432  

Sunny Optical Technology Group Co. Ltd.

    6,354,200       51,883,214  

Sunwoda Electronic Co. Ltd., Class A

    1,939,900       4,221,032  

Superb Summit International Group Ltd.(d)

    998,771       1  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    1,432,600       3,697,298  

Suzhou Maxwell Technologies Co. Ltd., Class A

    211,992       4,442,473  

SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A

    808,280       2,998,122  

SY Holdings Group Ltd.(c)

    8,895,000       5,671,234  
Security   Shares     Value  

China (continued)

   

TAL Education Group, ADR(a)(c)

    4,104,910     $ 28,939,615  

TBEA Co. Ltd., Class A

    3,791,971       7,661,083  

TCL Electronics Holdings Ltd.

    10,353,000       4,047,929  

TCL Technology Group Corp., Class A(a)

    15,887,212       8,943,206  

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

    2,236,038       7,867,841  

Tencent Holdings Ltd.

    60,975,300        2,526,836,772  

Tencent Music Entertainment Group, ADR(a)

    6,731,769       45,910,665  

Thunder Software Technology Co. Ltd., Class A

    366,700       4,022,246  

Tiangong International Co. Ltd.(c)

    14,842,000       5,014,415  

Tianjin Port Development Holdings Ltd.

    52,692,000       3,689,162  

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

    4,109,605       4,855,087  

Tianneng Power International Ltd.(c)

    7,280,000       7,755,323  

Tianqi Lithium Corp., Class A

    861,000       6,804,713  

Tianshui Huatian Technology Co. Ltd., Class A

    3,514,236       4,337,339  

Tingyi Cayman Islands Holding Corp.

    17,816,000       26,159,200  

Tong Ren Tang Technologies Co. Ltd., Class H

    7,104,000       5,689,642  

Tongcheng Travel Holdings Ltd.(a)

    11,109,600       24,897,238  

Tongdao Liepin Group(a)(c)

    3,301,600       3,160,325  

Tongwei Co. Ltd., Class A

    2,180,177       9,608,199  

Topchoice Medical Corp., Class A(a)

    251,999       3,227,758  

Topsports International Holdings Ltd.(b)

    15,636,000       12,733,546  

Towngas Smart Energy Co. Ltd.

    11,254,000       4,744,032  

TravelSky Technology Ltd., Class H

    8,188,000       14,660,035  

Trina Solar Co. Ltd.

    1,195,016       5,589,228  

Trip.com Group Ltd.(a)

    5,028,791       198,063,676  

Truly International Holdings Ltd.

    20,602,000       2,281,293  

Tsingtao Brewery Co. Ltd., Class A

    401,100       5,015,488  

Tsingtao Brewery Co. Ltd., Class H

    5,460,000       45,403,379  

Tuya Inc.(a)(c)

    2,413,189       4,440,268  

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

    464,473       5,911,648  

Uni-President China Holdings Ltd.

    11,801,000       8,727,716  

Unisplendour Corp. Ltd., Class A(a)

    2,102,461       7,777,822  

Untrade Cteg(d)

    33,362,000       99,588  

Untrade SMI Holdings(d)

    12,466,353       16  

Untradelumena Newmat, NVS(d)

    43,450        

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

    1,055,338       5,181,710  

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

    2,606,500       1,859,678  

Vinda International Holdings Ltd.

    3,806,000       8,806,528  

Vipshop Holdings Ltd., ADR(a)

    3,185,736       50,302,771  

Viva Biotech Holdings(a)(b)

    16,526,000       3,073,397  

Vnet Group Inc., ADR(a)

    938,374       3,518,903  

Walvax Biotechnology Co. Ltd., Class A

    1,240,789       4,026,963  

Wanhua Chemical Group Co. Ltd., Class A

    1,564,386       20,159,971  

Want Want China Holdings Ltd.

    43,585,000       28,826,695  

Weibo Corp., ADR

    624,079       8,050,619  

Weichai Power Co. Ltd., Class A

    3,428,400       5,549,650  

Weichai Power Co. Ltd., Class H

    17,558,000       22,744,993  

Weihai Guangwei Composites Co. Ltd., Class A

    603,960       2,321,641  

Weimob Inc.(a)(b)

    21,066,000       10,990,084  

Wens Foodstuffs Group Co. Ltd., Class A

    2,827,541       6,469,507  

West China Cement Ltd.

    34,090,000       3,387,274  

Western Securities Co. Ltd., Class A

    8,308,891       7,707,043  

Western Superconducting Technologies Co. Ltd., Class A

    574,520       3,747,037  

Westone Information Industry Inc., Class A

    678,300       2,328,501  

Will Semiconductor Co. Ltd. Shanghai, Class A

    559,369       7,078,901  

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

    769,700       4,878,275  

Wuhan Guide Infrared Co. Ltd., Class A

    4,577,896       4,845,649  

 

 

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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Wuliangye Yibin Co. Ltd., Class A

    2,049,974     $ 43,917,901  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    1,651,396       4,786,758  

WuXi AppTec Co. Ltd., Class A

    1,408,239       15,808,473  

WuXi AppTec Co. Ltd., Class H(b)(c)

    3,230,307       35,398,497  

Wuxi Biologics Cayman Inc.(a)(b)

    34,748,000       195,895,314  

XCMG Construction Machinery Co. Ltd., Class A

    10,454,809       8,695,435  

XD Inc.(a)

    3,127,000       6,884,152  

Xiabuxiabu Catering Management China Holdings Co. Ltd.(b)(c)

    7,804,500       3,771,711  

Xiamen C & D Inc., Class A

    2,298,800       3,434,810  

Xiaomi Corp., Class B(a)(b)

    138,886,600       218,943,271  

Xinjiang Daqo New Energy Co. Ltd.

    1,002,850       5,721,523  

Xinyi Solar Holdings Ltd.

    43,540,800       36,330,344  

XPeng Inc.(a)

    9,447,950       84,913,085  

Xtep International Holdings Ltd.

    12,467,500       12,333,235  

Yadea Group Holdings Ltd.(b)(c)

    11,482,000       22,075,852  

Yangzhou Yangjie Electronic Technology Co. Ltd.

    367,900       1,803,846  

Yankuang Energy Group Co. Ltd., Class A

    1,573,309       3,717,629  

Yankuang Energy Group Co. Ltd., Class H

    21,467,000       33,700,783  

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

    1,149,568       4,514,463  

Yeahka Ltd.(a)(c)

    2,617,200       5,200,360  

Yealink Network Technology Corp. Ltd., Class A

    938,106       4,771,081  

Yifeng Pharmacy Chain Co. Ltd., Class A

    925,459       4,524,453  

Yihai International Holding Ltd.

    4,192,000       7,855,963  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    958,201       4,694,858  

YongXing Special Materials Technology Co. Ltd., Class A

    450,460       3,080,439  

Yonyou Network Technology Co. Ltd., Class A

    2,139,483       5,337,651  

Youdao Inc., ADR(a)(c)

    445,949       1,739,201  

Youyuan International Holdings Ltd.(d)

    5,307,000       20,342  

YTO Express Group Co. Ltd., Class A

    2,175,553       4,517,272  

Yuexiu Property Co. Ltd.

    15,271,576       18,921,092  

Yuexiu REIT(c)

    27,624,751       5,178,487  

Yuexiu Transport Infrastructure Ltd.

    11,806,000       6,103,536  

Yum China Holdings Inc.

    3,782,850        203,101,216  

Yunda Holding Co. Ltd., Class A

    2,242,037       3,032,159  

Yunnan Aluminium Co. Ltd., Class A

    3,293,353       6,512,044  

Yunnan Baiyao Group Co. Ltd., Class A

    1,180,092       8,863,286  

Yunnan Botanee Bio-Technology Group Co. Ltd.

    214,400       2,999,315  

Yunnan Energy New Material Co. Ltd., Class A

    559,532       5,107,912  

Yunnan Yuntianhua Co. Ltd.

    1,181,800       2,800,469  

Zai Lab Ltd.(a)

    8,262,390       21,516,118  

Zangge Mining Co. Ltd.

    1,560,646       4,817,629  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    309,669       11,768,392  

Zhaojin Mining Industry Co. Ltd., Class H

    11,149,500       15,606,990  

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

    5,567,895       4,146,667  

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

    2,950,620       3,325,487  

Zhejiang Chint Electrics Co. Ltd., Class A

    1,651,573       5,621,452  

Zhejiang Dahua Technology Co. Ltd., Class A

    2,372,258       7,038,000  

Zhejiang Dingli Machinery Co. Ltd., Class A

    516,716       3,773,880  

Zhejiang Expressway Co. Ltd., Class H

    13,534,000       10,106,278  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

    1,242,762       2,868,838  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    1,181,491       6,485,700  
Security   Shares     Value  

China (continued)

   

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

    984,694     $ 7,622,915  

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A

    736,000       2,751,452  

Zhejiang Juhua Co. Ltd., Class A

    2,063,600       4,643,879  

Zhejiang NHU Co. Ltd., Class A

    2,731,558       6,111,831  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    1,470,500       6,001,092  

Zhejiang Supcon Technology Co. Ltd.

    659,260       4,564,850  

Zhejiang Supor Co. Ltd., Class A

    437,940       2,864,565  

Zhejiang Weiming Environment Protection Co. Ltd., Class A

    1,524,773       3,750,189  

Zheshang Securities Co. Ltd., Class A

    4,778,100       6,757,700  

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

    6,462,400       19,167,865  

Zhongji Innolight Co. Ltd., Class A

    535,574       8,435,037  

Zhongjin Gold Corp. Ltd., Class A

    4,094,618       6,256,436  

Zhongsheng Group Holdings Ltd.

    6,074,500       18,507,953  

Zhongtai Securities Co. Ltd.

    5,800,300       5,827,895  

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

    10,276,500       3,628,964  

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

    22,166,000       1,413,224  

Zhuzhou CRRC Times Electric Co. Ltd.

    5,504,700       19,184,603  

Zijin Mining Group Co. Ltd., Class A

    9,942,600       16,775,989  

Zijin Mining Group Co. Ltd., Class H

    51,914,000       81,315,739  

Zonqing Environmental Ltd., NVS

    8,000       26,217  

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

    7,790,600       6,919,572  

ZTE Corp., Class A

    1,728,039       8,411,217  

ZTE Corp., Class H

    7,228,040       23,262,798  

ZTO Express Cayman Inc., ADR

    3,872,196       97,347,007  
   

 

 

 
       19,130,541,105  
Colombia — 0.1%  

Bancolombia SA

    2,235,685       15,904,763  

Grupo Argos SA

    2,331,189       4,593,420  

Interconexion Electrica SA ESP

    4,365,665       15,987,694  
   

 

 

 
      36,485,877  
Czech Republic — 0.1%  

CEZ AS

    1,494,361       63,623,350  

Komercni Banka AS

    707,449       22,091,022  

Moneta Money Bank AS(b)

    3,625,089       13,523,161  
   

 

 

 
      99,237,533  
Egypt — 0.1%  

Commercial International Bank Egypt SAE

    22,032,406       30,614,443  

Eastern Co. SAE

    9,912,413       4,910,719  

E-Finance for Digital & Financial Investments, NVS

    5,507,837       2,352,445  

Egyptian Financial Group-Hermes Holding Co.(a)

    15,569,131       6,050,023  

EISewedy Electric Co.

    8,670,920       4,894,382  

Ezz Steel Co. SAE(a)

    639,021       790,130  

Fawry for Banking & Payment Technology Services SAE(a)

    19,640,703       2,699,754  

Talaat Moustafa Group

    9,739,310       2,588,789  

Telecom Egypt Co.

    4,706,598       3,016,763  
   

 

 

 
      57,917,448  
Greece — 0.5%  

Alpha Services and Holdings SA(a)

    21,146,198       35,549,884  

Athens Water Supply & Sewage Co. SA(c)

    444,043       3,177,888  

Autohellas Tourist and Trading SA(c)

    43,676       670,619  

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

    24,230,613       42,005,771  

 

 

22  

2 0 2 3I S H A R E S 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 (continued)

August 31, 2023

  

iShares® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Greece (continued)

   

FF Group(a)(d)

    343,633     $ 4  

GEK Terna Holding Real Estate Construction SA

    724,993       10,571,215  

Hellenic Telecommunications Organization SA(c)

    1,648,680       24,638,269  

Holding Co. ADMIE IPTO SA(c)

    1,946,341       4,843,459  

JUMBO SA

    1,057,104       32,691,657  

LAMDA Development SA(a)

    810,432       5,933,431  

Motor Oil Hellas Corinth Refineries SA

    605,145       15,420,449  

Mytilineos SA

    1,024,263       41,539,120  

National Bank of Greece SA(a)

    5,280,832       35,855,643  

OPAP SA

    1,766,288       29,824,800  

Piraeus Financial Holdings SA(a)

    6,514,650       22,446,954  

Public Power Corp. SA(a)

    1,847,330       20,189,077  

Sarantis SA(c)

    254,153       2,133,074  

Terna Energy SA

    523,322       9,393,497  

Titan Cement International SA(c)

    505,077       10,054,238  
   

 

 

 
      346,939,049  
Hungary — 0.2%  

Magyar Telekom Telecommunications PLC

    5,539,746       7,372,899  

MOL Hungarian Oil & Gas PLC

    3,788,394       28,647,944  

OTP Bank Nyrt

    2,170,684       88,514,706  

Richter Gedeon Nyrt

    1,241,714       31,162,973  
   

 

 

 
       155,698,522  
India — 16.5%  

360 ONE WAM Ltd.

    1,562,234       9,190,397  

3M India Ltd.

    32,339       12,166,535  

Aarti Industries Ltd.

    1,850,819       10,987,917  

Aarti Pharmalabs Ltd., NVS(a)

    518,059       2,469,011  

Aavas Financiers Ltd.(a)

    385,098       7,590,376  

ABB India Ltd.

    548,834       29,026,620  

ACC Ltd.

    610,115       14,771,288  

Adani Enterprises Ltd.

    1,576,818       46,033,955  

Adani Green Energy Ltd.(a)

    2,887,600       32,391,487  

Adani Ports & Special Economic Zone Ltd.

    4,876,608       46,611,492  

Adani Power Ltd.(a)

    7,011,015       27,118,171  

Aditya Birla Fashion and Retail Ltd.(a)

    3,758,976       9,961,836  

Aegis Logistics Ltd.

    1,771,568       7,912,056  

Affle India Ltd.(a)

    718,496       9,343,897  

AIA Engineering Ltd.

    441,651       19,701,445  

Ajanta Pharma Ltd.

    505,075       10,542,422  

Alembic Pharmaceuticals Ltd.

    601,738       5,642,126  

Alkyl Amines Chemicals

    188,429       5,682,461  

Alok Industries Ltd.(a)

    13,444,810       3,219,610  

Amara Raja Batteries Ltd.

    1,277,505       9,692,528  

Amber Enterprises India Ltd.(a)

    211,973       7,420,551  

Ambuja Cements Ltd.

    5,683,563       29,388,763  

Angel One Ltd.

    385,262       8,693,951  

Apar Industries Ltd.

    99,850       6,040,783  

APL Apollo Tubes Ltd.

    1,674,779       33,883,846  

Apollo Hospitals Enterprise Ltd.

    955,932       55,545,284  

Apollo Tyres Ltd.

    3,868,857       18,138,951  

Ashok Leyland Ltd.

    14,679,063       32,585,367  

Asian Paints Ltd.

    3,528,089       138,709,073  

Astral Ltd.

    1,212,353       28,589,803  

AstraZeneca Pharma India Ltd.

    80,380       4,135,500  

Atul Ltd.

    125,367       11,100,798  

AU Small Finance Bank Ltd.(b)

    1,695,273       14,798,661  

Aurobindo Pharma Ltd.

    2,371,725       23,756,872  

Avanti Feeds Ltd.

    821,217       4,306,568  
Security   Shares     Value  

India (continued)

   

Avenue Supermarts Ltd.(a)(b)

    1,530,713     $ 68,775,605  

Axis Bank Ltd.

    20,883,980       245,357,368  

Bajaj Auto Ltd.

    665,833       37,075,907  

Bajaj Electricals Ltd.

    532,503       7,464,857  

Bajaj Finance Ltd.

    2,506,568       216,658,885  

Bajaj Finserv Ltd.

    3,552,462       63,818,054  

Bajaj Holdings & Investment Ltd.

    276,652       24,840,190  

Balaji Amines Ltd.

    115,338       3,129,056  

Balkrishna Industries Ltd.

    859,386       24,104,321  

Balrampur Chini Mills Ltd.

    1,721,351       8,104,068  

Bandhan Bank Ltd.(b)

    6,541,825       18,123,007  

Bank of Baroda

    10,107,714       22,824,070  

BASF India Ltd.

    131,577       4,181,931  

Bata India Ltd.

    541,313       11,032,786  

Bayer CropScience Ltd.

    156,364       9,088,609  

BEML Ltd., (Acquired 08/31/23, Cost: $5,199,770)(e)

    173,908       5,181,870  

Berger Paints India Ltd.

    2,380,133       20,649,253