iShares, Inc.

N-CSRS 1 d731929dncsrs.htm ISHARES, INC. iShares, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: August 31, 2024

Date of reporting period: February 29, 2024

Item 1.

Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Austria ETF | EWO | NYSE Arca

iShares MSCI Belgium ETF | EWK | NYSE Arca

iShares MSCI France ETF | EWQ | NYSE Arca

iShares MSCI Netherlands ETF | EWN | NYSE Arca

iShares MSCI Sweden ETF | EWD | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.93%		30.45%

U.S. small cap equities (Russell 2000^® Index)		8.97		10.05

International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41

Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Financial Highlights		33
Notes to Financial Statements		38
Statement Regarding Liquidity Risk Management Program		47
Supplemental Information		48
General Information		49
Glossary of Terms Used in this Report		50


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

Investment Objective

The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.71	%		1.80	%		3.90	%		3.04	%		1.80	%		21.07	%		34.94	%
Fund Market		5.13			2.12			4.04			3.12			2.12			21.89			35.96
Index		4.30			0.34			3.68			2.99			0.34			19.82			34.31

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio


$	1,000.00	$	1,047.10	$	2.54		$	1,000.00	$	1,022.40	$	2.51		0.50%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	37.1	%
Industrials	15.3
Energy	15.1
Utilities	13.1
Materials	11.2
Real Estate	6.2
Information Technology	2.0

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Erste Group Bank AG	21.4	%
OMV AG	13.0
Verbund AG	10.1
BAWAG Group AG	4.7
voestalpine AG	4.5
Wienerberger AG	4.5
Raiffeisen Bank International AG	4.4
ANDRITZ AG	4.4
CA Immobilien Anlagen AG	3.6
DO & CO AG	3.4

^(a)

Excludes money market funds.


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

Investment Objective

The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.22	%		(0.29	)%		2.82	%		2.96	%		(0.29	)%		14.94	%		33.89	%
Fund Market		(0.22	)		(0.69	)		2.83			3.00			(0.69	)		14.97			34.41
Index		(0.27	)		(0.97	)		1.50			2.32			(0.97	)		7.72			25.72

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio


$	1,000.00	$	1,002.20	$	2.49		$	1,000.00	$	1,022.40	$	2.51		0.50%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Consumer Staples	26.5	%
Financials	20.9
Health Care	19.2
Real Estate	10.0
Materials	9.2
Industrials	4.0
Consumer Discretionary	2.8
Utilities	2.2
Energy	1.9
Information Technology	1.9
Communication Services	1.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Anheuser-Busch InBev SA/NV	22.0	%
Argenx SE	12.1
KBC Group NV	9.7
UCB SA	5.1
Groupe Bruxelles Lambert NV	4.2
Ageas SA/NV	3.9
Syensqo SA	3.7
D’ieteren Group	2.8
Warehouses De Pauw CVA	2.7
Umicore SA	2.5

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.52	%		13.32	%		9.49	%		5.97	%		13.32	%		57.32	%		78.63	%
Fund Market		7.47			13.30			9.49			6.04			13.30			57.34			79.84
Index		7.29			12.20			8.92			5.68			12.20			53.28			73.72

Expense Example


Actual						Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,075.20	$	2.58		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)
Industrials	24.6	%
Consumer Discretionary	21.2
Consumer Staples	10.2
Health Care	9.8
Financials	9.5
Energy	7.0
Materials	6.3
Information Technology	5.0
Communication Services	2.9
Utilities	2.5
Real Estate	1.0


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)
LVMH Moet Hennessy Louis Vuitton SE	12.7	%
TotalEnergies SE	6.9
Schneider Electric SE	6.2
L’Oreal SA	5.8
Sanofi SA	5.4
Air Liquide SA	5.4
Airbus SE	4.9
Hermes International SCA	4.0
Safran SA	3.6
AXA SA	3.2

^(a)

Excludes money market funds.


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

Investment Objective

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		16.68	%		19.35	%		11.86	%		8.39	%		19.35	%		75.13	%		123.89	%
Fund Market		16.61			19.21			11.93			8.44			19.21			75.68			124.91
Index		16.33			19.06			12.31			8.71			19.06			78.73			130.61

Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50 Index.

Expense Example


Actual						Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,166.80	$	2.69		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)
Information Technology	29.0	%
Financials	19.7
Industrials	16.2
Consumer Staples	11.5
Consumer Discretionary	7.2
Materials	6.1
Communication Services	5.1
Health Care	2.8
Energy	1.4
Real Estate	1.0


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)
ASML Holding NV	22.9	%
ING Groep NV	6.3
Prosus NV	5.7
Wolters Kluwer NV	4.9
Adyen NV	4.4
ASM International NV	3.7
Koninklijke Ahold Delhaize NV	3.7
Heineken NV	3.4
Universal Music Group NV	3.3
DSM-Firmenich AG	2.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


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

Investment Objective

The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 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


	6-Month Total Returns			Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		21.58	%		14.69	%		9.10	%		4.41	%		14.69	%		54.54	%		53.97	%
Fund Market		21.60			14.71			9.15			4.45			14.71			54.91			54.54
Index		21.67			13.68			8.60			3.86			13.68			51.05			45.99

Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,215.80	$ 2.86			$ 1,000.00	$ 1,022.30	$ 2.61		0.52	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Industrials	49.5	%
Financials	24.4
Information Technology	7.7
Consumer Discretionary	6.7
Materials	3.6
Consumer Staples	2.7
Communication Services	1.9
Health Care	1.8
Real Estate	1.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Atlas Copco AB, Class A	8.9	%
Investor AB, Class B	8.3
Volvo AB, Class B	8.0
Assa Abloy AB, Class B	5.5
Hexagon AB, Class B	4.7
Sandvik AB	4.6
Evolution AB	4.6
Atlas Copco AB, Class B	4.5
Skandinaviska Enskilda Banken AB, Class A	4.5
Swedbank AB, Class A	3.6

^(a)

Excludes money market funds.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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.

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

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E		9

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Austria ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 3.2%
Oesterreichische Post AG		55,741	$	1,804,885


Banks — 30.1%
BAWAG Group AG^(a)		46,101		2,610,887
Erste Group Bank AG		299,364		11,969,519
Raiffeisen Bank International AG		117,398		2,445,497

				17,025,903

Chemicals — 2.2%
Lenzing AG^(b)(c)		40,265		1,259,857


Commercial Services & Supplies — 3.4%
DO & CO AG^(c)		12,189		1,894,402


Construction & Engineering — 1.7%
Porr AG		63,868		936,027


Construction Materials — 4.4%
Wienerberger AG		71,364		2,493,811


Electric Utilities — 13.0%
EVN AG		64,341		1,668,953
Verbund AG		78,168		5,658,573

				7,327,526

Electronic Equipment, Instruments & Components — 2.0%
AT&S Austria Technologie & Systemtechnik AG^(c)		56,405		1,145,978


Energy Equipment & Services — 2.0%
Schoeller-Bleckmann Oilfield Equipment AG		25,563		1,152,261


Insurance — 6.5%
UNIQA Insurance Group AG		208,784		1,827,885
Vienna Insurance Group AG Wiener
Versicherung Gruppe		63,972		1,857,518

				3,685,403

Machinery — 6.9%
ANDRITZ AG		38,756		2,438,587
Palfinger AG		41,058		1,062,623
Semperit AG Holding		30,138		409,119

				3,910,329


Security	Shares		Value

Metals & Mining — 4.4%
voestalpine AG		91,714	$	2,505,591


Oil, Gas & Consumable Fuels — 12.8%
OMV AG		164,769		7,260,701


Real Estate Management & Development — 6.2%
CA Immobilien Anlagen AG		62,211		1,998,203
Immofinanz AG^(b)(c)		65,264		1,482,356

				3,480,559


Total Long-Term Investments — 98.8% (Cost: $63,987,684)				55,883,233


Short-Term Securities

Money Market Funds — 6.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		3,833,292		3,835,209
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		10,000		10,000


Total Short-Term Securities — 6.8% (Cost: $3,844,832)				3,845,209


Total Investments — 105.6% (Cost: $67,832,516)				59,728,442

Liabilities in Excess of Other Assets — (5.6)%			(3,164,070)


Net Assets — 100.0%			$ 56,564,372

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,813,009	$	2,021,434	^(a)	$	—		$	408	$	358	$	3,835,209		3,833,292	$	58,055	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		—			(10,000	)^(a)		—		—		10,000		10,000		1,600			—

									$	408	$	358	$	3,845,209			$	59,655		$	—

^(a)	Represents net amount purchased (sold).

^(b)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Austria ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

03/15/24

636

43,077

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	43,077	$	—	$	—	$	—	$	43,077

^(a)

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

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	83,616	$	—	$	—	$	—	$	83,616

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	54,550	$	—	$	—	$	—	$	54,550

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	916,985

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	6,168,358	$	49,714,875	$	—	$	55,883,233
Short-Term Securities
Money Market Funds		3,845,209		—		—		3,845,209

	$	10,013,567	$	49,714,875	$	—	$	59,728,442


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Austria ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	43,077	$	—	$	43,077

^(a)

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

See notes to financial statements.


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Belgium ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.4%
bpost SA		19,895	$	74,614


Banks — 10.6%
KBC Ancora		4,606		216,532
KBC Group NV		27,532		1,939,431

				2,155,963

Beverages — 21.7%
Anheuser-Busch InBev SA/NV		72,919		4,407,262


Biotechnology — 13.0%
Argenx SE^(a)		6,475		2,426,928
Galapagos NV^(a)		5,848		205,993

				2,632,921

Building Products — 0.5%
Recticel SA^(b)		7,555		94,403


Chemicals — 7.9%
Solvay SA		9,369		238,886
Syensqo SA^(a)		8,383		748,475
Tessenderlo Group SA		4,034		107,689
Umicore SA		24,196		506,358

				1,601,408

Construction & Engineering — 3.1%
Ackermans & van Haaren NV		2,800		471,033
Deme Group NV		1,136		157,608

				628,641

Consumer Staples Distribution & Retail — 1.8%
Colruyt Group NV		7,590		364,590


Distributors — 2.7%
D’ieteren Group		2,870		554,540


Diversified Telecommunication Services — 0.9%
Proximus SADP		21,049		176,200


Electric Utilities — 2.1%
Elia Group SA/NV		3,897		433,492


Electronic Equipment, Instruments & Components — 0.8%
Barco NV		9,408		167,707


Entertainment — 0.5%
Kinepolis Group NV		2,266		106,262


Financial Services — 6.2%
Groupe Bruxelles Lambert NV		11,125		836,687
Sofina SA		1,839		420,910

				1,257,597

Food Products — 2.2%
Lotus Bakeries NV		48		451,342


Health Care Providers & Services — 0.9%
Fagron		9,583		186,476


Health Care REITs — 3.0%
Aedifica SA		5,704		325,755
Cofinimmo SA		4,490		280,484

				606,239


Security	Shares		Value

Industrial REITs — 3.8%
Intervest Offices & Warehouses NV		2,572	$	57,237
Montea NV		2,156		172,680
Warehouses De Pauw CVA		20,270		542,927

				772,844

Insurance — 3.9%
Ageas SA/NV		18,541		787,984


Metals & Mining — 1.2%
Bekaert SA		4,794		237,730


Oil, Gas & Consumable Fuels — 1.9%
Euronav NV^(a)		19,754		348,968
Exmar NV		4,984		37,868

				386,836

Personal Care Products — 0.4%
Ontex Group NV^(a)		11,377		91,224


Pharmaceuticals — 5.0%
UCB SA		8,902		1,027,108


Real Estate Management & Development — 1.0%
VGP NV		1,820		200,171


Residential REITs — 0.6%
Xior Student Housing NV		4,744		130,841


Retail REITs — 0.6%
Retail Estates NV		1,779		114,261


Semiconductors & Semiconductor Equipment — 1.1%
Melexis NV		2,589		217,972


Specialized REITs — 0.9%
Shurgard Self Storage Ltd.		4,448		191,171


Total Long-Term Investments — 98.7% (Cost: $25,919,004)				20,057,799


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(c)(d)(e)		77,810		77,849


Total Short-Term Securities — 0.4% (Cost: $77,836)				77,849


Total Investments — 99.1% (Cost: $25,996,840)				20,135,648

Other Assets Less Liabilities — 0.9%				185,077


Net Assets — 100.0%			$	20,320,725

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Belgium ETF

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	137,291	$	—	$	(59,224	)^(a)	$	(233	)	$	15	$	77,849		77,810	$	181	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		10,000		—		(10,000	)^(a)		—			—		—		—		71			—

								$	(233	)	$	15	$	77,849			$	252		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

03/15/24

159

11,109

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	11,109	$	—	$	—	$	—	$	11,109

^(a)

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



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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	11,171	$	—	$	—	$	—	$	11,171

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	12,079	$	—	$	—	$	—	$	12,079

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	199,303

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


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Belgium ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	1,718,504	$	18,339,295	$	—	$	20,057,799
Short-Term Securities
Money Market Funds		77,849		—		—		77,849

	$	1,796,353	$	18,339,295	$	—	$	20,135,648

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	11,109	$	—	$	11,109

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 9.4%
Airbus SE		196,113	$	32,448,655
Dassault Aviation SA		6,652		1,315,063
Safran SA		113,070		23,709,697
Thales SA		31,292		4,641,025

				62,114,440

Automobile Components — 1.3%
Cie. Generale des Etablissements Michelin SCA		224,683		8,314,720


Automobiles — 0.4%
Renault SA		63,782		2,663,123


Banks — 4.7%
BNP Paribas SA		341,627		20,504,450
Credit Agricole SA		353,748		4,797,832
Societe Generale SA		239,064		5,805,820

				31,108,102

Beverages — 1.8%
Pernod Ricard SA		67,650		11,306,589
Remy Cointreau SA		7,701		816,036

				12,122,625

Building Products — 1.8%
Cie. de Saint-Gobain SA		150,787		11,624,259


Capital Markets — 0.6%
Amundi SA^(a)		20,345		1,340,557
Euronext NV^(a)		28,344		2,612,201

				3,952,758

Chemicals — 5.7%
Air Liquide SA		173,510		35,266,360
Arkema SA		19,771		2,049,304

				37,315,664

Construction & Engineering — 4.0%
Bouygues SA		63,141		2,496,953
Eiffage SA		24,365		2,653,300
Vinci SA		165,629		21,224,048

				26,374,301

Consumer Staples Distribution & Retail — 0.5%
Carrefour SA		189,237		3,179,437


Diversified REITs — 0.1%
Covivio SA/France		16,656		747,888


Diversified Telecommunication Services — 1.1%
Orange SA		615,964		7,060,770


Electrical Equipment — 7.6%
Legrand SA		87,543		8,866,461
Schneider Electric SE		180,020		40,917,121

				49,783,582

Entertainment — 0.2%
Bollore SE		235,669		1,616,156


Financial Services — 0.9%
Edenred SE		82,673		4,090,955
Eurazeo SE		13,842		1,171,040
Worldline SA/France^(a)(b)		79,130		910,934

				6,172,929

Food Products — 2.1%
Danone SA		212,997		13,591,616


Security	Shares		Value

Health Care Equipment & Supplies — 3.4%
BioMerieux		13,769	$	1,505,085
EssilorLuxottica SA		97,584		20,720,422

				22,225,507

Hotels, Restaurants & Leisure — 1.0%
Accor SA		62,593		2,718,902
La Francaise des Jeux SAEM^(a)		34,822		1,459,119
Sodexo SA		29,133		2,322,227

				6,500,248

Household Durables — 0.1%
SEB SA		8,201		971,884


Insurance — 3.2%
AXA SA		600,784		21,389,050


IT Services — 1.9%
Capgemini SE		51,389		12,500,052


Life Sciences Tools & Services — 0.8%
Eurofins Scientific SE		44,722		2,672,713
Sartorius Stedim Biotech		9,626		2,649,540

				5,322,253

Machinery — 0.2%
Alstom SA^(c)		96,268		1,286,685


Media — 1.6%
Publicis Groupe SA		75,618		8,000,800
Vivendi SE		220,432		2,463,248

				10,464,048

Metals & Mining — 0.7%
ArcelorMittal SA		168,487		4,395,048


Multi-Utilities — 2.5%
Engie SA		604,651		9,702,461
Veolia Environnement SA		227,968		7,066,624

				16,769,085

Office REITs — 0.2%
Gecina SA		15,126		1,461,045


Oil, Gas & Consumable Fuels — 6.9%
TotalEnergies SE		718,177		45,775,989


Personal Care Products — 5.8%
L’Oreal SA		79,599		38,021,965


Pharmaceuticals — 5.7%
Ipsen SA		12,463		1,369,099
Sanofi SA		376,556		35,891,259

				37,260,358

Professional Services — 0.8%
Bureau Veritas SA		97,336		2,828,252
Teleperformance SE		18,888		2,345,095

				5,173,347

Retail REITs — 0.7%
Klepierre SA		70,845		1,799,696
Unibail-Rodamco-Westfield, New^(b)		39,032		2,854,152

				4,653,848

Semiconductors & Semiconductor Equipment — 1.6%
STMicroelectronics NV		226,089		10,266,080


Software — 1.6%
Dassault Systemes SE		221,136		10,362,669


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 18.4%
Hermes International SCA		10,477	$	26,217,007
Kering SA		24,626		11,343,419
LVMH Moet Hennessy Louis Vuitton SE		91,343		83,371,961

				120,932,387

Trading Companies & Distributors — 0.3%
Rexel SA		74,609		1,911,106


Transportation Infrastructure — 0.5%
Aeroports de Paris SA		11,487		1,563,747
Getlink SE		117,491		2,005,981

				3,569,728


Total Long-Term Investments — 100.1% (Cost: $655,560,596)				658,954,752


Short-Term Securities

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		728,646		729,010


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		8,160,000	$	8,160,000


Total Short-Term Securities — 1.3% (Cost: $8,889,074)				8,889,010


Total Investments — 101.4% (Cost: $664,449,670)				667,843,762

Liabilities in Excess of Other Assets — (1.4)%				(9,238,527	)


Net Assets — 100.0%			$	658,605,235

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	42,535	$	686,539	^(a)	$	—	$	4	$	(68	)	$	729,010		728,646	$	314	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,570,000		590,000	^(a)		—		—		—			8,160,000		8,160,000		212,065			—

								$	4	$	(68	)	$	8,889,010			$	212,379		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

CAC 40 Index

03/15/24

516

19,616


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI France ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	19,616	$	—	$	—	$	—	$	19,616

^(a)

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



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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	1,192	$	—	$	—	$	—	$	1,192

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	19,616	$	—	$	—	$	—	$	19,616

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	257,880

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	658,954,752	$	—	$	658,954,752
Short-Term Securities
Money Market Funds		8,889,010		—		—		8,889,010

	$	8,889,010	$	658,954,752	$	—	$	667,843,762

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	19,616	$	—	$	19,616

^(a)

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

See notes to financial statements.


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 1.1%
InPost SA^(a)		121,310	$	1,895,494
PostNL NV		316,207		449,044

				2,344,538

Banks — 7.6%
ABN AMRO Bank NV, CVA^(b)		171,846		2,766,560
ING Groep NV		987,259		13,586,501

				16,353,061

Beverages — 7.0%
Coca-Cola Europacific Partners PLC		63,727		4,373,584
Heineken Holding NV		42,646		3,294,102
Heineken NV		79,759		7,369,032

				15,036,718

Biotechnology — 0.4%
Pharming Group NV^(a)		668,721		746,414


Broadline Retail — 5.7%
Prosus NV		421,199		12,302,380


Capital Markets — 1.5%
Allfunds Group PLC		213,689		1,519,134
Flow Traders Ltd., NVS		32,607		586,068
Van Lanschot Kempen NV		29,920		1,019,111

				3,124,313

Chemicals — 5.7%
Akzo Nobel NV		53,781		3,920,046
Corbion NV		57,986		1,100,548
DSM-Firmenich AG		53,569		5,740,905
OCI NV		57,853		1,526,413

				12,287,912

Construction & Engineering — 1.3%
Fugro NV^(a)		76,854		1,698,507
Koninklijke BAM Groep NV		282,144		1,008,671

				2,707,178

Consumer Staples Distribution & Retail — 3.8%
Koninklijke Ahold Delhaize NV		263,902		7,859,490
Sligro Food Group NV		21,781		310,819

				8,170,309

Diversified Telecommunication Services — 1.8%
Koninklijke KPN NV		1,068,308		3,905,157


Electrical Equipment — 1.9%
Alfen NV^(a)(b)(c)		20,294		1,094,639
Signify NV^(b)		63,825		1,715,192
TKH Group NV		31,384		1,311,131

				4,120,962

Energy Equipment & Services — 0.7%
SBM Offshore NV		101,256		1,437,854


Entertainment — 3.3%
Universal Music Group NV		231,682		6,994,567


Financial Services — 6.0%
Adyen NV^(a)(b)		5,900		9,335,200
EXOR NV, NVS		33,100		3,575,332

				12,910,532

Food Products — 0.6%
JDE Peet’s NV		59,600		1,361,747


Health Care Equipment & Supplies — 2.5%
Koninklijke Philips NV		266,666		5,372,586


Security	Shares		Value

Hotels, Restaurants & Leisure — 1.3%
Basic-Fit NV^(a)(b)(c)		43,580	$	1,175,484
Just Eat Takeaway.com NV^(a)(b)		100,687		1,662,787

				2,838,271

Insurance — 4.6%
Aegon Ltd.		541,683		3,255,628
ASR Nederland NV		57,846		2,669,867
NN Group NV		88,424		3,946,158

				9,871,653

Machinery — 1.0%
Aalberts NV		46,469		2,090,212


Metals & Mining — 0.3%
AMG Critical Materials NV		30,821		704,107


Office REITs — 0.2%
NSI NV		20,297		410,222


Oil, Gas & Consumable Fuels — 0.7%
Koninklijke Vopak NV		41,800		1,554,577


Professional Services — 7.0%
Arcadis NV		34,071		1,988,630
Brunel International NV		20,613		228,779
Randstad NV		42,575		2,348,183
Wolters Kluwer NV		66,609		10,518,878

				15,084,470

Retail REITs — 0.8%
Eurocommercial Properties NV		42,768		916,535
Vastned Retail NV		12,627		286,220
Wereldhave NV		35,225		509,227

				1,711,982

Semiconductors & Semiconductor Equipment — 28.8%
ASM International NV		12,885		7,869,478
ASML Holding NV		51,630		48,996,946
BE Semiconductor Industries NV		26,445		4,789,659

				61,656,083

Software — 0.3%
TomTom NV^(a)(c)		72,840		585,438


Specialty Retail — 0.1%
Fastned BV^(a)		6,754		191,253


Trading Companies & Distributors — 3.9%
AerCap Holdings NV^(a)		68,947		5,321,330
IMCD NV		19,714		3,007,555

				8,328,885


Total Long-Term Investments — 99.9% (Cost: $233,005,486)			214,203,381


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		1,222,615		1,223,226


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		380,000	$	380,000


Total Short-Term Securities — 0.7% (Cost: $1,603,291)				1,603,226


Total Investments — 100.6% (Cost: $234,608,777)				215,806,607

Liabilities in Excess of Other Assets — (0.6)%				(1,295,068	)


Net Assets — 100.0%			$	214,511,539

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,023,471	$	—		$	(9,800,967	)^(a)	$	787	$	(65	)	$	1,223,226		1,222,615	$	16,304	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		220,000	^(a)		—			—		—			380,000		380,000		3,285			—

									$	787	$	(65	)	$	1,603,226			$	19,589		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

03/15/24

212

368


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Netherlands ETF

Futures Contracts (continued)

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	368	$	—	$	—	$	—	$	368

^(a)

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


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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	29,671	$	—	$	—	$	—	$	29,671


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	5,900	$	—	$	—	$	—	$	5,900

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	225,812

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	12,244,204	$	201,959,177	$	—	$	214,203,381
Short-Term Securities
Money Market Funds		1,603,226		—		—		1,603,226

	$	13,847,430	$	201,959,177	$	—	$	215,806,607

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	368	$	—	$	368

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Sweden ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.2%
Saab AB, Class B		38,789	$	3,057,876


Automobiles — 0.5%
Volvo Car AB, Class B^(a)		342,868		1,253,742


Banks — 10.9%
Skandinaviska Enskilda Banken AB, Class A		758,780		11,285,107
Svenska Handelsbanken AB, Class A		705,930		8,442,794
Swedbank AB, Class A		410,904		9,036,959

				28,764,860

Biotechnology — 0.9%
Swedish Orphan Biovitrum AB^(a)		94,161		2,312,605


Building Products — 6.8%
Assa Abloy AB, Class B		485,061		13,845,822
Nibe Industrier AB, Class B		733,393		4,093,851

				17,939,673

Capital Markets — 1.9%
EQT AB		172,115		5,042,409


Commercial Services & Supplies — 1.0%
Securitas AB, Class B		238,010		2,560,143


Communications Equipment — 2.9%
Telefonaktiebolaget LM Ericsson, Class B		1,417,239		7,695,615


Construction & Engineering — 1.1%
Skanska AB, Class B		164,655		3,038,781


Diversified Telecommunication Services — 1.0%
Telia Co. AB		1,139,174		2,711,379


Electronic Equipment, Instruments & Components — 4.5%
Hexagon AB, Class B		1,004,829		11,787,225


Financial Services — 10.5%
Industrivarden AB, Class A		62,883		2,146,722
Industrivarden AB, Class C		70,750		2,408,533
Investor AB, Class B		836,765		21,052,385
L E Lundbergforetagen AB, Class B		36,758		1,999,408

				27,607,048

Health Care Equipment & Supplies — 0.8%
Getinge AB, Class B		110,747		2,194,694


Hotels, Restaurants & Leisure — 4.4%
Evolution AB^(b)		88,696		11,490,036


Household Products — 2.6%
Essity AB, Class B		294,807		6,873,738


Industrial Conglomerates — 1.8%
Investment AB Latour, Class B		71,597		1,818,646
Lifco AB, Class B		112,915		3,010,421

				4,829,067

Machinery — 34.4%
Alfa Laval AB		140,036		5,272,583
Atlas Copco AB, Class A		1,298,561		22,558,776
Atlas Copco AB, Class B		755,432		11,309,817


Security	Shares		Value

Machinery (continued)
Epiroc AB		318,928	$	5,789,223
Epiroc AB, Class B		188,935		3,117,639
Husqvarna AB, Class B		169,627		1,310,126
Indutrade AB		132,029		3,501,149
Sandvik AB		516,033		11,619,658
SKF AB, Class B		165,113		3,606,410
Volvo AB, Class A		96,908		2,704,060
Volvo AB, Class B		729,910		20,111,593

				90,901,034

Metals & Mining — 1.3%
Boliden AB		132,244		3,351,644


Paper & Forest Products — 2.1%
Holmen AB, Class B		36,788		1,477,017
Svenska Cellulosa AB SCA, Class B		293,107		4,149,891

				5,626,908

Real Estate Management & Development — 1.6%
Fastighets AB Balder, Class B^(a)		315,491		1,962,172
Sagax AB, Class B		95,589		2,260,943

				4,223,115

Specialty Retail — 1.6%
H & M Hennes & Mauritz AB, Class B		312,572		4,244,428


Trading Companies & Distributors — 1.0%
Beijer Ref AB, Class B^(c)		186,318		2,623,656


Wireless Telecommunication Services — 0.8%
Tele2 AB, Class B		258,511		2,168,230


Total Long-Term Investments — 95.6% (Cost: $290,152,312)				252,297,906


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		2,738,940		2,740,310
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		100,000		100,000


Total Short-Term Securities — 1.1% (Cost: $2,840,579)				2,840,310


Total Investments — 96.7% (Cost: $292,992,891)				255,138,216

Other Assets Less Liabilities — 3.3%				8,761,393


Net Assets — 100.0%			$	263,899,609

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Affiliate of the Fund.

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

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


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Sweden ETF

Affiliates


Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,098,214	$	—	$	(2,358,067	)^(a)	$	447	$	(284	)	$	2,740,310		2,738,940	$	2,529	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,320,000		—		(6,220,000	)^(a)		—		—			100,000		100,000		131,693			—

								$	447	$	(284	)	$	2,840,310			$	134,222		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

OMX Stockholm 30 Index

479

03/15/24

11,373

418,601

Forward Foreign Currency Exchange Contracts


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

SEK	33,164,914		USD	3,177,619	Standard Chartered Bank		03/15/24	$	23,111
USD	3,115,649		EUR	2,875,342	Standard Chartered Bank		03/15/24		6,623

									29,734

USD	79,332		SEK	826,651	Standard Chartered Bank		03/15/24		(448	)

									$29,286

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	418,601	$	—	$	—	$	—	$	418,601
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	29,734	$	—	$	—	$	29,734

	$	—	$	—	$	418,601	$	29,734	$	—	$	—	$	448,335


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Sweden ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	448	$	—	$	—	$	448

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	811,624	$	—	$	—	$	—	$	811,624
Forward foreign currency exchange contracts		—		—		—		49,746		—		—		49,746

	$	—	$	—	$	811,624	$	49,746	$	—	$	—	$	861,370

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	422,775	$	—	$	—	$	—	$	422,775
Forward foreign currency exchange contracts		—		—		—		130,203		—		—		130,203

	$	—	$	—	$	422,775	$	130,203	$	—	$	—	$	552,978

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	11,440,112
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	3,089,685
Average amounts sold — in USD	$	3,144,330

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

Derivative Financial Instruments - Offsetting as of Period End

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



	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	418,601		$	—
Forward foreign currency exchange contracts		29,734			448


Total derivative assets and liabilities in the Statement of Assets and Liabilities		448,335			448
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(418,601	)		—

Total derivative assets and liabilities subject to an MNA	$	29,734		$	448

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


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets^(b)(c)
Standard Chartered Bank		$29,734		$ (448	)		$ —		$ —		$29,286


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Sweden ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities^(c)
Standard Chartered Bank		$ 448		$(448	)		$ —		$ —		$ —

^(a)

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

^(b)

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

^(c)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,312,605	$	249,985,301		$	—	$	252,297,906
Short-Term Securities
Money Market Funds		2,840,310		—			—		2,840,310

	$	5,152,915	$	249,985,301		$	—	$	255,138,216

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	418,601		$	—	$	418,601
Foreign Currency Exchange Contracts		—		29,734			—		29,734
Liabilities
Foreign Currency Exchange Contracts		—		(448	)		—		(448	)

	$	—	$	447,887		$	—		447,887

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	55,883,233		$	20,057,799		$	658,954,752		$	214,203,381
Investments, at value — affiliated^(c)		3,845,209			77,849			8,889,010			1,603,226
Cash		8,410			6,534			8,670			8,013
Foreign currency collateral pledged for futures contracts^(d)		87,545			11,889			36,747			38,909
Foreign currency, at value^(e)		83,125			22,592			101,340			231,742
Receivables:
Investments sold		2,702,669			471,640			3,855,031			9,505,176
Securities lending income — affiliated		10,846			8			226			755
Capital shares sold		—			—			—			3,629
Dividends — unaffiliated		—			8,540			67,575			—
Dividends — affiliated		65			7			34,850			574
Tax reclaims		1,053,756			152,590			1,029,776			—
Variation margin on futures contracts		2,047			423			—			556

Total assets		63,676,905			20,809,871			672,977,977			225,595,961


LIABILITIES
Collateral on securities loaned, at value		3,836,495			78,081			729,078			1,213,950
Payables:
Investments purchased		3,253,664			403,110			3,793,931			9,790,505
Investment advisory fees		22,374			7,955			260,136			79,967
IRS compliance fee for foreign withholding tax claims		—			—			9,588,519			—
Variation margin on futures contracts		—			—			1,078			—

Total liabilities		7,112,533			489,146			14,372,742			11,084,422

Commitments and contingent liabilities

NET ASSETS	$	56,564,372		$	20,320,725		$	658,605,235		$	214,511,539


NET ASSETS CONSIST OF
Paid-in capital	$	114,968,174		$	47,146,879		$	708,521,565		$	275,821,948
Accumulated loss		(58,403,802	)		(26,826,154	)		(49,916,330	)		(61,310,409	)

NET ASSETS	$	56,564,372		$	20,320,725		$	658,605,235		$	214,511,539


NET ASSET VALUE
Shares outstanding		2,750,000			1,120,000			16,400,000			4,500,000

Net asset value	$	20.57		$	18.14		$	40.16		$	47.67

Shares authorized		100 million			136.2 million			340.2 million			255 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	63,987,684		$	25,919,004		$	655,560,596		$	233,005,486
^(b)Securities loaned, at value	$	3,597,811		$	77,084		$	700,027		$	1,153,277
^(c)Investments, at cost — affiliated	$	3,844,832		$	77,836		$	8,889,074		$	1,603,291
^(d)Foreign currency collateral pledged, at cost	$	95,604		$	11,846		$	43,286		$	39,168
^(e)Foreign currency, at cost	$	74,910		$	22,486		$	94,458		$	231,089

See notes to financial statements.


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024


	iShares MSCI Sweden ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	252,297,906
Investments, at value — affiliated^(c)		2,840,310
Cash		3,235
Foreign currency collateral pledged for futures contracts^(d)		985,684
Foreign currency, at value^(e)		650,326
Receivables:
Investments sold		124,394
Securities lending income — affiliated		1,338
Dividends — affiliated		315
Tax reclaims		2,645,452
Variation margin on futures contracts		55,986
Foreign withholding tax claims		8,325,376
Unrealized appreciation on forward foreign currency exchange contracts		29,734

Total assets		267,960,056


LIABILITIES
Collateral on securities loaned, at value		2,740,589
Payables:
Investments purchased		384,274
Investment advisory fees		100,652
Professional fees		834,484
Unrealized depreciation on forward foreign currency exchange contracts		448

Total liabilities		4,060,447

Commitments and contingent liabilities

NET ASSETS	$	263,899,609


NET ASSETS CONSIST OF
Paid-in capital	$	380,756,583
Accumulated loss		(116,856,974	)

NET ASSETS	$	263,899,609


NET ASSET VALUE
Shares outstanding		6,675,000

Net asset value	$	39.54

Shares authorized		100 million

Par value	$	0.001


^(a)Investments, at cost — unaffiliated	$	290,152,312
^(b)Securities loaned, at value	$	2,597,407
^(c)Investments, at cost — affiliated	$	2,840,579
^(d)Foreign currency collateral pledged, at cost	$	1,035,644
^(e)Foreign currency, at cost	$	503,464

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		27

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	476,810	^(a)	$	135,166		$	3,540,448		$	659,464
Dividends — affiliated		1,600			71			212,065			3,285
Interest — unaffiliated		1,649			346			1,277			1,347
Securities lending income — affiliated — net		58,055			181			314			16,304
Foreign taxes withheld		(68,095	)		(20,845	)		(13,989	)		(75,945	)
IRS compliance fee for foreign withholding tax claims		—			—			(13,216	)		—

Total investment income		470,019			114,919			3,726,899			604,455


EXPENSES
Investment advisory		134,137			46,095			1,923,463			528,826
Commitment costs		259			91			3,742			1,055

Total expenses		134,396			46,186			1,927,205			529,881

Net investment income		335,623			68,733			1,799,694			74,574


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,173,323	)		(460,650	)		(6,350,212	)		513,747
Investments — affiliated		408			(233	)		4			787
Foreign currency transactions		6,310			557			(6,874	)		(5,084	)
Futures contracts		83,616			11,171			1,192			29,671
In-kind redemptions — unaffiliated^(b)		1,234,972			(34,078	)		50,901,206			(7,501,490	)


		151,983			(483,233	)		44,545,316			(6,962,369	)


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,546,075			320,348			3,616,809			36,913,006
Investments — affiliated		358			15			(68	)		(65	)
Foreign currency translations		(3,487	)		40			(4,250	)		2,437
Futures contracts		54,550			12,079			19,616			5,900

		1,597,496			332,482			3,632,107			36,921,278

Net realized and unrealized gain (loss)		1,749,479			(150,751	)		48,177,423			29,958,909

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,085,102		$	(82,018	)	$	49,977,117		$	30,033,483

^(a)	Includes $168,224 related to a special distribution from CA Immobilien Anlagen AG.

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

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024


	iShares MSCI Sweden ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	1,439,639
Dividends — affiliated		131,693
Interest — unaffiliated		1,107
Securities lending income — affiliated — net		2,529
Foreign taxes withheld		(215,950	)
Foreign withholding tax claims		215,950

Total investment income		1,574,968


EXPENSES
Investment advisory		760,901
Professional		25,377
Commitment costs		1,596

Total expenses		787,874

Net investment income		787,094


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,526,149	)
Investments — affiliated		447
Forward foreign currency exchange contracts		49,746
Foreign currency transactions		42,985
Futures contracts		811,624
In-kind redemptions — unaffiliated^(a)		6,169,504

		3,548,157


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		51,892,358
Investments — affiliated		(284	)
Forward foreign currency exchange contracts		130,203
Foreign currency translations		420,697
Futures contracts		422,775

		52,865,749

Net realized and unrealized gain		56,413,906

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,201,000

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI Austria ETF						iShares MSCI Belgium ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	335,623		$	2,311,574		$	68,733		$	429,800
Net realized gain (loss)		151,983			(7,283,685	)		(483,233	)		(1,622,807	)
Net change in unrealized appreciation (depreciation)		1,597,496			12,688,771			332,482			3,115,011

Net increase (decrease) in net assets resulting from operations		2,085,102			7,716,660			(82,018	)		1,922,004


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income		(1,637,284	)^(b)		(2,439,739	)		(57,471	)		(170,545	)
Return of capital		—			—			—			(202,469	)

Decrease in net assets resulting from distributions to shareholders		(1,637,284	)		(2,439,739	)		(57,471	)		(373,014	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,467,898			(14,130,724	)		116,933			949,746


NET ASSETS
Total increase (decrease) in net assets		2,915,716			(8,853,803	)		(22,556	)		2,498,736
Beginning of period		53,648,656			62,502,459			20,343,281			17,844,545

End of period	$	56,564,372		$	53,648,656		$	20,320,725		$	20,343,281

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,799,694		$	27,508,429		$	74,574		$	5,254,148
Net realized gain (loss)		44,545,316			60,114,545			(6,962,369	)		(1,248,402	)
Net change in unrealized appreciation (depreciation)		3,632,107			163,541,483			36,921,278			50,421,651

Net increase in net assets resulting from operations		49,977,117			251,164,457			30,033,483			54,427,397


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,325,783	)		(24,746,255	)		(1,703,795	)		(4,948,231	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(326,399,039	)		(77,227,268	)		(62,934,803	)		(107,021,715	)


NET ASSETS
Total increase (decrease) in net assets		(280,747,705	)		149,190,934			(34,605,115	)		(57,542,549	)
Beginning of period		939,352,940			790,162,006			249,116,654			306,659,203

End of period	$	658,605,235		$	939,352,940		$	214,511,539		$	249,116,654

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Changes in Net Assets (continued)


	iShares MSCI Sweden ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	787,094		$	7,640,974
Net realized gain (loss)		3,548,157			(52,896,978	)
Net change in unrealized appreciation (depreciation)		52,865,749			84,665,726

Net increase in net assets resulting from operations		57,201,000			39,409,722


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(7,863,925	)^(b)		(2,063,347	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(100,326,720	)		(131,012,062	)


NET ASSETS
Total decrease in net assets		(50,989,645	)		(93,665,687	)
Beginning of period		314,889,254			408,554,941

End of period	$	263,899,609		$	314,889,254

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

^(b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)



	iShares MSCI Austria ETF

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


Net asset value, beginning of period		$	20.24			$	17.36			$	25.28			$	15.67			$	18.89			$	22.88

Net investment income^(a)			0.13	^(b)			0.91				0.97				0.54				0.06				0.48
Net realized and unrealized gain (loss)^(c)			0.84				2.96				(8.01	)			9.50				(3.16	)			(3.69	)

Net increase (decrease) from investment operations			0.97				3.87				(7.04	)			10.04				(3.10	)			(3.21	)

Distributions from net investment income^(d)			(0.64	)^(e)			(0.99	)			(0.88	)			(0.43	)			(0.12	)			(0.78	)


Net asset value, end of period		$	20.57			$	20.24			$	17.36			$	25.28			$	15.67			$	18.89


Total Return^(f)
Based on net asset value			4.71	%^(g)			22.61	%			(28.58	)%			64.50	%			(16.58	)%			(14.07	)%


Ratios to Average Net Assets^(h)
Total expenses			0.50	%⁽ⁱ⁾			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%

Net investment income			1.25	%⁽ⁱ⁾			4.68	%			4.32	%			2.55	%			0.32	%			2.34	%


Supplemental Data
Net assets, end of period (000)		$	56,564			$	53,649			$	62,502			$	89,752			$	43,104			$	54,767

Portfolio turnover rate^(j)			11	%			21	%			19	%			14	%			16	%			17	%

^(a)	Based on average shares outstanding.

^(b)	Includes a special distribution from CA Immobilien AG. Excluding such special distribution, the net investment income would have been $0.06 per share and 0.62% of average net assets

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		33

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Belgium ETF

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


Net asset value, beginning of period		$	18.16			$	15.93			$	22.28			$	17.76			$	18.48			$	19.70

Net investment income^(a)			0.07				0.41				0.44				0.31				0.24				0.44
Net realized and unrealized gain (loss)^(b)			(0.03	)			2.15				(5.80	)			4.64				(0.60	)			(1.22	)

Net increase (decrease) from investment operations			0.04				2.56				(5.36	)			4.95				(0.36	)			(0.78	)


Distributions^(c)
From net investment income			(0.06	)			(0.15	)			(0.99	)			(0.43	)			(0.36	)			(0.44	)
Return of capital			—				(0.18	)			—				—				—				—

Total distributions			(0.06	)			(0.33	)			(0.99	)			(0.43	)			(0.36	)			(0.44	)


Net asset value, end of period		$	18.14			$	18.16			$	15.93			$	22.28			$	17.76			$	18.48


Total Return^(d)
Based on net asset value			0.22	%^(e)			16.16	%			(24.77	)%			27.96	%^(f)			(2.02	)%			(3.80	)%


Ratios to Average Net Assets^(g)
Total expenses			0.50	%^(h)			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%

Net investment income			0.74	%^(h)			2.28	%			2.22	%			1.52	%			1.34	%			2.43	%


Supplemental Data
Net assets, end of period (000)		$	20,321			$	20,343			$	17,845			$	41,002			$	32,685			$	47,305

Portfolio turnover rate⁽ⁱ⁾			5	%			12	%			7	%			16	%			18	%			11	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

^(f)	Includes payment received from a settlement of litigation, which impacted the Fund’ total return. Excluding the payment from a settlement of litigation, the Fund’s total return is 22.73%.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


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


Net asset value, beginning of period		$	37.57			$	29.48			$	38.85			$	29.30			$	29.41			$	31.10

Net investment income^(a)			0.09				1.01	^(b)			1.27	^(b)			0.72	^(b)			0.32				0.83
Net realized and unrealized gain (loss)^(c)			2.75				8.02				(8.65	)			9.43				(0.18	)			(1.67	)

Net increase (decrease) from investment operations			2.84				9.03				(7.38	)			10.15				0.14				(0.84	)

Distributions from net investment income^(d)			(0.25	)			(0.94	)			(1.99	)			(0.60	)			(0.25	)			(0.85	)


Net asset value, end of period		$	40.16			$	37.57			$	29.48			$	38.85			$	29.30			$	29.41


Total Return^(e)
Based on net asset value			7.52	%^(f)			30.82	%^(b)			(19.71	)%^(b)			34.74	%^(b)			0.50	%			(2.64	)%


Ratios to Average Net Assets^(g)
Total expenses			0.50	%^(h)			0.53	%			0.76	%			0.60	%			0.51	%			0.50	%

Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.50	%			0.50	%			0.50	%			N/A				N/A

Net investment income			0.47	%^(h)			2.88	%^(b)			3.62	%^(b)			2.13	%^(b)			1.09	%			2.84	%


Supplemental Data
Net assets, end of period (000)		$	658,605			$	939,353			$	790,162			$	761,536			$	884,935			$	1,129,200

Portfolio turnover rate⁽ⁱ⁾			2	%			3	%			9	%			4	%			2	%			2	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2023, August 31, 2022 and August 31, 2021, respectively:

• Net investment income per share by $0.07, $0.58 and $0.30.

• Total return by 0.27%,1.24% and 1.25%.

• Ratio of net investment income to average net assets by 0.21%,1.66% and 0.89%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


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


Net asset value, beginning of period		$	41.18			$	34.26			$	52.87			$	35.38			$	30.58			$	31.12

Net investment income^(a)			0.01				0.72				0.84				0.40				0.33				0.88
Net realized and unrealized gain (loss)^(b)			6.81				6.91				(18.78	)			17.55				4.80				(0.56	)

Net increase (decrease) from investment operations			6.82				7.63				(17.94	)			17.95				5.13				0.32

Distributions from net investment income^(c)			(0.33	)			(0.71	)			(0.67	)			(0.46	)			(0.33	)			(0.86	)


Net asset value, end of period		$	47.67			$	41.18			$	34.26			$	52.87			$	35.38			$	30.58


Total Return^(d)
Based on net asset value			16.68	%^(e)			22.27	%			(34.09	)%			50.92	%			16.88	%			1.16	%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)			0.50	%			0.50	%			0.50	%			0.51	%			0.50	%

Net investment income			0.07	%^(g)			1.84	%			1.94	%			0.90	%			1.03	%			2.97	%


Supplemental Data
Net assets, end of period (000)		$	214,512			$	249,117			$	306,659			$	330,434			$	187,519			$	133,042

Portfolio turnover rate^(h)			7	%			11	%			10	%			36	%			19	%			13	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


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


Net asset value, beginning of period		$	33.32			$	30.10			$	47.87			$	35.73			$	28.25			$	31.85

Net investment income^(a)			0.09	^(b)			0.79	^(b)			1.46				0.99				0.34				0.95
Net realized and unrealized gain (loss)^(c)			7.08				2.63				(16.83	)			12.57				7.65				(3.58	)

Net increase (decrease) from investment operations			7.17				3.42				(15.37	)			13.56				7.99				(2.63	)

Distributions from net investment income^(d)			(0.95	)^(e)			(0.20	)			(2.40	)			(1.42	)			(0.51	)			(0.97	)


Net asset value, end of period		$	39.54			$	33.32			$	30.10			$	47.87			$	35.73			$	28.25


Total Return^(f)
Based on net asset value			21.58	%^(b)(g)			11.35	%			(33.28	)%			38.09	%			28.51	%			(8.41	)%


Ratios to Average Net Assets^(h)
Total expenses			0.52	%⁽ⁱ⁾			0.54	%			0.54	%			0.54	%			0.55	%			0.55	%

Total expenses excluding professional fees for foreign withholding tax claims			0.50	%⁽ⁱ⁾			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%

Net investment income			0.52	%^(b)(i)			2.37	%^(b)			3.67	%			2.27	%			1.09	%			3.16	%


Supplemental Data
Net assets, end of period (000)		$	263,900			$	314,889			$	408,555			$	653,396			$	246,503			$	205,516

Portfolio turnover rate^(j)			8	%			13	%			18	%			11	%			8	%			4	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 29, 2024 and the year ended August 31, 2023, respectively:

• Net investment income per share by $0.02 and $0.11.

• Total return by 0.09% and 0.36%.

• Ratio of net investment income to average net assets by 0.12% and 0.32%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

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


iShares ETF		Diversification Classification
MSCI Austria		Non-diversified
MSCI Belgium		Non-diversified
MSCI France		Non-diversified
MSCI Netherlands		Non-diversified
MSCI Sweden		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

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

•

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


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

Notes to Financial Statements (unaudited) (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
MSCI Austria
Goldman Sachs & Co. LLC	$	98,720	$	(98,720	)	$	—		$	—
J.P. Morgan Securities LLC		686,666		(686,666	)		—			—
Morgan Stanley		2,711,958		(2,711,958	)		—			—
SG Americas Securities LLC		96,282		(96,282	)		—			—
UBS AG		4,185		(4,185	)		—			—

	$	3,597,811	$	(3,597,811	)	$	—		$	—


MSCI Belgium
Morgan Stanley	$	77,084	$	(77,084	)	$	—		$	—

MSCI France
HSBC Bank PLC	$	36,689	$	(36,689	)	$	—		$	—
J.P. Morgan Securities LLC		663,338		(663,338	)		—			—

	$	700,027	$	(700,027	)	$	—		$	—


MSCI Netherlands
Citigroup Global Markets, Inc.	$	469,250	$	(469,250	)	$	—		$	—
Goldman Sachs & Co. LLC		378,777		(378,777	)		—			—
J.P. Morgan Securities LLC		67,487		(67,487	)		—			—
Morgan Stanley		237,763		(237,763	)		—			—

	$	1,153,277	$	(1,153,277	)	$	—		$	—

MSCI Sweden
J.P. Morgan Securities LLC	$	2,597,407	$	(2,597,407	)	$	—		$	—


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

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

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

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

MSCI Austria	$	11,928
MSCI Belgium		60
MSCI France		91
MSCI Netherlands		3,646
MSCI Sweden		721

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Austria	$	1,032,674	$	1,005,425	$	(174,829)
MSCI Belgium		70,651		736,698		(300,416)
MSCI France		3,369,412		1,335,980		(2,953,528)
MSCI Netherlands		3,493,168		10,956,571		1,427,039
MSCI Sweden		8,086,355		121,914		(50,671)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
MSCI Austria	$	5,805,883	$	6,437,727
MSCI Belgium		1,014,762		950,850
MSCI France		12,137,763		15,220,362
MSCI Netherlands		15,261,675		17,605,395
MSCI Sweden		24,582,711		28,914,592

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



iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria	$	26,676,787	$	24,290,359
MSCI Belgium		2,873,033		2,757,705
MSCI France		—		326,459,980
MSCI Netherlands		12,885,065		74,416,005
MSCI Sweden		63,320,948		164,903,611

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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


iShares ETF	Non-Expiring Capital Loss Carryforwards

MSCI Austria	$	(49,345,853)
MSCI Belgium		(20,144,091)
MSCI France		(83,711,531)
MSCI Netherlands		(34,122,190)
MSCI Sweden		(74,587,786)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

As of February 29, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Austria	$	68,862,559	$	1,866,826	$	(10,957,866	)	$	(9,091,040	)
MSCI Belgium		26,353,623		491,330		(6,698,196	)		(6,206,866	)
MSCI France		678,889,911		85,198,737		(96,225,270	)		(11,026,533	)
MSCI Netherlands		236,041,335		25,858,925		(46,093,285	)		(20,234,360	)
MSCI Sweden		294,094,926		12,408,495		(50,917,318	)		(38,508,823	)

9.	*LINE OF CREDIT*

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI Austria
Shares sold		1,300,000		$	27,291,820			450,000		$	9,268,192
Shares redeemed		(1,200,000	)		(24,823,922	)		(1,400,000	)		(23,398,916	)


		100,000		$	2,467,898			(950,000	)	$	(14,130,724	)

MSCI Belgium
Shares sold		160,000		$	2,916,197			480,000		$	9,024,957
Shares redeemed		(160,000	)		(2,799,264	)		(480,000	)		(8,075,211	)


		—		$	116,933			—		$	949,746


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI France
Shares sold		—		$	—			5,200,000		$	183,680,945
Shares redeemed		(8,600,000	)		(326,399,039	)		(7,000,000	)		(260,908,213	)


		(8,600,000	)	$	(326,399,039	)		(1,800,000	)	$	(77,227,268	)

MSCI Netherlands
Shares sold		300,000		$	13,280,757			1,900,000		$	80,447,292
Shares redeemed		(1,850,000	)		(76,215,560	)		(4,800,000	)		(187,469,007	)


		(1,550,000	)	$	(62,934,803	)		(2,900,000	)	$	(107,021,715	)

MSCI Sweden
Shares sold		2,025,000		$	71,437,747			2,550,000		$	90,474,788
Shares redeemed		(4,800,000	)		(171,764,467	)		(6,675,000	)		(221,486,850	)


		(2,775,000	)	$	(100,326,720	)		(4,125,000	)	$	(131,012,062	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator , to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 29, 2024, is $7,490,892 or $1.12 per share.

The iShares MSCI France ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

During the period, the iShares MSCI Sweden ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2022, and the related tax compliance fee, including interest, was paid to the IRS.

13.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		47

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 29, 2024


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF		Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share

MSCI Austria^(a)	$	0.587788	$	—	$	0.054284	$	0.642072		92	%	—	%	8	%	100	%
MSCI Sweden^(a)		0.922744		—		0.030459		0.953203		97		—		3		100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		49

Glossary of Terms Used in this Report

Currency Abbreviation



EUR		Euro

SEK		Swedish Krona

USD		United States Dollar

Portfolio Abbreviation



NVS		Non-Voting Shares


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-802-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Eurozone ETF | EZU | Cboe BZX

iShares MSCI Germany ETF | EWG | NYSE Arca

iShares MSCI Italy ETF | EWI | NYSE Arca

iShares MSCI Spain ETF | EWP | NYSE Arca

iShares MSCI Switzerland ETF | EWL | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.93%		30.45%

U.S. small cap equities (Russell 2000^® Index)		8.97		10.05

International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41

Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		28
Statements of Operations		30
Statements of Changes in Net Assets		32
Financial Highlights		35
Notes to Financial Statements		40
Statement Regarding Liquidity Risk Management Program		49
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52


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

Investment Objective

The iShares MSCI Eurozone ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.11	%		15.63	%		7.69	%		4.16	%		15.63	%		44.81	%		50.32	%
Fund Market		10.24			15.63			7.77			4.23			15.63			45.40			51.28
Index		9.77			14.82			7.45			4.10			14.82			43.23			49.48

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption

or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual			Hypothetical 5% Return
Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period^(a)	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period^(a)	Annualized Expense Ratio

$ 1,000.00	$ 1,101.10	$ 2.72	$ 1,000.00	$ 1,022.30	$ 2.61	0.52%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)
Financials		18.2%
Industrials		17.4
Consumer Discretionary		16.0
Information Technology		14.4
Consumer Staples		7.4
Health Care		6.9
Materials		5.4
Utilities		5.2
Communication Services		4.1
Energy		4.1
Real Estate		0.9

TEN LARGEST COUNTRIES


Country/Geographic Region	Percent of Total Investments^(a)
France		35.5%
Germany		25.4
Netherlands		15.1
Italy		7.9
Spain		7.0
Finland		3.0
Belgium		2.7
Switzerland		1.1
Ireland		1.0
Austria		0.5

^(a)

Excludes money market funds.


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

Investment Objective

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

Performance


				Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		9.70	%		15.34	%		5.07	%	2.01%		15.34	%		28.04	%		22.00	%
Fund Market		9.75			15.36			5.12		2.08		15.36			28.34			22.86
Index		9.67			14.98			5.20		2.15		14.98			28.82			23.73

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,097.00	$	2.61		$	1,000.00	$	1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments^(a)
Industrials		20.6%
Financials		19.0
Information Technology		17.8
Consumer Discretionary		15.1
Health Care		7.9
Materials		6.1
Communication Services		5.8
Utilities		3.5
Consumer Staples		2.4
Real Estate		1.8

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)
SAP SE		13.8%
Siemens AG		10.6
Allianz SE		7.6
Deutsche Telekom AG		5.4
Mercedes-Benz Group AG		4.5
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4.5
Infineon Technologies AG		3.3
Deutsche Post AG		3.2
BASF SE		3.2
Deutsche Boerse AG		2.8

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Italy ETF(the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.14	%		23.00	%		9.10	%		3.83	%		23.00	%		54.57	%		45.66	%
Fund Market		12.40			23.17			9.21			3.88			23.17			55.35			46.30
Index		12.06			22.84			9.28			3.90			22.84			55.88			46.55

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,121.40	$	2.64		$	1,000.00	$	1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)
Financials		34.5%
Consumer Discretionary		23.8
Utilities		15.8
Energy		7.4
Industrials		6.6
Health Care		6.0
Communication Services		3.5
Consumer Staples		2.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Stellantis NV		10.0%
Enel SpA		9.3
Ferrari NV		9.2
UniCredit SpA		9.2
Intesa Sanpaolo SpA		8.0
Assicurazioni Generali SpA		4.7
Moncler SpA		4.6
Eni SpA		4.4
Prysmian SpA		4.2
Terna - Rete Elettrica Nazionale		3.4

^(a)

Excludes money market funds.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

The iShares MSCI Spain ETF(the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.42	%		9.80	%		3.18	%		0.28	%		9.80	%		16.92	%		2.79	%
Fund Market		4.37			9.83			3.26			0.33			9.83			17.42			3.35
Index		4.36			9.71			3.45			0.64			9.71			18.48			6.62

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,044.20	$	2.54		$	1,000.00	$	1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments^(a)
Financials		34.5%
Utilities		26.6
Industrials		13.6
Communication Services		9.5
Consumer Discretionary		8.9
Energy		4.9
Health Care		2.0

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)
Iberdrola SA		16.8%
Banco Santander SA		16.0
Banco Bilbao Vizcaya Argentaria SA		13.7
Repsol SA		4.9
Telefonica SA		4.8
Aena SME SA		4.8
Industria de Diseno Textil SA		4.8
CaixaBank SA		4.8
Cellnex Telecom SA		4.6
Ferrovial SE		4.6

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


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

Investment Objective

The iShares MSCI Switzerland ETF(the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.48	%		10.28	%		8.26	%		5.41	%		10.28	%		48.71	%		69.34	%
Fund Market		1.50			10.38			8.34			5.45			10.38			49.29			69.95
Index		1.84			10.31			8.45			5.60			10.31			50.04			72.38

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,014.80	$	2.50		$	1,000.00	$	1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments^(a)
Health Care		33.0%
Consumer Staples		19.4
Financials		17.7
Industrials		11.2
Materials		9.4
Consumer Discretionary		5.8
Information Technology		1.5
Communication Services		1.1
Other (each representing less than 1%)		0.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Nestle SA		17.2%
Novartis AG		12.7
Roche Holding AG		11.3
Cie. Financiere Richemont SA, Class A		4.7
UBS Group AG		4.6
Zurich Insurance Group AG		4.6
ABB Ltd.		4.6
Holcim AG		2.9
Alcon Inc.		2.8
Sika AG		2.8

^(a)

Excludes money market funds.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Disclosure of Expenses


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		9

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Austria — 0.5%
Erste Group Bank AG		455,834	$	18,225,683
OMV AG		195,575		8,618,196
Verbund AG		90,387		6,543,105
voestalpine AG		154,586		4,223,230


				37,610,214

Belgium — 2.7%
Ageas SA/NV		212,964		9,050,878
Anheuser-Busch InBev SA/NV		1,151,514		69,598,096
Argenx SE^(a)		78,475		29,413,618
D’ieteren Group		28,936		5,590,995
Elia Group SA/NV		39,637		4,409,113
Groupe Bruxelles Lambert NV		117,488		8,836,021
KBC Group NV		331,937		23,382,585
Lotus Bakeries NV		547		5,143,417
Sofina SA		20,806		4,762,070
Syensqo SA^(a)		98,781		8,819,646
UCB SA		166,429		19,202,485
Umicore SA		280,682		5,873,929
Warehouses De Pauw CVA		234,342		6,276,798


				200,359,651

Finland — 3.0%
Elisa OYJ		189,340		8,527,519
Fortum OYJ		595,755		7,445,814
Kesko OYJ, Class B		364,183		6,963,028
Kone OYJ, Class B		446,691		21,870,609
Metso OYJ		882,605		9,441,017
Neste OYJ		560,865		15,374,485
Nokia OYJ		7,106,266		25,050,244
Nordea Bank Abp, New		4,216,071		51,311,648
Orion OYJ, Class B		145,013		5,701,286
Sampo OYJ, Class A		598,477		26,779,925
Stora Enso OYJ, Class R		777,462		9,829,924
UPM-Kymmene OYJ		707,582		23,682,328
Wartsila OYJ Abp		631,756		9,780,072


				221,757,899

France — 35.4%
Accor SA		250,848		10,896,283
Aeroports de Paris SA		45,986		6,260,160
Air Liquide SA		695,360		141,333,735
Airbus SE		785,943		130,041,319
Alstom SA^(b)		382,781		5,116,120
Amundi SA^(c)		81,905		5,396,820
ArcelorMittal SA		678,350		17,695,020
Arkema SA		79,789		8,270,288
AXA SA		2,407,699		85,718,650
BioMerieux		55,339		6,049,089
BNP Paribas SA		1,369,106		82,173,733
Bollore SE		971,294		6,660,878
Bouygues SA		254,887		10,079,676
Bureau Veritas SA		393,733		11,440,538
Capgemini SE		205,946		50,095,073
Carrefour SA		751,589		12,627,709
Cie. de Saint-Gobain SA		604,253		46,582,221
Cie. Generale des Etablissements Michelin SCA		900,437		33,321,975
Covivio SA/France		67,255		3,019,886
Credit Agricole SA		1,404,190		19,044,823
Danone SA		853,608		54,469,839
Dassault Aviation SA		27,239		5,384,999
Dassault Systemes SE		885,876		41,513,097
Edenred SE		328,014		16,231,305


Security	Shares		Value

France (continued)
Eiffage SA		98,272	$	10,701,624
Engie SA		2,421,371		38,854,243
EssilorLuxottica SA		391,076		83,038,815
Eurazeo SE		57,425		4,858,181
Eurofins Scientific SE		179,087		10,702,746
Euronext NV^(c)		114,307		10,534,606
Gecina SA		61,554		5,945,602
Getlink SE		475,823		8,123,957
Hermes International SCA		41,986		105,063,210
Ipsen SA		50,726		5,572,408
Kering SA		98,690		45,459,353
Klepierre SA		285,791		7,260,030
La Francaise des Jeux SAEM^(c)		139,279		5,836,097
Legrand SA		348,373		35,283,641
L’Oreal SA		319,002		152,377,329
LVMH Moet Hennessy Louis Vuitton SE		366,065		334,120,370
Orange SA		2,468,535		28,296,716
Pernod Ricard SA		271,116		45,312,595
Publicis Groupe SA		303,431		32,104,665
Remy Cointreau SA		30,952		3,279,827
Renault SA		256,777		10,721,343
Rexel SA		299,002		7,658,921
Safran SA		453,141		95,019,330
Sanofi SA		1,509,085		143,837,731
Sartorius Stedim Biotech		38,721		10,657,890
Schneider Electric SE		721,446		163,978,963
SEB SA		33,097		3,922,259
Societe Generale SA		970,791		23,576,269
Sodexo SA		117,290		9,349,331
Teleperformance SE		75,697		9,398,383
Thales SA		125,405		18,599,249
TotalEnergies SE		2,878,163		183,451,654
Unibail-Rodamco-Westfield, New^(a)		157,555		11,520,958
Veolia Environnement SA		913,605		28,320,217
Vinci SA		663,774		85,057,395
Vivendi SE		896,100		10,013,595
Worldline SA/France^(a)(b)(c)		323,462		3,723,652


				2,600,956,391

Germany — 24.0%
adidas AG		214,766		43,442,878
Allianz SE, Registered		519,308		142,630,715
BASF SE		1,183,230		60,270,179
Bayer AG, Registered		1,302,415		39,351,353
Bayerische Motoren Werke AG		422,754		50,006,764
Bechtle AG		109,734		5,661,700
Beiersdorf AG		133,632		19,154,933
Brenntag SE		175,934		16,063,545
Carl Zeiss Meditec AG, Bearer^(b)		54,024		6,634,196
Commerzbank AG		1,397,556		16,178,000
Continental AG		146,549		11,755,456
Covestro AG^(a)(c)		252,353		13,734,996
Daimler Truck Holding AG		709,150		28,971,904
Delivery Hero SE, Class A^(a)(b)(c)		234,761		5,430,262
Deutsche Bank AG, Registered		2,569,542		34,413,127
Deutsche Boerse AG		251,886		52,731,627
Deutsche Lufthansa AG, Registered^(a)		801,577		6,233,725
Deutsche Post AG, Registered		1,314,112		61,019,490
Deutsche Telekom AG, Registered		4,296,906		102,133,074
E.ON SE		2,976,391		38,006,417
Evonik Industries AG		309,462		5,712,415
Fresenius Medical Care AG & Co. KGaA		272,504		10,451,330
Fresenius SE & Co. KGaA		560,019		15,683,422


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
GEA Group AG		218,650	$	8,819,567
Hannover Rueck SE		79,939		20,520,951
Heidelberg Materials AG		172,780		16,776,740
Henkel AG & Co. KGaA		136,572		9,214,063
Infineon Technologies AG		1,731,280		62,162,566
Knorr-Bremse AG		96,812		6,777,807
LEG Immobilien SE^(a)		99,453		7,325,649
Mercedes-Benz Group AG		1,063,725		84,762,699
Merck KGaA		171,338		29,152,614
MTU Aero Engines AG		71,356		17,164,620
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		180,918		84,230,517
Nemetschek SE		76,997		7,376,210
Puma SE^(b)		140,647		6,468,834
Rational AG		6,806		5,600,524
Rheinmetall AG		57,747		26,497,589
RWE AG		838,204		28,077,610
SAP SE		1,384,350		259,417,886
Scout24 SE^(c)		100,507		7,308,337
Siemens AG, Registered		1,007,544		199,462,284
Siemens Healthineers AG^(c)		373,852		22,437,275
Symrise AG, Class A		176,033		18,013,905
Talanx AG^(a)		86,226		6,154,879
Volkswagen AG		39,121		6,156,974
Vonovia SE		971,989		27,127,374
Zalando SE^(a)(c)		299,465		6,337,662


				1,759,016,644

Ireland — 1.0%
AIB Group PLC		2,098,482		9,742,351
Bank of Ireland Group PLC		1,388,653		12,127,079
Kerry Group PLC, Class A		209,502		18,396,754
Kingspan Group PLC		206,305		18,655,928
Smurfit Kappa Group PLC		345,156		14,751,783


				73,673,895

Italy — 7.9%
Amplifon SpA		165,367		5,522,030
Assicurazioni Generali SpA		1,343,656		31,870,188
Banco BPM SpA		1,618,285		9,421,361
DiaSorin SpA		29,839		3,011,551
Enel SpA		10,782,499		68,609,560
Eni SpA		2,909,096		44,795,512
Ferrari NV		167,107		70,529,718
FinecoBank Banca Fineco SpA		810,969		11,234,783
Infrastrutture Wireless Italiane SpA^(c)		445,706		4,936,792
Intesa Sanpaolo SpA		19,390,231		61,746,368
Leonardo SpA		473,903		10,132,115
Mediobanca Banca di Credito Finanziario SpA		676,065		9,209,399
Moncler SpA		273,059		19,689,379
Nexi SpA^(a)(c)		794,970		5,834,466
Poste Italiane SpA^(c)		606,036		7,108,402
Prysmian SpA		348,276		17,380,973
Recordati Industria Chimica e Farmaceutica SpA		139,448		7,806,970
Snam SpA		2,686,194		12,548,537
Stellantis NV		2,937,298		76,838,523
Telecom Italia SpA/Milano^(a)(b)		13,420,012		4,034,687
Tenaris SA, NVS		631,462		11,215,697
Terna—Rete Elettrica Nazionale		1,867,250		14,628,039
UniCredit SpA		2,043,168		68,435,106


				576,540,156

Netherlands — 15.0%
ABN AMRO Bank NV, CVA^(c)		634,490		10,214,696


Security	Shares		Value

Netherlands (continued)
Adyen NV^(a)(c)		28,799	$	45,566,850
Aegon Ltd.		1,924,649		11,567,541
AerCap Holdings NV^(a)		265,424		20,485,424
Akzo Nobel NV		226,168		16,485,169
ASM International NV		58,741		35,875,904
ASML Holding NV		534,446		507,190,040
ASR Nederland NV		211,222		9,748,897
BE Semiconductor Industries NV		102,199		18,510,053
Davide Campari-Milano NV		818,358		8,298,233
EXOR NV, NVS		124,083		13,402,961
Ferrovial SE		687,359		25,810,196
Heineken Holding NV		171,831		13,272,730
Heineken NV		381,808		35,275,709
IMCD NV		75,870		11,574,679
ING Groep NV		4,405,730		60,630,953
JDE Peet’s NV		131,141		2,996,323
Koninklijke Ahold Delhaize NV		1,262,641		37,603,787
Koninklijke KPN NV		4,448,180		16,260,142
Koninklijke Philips NV		1,037,384		20,900,434
NN Group NV		358,937		16,018,525
OCI NV		143,323		3,781,483
Prosus NV		1,939,196		56,640,036
Qiagen NV, NVS		293,476		12,547,964
Randstad NV		145,175		8,006,987
Universal Music Group NV		1,086,754		32,809,515
Wolters Kluwer NV		329,462		52,028,562


				1,103,503,793

Portugal — 0.5%
EDP - Energias de Portugal SA		4,160,116		16,567,377
Galp Energia SGPS SA		616,129		9,695,205
Jeronimo Martins SGPS SA		376,624		9,018,572


				35,281,154

Spain — 7.0%
Acciona SA		33,524		3,755,517
ACS Actividades de Construccion y Servicios SA		280,187		11,522,145
Aena SME SA^(c)		99,429		18,890,473
Amadeus IT Group SA		597,234		35,331,674
Banco Bilbao Vizcaya Argentaria SA		7,739,448		77,195,423
Banco Santander SA		21,455,572		89,415,775
CaixaBank SA		4,972,846		22,495,617
Cellnex Telecom SA^(c)		608,780		22,010,155
Corp. ACCIONA Energias Renovables SA		4,643		95,999
EDP Renovaveis SA		408,670		5,574,628
Enagas SA		213,004		3,076,429
Endesa SA		424,233		7,640,484
Grifols SA^(a)(b)		401,422		3,306,054
Iberdrola SA		8,135,620		93,438,810
Industria de Diseno Textil SA		1,446,127		64,335,402
Redeia Corp. SA		392,304		6,241,692
Repsol SA		1,608,790		25,555,724
Telefonica SA		6,479,950		26,584,484


				516,466,485

Switzerland — 1.1%
DSM-Firmenich AG		246,548		26,422,160
Siemens Energy AG^(a)		694,053		10,658,194
STMicroelectronics NV		906,075		41,142,377


				78,222,731


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom — 0.3%
Coca-Cola Europacific Partners PLC		273,735	$	18,786,433


Total Common Stocks — 98.4% (Cost: $7,317,531,710)				7,222,175,446


Preferred Stocks

Germany — 1.4%
Bayerische Motoren Werke AG, Preference Shares, NVS		77,443		8,490,360
Dr Ing hc F Porsche AG, Preference Shares, NVS		150,966		14,115,513
Henkel AG & Co. KGaA, Preference Shares, NVS		222,438		16,734,854
Porsche Automobil Holding SE, Preference Shares, NVS		204,165		10,914,578
Sartorius AG, Preference Shares, NVS^(b)		34,547		13,083,979
Volkswagen AG, Preference Shares, NVS		273,370		37,123,825


				100,463,109


Total Preferred Stocks — 1.4% (Cost: $147,676,989)				100,463,109


Total Long-Term Investments — 99.8% (Cost: $7,465,208,699)				7,322,638,555


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		20,670,976		20,681,312


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		22,270,000	$	22,270,000


Total Short-Term Securities — 0.6% (Cost: $42,951,390)				42,951,312


Total Investments — 100.4% (Cost: $7,508,160,089)				7,365,589,867

Liabilities in Excess of Other Assets — (0.4)%				(28,321,447	)


Net Assets — 100.0%			$ 7,337,268,420

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	52,665,766	$	—	$	(31,986,283)^(a)	$	2,522	$	(693	)	$	20,681,312		20,670,976	$	45,579	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		24,280,000		—		(2,010,000)^(a)		—		—			22,270,000		22,270,000		638,614			—


							$	2,522	$	(693	)	$	42,951,312			$	684,193		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Euro STOXX 50 Index

271

03/15/24

$14,368

824,557


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Eurozone ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	824,557	$	—	$	—	$	—	$	824,557

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	952,768	$	—	$	—	$	—	$	952,768

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,024,600	$	—	$	—	$	—	$	1,024,600

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	12,981,096

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	56,231,243	$	7,165,944,203	$	—	$	7,222,175,446
Preferred Stocks		—		100,463,109		—		100,463,109
Short-Term Securities
Money Market Funds		42,951,312		—		—		42,951,312

	$	99,182,555	$	7,266,407,312	$	—	$	7,365,589,867

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	824,557	$	—	$	824,557

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.3%
MTU Aero Engines AG		38,175	$	9,182,961
Rheinmetall AG^(a)		30,894		14,175,914


				23,358,875

Air Freight & Logistics — 3.2%
Deutsche Post AG, Registered		703,036		32,644,781


Automobile Components — 0.6%
Continental AG		78,019		6,258,309


Automobiles — 7.5%
Bayerische Motoren Werke AG		226,169		26,753,100
Mercedes-Benz Group AG		569,082		45,347,177
Volkswagen AG		20,801		3,273,720


				75,373,997

Banks — 0.9%
Commerzbank AG		747,678		8,655,062


Capital Markets — 4.6%
Deutsche Bank AG, Registered		1,374,678		18,410,662
Deutsche Boerse AG		134,756		28,210,790


				46,621,452

Chemicals — 5.2%
BASF SE		633,016		32,243,932
Covestro AG^(b)(c)		134,047		7,295,871
Evonik Industries AG		164,350		3,033,767
Symrise AG, Class A		94,176		9,637,270


				52,210,840

Construction Materials — 0.9%
Heidelberg Materials AG		92,436		8,975,430


Diversified Telecommunication Services — 5.4%
Deutsche Telekom AG, Registered		2,298,800		54,640,132


Electrical Equipment — 0.6%
Siemens Energy AG^(c)		369,266		5,670,617


Health Care Equipment & Supplies — 1.5%
Carl Zeiss Meditec AG, Bearer^(a)		28,624		3,515,053
Siemens Healthineers AG^(a)(b)		200,007		12,003,713


				15,518,766

Health Care Providers & Services — 1.4%
Fresenius Medical Care AG & Co. KGaA		145,671		5,586,911
Fresenius SE & Co. KGaA		299,803		8,396,031


				13,982,942

Hotels, Restaurants & Leisure — 0.3%
Delivery Hero SE, Class A^(b)(c)		125,892		2,912,010


Household Products — 0.5%
Henkel AG & Co. KGaA		73,703		4,972,499


Independent Power and Renewable Electricity Producers — 1.5%
RWE AG		448,430		15,021,215


Industrial Conglomerates — 10.6%
Siemens AG, Registered		539,025		106,710,136


Insurance — 13.4%
Allianz SE, Registered		277,824		76,305,845
Hannover Rueck SE		42,766		10,978,358
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		96,789		45,062,335


Security	Shares		Value

Insurance (continued)
Talanx AG^(c)		45,550	$	3,251,394


				135,597,932

Interactive Media & Services — 0.4%
Scout24 SE^(b)		53,287		3,874,748


IT Services — 0.3%
Bechtle AG		57,656		2,974,748


Life Sciences Tools & Services — 0.7%
Qiagen NV, NVS		156,880		6,707,617


Machinery — 2.7%
Daimler Truck Holding AG		379,388		15,499,672
GEA Group AG		116,114		4,683,628
Knorr-Bremse AG		51,586		3,611,535
Rational AG		3,625		2,982,942


				26,777,777

Multi-Utilities — 2.0%
E.ON SE		1,592,338		20,333,035


Passenger Airlines — 0.3%
Deutsche Lufthansa AG, Registered^(c)		423,861		3,296,294


Personal Care Products — 1.0%
Beiersdorf AG		71,492		10,247,729


Pharmaceuticals — 3.6%
Bayer AG, Registered		696,778		21,052,550
Merck KGaA		91,664		15,596,337


				36,648,887

Real Estate Management & Development — 1.8%
LEG Immobilien SE^(c)		52,624		3,876,253
Vonovia SE		520,004		14,512,863


				18,389,116

Semiconductors & Semiconductor Equipment — 3.3%
Infineon Technologies AG		926,216		33,256,298


Software — 14.1%
Nemetschek SE		41,015		3,929,182
SAP SE		740,613		138,785,898


				142,715,080

Specialty Retail — 0.3%
Zalando SE^(b)(c)		158,935		3,363,586


Textiles, Apparel & Luxury Goods — 2.6%
adidas AG		114,897		23,241,371
Puma SE		75,093		3,453,783


				26,695,154

Trading Companies & Distributors — 0.9%
Brenntag SE		94,123		8,593,842


Total Common Stocks — 94.4% (Cost: $1,216,108,605)				952,998,906


Preferred Stocks

Automobiles — 3.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		41,842		4,587,292
Dr Ing hc F Porsche AG, Preference Shares, NVS		80,505		7,527,320
Porsche Automobil Holding SE, Preference Shares, NVS^(a)		108,603		5,805,872
Volkswagen AG, Preference Shares, NVS		146,250		19,860,846


				37,781,330


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products — 0.9%
Henkel AG & Co. KGaA, Preference Shares, NVS		120,043	$	9,031,290


Life Sciences Tools & Services — 0.7%
Sartorius AG, Preference Shares, NVS		18,588		7,039,830


Total Preferred Stocks — 5.4% (Cost: $85,626,640)				53,852,450


Total Long-Term Investments — 99.8% (Cost: $1,301,735,245)				1,006,851,356


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		5,771,270		5,774,156
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		400,000		400,000


Total Short-Term Securities — 0.6% (Cost: $6,174,373)				6,174,156


Total Investments — 100.4% (Cost: $1,307,909,618)				1,013,025,512

Liabilities in Excess of Other Assets — (0.4)%				(3,715,379	)


Net Assets — 100.0%			$ 1,009,310,133

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

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Non-income producing security.

^(d)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,273,035	$	—	$	(27,504,716	)^(a)	$	8,703	$	(2,866	)	$	5,774,156		5,771,270	$	17,953	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		680,000		—		(280,000	)^(a)		—		—			400,000		400,000		9,489			—

								$	8,703	$	(2,866	)	$	6,174,156			$	27,442		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

DAX Index

03/15/24

$ 2,401

96,965


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Germany ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	96,965	$	—	$	—	$	—	$	96,965

(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	366,349	$	—	$	—	$	—	$	366,349

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	183,292	$	—	$	—	$	—	$	183,292

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	6,963,990

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	952,998,906	$	—	$	952,998,906
Preferred Stocks		—		53,852,450		—		53,852,450
Short-Term Securities
Money Market Funds		6,174,156		—		—		6,174,156

	$	6,174,156	$	1,006,851,356	$	—	$	1,013,025,512

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	96,965	$	—	$	96,965

^(a)

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

See notes to financial statements.


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Italy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.4%
Leonardo SpA		433,629	$	9,271,051


Automobiles — 19.2%
Ferrari NV		82,324		34,745,932
Stellantis NV		1,444,463		37,786,566

				72,532,498

Banks — 25.5%
Banco BPM SpA		1,707,068		9,938,240
FinecoBank Banca Fineco SpA		790,082		10,945,425
Intesa Sanpaolo SpA		9,502,178		30,258,793
Mediobanca Banca di Credito Finanziario SpA		786,072		10,707,921
UniCredit SpA		1,032,907		34,596,812

				96,447,191

Beverages — 2.4%
Davide Campari-Milano NV		909,782		9,225,281


Diversified Telecommunication Services — 3.5%
Infrastrutture Wireless Italiane SpA^(a)		596,883		6,611,280
Telecom Italia SpA/Milano^(b)(c)		21,445,241		6,447,449

				13,058,729

Electric Utilities — 12.7%
Enel SpA		5,507,829		35,046,581
Terna - Rete Elettrica Nazionale		1,650,425		12,929,431

				47,976,012

Electrical Equipment — 4.2%
Prysmian SpA		315,625		15,751,501


Energy Equipment & Services — 2.9%
Tenaris SA, NVS		625,422		11,108,417


Financial Services — 1.9%
Nexi SpA^(a)(b)		987,136		7,244,817


Gas Utilities — 3.1%
Snam SpA		2,474,752		11,560,787


Health Care Equipment & Supplies — 1.5%
DiaSorin SpA		57,489		5,802,173


Health Care Providers & Services — 2.0%
Amplifon SpA		226,222		7,554,135


Security	Shares		Value


Insurance — 7.1%
Assicurazioni Generali SpA		740,041	$	17,553,039
Poste Italiane SpA^(a)		783,339		9,188,049

				26,741,088

Oil, Gas & Consumable Fuels — 4.4%
Eni SpA		1,086,299		16,727,299


Pharmaceuticals — 2.4%
Recordati Industria Chimica e Farmaceutica SpA		164,723		9,221,986


Textiles, Apparel & Luxury Goods — 4.6%
Moncler SpA		239,925		17,300,196


Total Long-Term Investments — 99.8% (Cost: $364,768,939)				377,523,161


Short-Term Securities

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		4,553,073		4,555,349
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		310,000		310,000


Total Short-Term Securities — 1.3% (Cost: $4,864,893)				4,865,349


Total Investments — 101.1% (Cost: $369,633,832)				382,388,510

Liabilities in Excess of Other Assets — (1.1)%				(4,122,226	)


Net Assets — 100.0%			$	378,266,284

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,720,732	$	2,834,510	^(a)	$	—	$	(304	)	$	411	$	4,555,349		4,553,073	$	5,106	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		170,000	^(a)		—		—			—		310,000		310,000		6,348			—

								$	(304	)	$	411	$	4,865,349			$	11,454		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Italy ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

FTSE/MIB Index

03/15/24

530

17,228

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	17,228	$	—	$	—	$	—	$	17,228

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	57,694	$	—	$	—	$	—	$	57,694

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	24,057	$	—	$	—	$	—	$	24,057

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	833,518

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	377,523,161	$	—	$	377,523,161
Short-Term Securities
Money Market Funds		4,865,349		—		—		4,865,349

	$	4,865,349	$	377,523,161	$	—	$	382,388,510


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Italy ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	17,228	$	—	$	17,228

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Spain ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 33.5%
Banco Bilbao Vizcaya Argentaria SA		12,246,302	$	122,148,048
Banco Santander SA		34,278,311		142,854,347
CaixaBank SA		9,404,403		42,542,609

				307,545,004

Biotechnology — 1.9%
Grifols SA^(a)		2,131,545		17,555,099


Construction & Engineering — 8.5%
ACS Actividades de Construccion y Servicios SA		914,910		37,623,894
Ferrovial SE		1,080,062		40,556,117

				78,180,011

Diversified Telecommunication Services — 9.2%
Cellnex Telecom SA^(b)		1,145,550		41,416,823
Telefonica SA		10,472,967		42,966,137

				84,382,960

Electric Utilities — 24.4%
Acciona SA		204,574		22,917,345
Endesa SA		1,681,547		30,284,852
Iberdrola SA		13,070,820		150,120,319
Redeia Corp. SA		1,276,959		20,316,857

				223,639,373

Gas Utilities — 1.4%
Enagas SA		893,190		12,900,395


Hotels, Restaurants & Leisure — 4.0%
Amadeus IT Group SA		625,411		36,998,592


Independent Power and Renewable Electricity Producers — 0.1%
Corp. ACCIONA Energias Renovables SA		26,566		549,283


Security	Shares		Value

Oil, Gas & Consumable Fuels — 4.7%
Repsol SA		2,749,818	$	43,681,022


Specialty Retail — 4.6%
Industria de Diseno Textil SA		957,272		42,587,185


Transportation Infrastructure — 4.7%
Aena SME SA^(b)		225,706		42,881,787


Total Long-Term Investments — 97.0% (Cost: $928,517,091)				890,900,711


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		3,090,000		3,090,000


Total Short-Term Securities — 0.4% (Cost: $3,090,000)				3,090,000


Total Investments — 97.4% (Cost: $931,607,091)				893,990,711

Other Assets Less Liabilities — 2.6%				24,159,655


Net Assets — 100.0%			$	918,150,366

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—		$ (859	)^(b)	$	859	$	—	$	—		—	$	2,124	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,440,000		—		(350,000	)^(b)		—		—		3,090,000		3,090,000		95,004			—

								$	859	$	—	$	3,090,000			$	97,128		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Spain ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

IBEX 35 Index

03/15/24

2,608

16,058

OTC Total Return Swaps



Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long	Monthly	Goldman Sachs Bank USA^(b)		08/19/26	$	10,970,107	$	(157,242	)^(c)	$	10,826,868		1.2	%
	Monthly	HSBC Bank PLC^(d)		02/08/28		8,489,843		(38,155	)^(e)		8,455,930		0.9
	Monthly	JPMorgan Chase Bank NA^(f)		02/10/25		3,346,004		(160,758	)^(g)		3,205,189		0.4

							$	(356,155	)	$	22,487,987

^(a)

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Amount includes $(14,003) of net dividends and financing fees.

^(e)

Amount includes $(4,242) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $(19,943) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)	(f)
Range:	45 basis points	45 basis points	40 basis points
Benchmarks:	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Spain ETF

The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.


	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks
Electric Utilities
Red Electrica Corp. SA		142,259	$	2,255,598		20.8	%


Gas Utilities
Enagas SA		593,885		8,571,270		79.2


Total Reference Entity — Long				10,826,868


Net Value of Reference Entity — Goldman Sachs Bank USA			$	10,826,868

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.


	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks
Electric Utilities
Red Electrica Corp. SA		490,702	$	7,804,639		92.3	%


	Shares		Value		% of Basket Value

Gas Utilities
Enagas SA		45,230	$	651,291		7.7


Total Reference Entity — Long				8,455,930


Net Value of Reference Entity — HSBC Bank PLC			$	8,455,930

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.


	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks
Electric Utilities
Red Electrica Corp. SA		85,044	$	1,349,380		42.1	%


Gas Utilities
Enagas SA		128,880		1,855,809		57.9


Total Reference Entity — Long				3,205,189


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	3,205,189

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps


Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps	$	—	$	—	$	—	$	(356,155	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	16,058	$	—	$	—	$	—	$	16,058


Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	356,155	$	—	$	—	$	—	$	356,155

^(a)


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Spain ETF

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	231,741		$	—	$	—	$	—	$	231,741
Swaps		—		—		(324,843	)		—		—		—		(324,843	)

	$	—	$	—	$	(93,102	)	$	—	$	—	$	—	$	(93,102	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(5,669	)	$	—	$	—	$	—	$	(5,669	)
Swaps		—		—		(328,605	)		—		—		—		(328,605	)

	$	—	$	—	$	(334,274	)	$	—	$	—	$	—	$	(334,274	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	2,512,372
Total return swaps:
Average notional value	$	17,619,846

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

Derivative Financial Instruments - Offsetting as of Period End

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



	Assets			Liabilities

Derivative Financial Instruments:
Futures contracts	$	16,058		$	—
Swaps - OTC^(a)		—			356,155

Total derivative assets and liabilities in the Statement of Assets and Liabilities		16,058			356,155
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(16,058	)		—

Total derivative assets and liabilities subject to an MNA	$	—		$	356,155

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

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



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

Goldman Sachs Bank USA		$	157,242	$	—		$	—	$	—	$	157,242
HSBC Bank PLC			38,155		—			—		—		38,155
JPMorgan Chase Bank NA			160,758		—			—		—		160,758

		$	356,155	$	—		$	—	$	—	$	356,155

^(a)

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

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Spain ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	890,900,711		$	—	$	890,900,711
Short-Term Securities
Money Market Funds		3,090,000		—			—		3,090,000

	$	3,090,000	$	890,900,711		$	—	$	893,990,711

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	16,058		$	—	$	16,058
Liabilities
Equity Contracts		—		(356,155	)		—		(356,155	)

	$	—	$	(340,097	)	$	—		(340,097	)

^(a)

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

See notes to financial statements.


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Switzerland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 0.4%
Banque Cantonale Vaudoise, Registered		35,167	$	4,214,943


Building Products — 1.4%
Geberit AG, Registered		27,918		16,231,221


Capital Markets — 7.6%
Julius Baer Group Ltd.		179,174		9,598,222
Partners Group Holding AG		18,292		26,301,430
UBS Group AG, Registered		1,931,567		55,149,707

				91,049,359

Chemicals — 6.1%
Clariant AG, Registered		257,075		3,183,850
EMS-Chemie Holding AG, Registered^(a)		7,337		5,120,033
Givaudan SA, Registered		7,371		30,928,255
Sika AG, Registered		115,054		33,275,505

				72,507,643

Construction Materials — 2.8%
Holcim AG		414,689		33,846,729


Containers & Packaging — 0.5%
SIG Group AG		291,031		5,765,542


Diversified Telecommunication Services — 1.0%
Swisscom AG, Registered		21,969		12,556,967


Electric Utilities — 0.3%
BKW AG		23,950		3,355,604


Electrical Equipment — 4.6%
ABB Ltd., Registered		1,182,198		54,549,356


Food Products — 19.2%
Barry Callebaut AG, Registered^(a)		3,480		4,888,867
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		837		10,242,845
Chocoladefabriken Lindt & Spruengli AG, Registered		93		11,179,717
Nestle SA, Registered		1,969,129		204,232,502

				230,543,931

Health Care Equipment & Supplies — 5.2%
Alcon Inc.		394,116		33,605,410
Sonova Holding AG, Registered		43,709		13,481,913
Straumann Holding AG		94,647		14,959,965

				62,047,288

Insurance — 9.5%
Baloise Holding AG, Registered		44,234		7,137,147
Helvetia Holding AG, Registered		38,209		5,398,799
Swiss Life Holding AG, Registered		24,535		17,834,414
Swiss Re AG		240,664		29,046,836
Zurich Insurance Group AG		102,793		54,688,993

				114,106,189

Life Sciences Tools & Services — 2.8%
Bachem Holding AG, Class B		41,714		3,300,705
Lonza Group AG, Registered		58,305		30,432,662

				33,733,367

Machinery — 2.3%
Schindler Holding AG, Participation Certificates, NVS		37,289		9,824,847
Schindler Holding AG, Registered		24,528		6,237,986
VAT Group AG^(b)		23,746		11,919,304

				27,982,137


Security	Shares		Value


Marine Transportation — 1.3%
Kuehne + Nagel International AG, Registered		46,076	$	15,513,141


Pharmaceuticals — 24.6%
Novartis AG, Registered		1,495,939		150,936,480
Roche Holding AG, NVS		510,496		133,474,813
Roche Holding AG, Bearer		7,114		1,966,618
Sandoz Group AG^(c)		285,488		8,831,000

				295,208,911

Professional Services — 1.5%
Adecco Group AG, Registered		151,445		6,071,049
SGS SA		130,038		12,486,504

				18,557,553

Real Estate Management & Development — 0.6%
Swiss Prime Site AG, Registered		72,653		6,943,551


Software — 0.4%
Temenos AG, Registered		66,206		4,982,386


Specialty Retail — 0.4%
Avolta AG, Registered^(c)		107,421		4,201,360


Technology Hardware, Storage & Peripherals — 1.0%
Logitech International SA, Registered		140,926		12,470,031


Textiles, Apparel & Luxury Goods — 5.4%
Cie. Financiere Richemont SA, Class A, Registered		348,222		55,428,980
Swatch Group AG (The), Bearer		27,106		6,399,324
Swatch Group AG (The), Registered		67,424		3,080,226

				64,908,530


Total Long-Term Investments — 98.9%
(Cost: $1,121,673,526)				1,185,275,739


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		298,768		298,918
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		390,000		390,000


Total Short-Term Securities — 0.0%
(Cost: $688,918)				688,918


Total Investments — 98.9%
(Cost: $1,122,362,444)				1,185,964,657

Other Assets Less Liabilities — 1.1%			12,738,712


Net Assets — 100.0%			$1,198,703,369

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

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Non-income producing security.

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Switzerland ETF

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	298,999	^(a)	$	—		$	(81	)	$	—	$	298,918		298,768	$	507	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		590,000		—			(200,000	)^(a)		—			—		390,000		390,000		8,539			—

									$	(81	)	$	—	$	688,918			$	9,046		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Swiss Market Index

102

03/15/24

13,130

486,214

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	486,214	$	—	$	—	$	—	$	486,214

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(353,452	)	$	—	$	—	$	—	$	(353,452	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	722,966		$	—	$	—	$	—	$	722,966

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	13,658,839

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


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Switzerland ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	1,185,275,739	$	—	$	1,185,275,739
Short-Term Securities
Money Market Funds		688,918		—		—		688,918

	$	688,918	$	1,185,275,739	$	—	$	1,185,964,657

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	486,214	$	—	$	486,214

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	7,322,638,555		$	1,006,851,356		$	377,523,161		$	890,900,711
Investments, at value — affiliated^(c)		42,951,312			6,174,156			4,865,349			3,090,000
Cash		675			5,248			5,308			8,896
Foreign currency collateral pledged for futures contracts^(d)		1,329,383			177,467			113,484			186,979
Foreign currency, at value^(e)		14,219,169			1,487,056			795,558			11,278,653
Receivables:
Investments sold		54,398,068			5,716,859			2,551,195			47,952,369
Securities lending income — affiliated		4,795			733			979			—
Dividends — unaffiliated		241			—			—			—
Dividends — affiliated		94,677			1,419			1,217			13,103
Tax reclaims		5,389,537			860,046			—			122,130
Variation margin on futures contracts		31,352			18,333			—			—

Total assets		7,441,057,764			1,021,292,673			385,856,251			953,552,841


LIABILITIES
Cash received for futures contracts		—			—			5,420			—
Collateral on securities loaned, at value		20,653,239			5,774,520			4,554,648			—
Payables:
Investments purchased		58,446,049			5,819,555			2,890,771			31,309,040
Swaps		—			—			—			343,109
Investment advisory fees		2,809,755			388,465			138,060			356,835
IRS compliance fee for foreign withholding tax claims		21,846,452			—			—			3,032,693
Professional fees		33,849			—			—			—
Variation margin on futures contracts		—			—			1,068			4,643
Unrealized depreciation on OTC swaps		—			—			—			356,155

Total liabilities		103,789,344			11,982,540			7,589,967			35,402,475

Commitments and contingent liabilities

NET ASSETS	$	7,337,268,420		$	1,009,310,133		$	378,266,284		$	918,150,366


NET ASSETS CONSIST OF
Paid-in capital	$	8,364,830,696		$	1,919,737,069		$	612,009,473		$	1,385,538,917
Accumulated loss		(1,027,562,276	)		(910,426,936	)		(233,743,189	)		(467,388,551	)

NET ASSETS	$	7,337,268,420		$	1,009,310,133		$	378,266,284		$	918,150,366


NET ASSET VALUE
Shares outstanding		150,000,000			33,000,000			10,650,000			31,425,000

Net asset value	$	48.92		$	30.59		$	35.52		$	29.22

Shares authorized		1.5 billion			482.2 million			295.4 million			300 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	7,465,208,699		$	1,301,735,245		$	364,768,939		$	928,517,091
^(b)Securities loaned, at value	$	19,382,521		$	5,555,215		$	4,149,516		$	—
^(c)Investments, at cost — affiliated	$	42,951,390		$	6,174,373		$	4,864,893		$	3,090,000
^(d)Foreign currency collateral pledged, at cost	$	1,344,576		$	226,493		$	113,500		$	190,128
^(e)Foreign currency, at cost	$	14,174,223		$	1,432,852		$	794,064		$	11,295,140

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024


	iShares MSCI Switzerland ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,185,275,739
Investments, at value — affiliated^(c)		688,918
Cash		2,303
Foreign currency collateral pledged for futures contracts^(d)		718,732
Foreign currency, at value^(e)		944,061
Receivables:
Investments sold		2,253,392
Securities lending income — affiliated		75
Dividends — affiliated		1,272
Tax reclaims		11,659,067
Variation margin on futures contracts		5,756

Total assets		1,201,549,315


LIABILITIES
Collateral on securities loaned, at value		298,999
Payables:
Investments purchased		2,070,692
Investment advisory fees		476,255

Total liabilities		2,845,946

Commitments and contingent liabilities

NET ASSETS	$	1,198,703,369


NET ASSETS CONSIST OF
Paid-in capital	$	1,254,752,461
Accumulated loss		(56,049,092	)

NET ASSETS	$	1,198,703,369


NET ASSET VALUE
Shares outstanding		25,625,000

Net asset value	$	46.78

Shares authorized		318.625 million

Par value	$	0.001


^(a)Investments, at cost — unaffiliated	$	1,121,673,526
^(b)Securities loaned, at value	$	283,228
^(c)Investments, at cost — affiliated	$	688,918
^(d)Foreign currency collateral pledged, at cost	$	766,470
^(e)Foreign currency, at cost	$	898,924

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	40,556,770		$	3,346,508		$	4,085,684		$	9,245,675
Dividends — affiliated		638,614			9,489			6,348			95,004
Interest — unaffiliated		—			20,826			—			47,550
Securities lending income — affiliated — net		45,579			17,953			5,106			2,124
Non-cash dividends — unaffiliated		—			—			—			2,955,377
Other income — unaffiliated		465,396			—			—			—
Foreign taxes withheld		(3,675,995	)		(469,798	)		(635,321	)		(1,375,919	)
Foreign withholding tax claims		6,099,570			—			—			—

Total investment income		44,129,934			2,924,978			3,461,817			10,969,811


EXPENSES
Investment advisory		16,819,917			2,763,594			737,598			1,920,358
Professional		656,609			—			—			—
Commitment costs		—			5,526			1,431			3,648

Total expenses		17,476,526			2,769,120			739,029			1,924,006

Net investment income		26,653,408			155,858			2,722,788			9,045,805


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(42,163,384	)		(5,831,186	)		(6,802,594	)		(15,288,336	)
Investments — affiliated		2,522			8,703			(304	)		859
Foreign currency transactions		(55,066	)		19,503			(25,678	)		17,491
Futures contracts		952,768			366,349			57,694			231,741
In-kind redemptions — unaffiliated^(a)		208,876,464			(132,483,484	)		9,085,596			5,936,045
Swaps		—			—			—			(324,843	)

		167,613,304			(137,920,115	)		2,314,714			(9,427,043	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		375,030,014			197,908,988			25,693,401			30,769,662
Investments — affiliated		(693	)		(2,866	)		411			—
Foreign currency translations		119,856			127,136			7,701			142,410
Futures contracts		1,024,600			183,292			24,057			(5,669	)
Swaps		—			—			—			(328,605	)

		376,173,777			198,216,550			25,725,570			30,577,798

Net realized and unrealized gain		543,787,081			60,296,435			28,040,284			21,150,755

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	570,440,489		$	60,452,293		$	30,763,072		$	30,196,560

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

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024


	iShares MSCI Switzerland ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	1,762,122
Dividends — affiliated		8,539
Securities lending income — affiliated — net		507
Foreign taxes withheld		(349,715	)

Total investment income		1,421,453


EXPENSES
Investment advisory		2,987,752
Commitment costs		5,839

Total expenses		2,993,591

Net investment loss		(1,572,138	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		1,353,262
Investments — affiliated		(81	)
Foreign currency transactions		(8,817	)
Futures contracts		(353,452	)
In-kind redemptions — unaffiliated^(a)		24,763,576

		25,754,488

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(7,807,622	)
Foreign currency translations		(3,756	)
Futures contracts		722,966

		(7,088,412	)

Net realized and unrealized gain		18,666,076

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,093,938

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Changes in Net Assets


	iShares MSCI Eurozone ETF						iShares MSCI Germany ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	26,653,408		$	202,601,302		$	155,858		$	45,410,408
Net realized gain (loss)		167,613,304			2,341,248			(137,920,115	)		(86,147,308	)
Net change in unrealized appreciation (depreciation)		376,173,777			1,400,531,847			198,216,550			389,018,417

Net increase in net assets resulting from operations		570,440,489			1,605,474,397			60,452,293			348,281,517


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(50,898,442	)^(b)		(181,291,924	)		(54,056	)^(b)		(44,143,456	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(957,310,796	)		1,562,882,727			(606,927,383	)		46,583,699


NET ASSETS
Total increase (decrease) in net assets		(437,768,749	)		2,987,065,200			(546,529,146	)		350,721,760
Beginning of period		7,775,037,169			4,787,971,969			1,555,839,279			1,205,117,519

End of period	$	7,337,268,420		$	7,775,037,169		$	1,009,310,133		$	1,555,839,279

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Italy ETF						iShares MSCI Spain ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,722,788		$	10,745,642		$	9,045,805		$	19,586,037
Net realized gain (loss)		2,314,714			(13,272,834	)		(9,427,043	)		(18,427,436	)
Net change in unrealized appreciation (depreciation)		25,725,570			88,332,785			30,577,798			147,935,100

Net increase in net assets resulting from operations		30,763,072			85,805,593			30,196,560			149,093,701


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,489,057	)		(10,689,289	)		(13,103,928	)		(15,153,309	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,583,554			77,044,142			189,014,591			163,047,188


NET ASSETS
Total increase in net assets		31,857,569			152,160,446			206,107,223			296,987,580
Beginning of period		346,408,715			194,248,269			712,043,143			415,055,563

End of period	$	378,266,284		$	346,408,715		$	918,150,366		$	712,043,143

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares MSCI Switzerland ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(1,572,138	)	$	25,227,493
Net realized gain		25,754,488			15,104,315
Net change in unrealized appreciation (depreciation)		(7,088,412	)		139,828,646

Net increase in net assets resulting from operations		17,093,938			180,160,454


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(26,685,381	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(45,693,343	)		(277,980,798	)


NET ASSETS
Total decrease in net assets		(28,599,405	)		(124,505,725	)
Beginning of period		1,227,302,774			1,351,808,499

End of period	$	1,198,703,369		$	1,227,302,774

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

See notes to financial statements.


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)



		iShares MSCI Eurozone ETF

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


Net asset value, beginning of period		$	44.76			$	35.23			$	50.86			$	39.52			$	37.91			$	41.29

Net investment income^(a)			0.18	^(b)			1.25	^(b)			1.06	^(b)			1.21	^(b)			0.55				1.05
Net realized and unrealized gain (loss)^(c)			4.33				9.32				(15.04	)			11.24				1.55				(3.22	)

Net increase (decrease) from investment operations			4.51				10.57				(13.98	)			12.45				2.10				(2.17	)

Distributions from net investment income^(d)			(0.35	)^(e)			(1.04	)			(1.65	)			(1.11	)			(0.49	)			(1.21	)


Net asset value, end of period		$	48.92			$	44.76			$	35.23			$	50.86			$	39.52			$	37.91


Total Return^(f)
Based on net asset value			10.11	%^(b)(g)			30.09	%^(b)			(27.98	)%^(b)			31.72	%^(b)			5.61	%			(5.22	)%


Ratios to Average Net Assets^(h)
Total expenses			0.52	%⁽ⁱ⁾			0.51	%			0.53	%			0.65	%			0.51	%			0.49	%

Total expenses excluding professional fees for foreign withholding tax claims			0.50	%⁽ⁱ⁾			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%

Net investment income			0.79	%^(b)(i)			2.96	%^(b)			2.39	%^(b)			2.64	%^(b)			1.46	%			2.74	%


Supplemental Data
Net assets, end of period (000)		$	7,337,268			$	7,775,037			$	4,787,972			$	8,243,943			$	4,477,240			$	5,231,511

Portfolio turnover rate^(j)			3	%			3	%			6	%			5	%			5	%			6	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 29, 2024, for the year ended August 31, 2023, August 31, 2022 and August 31, 2021 respectively:

•

Net investment income per share by $0.04, $0.02, $0.10 and $0.53.

•

Total return by 0.08%, 0.05%, 0.22% and 1.07%.

•

Ratio of net investment income to average net assets by 0.16%, 0.05%, 0.22% and 1.16%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Germany ETF

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


Net asset value, beginning of period		$	27.88			$	21.83			$	34.94			$	30.16			$	26.28			$	30.36

Net investment income^(a)			0.00	^(b)			0.81				0.59				0.56				0.50				0.65
Net realized and unrealized gain (loss)^(c)			2.71				6.01				(12.63	)			5.21				3.66				(3.99	)

Net increase (decrease) from investment operations			2.71				6.82				(12.04	)			5.77				4.16				(3.34	)

Distributions from net investment income^(d)			(—	)^(b)(e)			(0.77	)			(1.07	)			(0.99	)			(0.28	)			(0.74	)


Net asset value, end of period		$	30.59			$	27.88			$	21.83			$	34.94			$	30.16			$	26.28


Total Return^(f)
Based on net asset value			9.70	%^(g)			31.27	%			(35.02	)%			19.30	%			15.98	%			(11.07	)%


Ratios to Average Net Assets^(h)
Total expenses			0.50	%⁽ⁱ⁾			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%

Net investment income			0.03	%⁽ⁱ⁾			3.05	%			1.98	%			1.72	%			1.85	%			2.38	%


Supplemental Data
Net assets, end of period (000)		$	1,009,310			$	1,555,839			$	1,205,118			$	2,872,398			$	2,913,852			$	2,002,685

Portfolio turnover rate^(j)			1	%			6	%			7	%			6	%			4	%			9	%

^(a)	Based on average shares outstanding.

^(b)	Rounds to less than $0.01.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



		iShares MSCI Italy ETF

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


Net asset value, beginning of period		$	32.07			$	23.12			$	32.89			$	25.76			$	26.83			$	27.18

Net investment income^(a)			0.30				1.19				1.08				0.83				0.43				1.00
Net realized and unrealized gain (loss)^(b)			3.57				8.91				(9.58	)			6.95				(1.05	)			(0.12	)

Net increase (decrease) from investment operations			3.87				10.10				(8.50	)			7.78				(0.62	)			0.88

Distributions from net investment income^(c)			(0.42	)			(1.15	)			(1.27	)			(0.65	)			(0.45	)			(1.23	)


Net asset value, end of period		$	35.52			$	32.07			$	23.12			$	32.89			$	25.76			$	26.83


Total Return^(d)
Based on net asset value			12.14	%^(e)			44.24	%			(26.50	)%			30.30	%			(2.29	)%			3.46	%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%

Net investment income			1.84	%^(g)			4.10	%			3.56	%			2.70	%			1.64	%			3.72	%


Supplemental Data
Net assets, end of period (000)		$	378,266			$	346,409			$	194,248			$	594,545			$	208,645			$	235,457

Portfolio turnover rate^(h)			9	%			24	%			14	%			13	%			16	%			13	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Spain ETF

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


Net asset value, beginning of period		$	28.42			$	21.79			$	28.08			$	23.15			$	26.71			$	29.85

Net investment income^(a)			0.34				0.94				0.75				0.84	^(b)			0.77				1.04
Net realized and unrealized gain (loss)^(c)			0.93				6.41				(6.23	)			5.00				(3.44	)			(3.26	)

Net increase (decrease) from investment operations			1.27				7.35				(5.48	)			5.84				(2.67	)			(2.22	)

Distributions from net investment income^(d)			(0.47	)			(0.72	)			(0.81	)			(0.91	)			(0.89	)			(0.92	)


Net asset value, end of period		$	29.22			$	28.42			$	21.79			$	28.08			$	23.15			$	26.71


Total Return^(e)
Based on net asset value			4.42	%^(f)			34.16	%			(19.89	)%			25.25	%^(b)			(10.44	)%			(7.53	)%


Ratios to Average Net Assets^(g)
Total expenses			0.50	%^(h)			0.50	%			0.50	%			0.62	%			0.51	%			0.50	%

Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.50	%			0.50	%			0.50	%			0.51	%			N/A

Net investment income			2.35	%^(h)			3.59	%			2.90	%			3.10	%^(b)			2.99	%			3.65	%


Supplemental Data
Net assets, end of period (000)		$	918,150			$	712,043			$	415,056			$	707,646			$	468,824			$	825,211

Portfolio turnover rate⁽ⁱ⁾			7	%			16	%			14	%			34	%			19	%			12	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:

•

Net investment income per share by $0.18.

•

Total return by 0.63%.

•

Ratio of net investment income to average net assets by 0.65%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Switzerland ETF

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


Net asset value, beginning of period		$	46.10			$	40.66			$	50.74			$	41.87			$	37.31			$	34.91

Net investment income (loss)^(a)			(0.06	)			0.87				0.76				0.75				0.73				0.72
Net realized and unrealized gain (loss)^(b)			0.74				5.59				(9.98	)			9.06				4.45				2.43

Net increase (decrease) from investment operations			0.68				6.46				(9.22	)			9.81				5.18				3.15

Distributions from net investment income^(c)			—				(1.02	)			(0.86	)			(0.94	)			(0.62	)			(0.75	)


Net asset value, end of period		$	46.78			$	46.10			$	40.66			$	50.74			$	41.87			$	37.31


Total Return^(d)
Based on net asset value			1.48	%^(e)			15.92	%			(18.24	)%			23.49	%			14.07	%			9.07	%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)			0.50	%			0.50	%			0.50	%			0.51	%			0.50	%

Net investment income (loss)			(0.26	)%^(g)			1.99	%			1.62	%			1.66	%			1.89	%			2.06	%


Supplemental Data
Net assets, end of period (000)		$	1,198,703			$	1,227,303			$	1,351,808			$	1,763,380			$	1,721,701			$	1,138,036

Portfolio turnover rate^(h)			2	%			10	%			8	%			7	%			16	%			11	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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


iShares ETF		Diversification Classification
MSCI Eurozone		Diversified
MSCI Germany		Non-diversified
MSCI Italy		Non-diversified
MSCI Spain		Non-diversified
MSCI Switzerland		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


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

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

MSCI Eurozone
Barclays Capital, Inc.	$	1,495,224	$	(1,495,224	)	$	—		$	—
BofA Securities, Inc.		9,467,075		(9,467,075	)		—			—
Goldman Sachs & Co. LLC		191,229		(191,229	)		—			—
J.P. Morgan Securities LLC		8,228,993		(8,228,993	)		—			—

	$	19,382,521	$	(19,382,521	)	$	—		$	—


MSCI Germany
BofA Securities, Inc.	$	5,555,215	$	(5,555,215	)	$	—		$	—


MSCI Italy
BofA Securities, Inc.	$	4,149,516	$	(4,149,516	)	$	—		$	—


MSCI Switzerland
HSBC Bank PLC	$	83,740	$	(83,740	)	$	—		$	—
Morgan Stanley		199,488		(199,488	)		—			—

	$	283,228	$	(283,228	)	$	—		$	—

^(a)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares MSCI Spain ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the

total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32



iShares ETF	Amounts

MSCI Eurozone	$	13,753
MSCI Germany		5,821
MSCI Italy		1,645
MSCI Spain		648
MSCI Switzerland		176


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Eurozone	$	25,880,869	$	13,892,671	$	(13,199,451)
MSCI Germany		1,586,202		1,685,768		(3,773,441)
MSCI Italy		11,477,059		4,974,606		(827,315)
MSCI Spain		2,339,627		21,104,218		(5,321,295)
MSCI Switzerland		6,997,901		15,117,716		1,596,220

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
MSCI Eurozone	$	251,286,839	$	231,616,641
MSCI Germany		20,009,730		14,378,482
MSCI Italy		29,681,089		26,948,586
MSCI Spain		62,388,484		55,365,380
MSCI Switzerland		22,545,925		25,986,337

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



iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	294,162,372	$	1,292,374,554
MSCI Germany		196,590,988		797,878,622
MSCI Italy		102,333,093		101,096,738
MSCI Spain		201,345,512		39,989,055
MSCI Switzerland		109,529,630		151,729,388

8.	*INCOME TAX INFORMATION*

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


iShares ETF	Non-Expiring Capital Loss Carryforwards

MSCI Eurozone	$	(959,707,262)
MSCI Germany		(446,012,850)
MSCI Italy		(248,070,855)
MSCI Spain		(412,481,450)
MSCI Switzerland		(136,145,614)


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Eurozone	$	7,602,227,421	$	1,032,332,994	$	(1,268,145,991	)	$	(235,812,997	)
MSCI Germany		1,332,852,566		104,818,567		(424,548,656	)		(319,730,089	)
MSCI Italy		371,397,815		44,105,929		(33,098,006	)		11,007,923
MSCI Spain		943,584,939		75,212,614		(125,146,939	)		(49,934,325	)
MSCI Switzerland		1,131,278,123		160,049,305		(104,876,557	)		55,172,748

9.	*LINE OF CREDIT*

The iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation on any individual financial company, or on the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

11.

CAPITAL SHARE TRANSACTIONS


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI Eurozone
Shares sold		7,400,000		$	345,623,757			47,100,000		$	1,986,792,057
Shares redeemed		(31,100,000	)		(1,302,934,553	)		(9,300,000	)		(423,909,330	)


		(23,700,000	)	$	(957,310,796	)		37,800,000		$	1,562,882,727

MSCI Germany
Shares sold		7,200,000		$	197,977,007			33,900,000		$	924,857,150
Shares redeemed		(30,000,000	)		(804,904,390	)		(33,300,000	)		(878,273,451	)


		(22,800,000	)	$	(606,927,383	)		600,000		$	46,583,699


MSCI Italy
Shares sold		3,225,000		$	108,184,266			5,025,000		$	153,220,946
Shares redeemed		(3,375,000	)		(103,600,712	)		(2,625,000	)		(76,176,804	)


		(150,000	)	$	4,583,554			2,400,000		$	77,044,142

MSCI Spain
Shares sold		7,875,000		$	231,297,449			8,700,000		$	237,117,418
Shares redeemed		(1,500,000	)		(42,282,858	)		(2,700,000	)		(74,070,230	)


		6,375,000		$	189,014,591			6,000,000		$	163,047,188

MSCI Switzerland
Shares sold		2,500,000		$	111,983,257			4,000,000		$	182,246,586
Shares redeemed		(3,500,000	)		(157,676,600	)		(10,625,000	)		(460,227,384	)


		(1,000,000	)	$	(45,693,343	)		(6,625,000	)	$	(277,980,798	)

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI Eurozone ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

The iShares MSCI Eurozone ETF and iShares MSCI Spain ETF are seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

SUBSEQUENT EVENTS


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		49

Supplemental Information (unaudited)

Section 19(a) Notices

February 29, 2024



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI Eurozone^(a)	$	0.326699	$	—	$	0.024567	$	0.351266		93	%		—	%		7	%		100%
MSCI Germany^(a)		—		—		0.001527		0.001527		—			—			100			100

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		51

Glossary of Terms Used in this Report

Portfolio Abbreviation



NVS		Non-Voting Shares


52		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-807-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Hong Kong ETF | EWH | NYSE Arca

· iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

· iShares MSCI Malaysia ETF | EWM | NYSE Arca

· iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

· iShares MSCI Singapore ETF | EWS | NYSE Arca

· iShares MSCI Taiwan ETF | EWT | NYSE Arca

· iShares MSCI Thailand ETF | THD | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.93%		30.45%

U.S. small cap equities (Russell 2000^® Index)		8.97		10.05

International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41

Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


		Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		43
Statements of Operations		45
Statements of Changes in Net Assets		47
Financial Highlights		51
Notes to Financial Statements		58
Statement Regarding Liquidity Risk Management Program		68
Supplemental Information		69
General Information		70
Glossary of Terms Used in this Report		71


Fund Summary as of February 29, 2024		iShares^® MSCI Hong Kong ETF

Investment Objective

The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(7.63	)%		(16.61	)%		(5.98	)%		1.01	%		(16.61	)%		(26.54	)%		10.62	%
Fund Market		(7.69	)		(16.47	)		(6.00	)		1.02			(16.47	)		(26.61	)		10.66
Index		(7.12	)		(15.74	)		(5.40	)		1.61			(15.74	)		(24.25	)		17.27

Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 923.70	$ 2.39			$ 1,000.00	$ 1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Financials		40.6%

Real Estate		24.1

Industrials		14.1

Utilities		11.5

Consumer Discretionary		6.2

Consumer Staples		1.8

Communication Services		1.7

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

AIA Group Ltd.		21.9%

Hong Kong Exchanges & Clearing Ltd.		11.3

Techtronic Industries Co. Ltd.		4.8

Sun Hung Kai Properties Ltd.		4.8

CLP Holdings Ltd.		4.5

CK Hutchison Holdings Ltd.		4.3

Link REIT		4.2

Galaxy Entertainment Group Ltd.		3.9

BOC Hong Kong Holdings Ltd.		3.2

CK Asset Holdings Ltd.		3.0

^(a)

Excludes money market funds.


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


Fund Summary as of February 29, 2024		iShares^® MSCI Japan Small-Cap ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		5.62	%		13.71	%		3.02	%		5.46	%		13.71	%		16.05	%		70.16	%
Fund Market		5.07			13.37			2.93			5.33			13.37			15.54			68.07
Index		5.53			13.92			3.29			5.76			13.92			17.58			75.12

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 1,056.20	$ 2.56			$ 1,000.00	$ 1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Industrials		24.8%

Consumer Discretionary		16.2

Materials		11.3

Information Technology		10.7

Consumer Staples		9.9

Financials		8.7

Real Estate		7.7

Health Care		4.9

Communication Services		2.9

Utilities		2.0

Energy		0.9

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Ebara Corp.		0.8%

Asics Corp.		0.8

Sojitz Corp.		0.6

Toyo Suisan Kaisha Ltd.		0.6

Kobe Steel Ltd.		0.5

Isetan Mitsukoshi Holdings Ltd.		0.5

Niterra Co. Ltd.		0.5

Socionext Inc.		0.5

Sumitomo Forestry Co. Ltd.		0.5

Resonac Holdings Corp.		0.5

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		4.57	%		2.71	%		(3.43	)%		(3.45	)%		2.71	%		(16.03	)%		(29.63	)%
Fund Market		4.91			3.56			(3.19	)		(3.42	)		3.56			(14.95	)		(29.36	)
Index		4.81			3.20			(3.06	)		(3.16	)		3.20			(14.41	)		(27.45	)

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,045.70	$ 2.54			$ 1,000.00	$ 1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Financials		39.9%

Utilities		13.2

Consumer Staples		11.8

Communication Services		8.3

Materials		7.9

Industrials		7.6

Consumer Discretionary		5.1

Health Care		2.9

Information Technology		1.9

Energy		1.4

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Public Bank Bhd		13.7%

Malayan Banking Bhd		11.1

CIMB Group Holdings Bhd		8.8

Tenaga Nasional Bhd		6.3

Petronas Chemicals Group Bhd		4.2

Press Metal Aluminium Holdings Bhd		3.7

CELCOMDIGI Bhd		3.3

Petronas Gas Bhd		3.0

IHH Healthcare Bhd		2.9

Hong Leong Bank Bhd		2.7

^(a)

Excludes money market funds.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 29, 2024		iShares^® MSCI Pacific ex Japan ETF

Investment Objective

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		4.95	%		1.55	%		2.47	%		3.10	%		1.55	%		12.95	%		35.72	%
Fund Market		4.81			1.35			2.43			3.06			1.35			12.73			35.21
Index		4.76			1.64			2.88			3.53			1.64			15.27			41.43

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,049.50	$ 2.45			$ 1,000.00	$ 1,022.50	$ 2.41		0.48	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	38.2	%

Materials	15.1

Real Estate	9.6

Industrials	8.2

Health Care	7.5

Consumer Discretionary	5.7

Communication Services	4.2

Consumer Staples	3.5

Utilities	3.5

Energy	3.3

Information Technology	1.2

GEOGRAPHIC ALLOCATION



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

Australia	67.9	%

Hong Kong	18.2

Singapore	12.1

New Zealand	1.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


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

Investment Objective

The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(1.10	)%		(0.56	)%		(1.03	)%		0.55	%		(0.56	)%		(5.03	)%		5.66	%
Fund Market		(1.33	)		(0.63	)		(1.04	)		0.57			(0.63	)		(5.08	)		5.89
Index		(1.05	)		(0.21	)		(0.56	)		1.00			(0.21	)		(2.75	)		10.46

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 989.00	$ 2.47			$ 1,000.00	$ 1,022.40	$ 2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Financials		48.6%

Industrials		18.8

Real Estate		15.1

Communication Services		9.6

Consumer Staples		3.0

Consumer Discretionary		2.6

Utilities		2.3

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

DBS Group Holdings Ltd.		19.9%

Oversea-Chinese Banking Corp. Ltd.		14.1

United Overseas Bank Ltd.		11.1

Sea Ltd.		5.0

Singapore Telecommunications Ltd.		4.6

Keppel Ltd.		4.5

CapitaLand Ascendas REIT		4.4

Singapore Airlines Ltd.		4.1

Singapore Exchange Ltd.		3.5

Grab Holdings Ltd., Class A		3.4

^(a)

Excludes money market funds.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		14.64	%		19.43	%		14.45	%		10.49	%		19.43	%		96.36	%		171.05	%
Fund Market		14.53			19.54			14.78			10.39			19.54			99.19			168.70
Index		14.34			18.59			15.04			11.13			18.59			101.50			187.36

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,146.40	$ 3.20			$ 1,000.00	$ 1,021.90	$ 3.02		0.60	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	64.1	%

Financials	17.4

Materials	4.9

Industrials	4.5

Consumer Discretionary	3.1

Communication Services	2.9

Consumer Staples	1.9

Other (each representing less than 1%)	1.2

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Taiwan Semiconductor Manufacturing Co. Ltd.	22.6	%

MediaTek Inc.	5.2

Hon Hai Precision Industry Co. Ltd.	3.9

Quanta Computer Inc.	2.1

Delta Electronics Inc.	1.9

Fubon Financial Holding Co. Ltd.	1.8

United Microelectronics Corp.	1.8

CTBC Financial Holding Co. Ltd.	1.8

Mega Financial Holding Co. Ltd.	1.5

ASE Technology Holding Co. Ltd.	1.5

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


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

Investment Objective

The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(13.33	)%		(14.10	)%		(5.56	)%		1.13	%		(14.10	)%		(24.88	)%		11.90	%
Fund Market		(13.57	)		(14.57	)		(5.56	)		1.09			(14.57	)		(24.86	)		11.42
Index		(13.52	)		(14.24	)		(5.40	)		1.34			(14.24	)		(24.23	)		14.25

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 866.70	$ 2.78			$ 1,000.00	$ 1,021.90	$ 3.02		0.60	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Energy	14.4	%

Consumer Staples	12.4

Health Care	10.0

Financials	9.6

Industrials	9.0

Consumer Discretionary	8.7

Communication Services	8.0

Materials	7.9

Real Estate	7.2

Utilities	7.1

Information Technology	5.7

^(a)

Excludes money market funds

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

PTT PCL	6.4	%

CP ALL PCL	6.3

Bangkok Dusit Medical Services PCL	6.0

Airports of Thailand PCL	5.1

Advanced Info Service PCL	4.4

Delta Electronics Thailand PCL	4.2

Siam Cement PCL (The)	4.0

PTT Exploration & Production PCL	3.9

Bumrungrad Hospital PCL	2.5

Central Pattana PCL	2.5


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Disclosure of Expenses


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		11

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 6.1%
BOC Hong Kong Holdings Ltd.		6,339,000	$	16,653,878
Hang Seng Bank Ltd.		1,324,300		15,089,299


				31,743,177

Capital Markets — 12.5%
Futu Holdings Ltd., ADR^(a)(b)		113,770		6,088,970
Hong Kong Exchanges & Clearing Ltd.		1,896,026		58,394,866


				64,483,836

Diversified Telecommunication Services — 1.7%
HKT Trust & HKT Ltd., Class SS		7,067,500		8,617,070


Electric Utilities — 8.6%
CK Infrastructure Holdings Ltd.		1,233,500		7,241,889
CLP Holdings Ltd.		2,748,200		22,870,858
Power Assets Holdings Ltd.		2,415,000		14,492,782


				44,605,529

Food Products — 1.8%
WH Group Ltd.^(c)		15,443,500		9,280,860


Gas Utilities — 2.9%
Hong Kong & China Gas Co. Ltd.		19,278,495		14,863,935


Ground Transportation — 1.8%
MTR Corp. Ltd.		2,819,583		9,327,946


Hotels, Restaurants & Leisure — 6.2%
Galaxy Entertainment Group Ltd.		3,675,000		20,009,511
Sands China Ltd.^(a)		4,232,400		12,017,241


				32,026,752

Industrial Conglomerates — 6.6%
CK Hutchison Holdings Ltd.		4,382,267		22,135,183
Jardine Matheson Holdings Ltd.		279,800		11,747,326


				33,882,509

Insurance — 21.9%
AIA Group Ltd.		14,010,200		112,938,818


Machinery — 4.7%
Techtronic Industries Co. Ltd.		2,264,647		24,431,502


Marine Transportation — 0.9%
SITC International Holdings Co. Ltd.		2,882,000		4,745,520


Real Estate Management & Development — 19.8%
CK Asset Holdings Ltd.		3,350,267		15,411,291


Security	Shares		Value


Real Estate Management & Development (continued)
ESR Group Ltd.^(c)		4,356,400	$	5,804,708
Hang Lung Properties Ltd.		3,929,000		4,217,047
Henderson Land Development Co. Ltd.		2,724,762		7,839,971
Hongkong Land Holdings Ltd.		2,095,500		7,094,894
Sino Land Co. Ltd.		7,188,000		7,741,019
Sun Hung Kai Properties Ltd.		2,426,000		24,411,068
Swire Pacific Ltd., Class A		860,500		7,128,324
Swire Properties Ltd.		2,449,400		5,038,335
Wharf Holdings Ltd. (The)^(b)		2,130,570		7,853,177
Wharf Real Estate Investment Co. Ltd.		3,000,150		9,990,878


				102,530,712

Retail REITs — 4.2%
Link REIT		4,331,100		21,476,222


Total Long-Term Investments — 99.7% (Cost: $732,551,464)				514,954,388


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		3,260,991		3,262,622
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		570,000		570,000


Total Short-Term Securities — 0.7% (Cost: $3,833,016)				3,832,622


Total Investments — 100.4% (Cost: $736,384,480)				518,787,010

Liabilities in Excess of Other Assets — (0.4)%				(2,036,738	)


Net Assets — 100.0%			$	516,750,272

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

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

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


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Hong Kong ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,695,583	$	—	$	(4,430,844	)^(a)	$	(1,723	)	$	(394	)	$	3,262,622		3,260,991	$	25,779^(b	⁾	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		690,000		—		(120,000	)^(a)		—			—			570,000		570,000		28,576			—


								$	(1,723	)	$	(394	)	$	3,832,622			$	54,355		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI Hong Kong Index		18		03/15/24	$	951	$	(1,300	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,300	$	—	$	—	$	—	$	1,300

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(577,357	)	$	—	$	—	$	—	$	(577,357	)
Swaps		—		—		(381,790	)		—		—		—		(381,790	)


	$	—	$	—	$	(959,147	)	$	—	$	—	$	—	$	(959,147	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	59,370		$	—	$	—	$	—	$	59,370
Swaps		—		—		20,319			—		—		—		20,319


	$	—	$	—	$	79,689		$	—	$	—	$	—	$	79,689


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Hong Kong ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,706,926
Total return swaps:
Average notional value	$	1,046,963

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	6,088,970	$	508,865,418		$	—	$	514,954,388
Short-Term Securities
Money Market Funds		3,832,622		—			—		3,832,622


	$	9,921,592	$	508,865,418		$	—	$	518,787,010


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	—	$	(1,300	)	$	—	$	(1,300	)

^(a)

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

See notes to financial statements.


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.0%
Ispace Inc./Japan, NVS^(a)		5,100	$	36,303


Air Freight & Logistics — 0.6%
AZ-COM MARUWA Holdings Inc.		6,800		67,291
Hamakyorex Co. Ltd.		1,700		42,924
Konoike Transport Co. Ltd.		3,400		42,186
Mitsui-Soko Holdings Co. Ltd.		3,400		106,899
Sankyu Inc.		6,800		240,450
SBS Holdings Inc.		1,700		27,212
Senko Group Holdings Co. Ltd.		15,300		109,053
Trancom Co. Ltd.		1,700		71,211


				707,226

Automobile Components — 3.5%
Eagle Industry Co. Ltd.		3,400		40,121
Exedy Corp.		3,400		68,474
FCC Co. Ltd.		5,100		72,186
G-Tekt Corp.		3,400		46,409
JTEKT Corp.		28,900		269,704
KYB Corp.		1,700		58,435
Musashi Seimitsu Industry Co. Ltd.		5,100		56,991
NHK Spring Co. Ltd.		27,200		261,556
Nifco Inc./Japan		10,200		246,232
Nippon Seiki Co. Ltd.		6,800		70,374
Niterra Co. Ltd.		20,400		619,317
NOK Corp.		11,900		168,702
Pacific Industrial Co. Ltd.		5,100		51,511
Piolax Inc.		3,400		63,593
Seiren Co. Ltd.		5,100		87,423
Shoei Co. Ltd.		6,800		96,064
Stanley Electric Co. Ltd.		17,000		291,437
Sumitomo Riko Co. Ltd.		5,100		43,061
Sumitomo Rubber Industries Ltd.		23,800		277,443
Tokai Rika Co. Ltd.		6,800		111,517
Topre Corp.		5,100		83,879
Toyo Tire Corp.		15,300		277,189
Toyoda Gosei Co. Ltd.		8,500		175,314
Toyota Boshoku Corp.		11,900		188,758
TS Tech Co. Ltd.		11,900		154,111
Yokohama Rubber Co. Ltd. (The)		17,000		452,214


				4,332,015

Automobiles — 0.3%
Mitsubishi Motors Corp.		91,800		283,504
Nissan Shatai Co. Ltd.		8,500		54,665


				338,169

Banks — 5.3%
77 Bank Ltd. (The)		6,800		178,929
Aichi Financial Group Inc., NVS		5,100		92,308
Aozora Bank Ltd.^(a)		15,300		281,039
Awa Bank Ltd. (The)		3,400		61,527
Bank of Nagoya Ltd. (The)		1,700		75,264
Chugin Financial Group Inc., NVS		20,400		160,891
Daishi Hokuetsu Financial Group Inc.		5,100		146,915
Fukuoka Financial Group Inc.		22,100		574,131
Gunma Bank Ltd. (The)		45,900		247,803
Hachijuni Bank Ltd. (The)		49,300		302,205
Hirogin Holdings Inc.		35,700		254,994
Hokkoku Financial Holdings Inc.		3,400		109,898
Hokuhoku Financial Group Inc.		15,300		176,508
Hyakugo Bank Ltd. (The)		28,900		127,729
Iyogin Holdings Inc., NVS		34,000		255,220


Security	Shares		Value

Banks (continued)
Juroku Financial Group Inc.		5,100	$	151,462
Keiyo Bank Ltd. (The)		13,600		68,212
Kiyo Bank Ltd. (The)		8,500		105,779
Kyoto Financial Group Inc.		30,600		534,938
Kyushu Financial Group Inc.		44,200		333,239
Mebuki Financial Group Inc.		125,800		393,282
Musashino Bank Ltd. (The)		3,400		65,903
Nanto Bank Ltd. (The)		3,400		65,080
Nishi-Nippon Financial Holdings Inc.		17,000		215,020
North Pacific Bank Ltd.		35,700		95,271
Ogaki Kyoritsu Bank Ltd. (The)		5,100		72,604
Okinawa Financial Group Inc.		1,700		29,500
Rakuten Bank Ltd., NVS^(b)		13,600		270,566
San-In Godo Bank Ltd. (The)		18,700		143,500
SBI Sumishin Net Bank Ltd., NVS		6,800		88,586
Senshu Ikeda Holdings Inc.		28,900		73,976
Seven Bank Ltd.		81,600		163,003
Shiga Bank Ltd. (The)		5,100		140,725
Suruga Bank Ltd.		20,400		110,122
Toho Bank Ltd. (The)		23,800		54,062
Tokyo Kiraboshi Financial Group Inc.		3,400		102,760
TOMONY Holdings Inc.		22,100		60,714
Yamaguchi Financial Group Inc.		25,500		258,959


				6,642,624

Beverages — 0.8%
Coca-Cola Bottlers Japan Holdings Inc.		18,700		247,223
Ito En Ltd.		6,800		189,232
Sapporo Holdings Ltd.		8,500		373,953
Takara Holdings Inc.		18,700		156,628


				967,036

Biotechnology — 0.3%
GNI Group Ltd.^(b)		6,897		166,823
PeptiDream Inc.^(b)		13,600		143,459
SanBio Co. Ltd.^(a)(b)		6,800		36,456
Takara Bio Inc.		6,800		46,098


				392,836

Broadline Retail — 1.9%
ASKUL Corp.		5,100		71,780
Belluna Co. Ltd.		6,800		28,153
Isetan Mitsukoshi Holdings Ltd.		45,900		648,434
Izumi Co. Ltd.		5,100		118,126
J Front Retailing Co. Ltd.		34,000		337,600
Kintetsu Department Store Co. Ltd.		1,700		27,011
Mercari Inc.^(b)		15,300		209,352
Ryohin Keikaku Co. Ltd.		34,000		537,241
Seria Co. Ltd.		6,800		137,482
Takashimaya Co. Ltd.		18,700		281,476


				2,396,655

Building Products — 1.4%
Bunka Shutter Co. Ltd.		6,800		71,401
Central Glass Co. Ltd.		3,400		65,072
Lixil Corp.		39,100		501,474
Nichias Corp.		6,800		178,760
Nichiha Corp.		3,400		78,924
Nitto Boseki Co. Ltd.		3,400		126,982
Noritz Corp.		3,400		38,213
Sanwa Holdings Corp.		25,500		452,619
Sekisui Jushi Corp.		3,400		58,194
Takara Standard Co. Ltd.		5,100		62,772
Takasago Thermal Engineering Co. Ltd.		5,100		148,703


				1,783,114


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets — 0.7%
GMO Financial Holdings Inc.		5,100	$	24,676
JAFCO Group Co. Ltd.		6,800		81,744
M&A Capital Partners Co. Ltd.		1,700		30,269
M&A Research Institute Holdings Inc., NVS^(b)		3,400		157,610
Matsui Securities Co. Ltd.		15,300		86,911
Monex Group Inc.		25,500		157,227
Okasan Securities Group Inc.		20,400		106,313
Sparx Group Co. Ltd.		3,400		43,124
Strike Co. Ltd.		1,700		62,570
Tokai Tokyo Financial Holdings Inc.		25,500		100,994
WealthNavi Inc.^(a)(b)		5,100		76,070


				927,508

Chemicals — 7.1%
ADEKA Corp.		10,200		210,294
Aica Kogyo Co. Ltd.		6,800		161,502
Air Water Inc.		25,500		367,916
Artience Co. Ltd.		5,100		96,843
Asahi Yukizai Corp.		1,700		49,021
C Uyemura & Co. Ltd.		1,700		134,594
C.I. Takiron Corp.		5,100		22,142
Chugoku Marine Paints Ltd.		5,100		73,674
Daicel Corp.		30,600		289,411
Denka Co. Ltd.		10,200		167,305
DIC Corp.		10,200		196,820
Fujimi Inc.		7,100		178,433
Fujimori Kogyo Co. Ltd.		1,700		44,092
Fuso Chemical Co. Ltd.		3,400		110,005
JCU Corp.		3,400		97,453
Kaneka Corp.		6,800		163,485
Kansai Paint Co. Ltd.		23,800		345,448
Kanto Denka Kogyo Co. Ltd.		5,100		30,956
KeePer Technical Laboratory Co. Ltd.		1,700		73,018
KH Neochem Co. Ltd.		5,100		76,752
Konishi Co. Ltd.		6,800		66,200
Kumiai Chemical Industry Co. Ltd.		10,249		56,538
Kuraray Co. Ltd.		39,100		394,974
Kureha Corp.		5,100		91,298
Lintec Corp.		5,100		103,437
Mitsubishi Gas Chemical Co. Inc.		20,400		332,504
Nihon Parkerizing Co. Ltd.		10,200		85,402
Nippon Kayaku Co. Ltd.		18,700		160,927
Nippon Pillar Packing Co. Ltd.		1,700		62,618
Nippon Shokubai Co. Ltd.		3,400		127,457
Nippon Soda Co. Ltd.		3,400		139,430
NOF Corp.		8,500		382,205
Okamoto Industries Inc.		1,700		55,045
Osaka Organic Chemical Industry Ltd.		1,700		37,443
Osaka Soda Co. Ltd.		1,700		131,224
Resonac Holdings Corp.		23,800		575,133
Sakata INX Corp.		5,100		49,244
Sanyo Chemical Industries Ltd.		1,700		48,261
Shikoku Kasei Holdings Corp.		3,400		43,154
Shin-Etsu Polymer Co. Ltd.		5,100		53,933
Sumitomo Bakelite Co. Ltd.		5,100		293,414
Sumitomo Chemical Co. Ltd.		204,000		413,388
T Hasegawa Co. Ltd.		5,100		106,448
Taiyo Holdings Co. Ltd.		5,100		110,569
Takasago International Corp.		1,700		37,319
Teijin Ltd.		23,800		201,955
Tenma Corp.		1,700		26,821
Toagosei Co. Ltd.		11,900		122,587
Tokai Carbon Co. Ltd.		27,200		179,437


Security	Shares		Value

Chemicals (continued)
Tokuyama Corp.		8,500	$	137,885
Tokyo Ohka Kogyo Co. Ltd.		13,600		419,701
Tosoh Corp.		35,700		485,541
Toyobo Co. Ltd.		10,200		75,652
UBE Corp.		11,900		199,530
Zeon Corp.		20,400		173,110


				8,868,948

Commercial Services & Supplies — 1.5%
Aeon Delight Co. Ltd.		3,400		77,688
Daiei Kankyo Co. Ltd.		5,100		95,667
Daiseki Co. Ltd.		5,112		135,534
Duskin Co. Ltd.		5,100		114,420
Japan Elevator Service Holdings Co. Ltd.		8,500		136,828
Kokuyo Co. Ltd.		10,200		161,345
Kosaido Holdings Co. Ltd.		8,500		39,072
Matsuda Sangyo Co. Ltd.		1,760		27,518
Mitsubishi Pencil Co. Ltd.		5,100		80,880
Nippon Kanzai Holdings Co. Ltd.		3,400		58,373
Nippon Parking Development Co. Ltd.		27,200		33,976
Okamura Corp.		6,800		99,351
Park24 Co. Ltd.^(b)		17,000		201,941
Pilot Corp.		3,400		90,495
Prestige International Inc.		13,600		58,394
Raksul Inc.^(b)		6,800		51,409
Sato Holdings Corp.		3,400		50,958
Sohgo Security Services Co. Ltd.		52,700		292,318
TRE Holdings Corp.		6,800		55,326


				1,861,493

Construction & Engineering — 3.5%
Chiyoda Corp.^(b)		22,100		58,637
Chudenko Corp.		3,400		66,298
Comsys Holdings Corp.		15,300		337,712
EXEO Group Inc.		11,900		250,175
Hazama Ando Corp.		22,100		182,368
INFRONEER Holdings Inc.		25,540		261,981
JDC Corp.		5,100		17,817
JGC Holdings Corp.		30,600		278,734
Kandenko Co. Ltd.		15,300		174,635
Kinden Corp.		17,000		289,838
Kumagai Gumi Co. Ltd.		5,100		134,607
Kyudenko Corp.		5,100		198,392
MIRAIT ONE corp.		11,900		148,329
Nippon Densetsu Kogyo Co. Ltd.		5,100		68,902
Nippon Road Co. Ltd. (The)		3,700		49,985
Nishimatsu Construction Co. Ltd.		5,100		154,606
Okumura Corp.		3,400		115,594
Penta-Ocean Construction Co. Ltd.		37,400		193,764
Raito Kogyo Co. Ltd.		5,100		64,907
Raiznext Corp.		3,400		51,887
Sanki Engineering Co. Ltd.		5,100		67,912
SHO-BOND Holdings Co. Ltd.		5,100		218,380
Sumitomo Densetsu Co. Ltd.		1,700		34,944
Sumitomo Mitsui Construction Co. Ltd.		18,700		54,063
Taihei Dengyo Kaisha Ltd.		1,700		50,626
Taikisha Ltd.		3,400		107,631
Takamatsu Construction Group Co. Ltd.		1,700		32,273
Toa Corp./Tokyo		1,700		58,043
Toda Corp.		32,300		199,774
Toenec Corp.		1,700		59,205
Tokyu Construction Co. Ltd.		11,940		66,279
Totetsu Kogyo Co. Ltd.		3,400		69,291


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
Toyo Construction Co. Ltd.		6,800	$	64,830
Yokogawa Bridge Holdings Corp.		5,100		97,120
Yurtec Corp.		5,100		45,531


				4,325,070

Construction Materials — 0.5%
Maeda Kosen Co. Ltd.^(a)		1,700		39,442
Mitani Sekisan Co. Ltd.		1,700		62,956
Shinagawa Refractories Co. Ltd.		3,400		46,446
Sumitomo Osaka Cement Co. Ltd.		3,400		80,886
Taiheiyo Cement Corp.		17,000		357,127


				586,857

Consumer Finance — 1.1%
Acom Co. Ltd.		64,600		160,423
AEON Financial Service Co. Ltd.		15,300		133,610
Aiful Corp.		42,500		117,839
Credit Saison Co. Ltd.		20,400		396,844
J Trust Co. Ltd.		10,200		28,525
Jaccs Co. Ltd.		3,400		124,171
Marui Group Co. Ltd.		22,100		360,442
Orient Corp.		7,100		50,639


				1,372,493

Consumer Staples Distribution & Retail — 3.1%
Aeon Hokkaido Corp.		6,800		40,367
Ain Holdings Inc.		3,400		107,656
Arcs Co. Ltd.		5,100		105,362
Axial Retailing Inc.		1,700		45,329
Belc Co. Ltd.		1,700		72,123
Cawachi Ltd.		1,700		31,440
Cosmos Pharmaceutical Corp.		3,400		332,241
Create SD Holdings Co. Ltd.		3,400		74,737
Daikokutenbussan Co. Ltd.		500		31,340
Fuji Co. Ltd./Ehime^(a)		3,400		42,885
G-7 Holdings Inc.		3,400		31,623
Genky DrugStores Co. Ltd.		1,700		75,975
H2O Retailing Corp.		13,635		159,376
Heiwado Co. Ltd.		3,400		46,690
Inageya Co. Ltd.		1,700		14,553
Kato Sangyo Co. Ltd.		3,400		110,129
Kusuri no Aoki Holdings Co. Ltd.		6,300		132,218
Lawson Inc.		6,800		465,693
Life Corp.		3,400		87,443
Maxvalu Tokai Co. Ltd.		1,700		33,696
Mitsubishi Shokuhin Co. Ltd.		1,700		61,110
Oisix ra daichi Inc.^(a)(b)		3,400		31,425
Retail Partners Co. Ltd.		3,400		39,719
San-A Co. Ltd.		3,400		104,537
Shoei Foods Corp.		1,700		53,150
Sugi Holdings Co. Ltd.		15,300		240,202
Sundrug Co. Ltd.		10,200		318,438
Tsuruha Holdings Inc.		5,100		384,893
United Super Markets Holdings Inc.^(a)		6,800		45,324
Valor Holdings Co. Ltd.		5,100		82,489
Welcia Holdings Co. Ltd.		13,600		256,634
Yaoko Co. Ltd.		1,700		97,751
Yokorei Co. Ltd.		6,800		48,087


				3,804,635

Containers & Packaging — 0.5%
FP Corp.		6,800		124,829
Fuji Seal International Inc.		5,100		69,066
Rengo Co. Ltd.		25,500		170,147


Security	Shares		Value

Containers & Packaging (continued)
Toyo Seikan Group Holdings Ltd.		17,000	$	286,276


				650,318

Distributors — 0.2%
Arata Corp.		3,400		76,217
Doshisha Co. Ltd.		3,400		47,791
PALTAC Corp.		3,400		95,100


				219,108

Diversified Consumer Services — 0.2%
Benesse Holdings Inc.		8,500		147,052
LITALICO Inc.		3,400		50,301

				197,353

Diversified REITs — 2.0%
Activia Properties Inc.		85		221,128
Daiwa House REIT Investment Corp.		323		526,556
Hankyu Hanshin REIT Inc.		85		77,175
Heiwa Real Estate REIT Inc.		136		123,141
Hulic REIT Inc.		170		166,114
Mori Trust REIT Inc.		340		158,152
Nippon REIT Investment Corp.		68		148,852
NTT UD REIT Investment Corp.		204		161,587
Sekisui House REIT Inc.		561		277,537
Star Asia Investment Corp.		306		113,302
Takara Leben Real Estate Investment Corp.		102		65,010
Tokyu REIT Inc.		119		128,906
United Urban Investment Corp.		374		353,320


				2,520,780

Diversified Telecommunication Services — 0.4%
Internet Initiative Japan Inc.		15,300		284,342
JTOWER Inc.^(a)(b)		1,700		54,962
Usen-Next Holdings Co. Ltd.		3,400		103,269
Vision Inc./Tokyo Japan^(a)(b)		5,100		41,231


				483,804

Electric Utilities — 1.2%
Chugoku Electric Power Co. Inc. (The)		39,100		263,412
Hokkaido Electric Power Co. Inc.		23,800		108,844
Hokuriku Electric Power Co.^(b)		23,800		115,125
Kyushu Electric Power Co. Inc.^(b)		54,400		443,774
Okinawa Electric Power Co. Inc. (The)		5,192		38,317
Shikoku Electric Power Co. Inc.		22,100		160,558
Tohoku Electric Power Co. Inc.		61,200		414,121


				1,544,151

Electrical Equipment — 1.5%
Daihen Corp.		1,700		89,617
Fujikura Ltd.		34,000		416,058
Furukawa Electric Co. Ltd.		8,500		168,471
GS Yuasa Corp.		10,200		192,121
Idec Corp./Japan		3,400		64,668
Mabuchi Motor Co. Ltd.		13,600		248,289
Mirai Industry Co. Ltd.		1,700		59,022
Nippon Carbon Co. Ltd.		1,700		59,274
Nitto Kogyo Corp.		3,400		104,304
Sanyo Denki Co. Ltd.		1,700		76,090
SWCC Corp.		3,400		76,314
Toyo Tanso Co. Ltd.		1,700		77,851
Ushio Inc.		11,900		157,642
W-Scope Corp.^(a)(b)		6,800		33,339


				1,823,060

Electronic Equipment, Instruments & Components — 4.0%
Ai Holdings Corp.		5,100		80,771
Alps Alpine Co. Ltd.		25,500		187,457


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Amano Corp.		6,800	$	166,591
Anritsu Corp.		18,700		160,830
Canon Electronics Inc.		3,400		51,233
Canon Marketing Japan Inc.		6,800		202,527
Citizen Watch Co. Ltd.		25,500		177,518
Daiwabo Holdings Co. Ltd.		10,200		178,829
Dexerials Corp.		6,800		274,351
Enplas Corp.		800		44,590
Hakuto Co. Ltd.		1,700		67,218
Hioki EE Corp.		1,700		76,749
Horiba Ltd.		5,100		498,544
Hosiden Corp.		5,100		66,252
Iriso Electronics Co. Ltd.		3,400		68,936
Japan Aviation Electronics Industry Ltd.		6,800		120,337
Kaga Electronics Co. Ltd.		1,700		75,552
Koa Corp.		3,400		34,578
Macnica Holdings Inc.		6,800		376,400
Maruwa Co. Ltd./Aichi		1,200		274,070
Maxell Ltd.		5,100		53,021
Meiko Electronics Co. Ltd.		3,400		111,620
Nichicon Corp.		5,100		41,784
Nippon Ceramic Co. Ltd.		3,400		61,576
Nippon Electric Glass Co. Ltd.		10,200		246,396
Nippon Signal Company Ltd.		5,100		34,671
Nissha Co. Ltd.		5,100		51,050
Nohmi Bosai Ltd.		3,400		50,339
Oki Electric Industry Co. Ltd.		11,900		85,208
Optex Group Co. Ltd.		5,100		63,589
Restar Holdings Corp.		1,700		34,575
Riken Keiki Co. Ltd.		1,700		87,304
Ryosan Co. Ltd.		1,700		61,208
Ryoyo Electro Corp.		1,700		47,121
Siix Corp.		3,400		37,218
Taiyo Yuden Co. Ltd.		17,000		372,250
Tokyo Electron Device Ltd.		3,400		164,333
Topcon Corp.		13,600		161,619


				4,948,215

Energy Equipment & Services — 0.1%
Modec Inc.		3,400		69,300


Entertainment — 1.0%
Anycolor Inc.^(a)(b)		3,400		74,048
Avex Inc.		5,100		44,386
COLOPL Inc.		8,500		32,333
Cover Corp.^(a)(b)		3,400		57,890
Daiichikosho Co. Ltd.		10,200		131,963
DeNA Co. Ltd.		10,200		99,800
Gree Inc.		8,500		28,233
GungHo Online Entertainment Inc.		6,800		98,794
Koei Tecmo Holdings Co. Ltd.		15,300		191,097
Mixi Inc.		5,100		84,033
Shochiku Co. Ltd.^(a)		1,700		114,370
Toei Animation Co. Ltd.^(a)		1,200		148,406
Toei Co. Ltd.		1,000		137,246


				1,242,599

Financial Services — 1.3%
eGuarantee Inc.		5,100		67,351
Financial Products Group Co. Ltd.		8,500		108,401
Fuyo General Lease Co. Ltd.		2,200		201,148
GMO Payment Gateway Inc.		6,800		458,962
Japan Securities Finance Co. Ltd.		11,900		129,468
Mizuho Leasing Co. Ltd.		3,400		124,957


Security	Shares		Value

Financial Services (continued)
Ricoh Leasing Co. Ltd.		1,700	$	58,611
Tokyo Century Corp.		20,400		213,007
Zenkoku Hosho Co. Ltd.		6,800		249,576


				1,611,481

Food Products — 4.4%
Ariake Japan Co. Ltd.		1,700		59,963
Calbee Inc.		10,200		218,001
DyDo Group Holdings Inc.		1,700		35,515
Ezaki Glico Co. Ltd.		6,800		202,726
Fuji Oil Holdings Inc.		6,800		113,544
Fujicco Co. Ltd.		1,700		22,166
Fujiya Co. Ltd.		1,700		27,964
Hokuto Corp.		3,400		40,859
House Foods Group Inc.		8,500		178,124
Itoham Yonekyu Holdings Inc.		3,440		94,303
J-Oil Mills Inc.		1,700		22,173
Kagome Co. Ltd.		10,200		234,428
Kameda Seika Co. Ltd.		1,700		49,745
Kewpie Corp.		13,600		252,972
Kotobuki Spirits Co. Ltd.		13,600		182,051
Maruha Nichiro Corp.		5,100		100,510
Megmilk Snow Brand Co. Ltd.		6,800		101,982
Mitsui DM Sugar Holdings Co. Ltd.		1,700		36,653
Morinaga & Co. Ltd./Japan		10,200		182,850
Morinaga Milk Industry Co. Ltd.		10,200		211,193
NH Foods Ltd.		11,900		415,914
Nichirei Corp.		15,300		382,919
Nippn Corp., New		6,800		107,896
Nisshin Oillio Group Ltd. (The)		3,400		118,313
Nisshin Seifun Group Inc.		27,200		376,115
Nissui Corp.		39,100		248,840
Prima Meat Packers Ltd.		3,400		51,403
Riken Vitamin Co. Ltd.		3,400		57,490
S Foods Inc.		1,700		35,461
Sakata Seed Corp.		3,400		82,398
Showa Sangyo Co. Ltd.		3,400		78,744
Toyo Suisan Kaisha Ltd.		11,900		690,663
Yamazaki Baking Co. Ltd.		17,000		398,723


				5,412,601

Gas Utilities — 0.4%
Nippon Gas Co. Ltd.		13,600		212,683
Saibu Gas Holdings Co. Ltd.		3,400		43,045
Shizuoka Gas Co. Ltd.		5,100		31,518
Toho Gas Co. Ltd.		10,200		204,336


				491,582

Ground Transportation — 2.5%
Fukuyama Transporting Co. Ltd.		3,400		92,563
Keikyu Corp.		32,300		286,894
Keio Corp.		13,600		381,756
Kyushu Railway Co.		18,700		429,861
Maruzen Showa Unyu Co. Ltd.		1,700		50,535
Nagoya Railroad Co. Ltd.		25,500		363,974
Nankai Electric Railway Co. Ltd.		13,600		265,621
Nikkon Holdings Co. Ltd.		6,800		139,756
Nishi-Nippon Railroad Co. Ltd.		8,500		136,668
Sakai Moving Service Co. Ltd.		3,400		59,101
Seibu Holdings Inc.		30,600		442,420
Seino Holdings Co. Ltd.		17,000		240,632
Sotetsu Holdings Inc.		10,200		184,992


				3,074,773


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies — 1.3%
CYBERDYNE Inc.^(a)(b)		15,300	$	21,187
Eiken Chemical Co. Ltd.		5,100		64,236
Fukuda Denshi Co. Ltd.		1,700		81,499
Hogy Medical Co. Ltd.		3,400		82,001
Japan Lifeline Co. Ltd.		8,500		74,421
Jeol Ltd.		6,800		302,469
Mani Inc.		10,200		139,069
Menicon Co. Ltd.		8,500		100,832
Nagaileben Co. Ltd.^(a)		3,400		50,669
Nakanishi Inc.		8,500		135,833
Nihon Kohden Corp.		10,200		282,697
Nipro Corp.		20,400		168,656
Paramount Bed Holdings Co. Ltd.		5,100		84,985
PHC Holdings Corp.		3,400		27,658


				1,616,212

Health Care Providers & Services — 1.4%
Alfresa Holdings Corp.		23,800		354,931
Amvis Holdings Inc.		5,100		85,192
As One Corp.		3,400		118,811
BML Inc.		3,400		63,854
Elan Corp.		3,400		21,693
H.U. Group Holdings Inc.		6,800		116,469
Medipal Holdings Corp.		25,500		385,555
Ship Healthcare Holdings Inc.		10,200		148,127
Solasto Corp.		6,800		24,320
SUNWELS Co. Ltd.^(a)		1,700		33,342
Suzuken Co. Ltd.		8,500		253,055
Toho Holdings Co. Ltd.		6,800		143,527
Tokai Corp./Gifu		3,400		49,887


				1,798,763

Health Care Technology — 0.2%
EM Systems Co. Ltd.		5,100		24,464
JMDC Inc.		3,400		84,420
Medley Inc.^(b)		3,400		115,018


				223,902

Hotel & Resort REITs — 0.6%
Hoshino Resorts REIT Inc.		34		124,784
Invincible Investment Corp.		918		376,927
Japan Hotel REIT Investment Corp.		629		304,941


				806,652

Hotels, Restaurants & Leisure — 2.8%
Airtrip Corp.^(a)		1,700		17,309
Atom Corp.^(a)(b)		15,300		93,536
Colowide Co. Ltd.		10,200		152,583
Create Restaurants Holdings Inc.		15,300		107,190
Curves Holdings Co. Ltd.		6,800		32,644
Demae-Can Co. Ltd.^(b)		6,800		17,650
Doutor Nichires Holdings Co. Ltd.		3,400		46,767
Food & Life Companies Ltd.		15,300		303,620
Fuji Kyuko Co. Ltd.		3,400		90,548
Fujio Food Group Inc.^(a)(b)		3,400		31,431
Heiwa Corp.		6,816		94,084
Hiday Hidaka Corp.		3,484		61,490
HIS Co. Ltd.^(b)		6,800		77,790
Ichibanya Co. Ltd.		8,500		69,977
Kappa Create Co. Ltd.^(a)(b)		3,400		37,718
KFC Holdings Japan Ltd.		1,700		48,043
Kisoji Co. Ltd.		3,400		61,706
KOMEDA Holdings Co. Ltd.		6,800		123,900
Koshidaka Holdings Co. Ltd.		6,800		42,469
Kura Sushi Inc.		3,400		90,227


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Kyoritsu Maintenance Co. Ltd.		3,480	$	147,057
Matsuyafoods Holdings Co. Ltd.		1,700		66,418
Monogatari Corp. (The)		5,100		159,236
MOS Food Services Inc.		3,400		81,117
Ohsho Food Service Corp.		1,700		89,000
Resorttrust Inc.		10,200		175,924
Ringer Hut Co. Ltd.		3,400		52,459
Round One Corp.		25,500		119,135
Royal Holdings Co. Ltd.		3,400		55,299
Saizeriya Co. Ltd.		3,400		110,992
Skylark Holdings Co. Ltd.		30,600		445,770
Tokyotokeiba Co. Ltd.		1,700		48,285
Toridoll Holdings Corp.		6,800		195,143
Yoshinoya Holdings Co. Ltd.		8,500		180,685


				3,527,202

Household Durables — 2.5%
Casio Computer Co. Ltd.		27,200		219,444
Chofu Seisakusho Co. Ltd.		1,700		23,513
ES-Con Japan Ltd.^(b)		5,100		34,220
Fujitsu General Ltd.		8,500		109,765
Haseko Corp.		32,300		399,635
JVCKenwood Corp.		22,100		122,657
Ki-Star Real Estate Co. Ltd.		1,700		40,840
Nagawa Co. Ltd.^(a)		1,700		83,752
Nikon Corp.		40,800		403,937
Open House Group Co. Ltd.		10,200		321,267
Pressance Corp.		3,400		38,551
Rinnai Corp.		13,600		316,446
Sangetsu Corp.		6,800		160,025
Sumitomo Forestry Co. Ltd.		20,400		582,220
Tama Home Co. Ltd.		1,700		47,657
Tamron Co. Ltd.		3,400		147,738
Zojirushi Corp.		5,100		47,732


				3,099,399

Household Products — 0.4%
Earth Corp.		1,700		48,028
Lion Corp.		34,000		299,275
Pigeon Corp.		17,000		173,093


				520,396

Independent Power and Renewable Electricity Producers — 0.4%
Electric Power Development Co. Ltd.		20,400		335,072
eRex Co. Ltd.^(a)		3,400		16,418
RENOVA Inc.^(b)		5,100		38,074
West Holdings Corp.		3,480		68,908


				458,472

Industrial Conglomerates — 0.5%
Katakura Industries Co. Ltd.		3,400		40,838
Keihan Holdings Co. Ltd.		13,600		314,717
Mie Kotsu Group Holdings Inc.		6,800		27,379
Nisshinbo Holdings Inc.		18,700		156,540
Noritsu Koki Co. Ltd.		1,700		36,475
TOKAI Holdings Corp.		13,600		92,506


				668,455

Industrial REITs — 1.0%
Advance Logistics Investment Corp.		85		66,699
CRE Logistics REIT Inc.		85		80,855
Industrial & Infrastructure Fund Investment Corp.		272		228,770
Japan Logistics Fund Inc.		119		203,293
LaSalle Logiport REIT		255		239,729
Mitsubishi Estate Logistics REIT Investment Corp.		68		158,590
Mitsui Fudosan Logistics Park Inc.		85		240,927


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Industrial REITs (continued)
SOSiLA Logistics REIT Inc.		102	$	77,342


				1,296,205

Insurance — 0.2%
Anicom Holdings Inc.		10,200		39,818
FP Partner Inc.		1,700		80,373
LIFENET INSURANCE Co.^(a)(b)		8,500		78,391


				198,582

Interactive Media & Services — 0.3%
Bengo4.com Inc.^(a)(b)		1,700		47,492
Infocom Corp.		3,400		52,098
Kakaku.com Inc.		18,700		214,803
ZIGExN Co. Ltd.		6,800		25,491


				339,884

IT Services — 2.0%
Argo Graphics Inc.		1,700		48,817
Base Co. Ltd.		1,700		38,384
BIPROGY Inc.		10,200		315,894
Change Holdings Inc.^(a)		5,100		50,011
Comture Corp.		3,400		41,317
Dentsu Soken Inc.		3,400		121,895
Digital Garage Inc.		5,100		118,521
DTS Corp.		5,100		137,308
Future Corp.		5,100		57,352
GMO internet group Inc.		8,500		153,625
Mitsubishi Research Institute Inc.		1,700		57,242
NEC Networks & System Integration Corp.		8,500		139,153
NET One Systems Co. Ltd.		11,900		206,512
NS Solutions Corp.		5,100		170,685
NSD Co. Ltd.		10,200		194,599
Sakura Internet Inc.		3,400		146,278
SB Technology Corp.		1,700		24,284
SHIFT Inc.^(a)(b)		1,700		314,303
Simplex Holdings Inc.		5,100		87,055
TechMatrix Corp.		5,100		68,196
Zuken Inc.		1,700		52,546


				2,543,977

Leisure Products — 0.8%
GLOBERIDE Inc.		1,700		22,660
Mizuno Corp.		1,700		59,776
Roland Corp.		1,700		51,616
Sankyo Co. Ltd.		25,500		291,302
Sega Sammy Holdings Inc.		22,100		277,445
Tomy Co. Ltd.		10,200		181,682
Tsuburaya Fields Holdings Inc.^(a)		5,100		52,142
Universal Entertainment Corp.		3,400		41,878
Yonex Co. Ltd.		8,500		63,925


				1,042,426

Life Sciences Tools & Services — 0.0%
Shin Nippon Biomedical Laboratories Ltd.^(a)		3,400		37,323


Machinery — 8.0%
Aichi Corp.		3,400		24,668
Aida Engineering Ltd.		5,100		29,323
Amada Co. Ltd.		45,900		510,323
CKD Corp.		6,800		139,822
Daiwa Industries Ltd.		3,400		32,385
DMG Mori Co. Ltd.		17,000		393,521
Ebara Corp.		11,900		1,005,694
Fuji Corp./Aichi		10,200		175,692
Fujitec Co. Ltd.		8,500		218,637
Fukushima Galilei Co. Ltd.		1,700		64,739


Security	Shares		Value

Machinery (continued)
Furukawa Co. Ltd.		3,400	$	40,176
Giken Ltd.		1,700		22,924
Glory Ltd.		5,100		99,581
Harmonic Drive Systems Inc.		6,800		178,411
Hino Motors Ltd.^(b)		39,100		130,233
Hirata Corp.		1,700		92,375
Hitachi Zosen Corp.		22,100		181,767
IHI Corp.		20,400		449,959
Japan Steel Works Ltd. (The)		8,500		155,155
Kawasaki Heavy Industries Ltd.		20,400		564,194
Kitz Corp.		8,500		71,429
Kurita Water Industries Ltd.		13,600		554,270
Kyokuto Kaihatsu Kogyo Co. Ltd.		3,400		56,601
Makino Milling Machine Co. Ltd.		3,400		132,768
Max Co. Ltd.		3,400		72,394
Meidensha Corp.		5,100		90,395
METAWATER Co. Ltd.		3,400		52,489
Mitsubishi Logisnext Co. Ltd.		5,100		56,488
Mitsuboshi Belting Ltd.		3,400		112,829
Miura Co. Ltd.		11,900		254,017
Morita Holdings Corp.		3,400		36,012
Nabtesco Corp.		15,300		254,118
Nachi-Fujikoshi Corp.		1,700		38,968
Namura Shipbuilding Co. Ltd.		6,800		94,344
NGK Insulators Ltd.		32,300		421,811
Nikkiso Co. Ltd.		6,800		56,941
Nitta Corp.		1,700		42,547
Nomura Micro Science Co. Ltd.		500		63,701
Noritake Co. Ltd./Nagoya Japan		1,700		94,914
NSK Ltd.		51,000		279,963
NTN Corp.		57,800		122,882
Obara Group Inc.		1,700		43,013
Oiles Corp.		3,496		48,088
OKUMA Corp.		3,400		160,384
Organo Corp.		3,400		174,748
OSG Corp.		10,200		143,177
Ryobi Ltd.		3,400		57,201
Shibaura Machine Co. Ltd.		3,400		83,560
Shibuya Corp.		1,700		35,449
Shima Seiki Manufacturing Ltd.		3,400		31,167
Shinmaywa Industries Ltd.		6,800		55,300
Star Micronics Co. Ltd.		5,100		61,554
Sumitomo Heavy Industries Ltd.		15,300		455,956
Tadano Ltd.		13,600		115,184
Takeuchi Manufacturing Co. Ltd.		5,100		179,515
Takuma Co. Ltd.		10,200		132,692
THK Co. Ltd.		15,300		337,185
Tocalo Co. Ltd.		6,800		78,395
Tsubakimoto Chain Co.		3,400		110,866
Tsugami Corp.		5,100		40,393
Tsurumi Manufacturing Co. Ltd.		1,700		39,782
Union Tool Co.		1,700		43,444
YAMABIKO Corp.		3,400		41,976


				9,938,489

Marine Transportation — 0.1%
Iino Kaiun Kaisha Ltd.		10,200		87,329
NS United Kaiun Kaisha Ltd.		1,700		60,274


				147,603

Media — 1.2%
CyberAgent Inc.		59,500		417,810
Fuji Media Holdings Inc.		6,800		81,443


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
Hakuhodo DY Holdings Inc.		28,900	$	269,021
Kadokawa Corp.		11,916		227,520
Nippon Television Holdings Inc.		6,800		96,297
Septeni Holdings Co. Ltd.		10,200		31,913
SKY Perfect JSAT Holdings Inc.		20,400		121,099
TBS Holdings Inc.		5,100		134,130
TV Asahi Holdings Corp.		3,400		44,086
ValueCommerce Co. Ltd.		1,700		12,928
Vector Inc.		3,400		27,862
Zenrin Co. Ltd.		5,100		29,001


				1,493,110

Metals & Mining — 2.4%
ARE Holdings Inc.		10,200		131,893
Daido Steel Co. Ltd.		17,000		201,212
Daiki Aluminium Industry Co. Ltd.		3,400		26,992
Dowa Holdings Co. Ltd.		6,800		237,603
Kobe Steel Ltd.		49,300		676,197
Kyoei Steel Ltd.		3,400		55,184
Maruichi Steel Tube Ltd.		8,500		222,507
Mitsubishi Materials Corp.		17,000		297,622
Mitsui Mining & Smelting Co. Ltd.		6,800		200,485
Nippon Light Metal Holdings Co. Ltd.		10,200		117,684
Nittetsu Mining Co. Ltd.		1,700		56,869
Osaka Steel Co. Ltd.		1,700		25,650
OSAKA Titanium Technologies Co. Ltd.^(a)		3,400		60,525
Sanyo Special Steel Co. Ltd.		3,400		51,247
Toho Titanium Co. Ltd.^(a)		5,100		56,060
Tokyo Steel Manufacturing Co. Ltd.		6,800		75,822
UACJ Corp.		5,114		140,488
Yamato Kogyo Co. Ltd.		5,100		284,638
Yodogawa Steel Works Ltd.		3,400		101,389


				3,020,067

Office REITs — 1.1%
Daiwa Office Investment Corp.		34		132,320
Global One Real Estate Investment Corp.		136		96,657
Ichigo Office REIT Investment Corp.		136		71,146
Japan Excellent Inc.		170		133,966
Japan Prime Realty Investment Corp.		119		260,976
Mirai Corp.		255		75,216
Mori Hills REIT Investment Corp.		204		178,457
One REIT Inc.		34		57,762
Orix JREIT Inc.		357		376,694


				1,383,194

Oil, Gas & Consumable Fuels — 0.8%
Cosmo Energy Holdings Co. Ltd.		8,500		378,365
Itochu Enex Co. Ltd.		6,800		69,438
Iwatani Corp.		5,100		253,511
Japan Petroleum Exploration Co. Ltd.		5,100		207,113
Mitsuuroko Group Holdings Co. Ltd.		5,100		48,300
San-Ai Obbli Co. Ltd.		6,800		89,217


				1,045,944

Paper & Forest Products — 0.7%
Daio Paper Corp.		11,900		88,241
Hokuetsu Corp.^(a)		13,600		134,894
Nippon Paper Industries Co. Ltd.^(b)		13,600		103,667
Oji Holdings Corp.		117,300		458,731
Tokushu Tokai Paper Co. Ltd.		1,700		44,320


				829,853

Personal Care Products — 1.3%
Euglena Co. Ltd.^(b)		13,600		55,999
Fancl Corp.		10,200		140,934


Security	Shares		Value

Personal Care Products (continued)
Kobayashi Pharmaceutical Co. Ltd.		6,800	$	271,281
Kose Corp.		5,100		284,426
Mandom Corp.		5,100		45,503
Milbon Co. Ltd.		3,400		73,255
Noevir Holdings Co. Ltd.		1,700		59,239
Pola Orbis Holdings Inc.		11,900		118,799
Rohto Pharmaceutical Co. Ltd.		25,500		518,619
YA-MAN Ltd.^(a)		3,400		22,657


				1,590,712

Pharmaceuticals — 1.6%
Hisamitsu Pharmaceutical Co. Inc.		6,800		175,728
JCR Pharmaceuticals Co. Ltd.		10,200		61,269
Kaken Pharmaceutical Co. Ltd.		5,100		120,779
Kissei Pharmaceutical Co. Ltd.		3,400		77,118
Kyorin Pharmaceutical Co. Ltd.		5,100		60,608
Mochida Pharmaceutical Co. Ltd.		3,400		74,189
Nippon Shinyaku Co. Ltd.		6,800		216,021
Santen Pharmaceutical Co. Ltd.		45,900		454,906
Sawai Group Holdings Co. Ltd.		5,100		195,254
Sosei Group Corp.^(a)(b)		10,200		99,176
Sumitomo Pharma Co., Ltd.		22,100		54,734
Taisho Pharmaceutical Holdings Co. Ltd.		1,700		97,271
Torii Pharmaceutical Co. Ltd.		1,700		48,405
Towa Pharmaceutical Co. Ltd.		3,400		63,269
Tsumura & Co.		8,500		156,563
ZERIA Pharmaceutical Co. Ltd.		3,400		48,096


				2,003,386

Professional Services — 2.7%
BayCurrent Consulting Inc.		18,700		418,355
Bell System24 Holdings Inc.		5,100		57,874
Benefit One Inc.		10,200		148,046
Dip Corp.		5,100		89,518
en Japan Inc.		3,400		57,407
Fullcast Holdings Co. Ltd.		3,400		34,932
Funai Soken Holdings Inc.		5,100		85,832
Infomart Corp.		27,200		77,478
Insource Co. Ltd.		6,800		40,103
JAC Recruitment Co. Ltd.		8,500		43,631
Link And Motivation Inc.		6,800		28,040
Management Solutions Co. Ltd.		1,700		34,359
MEITEC Group Holdings Inc.		10,200		206,541
Nihon M&A Center Holdings Inc.		40,800		273,630
Nomura Co. Ltd.		10,200		58,105
Open Up Group Inc.		6,816		99,481
Outsourcing Inc.^(b)		15,300		179,107
Pasona Group Inc.		3,400		65,141
Persol Holdings Co. Ltd.		258,400		374,398
SMS Co. Ltd.		10,200		181,117
TechnoPro Holdings Inc.		15,300		306,416
TKC Corp.		3,400		84,175
Transcosmos Inc.		3,400		69,106
UT Group Co. Ltd.^(b)		3,400		79,855
Visional Inc.^(b)		3,400		195,250
WDB Holdings Co. Ltd.		1,700		25,590


				3,313,487

Real Estate Management & Development — 1.6%
Aeon Mall Co. Ltd.		11,900		138,936
Goldcrest Co. Ltd.		1,700		25,941
Heiwa Real Estate Co. Ltd.		3,400		89,049
Ichigo Inc.		34,000		88,672
Kasumigaseki Capital Co. Ltd.^(a)		900		82,847


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate Management & Development (continued)
Katitas Co. Ltd.		6,800	$	91,560
Keihanshin Building Co. Ltd.		3,400		34,057
Leopalace21 Corp.^(a)(b)		22,100		67,788
Raysum Co. Ltd.		1,700		41,049
Relo Group Inc.		15,300		123,247
SAMTY Co. Ltd.		3,400		56,048
SRE Holdings Corp.^(a)(b)		1,700		41,226
Starts Corp. Inc.		3,400		68,753
Sun Frontier Fudousan Co. Ltd.		3,400		37,716
TKP Corp.^(a)(b)		1,700		18,635
Tokyo Tatemono Co. Ltd.		25,500		369,890
Tokyu Fudosan Holdings Corp.		83,300		547,009
Tosei Corp.		3,400		46,432


				1,968,855

Residential REITs — 0.9%
Advance Residence Investment Corp.		187		381,948
Comforia Residential REIT Inc.		85		162,703
Daiwa Securities Living Investments Corp.		272		182,928
Nippon Accommodations Fund Inc.		68		257,794
Samty Residential Investment Corp.		51		34,665
Starts Proceed Investment Corp.		34		43,608


				1,063,646

Retail REITs — 0.4%
AEON REIT Investment Corp.		238		208,874
Frontier Real Estate Investment Corp.		68		194,955
Fukuoka REIT Corp.		85		94,020


				497,849

Semiconductors & Semiconductor Equipment — 2.6%
Abalance Corp.^(a)		1,700		22,897
Ferrotec Holdings Corp.		6,800		136,010
Japan Material Co. Ltd.		8,500		144,804
Megachips Corp.		1,700		47,507
Micronics Japan Co. Ltd.		3,400		171,520
Mimasu Semiconductor Industry Co. Ltd.		1,700		36,211
Mitsui High-Tec Inc.		1,700		95,582
Optorun Co. Ltd.		3,400		46,266
Rorze Corp.		1,700		240,012
RS Technologies Co. Ltd.		1,700		31,034
Sanken Electric Co. Ltd.		3,400		172,238
Shibaura Mechatronics Corp.		1,700		74,904
Shinko Electric Industries Co. Ltd.		8,500		308,602
Socionext Inc.		23,800		613,664
Tokyo Seimitsu Co. Ltd.		5,100		349,863
Towa Corp.		3,400		213,398
Tri Chemical Laboratories Inc.		3,400		109,872
Ulvac Inc.		6,800		419,377


				3,233,761

Software — 1.5%
Appier Group Inc.^(a)(b)		8,500		107,154
Cybozu Inc.		3,400		42,116
Digital Arts Inc.		1,700		50,344
Freee KK^(b)		6,800		158,013
Fuji Soft Inc.		6,800		290,007
Fukui Computer Holdings Inc.		1,700		29,990
I’ll Inc.		1,700		43,934
Justsystems Corp.		5,100		91,464
Money Forward Inc.^(b)		6,800		302,082
OBIC Business Consultants Co. Ltd.		3,400		162,525
PKSHA Technology Inc.^(a)(b)		1,700		72,181
Plus Alpha Consulting Co. Ltd.		3,400		57,502
Rakus Co. Ltd.		11,900		188,262


Security	Shares		Value

Software (continued)
Sansan Inc.^(b)		10,200	$	121,966
Systena Corp.		40,800		78,532
WingArc1st Inc.		3,400		67,970


				1,864,042

Specialty Retail — 2.6%
ABC-Mart Inc.		13,600		233,210
Adastria Co. Ltd.		3,400		77,531
Alpen Co. Ltd.		1,700		22,474
AOKI Holdings Inc.		5,100		38,088
Aoyama Trading Co. Ltd.		5,100		55,382
Arclands Corp.		6,579		73,892
Autobacs Seven Co. Ltd.		8,500		95,046
Bic Camera Inc.		13,600		116,809
DCM Holdings Co. Ltd.		15,300		147,264
EDION Corp.		8,500		87,219
Geo Holdings Corp.		3,400		43,999
IDOM Inc.		8,500		51,440
JINS Holdings Inc.		1,700		46,742
Joshin Denki Co. Ltd.		3,400		53,166
Joyful Honda Co. Ltd.		6,800		94,766
Kohnan Shoji Co. Ltd.		3,400		95,487
Komeri Co. Ltd.		5,100		118,744
K’s Holdings Corp.		18,700		161,988
Nafco Co. Ltd.		1,700		28,597
Nextage Co. Ltd.^(a)		6,800		111,075
Nishimatsuya Chain Co. Ltd.		5,100		76,405
Nojima Corp.		8,500		95,615
PAL GROUP Holdings Co. Ltd.		5,100		77,548
Sanrio Co. Ltd.		6,800		381,292
Shimamura Co. Ltd.		6,800		362,049
T-Gaia Corp.		1,700		24,136
United Arrows Ltd.		3,400		40,089
VT Holdings Co. Ltd.		10,200		35,491
Workman Co. Ltd.^(a)		3,400		91,989
Yamada Holdings Co. Ltd.		79,900		229,692
Yellow Hat Ltd.		5,100		66,580


				3,233,805

Technology Hardware, Storage & Peripherals — 0.6%
Eizo Corp.		1,700		58,637
Elecom Co. Ltd.		6,800		72,710
Konica Minolta Inc.^(b)		64,600		213,289
MCJ Co. Ltd.		8,500		77,410
Riso Kagaku Corp.		3,400		74,773
Toshiba TEC Corp.		5,100		106,766
Wacom Co. Ltd.		20,400		85,670


				689,255

Textiles, Apparel & Luxury Goods — 1.3%
Asics Corp.		22,100		940,535
Descente Ltd.		5,100		114,987
Goldwin Inc.		3,400		197,240
Gunze Ltd.		1,700		63,780
Japan Wool Textile Co. Ltd. (The)		6,800		62,435
Onward Holdings Co. Ltd.		13,600		46,573
Seiko Group Corp.		3,400		79,096
Wacoal Holdings Corp.		5,100		124,220


				1,628,866

Trading Companies & Distributors — 1.7%
Hanwa Co. Ltd.		5,100		194,038
Inaba Denki Sangyo Co. Ltd.		6,800		160,664
Inabata & Co. Ltd.		6,800		145,181
Japan Pulp & Paper Co. Ltd.		1,700		58,382


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Trading Companies & Distributors (continued)
Kanamoto Co. Ltd.		3,400	$	65,199
Kanematsu Corp.		10,200		162,754
MARUKA FURUSATO Corp.		1,700		25,641
Nagase & Co. Ltd.		11,900		198,106
Nichiden Corp.		1,700		29,539
Nishio Holdings Co. Ltd.		1,700		44,143
Sojitz Corp.		30,600		777,129
Sumiseki Holdings Inc.		1,700		31,558
Trusco Nakayama Corp.		6,800		105,643
Wakita & Co. Ltd.		5,100		52,317
Yamazen Corp.		8,500		72,029
Yuasa Trading Co. Ltd.		1,700		57,001


				2,179,324

Transportation Infrastructure — 0.8%
Japan Airport Terminal Co. Ltd.		8,500		334,758
Kamigumi Co. Ltd.		11,900		278,626
Mitsubishi Logistics Corp.		6,800		208,792
Sumitomo Warehouse Co. Ltd. (The)		6,800		117,130


				939,306

Wireless Telecommunication Services — 0.1%
Okinawa Cellular Telephone Co.		3,400		81,802


Total Long-Term Investments — 99.7% (Cost: $130,200,838)				123,956,313


Security	Shares		Value


Short-Term Securities

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(c)(d)(e)		3,135,112	$	3,136,679
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		40,000		40,000


Total Short-Term Securities — 2.5% (Cost: $3,176,403)				3,176,679


Total Investments — 102.2% (Cost: $133,377,241)				127,132,992

Liabilities in Excess of Other Assets — (2.2)%				(2,794,452	)


Net Assets — 100.0%			$	124,338,540

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,382,293	$	753,977	^(a)	$	—		$	26	$	383	$	3,136,679		3,135,112	$	32,216	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		—			(10,000	)^(a)		—		—		40,000		40,000		2,220			—


									$	26	$	383	$	3,176,679			$	34,436		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Mini TOPIX Index

03/07/24

430

31,573


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	31,573	$	—	$	—	$	—	$	31,573

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	53,297	$	—	$	—	$	—	$	53,297


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	25,106	$	—	$	—	$	—	$	25,106

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:

Average notional value of contracts — long	$	753,143

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	389,837	$	123,566,476	$	—	$	123,956,313
Short-Term Securities
Money Market Funds		3,176,679		—		—		3,176,679


	$	3,566,516	$	123,566,476	$	—	$	127,132,992


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	31,573	$	—	$	31,573

^(a)

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

See notes to financial statements.


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Malaysia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 39.8%
AMMB Holdings Bhd		4,504,537	$	4,123,388
CIMB Group Holdings Bhd		15,813,612		21,534,634
Hong Leong Bank Bhd		1,607,040		6,682,387
Malayan Banking Bhd		13,411,681		26,945,541
Public Bank Bhd		35,976,400		33,390,800
RHB Bank Bhd		3,707,402		4,378,586


				97,055,336

Chemicals — 4.2%
Petronas Chemicals Group Bhd		6,919,500		10,213,044


Construction & Engineering — 2.1%
Gamuda Bhd		4,722,500		5,264,361


Diversified Telecommunication Services — 1.5%
Telekom Malaysia Bhd		2,845,100		3,629,085


Electric Utilities — 6.3%
Tenaga Nasional Bhd		6,435,812		15,270,729


Food Products — 11.7%
IOI Corp. Bhd		6,212,930		5,209,429
Kuala Lumpur Kepong Bhd		1,202,200		5,680,974
Nestle Malaysia Bhd		173,900		4,576,991
PPB Group Bhd		1,582,019		5,193,943
QL Resources Bhd		2,706,350		3,312,153
Sime Darby Plantation Bhd		5,127,155		4,685,616


				28,659,106

Gas Utilities — 3.0%
Petronas Gas Bhd		1,956,000		7,394,508


Health Care Providers & Services — 2.9%
IHH Healthcare Bhd		5,441,000		7,051,343


Hotels, Restaurants & Leisure — 4.0%
Genting Bhd		5,269,400		5,300,688
Genting Malaysia Bhd		7,337,200		4,443,758


				9,744,446

Industrial Conglomerates — 1.6%
Sime Darby Bhd		6,737,155		3,849,608


Marine Transportation — 2.2%
MISC Bhd		3,309,320		5,305,540


Metals & Mining — 3.7%
Press Metal Aluminium Holdings Bhd		9,162,900		9,043,250


Multi-Utilities — 3.9%
YTL Corp. Bhd		7,863,200		4,424,137


Security	Shares		Value


Multi-Utilities (continued)
YTL Power International Bhd		6,048,300	$	5,034,409


				9,458,546

Oil, Gas & Consumable Fuels — 1.4%
Petronas Dagangan Bhd		736,500		3,544,760


Semiconductors & Semiconductor Equipment — 1.9%
Inari Amertron Bhd		6,945,100		4,649,318


Specialty Retail — 1.1%
MR DIY Group M Bhd^(a)		8,168,000		2,684,598


Transportation Infrastructure — 1.7%
Malaysia Airports Holdings Bhd		2,267,900		4,052,638


Wireless Telecommunication Services — 6.8%
Axiata Group Bhd		6,805,100		3,989,078
CELCOMDIGI Bhd		8,697,400		7,986,436
Maxis Bhd^(b)		5,806,500		4,551,719


				16,527,233


Total Long-Term Investments — 99.8% (Cost: $159,357,657)				243,397,449


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(c)(d)(e)		873,952		874,389
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		320,000		320,000


Total Short-Term Securities — 0.5% (Cost: $1,194,530)				1,194,389


Total Investments — 100.3% (Cost: $160,552,187)				244,591,838

Liabilities in Excess of Other Assets — (0.3)%				(780,960	)


Net Assets — 100.0%			$	243,810,878

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Malaysia ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	626,494	$	246,944	^(a)	$	—	$	1,189	$	(238	)	$	874,389		873,952	$	21,571	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		250,000		70,000	^(a)		—		—		—			320,000		320,000		10,650			—


								$	1,189	$	(238	)	$	1,194,389			$	32,221		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets Index

03/15/24

102

3,285

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	3,285	$	—	$	—	$	—	$	3,285

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(100,429	)	$	—	$	—	$	—	$	(100,429	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	10,063		$	—	$	—	$	—	$	10,063

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:

Average notional value of contracts — long	$	149,550

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


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Malaysia ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	56,900,992	$	186,496,457	$	—	$	243,397,449
Short-Term Securities
Money Market Funds		1,194,389		—		—		1,194,389


	$	58,095,381	$	186,496,457	$	—	$	244,591,838


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	3,285	$	—	$	—	$	3,285

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 67.5%
Ampol Ltd.		257,370	$	6,597,644
ANZ Group Holdings Ltd.		3,237,388		60,007,109
APA Group		1,384,024		7,065,815
Aristocrat Leisure Ltd.		625,735		19,011,966
ASX Ltd.		210,153		9,004,402
Aurizon Holdings Ltd.		1,964,712		4,869,388
BHP Group Ltd.		5,456,166		156,408,147
BlueScope Steel Ltd.		482,167		7,170,053
Brambles Ltd.		1,499,561		14,724,169
CAR Group Ltd.		385,921		9,245,749
Cochlear Ltd.		70,330		16,031,949
Coles Group Ltd.		1,443,058		15,872,563
Commonwealth Bank of Australia		1,802,653		136,742,903
Computershare Ltd.		579,958		9,801,293
CSL Ltd.		520,018		96,808,750
Dexus		1,148,022		5,497,682
Endeavour Group Ltd./Australia		1,529,307		5,474,733
Fortescue Ltd.		1,822,867		30,766,362
Goodman Group		1,839,911		35,818,627
GPT Group (The)		2,044,629		5,782,654
IDP Education Ltd.		282,233		3,505,810
Insurance Australia Group Ltd.		2,600,760		10,498,394
James Hardie Industries PLC^(a)		473,835		18,742,736
Lottery Corp. Ltd. (The)		2,398,686		7,936,632
Macquarie Group Ltd.		393,834		50,008,793
Medibank Pvt Ltd.		2,971,416		6,944,113
Mineral Resources Ltd.		189,169		8,208,841
Mirvac Group		4,264,721		6,048,885
National Australia Bank Ltd.		3,357,905		74,609,695
Northern Star Resources Ltd.		1,237,061		10,283,278
Orica Ltd.		518,844		5,781,972
Origin Energy Ltd.		1,843,511		10,769,633
Pilbara Minerals Ltd.		3,081,666		8,415,401
Qantas Airways Ltd.^(a)		901,905		3,014,763
QBE Insurance Group Ltd.		1,609,208		18,111,591
Ramsay Health Care Ltd.		198,191		7,070,435
REA Group Ltd.		57,025		7,211,915
Reece Ltd.		240,947		4,218,981
Rio Tinto Ltd.		399,590		32,178,545
Santos Ltd.		3,498,023		16,106,767
Scentre Group		5,587,102		11,307,513
SEEK Ltd.		380,219		6,511,130
Seven Group Holdings Ltd.		176,119		4,408,521
Sonic Healthcare Ltd.		487,682		9,463,846
South32 Ltd.		4,881,157		9,350,713
Stockland		2,573,805		7,520,195
Suncorp Group Ltd.		1,364,075		13,584,889
Telstra Group Ltd.		4,353,154		10,816,334
Transurban Group		3,324,414		29,295,462
Treasury Wine Estates Ltd.		873,447		7,012,344
Vicinity Ltd.		4,130,118		5,215,642
Washington H Soul Pattinson & Co. Ltd		250,433		5,633,428
Wesfarmers Ltd.		1,221,517		53,018,360
Westpac Banking Corp.		3,769,201		64,676,657
WiseTech Global Ltd.		179,423		11,067,392
Woodside Energy Group Ltd.		2,043,880		40,323,266
Woolworths Group Ltd.		1,314,957		27,913,339
Xero Ltd.^(a)		155,055		12,895,698


				1,292,383,867


Security	Shares		Value

Hong Kong — 18.1%
AIA Group Ltd.		12,230,214	$	98,590,021
BOC Hong Kong Holdings Ltd.		4,006,500		10,525,913
CK Asset Holdings Ltd.		2,115,732		9,732,407
CK Hutchison Holdings Ltd.		2,890,732		14,601,320
CK Infrastructure Holdings Ltd.		683,708		4,014,056
CLP Holdings Ltd.		1,770,500		14,734,319
ESR Group Ltd.^(b)		1,837,600		2,448,520
Futu Holdings Ltd., ADR^(a)		60,942		3,261,616
Galaxy Entertainment Group Ltd.		2,359,000		12,844,200
Hang Lung Properties Ltd.		1,975,736		2,120,583
Hang Seng Bank Ltd.		823,200		9,379,680
Henderson Land Development Co. Ltd.		1,575,442		4,533,027
HKT Trust & HKT Ltd., Class SS		4,105,338		5,005,445
Hong Kong & China Gas Co. Ltd.		12,150,253		9,367,981
Hong Kong Exchanges & Clearing Ltd.		1,234,500		38,020,819
Hongkong Land Holdings Ltd.		1,197,100		4,053,112
Jardine Matheson Holdings Ltd.		171,900		7,217,174
Link REIT		2,774,863		13,759,455
MTR Corp. Ltd.		1,679,286		5,555,534
Power Assets Holdings Ltd.		1,503,000		9,019,731
Sands China Ltd.^(a)		2,615,600		7,426,589
Sino Land Co. Ltd.		4,132,800		4,450,763
SITC International Holdings Co. Ltd.		1,481,000		2,438,625
Sun Hung Kai Properties Ltd.		1,560,000		15,697,142
Swire Pacific Ltd., Class A		466,500		3,864,454
Swire Properties Ltd.		1,279,200		2,631,272
Techtronic Industries Co. Ltd.		1,480,207		15,968,794
WH Group Ltd.^(b)		9,027,000		5,424,828
Wharf Holdings Ltd. (The)^(c)		1,161,850		4,282,522
Wharf Real Estate Investment Co. Ltd.		1,802,600		6,002,885


				346,972,787

New Zealand — 1.8%
Auckland International Airport Ltd.		1,430,444		7,054,498
EBOS Group Ltd.		166,173		3,745,363
Fisher & Paykel Healthcare Corp. Ltd.		628,599		9,354,458
Mercury NZ Ltd.		742,478		3,019,745
Meridian Energy Ltd.		1,380,646		5,027,352
Spark New Zealand Ltd.		1,952,820		6,028,099


				34,229,515

Singapore — 12.0%
CapitaLand Ascendas REIT		4,018,080		8,188,638
CapitaLand Integrated Commercial Trust		5,733,138		8,362,525
CapitaLand Investment Ltd/Singapore		2,776,300		5,743,377
City Developments Ltd.		542,900		2,288,290
DBS Group Holdings Ltd.		1,949,700		48,343,320
Genting Singapore Ltd.		6,543,800		4,428,385
Grab Holdings Ltd., Class A^(a)(c)		2,047,112		6,284,634
Jardine Cycle & Carriage Ltd.		107,900		2,045,409
Keppel Ltd.		1,568,300		8,457,140
Mapletree Logistics Trust		3,774,284		4,157,707
Mapletree Pan Asia Commercial Trust		2,582,900		2,595,181
Oversea-Chinese Banking Corp. Ltd.		3,645,024		35,206,966
Sea Ltd., ADR^(a)		396,955		19,260,257
Seatrium Ltd.^(a)		47,342,096		3,174,389
Sembcorp Industries Ltd.		971,400		3,689,123
Singapore Airlines Ltd.		1,604,950		7,725,012
Singapore Exchange Ltd.^(c)		878,700		6,173,205
Singapore Technologies Engineering Ltd.		1,692,100		5,009,749
Singapore Telecommunications Ltd.		8,899,428		15,532,288
United Overseas Bank Ltd.		1,361,000		28,320,517


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Singapore (continued)
Wilmar International Ltd.		2,080,500	$	5,137,999


				230,124,111


Total Long-Term Investments — 99.4% (Cost: $1,993,619,430)				1,903,710,280


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		4,232,655		4,234,771
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		1,420,000		1,420,000


Total Short-Term Securities — 0.3% (Cost: $5,652,565)				5,654,771


Total Investments — 99.7% (Cost: $1,999,271,995)				1,909,365,051

Other Assets Less Liabilities — 0.3%				6,373,727


Net Assets — 100.0%			$	1,915,738,778

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,545,074	$	—		$	(5,315,682	)^(a)	$	6,531	$	(1,152	)	$	4,234,771		4,232,655	$	39,312	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		820,000		600,000	^(a)		—			—		—			1,420,000		1,420,000		46,595			—


									$	6,531	$	(1,152	)	$	5,654,771			$	85,907		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

SPI 200 Index

03/21/24

8,359

129,290


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Pacific ex Japan ETF

Futures Contracts (continued)




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


MSCI Singapore Index		160		03/27/24	$	3,351	$	(5,622	)


							$	123,668

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	129,290	$	—	$	—	$	—	$	129,290


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	5,622	$	—	$	—	$	—	$	5,622

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	(51,647	)	$	—	$	—	$	—	$	(51,647	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	(21,517	)	$	—	$	—	$	—	$	(21,517	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	11,164,214

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	44,908,849	$	1,858,801,431	$	—	$	1,903,710,280
Short-Term Securities
Money Market Funds		5,654,771		—		—		5,654,771


	$	50,563,620	$	1,858,801,431	$	—	$	1,909,365,051


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Pacific ex Japan ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	129,290		$	—	$	129,290
Liabilities
Equity Contracts		—		(5,622	)		—		(5,622	)


	$	—	$	123,668		$	—		123,668

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Singapore ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 3.0%
Singapore Technologies Engineering Ltd.		4,000,000	$	11,842,679


Banks — 44.8%
DBS Group Holdings Ltd.		3,183,200		78,928,274
Oversea-Chinese Banking Corp. Ltd.		5,806,650		56,085,921
United Overseas Bank Ltd.		2,125,800		44,234,941


				179,249,136

Capital Markets — 3.4%
Singapore Exchange Ltd.^(a)		1,953,200		13,721,979


Diversified Telecommunication Services — 4.6%
Singapore Telecommunications Ltd.		10,488,868		18,306,358


Entertainment — 5.0%
Sea Ltd., ADR^(b)		410,365		19,910,910


Food Products — 3.0%
Wilmar International Ltd.		4,889,500		12,075,101


Ground Transportation — 3.4%
Grab Holdings Ltd., Class A^(b)		4,440,953		13,633,726


Hotels, Restaurants & Leisure — 2.6%
Genting Singapore Ltd.		15,280,942		10,341,071


Industrial Conglomerates — 6.1%
Jardine Cycle & Carriage Ltd.		344,600		6,532,420
Keppel Ltd.		3,299,900		17,794,884


				24,327,304

Industrial REITs — 6.9%
CapitaLand Ascendas REIT		8,525,894		17,375,329
Mapletree Logistics Trust		9,275,013		10,217,245


				27,592,574

Machinery — 2.2%
Seatrium Ltd.^(b)		129,732,015		8,698,809


Multi-Utilities — 2.3%
Sembcorp Industries Ltd.		2,405,300		9,134,700


Security	Shares		Value


Passenger Airlines — 4.0%
Singapore Airlines Ltd.		3,362,767	$	16,185,809


Real Estate Management & Development — 3.4%
CapitaLand Investment Ltd/Singapore		3,357,100		6,944,887
City Developments Ltd.		1,623,800		6,844,218


				13,789,105

Retail REITs — 4.7%
CapitaLand Integrated Commercial Trust		7,749,994		11,304,370
Mapletree Pan Asia Commercial Trust		7,401,600		7,436,794


				18,741,164


Total Long-Term Investments — 99.4% (Cost: $418,998,570)				397,550,425


Short-Term Securities

Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(c)(d)(e)		10,412,274		10,417,480
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		220,000		220,000


Total Short-Term Securities — 2.7% (Cost: $10,636,186)				10,637,480


Total Investments — 102.1% (Cost: $429,634,756)				408,187,905

Liabilities in Excess of Other Assets — (2.1)%				(8,307,779	)


Net Assets — 100.0%			$	399,880,126

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,785,173	$	7,630,612	^(a)	$	—		$	608	$	1,087	$	10,417,480		10,412,274	$	23,262	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		420,000		—			(200,000	)^(a)		—		—		220,000		220,000		18,633			—


									$	608	$	1,087	$	10,637,480			$	41,895		$	—

^(a)

Represents net amount purchased (sold).

^(b)


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Singapore ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI Singapore Index		67		03/27/24	$	1,403	$	(3,676	)

OTC Total Return Swaps




Reference Entity	Payment Frequency		Counterparty^(a)		Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long		Monthly		HSBC Bank PLC		02/08/28	$	704,845	$	(199	)	$	704,646		0.2	%


									$	(199	)	$	704,646

^(a)


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Singapore ETF


	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Capital Markets
Singapore Exchange Ltd.		100,300	$	704,646		100.0%


Net Value of Reference Entity — HSBC Bank PLC			$	704,646

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps




Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation


Total Return Swaps	$	—	$	—	$	—	$	(199)

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	3,676	$	—	$	—	$	—	$	3,676
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	199	$	—	$	—	$	—	$	199


	$	—	$	—	$	3,875	$	—	$	—	$	—	$	3,875

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(52,924	)	$	—	$	—	$	—	$	(52,924	)
Swaps		—		—		(11,180	)		—		—		—		(11,180	)

	$	—	$	—	$	(64,104	)	$	—	$	—	$	—	$	(64,104	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(21,438	)	$	—	$	—	$	—	$	(21,438	)
Swaps		—		—		290			—		—		—		290

	$	—	$	—	$	(21,148	)	$	—	$	—	$	—	$	(21,148	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,582,878
Total return swaps:
Average notional value	$	483,315

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


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Singapore ETF

Derivative Financial Instruments - Offsetting as of Period End

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



	Assets		Liabilities


Derivative Financial Instruments:
Futures contracts	$	—	$	3,676
Swaps - OTC		—		199


Total derivative assets and liabilities in the Statement of Assets and Liabilities		—		3,875
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(3,676	)


Total derivative assets and liabilities subject to an MNA	$	—	$	199

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



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


HSBC Bank PLC		$	199		$	—		$	—		$	—		$	199

^(a)

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	33,544,636	$	364,005,789		$	—	$	397,550,425
Short-Term Securities
Money Market Funds		10,637,480		—			—		10,637,480


	$	44,182,116	$	364,005,789		$	—	$	408,187,905

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	—	$	(3,875	)	$	—	$	(3,875	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobile Components — 0.5%
Cheng Shin Rubber Industry Co. Ltd.^(a)		12,577,670	$	18,696,254


Banks — 10.8%
Chang Hwa Commercial Bank Ltd.		34,549,700		19,467,208
CTBC Financial Holding Co. Ltd.		72,496,325		67,487,773
E.Sun Financial Holding Co. Ltd.^(a)		59,583,952		47,635,171
First Financial Holding Co. Ltd.^(a)		48,127,076		41,277,430
Hua Nan Financial Holdings Co. Ltd.		44,233,387		30,804,766
Mega Financial Holding Co. Ltd.^(a)		47,612,493		58,331,943
Shanghai Commercial & Savings Bank Ltd. (The)		19,616,218		27,929,443
SinoPac Financial Holdings Co. Ltd.		54,677,250		34,792,491
Taishin Financial Holding Co. Ltd.		55,562,619		30,595,443
Taiwan Business Bank		33,416,104		14,805,496
Taiwan Cooperative Financial Holding Co. Ltd.		46,596,829		38,285,760


				411,412,924

Biotechnology — 0.3%
PharmaEssentia Corp.^(a)(b)		1,248,000		12,969,772


Broadline Retail — 0.0%
momo.com Inc.		9,000		126,797


Chemicals — 2.7%
Formosa Chemicals & Fibre Corp.^(a)		14,970,610		27,113,501
Formosa Plastics Corp.^(a)		16,222,518		36,816,760
Nan Ya Plastics Corp.^(a)		19,925,938		37,680,880


				101,611,141

Communications Equipment — 1.2%
Accton Technology Corp.		2,693,000		44,317,180


Construction Materials — 1.2%
Asia Cement Corp.^(a)		14,099,136		18,047,739
Taiwan Cement Corp.^(a)		27,196,645		27,649,905


				45,697,644

Consumer Staples Distribution & Retail — 0.7%
President Chain Store Corp.		2,913,215		24,838,279


Diversified Telecommunication Services — 1.5%
Chunghwa Telecom Co. Ltd.^(a)		15,017,648		57,212,126


Electrical Equipment — 0.9%
Voltronic Power Technology Corp.		338,000		17,177,537
Walsin Lihwa Corp.^(a)		13,562,178		15,885,455
Ya Hsin Industrial Co. Ltd.^(c)		6,845,461		2


				33,062,994

Electronic Equipment, Instruments & Components — 12.1%
AUO Corp.		34,702,664		19,246,862
Delta Electronics Inc.		7,582,180		70,655,717
E Ink Holdings Inc.		3,576,000		27,840,161
Hon Hai Precision Industry Co. Ltd.		44,965,296		146,608,254
Innolux Corp.		39,740,399		19,067,980
Largan Precision Co. Ltd.		423,794		34,780,517
Nan Ya Printed Circuit Board Corp.^(a)		1,580,000		10,585,808
Pacific Electric Wire & Cable Co. Ltd.^(c)		197		—
Synnex Technology International Corp.^(a)		8,981,364		22,125,949
Unimicron Technology Corp.^(a)		5,769,000		32,779,066
WPG Holdings Ltd.		11,459,604		33,646,602
Yageo Corp.^(a)		1,709,767		30,208,791
Zhen Ding Technology Holding Ltd.^(a)		4,456,072		14,181,343


				461,727,050

Financial Services — 2.0%
Chailease Holding Co. Ltd.^(a)		6,443,790		35,626,750


Security	Shares		Value

Financial Services (continued)
Yuanta Financial Holding Co. Ltd.		47,601,490	$	41,366,744


				76,993,494

Food Products — 1.3%
Uni-President Enterprises Corp.		20,004,189		48,574,973


Household Durables — 0.4%
Nien Made Enterprise Co. Ltd.		1,293,000		15,136,153


Industrial Conglomerates — 0.5%
Far Eastern New Century Corp.^(a)		19,697,843		20,317,482


Insurance — 4.5%
Cathay Financial Holding Co. Ltd.^(a)		35,760,798		51,024,805
China Development Financial Holding Corp.^(a)(b)		74,280,587		29,526,138
Fubon Financial Holding Co. Ltd.		31,740,414		68,334,820
Shin Kong Financial Holding Co. Ltd.^(a)(b)		80,737,273		21,196,350


				170,082,113

Machinery — 0.8%
Airtac International Group		761,826		29,188,023


Marine Transportation — 1.3%
Evergreen Marine Corp. Taiwan Ltd.		4,495,013		23,548,070
Wan Hai Lines Ltd.^(a)		5,983,000		9,531,024
Yang Ming Marine Transport Corp.^(a)		9,480,000		14,956,456


				48,035,550

Metals & Mining — 1.0%
China Steel Corp.^(a)		50,273,977		39,153,040


Oil, Gas & Consumable Fuels — 0.4%
Formosa Petrochemical Corp.^(a)		6,848,950		16,106,670


Passenger Airlines — 0.7%
China Airlines Ltd.^(a)		18,155,000		11,497,598
Eva Airways Corp.^(a)		14,438,000		14,373,176


				25,870,774

Real Estate Management & Development — 0.3%
Ruentex Development Co. Ltd.		11,427,969		13,151,095


Semiconductors & Semiconductor Equipment — 38.7%
Alchip Technologies Ltd.^(a)		283,279		37,161,233
ASE Technology Holding Co. Ltd.		13,193,432		58,244,269
eMemory Technology Inc.		272,000		23,354,528
Global Unichip Corp.^(a)		421,000		21,218,368
Globalwafers Co. Ltd.^(a)		1,169,000		20,647,284
MediaTek Inc.		5,474,175		197,542,794
Nanya Technology Corp.^(a)		8,097,000		17,238,515
Novatek Microelectronics Corp.^(a)		2,636,544		50,182,263
Parade Technologies Ltd.^(a)		387,000		12,448,723
Powerchip Semiconductor Manufacturing Corp.^(a)		14,937,000		13,057,514
Realtek Semiconductor Corp.^(a)		2,246,063		40,480,885
Silergy Corp.^(a)		1,501,000		19,805,844
Taiwan Semiconductor Manufacturing Co. Ltd.		39,131,882		857,556,225
United Microelectronics Corp.^(a)		44,139,501		68,055,534
Vanguard International Semiconductor Corp.^(a)		5,405,000		12,346,872
Winbond Electronics Corp.^(a)		22,319,737		19,733,048

				1,469,073,899

Specialty Retail — 0.8%
Hotai Motor Co. Ltd.		1,417,500		30,103,850


Technology Hardware, Storage & Peripherals — 12.0%
Acer Inc.^(a)		20,186,737		28,870,479
Advantech Co. Ltd.		2,275,021		28,078,222
Asustek Computer Inc.		3,250,857		46,840,484


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Technology Hardware, Storage & Peripherals (continued)
Catcher Technology Co. Ltd.^(a)		3,689,743	$	22,989,367
Compal Electronics Inc.		26,190,554		30,243,955
Gigabyte Technology Co. Ltd.^(a)		2,130,000		23,297,275
Inventec Corp.^(a)		17,143,868		29,861,931
Lite-On Technology Corp.^(a)		9,978,071		34,620,478
Micro-Star International Co. Ltd.		4,190,000		25,356,100
Pegatron Corp.		10,242,037		27,732,961
Quanta Computer Inc.^(a)		10,891,240		80,032,416
Wistron Corp.^(a)		9,881,000		36,181,910
Wiwynn Corp.^(a)		575,000		42,450,996


				456,556,574

Textiles, Apparel & Luxury Goods — 1.4%
Eclat Textile Co. Ltd.		1,216,601		20,793,849
Feng TAY Enterprise Co. Ltd.^(a)		3,215,916		16,823,174
Pou Chen Corp.		17,089,103		16,509,438


				54,126,461

Transportation Infrastructure — 0.4%
Taiwan High Speed Rail Corp.		16,422,000		15,692,943


Wireless Telecommunication Services — 1.4%
Far EasTone Telecommunications Co. Ltd.		10,346,259		25,776,655
Taiwan Mobile Co. Ltd.		8,278,609		25,943,884


				51,720,539


Total Long-Term Investments — 99.8% (Cost: $1,449,626,436)				3,791,555,794


Security	Shares		Value


Short-Term Securities

Money Market Funds — 10.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		398,089,888	$	398,288,933
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		1,660,000		1,660,000


Total Short-Term Securities — 10.5% (Cost: $399,864,697)				399,948,933


Total Investments — 110.3% (Cost: $1,849,491,133)				4,191,504,727

Liabilities in Excess of Other Assets — (10.3)%				(392,395,630	)


Net Assets — 100.0%			$	3,799,109,097

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

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	460,864,976	$	—	$	(62,662,980	)^(a)	$	35,980	$	50,957	$	398,288,933		398,089,888	$	2,415,465	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,050,000		—		(2,390,000	)^(a)		—		—		1,660,000		1,660,000		346,207			—


								$	35,980	$	50,957	$	399,948,933			$	2,761,672		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

FTSE Taiwan Index

120

03/28/24

7,771

36,646


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Taiwan ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	36,646	$	—	$	—	$	—	$	36,646

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	479,568		$	—	$	—	$	—	$	479,568


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(54,670	)	$	—	$	—	$	—	$	(54,670	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	10,318,557

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	12,969,772	$	3,778,586,020	$	2	$	3,791,555,794
Short-Term Securities
Money Market Funds		399,948,933		—		—		399,948,933


	$	412,918,705	$	3,778,586,020	$	2	$	4,191,504,727


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	36,646	$	—	$	36,646

^(a)

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

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.1%
SCGJWD Logistics PCL, NVDR^(a)(b)		617,100	$	259,881


Automobile Components — 0.4%
Sri Trang Agro-Industry PCL, NVDR		1,703,345		916,631


Banks — 5.5%
Kasikornbank PCL, NVDR		1,002,600		3,440,538
Kiatnakin Phatra Bank PCL, NVDR		360,673		518,172
Krung Thai Bank PCL, NVDR		5,907,100		2,651,147
SCB X PCL, NVDR		1,424,500		4,474,248
Thanachart Capital PCL, NVDR		448,400		621,996
Tisco Financial Group PCL, NVDR		40,300		112,928
TMBThanachart Bank PCL, NVDR		41,051,200		2,108,608


				13,927,637

Beverages — 1.0%
Carabao Group PCL, NVDR^(b)		592,300		1,149,240
Osotspa PCL, NVDR^(b)		2,286,400		1,296,938


				2,446,178

Broadline Retail — 1.2%
Central Retail Corp. PCL, NVDR		3,058,934		2,969,268


Building Products — 0.1%
Dynasty Ceramic PCL, NVDR		6,874,840		356,537


Capital Markets — 0.4%
Bangkok Commercial Asset Management PCL, NVDR		3,025,600		709,491
Beyond Securities PCL, NVDR^(a)(b)		3,027,100		311,106


				1,020,597

Chemicals — 2.7%
Eastern Polymer Group PCL, NVDR		1,425,400		282,940
Indorama Ventures PCL, NVDR^(b)		2,848,110		1,850,924
PTT Global Chemical PCL, NVDR		3,814,707		4,037,459
TOA Paint Thailand PCL, NVDR		1,040,500		580,906


				6,752,229

Construction & Engineering — 0.9%
CH Karnchang PCL, NVDR^(b)		1,862,800		1,209,223
PSG Corp. PCL, NVS^(a)(b)		21,822,800		444,792
Sino-Thai Engineering & Construction PCL, NVDR^(b)		1,796,828		505,949


				2,159,964

Construction Materials — 4.5%
Siam Cement PCL (The), NVDR		1,319,600		9,897,697
Siam City Cement PCL, NVDR		152,600		578,659
Tipco Asphalt PCL, NVDR		1,066,900		472,988
TPI Polene PCL, NVDR		9,673,900		374,926


				11,324,270

Consumer Finance — 3.1%
AEON Thana Sinsap Thailand PCL, NVDR		149,300		625,081
JMT Network Services PCL, NVDR^(b)		1,111,800		694,045
Krungthai Card PCL, NVDR^(b)		1,745,600		2,081,602
Muangthai Capital PCL, NVDR^(b)		1,255,200		1,606,331
Ngern Tid Lor PCL, NVDR		2,138,700		1,343,526
Ratchthani Leasing PCL, NVDR		4,046,769		232,655
Srisawad Corp. PCL, NVDR		1,161,460		1,235,014


				7,818,254

Consumer Staples Distribution & Retail — 7.6%
Berli Jucker PCL, NVDR		77,900		52,653
CP ALL PCL, NVDR		9,877,200		15,837,699
CP Axtra PCL, NVDR		3,577,700		3,322,222


				19,212,574


Security	Shares		Value

Containers & Packaging — 0.7%
SCG Packaging PCL, NVDR		2,177,600	$	1,700,357


Diversified Consumer Services — 0.2%
SISB PCL^(b)		394,800		457,857


Diversified Telecommunication Services — 1.6%
Jasmine International PCL, NVDR		6,636,768		378,398
Thaicom PCL, NVDR^(b)		933,600		307,163
True Corp. PCL, NVDR^(a)		17,540,448		3,454,737


				4,140,298

Electronic Equipment, Instruments & Components — 5.6%
Delta Electronics Thailand PCL, NVDR		5,275,300		10,501,618
Ditto Thailand PCL, NVDR^(b)		277,560		186,275
Forth Corp. PCL, NVDR^(b)		391,800		176,246
Hana Microelectronics PCL, NVDR		953,200		987,678
Jaymart Group Holdings PCL, NVDR^(b)		1,112,800		437,916
KCE Electronics PCL, NVDR		1,399,400		1,481,452
Nex Point Parts PCL, NVDR^(a)(b)		1,384,900		381,343


				14,152,528

Entertainment — 0.3%
Major Cineplex Group PCL, NVDR^(b)		990,500		383,883
RS PCL, NVDR^(b)		901,120		357,114


				740,997

Food Products — 3.7%
Betagro PCL, NVS^(b)		1,137,100		704,367
Charoen Pokphand Foods PCL, NVDR^(b)		6,570,400		3,461,932
GFPT PCL, NVDR^(b)		738,200		244,745
Ichitan Group PCL, NVDR		1,100,100		543,762
I-TAIL Corp. PCL, NVS		1,277,600		648,911
Khon Kaen Sugar Industry PCL, NVDR		4,057,178		280,547
R&B Food Supply PCL, NVDR^(b)		841,300		279,526
Sappe PCL^(b)		181,500		437,571
Srinanaporn Marketing PCL, NVDR^(b)		813,300		387,703
Thai Union Group PCL, NVDR		4,808,900		1,932,509
Thai Vegetable Oil PCL, NVDR^(b)		681,688		399,148


				9,320,721

Ground Transportation — 0.8%
BTS Group Holdings PCL, NVDR^(b)		13,357,200		1,919,566


Health Care Equipment & Supplies — 0.2%
Sri Trang Gloves Thailand PCL, NVDR		1,708,100		408,958


Health Care Providers & Services — 9.5%
Bangkok Chain Hospital PCL, NVDR		2,109,325		1,240,952
Bangkok Dusit Medical Services PCL, NVDR		18,817,800		14,949,986
Bumrungrad Hospital PCL, NVDR		1,009,476		6,298,472
Chularat Hospital PCL, NVDR^(b)		8,418,800		690,890
Thonburi Healthcare Group PCL, NVDR		573,800		695,952


				23,876,252

Hotels, Restaurants & Leisure — 3.4%
Asset World Corp. PCL, NVDR^(b)		13,532,000		1,453,889
Central Plaza Hotel PCL, NVDR^(a)(b)		799,600		959,389
Erawan Group PCL (The), NVDR^(a)		4,208,100		556,915
Minor International PCL, NVDR		5,680,610		5,030,027
MK Restaurants Group PCL, NVDR		470,600		492,444


				8,492,664

Independent Power and Renewable Electricity Producers — 6.7%
B Grimm Power PCL, NVDR^(b)		1,543,800		1,109,170
Banpu Power PCL, NVDR		1,023,200		399,750
BCPG PCL, NVDR^(b)		1,964,050		424,897
CK Power PCL, NVDR^(b)		3,461,160		380,467
Electricity Generating PCL, NVDR		400,800		1,313,409


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Independent Power and Renewable Electricity Producers (continued)
Energy Absolute PCL, NVDR		2,837,600	$	2,792,880
Global Power Synergy PCL, NVDR		1,192,300		1,695,746
Gulf Energy Development PCL, NVDR^(b)		4,965,800		5,961,921
Gunkul Engineering PCL, NVDR		6,824,222		521,481
Ratch Group PCL, NVDR		1,839,300		1,486,667
SPCG PCL, NVDR^(b)		805,400		280,705
Super Energy Corp. PCL, NVDR^(a)		17,134,150		162,432
TPI Polene Power PCL, NVDR^(b)		4,291,900		404,479


				16,934,004

Insurance — 0.5%
Bangkok Life Assurance PCL, NVDR		1,017,200		508,009
Dhipaya Group Holdings PCL, NVDR^(b)		499,300		406,940
TQM Alpha PCL, NVDR		353,400		258,658


				1,173,607

IT Services — 0.1%
SKY ICT PCL, NVDR		241,800		187,089


Marine Transportation — 0.3%
Precious Shipping PCL, NVDR		1,470,200		364,267
Regional Container Lines PCL, NVDR^(b)		635,400		394,533


				758,800
Media — 0.4%
BEC World PCL, NVDR		624,690		72,118
Plan B Media PCL, NVDR		3,277,660		800,964
VGI PCL, NVDR^(b)		6,564,150		262,182


				1,135,264
Oil, Gas & Consumable Fuels — 14.3%
Bangchak Corp. PCL, NVDR		1,746,300		2,022,650
Bangchak Sriracha PCL, NVDR^(b)		1,190,800		328,564
Banpu PCL, NVDR^(b)		15,242,924		2,379,047
IRPC PCL, NVDR		17,288,400		939,978
Prima Marine PCL, NVDR^(b)		1,703,100		311,198
PTT Exploration & Production PCL, NVDR^(b)		2,350,784		9,871,744
PTT PCL, NVDR		16,910,400		16,140,624
Siamgas & Petrochemicals PCL, NVDR		936,700		220,692
Star Petroleum Refining PCL, NVDR		2,955,800		736,013
Thai Oil PCL, NVDR		2,077,300		3,243,204


				36,193,714
Passenger Airlines — 0.4%
Asia Aviation PCL, NVDR^(a)		8,444,147		532,989
Bangkok Airways PCL, NVDR		1,251,800		555,200


				1,088,189
Pharmaceuticals — 0.3%
Mega Lifesciences PCL, NVDR		594,000		689,136


Real Estate Management & Development — 7.1%
Amata Corp. PCL, NVDR		1,368,500		859,043
AP Thailand PCL, NVDR		3,725,486		1,091,568
Bangkok Land PCL, NVDR^(a)(b)		19,232,600		364,650
Central Pattana PCL, NVDR		3,419,300		6,172,807
Land & Houses PCL, NVDR^(b)		14,154,300		2,996,783
MBK PCL, NVDR		1,485,500		684,698
Origin Property PCL, NVDR^(b)		1,234,700		261,801
Pruksa Holding PCL, NVDR^(b)		943,200		323,978


Security	Shares		Value


Real Estate Management & Development (continued)
Quality Houses PCL, NVDR^(b)		12,589,532	$	758,215
Sansiri PCL, NVDR		22,304,437		1,145,271
SC Asset Corp. PCL, NVDR^(b)		2,495,504		233,775
Supalai PCL, NVDR		2,148,100		1,257,729
WHA Corp. PCL, NVDR		13,901,040		1,783,520


				17,933,838
Specialty Retail — 3.5%
Aurora Design PCL, NVDR^(b)		672,500		262,575
Com7 PCL, NVDR^(b)		1,827,400		1,058,196
Dohome PCL, NVDR^(b)		1,821,541		610,510
Home Product Center PCL, NVDR		10,003,973		3,124,531
PTG Energy PCL, NVDR		1,715,900		435,937
PTT Oil & Retail Business PCL, NVDR^(b)		5,066,400		2,555,885
Siam Global House PCL, NVDR		1,891,000		896,333


				8,943,967
Transportation Infrastructure — 6.3%
Airports of Thailand PCL, NVDR^(b)		7,249,800		12,847,734
Bangkok Aviation Fuel Services PCL, NVDR^(b)		427,900		278,428
Bangkok Expressway & Metro PCL, NVDR		12,920,153		2,904,274


				16,030,436
Water Utilities — 0.3%
TTW PCL, NVDR^(b)		2,377,966		623,362
WHA Utilities and Power PCL, NVDR^(b)		1,930,800		211,130


				834,492
Wireless Telecommunication Services — 5.5%
Advanced Info Service PCL, NVDR		1,948,419		10,931,305
Intouch Holdings PCL, NVDR^(b)		1,626,500		3,073,568


				14,004,873


Total Long-Term Investments — 99.2% (Cost: $369,345,662)				250,281,627


Short-Term Securities

Money Market Funds — 10.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(c)(d)(e)		26,870,353		26,883,788
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		340,000		340,000


Total Short-Term Securities — 10.8% (Cost: $27,214,921)				27,223,788


Total Investments — 110.0% (Cost: $396,560,583)				277,505,415

Liabilities in Excess of Other Assets — (10.0)%				(25,170,415	)


Net Assets — 100.0%			$	252,335,000

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Thailand ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,594,784	$	9,286,383	^(a)	$	—		$	568	$	2,053	$	26,883,788		26,870,353	$	1,019,410	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		900,000		—			(560,000	)^(a)		—		—		340,000		340,000		11,322			—


									$	568	$	2,053	$	27,223,788			$	1,030,732		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI Emerging Markets Index		35		03/15/24	$	1,779	$	(12,976	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	12,976	$	—	$	—	$	—	$	12,976

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	(73,526	)	$	—	$	—	$	—	$	(73,526	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	(3,264	)	$	—	$	—	$	—	$	(3,264	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,062,443

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


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Thailand ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	8,042,508		$	242,239,119	$	—	$	250,281,627
Short-Term Securities
Money Market Funds		27,223,788			—		—		27,223,788


	$	35,266,296		$	242,239,119	$	—	$	277,505,415

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(12,976	)	$	—	$	—	$	(12,976	)

^(a)

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

See notes to financial statements.


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	514,954,388		$	123,956,313		$	243,397,449		$	1,903,710,280
Investments, at value — affiliated^(c)		3,832,622			3,176,679			1,194,389			5,654,771
Cash		5,205			4,773			5,185			9,752
Cash pledged for futures contracts		29,500			—			10,000			—
Foreign currency collateral pledged for futures contracts^(d)		—			16,582			—			695,379
Foreign currency, at value^(e)		85,135			71,814			88,180			3,242,013
Receivables:
Investments sold		12,907,325			4,500,259			9,643,663			13,969,167
Securities lending income — affiliated		18,746			5,924			839			12,499
Dividends — unaffiliated		195			365,208			82,269			7,505,308
Dividends — affiliated		2,154			204			1,470			4,217
Tax reclaims		—			621			—			—
Variation margin on futures contracts		—			481			319			54,543


Total assets		531,835,270			132,098,858			254,423,763			1,934,857,929


LIABILITIES
Collateral on securities loaned, at value		3,264,691			3,136,512			856,599			4,260,137
Payables:
Investments purchased		11,588,044			4,571,779			9,662,431			14,152,584
Swaps		24,579			—			—			—
Investment advisory fees		200,109			52,027			93,855			706,430
Variation margin on futures contracts		7,575			—			—			—


Total liabilities		15,084,998			7,760,318			10,612,885			19,119,151

Commitments and contingent liabilities

NET ASSETS	$	516,750,272		$	124,338,540		$	243,810,878		$	1,915,738,778


NET ASSETS CONSIST OF
Paid-in capital	$	1,355,086,723		$	146,511,407		$	310,498,250		$	2,774,633,854
Accumulated loss		(838,336,451	)		(22,172,867	)		(66,687,372	)		(858,895,076	)


NET ASSETS	$	516,750,272		$	124,338,540		$	243,810,878		$	1,915,738,778


NET ASSETVALUE

Shares outstanding		31,575,000			1,700,000			11,250,000			45,300,000


Net asset value	$	16.37		$	73.14		$	21.67		$	42.29


Shares authorized		375 million			500 million			300 million			1 billion


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a) Investments, at cost — unaffiliated	$	732,551,464		$	130,200,838		$	159,357,657		$	1,993,619,430
^(b) Securities loaned, at value	$	3,205,081		$	2,658,878		$	812,984		$	4,037,696
^(c) Investments, at cost — affiliated	$	3,833,016		$	3,176,403		$	1,194,530		$	5,652,565
^(d) Foreign currency collateral pledged, at cost	$	—		$	16,906		$	—		$	716,823
^(e) Foreign currency, at cost	$	85,382		$	71,622		$	87,842		$	3,233,301

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF		iShares MSCI Thailand ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	397,550,425		$	3,791,555,794	$	250,281,627
Investments, at value — affiliated^(c)		10,637,480			399,948,933		27,223,788
Cash		—			5,635		—
Cash pledged for futures contracts		—			528,000		36,000
Foreign currency collateral pledged for futures contracts^(d)		76,548			—		—
Foreign currency, at value^(e)		293,590			11,644,103		48,940
Receivables:
Investments sold		9,992,287			80,406,897		1,254,171
Securities lending income — affiliated		2,821			357,234		122,267
Capital shares sold		—			16		—
Dividends — unaffiliated		1,030,362			9,168		1,618,920
Dividends — affiliated		882			6,900		1,114
Variation margin on futures contracts		74,402			43,482		—


Total assets		419,658,797			4,284,506,162		280,586,827


LIABILITIES
Bank overdraft		68,106			—		4,901
Collateral on securities loaned, at value		10,407,011			398,362,305		26,886,014
Payables:
Investments purchased		9,144,153			85,131,293		1,239,675
Foreign taxes		—			141,528		—
Investment advisory fees		159,202			1,761,939		119,856
Variation margin on futures contracts		—			—		1,381
Unrealized depreciation on OTC swaps		199			—		—


Total liabilities		19,778,671			485,397,065		28,251,827

Commitments and contingent liabilities

NET ASSETS	$	399,880,126		$	3,799,109,097	$	252,335,000


NET ASSETS CONSIST OF
Paid-in capital	$	775,679,759		$	1,507,982,794	$	520,312,605
Accumulated earnings (loss)		(375,799,633	)		2,291,126,303		(267,977,605	)


NET ASSETS	$	399,880,126		$	3,799,109,097	$	252,335,000


NET ASSETVALUE

Shares outstanding		22,450,000			81,600,000		4,250,000


Net asset value	$	17.81		$	46.56	$	59.37


Shares authorized		300 million			900 million		200 million


Par value	$	0.001		$	0.001	$	0.001


^(a) Investments, at cost — unaffiliated	$	418,998,570		$	1,449,626,436	$	369,345,662
^(b) Securities loaned, at value	$	9,906,290		$	371,323,554	$	24,975,240
^(c) Investments, at cost — affiliated	$	10,636,186		$	399,864,697	$	27,214,921
^(d) Foreign currency collateral pledged, at cost	$	76,622		$	—	$	—
^(e) Foreign currency, at cost	$	293,570		$	11,682,229	$	48,667

See notes to financial statements.


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	7,641,342		$	1,369,677		$	4,599,949		$	32,231,848
Dividends — affiliated		28,576			2,220			10,650			46,595
Interest — unaffiliated		2,084			—			749			—
Securities lending income — affiliated — net		25,779			32,216			21,571			39,312
Foreign taxes withheld		—			(136,035	)		—			(291,722	)


Total investment income		7,697,781			1,268,078			4,632,919			32,026,033


EXPENSES
Investment advisory		1,423,244			291,003			588,265			4,291,149
Commitment costs		2,909			561			1,156			—
Interest expense		—			—			347			—


Total expenses		1,426,153			291,564			589,768			4,291,149


Net investment income		6,271,628			976,514			4,043,151			27,734,884


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(67,186,382	)		(2,127,536	)		1,726,823			(47,338,739	)
Investments — affiliated		(1,723	)		26			1,189			6,531
Foreign currency transactions		22,955			9,383			(30,122	)		271,189
Futures contracts		(577,357	)		53,297			(100,429	)		(51,647	)
In-kind redemptions — unaffiliated^(a)		(429,005	)		3,317,507			—			4,036,067
Swaps		(381,790	)		—			—			—


		(68,553,302	)		1,252,677			1,597,461			(43,076,599	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		12,104,668			4,155,690			4,688,047			103,230,545
Investments — affiliated		(394	)		383			(238	)		(1,152	)
Foreign currency translations		678			(10,625	)		1,534			(68,066	)
Futures contracts		59,370			25,106			10,063			(21,517	)
Swaps		20,319			—			—			—


		12,184,641			4,170,554			4,699,406			103,139,810


Net realized and unrealized gain (loss)		(56,368,661	)		5,423,231			6,296,867			60,063,211


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(50,097,033	)	$	6,399,745		$	10,340,018		$	87,798,095


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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		45

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	4,069,381		$	16,348,447		$	3,293,204
Dividends — affiliated		18,633			346,207			11,322
Interest — unaffiliated		1,429			39,706			—
Securities lending income — affiliated — net^(a)		23,262			2,415,465			1,019,410
Foreign taxes withheld		(89,195	)		(3,267,986	)		(292,653	)
Other foreign taxes		—			(6,411	)		—


Total investment income		4,023,510			15,875,428			4,031,283


EXPENSES
Investment advisory		1,143,358			10,115,113			800,000
Commitment costs		2,408			16,909			1,338
Interest expense		—			2,366			108


Total expenses		1,145,766			10,134,388			801,446


Net investment income		2,877,744			5,741,040			3,229,837


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,722,495	)		145,644,848			(7,217,496	)
Investments — affiliated		608			35,980			568
Foreign currency transactions		30,734			(488,340	)		(24,537	)
Futures contracts		(52,924	)		479,568			(73,526	)
In-kind redemptions — unaffiliated^(b)		8,730,721			—			413,186
Swaps		(11,180	)		—			—


		3,975,464			145,672,056			(6,901,805	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(13,485,063	)		301,718,642			(36,864,507	)
Investments — affiliated		1,087			50,957			2,053
Foreign currency translations		(4,187	)		(10,231	)		386
Futures contracts		(21,438	)		(54,670	)		(3,264	)
Swaps		290			—			—


		(13,509,311	)		301,704,698			(36,865,332	)


Net realized and unrealized gain (loss)		(9,533,847	)		447,376,754			(43,767,137	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,656,103	)	$	453,117,794		$	(40,537,300	)


^(a) Net of securities lending income tax paid of	$	—		$	585,541		$	—
^(b) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF

	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,271,628		$	24,045,036		$	976,514		$	1,366,455
Net realized gain (loss)		(68,553,302	)		(49,970,112	)		1,252,677			(1,257,808	)
Net change in unrealized appreciation (depreciation)		12,184,641			(34,987,506	)		4,170,554			9,917,247


Net increase (decrease) in net assets resulting from operations		(50,097,033	)		(60,912,582	)		6,399,745			10,025,894


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(14,849,755	)		(22,175,367	)		(1,495,219	)		(700,151	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(46,634,759	)		(17,339,573	)		101,023			47,638,207


NET ASSETS
Total increase (decrease) in net assets		(111,581,547	)		(100,427,522	)		5,005,549			56,963,950
Beginning of period		628,331,819			728,759,341			119,332,991			62,369,041


End of period	$	516,750,272		$	628,331,819		$	124,338,540		$	119,332,991

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		47

Statements of Changes in Net Assets (continued)


	iShares MSCI Malaysia ETF								iShares MSCI Pacific ex Japan ETF

	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	4,043,151		$	8,172,540			$	27,734,884		$	88,727,313
Net realized gain (loss)			1,597,461			(5,897,731	)			(43,076,599	)		32,712,198
Net change in unrealized appreciation (depreciation)			4,699,406			(10,151,912	)			103,139,810			(70,373,123	)


Net increase (decrease) in net assets resulting from operations			10,340,018			(7,877,103	)			87,798,095			51,066,388


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(4,123,972	)		(6,188,831	)			(42,022,218	)^(b)		(73,694,870	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(20,246,522	)		37,520,108				27,295,227			(269,711,578	)


NET ASSETS
Total increase (decrease) in net assets			(14,030,476	)		23,454,174				73,071,104			(292,340,060	)
Beginning of period			257,841,354			234,387,180				1,842,667,674			2,135,007,734


End of period		$	243,810,878		$	257,841,354			$	1,915,738,778		$	1,842,667,674

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Singapore ETF							iShares MSCI Taiwan ETF

	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	2,877,744		$	22,119,836		$	5,741,040		$	109,083,296
Net realized gain (loss)			3,975,464			(74,532,096	)		145,672,056			330,342,830
Net change in unrealized appreciation (depreciation)			(13,509,311	)		88,871,139			301,704,698			(157,200,638	)


Net increase (decrease) in net assets resulting from operations			(6,656,103	)		36,458,879			453,117,794			282,225,488


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(13,920,026	)^(b)		(23,446,994	)		(408,443,157	)		(610,656,019	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(67,583,330	)		(78,461,229	)		472,442,899			(139,729,366	)


NET ASSETS
Total increase (decrease) in net assets			(88,159,459	)		(65,449,344	)		517,117,536			(468,159,897	)
Beginning of period			488,039,585			553,488,929			3,281,991,561			3,750,151,458


End of period		$	399,880,126		$	488,039,585		$	3,799,109,097		$	3,281,991,561

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		49

Statements of Changes in Net Assets (continued)


		iShares MSCI Thailand ETF

	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	3,229,837			$	8,430,865
Net realized loss			(6,901,805	)			(25,464,516	)
Net change in unrealized appreciation (depreciation)			(36,865,332	)			11,118,097


Net decrease in net assets resulting from operations			(40,537,300	)			(5,915,554	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(2,938,664	)			(7,677,615	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(12,276,073	)			(12,854,550	)


NET ASSETS
Total decrease in net assets			(55,752,037	)			(26,447,719	)
Beginning of period			308,087,037				334,534,756


End of period		$	252,335,000			$	308,087,037

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

See notes to financial statements.


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Hong Kong ETF

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


Net asset value, beginning of period		$	18.17			$	20.46			$	25.80		$	22.91		$	23.00		$	24.18

Net investment income^(a)			0.19				0.65				0.62			0.57			0.54			0.62
Net realized and unrealized gain (loss)^(b)			(1.56	)			(2.35	)			(5.37	)		2.92			(0.01	)		(1.08	)


Net increase (decrease) from investment operations			(1.37	)			(1.70	)			(4.75	)		3.49			0.53			(0.46	)


Distributions from net investment income^(c)			(0.43	)			(0.59	)			(0.59	)		(0.60	)		(0.62	)		(0.72	)


Net asset value, end of period		$	16.37			$	18.17			$	20.46		$	25.80		$	22.91		$	23.00


Total Return^(d)
Based on net asset value			(7.63	)%^(e)			(8.56	)%			(18.61	)%		15.24	%		2.46	%		(2.00	)%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)			0.50	%			0.50	%		0.50	%		0.51	%		0.49	%


Net investment income			2.20	%^(g)			3.25	%			2.70	%		2.26	%		2.37	%		2.52	%


Supplemental Data
Net assets, end of period (000)		$	516,750			$	628,332			$	728,759		$	1,023,773		$	1,328,281		$	1,424,663


Portfolio turnover rate^(h)			6	%			20	%			8	%		21	%		16	%		12	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		51

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Japan Small-Cap ETF

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


Net asset value, beginning of period		$	70.20			$	62.37			$	81.49			$	69.91			$	68.75			$	77.00

Net investment income^(a)			0.58				1.18				1.33				1.04				1.21				1.37
Net realized and unrealized gain (loss)^(b)			3.29				7.15				(18.87	)			11.13				2.78				(7.90	)


Net increase (decrease) from investment operations			3.87				8.33				(17.54	)			12.17				3.99				(6.53	)


Distributions from net investment income^(c)			(0.93	)			(0.50	)			(1.58	)			(0.59	)			(2.83	)			(1.72	)


Net asset value, end of period		$	73.14			$	70.20			$	62.37			$	81.49			$	69.91			$	68.75


Total Return^(d)
Based on net asset value			5.62	%^(e)			13.37	%			(21.70	)%			17.41	%			5.72	%			(8.42	)%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%


Net investment income			1.67	%^(g)			1.78	%			1.87	%			1.33	%			1.75	%			1.94	%


Supplemental Data
Net assets, end of period (000)		$	124,339			$	119,333			$	62,369			$	73,337			$	62,921			$	109,995


Portfolio turnover rate^(h)			10	%			8	%			16	%			21	%			10	%			10	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


52		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Malaysia ETF

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


Net asset value, beginning of period		$	21.09			$	22.48			$	26.60			$	26.51			$	28.02			$	32.87

Net investment income^(a)			0.36				0.76				0.90				0.98				0.76				1.03
Net realized and unrealized gain (loss)^(b)			0.59				(1.57	)			(3.77	)			(0.05	)			(1.41	)			(4.85	)


Net increase (decrease) from investment operations			0.95				(0.81	)			(2.87	)			0.93				(0.65	)			(3.82	)


Distributions from net investment income^(c)			(0.37	)			(0.58	)			(1.25	)			(0.84	)			(0.86	)			(1.03	)


Net asset value, end of period		$	21.67			$	21.09			$	22.48			$	26.60			$	26.51			$	28.02


Total Return^(d)
Based on net asset value			4.57	%^(e)			(3.56	)%			(10.92	)%			3.51	%			(2.27	)%			(11.69	)%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)			0.50	%			0.50	%			0.50	%			0.51	%			0.49	%


Net investment income			3.42	%^(g)			3.50	%			3.68	%			3.62	%			2.86	%			3.41	%


Supplemental Data
Net assets, end of period (000)		$	243,811			$	257,841			$	234,387			$	265,299			$	341,922			$	390,889


Portfolio turnover rate^(h)			7	%⁽ⁱ⁾			12	%⁽ⁱ⁾			48	%⁽ⁱ⁾			28	%⁽ⁱ⁾			58	%⁽ⁱ⁾			48	%⁽ⁱ⁾

^(a) Based on average shares outstanding. ^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) Where applicable, assumes the reinvestment of distributions. ^(e) Not annualized. ^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(g) Annualized. ^(h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).

⁽ⁱ⁾ Portfolio turnover rate excluding cash creations was as follows:			7	%			8	%			11	%			7	%			16	%			9	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Pacific ex Japan ETF

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


Net asset value, beginning of period		$	41.22		$	41.86		$	51.17		$	42.98		$	44.17		$	46.02

Net investment income^(a)			0.63			1.82			1.69			1.30			1.29			1.74
Net realized and unrealized gain (loss)^(b)			1.41			(0.94	)		(8.28	)		8.06			(0.98	)		(1.58	)


Net increase (decrease) from investment operations			2.04			0.88			(6.59	)		9.36			0.31			0.16


Distributions from net investment income^(c)			(0.97	)^(d)		(1.52	)		(2.72	)		(1.17	)		(1.50	)		(2.01	)


Net asset value, end of period		$	42.29		$	41.22		$	41.86		$	51.17		$	42.98		$	44.17


Total Return^(e)
Based on net asset value			4.95	%^(f)		2.00	%		(13.22	)%		21.82	%		0.72	%		0.56	%


Ratios to Average Net Assets^(g)
Total expenses			0.48	%^(h)		0.48	%		0.47	%		0.47	%		0.48	%		0.48	%


Net investment income			3.09	%^(h)		4.28	%		3.61	%		2.66	%		3.04	%		3.89	%


Supplemental Data
Net assets, end of period (000)		$	1,915,739		$	1,842,668		$	2,135,008		$	2,440,764		$	1,882,380		$	2,266,116


Portfolio turnover rate⁽ⁱ⁾			4	%		7	%		15	%		9	%		8	%		7	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


54		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Singapore ETF

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


Net asset value, beginning of period		$	18.56			$	18.21			$	23.03			$	19.12			$	22.83			$	23.84

Net investment income^(a)			0.11				0.80				0.67				0.63				0.76				0.91
Net realized and unrealized gain (loss)^(b)			(0.33	)			0.44				(4.21	)			3.92				(3.57	)			(1.02	)


Net increase (decrease) from investment operations			(0.22	)			1.24				(3.54	)			4.55				(2.81	)			(0.11	)


Distributions from net investment income^(c)			(0.53	)^(d)			(0.89	)			(1.28	)			(0.64	)			(0.90	)			(0.90	)


Net asset value, end of period		$	17.81			$	18.56			$	18.21			$	23.03			$	19.12			$	22.83


Total Return^(e)
Based on net asset value			(1.10	)%^(f)			6.84	%			(15.92	)%			23.91	%			(12.84	)%			(0.41	)%


Ratios to Average Net Assets^(g)
Total expenses			0.50	%^(h)			0.50	%			0.50	%			0.50	%			0.51	%			0.50	%


Net investment income			1.25	%^(h)			4.25	%			3.25	%			2.87	%			3.59	%			3.86	%


Supplemental Data
Net assets, end of period (000)		$	399,880			$	488,040			$	553,489			$	618,238			$	525,733			$	513,651


Portfolio turnover rate⁽ⁱ⁾			4	%			25	%			36	%			17	%			22	%			9	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Taiwan ETF

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


Net asset value, beginning of period		$	45.77		$	50.47		$	64.79		$	44.08		$	34.94		$	37.91


Net investment income^(a)			0.08			1.31			1.60			1.22			1.05			0.92
Net realized and unrealized gain (loss)^(b)			6.24			1.55			(14.16	)		20.46			9.11			(2.89	)

Net increase (decrease) from investment operations			6.32			2.86			(12.56	)		21.68			10.16			(1.97	)


Distributions^(c)
From net investment income			(1.79	)		(2.37	)		(1.39	)		(0.97	)		(1.02	)		(1.00	)
From net realized gain			(3.74	)		(5.19	)		(0.37	)		—			—			—


Total distributions			(5.53	)		(7.56	)		(1.76	)		(0.97	)		(1.02	)		(1.00	)


Net asset value, end of period		$	46.56		$	45.77		$	50.47		$	64.79		$	44.08		$	34.94


Total Return^(d)
Based on net asset value			14.64	%^(e)		7.17	%		(19.96	)%		49.79	%		29.34	%		(4.92	)%


Ratios to Average Net Assets^(f)
Total expenses			0.60	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income			0.34	%^(g)		2.89	%		2.65	%		2.16	%		2.68	%		2.70	%


Supplemental Data
Net assets, end of period (000)		$	3,799,109		$	3,281,992		$	3,750,151		$	7,555,064		$	4,231,455		$	2,662,495


Portfolio turnover rate^(h)			19	%⁽ⁱ⁾		34	%⁽ⁱ⁾		12	%⁽ⁱ⁾		12	%		15	%		7	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e) Not annualized.

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

^(g) Annualized.

^(h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).


⁽ⁱ⁾ Portfolio turnover rate excluding cash creations was as follows:	5	%	8	%	12	%	12	%	14	%	6	%

See notes to financial statements.


56		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Thailand ETF

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


Net asset value, beginning of period		$	69.23		$	70.43		$	79.95		$	68.25		$	90.53		$	90.80

Net investment income^(a)			0.74			1.88			2.00			1.70			1.97			2.10
Net realized and unrealized gain (loss)^(b)			(9.94	)		(1.29	)		(9.17	)		11.73			(22.24	)		(0.33	)


Net increase (decrease) from investment operations			(9.20	)		0.59			(7.17	)		13.43			(20.27	)		1.77


Distributions from net investment income^(c)			(0.66	)		(1.79	)		(2.35	)		(1.73	)		(2.01	)		(2.04	)


Net asset value, end of period		$	59.37		$	69.23		$	70.43		$	79.95		$	68.25		$	90.53


Total Return^(d)
Based on net asset value			(13.33	)%^(e)		0.86	%		(9.07	)%		19.65	%		(22.57	)%		2.03	%


Ratios to Average Net Assets^(f)
Total expenses			0.60	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income			2.40	%^(g)		2.66	%		2.67	%		2.26	%		2.57	%		2.36	%


Supplemental Data
Net assets, end of period (000)		$	252,335		$	308,087		$	334,535		$	411,738		$	436,789		$	466,237


Portfolio turnover rate^(h)			3	%		11	%		9	%		17	%		11	%		17	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		57

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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



iShares ETF	Diversification Classification

MSCI Hong Kong		Non-diversified
MSCI Japan Small-Cap		Diversified
MSCI Malaysia		Non-diversified
MSCI Pacific ex Japan		Diversified
MSCI Singapore		Non-diversified
MSCI Taiwan		Non-diversified
MSCI Thailand		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.


58		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


N O T E S T O F I N A N C I A L S T A T E M E N T S		59

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Hong Kong
BNP Paribas SA	$	2,114,040	$	(2,111,911	)	$	—		$	2,129	^(b)
Morgan Stanley		1,091,041		(1,091,041	)		—			—


	$	3,205,081	$	(3,202,952	)	$	—		$	2,129


MSCI Japan Small-Cap
BNP Paribas SA	$	217,213	$	(217,213	)	$	—		$	—
BofA Securities, Inc.		213,015		(213,015	)		—			—
Citigroup Global Markets, Inc.		322,061		(322,061	)		—			—
Goldman Sachs & Co. LLC		173,610		(173,610	)		—			—
HSBC Bank PLC		3,524		(3,524	)		—			—
J.P. Morgan Securities LLC		391,987		(391,987	)		—			—
Jefferies LLC		201,567		(201,567	)		—			—
Macquarie Bank Ltd.		258,838		(258,838	)		—			—
Mizuho Securities USA LLC		41,624		(41,624	)		—			—
Morgan Stanley		170,552		(170,552	)		—			—
SG Americas Securities LLC		228,351		(228,351	)		—			—
State Street Bank & Trust Co.		277,871		(277,871	)		—			—
UBS AG		158,665		(157,608	)		—			1,057	^(b)


	$	2,658,878	$	(2,657,821	)	$	—		$	1,057


MSCI Malaysia
Morgan Stanley	$	812,984	$	(812,984	)	$	—		$	—


MSCI Pacific ex Japan
BofA Securities, Inc.	$	119,530	$	(119,530	)	$	—		$	—
Morgan Stanley		3,918,166		(3,918,166	)		—			—


	$	4,037,696	$	(4,037,696	)	$	—		$	—


MSCI Singapore
BofA Securities, Inc.	$	9,906,290	$	(9,906,290	)	$	—		$	—


60		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Taiwan
Citigroup Global Markets Ltd.	$	17,031,621	$	(17,031,621	)	$	—		$	—
Goldman Sachs International		41,169,831		(41,169,831	)		—			—
J.P. Morgan Securities PLC		69,282,276		(69,282,276	)		—			—
Morgan Stanley		243,203,331		(243,203,331	)		—			—
UBS Europe SE		636,495		(636,495	)		—			—

	$	371,323,554	$	(371,323,554	)	$	—		$	—

MSCI Thailand
Barclays Capital, Inc.	$	1,991,558	$	(1,991,558	)	$	—		$	—
BofA Securities, Inc.		610,823		(610,823	)		—			—
Goldman Sachs & Co. LLC		929,315		(929,315	)		—			—
J.P. Morgan Securities LLC		4,286,951		(4,286,951	)		—			—
Morgan Stanley		16,660,675		(16,660,675	)		—			—
UBS AG		495,918		(495,918	)		—			—

	$	24,975,240	$	(24,975,240	)	$	—		$	—

^(a)

^(b)

The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Total return swaps are entered into by the iShares MSCI Hong Kong ETF and iShares MSCI Singapore ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).


N O T E S T O F I N A N C I A L S T A T E M E N T S		61

Notes to Financial Statements (unaudited) (continued)

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

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

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*


62		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $2 billion		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275


N O T E S T O F I N A N C I A L S T A T E M E N T S		63

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Amounts

MSCI Hong Kong	$	6,394
MSCI Japan Small-Cap		6,802
MSCI Malaysia		4,568
MSCI Pacific ex Japan		10,209
MSCI Singapore		7,168
MSCI Taiwan		654,053
MSCI Thailand		197,351

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Hong Kong	$	7,133,429	$	1,804,461	$	(1,967,450	)
MSCI Japan Small-Cap		5,261,297		1,003,716		11,509
MSCI Pacific ex Japan		7,422,830		7,615,867		(5,822,630	)
MSCI Singapore		1,020,886		7,205,787		(4,842,906	)

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI Hong Kong	$	31,304,661	$	81,382,142
MSCI Japan Small-Cap		11,658,665		11,944,888
MSCI Malaysia		15,699,385		36,276,715
MSCI Pacific ex Japan		81,253,764		79,314,529
MSCI Singapore		18,610,143		28,467,496
MSCI Taiwan		748,939,449		657,203,407
MSCI Thailand		7,973,126		8,007,930

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



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Hong Kong	$	—	$	2,087,506
MSCI Japan Small-Cap		20,962,233		20,870,609
MSCI Pacific ex Japan		60,301,998		45,476,131
MSCI Singapore		29,625,346		97,574,029
MSCI Thailand		27,799,286		40,016,047

8.	*INCOME TAX INFORMATION*


64		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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



iShares ETF	Non-Expiring Capital Loss Carryforwards

MSCI Hong Kong	$	(532,771,946	)
MSCI Japan Small-Cap		(16,073,853	)
MSCI Malaysia		(129,635,513	)
MSCI Pacific ex Japan		(642,958,205	)
MSCI Singapore		(337,745,463	)
MSCI Thailand		(141,242,558	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Hong Kong	$	755,808,142	$	18,930,149	$	(255,952,581	)	$	(237,022,432	)
MSCI Japan Small-Cap		134,734,409		11,237,588		(18,807,432	)		(7,569,844	)
MSCI Malaysia		183,594,220		89,542,185		(28,541,282	)		61,000,903
MSCI Pacific ex Japan		2,086,352,639		241,291,465		(418,155,385	)		(176,863,920	)
MSCI Singapore		443,585,409		33,400,782		(68,802,161	)		(35,401,379	)
MSCI Taiwan		1,949,016,349		2,363,865,028		(121,340,004	)		2,242,525,024
MSCI Thailand		399,169,793		1,947,636		(123,624,990	)		(121,677,354	)

9.	*LINE OF CREDIT*

The iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		65

Notes to Financial Statements (unaudited) (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

11.

CAPITAL SHARE TRANSACTIONS


66		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI Hong Kong
Shares sold		—		$	93,103			6,300,000		$	130,025,042
Shares redeemed		(3,000,000	)		(46,727,862	)		(7,350,000	)		(147,364,615	)


		(3,000,000	)	$	(46,634,759	)		(1,050,000	)	$	(17,339,573	)


MSCI Japan Small-Cap
Shares sold		300,000		$	21,233,466			700,000		$	47,638,207
Shares redeemed		(300,000	)		(21,132,443	)		—			—


		—		$	101,023			700,000		$	47,638,207

MSCI Malaysia
Shares sold		150,000		$	3,185,475			2,250,000		$	47,357,800
Shares redeemed		(1,125,000	)		(23,431,997	)		(450,000	)		(9,837,692	)


		(975,000	)	$	(20,246,522	)		1,800,000		$	37,520,108

MSCI Pacific ex Japan
Shares sold		1,800,000		$	74,506,983			3,000,000		$	139,222,729
Shares redeemed		(1,200,000	)		(47,211,756	)		(9,300,000	)		(408,934,307	)


		600,000		$	27,295,227			(6,300,000	)	$	(269,711,578	)

MSCI Singapore
Shares sold		2,000,000		$	36,321,651			3,150,000		$	60,208,375
Shares redeemed		(5,850,000	)		(103,904,981	)		(7,250,000	)		(138,669,604	)


		(3,850,000	)	$	(67,583,330	)		(4,100,000	)	$	(78,461,229	)

MSCI Taiwan
Shares sold		16,600,000		$	767,289,711			23,900,000		$	1,097,040,697
Shares redeemed		(6,700,000	)		(294,846,812	)		(26,500,000	)		(1,236,770,063	)


		9,900,000		$	472,442,899			(2,600,000	)	$	(139,729,366	)

MSCI Thailand
Shares sold		450,000		$	27,959,115			1,350,000		$	103,857,931
Shares redeemed		(650,000	)		(40,235,188	)		(1,650,000	)		(116,712,481	)


		(200,000	)	$	(12,276,073	)		(300,000	)	$	(12,854,550	)

12.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		67

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.


68		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited)

Section 19(a) Notices

February 29, 2024



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI Pacific ex Japan^(a)	$	0.934214	$	—	$	0.031814	$	0.966028		97	%		—	%		3	%		100	%
MSCI Singapore^(a)		0.333496		—		0.200862		0.534358		62			—			38			100
MSCI Taiwan		1.787734		3.739237		—		5.526971		32			68			—			100

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


S U P P L E M E N T A L I N F O R M A T I O N		69

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records


70		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		71

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-803-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Brazil ETF | EWZ | NYSE Arca

· iShares MSCI Chile ETF | ECH | Cboe BZX

· iShares MSCI Israel ETF | EIS | NYSE Arca

· iShares MSCI South Africa ETF | EZA | NYSE Arca

· iShares MSCI Turkey ETF | TUR | NASDAQ

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.93%		30.45%

U.S. small cap equities (Russell 2000^® Index)		8.97		10.05

International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41

Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2

Semi-Annual Report:

Fund Summary		4

About Fund Performance		9

Disclosure of Expenses		9

Schedules of Investments		10

Financial Statements

Statements of Assets and Liabilities		27

Statements of Operations		29

Statements of Changes in Net Assets		31

Financial Highlights		34

Notes to Financial Statements		39

Statement Regarding Liquidity Risk Management Program		47

Supplemental Information		48

General Information		49

Glossary of Terms Used in this Report		50


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

Investment Objective

The iShares MSCI Brazil ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		11.09	%		28.41	%		0.99	%		2.34	%		28.41	%		5.03	%		26.07	%
Fund Market		10.87			28.50			1.02			2.33			28.50			5.21			25.93
Index		11.55			28.99			1.77			3.08			28.99			9.15			35.41

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,110.90	$ 3.10			$ 1,000.00	$ 1,021.90	$ 2.97		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	26.5	%
Energy	21.5
Materials	17.1
Utilities	10.4
Industrials	8.6
Consumer Staples	7.8
Consumer Discretionary	2.6
Communication Services	2.4
Health Care	2.4
Information Technology	0.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Vale SA	11.7	%
Petroleo Brasileiro SA (Preferred)	9.7
Itau Unibanco Holding SA (Preferred)	8.3
Petroleo Brasileiro SA	7.8
B3 SA - Brasil Bolsa Balcao	3.8
Banco Bradesco SA (Preferred)	3.6
WEG SA	3.3
Ambev SA	3.0
Banco do Brasil SA	2.8
Itausa SA (Preferred)	2.7

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Chile ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(6.43	)%		(2.57	)%		(6.50	)%	(2.17)%		(2.57	)%		(28.55	)%	(19.68)%
Fund Market		(6.00	)		(1.97	)		(6.46	)	(2.13)		(1.97	)		(28.40	)	(19.34)
Index		(5.90	)		(2.19	)		(6.57	)	(2.15)		(2.19	)		(28.79	)	(19.54)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 935.70	$ 2.89			$ 1,000.00	$ 1,021.90	$ 3.02		0.60	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	28.2	%
Industrials	22.7
Utilities	16.6
Consumer Staples	12.8
Materials	6.1
Energy	4.4
Consumer Discretionary	4.1
Real Estate	3.4
Communication Services	1.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Sociedad Quimica y Minera de Chile SA (Preferred), Class B	16.1	%
Banco de Chile	11.9
Banco Santander Chile	7.2
Enel Americas SA	4.8
Empresas CMPC SA	4.5
Latam Airlines Group SA	4.5
Empresas Copec SA	4.4
Banco de Credito e Inversiones SA	4.4
Cencosud SA	4.3
Falabella SA	4.1

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		16.19	%		19.44	%		4.49	%	3.94%		19.44	%		24.54	%	47.18%
Fund Market		16.18			19.47			4.57		3.85		19.47			25.05		45.86
Index		15.97			19.33			4.89		4.39		19.33			26.94		53.67

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,161.90	$ 3.17			$ 1,000.00	$ 1,021.90	$ 2.97		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION




Sector	Percent of Total Investments^(a)


Information Technology		36.7%
Financials		23.3
Real Estate		9.0
Health Care		8.3
Industrials		7.0
Consumer Discretionary		4.1
Materials		2.5
Utilities		2.4
Communication Services		2.4
Consumer Staples		2.2
Energy		2.1

TEN LARGEST HOLDINGS




Security	Percent of Total Investments^(a)


Nice Ltd.		7.6%
Check Point Software Technologies Ltd.		7.4
Teva Pharmaceutical Industries Ltd.		7.3
Bank Leumi Le-Israel BM		6.3
Bank Hapoalim BM		6.0
CyberArk Software Ltd.		5.4
Wix.com Ltd.		3.7
Monday.com Ltd.		3.2
Israel Discount Bank Ltd., Class A		3.2
Mizrahi Tefahot Bank Ltd.		3.0

^(a)

Excludes money market funds.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 29, 2024		iShares^® MSCI South Africa ETF

Investment Objective

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(3.53	)%		(5.87	)%		(1.94	)%	(1.02)%		(5.87	)%		(9.34	)%	(9.79)%
Fund Market		(3.83	)		(6.62	)		(2.02	)	(1.05)		(6.62	)		(9.69	)	(10.00)
Index		(3.28	)		(6.17	)		(1.64	)	(0.58)		(6.17	)		(7.96	)	(5.61)

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 964.70	$ 2.93			$ 1,000.00	$ 1,021.90	$ 3.02		0.60	%

^(a)

Portfolio Information

SECTOR ALLOCATION




Sector	Percent of Total Investments^(a)


Financials		39.1%
Materials		20.6
Consumer Discretionary		18.3
Consumer Staples		9.5
Communication Services		5.4
Real Estate		2.1
Health Care		2.0
Industrials		1.8
Energy		1.2

TEN LARGEST HOLDINGS




Security	Percent of Total Investments^(a)


Naspers Ltd., Class N		15.6%
FirstRand Ltd.		8.9
Standard Bank Group Ltd.		7.3
Gold Fields Ltd.		6.1
Capitec Bank Holdings Ltd.		4.8
Anglogold Ashanti PLC		4.1
Bid Corp. Ltd.		4.1
MTN Group Ltd.		3.8
Absa Group Ltd.		3.8
Shoprite Holdings Ltd.		3.5

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


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

Investment Objective

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		1.63	%		10.32	%		9.44	%	1.55%		10.32	%		57.02	%	16.59%
Fund Market		1.11			10.63			9.54		1.57		10.63			57.74		16.87
Index		1.72			10.91			9.73		1.80		10.91			59.08		19.48

Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,016.30	$ 3.01			$ 1,000.00	$ 1,021.90	$ 3.02		0.60	%

^(a)

Portfolio Information

SECTOR ALLOCATION




Sector	Percent of Total Investments^(a)


Industrials		27.2%
Financials		17.1
Consumer Staples		14.9
Materials		13.4
Consumer Discretionary		10.0
Energy		6.1
Communication Services		3.5
Utilities		3.3
Real Estate		2.2
Health Care		1.2
Information Technology		1.1

TEN LARGEST HOLDINGS




Security	Percent of Total Investments^(a)

BIM Birlesik Magazalar AS		6.9%
Turkiye Petrol Rafinerileri AS		6.1
Turk Hava Yollari AO		6.0
Akbank TAS		5.0
KOC Holding AS		5.0
Turkiye Is Bankasi AS, Class C		3.8
Aselsan Elektronik Sanayi Ve Ticaret AS		3.6
Turkcell Iletisim Hizmetleri AS		3.5
Ford Otomotiv Sanayi AS		3.2
Haci Omer Sabanci Holding AS		3.1

^(a)

Excludes money market funds.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Disclosure of Expenses


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		9

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 4.2%
Banco Bradesco SA		17,367,465	$	42,972,344
Banco do Brasil SA		12,414,249		144,492,858
Banco Santander Brasil SA		6,326,163		36,396,022


				223,861,224

Beverages — 2.9%
Ambev SA		60,611,322		153,384,649


Broadline Retail — 0.4%
Magazine Luiza SA^(a)		41,222,921		17,663,057
Magazine Luiza SA, NVS		4,228,320		1,811,736


				19,474,793

Capital Markets — 5.7%
B3 SA - Brasil Bolsa Balcao		75,789,900		195,607,495
Banco BTG Pactual SA		14,670,400		107,391,896


				302,999,391

Consumer Staples Distribution & Retail — 2.9%
Atacadao SA		8,578,130		20,862,504
Raia Drogasil SA		16,715,832		89,579,724
Sendas Distribuidora SA		15,018,461		42,900,393


				153,342,621

Containers & Packaging — 1.0%
Klabin SA		11,205,922		50,877,604


Diversified Telecommunication Services — 1.4%
Telefonica Brasil SA		6,503,431		71,273,344


Electric Utilities — 5.5%
Centrais Eletricas Brasileiras SA		15,319,902		134,058,003
CPFL Energia SA		3,062,816		21,804,642
Energisa SA		2,836,456		29,008,755
Equatorial Energia SA		15,337,573		105,457,192


				290,328,592

Electrical Equipment — 3.3%
WEG SA		23,461,053		173,158,061


Food Products — 1.0%
JBS SA		11,591,502		53,770,803


Ground Transportation — 4.3%
Localiza Rent a Car SA		12,952,118		138,090,615
Localiza Rent a Car SA, NVS^(a)		48,684		495,546
Rumo SA		19,418,053		88,748,600


				227,334,761

Health Care Providers & Services — 1.5%
Hapvida Participacoes e Investimentos SA^(a)(b)		64,378,922		47,528,845
Rede D’Or Sao Luiz SA^(b)		6,504,166		33,128,580


				80,657,425

Independent Power and Renewable Electricity Producers — 1.0%
Eneva SA^(a)		8,529,322		22,013,478
Engie Brasil Energia SA		3,681,595		31,119,998


				53,133,476

Insurance — 1.7%
BB Seguridade Participacoes SA		10,570,359		70,892,915
Caixa Seguridade Participacoes S/A		6,603,593		19,089,061


				89,981,976

Metals & Mining — 12.2%
Cia. Siderurgica Nacional SA		10,444,230		35,338,647
Vale SA		45,074,886		607,424,235


				642,762,882

Oil, Gas & Consumable Fuels — 11.6%
Cosan SA		15,830,947		54,138,139
Petroleo Brasileiro SA		48,600,772		402,994,070
PRIO SA		9,905,700		87,099,062
Ultrapar Participacoes SA		11,431,035		67,513,264


				611,744,535


Security	Shares		Value

Paper & Forest Products — 2.3%
Suzano SA		10,783,780	$	122,239,746


Personal Care Products — 0.8%
Natura & Co. Holding SA^(a)		12,766,611		41,886,791


Pharmaceuticals — 0.8%
Hypera SA		6,227,250		41,188,465


Software — 0.7%
TOTVS SA		5,825,844		35,966,919


Specialty Retail — 2.2%
Lojas Renner SA		14,456,250		45,947,326
Vibra Energia SA		13,802,492		71,801,501


				117,748,827

Transportation Infrastructure — 0.9%
CCR SA		17,397,901		48,227,369


Water Utilities — 1.6%
Cia. de Saneamento Basico do Estado de Sao Paulo		5,208,963		82,947,740


Wireless Telecommunication Services — 1.0%
TIM SA/Brazil		14,282,535		52,204,474


Total Common Stocks — 70.9% (Cost: $2,221,893,779)				3,740,496,468


Preferred Stocks

Banks — 14.4%
Banco Bradesco SA, Preference Shares, NVS		67,809,679		187,560,718
Itau Unibanco Holding SA, Preference Shares, NVS		63,373,115		432,677,581
Itausa SA, Preference Shares, NVS		66,962,629		138,744,962


				758,983,261

Electric Utilities — 2.1%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		4,154,406		40,038,943
Cia. Energetica de Minas Gerais, Preference Shares, NVS		21,696,309		52,242,928
Companhia Paranaense de Energia, Preference Shares, NVS		9,706,882		19,956,214


				112,238,085

Metals & Mining — 1.4%
Gerdau SA, Preference Shares, NVS		16,999,350		73,522,163


Oil, Gas & Consumable Fuels — 9.6%
Petroleo Brasileiro SA, Preference Shares, NVS		62,368,358		503,604,009


Total Preferred Stocks — 27.5% (Cost: $825,548,054)				1,448,347,518


Total Long-Term Investments — 98.4% (Cost: $3,047,441,833)				5,188,843,986


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		3,700,000		3,700,000


Total Short-Term Securities — 0.1% (Cost: $3,700,000)				3,700,000


Total Investments — 98.5% (Cost: $3,051,141,833)				5,192,543,986

Other Assets Less Liabilities — 1.5%				80,835,688


Net Assets — 100.0%			$	5,273,379,674

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Brazil ETF

^(c)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	12,030,000	$	—	$	(8,330,000	)^(a)	$	—	$	—	$	3,700,000		3,700,000	$	558,347	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Bclear MSCI Brazil Index		1,401		03/15/24	$	83,864	$	(1,921,753	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,921,753	$	—	$	—	$	—	$	1,921,753

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	3,840,778	$	—	$	—	$	—	$	3,840,778


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	287,751	$	—	$	—	$	—	$	287,751

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	103,891,714

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Brazil ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	3,738,684,732		$	1,811,736	$	—	$	3,740,496,468
Preferred Stocks		1,448,347,518			—		—		1,448,347,518
Short-Term Securities
Money Market Funds		3,700,000			—		—		3,700,000


	$	5,190,732,250		$	1,811,736	$	—	$	5,192,543,986

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(1,921,753	)	$	—	$	—	$	(1,921,753	)

^(a)

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

See notes to financial statements.


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Chile ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 26.8%
Banco de Chile		577,680,482	$	66,985,811
Banco de Credito e Inversiones SA		888,981		24,661,709
Banco Itau Chile SA, NVS		1,084,620		10,665,890
Banco Santander Chile		828,276,859		40,279,533
Grupo Security SA		29,010,915		8,138,168


				150,731,111

Beverages — 3.9%
Cia. Cervecerias Unidas SA		2,183,028		12,666,112
Vina Concha y Toro SA		9,121,936		9,466,962


				22,133,074

Broadline Retail — 4.1%
Falabella SA^(a)		9,056,927		22,971,084


Capital Markets — 0.8%
Sociedad de Inversiones Oro Blanco SA		653,923,286		4,652,846


Consumer Staples Distribution & Retail — 6.1%
Cencosud SA		13,584,433		24,397,026
SMU SA		58,070,685		9,800,473


				34,197,499

Electric Utilities — 9.9%
Enel Americas SA		265,357,067		27,055,950
Enel Chile SA		336,770,128		20,229,355
Engie Energia Chile SA^(a)		9,711,445		8,293,421


				55,578,726

Financial Services — 0.5%
Inversiones La Construccion SA		321,109		2,768,811


Independent Power and Renewable Electricity Producers — 3.0%
Colbun SA		124,299,078		17,080,412


Marine Transportation — 2.2%
Cia. Sud Americana de Vapores SA		179,285,945		12,517,687


Metals & Mining — 1.6%
CAP SA		1,319,707		9,053,478


Oil, Gas & Consumable Fuels — 4.4%
Empresas Copec SA		3,872,006		24,849,841


Paper & Forest Products — 4.5%
Empresas CMPC SA		14,215,504		25,236,103


Passenger Airlines — 4.4%
Latam Airlines Group SA^(a)		1,990,147,423		25,029,803


Security	Shares		Value


Real Estate Management & Development — 3.4%
Parque Arauco SA		10,164,740	$	16,214,173
Plaza SA^(a)		1,958,792		2,899,481


				19,113,654

Water Utilities — 3.6%
Aguas Andinas SA, Class A		44,165,615		12,983,702
Inversiones Aguas Metropolitanas SA		9,845,070		7,388,439


				20,372,141

Wireless Telecommunication Services — 1.7%
Empresa Nacional de Telecomunicaciones SA		2,904,523		9,458,957


Total Common Stocks — 80.9% (Cost: $426,874,694)				455,745,227


Preferred Stocks

Beverages — 2.8%
Embotelladora Andina SA, Class B, Preference Shares, NVS		6,118,753		15,441,608


Electrical Equipment — 16.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,820,391		90,277,918


Total Preferred Stocks — 18.8% (Cost: $93,649,948)				105,719,526


Total Long-Term Investments — 99.7% (Cost: $520,524,642)				561,464,753


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(b)(c)		1,080,000		1,080,000


Total Short-Term Securities — 0.2% (Cost: $1,080,000)				1,080,000


Total Investments — 99.9% (Cost: $521,604,642)				562,544,753

Other Assets Less Liabilities — 0.1%				317,740


Net Assets — 100.0%			$	562,862,493

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	1,080,000	^(a)	$	—	$	—	$	—	$	1,080,000		1,080,000	$	34,625	$	—

^(a)

Represents net amount purchased (sold).


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Chile ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets Index

03/15/24

610

25,815

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	25,815	$	—	$	—	$	—	$	25,815

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(50,792	)	$	—	$	—	$	—	$	(50,792	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	89,294		$	—	$	—	$	—	$	89,294

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,070,043

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	339,415,896	$	116,329,331	$	—	$	455,745,227
Preferred Stocks		15,441,608		90,277,918		—		105,719,526
Short-Term Securities
Money Market Funds		1,080,000		—		—		1,080,000


	$	355,937,504	$	206,607,249	$	—	$	562,544,753


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Chile ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	25,815	$	—	$	—	$	25,815

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.9%
Elbit Systems Ltd.		18,379	$	4,088,147


Banks — 20.0%
Bank Hapoalim BM		875,393		8,385,164
Bank Leumi Le-Israel BM		1,049,349		8,798,425
FIBI Holdings Ltd.		12,194		551,472
First International Bank Of Israel Ltd. (The)		38,024		1,641,458
Israel Discount Bank Ltd., Class A		852,383		4,447,221
Mizrahi Tefahot Bank Ltd.		106,720		4,224,030


				28,047,770

Broadline Retail — 1.6%
Global-e Online Ltd.^(a)		67,909		2,300,078


Capital Markets — 0.3%
Tel Aviv Stock Exchange Ltd.		63,438		447,428


Chemicals — 2.5%
ICL Group Ltd.		533,119		2,831,568
Israel Corp Ltd.^(a)		2,633		693,021


				3,524,589

Communications Equipment — 0.2%
Ituran Location and Control Ltd		10,326		269,715


Construction & Engineering — 2.0%
Ashtrom Group Ltd.		27,812		456,051
Elco Ltd.		6,548		237,887
Electra Ltd./Israel		1,452		630,542
Kvutzat Acro Ltd., NVS^(b)		18,964		239,906
Shapir Engineering and Industry Ltd.		98,243		597,274
Shikun & Binui Ltd.^(a)		225,766		604,208


				2,765,868

Consumer Finance — 0.4%
Isracard Ltd.		139,065		544,471


Consumer Staples Distribution & Retail — 1.3%
M Yochananof & Sons Ltd.^(b)		3,495		173,432
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		6,158		378,638
Shufersal Ltd.^(a)		183,061		1,304,470


				1,856,540

Distributors — 0.1%
Tadiran Group Ltd.^(b)		2,071		172,449


Diversified REITs — 0.7%
Reit 1 Ltd.		134,174		610,607
Sella Capital Real Estate Ltd.		151,118		337,090


				947,697

Diversified Telecommunication Services — 1.3%
Bezeq The Israeli Telecommunication Corp. Ltd.		1,334,577		1,802,300


Electronic Equipment, Instruments & Components — 0.4%
Nayax Ltd.^(a)		5,678		157,044
Next Vision Stabilized Systems Ltd., NVS		38,088		452,734


				609,778

Food Products — 0.5%
Strauss Group Ltd.^(a)		36,322		720,602


Health Care Equipment & Supplies — 0.9%
Inmode Ltd.^(a)(b)		54,485		1,198,670


Health Care Providers & Services — 0.0%
Nano-X Imaging Ltd.^(a)(b)		2,368		26,427


Hotels, Restaurants & Leisure — 0.7%
Fattal Holdings 1998 Ltd.^(a)		5,101		697,115
NEOGAMES SA^(a)		9,264		262,356


				959,471

Household Durables — 0.7%
Azorim-Investment Development & Construction Co. Ltd.^(a)		50,796		260,901


Security	Shares		Value

Household Durables (continued)
Danya Cebus Ltd.		5,385	$	138,875
Electra Consumer Products 1970 Ltd.^(b)		8,803		221,246
Maytronics Ltd.		33,941		372,726


				993,748

Independent Power and Renewable Electricity Producers — 2.4%
Energix-Renewable Energies Ltd.		188,711		708,421
Enlight Renewable Energy Ltd.^(a)		81,284		1,405,561
Kenon Holdings Ltd./Singapore		14,849		379,556
OPC Energy Ltd.^(a)		77,187		541,829
OY Nofar Energy Ltd.^(a)		12,248		299,297


				3,334,664

Insurance — 2.6%
Clal Insurance Enterprises Holdings Ltd.^(a)		43,566		833,313
Harel Insurance Investments & Financial Services Ltd.^(b)		72,248		718,424
Menora Mivtachim Holdings Ltd.		14,935		417,458
Migdal Insurance & Financial Holdings Ltd.		289,724		382,811
Phoenix Holdings Ltd. (The)		112,363		1,212,001


				3,564,007

IT Services — 4.8%
Formula Systems 1985 Ltd.		6,859		529,620
Matrix IT Ltd.		24,058		505,291
One Software Technologies Ltd.		31,996		439,590
Wix.com Ltd.^(a)		37,418		5,245,255


				6,719,756

Machinery — 0.5%
Kornit Digital Ltd.^(a)		34,655		623,443


Marine Transportation — 0.6%
ZIM Integrated Shipping Services Ltd.^(b)		66,198		788,418


Media — 0.5%
Perion Network Ltd.^(a)		32,339		736,783


Oil, Gas & Consumable Fuels — 2.1%
Delek Group Ltd.		6,360		858,883
Equital Ltd.^(a)		16,269		525,679
Naphtha Israel Petroleum Corp. Ltd.		23,188		124,146
Oil Refineries Ltd.		1,730,791		712,090
Paz Oil Co. Ltd.^(a)		6,958		670,472


				2,891,270

Personal Care Products — 0.3%
Oddity Tech Ltd., NVS^(b)		10,872		458,581


Pharmaceuticals — 7.5%
Taro Pharmaceutical Industries Ltd.^(a)		6,469		272,151
Teva Pharmaceutical Industries Ltd., ADR^(a)		772,355		10,156,468


				10,428,619

Professional Services — 1.1%
Danel Adir Yeoshua Ltd.		3,659		365,507
Fiverr International Ltd.^(a)(b)		22,524		531,566
Hilan Ltd.		11,053		634,052


				1,531,125

Real Estate Management & Development — 8.3%
AFI Properties Ltd.^(a)		0		27
Africa Israel Residences Ltd.		4,358		287,854
Airport City Ltd.^(a)		46,903		792,602
Alony Hetz Properties & Investments Ltd.		105,774		776,709
Amot Investments Ltd.		161,789		827,248
Aura Investments Ltd.		101,582		387,293
Azrieli Group Ltd.		29,244		2,122,370
Big Shopping Centers Ltd.^(a)		9,258		1,025,386
Blue Square Real Estate Ltd.		3,785		267,676
Brack Capital Properties NV^(a)		0		13
Electra Real Estate Ltd.^(b)		15,803		169,839
G City Ltd.^(a)		70,549		221,609
Gav-Yam Lands Corp. Ltd.		0		1
Israel Canada T.R Ltd.^(b)		111,135		434,426
Isras Holdings Ltd., NVS		2,643		226,060


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Real Estate Management & Development (continued)
Isras Investment Co. Ltd.		1,261	$	254,109
Mega Or Holdings Ltd.		16,368		426,817
Melisron Ltd.		18,010		1,392,775
Mivne Real Estate KD Ltd.		416,372		1,118,564
Prashkovsky Investments and Construction Ltd.		5,047		130,030
Summit Real Estate Holdings Ltd.		27,944		374,134
YH Dimri Construction & Development Ltd.		5,163		407,706


				11,643,248

Semiconductors & Semiconductor Equipment — 5.4%
Camtek Ltd./Israel^(a)		20,078		1,620,879
Nova Ltd.^(a)		19,962		3,412,207
Tower Semiconductor Ltd.^(a)		75,882		2,499,246


				7,532,332

Software — 25.5%
Cellebrite DI Ltd.^(a)		34,134		408,584
Check Point Software Technologies Ltd.^(a)(b)		64,493		10,345,967
CyberArk Software Ltd.^(a)		28,779		7,590,749
Magic Software Enterprises Ltd.		18,599		207,439
Monday.com Ltd.^(a)		19,960		4,451,280
Nice Ltd.^(a)		43,639		10,676,552
Pagaya Technologies Ltd., NVS^(b)		193,497		286,376
Radware Ltd.^(a)(b)		26,034		462,364
Riskified Ltd.^(a)(b)		63,186		289,392
Sapiens International Corp. NV		22,850		705,804
SimilarWeb Ltd.^(a)		18,789		166,658
WalkMe Ltd.^(a)		15,195		141,465


				35,732,630

Specialty Retail — 0.7%
Delek Automotive Systems Ltd.		40,074		258,244
Fox Wizel Ltd.		5,698		476,174
Retailors Ltd.		13,333		305,510


				1,039,928

Technology Hardware, Storage & Peripherals — 0.3%
Nano Dimension Ltd., ADR^(a)(b)		157,028		447,530


Security	Shares		Value


Textiles, Apparel & Luxury Goods — 0.2%
Delta Galil Ltd.^(b)		7,090	$	334,591


Wireless Telecommunication Services — 0.6%
Cellcom Israel Ltd.^(a)		74,011		326,140
Partner Communications Co. Ltd.^(a)		89,840		437,766


				763,906


Total Long-Term Investments — 99.9% (Cost: $154,127,458)				139,846,579


Short-Term Securities

Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(c)(d)(e)		5,663,480		5,666,312
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		90,000		90,000


Total Short-Term Securities — 4.1% (Cost: $5,756,185)				5,756,312


Total Investments — 104.0% (Cost: $159,883,643)				145,602,891

Liabilities in Excess of Other Assets — (4.0)%				(5,538,586	)


Net Assets — 100.0%			$ 140,064,305

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,746,318	$	—	$	(6,081,529	)^(a)	$	1,928	$	(405	)	$	5,666,312		5,663,480	$	74,536	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		150,000		—		(60,000	)^(a)		—		—			90,000		90,000		2,990			—


								$	1,928	$	(405	)	$	5,756,312			$	77,526		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Israel ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

Euro STOXX 50 Index

03/15/24

212

15,645

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	15,645	$	—	$	—	$	—	$	15,645

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	9,022	$	—	$	—	$	—	$	9,022

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	15,077	$	—	$	—	$	—	$	15,077

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long			$129,992

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	51,952,267	$	87,894,312	$	—	$	139,846,579
Short-Term Securities
Money Market Funds		5,756,312		—		—		5,756,312


	$	57,708,579	$	87,894,312	$	—	$	145,602,891


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Israel ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	15,645	$	—	$	15,645

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI South Africa ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 18.4%
Absa Group Ltd.		1,122,924	$	9,586,149
Capitec Bank Holdings Ltd.		115,080		12,124,562
Nedbank Group Ltd.		580,581		6,642,021
Standard Bank Group Ltd.		1,771,789		18,643,507


				46,996,239

Broadline Retail — 17.3%
Naspers Ltd., Class N		242,100		39,825,829
Woolworths Holdings Ltd./South Africa		1,241,345		4,153,134


				43,978,963

Capital Markets — 1.8%
Reinet Investments SCA		181,345		4,576,550


Chemicals — 2.3%
Sasol Ltd.		759,630		5,724,844


Consumer Staples Distribution & Retail — 9.5%
Bid Corp. Ltd.		443,277		10,370,094
Clicks Group Ltd.		314,085		4,914,169
Shoprite Holdings Ltd.		664,296		8,943,405


				24,227,668

Financial Services — 10.8%
FirstRand Ltd.		6,672,245		22,572,828
Remgro Ltd.		664,452		5,039,165


				27,611,993

Industrial Conglomerates — 1.8%
Bidvest Group Ltd. (The)		382,256		4,656,827


Insurance — 8.0%
Discovery Ltd.		715,127		5,071,769
Old Mutual Ltd.		6,333,790		3,942,042
OUTsurance Group Ltd., NVS		1,116,663		2,424,288
Sanlam Ltd.		2,329,133		8,931,581


				20,369,680

Metals & Mining — 18.3%
Anglo American Platinum Ltd.		87,675		3,372,740
Anglogold Ashanti PLC, NVS		554,665		10,448,979
Gold Fields Ltd.		1,180,921		15,556,783
Harmony Gold Mining Co. Ltd.		737,443		4,286,788
Impala Platinum Holdings Ltd.		1,195,231		4,056,108
Kumba Iron Ore Ltd.		84,984		2,379,153


Security	Shares		Value

Metals & Mining (continued)
Northam Platinum Holdings Ltd.		470,888	$	2,692,753
Sibanye Stillwater Ltd.		3,740,932		3,855,743


				46,649,047

Oil, Gas & Consumable Fuels — 1.2%
Exxaro Resources Ltd.		323,154		2,998,580


Pharmaceuticals — 2.0%
Aspen Pharmacare Holdings Ltd.		501,309		5,122,604


Real Estate Management & Development — 2.1%
NEPI Rockcastle NV		742,356		5,296,737


Specialty Retail — 1.0%
Pepkor Holdings Ltd.^(a)		2,660,859		2,590,106


Wireless Telecommunication Services — 5.4%
MTN Group Ltd.		2,241,258		9,757,301
Vodacom Group Ltd.		824,467		4,041,522


				13,798,823


Total Long-Term Investments — 99.9% (Cost: $382,351,971)				254,598,661


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(b)(c)		110,000		110,000


Total Short-Term Securities — 0.1% (Cost: $110,000)				110,000


Total Investments — 100.0% (Cost: $382,461,971)				254,708,661

Other Assets Less Liabilities — 0.0%			71,669


Net Assets — 100.0%			$ 254,780,330

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Treasury, SL Agency Shares	$	150,000	$	—	$	(40,000	)^(a)	$	—	$	—	$	110,000		110,000	$	6,773	$	—

^(a)

Represents net amount purchased (sold).


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI South Africa ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
FTSE/JSE Top 40 Index		5		03/20/24	$	173	$	(6,123	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	6,123	$	—	$	—	$	—	$	6,123

^(a)

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




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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(49,830	)	$	—	$	—	$	—	$	(49,830	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	15,285		$	—	$	—	$	—	$	15,285

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	309,205

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	144,358,725	$	110,239,936	$	—	$	254,598,661
Short-Term Securities
Money Market Funds		110,000		—		—		110,000


	$	144,468,725	$	110,239,936	$	—	$	254,708,661


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI South Africa ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	—	$	(6,123	)	$	—	$	(6,123	)

^(a)

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

See notes to financial statements.


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.7%
Aselsan Elektronik Sanayi Ve Ticaret AS		3,853,239	$	7,394,429
SDT Uzay VE Savunma Teknolojileri A/S, NVS		34,943		430,469


				7,824,898

Air Freight & Logistics — 0.2%
Reysas Tasimacilik ve Lojistik Ticaret AS^(a)		517,798		481,464


Automobile Components — 1.1%
Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS		12,266		504,676
EGE Endustri VE Ticaret AS		2,374		1,316,868
Kordsa Teknik Tekstil AS		123,852		380,897


				2,202,441

Automobiles — 4.4%
Ford Otomotiv Sanayi AS		201,435		6,559,384
Tofas Turk Otomobil Fabrikasi AS		299,174		2,558,111


				9,117,495

Banks — 14.9%
Akbank TAS		7,850,261		10,451,430
Haci Omer Sabanci Holding AS		2,556,297		6,507,072
Turkiye Is Bankasi AS, Class C		21,964,161		7,788,977
Yapi ve Kredi Bankasi AS		8,466,958		6,248,492


				30,995,971

Beverages — 3.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS		670,244		3,341,402
Coca-Cola Icecek A/S		160,776		3,330,678


				6,672,080

Building Products — 0.6%
Bien Yapi Urunleri Sanayi Turizm ve Ticaret A/S, NVS		222,614		332,872
Kaleseramik Canakkale Kalebodur Seramik Sanayi A/S, NVS		215,500		541,728
Qua Granite Hayal^(a)		2,340,318		323,717


				1,198,317

Capital Markets — 1.1%
Is Yatirim Menkul Degerler AS		1,224,947		1,455,656
Oyak Yatirim Menkul Degerler AS, NVS^(a)		279,350		414,309
Verusa Holding A/S		43,298		370,157


				2,240,122

Chemicals — 5.1%
Gubre Fabrikalari TAS^(a)		33,377		214,381
Hektas Ticaret TAS^(a)		3,308,802		2,020,427
Kimteks Poliuretan Sanayi VE Ticaret AS, NVS		198,399		425,619
Petkim Petrokimya Holding AS^(a)		3,661,493		2,833,372
Politeknik Metal Sanayi ve Ticaret A/S, NVS		1,231		965,084
Sasa Polyester Sanayi AS^(a)		3,302,637		4,183,351


				10,642,234

Construction & Engineering — 1.8%
Enka Insaat ve Sanayi AS		1		1
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS^(a)		252,815		627,353
Kontrolmatik Enerji Ve Muhendislik AS, NVS		204,266		1,877,090
Tekfen Holding AS		800,302		1,203,855


				3,708,299

Construction Materials — 2.5%
Akcansa Cimento A/S		68,687		345,288
Baticim Bati Anadolu Cimento Sanayii A/S^(a)		149,778		547,657
Cimsa Cimento Sanayi VE Ticaret AS		588,594		659,616
Konya Cimento Sanayii A/S^(a)		1,420		448,879
Nuh Cimento Sanayi AS		223,459		2,353,970
Oyak Cimento Fabrikalari AS^(a)		409,438		930,138


				5,285,548

Consumer Finance — 0.2%
Katilimevim Tasarruf Finansman A/S, NVS		111,225		423,083


Consumer Staples Distribution & Retail — 10.0%
BIM Birlesik Magazalar AS		1,147,892		14,246,584
Migros Ticaret AS		279,384		4,412,409


Security	Shares		Value

Consumer Staples Distribution & Retail (continued)
Sok Marketler Ticaret AS		1,012,057	$	2,170,753


				20,829,746

Diversified REITs — 1.0%
Is Gayrimenkul Yatirim Ortakligi AS^(a)		695,219		385,324
Peker Gayrimenkul Yatirim Ortakligi A/S^(a)		804,053		847,008
Torunlar Gayrimenkul Yatirim Ortakligi A/S		314,471		376,144
Ziraat Gayrimenkul Yatirim Ortakligi AS		2,216,395		493,218


				2,101,694

Electric Utilities — 1.8%
Can2 Termik AS^(a)		1,174,930		679,794
Enerjisa Enerji AS^(b)		936,308		1,870,727
Izdemir Enerji Elektrik Uretim A/S, NVS		322,441		328,310
ODAS Elektrik Uretim ve Sanayi Ticaret AS^(a)		2,434,675		785,546


				3,664,377

Electrical Equipment — 1.1%
CW Enerji Muhendislik Ticaret VE Sanayi A/S, NVS		50,889		503,896
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S, NVS		121,762		678,762
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		676,165		735,237
YEO Teknoloji Enerji VE Endustri A/S, NVS		60,194		467,961


				2,385,856

Financial Services — 0.3%
Turkiye Sinai Kalkinma Bankasi AS^(a)		2,729,264		722,572


Food Products — 1.4%
Agrotech Yueksek Teknoloji VE Yatirim AS, NVS		266,102		310,139
Kayseri Seker Fabrikasi A/S, NVS		297,214		339,738
Ulker Biskuvi Sanayi AS^(a)		660,484		2,245,919


				2,895,796

Gas Utilities — 0.7%
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS		1,320,894		566,735
Aygaz AS		111,244		546,754
Enerya Enerji A/S, NVS		80,572		381,815


				1,495,304

Health Care Providers & Services — 1.0%
MLP Saglik Hizmetleri AS^(a)(b)		293,709		1,608,128
Selcuk Ecza Deposu Ticaret ve Sanayi AS		229,652		442,296


				2,050,424

Hotels, Restaurants & Leisure — 0.1%
TAB Gida Sanayi Ve Ticaret A/S, NVS		73,017		322,167


Household Durables — 1.1%
Vestel Beyaz Esya Sanayi ve Ticaret AS		1,597,599		1,114,574
Vestel Elektronik Sanayi ve Ticaret AS^(a)		462,326		1,229,406


				2,343,980

Independent Power and Renewable Electricity Producers — 0.8%
Akfen Yenilenebilir Enerji A/S, NVS		642,521		561,228
Aksa Enerji Uretim AS, Class B		325,230		392,173
Zorlu Enerji Elektrik Uretim AS^(a)		3,952,817		713,827


				1,667,228

Industrial Conglomerates — 9.6%
Alarko Holding A/S		559,437		2,371,373
Eczacibasi Yatirim Holding Ortakligi A/S		38,479		328,153
Kiler Holding AS^(a)		683,290		1,356,450
KOC Holding AS		1,914,401		10,310,178
Turkiye Sise ve Cam Fabrikalari AS		3,450,151		5,647,552


				20,013,706

Insurance — 0.5%
Anadolu Anonim Turk Sigorta Sirketi^(a)		190,308		417,402
Turkiye Sigorta A/S		350,036		562,631


				980,033

Machinery — 0.6%
Otokar Otomotiv Ve Savunma Sanayi AS^(a)		75,808		1,226,369


Metals & Mining — 5.7%
Eregli Demir ve Celik Fabrikalari TAS^(a)		3,611,436		5,261,352


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Metals & Mining (continued)
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A		533,130	$	384,081
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		2,687,943		2,310,512
Kocaer Celik Sanayi Ve Ticaret A/S		238,481		450,137
Koza Altin Isletmeleri AS		3,164,019		2,316,487
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		747,275		1,219,868


				11,942,437

Oil, Gas & Consumable Fuels — 6.0%
Turkiye Petrol Rafinerileri AS		2,427,592		12,576,546


Passenger Airlines — 7.8%
Pegasus Hava Tasimaciligi AS^(a)		136,658		3,751,850
Turk Hava Yollari AO^(a)		1,390,339		12,542,722


				16,294,572

Personal Care Products — 0.3%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		344,768		592,800


Pharmaceuticals — 0.2%
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS		200,509		461,604


Residential REITs — 1.2%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		6,971,903		2,477,887


Semiconductors & Semiconductor Equipment — 0.5%
Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS		111,802		379,099
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS^(a)		336,503		700,880


				1,079,979

Software — 0.6%
MIA Teknoloji A/S, NVS		466,332		1,169,134


Specialty Retail — 1.3%
Dogan Sirketler Grubu Holding AS		3,869,312		1,678,728
Dogus Otomotiv Servis ve Ticaret AS		112,502		962,687


				2,641,415


Security	Shares		Value


Textiles, Apparel & Luxury Goods — 1.9%
Aksa Akrilik Kimya Sanayii AS		494,039	$	1,683,101
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(b)		510,479		2,319,356


				4,002,457

Transportation Infrastructure — 1.6%
TAV Havalimanlari Holding AS^(a)		597,750		3,339,813


Wireless Telecommunication Services — 3.5%
Turkcell Iletisim Hizmetleri AS		3,405,056		7,299,313


Total Long-Term Investments — 99.4% (Cost: $195,788,305)				207,369,161


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		90,000		90,000


Total Short-Term Securities — 0.1% (Cost: $90,000)				90,000


Total Investments — 99.5% (Cost: $195,878,305)				207,459,161

Other Assets Less Liabilities — 0.5%				1,102,827


Net Assets — 100.0%			$	208,561,988

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	6,180,028	$	—	$	(6,180,211	)^(b)	$	397	$	(214	)	$	—		—	$	3,725	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,000		—		(30,000	)^(b)		—		—			90,000		90,000		4,766			—


								$	397	$	(214	)	$	90,000			$	8,491		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Turkey ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI Emerging Markets Index		22		03/15/24	$	1,118	$	(416	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	416	$	—	$	—	$	—	$	416

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(20,563	)	$	—	$	—	$	—	$	(20,563	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	170		$	—	$	—	$	—	$	170

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,176,178

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	129,934,407	$	77,434,754	$	—	$	207,369,161
Short-Term Securities
Money Market Funds		90,000		—		—		90,000


	$	130,024,407	$	77,434,754	$	—	$	207,459,161


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Turkey ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2		Level 3		Total

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(416	)	$	—	$	—	$	(416	)

^(a)

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

See notes to financial statements.


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Israel ETF			iShares MSCI South Africa ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	5,188,843,986		$	561,464,753		$	139,846,579		$	254,598,661
Investments, at value — affiliated^(c)		3,700,000			1,080,000			5,756,312			110,000
Cash		7,036			1,268			1,034			7,312
Cash pledged for futures contracts		9,578,000			34,000			—			—
Foreign currency collateral pledged for futures contracts^(d)		—			—			19,455			15,433
Foreign currency, at value^(e)		24,522,093			374,775			240,642			201,682
Receivables:
Investments sold		92,800,376			15,136,729			1,276,072			603,839
Securities lending income — affiliated		—			—			16,988			—
Dividends — unaffiliated		64,338,701			277,866			8,882			—
Dividends — affiliated		58,303			5,045			409			399
Variation margin on futures contracts		—			352			466			—


Total assets		5,383,848,495			578,374,788			147,166,839			255,537,326


LIABILITIES
Collateral on securities loaned, at value		—			—			5,657,125			—
Payables:
Investments purchased		29,290,868			15,258,711			1,377,648			632,306
Capital shares redeemed		76,841,606			—			—			—
Deferred foreign capital gain tax		—			—			4,812			—
Investment advisory fees		2,622,572			253,584			62,949			123,110
Variation margin on futures contracts		1,713,775			—			—			1,580


Total liabilities		110,468,821			15,512,295			7,102,534			756,996


Commitments and contingent liabilities

NET ASSETS	$	5,273,379,674		$	562,862,493		$	140,064,305		$	254,780,330


NET ASSETS CONSIST OF
Paid-in capital	$	8,174,577,247		$	898,352,250		$	217,522,943		$	678,234,519
Accumulated loss		(2,901,197,573	)		(335,489,757	)		(77,458,638	)		(423,454,189	)


NET ASSETS	$	5,273,379,674		$	562,862,493		$	140,064,305		$	254,780,330


NET ASSETVALUE
Shares outstanding		159,600,000			21,350,000			2,200,000			6,800,000


Net asset value	$	33.04		$	26.36		$	63.67		$	37.47


Shares authorized		2 billion			300 million			500 million			400 million


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a) Investments, at cost — unaffiliated	$	3,047,441,833		$	520,524,642		$	154,127,458		$	382,351,971
^(b) Securities loaned, at value	$	—		$	—		$	4,316,876		$	—
^(c) Investments, at cost — affiliated	$	3,700,000		$	1,080,000		$	5,756,185		$	110,000
^(d) Foreign currency collateral pledged, at cost	$	—		$	—		$	20,198		$	17,771
^(e) Foreign currency, at cost	$	24,442,201		$	386,224		$	235,353		$	203,066

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		27

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024


	iShares MSCI Turkey ETF


ASSETS
Investments, at value — unaffiliated^(a)	$	207,369,161
Investments, at value — affiliated^(b)		90,000
Cash		3,021
Foreign currency, at value^(c)		110,279
Receivables:
Investments sold		7,158,491
Dividends — unaffiliated		858
Dividends — affiliated		259


Total assets		214,732,069


LIABILITIES
Payables:
Investments purchased		6,071,797
Investment advisory fees		97,874
Variation margin on futures contracts		410


Total liabilities		6,170,081

Commitments and contingent liabilities

NET ASSETS	$	208,561,988


NET ASSETS CONSIST OF
Paid-in capital	$	492,819,039
Accumulated loss		(284,257,051	)


NET ASSETS	$	208,561,988


NET ASSETVALUE
Shares outstanding		5,550,000


Net asset value	$	37.58


Shares authorized		200 million


Par value	$	0.001


^(a) Investments, at cost — unaffiliated	$	195,788,305
^(b) Investments, at cost — affiliated	$	90,000
^(c) Foreign currency, at cost	$	111,753

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Israel ETF			iShares MSCI South Africa ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	154,733,353		$	6,633,665		$	601,996		$	5,089,116
Dividends — affiliated		558,347			34,625			2,990			6,773
Securities lending income — affiliated — net		—			—			74,536			—
Foreign taxes withheld		(12,720,312	)		(1,621,887	)		(144,291	)		(728,484	)


Total investment income		142,571,388			5,046,403			535,231			4,367,405


EXPENSES
Investment advisory		16,136,259			1,645,541			380,468			856,309
Commitment costs		19,473			2,930			637			1,439
Interest expense		—			9,154			—			—


Total expenses		16,155,732			1,657,625			381,105			857,748


Net investment income		126,415,656			3,388,778			154,126			3,509,657


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		8,676,745			(19,027,577	)		(2,630,700	)		(5,153,552	)
Investments — affiliated		—			—			1,928			—
Foreign currency transactions		(760,220	)		(92,678	)		4,544			(27,333	)
Futures contracts		3,840,778			(50,792	)		9,022			(49,830	)
In-kind redemptions — unaffiliated^(b)		—			—			3,866,790			980,398


		11,757,303			(19,171,047	)		1,251,584			(4,250,317	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		434,798,910			(30,134,412	)		18,485,096			(9,010,167	)
Investments — affiliated		—			—			(405	)		—
Foreign currency translations		24,370			(47,412	)		4,650			5,719
Futures contracts		287,751			89,294			15,077			15,285


		435,111,031			(30,092,530	)		18,504,418			(8,989,163	)


Net realized and unrealized gain (loss)		446,868,334			(49,263,577	)		19,756,002			(13,239,480	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	573,283,990		$	(45,874,799	)	$	19,910,128		$	(9,729,823	)


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	—		$	—		$	26,816		$	—
^(b) See Note 2 of the Notes to Financial Statements.
^(c) Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	(1,093	)	$	—

See notes to financial statements.


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

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024


	iShares MSCI Turkey ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	1,415,345
Dividends — affiliated		4,766
Securities lending income — affiliated — net		3,725
Foreign taxes withheld		(141,466	)


Total investment income		1,282,370


EXPENSES
Investment advisory		596,729
Commitment costs		1,019
Interest expense		21


Total expenses		597,769


Net investment income		684,601


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		1,050,509
Investments — affiliated		397
Foreign currency transactions		(17,443	)
Futures contracts		(20,563	)
In-kind redemptions — unaffiliated^(a)		10,192,460


		11,205,360

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(7,309,003	)
Investments — affiliated		(214	)
Foreign currency translations		(1,063	)
Futures contracts		170


		(7,310,110	)


Net realized and unrealized gain		3,895,250


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,579,851

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

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Brazil ETF						iShares MSCI Chile ETF


	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	126,415,656		$	354,681,789		$	3,388,778		$	32,262,351
Net realized gain (loss)		11,757,303			(254,894,384	)		(19,171,047	)		(7,137,518	)
Net change in unrealized appreciation (depreciation)		435,111,031			353,986,542			(30,092,530	)		8,920,570


Net increase (decrease) in net assets resulting from operations		573,283,990			453,773,947			(45,874,799	)		34,045,403


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(206,283,388	)		(467,216,704	)		(3,892,849	)		(35,771,920	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(220,241,628	)		(96,109,438	)		(8,379,522	)		129,656,844


NET ASSETS
Total increase (decrease) in net assets		146,758,974			(109,552,195	)		(58,147,170	)		127,930,327
Beginning of period		5,126,620,700			5,236,172,895			621,009,663			493,079,336


End of period	$	5,273,379,674		$	5,126,620,700		$	562,862,493		$	621,009,663

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Changes in Net Assets (continued)


	iShares MSCI Israel ETF						iShares MSCI South Africa ETF


	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	154,126		$	2,645,409		$	3,509,657		$	10,097,101
Net realized gain (loss)		1,251,584			(948,559	)		(4,250,317	)		(8,228,739	)
Net change in unrealized appreciation (depreciation)		18,504,418			(27,800,166	)		(8,989,163	)		4,297,983


Net increase (decrease) in net assets resulting from operations		19,910,128			(26,103,316	)		(9,729,823	)		6,166,345


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(596,947	)		(2,361,593	)		(3,998,230	)		(10,821,638	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(22,364,610	)		9,018,373			(2,789,427	)		(39,808,126	)


NET ASSETS
Total decrease in net assets		(3,051,429	)		(19,446,536	)		(16,517,480	)		(44,463,419	)
Beginning of period		143,115,734			162,562,270			271,297,810			315,761,229


End of period	$	140,064,305		$	143,115,734		$	254,780,330		$	271,297,810

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

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Turkey ETF

	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	684,601		$	6,777,537
Net realized gain		11,205,360			66,693,899
Net change in unrealized appreciation (depreciation)		(7,310,110	)		79,342,313


Net increase in net assets resulting from operations		4,579,851			152,813,749


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,941,346	)		(8,182,455	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(20,162,021	)		(208,954,025	)


NET ASSETS
Total decrease in net assets		(17,523,516	)		(64,322,731	)
Beginning of period		226,085,504			290,408,235


End of period	$	208,561,988		$	226,085,504

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Brazil ETF

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


Net asset value, beginning of period		$	30.82		$	30.48		$	36.58		$	29.62		$	40.92		$	32.03


Net investment income^(a)			0.75			2.14			4.10			1.34			0.86			1.12
Net realized and unrealized gain (loss)^(b)			2.69			0.98			(6.56	)		6.52			(11.13	)		8.88


Net increase (decrease) from investment operations			3.44			3.12			(2.46	)		7.86			(10.27	)		10.00


Distributions from net investment income^(c)			(1.22	)		(2.78	)		(3.64	)		(0.90	)		(1.03	)		(1.11	)


Net asset value, end of period		$	33.04		$	30.82		$	30.48		$	36.58		$	29.62		$	40.92


Total Return^(d)
Based on net asset value			11.09	%^(e)		11.49	%		(6.05	)%		26.35	%		(25.63	)%		31.36	%


Ratios to Average Net Assets^(f)
Total expenses			0.59	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income			4.65	%^(g)		7.13	%		13.01	%		3.84	%		2.35	%		2.75	%


Supplemental Data
Net assets, end of period (000)		$	5,273,380		$	5,126,621		$	5,236,173		$	5,044,685		$	5,312,367		$	8,205,744


Portfolio turnover rate^(h)			6	%⁽ⁱ⁾		22	%⁽ⁱ⁾		27	%⁽ⁱ⁾		17	%⁽ⁱ⁾		29	%⁽ⁱ⁾		16	%⁽ⁱ⁾


^(a) Based on average shares outstanding. ^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) Where applicable, assumes the reinvestment of distributions. ^(e) Not annualized. ^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(g) Annualized. ^(h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
⁽ⁱ⁾ Portfolio turnover rate excluding cash creations was as follows:			3	%		12	%		22	%		12	%		11	%		10	%

See notes to financial statements.


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Chile ETF

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


Net asset value, beginning of period		$	28.36		$	27.62		$	28.52		$	25.37		$	35.88		$	43.71


Net investment income^(a)			0.16			1.64			2.17			0.63			0.61			0.74
Net realized and unrealized gain (loss)^(b)			(1.98	)		0.96			(1.16	)		3.16			(10.54	)		(7.76	)


Net increase (decrease) from investment operations			(1.82	)		2.60			1.01			3.79			(9.93	)		(7.02	)


Distributions^(c)
From net investment income			(0.18	)		(1.86	)		(1.91	)		(0.64	)		(0.58	)		(0.79	)
Return of capital			—			—			—			—			—			(0.02	)


Total distributions			(0.18	)		(1.86	)		(1.91	)		(0.64	)		(0.58	)		(0.81	)


Net asset value, end of period		$	26.36		$	28.36		$	27.62		$	28.52		$	25.37		$	35.88


Total Return^(d)
Based on net asset value			(6.43	)%^(e)		9.54	%		4.03	%		14.90	%		(27.72	)%		(16.22	)%


Ratios to Average Net Assets^(f)
Total expenses			0.60	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income			1.22	%^(g)		5.87	%		8.30	%		2.17	%		2.10	%		1.74	%


Supplemental Data
Net assets, end of period (000)		$	562,862		$	621,010		$	493,079		$	476,286		$	441,423		$	330,140


Portfolio turnover rate^(h)			19	%⁽ⁱ⁾		47	%⁽ⁱ⁾		94	%⁽ⁱ⁾		62	%⁽ⁱ⁾		51	%⁽ⁱ⁾		75	%⁽ⁱ⁾


^(a) Based on average shares outstanding. ^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) Where applicable, assumes the reinvestment of distributions. ^(e) Not annualized. ^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(g) Annualized. ^(h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows:			9	%		20	%		36	%		17	%		21	%		12	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Israel ETF

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


Net asset value, beginning of period		$	55.04		$	66.35		$	72.22		$	56.70		$	53.28		$	56.62


Net investment income^(a)			0.07			1.04			1.16			0.26			0.23			0.33
Net realized and unrealized gain (loss)^(b)			8.82			(11.47	)		(5.74	)		15.38			4.31			(3.42	)


Net increase (decrease) from investment operations			8.89			(10.43	)		(4.58	)		15.64			4.54			(3.09	)


Distributions from net investment income^(c)			(0.26	)		(0.88	)		(1.29	)		(0.12	)		(1.12	)		(0.25	)


Net asset value, end of period		$	63.67		$	55.04		$	66.35		$	72.22		$	56.70		$	53.28


Total Return^(d)
Based on net asset value			16.19	%^(e)		(15.74	)%		(6.38	)%		27.59	%		8.53	%		(5.45	)%


Ratios to Average Net Assets^(f)
Total expenses			0.59	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income			0.24	%^(g)		1.82	%		1.64	%		0.40	%		0.43	%		0.60	%


Supplemental Data
Net assets, end of period (000)		$	140,064		$	143,116		$	162,562		$	162,485		$	104,903		$	114,553


Portfolio turnover rate^(h)			3	%		12	%		13	%		21	%		7	%		17	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI South Africa ETF

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


Net asset value, beginning of period		$	39.32		$	39.97		$	49.35		$	37.17		$	47.96		$	54.87


Net investment income^(a)			0.47			1.25			1.43			0.77			4.94			1.31
Net realized and unrealized gain (loss)^(b)			(1.81	)		(0.56	)		(9.35	)		13.67			(10.38	)		(5.84	)


Net increase (decrease) from investment operations			(1.34	)		0.69			(7.92	)		14.44			(5.44	)		(4.53	)


Distributions from net investment income^(c)			(0.51	)		(1.34	)		(1.46	)		(2.26	)		(5.35	)		(2.38	)


Net asset value, end of period		$	37.47		$	39.32		$	39.97		$	49.35		$	37.17		$	47.96


Total Return^(d)
Based on net asset value			(3.53	)%^(e)		1.62	%		(16.34	)%		39.49	%		(13.09	)%		(8.45	)%


Ratios to Average Net Assets^(f)
Total expenses			0.60	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income			2.43	%^(g)		3.01	%		3.02	%		1.69	%		11.79	%		2.48	%


Supplemental Data
Net assets, end of period (000)		$	254,780		$	271,298		$	315,761		$	276,373		$	323,418		$	374,067


Portfolio turnover rate^(h)			3	%		5	%		8	%		20	%		46	%		12	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Turkey ETF

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


Net asset value, beginning of period		$	37.37		$	22.60		$	23.91		$	19.99		$	24.08		$	20.09


Net investment income^(a)			0.12			0.74			0.66			0.70			0.30			0.60
Net realized and unrealized gain (loss)^(b)			0.44			15.28			(1.33	)		3.99			(3.94	)		4.06


Net increase (decrease) from investment operations			0.56			16.02			(0.67	)		4.69			(3.64	)		4.66


Distributions from net investment income^(c)			(0.35	)		(1.25	)		(0.64	)		(0.77	)		(0.45	)		(0.67	)


Net asset value, end of period		$	37.58		$	37.37		$	22.60		$	23.91		$	19.99		$	24.08


Total Return^(d)
Based on net asset value			1.63	%^(e)		72.12	%		(2.41	)%		23.59	%		(15.48	)%		23.38	%


Ratios to Average Net Assets^(f)
Total expenses			0.60	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income			0.68	%^(g)		2.37	%		3.23	%		2.98	%		1.22	%		2.43	%


Supplemental Data
Net assets, end of period (000)		$	208,562		$	226,086		$	290,408		$	301,262		$	178,947		$	314,190


Portfolio turnover rate^(h)			10	%		29	%		18	%		22	%		12	%		20	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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



iShares ETF		Diversification Classification

MSCI Brazil		Non-diversified
MSCI Chile		Non-diversified
MSCI Israel		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*


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

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Israel
Barclays Bank PLC	$	723,968	$	(723,968	)	$	—		$	—
BofA Securities, Inc.		351,133		(351,133	)		—			—
Goldman Sachs & Co. LLC		1,226,132		(1,226,132	)		—			—
J.P. Morgan Securities LLC		397,833		(397,833	)		—			—
Morgan Stanley		1,407,091		(1,407,091	)		—			—
Scotia Capital (USA), Inc.		9,465		(9,465	)		—			—
Toronto-Dominion Bank (The)		200,688		(200,688	)		—			—
UBS AG		566		(563	)		—			3	^(b)

	$	4,316,876	$	(4,316,873	)	$	—		$	3

^(a)

^(b)

The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*


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

Notes to Financial Statements (unaudited) (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $2 billion		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Amounts

MSCI Israel	$	16,097
MSCI Turkey		786

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Israel	$	146,779	$	273,078	$	(14,772)

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

MSCI Brazil	$	309,474,561	$	566,849,248
MSCI Chile		109,860,646		118,424,804
MSCI Israel		4,729,466		4,416,975
MSCI South Africa		13,042,848		7,780,884
MSCI Turkey		20,009,196		20,126,213

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



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Israel	$	10,195,959	$	32,129,004
MSCI South Africa		42,785,979		49,741,316
MSCI Turkey		19,867,100		41,673,866

8.	*INCOME TAX INFORMATION*


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

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



iShares ETF	Non-Expiring Capital Loss Carryforwards

MSCI Brazil	$	(4,327,868,826	)
MSCI Chile		(288,671,045	)
MSCI Israel		(62,850,908	)
MSCI South Africa		(280,647,174	)
MSCI Turkey		(303,236,149	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Brazil	$	3,813,018,486	$	2,258,651,226	$	(881,047,479	)	$	1,377,603,747
MSCI Chile		590,318,640		70,263,001		(98,011,073	)		(27,748,072	)
MSCI Israel		161,463,588		15,305,094		(31,150,146	)		(15,845,052	)
MSCI South Africa		392,981,409		5,021,573		(143,300,444	)		(138,278,871	)
MSCI Turkey		200,368,440		33,336,376		(26,246,071	)		7,090,305

9.	*LINE OF CREDIT*

During the six months ended February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Certain Funds invests a significant portion of their assets in securities of issuers located in Israel or with significant exposure to Israeli issuers. On October 7, 2023, Hamas launched a significant attack on Israel from the Gaza Strip. The extent and duration of the Israel-Hamas war and any related economic and market impacts are impossible to predict but may be significant, and may negatively impact Israel’s economy and issuers of securities in which certain Funds invest.


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI Brazil
Shares sold		5,950,000		$	203,986,749			15,250,000		$	491,201,426
Shares redeemed		(12,700,000	)		(424,228,377	)		(20,700,000	)		(587,310,864	)


		(6,750,000	)	$	(220,241,628	)		(5,450,000	)	$	(96,109,438	)

MSCI Chile
Shares sold		2,250,000		$	61,222,920			9,350,000		$	277,089,683
Shares redeemed		(2,800,000	)		(69,602,442	)		(5,300,000	)		(147,432,839	)


		(550,000	)	$	(8,379,522	)		4,050,000		$	129,656,844

MSCI Israel
Shares sold		200,000		$	10,343,137			1,050,000		$	59,945,413
Shares redeemed		(600,000	)		(32,707,747	)		(900,000	)		(50,927,040	)


		(400,000	)	$	(22,364,610	)		150,000		$	9,018,373

MSCI South Africa
Shares sold		1,200,000		$	47,005,246			2,200,000		$	93,284,072
Shares redeemed		(1,300,000	)		(49,794,673	)		(3,200,000	)		(133,092,198	)


		(100,000	)	$	(2,789,427	)		(1,000,000	)	$	(39,808,126	)

MSCI Turkey
Shares sold		650,000		$	21,813,403			3,400,000		$	108,374,237
Shares redeemed		(1,150,000	)		(41,975,424	)		(10,200,000	)		(317,328,262	)


		(500,000	)	$	(20,162,021	)		(6,800,000	)	$	(208,954,025	)

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

On April 14, 2024, Iran launched a significant attack on Israel; any related economic and market impacts are impossible to predict but may be significant and may negatively impact Israel’s economy and issuers of securities in which iShares MSCI Israel ETF invests.


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		47

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		49

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-804-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Australia ETF | EWA | NYSE Arca

· iShares MSCI Canada ETF | EWC | NYSE Arca

· iShares MSCI Japan ETF | EWJ | NYSE Arca

· iShares MSCI Mexico ETF | EWW | NYSE Arca

· iShares MSCI South Korea ETF | EWY | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	13.93%	30.45%

U.S. small cap equities (Russell 2000^® Index)	8.97	10.05

International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41

Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		31
Statements of Changes in Net Assets		33
Financial Highlights		36
Notes to Financial Statements		41
Statement Regarding Liquidity Risk Management Program		50
Supplemental Information		51
General Information		52
Glossary of Terms Used in this Report		53


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		9.98	%		8.79	%		6.59	%		4.17	%		8.79	%		37.61	%		50.44	%
Fund Market		9.92			8.72			6.60			4.10			8.72			37.66			49.51
Index		9.55			8.63			7.03			4.57			8.63			40.48			56.31

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,099.80	$	2.61		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	34.8	%
Materials	22.2
Health Care	10.0
Consumer Discretionary	6.5
Real Estate	6.0
Industrials	5.4
Energy	4.9
Consumer Staples	4.3
Communication Services	2.6
Information Technology	1.9
Utilities	1.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

BHP Group Ltd.	12.1	%
Commonwealth Bank of Australia	10.6
CSL Ltd.	7.5
National Australia Bank Ltd.	5.8
Westpac Banking Corp.	5.0
ANZ Group Holdings Ltd.	4.6
Wesfarmers Ltd.	4.1
Macquarie Group Ltd.	3.9
Woodside Energy Group Ltd.	3.1
Goodman Group	2.8

^(a)	Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.46	%		10.60	%		8.07	%		4.57	%		10.60	%		47.40	%		56.39	%
Fund Market		7.44			10.57			8.06			4.56			10.57			47.33			56.21
Index		7.77			10.60			8.22			4.74			10.60			48.46			58.88

Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,074.60	$	2.58		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	35.6	%
Energy	18.1
Industrials	13.6
Information Technology	9.9
Materials	9.0
Consumer Staples	4.9
Consumer Discretionary	3.8
Utilities	2.9
Communication Services	1.6
Real Estate	0.6

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Royal Bank of Canada	7.1	%
Toronto-Dominion Bank (The)	5.6
Shopify Inc., Class A	4.8
Canadian Pacific Kansas City Ltd.	4.1
Canadian Natural Resources Ltd.	3.9
Enbridge Inc.	3.8
Canadian National Railway Co.	3.7
Bank of Montreal	3.4
Bank of Nova Scotia (The)	3.1
Brookfield Corp., Class A	3.0

^(a)	Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		14.11	%		26.53	%		6.84	%		5.84	%		26.53	%		39.20	%		76.40	%
Fund Market		13.72			26.19			6.75			5.74			26.19			38.66			74.71
Index		14.13			26.93			7.25			6.23			26.93			41.90			83.04

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,141.10	$	2.66		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	22.0	%
Consumer Discretionary	19.6
Information Technology	15.8
Financials	13.0
Health Care	8.1
Communication Services	7.1
Consumer Staples	5.3
Materials	4.5
Real Estate	2.8
Utilities	1.0
Energy	0.8

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Toyota Motor Corp.	6.6	%
Tokyo Electron Ltd.	3.0
Mitsubishi UFJ Financial Group Inc.	2.9
Sony Group Corp.	2.8
Keyence Corp.	2.3
Hitachi Ltd.	2.0
Shin-Etsu Chemical Co. Ltd.	2.0
Mitsubishi Corp.	1.9
Sumitomo Mitsui Financial Group Inc.	1.8
SoftBank Group Corp.	1.6

^(a)	Excludes money market funds.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

The iShares MSCI Mexico ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.73	%		15.84	%		11.17	%		3.00	%		15.84	%		69.79	%		34.44	%
Fund Market		7.44			15.78			11.16			3.02			15.78			69.76			34.61
Index		6.48			16.42			11.61			3.37			16.42			73.22			39.26

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,077.30	$	2.58		$	1,000.00	$	1,022.40	$	2.51		0.50	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Consumer Staples	33.4	%
Financials	21.5
Industrials	12.7
Materials	12.2
Communication Services	10.2
Real Estate	8.1
Consumer Discretionary	1.5
Health Care	0.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Grupo Financiero Banorte SAB de CV, Class O	12.7	%
Fomento Economico Mexicano SAB de CV	11.5
Wal-Mart de Mexico SAB de CV	9.9
America Movil SAB de CV Mexico	8.3
Cemex SAB de CV	4.5
Grupo Mexico SAB de CV, Series B	4.4
Grupo Financiero Inbursa SAB de CV, Class O	3.2
Grupo Aeroportuario del Sureste SAB de CV, Class B	2.8
Grupo Aeroportuario del Pacifico SAB de CV, Class B	2.8
Fibra Uno Administracion SA de CV	2.7

^(a)	Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of February 29, 2024		iShares^® MSCI South Korea ETF

Investment Objective

The iShares MSCI South Korea ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		5.95	%		13.18	%		2.26	%		2.31	%		13.18	%		11.82	%		25.70	%
Fund Market		5.34			12.46			2.15			2.30			12.46			11.21			25.51
Index		5.80			13.44			2.63			2.73			13.44			13.88			30.96

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$	1,059.50	$	3.02		$	1,000.00	$	1,021.90	$	2.97		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	35.3	%
Industrials	15.9
Financials	12.5
Consumer Discretionary	11.2
Materials	7.6
Health Care	6.5
Communication Services	6.3
Consumer Staples	2.4
Energy	1.6
Utilities	0.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Samsung Electronics Co. Ltd.	22.5	%
SK Hynix Inc.	7.5
Hyundai Motor Co.	3.2
Kia Corp.	3.0
POSCO Holdings Inc.	2.8
Celltrion Inc.	2.5
NAVER Corp.	2.3
KB Financial Group Inc.	2.3
LG Chem Ltd.	2.1
Samsung SDI Co. Ltd.	1.9

^(a)	Excludes money market funds.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Disclosure of Expenses


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		9

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 25.8%
ANZ Group Holdings Ltd.		4,848,760	$	89,874,946
Commonwealth Bank of Australia		2,699,902		204,805,050
National Australia Bank Ltd.		5,029,263		111,745,799
Westpac Banking Corp.		5,645,277		96,868,712


				503,294,507

Beverages — 0.5%
Treasury Wine Estates Ltd.		1,308,196		10,502,664


Biotechnology — 7.4%
CSL Ltd.		778,674		144,961,244


Broadline Retail — 4.1%
Wesfarmers Ltd.		1,830,011		79,429,252


Capital Markets — 4.5%
ASX Ltd.		312,725		13,399,293
Macquarie Group Ltd.		589,781		74,890,020


				88,289,313

Chemicals — 0.5%
Orica Ltd.		776,884		8,657,557


Commercial Services & Supplies — 1.1%
Brambles Ltd.		2,241,708		22,011,300


Construction Materials — 1.4%
James Hardie Industries PLC^(a)		708,897		28,040,709


Consumer Staples Distribution & Retail — 3.8%
Coles Group Ltd.		2,156,259		23,717,243
Endeavour Group Ltd./Australia		2,302,564		8,242,899
Woolworths Group Ltd.		1,970,645		41,832,000


				73,792,142

Diversified Consumer Services — 0.3%
IDP Education Ltd.		428,888		5,327,512


Diversified REITs — 1.5%
GPT Group (The)		3,075,813		8,699,066
Mirvac Group		6,374,855		9,041,802
Stockland		3,858,951		11,275,160


				29,016,028

Diversified Telecommunication Services — 0.8%
Telstra Group Ltd.		6,522,969		16,207,699


Electric Utilities — 0.8%
Origin Energy Ltd.		2,779,912		16,240,007


Financial Services — 0.4%
Washington H Soul Pattinson & Co. Ltd.		376,764		8,475,212


Gas Utilities — 0.5%
APA Group		2,074,241		10,589,558


Ground Transportation — 0.4%
Aurizon Holdings Ltd.		2,972,612		7,367,391


Health Care Equipment & Supplies — 1.2%
Cochlear Ltd.		105,629		24,078,470


Health Care Providers & Services — 1.3%
Ramsay Health Care Ltd.		296,969		10,594,327
Sonic Healthcare Ltd.		727,312		14,114,051


				24,708,378

Hotels, Restaurants & Leisure — 2.1%
Aristocrat Leisure Ltd.		933,863		28,373,947


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Lottery Corp. Ltd. (The)		3,597,997	$	11,904,842


				40,278,789

Industrial REITs — 2.8%
Goodman Group		2,757,351		53,678,969


Insurance — 3.8%
Insurance Australia Group Ltd.		3,871,829		15,629,273
Medibank Pvt Ltd.		4,423,937		10,338,612
QBE Insurance Group Ltd.		2,406,593		27,086,137
Suncorp Group Ltd.		2,049,170		20,407,784


				73,461,806

Interactive Media & Services — 1.8%
CAR Group Ltd.		575,225		13,781,023
REA Group Ltd.		84,874		10,733,960
SEEK Ltd.		575,951		9,862,978


				34,377,961

Metals & Mining — 20.2%
BHP Group Ltd.		8,170,512		234,218,432
BlueScope Steel Ltd.		718,895		10,690,311
Fortescue Ltd.		2,731,784		46,107,069
IGO Ltd.		27,454		141,604
Mineral Resources Ltd.		283,767		12,313,847
Northern Star Resources Ltd.		1,853,876		15,410,656
Pilbara Minerals Ltd.^(b)		4,620,718		12,618,239
Rio Tinto Ltd.		597,958		48,152,902
South32 Ltd.		7,317,682		14,018,304


				393,671,364

Office REITs — 0.4%
Dexus		1,727,024		8,270,424


Oil, Gas & Consumable Fuels — 4.8%
Ampol Ltd.		385,185		9,874,164
Santos Ltd.		5,230,066		24,082,018
Woodside Energy Group Ltd.		3,059,399		60,358,221


				94,314,403

Passenger Airlines — 0.2%
Qantas Airways Ltd.^(a)		1,360,197		4,546,678


Professional Services — 0.8%
Computershare Ltd.		867,896		14,667,447


Retail REITs — 1.3%
Scentre Group		8,373,242		16,946,271
Vicinity Ltd.		6,213,092		7,846,087


				24,792,358

Software — 1.8%
WiseTech Global Ltd.		269,171		16,603,339
Xero Ltd.^(a)		232,137		19,306,496


				35,909,835

Trading Companies & Distributors — 0.7%
Reece Ltd.		363,055		6,357,092
Seven Group Holdings Ltd.		263,780		6,602,807


				12,959,899

Transportation Infrastructure — 2.3%
Transurban Group		4,981,139		43,894,884


Total Long-Term Investments — 99.3% (Cost: $2,121,083,402)				1,935,813,760


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(c)(d)(e)		12,964,436	$	12,970,918
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		780,000		780,000


Total Short-Term Securities — 0.7% (Cost: $13,750,488)				13,750,918


Total Investments — 100.0% (Cost: $2,134,833,890)				1,949,564,678

Other Assets Less Liabilities — 0.0%				727,985


Net Assets — 100.0%			$	1,950,292,663

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	12,970,084	^(a)	$	—		$	404	$	430	$	12,970,918		12,964,436	$	30,348	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,220,000		—			(440,000	)^(a)		—		—		780,000		780,000		48,172			—

									$	404	$	430	$	13,750,918			$	78,520		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

SPI 200 Index

115

03/21/24

14,348

203,058


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Australia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	203,058	$	—	$	—	$	—	$	203,058

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	50,847	$	—	$	—	$	—	$	50,847


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	21,232	$	—	$	—	$	—	$	21,232

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long			$13,838,239

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	1,935,813,760	$	—	$	1,935,813,760
Short-Term Securities
Money Market Funds		13,750,918		—		—		13,750,918


	$	13,750,918	$	1,935,813,760	$	—	$	1,949,564,678

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	203,058	$	—	$	203,058

^(a)

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

See notes to financial statements.


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.3%
CAE Inc.^(a)		461,917	$	8,624,674


Automobile Components — 0.8%
Magna International Inc.		395,377		21,785,574


Banks — 22.8%
Bank of Montreal		1,047,838		94,843,179
Bank of Nova Scotia (The)		1,764,711		85,573,173
Canadian Imperial Bank of Commerce		1,353,601		64,052,062
National Bank of Canada		491,650		38,374,892
Royal Bank of Canada		2,044,522		198,554,323
Toronto-Dominion Bank (The)		2,575,900		154,669,779


				636,067,408

Broadline Retail — 1.4%
Canadian Tire Corp. Ltd., Class A, NVS		76,033		7,736,917
Dollarama Inc.		408,366		31,588,449


				39,325,366

Capital Markets — 4.5%
Brookfield Asset Management Ltd.		509,951		20,782,809
Brookfield Corp., Class A		2,018,288		83,280,498
IGM Financial Inc.		121,001		3,178,489
Onex Corp.		95,549		7,115,748
TMX Group Ltd.		404,586		10,612,874


				124,970,418

Chemicals — 1.3%
Nutrien Ltd.		718,747		37,516,883


Commercial Services & Supplies — 1.5%
Element Fleet Management Corp.		566,864		9,460,612
GFL Environmental Inc.		338,418		12,201,152
RB Global Inc.		265,132		20,002,848


				41,664,612

Construction & Engineering — 1.5%
Stantec Inc.		165,892		13,851,735
WSP Global Inc.		181,047		28,737,534


				42,589,269

Consumer Staples Distribution & Retail — 4.6%
Alimentation Couche-Tard Inc.		1,117,701		69,319,451
Empire Co. Ltd., Class A, NVS		204,590		5,184,283
George Weston Ltd.		87,966		11,521,819
Loblaw Companies Ltd.		227,260		24,220,526
Metro Inc./CN		330,086		17,871,804


				128,117,883

Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS		215,956		11,008,242


Diversified Telecommunication Services — 0.8%
BCE Inc.		106,011		3,933,768
Quebecor Inc., Class B		221,629		5,183,292
TELUS Corp.		701,744		12,239,090


				21,356,150

Electric Utilities — 2.0%
Emera Inc.		413,282		14,495,246
Fortis Inc./Canada		710,037		27,378,135
Hydro One Ltd.^(b)		477,670		14,237,005


				56,110,386

Food Products — 0.3%
Saputo Inc.		369,827		7,523,799


Security	Shares		Value

Gas Utilities — 0.3%
AltaGas Ltd.		428,192	$	9,178,135


Ground Transportation — 8.4%
Canadian National Railway Co.		793,389		102,871,947
Canadian Pacific Kansas City Ltd.		1,354,221		114,981,311
TFI International Inc.		116,536		17,218,287


				235,071,545

Hotels, Restaurants & Leisure — 1.2%
Restaurant Brands International Inc.		431,771		33,526,160


Independent Power and Renewable Electricity Producers — 0.4%
Brookfield Renewable Corp., Class A		195,823		4,649,020
Northland Power Inc.		366,553		6,212,076


				10,861,096

Insurance — 8.2%
Fairfax Financial Holdings Ltd.		30,868		32,947,777
Great-West Lifeco Inc.		405,691		12,495,217
iA Financial Corp. Inc.		146,233		9,068,245
Intact Financial Corp.		258,582		42,999,511
Manulife Financial Corp.		2,626,375		62,333,227
Power Corp. of Canada		824,525		23,821,704
Sun Life Financial Inc.		848,846		45,083,314


				228,748,995

IT Services — 6.0%
CGI Inc.^(a)		299,522		34,389,359
Shopify Inc., Class A^(a)		1,752,204		133,873,214


				168,262,573

Leisure Products — 0.1%
BRP Inc.		51,428		3,394,555


Metals & Mining — 7.0%
Agnico Eagle Mines Ltd.		720,984		34,578,970
Barrick Gold Corp.		2,552,056		37,214,153
First Quantum Minerals Ltd.		854,849		8,094,028
Franco-Nevada Corp.		279,234		29,235,058
Ivanhoe Mines Ltd., Class A^(a)(c)		922,575		9,809,348
Kinross Gold Corp.		1,776,379		8,691,122
Lundin Mining Corp.		953,201		7,536,268
Pan American Silver Corp.		531,670		6,597,151
Teck Resources Ltd., Class B		669,712		25,734,429
Wheaton Precious Metals Corp.		658,390		27,133,149


				194,623,676

Multi-Utilities — 0.2%
Canadian Utilities Ltd., Class A, NVS		188,750		4,250,230


Oil, Gas & Consumable Fuels — 18.1%
ARC Resources Ltd.		872,852		14,876,076
Cameco Corp.		630,593		25,555,477
Canadian Natural Resources Ltd.		1,554,398		108,280,431
Cenovus Energy Inc.		2,039,872		35,547,266
Enbridge Inc.		3,089,170		106,185,595
Imperial Oil Ltd.		272,174		17,030,554
Keyera Corp.		333,547		8,206,266
MEG Energy Corp.^(a)		398,782		8,535,989
Parkland Corp.		205,593		6,576,128
Pembina Pipeline Corp.		798,447		27,786,650
Suncor Energy Inc.		1,874,253		64,397,021
TC Energy Corp.		1,507,420		59,623,701
Tourmaline Oil Corp.		484,817		21,941,171


				504,542,325

Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.		81,725		6,577,021


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Passenger Airlines — 0.1%
Air Canada^(a)(c)		253,537	$	3,385,101


Professional Services — 1.3%
Thomson Reuters Corp.		230,853		36,442,506


Real Estate Management & Development — 0.3%
FirstService Corp.		58,090		9,559,607


Residential REITs — 0.2%
Canadian Apartment Properties REIT		118,659		4,162,661


Retail REITs — 0.1%
RioCan REIT		212,090		2,794,215


Software — 3.8%
Constellation Software Inc./Canada		29,266		81,478,364
Descartes Systems Group Inc. (The)^(a)		123,348		10,691,099
Open Text Corp.		394,986		15,189,419


				107,358,882

Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear Inc.		222,011		7,731,083


Trading Companies & Distributors — 0.4%
Toromont Industries Ltd.		119,703		10,994,348


Wireless Telecommunication Services — 0.8%
Rogers Communications Inc., Class B, NVS		515,663		22,820,410


Total Common Stocks — 99.6% (Cost: $3,069,485,296)				2,780,945,788


Warrants

Software — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50)^(a)(d)		34,014		0


Total Warrants — 0.0% (Cost: $—)				0


Total Long-Term Investments — 99.6% (Cost: $3,069,485,296)				2,780,945,788


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(e)(f)(g)		8,560,606	$	8,564,886
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(e)(f)		1,230,000		1,230,000


Total Short-Term Securities — 0.4% (Cost: $9,795,656)				9,794,886


Total Investments — 100.0% (Cost: $3,079,280,952)				2,790,740,674

Other Assets Less Liabilities — 0.0%				426,449


Net Assets — 100.0%			$	2,791,167,123

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	34,223	$	8,530,399	^(a)	$	—		$	1,052	$	(788	)	$	8,564,886		8,560,606	$	11,536	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,330,000		—			(100,000	)^(a)		—		—			1,230,000		1,230,000		57,563			—


									$	1,052	$	(788	)	$	9,794,886			$	69,099		$	—

^(a)

Represents net amount purchased (sold).

^(b)


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Canada ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P/TSE 60 Index

03/14/24

9,129

342,986

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	342,986	$	—	$	—	$	—	$	342,986

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	10,942	$	—	$	—	$	—	$	10,942


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	198,652	$	—	$	—	$	—	$	198,652

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,688,933

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	2,780,945,788	$	—	$	—	$	2,780,945,788
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		9,794,886		—		—		9,794,886


	$	2,790,740,674	$	—	$	—	$	2,790,740,674


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Canada ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	342,986	$	—	$	—	$	342,986

^(a)

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

See notes to financial statements.


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.3%
Nippon Express Holdings Inc.		303,400	$	16,039,731
SG Holdings Co. Ltd.		1,345,000		16,872,765
Yamato Holdings Co. Ltd.		1,113,400		16,918,691


				49,831,187

Automobile Components — 2.0%
Aisin Corp.		618,500		23,357,810
Bridgestone Corp.		2,396,300		102,903,159
Denso Corp.		7,936,800		145,999,919
Koito Manufacturing Co. Ltd.		839,800		10,645,360
Sumitomo Electric Industries Ltd.		2,987,900		44,366,357


				327,272,605

Automobiles — 9.6%
Honda Motor Co. Ltd.		19,386,600		230,362,428
Isuzu Motors Ltd.		2,444,800		34,884,674
Mazda Motor Corp.		2,379,800		27,635,450
Nissan Motor Co. Ltd.		10,097,300		39,779,988
Subaru Corp.		2,531,300		57,272,668
Suzuki Motor Corp.		1,649,100		72,593,836
Toyota Motor Corp.		44,508,200		1,072,042,878
Yamaha Motor Co. Ltd.		3,739,800		33,528,545


				1,568,100,467

Banks — 7.3%
Chiba Bank Ltd. (The)		2,234,200		18,195,402
Concordia Financial Group Ltd.		4,453,700		22,579,515
Japan Post Bank Co. Ltd.		6,073,300		64,757,807
Mitsubishi UFJ Financial Group Inc.		46,603,380		478,747,369
Mizuho Financial Group Inc.		10,124,358		189,144,100
Resona Holdings Inc.		8,903,200		48,590,238
Shizuoka Financial Group Inc., NVS		1,960,000		19,185,212
Sumitomo Mitsui Financial Group Inc.		5,332,900		297,119,915
Sumitomo Mitsui Trust Holdings Inc.		2,750,064		55,725,179


				1,194,044,737

Beverages — 0.8%
Asahi Group Holdings Ltd.		2,017,700		69,121,293
Kirin Holdings Co. Ltd.		3,255,000		45,251,452
Suntory Beverage & Food Ltd.		584,900		19,206,543


				133,579,288

Broadline Retail — 0.4%
Pan Pacific International Holdings Corp.		1,598,600		37,686,264
Rakuten Group Inc.^(a)		6,288,800		34,468,733


				72,154,997

Building Products — 1.2%
AGC Inc.		821,300		29,368,764
Daikin Industries Ltd.		1,107,200		156,051,293
TOTO Ltd.		594,200		16,089,755


				201,509,812

Capital Markets — 1.2%
Daiwa Securities Group Inc.		5,587,800		41,197,118
Japan Exchange Group Inc.		2,107,500		55,177,689
Nomura Holdings Inc.		12,613,600		71,817,594
SBI Holdings Inc.		1,040,910		28,025,524


				196,217,925

Chemicals — 3.6%
Asahi Kasei Corp.		5,255,900		36,570,411
JSR Corp.		743,500		19,976,091
Mitsubishi Chemical Group Corp.		5,366,000		30,791,924
Mitsui Chemicals Inc.		719,400		19,950,503
Nippon Paint Holdings Co. Ltd.		3,976,400		29,540,419


Security	Shares		Value

Chemicals (continued)
Nippon Sanso Holdings Corp.		728,800	$	21,137,700
Nissan Chemical Corp.		528,100		22,088,767
Nitto Denko Corp.		603,100		55,451,398
Shin-Etsu Chemical Co. Ltd.		7,561,000		322,660,659
Toray Industries Inc.		5,817,300		26,840,631


				585,008,503

Commercial Services & Supplies — 0.7%
Dai Nippon Printing Co. Ltd.		858,600		25,078,899
Secom Co. Ltd.		884,300		64,529,266
Toppan Holdings Inc.		965,700		23,016,038


				112,624,203

Construction & Engineering — 0.6%
Kajima Corp.		1,765,900		32,784,799
Obayashi Corp.		2,727,500		26,406,117
Shimizu Corp.		2,184,000		12,668,173
Taisei Corp.		713,000		22,417,174


				94,276,263

Consumer Staples Distribution & Retail — 1.5%
Aeon Co. Ltd.		2,744,600		65,532,693
Kobe Bussan Co. Ltd.		627,800		16,902,490
MatsukiyoCocokara & Co.		1,434,900		23,795,207
Seven & i Holdings Co. Ltd.		9,455,340		140,912,326


				247,142,716

Diversified REITs — 0.2%
KDX Realty Investment Corp.		17,363		17,380,232
Nomura Real Estate Master Fund Inc.		16,821		16,718,167


				34,098,399

Diversified Telecommunication Services — 0.9%
Nippon Telegraph & Telephone Corp.		125,413,500		152,523,568


Electric Utilities — 0.6%
Chubu Electric Power Co. Inc.		2,693,500		33,523,976
Kansai Electric Power Co. Inc. (The)		2,948,200		37,704,199
Tokyo Electric Power Co. Holdings Inc.^(a)		6,406,000		34,655,161


				105,883,336

Electrical Equipment — 1.4%
Fuji Electric Co. Ltd.		532,600		32,433,990
Mitsubishi Electric Corp.		8,110,700		129,187,075
Nidec Corp.		1,751,800		66,478,561


				228,099,626

Electronic Equipment, Instruments & Components — 5.1%
Azbil Corp.		504,800		14,834,697
Hamamatsu Photonics KK		589,500		21,193,777
Hirose Electric Co. Ltd.		121,758		12,957,847
Ibiden Co. Ltd.		472,100		21,852,077
Keyence Corp.		816,604		382,705,975
Kyocera Corp.		5,388,600		79,527,596
Murata Manufacturing Co. Ltd.		7,232,800		145,755,306
Omron Corp.		738,200		27,448,268
Shimadzu Corp.		994,100		27,157,066
TDK Corp.		1,631,700		85,071,710
Yokogawa Electric Corp.		953,500		20,183,495


				838,687,814

Entertainment — 2.2%
Capcom Co. Ltd.		731,800		29,550,690
Konami Group Corp.		424,200		28,547,549
Nexon Co. Ltd.		1,439,100		23,371,974
Nintendo Co. Ltd.		4,360,500		243,665,729
Square Enix Holdings Co. Ltd.		360,000		15,251,685


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Toho Co. Ltd./Tokyo		467,000	$	15,155,948


				355,543,575

Financial Services — 0.8%
Mitsubishi HC Capital Inc.		3,389,500		23,420,837
ORIX Corp.		4,923,500		103,445,367


				126,866,204

Food Products — 1.1%
Ajinomoto Co. Inc.		1,969,600		72,444,391
Kikkoman Corp.		573,300		37,551,634
MEIJI Holdings Co. Ltd.		985,312		22,174,120
Nissin Foods Holdings Co. Ltd.		841,800		24,537,091
Yakult Honsha Co. Ltd.		1,075,400		23,173,713


				179,880,949

Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		1,569,300		31,317,879
Tokyo Gas Co. Ltd.		1,548,800		33,900,410


				65,218,289

Ground Transportation — 2.1%
Central Japan Railway Co.		3,242,200		81,540,939
East Japan Railway Co.		1,269,600		75,111,386
Hankyu Hanshin Holdings Inc.		960,500		27,698,543
Keisei Electric Railway Co. Ltd.		578,900		27,046,798
Kintetsu Group Holdings Co. Ltd.		758,700		23,333,565
Odakyu Electric Railway Co. Ltd.		1,308,700		18,399,828
Tobu Railway Co. Ltd.		791,300		20,228,803
Tokyu Corp.		2,098,700		26,113,763
West Japan Railway Co.		921,000		38,296,746


				337,770,371

Health Care Equipment & Supplies — 2.6%
Asahi Intecc Co. Ltd.		909,900		18,938,229
Hoya Corp.		1,475,500		192,607,377
Olympus Corp.		5,048,500		71,834,509
Sysmex Corp.		704,300		39,549,830
Terumo Corp.		2,824,200		110,035,588


				432,965,533

Health Care Technology — 0.2%
M3 Inc.		1,850,100		26,610,458


Hotels, Restaurants & Leisure — 1.2%
McDonald’s Holdings Co. Japan Ltd.		362,700		16,869,097
Oriental Land Co. Ltd./Japan		4,579,200		164,119,447
Zensho Holdings Co. Ltd.		404,800		17,726,604


				198,715,148

Household Durables — 3.9%
Iida Group Holdings Co. Ltd.		643,780		8,307,269
Panasonic Holdings Corp.		9,270,515		87,640,021
Sekisui Chemical Co. Ltd.		1,608,200		22,674,758
Sekisui House Ltd.		2,501,200		55,715,917
Sharp Corp./Japan^(a)		1,096,500		5,975,872
Sony Group Corp.		5,293,400		456,016,597


				636,330,434

Household Products — 0.3%
Unicharm Corp.		1,692,000		56,112,002


Industrial Conglomerates — 2.1%
Hikari Tsushin Inc.		85,100		15,408,257
Hitachi Ltd.		3,891,300		329,672,895


				345,081,152

Industrial REITs — 0.2%
GLP J-REIT		19,695		15,625,774


Security	Shares		Value

Industrial REITs (continued)
Nippon Prologis REIT Inc.		9,532	$	15,947,521


				31,573,295

Insurance — 3.7%
Dai-ichi Life Holdings Inc.		3,946,800		89,845,561
Japan Post Holdings Co. Ltd.		8,715,600		84,115,831
Japan Post Insurance Co. Ltd.		797,300		14,694,396
MS&AD Insurance Group Holdings Inc.		1,799,940		89,947,007
Sompo Holdings Inc.		1,247,150		73,115,198
T&D Holdings Inc.		2,090,100		36,376,978
Tokio Marine Holdings Inc.		7,564,100		220,997,733


				609,092,704

Interactive Media & Services — 0.2%
LY Corp.		11,205,000		30,971,617


IT Services — 2.3%
Fujitsu Ltd.		741,000		115,798,068
NEC Corp.		1,030,600		69,562,615
Nomura Research Institute Ltd.		1,614,012		45,353,790
NTT Data Group Corp.		2,643,400		43,053,321
Obic Co. Ltd.		293,700		45,994,613
Otsuka Corp.		477,400		20,992,032
SCSK Corp.		650,300		11,994,544
TIS Inc.		924,700		20,869,290


				373,618,273

Leisure Products — 0.6%
Bandai Namco Holdings Inc.		2,512,294		48,377,438
Shimano Inc.		321,500		44,528,240
Yamaha Corp.		550,300		12,034,479


				104,940,157

Machinery — 4.7%
Daifuku Co. Ltd.		1,271,400		30,187,621
FANUC Corp.		3,999,400		116,580,064
Hitachi Construction Machinery Co. Ltd.		450,700		13,043,997
Hoshizaki Corp.		456,100		15,568,383
Komatsu Ltd.		3,882,700		112,707,302
Kubota Corp.		4,204,200		61,702,519
Makita Corp.		938,700		24,560,343
MINEBEA MITSUMI Inc.		1,523,600		31,594,257
MISUMI Group Inc.		1,200,600		18,350,167
Mitsubishi Heavy Industries Ltd.		1,345,100		106,460,481
SMC Corp.		240,300		145,039,375
Toyota Industries Corp.		614,800		61,260,469
Yaskawa Electric Corp.		1,007,400		41,291,716


				778,346,694

Marine Transportation — 0.8%
Kawasaki Kisen Kaisha Ltd.		549,900		26,247,281
Mitsui OSK Lines Ltd.		1,443,800		49,444,328
Nippon Yusen KK		1,927,100		61,371,289


				137,062,898

Media — 0.1%
Dentsu Group Inc.		850,400		23,560,919


Metals & Mining — 1.0%
JFE Holdings Inc.		2,415,350		39,612,482
Nippon Steel Corp.		3,581,770		88,883,915
Sumitomo Metal Mining Co. Ltd.		1,040,100		27,076,249


				155,572,646

Office REITs — 0.3%
Japan Real Estate Investment Corp.		5,375		19,375,175
Nippon Building Fund Inc.		6,398		24,640,062


				44,015,237


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels — 0.8%
ENEOS Holdings Inc.		12,071,695	$	52,084,379
Idemitsu Kosan Co. Ltd.		4,068,645		25,728,227
Inpex Corp.		4,063,500		54,161,213


				131,973,819

Passenger Airlines — 0.2%
ANA Holdings Inc.^(a)		667,400		14,550,818
Japan Airlines Co. Ltd.		604,400		11,287,876


				25,838,694

Personal Care Products — 0.7%
Kao Corp.		1,955,400		73,988,450
Shiseido Co. Ltd.		1,678,500		45,633,474


				119,621,924

Pharmaceuticals — 5.2%
Astellas Pharma Inc.		7,595,150		83,005,500
Chugai Pharmaceutical Co. Ltd.		2,818,800		112,587,445
Daiichi Sankyo Co. Ltd.		7,763,107		255,669,429
Eisai Co. Ltd.		1,058,800		43,919,745
Kyowa Kirin Co. Ltd.		1,129,300		22,363,808
Ono Pharmaceutical Co. Ltd.		1,520,100		25,172,255
Otsuka Holdings Co. Ltd.		1,755,900		71,248,273
Shionogi & Co. Ltd.		1,032,100		51,385,029
Takeda Pharmaceutical Co. Ltd.		6,641,300		194,232,648


				859,584,132

Professional Services — 1.5%
Recruit Holdings Co. Ltd.		6,050,300		244,043,924


Real Estate Management & Development — 2.1%
Daito Trust Construction Co. Ltd.		245,900		29,171,340
Daiwa House Industry Co. Ltd.		2,485,700		71,773,209
Hulic Co. Ltd.		1,609,900		16,063,493
Mitsubishi Estate Co. Ltd.		4,724,300		72,312,299
Mitsui Fudosan Co. Ltd.		3,735,500		101,407,090
Nomura Real Estate Holdings Inc.		459,500		11,438,296
Sumitomo Realty & Development Co. Ltd.		1,200,700		35,615,359


				337,781,086

Retail REITs — 0.1%
Japan Metropolitan Fund Invest		29,231		17,227,292


Semiconductors & Semiconductor Equipment — 6.4%
Advantest Corp.		3,215,500		151,372,544
Disco Corp.		386,600		125,988,031
Lasertec Corp.		316,600		84,949,436
Renesas Electronics Corp.		6,164,700		101,859,838
Rohm Co. Ltd.		1,383,800		23,575,386
SCREEN Holdings Co. Ltd.		341,100		42,626,124
SUMCO Corp.		1,462,900		22,958,518
Tokyo Electron Ltd.		1,979,456		491,120,618


				1,044,450,495

Software — 0.2%
Oracle Corp. Japan		160,300		12,290,785
Trend Micro Inc./Japan		567,000		28,177,856


				40,468,641


Security	Shares		Value

Specialty Retail — 1.8%
Fast Retailing Co. Ltd.		737,100	$	213,500,885
Nitori Holdings Co. Ltd.		336,200		49,451,730
USS Co. Ltd.		851,100		14,815,280
ZOZO Inc.		589,400		13,377,112


				291,145,007

Technology Hardware, Storage & Peripherals — 1.7%
Brother Industries Ltd.		970,800		16,288,290
Canon Inc.		4,198,350		122,780,006
FUJIFILM Holdings Corp.		1,566,200		99,761,751
Ricoh Co. Ltd.		2,306,900		19,214,002
Seiko Epson Corp.		1,209,300		19,575,659


				277,619,708

Tobacco — 0.8%
Japan Tobacco Inc.		5,036,400		130,828,064


Trading Companies & Distributors — 6.3%
ITOCHU Corp.		4,988,900		216,722,442
Marubeni Corp.		6,010,900		99,612,614
Mitsubishi Corp.		14,479,600		310,580,690
Mitsui & Co. Ltd.		5,432,100		238,591,631
MonotaRO Co. Ltd.		1,051,600		10,058,448
Sumitomo Corp.		4,354,300		102,221,185
Toyota Tsusho Corp.		893,700		57,896,988


				1,035,683,998

Wireless Telecommunication Services — 3.7%
KDDI Corp.		6,281,900		189,912,905
SoftBank Corp.		12,075,300		158,832,032
SoftBank Group Corp.		4,318,700		255,808,556


				604,553,493


Total Long-Term Investments — 99.7% (Cost: $15,652,348,662)				16,351,724,278


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(b)(c)		5,990,000		5,990,000


Total Short-Term Securities — 0.0% (Cost: $5,990,000)				5,990,000


Total Investments — 99.7% (Cost: $15,658,338,662)				16,357,714,278

Other Assets Less Liabilities — 0.3%				50,481,111


Net Assets — 100.0%			$	16,408,195,389

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan ETF

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	3,594,331	$	—	$	(3,593,695	)^(b)	$	(636	)	$	—	$	—		—	$	10,677	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,640,000		—		(650,000	)^(b)		—			—		5,990,000		5,990,000		238,409			—


								$	(636	)	$	—	$	5,990,000			$	249,086		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

TOPIX Index

279

03/07/24

49,964

4,690,095

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	4,690,095	$	—	$	—	$	—	$	4,690,095

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	2,388,508	$	—	$	—	$	—	$	2,388,508


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	3,883,103	$	—	$	—	$	—	$	3,883,103

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	80,654,079


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Japan ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	16,351,724,278	$	—	$	16,351,724,278
Short-Term Securities
Money Market Funds		5,990,000		—		—		5,990,000


	$	5,990,000	$	16,351,724,278	$	—	$	16,357,714,278


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	4,690,095	$	—	$	4,690,095

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Mexico ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobile Components — 0.3%
Nemak SAB de CV^(a)(b)		26,667,612	$	5,444,844


Banks — 18.6%
Banco del Bajio SA^(a)		7,529,428		28,020,688
Grupo Financiero Banorte SAB de CV, Class O		23,422,292		242,162,389
Grupo Financiero Inbursa SAB de CV, Class O^(b)(c)		19,999,514		60,675,880
Regional SAB de CV		2,482,051		23,158,577


				354,017,534

Beverages — 16.4%
Arca Continental SAB de CV		4,684,921		50,468,536
Coca-Cola Femsa SAB de CV		4,545,151		44,362,839
Fomento Economico Mexicano SAB de CV		17,534,930		218,957,077


				313,788,452

Building Products — 0.3%
Grupo Rotoplas SAB de CV^(c)		3,470,674		5,933,698


Capital Markets — 0.6%
Bolsa Mexicana de Valores SAB de CV		5,208,459		11,233,287


Chemicals — 1.1%
Alpek SAB de CV^(c)		3,936,054		2,533,319
Orbia Advance Corp. SAB de CV		9,880,707		18,272,431


				20,805,750

Construction Materials — 5.5%
Cemex SAB de CV, NVS^(b)		112,173,147		85,754,205
GCC SAB de CV		1,832,031		19,343,315


				105,097,520

Consumer Finance — 1.0%
Gentera SAB de CV		12,298,279		18,486,112


Consumer Staples Distribution & Retail — 10.6%
La Comer SAB de CV		5,551,017		12,978,455
Wal-Mart de Mexico SAB de CV		47,111,323		188,647,068


				201,625,523

Diversified REITs — 3.0%
Concentradora Fibra Danhos SA de CV		4,899,882		5,896,216
Fibra Uno Administracion SA de CV		28,912,546		52,246,735


				58,142,951

Diversified Telecommunication Services — 0.8%
Operadora De Sites Mexicanos SAB de CV		13,657,813		15,874,050


Entertainment — 0.0%
Ollamani SAB, NVS		100,138		169,029


Food Products — 4.5%
Gruma SAB de CV, Class B		1,994,311		35,515,392
Grupo Bimbo SAB de CV, Series A		12,217,599		51,109,014


				86,624,406

Ground Transportation — 0.5%
Grupo Traxion SAB de CV, Class A^(a)(b)(c)		5,090,514		9,219,776


Hotels, Restaurants & Leisure — 1.2%
Alsea SAB de CV^(b)		5,890,579		22,574,922


Household Products — 1.7%
Kimberly-Clark de Mexico SAB de CV, Class A		14,775,808		32,838,500


Industrial Conglomerates — 3.5%
Alfa SAB de CV, Class A		29,156,438		21,742,132
Grupo Carso SAB de CV, Series A1		5,122,207		44,315,276


				66,057,408


Security	Shares		Value

Industrial REITs — 3.6%
FIBRA Macquarie Mexico^(a)		8,352,230	$	16,430,777
Prologis Property Mexico SA de CV		7,161,244		32,188,152
TF Administradora Industrial S de Real de CV^(c)		8,311,627		19,857,104


				68,476,033

Insurance — 1.3%
Qualitas Controladora SAB de CV		2,231,317		25,063,329


Media — 1.1%
Grupo Televisa SAB, CPO		22,481,847		13,440,898
Megacable Holdings SAB de CV, CPO		2,745,156		7,073,778


				20,514,676

Metals & Mining — 5.6%
Grupo Mexico SAB de CV, Series B		17,230,837		83,645,772
Industrias Penoles SAB de CV^(b)(c)		1,808,100		22,657,142


				106,302,914

Passenger Airlines — 0.3%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(b)(c)		9,234,449		6,718,229


Pharmaceuticals — 0.4%
Genomma Lab Internacional SAB de CV, Class B		9,945,492		7,678,993


Real Estate Management & Development — 1.5%
Corp Inmobiliaria Vesta SAB de CV		8,084,533		28,340,986


Transportation Infrastructure — 8.1%
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		2,847,648		24,681,816
Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,556,499		52,514,138
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,800,604		52,830,958
Promotora y Operadora de Infraestructura SAB de CV		2,302,367		23,928,380


				153,955,292

Wireless Telecommunication Services — 8.2%
America Movil SAB de CV		168,016,881		157,328,684


Total Long-Term Investments — 99.7% (Cost: $2,019,166,741)				1,902,312,898


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		8,479,513		8,483,752
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		1,150,000		1,150,000


Total Short-Term Securities — 0.5% (Cost: $9,629,421)				9,633,752


Total Investments — 100.2% (Cost: $2,028,796,162)				1,911,946,650

Liabilities in Excess of Other Assets — (0.2)%				(4,123,273	)


Net Assets — 100.0%			$	1,907,823,377

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Mexico ETF

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	16,074,705	$	—		$	(7,592,896	)^(a)	$	2,375	$	(432	)	$	8,483,752		8,479,513	$	86,546	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		670,000		480,000	^(a)		—			—		—			1,150,000		1,150,000		46,286			—


									$	2,375	$	(432	)	$	9,633,752			$	132,832		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Mexican BOLSA Index		151		03/15/24	$	4,937	$	(259,931	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	259,931	$	—	$	—	$	—	$	259,931

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	169,632		$	—	$	—	$	—	$	169,632


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(152,667	)	$	—	$	—	$	—	$	(152,667	)


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Mexico ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	6,283,909

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	1,902,312,898		$	—	$	—	$	1,902,312,898
Short-Term Securities
Money Market Funds		9,633,752			—		—		9,633,752


	$	1,911,946,650		$	—	$	—	$	1,911,946,650

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(259,931	)	$	—	$	—	$	(259,931	)

^(a)

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

See notes to financial statements.


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
Hanwha Aerospace Co. Ltd.		205,873	$	29,010,433
Korea Aerospace Industries Ltd.^(a)(b)		590,116		22,769,370


				51,779,803

Air Freight & Logistics — 0.5%
Hyundai Glovis Co. Ltd.^(a)		153,442		21,967,478


Automobile Components — 2.2%
Hankook Tire & Technology Co. Ltd.		623,782		25,413,053
Hanon Systems		1,653,436		7,661,334
Hyundai Mobis Co. Ltd.		369,451		67,386,998


				100,461,385

Automobiles — 6.1%
Hyundai Motor Co.		772,855		145,503,415
Kia Corp.^(a)		1,482,321		138,816,273


				284,319,688

Banks — 7.5%
Hana Financial Group Inc.		1,758,387		74,815,656
Industrial Bank of Korea^(a)		2,122,204		22,333,969
KakaoBank Corp.		978,278		20,963,819
KB Financial Group Inc.		2,200,555		104,953,697
Shinhan Financial Group Co. Ltd.		2,577,281		84,250,233
Woori Financial Group Inc.		4,028,842		45,142,630


				352,460,004

Biotechnology — 2.7%
Celltrion Inc.		860,863		116,420,009
SK Bioscience Co. Ltd.^(a)(b)		179,770		8,307,678


				124,727,687

Broadline Retail — 0.0%
Lotte Shopping Co. Ltd.		1		58


Capital Markets — 1.4%
Korea Investment Holdings Co. Ltd.^(a)		332,953		17,782,722
Mirae Asset Securities Co. Ltd.^(a)		2,727,421		18,508,682
NH Investment & Securities Co. Ltd.^(a)		1,470,675		12,985,599
Samsung Securities Co. Ltd.		539,682		16,866,675


				66,143,678

Chemicals — 3.5%
Hanwha Solutions Corp.		771,956		16,119,358
Kum Yang Co. Ltd.^(a)		192,560		13,970,942
Kumho Petrochemical Co. Ltd.^(a)		164,063		18,220,336
LG Chem Ltd.		278,052		94,970,351
Lotte Chemical Corp.		155,345		14,283,818
SKC Co. Ltd.^(a)		126,216		7,864,164


				165,428,969

Construction & Engineering — 0.8%
Hyundai Engineering & Construction Co. Ltd.^(a)		614,523		16,029,248
Samsung Engineering Co. Ltd.^(a)		1,146,210		21,199,327


				37,228,575

Diversified Telecommunication Services — 0.5%
KT Corp.		416,600		12,220,000
LG Uplus Corp.		1,673,996		12,983,468


				25,203,468

Electric Utilities — 0.7%
Korea Electric Power Corp.^(a)		1,729,294		32,200,457


Electrical Equipment — 6.2%
Doosan Enerbility Co. Ltd.^(a)		2,505,615		30,582,196
Ecopro BM Co. Ltd.^(a)(b)		269,116		54,090,312
Ecopro Co. Ltd.^(a)(b)		106,963		49,886,024


Security	Shares		Value

Electrical Equipment (continued)
Ecopro Materials Co. Ltd.^(a)		32,518	$	4,715,550
L&F Co. Ltd.^(a)		149,480		19,094,999
LG Energy Solution Ltd.^(a)(b)		247,845		74,901,277
POSCO Future M Co. Ltd.^(a)(b)		188,600		45,080,393
SK IE Technology Co. Ltd.^(a)(c)		188,220		10,381,741


				288,732,492

Electronic Equipment, Instruments & Components — 3.4%
LG Display Co. Ltd.^(a)(b)		1,751,003		14,944,392
LG Innotek Co. Ltd.		109,211		16,596,493
Samsung Electro-Mechanics Co. Ltd.		373,059		39,313,336
Samsung SDI Co. Ltd.		306,683		87,125,920


				157,980,141

Entertainment — 1.6%
HYBE Co. Ltd.		121,869		18,252,498
JYP Entertainment Corp.^(a)		4,636		256,949
Krafton Inc.^(a)		163,532		27,950,129
NCSoft Corp.		113,700		16,583,321
Netmarble Corp.^(a)(c)		215,680		10,014,940
Pearl Abyss Corp.^(a)		91,452		2,090,462


				75,148,299

Financial Services — 1.1%
Kakaopay Corp.^(a)		202,922		6,725,671
Meritz Financial Group Inc.		701,361		43,774,739


				50,500,410

Food Products — 0.6%
CJ CheilJedang Corp.		70,999		16,000,752
Orion Corp./Republic of Korea		195,926		13,665,127


				29,665,879

Health Care Equipment & Supplies — 1.0%
HLB Inc.^(a)(b)		785,973		48,219,194


Hotels, Restaurants & Leisure — 0.3%
Kangwon Land Inc.^(a)		922,091		12,047,486


Household Durables — 1.4%
Coway Co. Ltd.		382,958		15,587,257
LG Electronics Inc.		671,785		48,024,380


				63,611,637

Industrial Conglomerates — 3.9%
GS Holdings Corp.		433,577		15,650,721
LG Corp.		576,804		40,600,653
Samsung C&T Corp.		515,919		60,741,145
SK Inc.		249,194		35,944,904
SK Square Co. Ltd.^(a)		561,465		29,461,564


				182,398,987

Insurance — 2.3%
DB Insurance Co. Ltd.^(a)		369,766		27,438,317
Samsung Fire & Marine Insurance Co. Ltd.^(a)		202,748		45,374,797
Samsung Life Insurance Co. Ltd.		498,874		36,313,498


				109,126,612

Interactive Media & Services — 3.7%
Kakao Corp.		1,701,256		68,284,996
NAVER Corp.		726,728		106,706,254


				174,991,250

IT Services — 0.9%
Posco DX Co. Ltd.^(a)(b)		323,503		13,201,221
Samsung SDS Co. Ltd.		233,146		28,045,286


				41,246,507

Life Sciences Tools & Services — 1.3%
Samsung Biologics Co. Ltd.^(a)(b)(c)		107,554		62,582,323


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery — 1.9%

Doosan Bobcat Inc.		498,188	$	17,588,835
Hanwha Ocean Co. Ltd.^(a)		399,147		7,084,561
HD Hyundai Heavy Industries Co. Ltd.^(a)		138,869		12,314,263
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		279,792		23,536,938
Hyundai Mipo Dockyard Co. Ltd.^(a)		4,180		197,873
Samsung Heavy Industries Co. Ltd.^(a)		4,660,335		27,705,937


				88,428,407

Marine Transportation — 0.4%

HMM Co. Ltd.^(a)		1,478,082		20,279,336


Metals & Mining — 3.7%

Hyundai Steel Co.^(a)		682,708		18,457,150
Korea Zinc Co. Ltd.		69,438		23,345,896
POSCO Holdings Inc.^(b)		395,896		128,663,734


				170,466,780

Oil, Gas & Consumable Fuels — 1.6%

HD Hyundai Co. Ltd.		390,059		20,734,922
SK Innovation Co. Ltd.^(a)		376,271		33,197,614
S-Oil Corp.		341,612		19,625,445


				73,557,981

Passenger Airlines — 0.6%

Hanjin Kal Corp.		87,650		4,160,018
Korean Air Lines Co. Ltd.		1,360,559		23,505,434


				27,665,452

Personal Care Products — 0.7%

Amorepacific Corp.		220,243		19,803,668
LG H&H Co. Ltd.		59,734		14,347,111


				34,150,779

Pharmaceuticals — 1.4%

Celltrion Pharm Inc.^(a)(b)		130,866		10,906,185
Hanmi Pharm Co. Ltd.^(a)		64,601		16,213,451
SK Biopharmaceuticals Co. Ltd.^(a)		193,701		14,116,702
Yuhan Corp.		456,923		23,175,998


				64,412,336

Semiconductors & Semiconductor Equipment — 7.8%

Hanmi Semiconductor Co. Ltd.^(a)		271,121		17,346,303
SK Hynix Inc.		2,948,526		347,585,310


				364,931,613

Specialty Retail — 0.0%

Hotel Shilla Co. Ltd.		10,034		453,592


Technology Hardware, Storage & Peripherals — 22.7%

CosmoAM&T Co. Ltd.^(a)		142,190		19,004,618
Samsung Electronics Co. Ltd.		18,818,962		1,038,672,624


				1,057,677,242

Textiles, Apparel & Luxury Goods — 0.0%

F&F Co. Ltd./New		4,408		239,975


Tobacco — 1.0%

KT&G Corp.		669,907		46,789,456


Trading Companies & Distributors — 0.3%

Posco International Corp.^(a)		319,575		13,555,295


Security	Shares		Value

Wireless Telecommunication Services — 0.3%

SK Telecom Co. Ltd.		335,041	$	13,262,345


Total Common Stocks — 97.1% (Cost: $2,553,496,364)				4,534,043,056


Preferred Stocks

Automobiles — 1.2%

Hyundai Motor Co.
Preference Shares, NVS		201,539		24,179,159
Series 2, Preference Shares, NVS		268,423		32,467,781


				56,646,940

Chemicals — 0.4%

LG Chem Ltd., Preference Shares, NVS		74,263		16,789,266


Technology Hardware, Storage & Peripherals — 0.1%

Samsung Electronics Co. Ltd., Preference Shares, NVS		101,783		4,874,047


Total Preferred Stocks — 1.7% (Cost: $32,817,760)				78,310,253


Rights

Electronic Equipment, Instruments & Components — 0.0%

LG Display Co. Ltd. (Expires 03/14/24, Strike Price KRW 10070)^(a)		522,342		513,869


Total Rights — 0.0% (Cost: $—)				513,869


Total Long-Term Investments — 98.8% (Cost: $2,586,314,124)				4,612,867,178


Short-Term Securities

Money Market Funds — 4.1%

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		192,885,684		192,982,127


Total Short-Term Securities — 4.1% (Cost: $192,964,207)				192,982,127


Total Investments — 102.9% (Cost: $2,779,278,331)				4,805,849,305

Liabilities in Excess of Other Assets — (2.9)%				(136,574,452	)


Net Assets — 100.0%			$	4,669,274,853

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

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

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


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI South Korea ETF

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	208,037,093	$	—	$	(15,095,009	)^(a)	$	29,953	$	10,090	$	192,982,127		192,885,684	$	1,844,485	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		3,110,000		—		(3,110,000	)^(a)		—		—		—		—		110,528			—

								$	29,953	$	10,090	$	192,982,127			$	1,955,013		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration

Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

KOSPI 200 Index

782

03/14/24

52,326

684,314

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	684,314	$	—	$	—	$	—	$	684,314

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(145,019	)	$	—	$	—	$	—	$	(145,019	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,105,428		$	—	$	—	$	—	$	1,105,428

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	36,291,760


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI South Korea ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	4,715,550	$	4,529,327,506	$	—	$	4,534,043,056
Preferred Stocks		—		78,310,253		—		78,310,253
Rights		—		513,869		—		513,869
Short-Term Securities
Money Market Funds		192,982,127		—		—		192,982,127


	$	197,697,677	$	4,608,151,628	$	—	$	4,805,849,305

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	684,314	$	—	$	684,314

^(a)

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

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,935,813,760		$	2,780,945,788		$	16,351,724,278		$	1,902,312,898
Investments, at value — affiliated^(c)		13,750,918			9,794,886			5,990,000			9,633,752
Cash		6,253			7,677			8,190			3,413
Foreign currency collateral pledged for futures contracts^(d)		911,950			476,735			1,815,355			466,257
Foreign currency, at value^(e)		3,257,280			4,825,486			8,703,648			4,074,492
Receivables:
Investments sold		7,157,225			16,479,361			136,571,650			10,409,279
Securities lending income — affiliated		3,112			2,220			1,317			13,606
Capital shares sold		—			72,189			—			—
Dividends — unaffiliated		10,524,022			4,837,720			22,920,495			897,843
Dividends — affiliated		2,426			3,672			16,752			3,882
Tax reclaims		—			—			31,053			—
Variation margin on futures contracts		103,737			52,390			66,184			17,674

Total assets		1,971,530,683			2,817,498,124			16,527,848,922			1,927,833,096


LIABILITIES
Collateral on securities loaned, at value		12,970,084			8,574,889			—			8,479,700
Payables:
Investments purchased		7,496,757			16,372,846			113,454,119			10,486,068
Capital shares redeemed		—			247,290			—			285,310
Investment advisory fees		771,179			1,135,976			6,199,414			758,641

Total liabilities		21,238,020			26,331,001			119,653,533			20,009,719

Commitments and contingent liabilities

NET ASSETS	$	1,950,292,663		$	2,791,167,123		$	16,408,195,389		$	1,907,823,377


NET ASSETS CONSIST OF

Paid-in capital	$	2,573,256,041		$	4,053,282,143		$	17,563,729,670		$	2,426,335,894

Accumulated loss		(622,963,378	)		(1,262,115,020	)		(1,155,534,281	)		(518,512,517	)

NET ASSETS	$	1,950,292,663		$	2,791,167,123		$	16,408,195,389		$	1,907,823,377


NET ASSET VALUE

Shares outstanding		81,400,000			75,900,000			236,850,000			29,200,000


Net asset value	$	23.96		$	36.77		$	69.28		$	65.34


Shares authorized		1 billion			1 billion			2.5246 billion			255 million


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	2,121,083,402		$	3,069,485,296		$	15,652,348,662		$	2,019,166,741
^(b)Securities loaned, at value	$	12,340,994		$	8,204,846		$	—		$	4,066,892
^(c)Investments, at cost — affiliated	$	13,750,488		$	9,795,656		$	5,990,000		$	9,629,421
^(d)Foreign currency collateral pledged, at cost	$	933,914		$	497,869		$	1,891,112		$	466,745
^(e)Foreign currency, at cost	$	3,240,321		$	4,838,787		$	8,748,441		$	4,059,873

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024


	iShares MSCI South Korea ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	4,612,867,178
Investments, at value — affiliated^(c)		192,982,127
Cash		3,296,611
Foreign currency, at value^(d)		15,272,729
Receivables:
Investments sold		76,840,748
Securities lending income — affiliated		163,946
Dividends — unaffiliated		33,572,382
Dividends — affiliated		5,574
Variation margin on futures contracts		12,462,136


Total assets		4,947,463,431


LIABILITIES
Collateral on securities loaned, at value		193,064,069
Payables:
Investments purchased		83,044,632
Investment advisory fees		2,079,877

Total liabilities		278,188,578

Commitments and contingent liabilities

NET ASSETS	$	4,669,274,853


NET ASSETS CONSIST OF
Paid-in capital	$	3,250,793,342

Accumulated earnings		1,418,481,511


NET ASSETS	$	4,669,274,853


NET ASSET VALUE
Shares outstanding		72,200,000


Net asset value	$	64.67


Shares authorized		700 million


Par value	$	0.001


^(a)Investments, at cost — unaffiliated	$	2,586,314,124
^(b)Securities loaned, at value	$	186,350,066
^(c)Investments, at cost — affiliated	$	192,964,207
^(d)Foreign currency, at cost	$	15,838,421

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	41,777,471		$	47,374,106		$	141,315,251		$	26,120,557
Dividends — affiliated		48,172			57,563			238,409			46,286
Interest — unaffiliated		15,304			12,965			—			27,974
Securities lending income — affiliated — net		30,348			11,536			10,677			86,546
Foreign taxes withheld		(238,019	)		(7,108,519	)		(14,127,016	)		(2,775,992	)


Total investment income		41,633,276			40,347,651			127,437,321			23,505,371


EXPENSES
Investment advisory		4,976,584			7,363,605			34,023,493			4,040,681
Commitment costs		10,037			14,646			19,473			8,341


Total expenses		4,986,621			7,378,251			34,042,966			4,049,022


Net investment income		36,646,655			32,969,400			93,394,355			19,456,349


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(31,737,554	)		(26,389,415	)		(183,302,699	)		(8,883,459	)
Investments — affiliated		404			1,052			(636	)		2,375
Foreign currency transactions		403,327			10,220			847,207			(55,197	)
Futures contracts		50,847			10,942			2,388,508			169,632
In-kind redemptions — unaffiliated^(a)		5,964,562			52,216,411			242,288,622			91,825,800


		(25,318,414	)		25,849,210			62,221,002			83,059,151

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		177,940,725			158,964,887			1,772,818,713			(3,249,667	)
Investments — affiliated		430			(788	)		—			(432	)
Foreign currency translations		(75,497	)		(832	)		(1,469,220	)		48,459
Futures contracts		21,232			198,652			3,883,103			(152,667	)


		177,886,890			159,161,919			1,775,232,596			(3,354,307	)


Net realized and unrealized gain		152,568,476			185,011,129			1,837,453,598			79,704,844


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	189,215,131		$	217,980,529		$	1,930,847,953		$	99,161,193

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024


	iShares MSCI South Korea ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	50,134,139
Dividends — affiliated		110,528
Interest — unaffiliated		11,908
Securities lending income — affiliated — net		1,844,485
Foreign taxes withheld		(8,265,620	)
Other foreign taxes		(190	)


Total investment income		43,835,250


EXPENSES
Investment advisory		11,402,412
Commitment costs		18,431


Total expenses		11,420,843


Net investment income		32,414,407


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(19,201,726	)
Investments — affiliated		29,953
Foreign currency transactions		(172,510	)
Futures contracts		(145,019	)


		(19,489,302	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		233,035,569
Investments — affiliated		10,090
Foreign currency translations		(540,405	)
Futures contracts		1,105,428


		233,610,682

Net realized and unrealized gain		214,121,380


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	246,535,787

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Australia ETF						iShares MSCI Canada ETF

	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	36,646,655		$	86,313,602		$	32,969,400		$	83,284,741
Net realized gain (loss)		(25,318,414	)		(8,009,512	)		25,849,210			(8,286,834	)
Net change in unrealized appreciation (depreciation)		177,886,890			(38,966,533	)		159,161,919			105,214,335


Net increase in net assets resulting from operations		189,215,131			39,337,557			217,980,529			180,212,242


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(43,165,632	)		(71,404,532	)		(41,833,751	)^(b)		(88,711,145	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(268,166,468	)		489,066,898			(413,282,477	)		(725,422,853	)


NET ASSETS
Total increase (decrease) in net assets		(122,116,969	)		456,999,923			(237,135,699	)		(633,921,756	)
Beginning of period		2,072,409,632			1,615,409,709			3,028,302,822			3,662,224,578


End of period	$	1,950,292,663		$	2,072,409,632		$	2,791,167,123		$	3,028,302,822

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares MSCI Japan ETF						iShares MSCI Mexico ETF

	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	93,394,355		$	166,125,768		$	19,456,349		$	34,712,963
Net realized gain		62,221,002			669,279			83,059,151			103,106,421
Net change in unrealized appreciation (depreciation)		1,775,232,596			1,216,919,417			(3,354,307	)		204,692,188


Net increase in net assets resulting from operations		1,930,847,953			1,383,714,464			99,161,193			342,511,572


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(186,681,876	)		(104,587,537	)		(30,406,482	)		(33,094,776	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,060,161,684			2,663,221,129			305,675,774			417,832,777


NET ASSETS
Total increase in net assets		2,804,327,761			3,942,348,056			374,430,485			727,249,573
Beginning of period		13,603,867,628			9,661,519,572			1,533,392,892			806,143,319


End of period	$	16,408,195,389		$	13,603,867,628		$	1,907,823,377		$	1,533,392,892

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

See notes to financial statements.


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI South Korea ETF

	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	32,414,407		$	47,333,062
Net realized loss		(19,489,302	)		(46,209,947	)
Net change in unrealized appreciation (depreciation)		233,610,682			208,311,842


Net increase in net assets resulting from operations		246,535,787			209,434,957


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(100,547,057	)		(39,264,408	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		869,095,808			524,571,630


NET ASSETS
Total increase in net assets		1,015,084,538			694,742,179
Beginning of period		3,654,190,315			2,959,448,136


End of period	$	4,669,274,853		$	3,654,190,315

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Australia ETF

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

Net asset value, beginning of period	$	22.24		$	21.95		$	25.96		$	21.12		$	21.67		$	22.56


Net investment income^(a)		0.41			1.01			0.93			0.65			0.67			1.00
Net realized and unrealized gain (loss)^(b)		1.80			0.13			(3.31	)		4.77			(0.48	)		(0.70	)


Net increase (decrease) from investment operations		2.21			1.14			(2.38	)		5.42			0.19			0.30


Distributions from net investment income^(c)		(0.49	)		(0.85	)		(1.63	)		(0.58	)		(0.74	)		(1.19	)


Net asset value, end of period	$	23.96		$	22.24		$	21.95		$	25.96		$	21.12		$	21.67


Total Return^(d)
Based on net asset value		9.98	%^(e)		5.15	%		(9.53	)%		25.69	%		0.99	%		1.75	%


Ratios to Average Net Assets^(f)
Total expenses		0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.51	%		0.50	%


Net investment income		3.67	%^(g)		4.48	%		3.86	%		2.69	%		3.23	%		4.68	%


Supplemental Data
Net assets, end of period (000)	$	1,950,293		$	2,072,410		$	1,615,410		$	1,505,880		$	1,263,259		$	1,399,590


Portfolio turnover rate^(h)		4	%		4	%		15	%		4	%		8	%		9	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Canada ETF

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

Net asset value, beginning of period	$	34.69		$	33.72		$	37.38		$	28.76		$	28.22		$	28.79


Net investment income^(a)		0.39			0.80			0.77			0.64			0.65			0.62
Net realized and unrealized gain (loss)^(b)		2.18			1.01			(3.68	)		8.60			0.54			(0.53	)


Net increase (decrease) from investment operations		2.57			1.81			(2.91	)		9.24			1.19			0.09


Distributions from net investment income^(c)		(0.49	)^(d)		(0.84	)		(0.75	)		(0.62	)		(0.65	)		(0.66	)


Net asset value, end of period	$	36.77		$	34.69		$	33.72		$	37.38		$	28.76		$	28.22


Total Return^(e)
Based on net asset value		7.46	%^(f)		5.42	%		(7.94	)%		32.41	%		4.32	%		0.56	%


Ratios to Average Net Assets^(g)
Total expenses		0.50	%^(h)		0.50	%		0.50	%		0.50	%		0.51	%		0.49	%


Net investment income		2.23	%^(h)		2.36	%		2.05	%		1.91	%		2.37	%		2.26	%


Supplemental Data
Net assets, end of period (000)	$	2,791,167		$	3,028,303		$	3,662,225		$	4,157,136		$	2,266,034		$	2,618,586


Portfolio turnover rate⁽ⁱ⁾		2	%		6	%		5	%		8	%		9	%		6	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Japan ETF

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

Net asset value, beginning of period	$	61.57		$	53.72		$	68.55		$	58.15		$	54.05		$	58.45


Net investment income^(a)		0.43			0.92			1.04			0.91			0.90			0.92
Net realized and unrealized gain (loss)^(b)		8.15			7.48			(14.44	)		10.25			4.36			(4.43	)


Net increase (decrease) from investment operations		8.58			8.40			(13.40	)		11.16			5.26			(3.51	)


Distributions from net investment income^(c)		(0.87	)		(0.55	)		(1.43	)		(0.76	)		(1.16	)		(0.89	)


Net asset value, end of period	$	69.28		$	61.57		$	53.72		$	68.55		$	58.15		$	54.05


Total Return^(d)
Based on net asset value		14.11	%^(e)		15.68	%		(19.81	)%		19.21	%		9.76	%		(5.96	)%


Ratios to Average Net Assets^(f)
Total expenses		0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.51	%		0.49	%


Net investment income		1.37	%^(g)		1.61	%		1.66	%		1.37	%		1.60	%		1.68	%


Supplemental Data
Net assets, end of period (000)	$	16,408,195		$	13,603,868		$	9,661,520		$	11,906,294		$	9,909,026		$	12,170,174


Portfolio turnover rate^(h)		3	%		3	%		4	%		6	%		4	%		7	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Mexico ETF

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

Net asset value, beginning of period	$	61.58		$	44.29		$	51.24		$	33.00		$	41.47		$	50.38


Net investment income^(a)		0.75			1.65			1.50			0.80			0.61			1.09
Net realized and unrealized gain (loss)^(b)		4.04			17.14			(7.04	)		18.32			(8.52	)		(8.75	)


Net increase (decrease) from investment operations		4.79			18.79			(5.54	)		19.12			(7.91	)		(7.66	)


Distributions from net investment income^(c)		(1.03	)		(1.50	)		(1.41	)		(0.88	)		(0.56	)		(1.25	)


Net asset value, end of period	$	65.34		$	61.58		$	44.29		$	51.24		$	33.00		$	41.47


Total Return^(d)
Based on net asset value		7.73	%^(e)		42.93	%		(10.98	)%		58.30	%		(19.36	)%		(15.23	)%


Ratios to Average Net Assets^(f)
Total expenses		0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.51	%		0.49	%


Net investment income		2.40	%^(g)		2.88	%		3.06	%		1.85	%		1.59	%		2.46	%


Supplemental Data
Net assets, end of period (000)	$	1,907,823		$	1,533,393		$	806,143		$	1,178,526		$	834,927		$	626,243


Portfolio turnover rate^(h)		2	%		11	%		11	%		15	%		12	%		5	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI South Korea ETF

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

Net asset value, beginning of period	$	62.63		$	58.43		$	86.98		$	63.04		$	53.34		$	67.65


Net investment income^(a)		0.52			0.85			0.97			1.23			0.83			0.97
Net realized and unrealized gain (loss)^(b)		3.17			4.05			(27.84	)		23.34			10.18			(14.49	)


Net increase (decrease) from investment operations		3.69			4.90			(26.87	)		24.57			11.01			(13.52	)


Distributions from net investment income^(c)		(1.65	)		(0.70	)		(1.68	)		(0.63	)		(1.31	)		(0.79	)


Net asset value, end of period	$	64.67		$	62.63		$	58.43		$	86.98		$	63.04		$	53.34


Total Return^(d)
Based on net asset value		5.95	%^(e)		8.49	%		(31.39	)%		39.05	%		20.77	%		(20.08	)%


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%


Net investment income		1.69	%^(g)		1.42	%		1.35	%		1.45	%		1.45	%		1.62	%


Supplemental Data
Net assets, end of period (000)	$	4,669,275		$	3,654,190		$	2,959,448		$	6,136,724		$	4,857,482		$	3,848,564


Portfolio turnover rate^(h)		6	%⁽ⁱ⁾		29	%⁽ⁱ⁾		24	%⁽ⁱ⁾		20	%⁽ⁱ⁾		15	%⁽ⁱ⁾		16	%⁽ⁱ⁾


^(a)Based on average shares outstanding. ^(b)The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. ^(c)Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d)Where applicable, assumes the reinvestment of distributions. ^(e)Not annualized. ^(f)Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. ^(g)Annualized. ^(h)Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows:		5	%		9	%		10	%		8	%		9	%		5	%

See notes to financial statements.


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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




iShares ETF	Diversification Classification


MSCI Australia		Non-diversified
MSCI Canada		Diversified
MSCI Japan		Diversified
MSCI Mexico		Non-diversified
MSCI South Korea		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*


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

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

MSCI Australia
Goldman Sachs & Co. LLC	$	2,178,757	$	(2,178,757	)	$	—		$	—
Morgan Stanley		10,162,237		(10,162,237	)		—			—


	$	12,340,994	$	(12,340,994	)	$	—		$	—


MSCI Canada
Barclays Capital, Inc.	$	33,499	$	(33,499	)	$	—		$	—
Citigroup Global Markets, Inc.		8,171,347		(8,171,347	)		—			—


	$	8,204,846	$	(8,204,846	)	$	—		$	—


MSCI Mexico
BofA Securities, Inc.	$	82,376	$	(82,376	)	$	—		$	—
Citigroup Global Markets, Inc.		1,081,965		(1,081,965	)		—			—
J.P. Morgan Securities LLC		438,402		(438,402	)		—			—
Morgan Stanley		2,464,149		(2,464,149	)		—			—


	$	4,066,892	$	(4,066,892	)	$	—		$	—


MSCI South Korea
BofA Securities, Inc.	$	14,060,066	$	(14,060,066	)	$	—		$	—
Citigroup Global Markets, Inc.		15,652,272		(15,652,272	)		—			—
Goldman Sachs & Co. LLC		87,052,929		(87,052,929	)		—			—
HSBC Bank PLC		32,251,868		(32,251,868	)		—			—
J.P. Morgan Securities LLC		30,967,046		(30,404,359	)		—			562,687	^(b)
Morgan Stanley		6,365,885		(6,365,885	)		—			—


	$	186,350,066	$	(185,787,379	)	$	—		$	562,687


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

^(a)

^(b)

The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

For its investment advisory services to the iShares MSCI South Korea ETF, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $2 billion		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




iShares ETF	Amounts


MSCI Australia	$	7,464
MSCI Canada		3,206
MSCI Japan		3,291
MSCI Mexico		18,874
MSCI South Korea		386,727

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:




iShares ETF	Purchases		Sales		Net Realized Gain (Loss)


MSCI Australia	$	10,634,662	$	9,487,553	$	(5,493,493	)
MSCI Japan		79,851,843		77,583,649		(60,718,273	)
MSCI South Korea		43,819,503		20,543,219		(1,734,269	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:




iShares ETF	Purchases		Sales


MSCI Australia	$	85,524,106	$	70,449,467
MSCI Canada		63,411,019		58,547,788
MSCI Japan		418,858,664		366,200,765
MSCI Mexico		56,260,531		36,266,389
MSCI South Korea		1,003,795,992		236,107,198

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




iShares ETF	In-kind Purchases		In-kind Sales


MSCI Australia	$	—	$	285,744,599
MSCI Canada		362,692,701		788,463,358
MSCI Japan		2,228,043,177		1,317,119,618
MSCI Mexico		1,317,066,598		1,039,006,252

8.	*INCOME TAX INFORMATION*

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




iShares ETF	Non-Expiring Capital Loss Carryforwards


MSCI Australia	$	(376,161,464	)
MSCI Canada		(988,801,136	)
MSCI Japan		(1,787,656,313	)
MSCI Mexico		(482,084,858	)
MSCI South Korea		(286,276,585	)




iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


MSCI Australia	$	2,179,273,819	$	102,368,985	$	(331,875,068	)	$	(229,506,083	)
MSCI Canada		3,092,081,616		189,865,353		(490,863,309	)		(300,997,956	)
MSCI Japan		15,802,677,529		2,347,198,791		(1,787,471,947	)		559,726,844
MSCI Mexico		2,033,168,488		64,006,424		(185,488,193	)		(121,481,769	)
MSCI South Korea		3,081,640,212		2,149,019,108		(424,125,701	)		1,724,893,407

9.	*LINE OF CREDIT*


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)

and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 02/29/24						Year Ended 08/31/23


iShares ETF	Shares			Amount			Shares			Amount

MSCI Australia

Shares sold		800,000		$	18,935,583			43,800,000		$	1,026,265,293
Shares redeemed		(12,600,000	)		(287,102,051	)		(24,200,000	)		(537,198,395	)


		(11,800,000	)	$	(268,166,468	)		19,600,000		$	489,066,898


MSCI Canada

Shares sold		10,700,000		$	378,914,321			21,800,000		$	745,491,940
Shares redeemed		(22,100,000	)		(792,196,798	)		(43,100,000	)		(1,470,914,793	)


		(11,400,000	)	$	(413,282,477	)		(21,300,000	)	$	(725,422,853	)

MSCI Japan

Shares sold		37,350,000		$	2,379,987,572			69,000,000		$	4,154,574,137
Shares redeemed		(21,450,000	)		(1,319,825,888	)		(27,900,000	)		(1,491,353,008	)


		15,900,000		$	1,060,161,684			41,100,000		$	2,663,221,129


MSCI Mexico

Shares sold		21,200,000		$	1,350,830,557			34,800,000		$	1,963,154,619
Shares redeemed		(16,900,000	)		(1,045,154,783	)		(28,100,000	)		(1,545,321,842	)


		4,300,000		$	305,675,774			6,700,000		$	417,832,777

MSCI South Korea

Shares sold		13,850,000		$	869,095,808			19,100,000		$	1,200,313,460
Shares redeemed		—			—			(11,400,000	)		(675,741,830	)


		13,850,000		$	869,095,808			7,700,000		$	524,571,630


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

12.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		49

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited)

Section 19(a) Notices

February 29, 2024


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI Canada^(a)	$	0.397270	$	—	$	0.088604	$	0.485874		82	%		—	%		18	%		100	%

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


S U P P L E M E N T A L I N F O R M A T I O N		51

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


52		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviation

CPO		Certificates of Participation (Ordinary)

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		53

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-815-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Russia ETF | ERUS |

Table of Contents


	Page
Semi-Annual Report:
Fund Summary		3
About Fund Performance		4
Disclosure of Expenses		4
Schedule of Investments		5
Financial Statements
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Statement of Cash Flows		10
Financial Highlights		11
Notes to Financial Statements		12
Statement Regarding Liquidity Risk Management Program		17
Supplemental Information		18
General Information		19
Glossary of Terms Used in this Report		20


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

Investment Objective

The iShares MSCI Russia ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (the “Index”). Effective June 1, 2022, the index was discontinued by the index provider, MSCI, Inc. Due to the discontinuation of the Fund’s underlying index and ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1,011.85	%^(a)		1,019.71	%^(a)		(51.86	)%		(29.87	)%		1,019.71	%^(a)		(97.42	)%		(97.12	)%
Fund Market^(b)		N/A			N/A			(34.39	)		(13.32	)		N/A			(71.88	)		(68.19	)
Index^(c)		N/A			N/A			(91.92	)		(71.67	)		N/A			(99.99	)		(99.99	)

^(a)

Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value with all other local Russian equities and Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information.

^(b)

Effective March 4, 2022, the NYSE Arca, Inc. halted trading of the Fund and the Fund Market returns are as follows: 5 Years return and 10 Years return from February 28, 2019 and February 28, 2014, respectively through March 4, 2022. A 1 Year Fund Market Return is not shown as NYSE ARCA, Inc. halted trading of the Fund prior to September 1, 2022.

^(c)

Effective June 1, 2022, the Index was discontinued by the index provider, MSCI, Inc and the Index returns are as follows: 5 Years return and 10 Years return from February 28, 2019 and February 28, 2014, respectively through May 31, 2022. A 1 Year Index return is not shown as MSCI, Inc discontinued the Index prior to September 1, 2022.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	11,118.50	$	0.00		$	1,000.00	$	1,024.90	$	0.00		0.00	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund, which was applied to management fees for the six months ended February 29, 2024.

Portfolio Information

TEN LARGEST HOLDINGS


Security	Percent of Total Investments
BlackRock Cash Funds: Treasury, SL Agency Shares		93.5	%
Inter RAO UES PJSC		3.3
Gazprom PJSC		0.6
Surgutneftegas PJSC		0.5
Surgutneftegas PJSC (Preferred)		0.5
Sberbank of Russia PJSC		0.5
VTB Bank PJSC		0.2
Alrosa PJSC		0.2
United Co. RUSAL International PJSC		0.1
Moscow Exchange MICEX-RTS PJSC		0.1


F U N D S U M M A R Y		3

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 the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. 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. The NYSE ARCA, Inc. halted trading of the Fund effective March 4, 2022, and delisted the Fund effective August 29, 2022 therefore, there is no longer a Market Price.

Disclosure of Expenses

Shareholders of the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides 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 example also provides 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Russia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 0.7%
Sberbank of Russia PJSC^(a)(b)		18,835,860	$	2,058
TCS Group Holding PLC, GDR^(a)(b)		289,152		32
VTB Bank PJSC^(a)(b)		8,307,845,016		908

				2,998

Broadline Retail — 0.0%
Ozon Holdings PLC, ADR^(a)(b)		106,824		12


Capital Markets — 0.1%
Moscow Exchange MICEX-RTS PJSC^(a)(b)		4,737,800		518


Chemicals — 0.0%
PhosAgro PJSC^(a)(b)		148,802		17
PhosAgro PJSC, New^(a)(b)		2,875		29
PhosAgro PJSC, GDR^(a)(b)		2		—

				46

Consumer Staples Distribution & Retail — 0.0%
X5 Retail Group NV, GDR^(a)(b)		374,475		41


Electric Utilities — 3.2%
Inter RAO UES PJSC^(a)(b)		136,938,300		14,966


Interactive Media & Services — 0.0%
VK Co. Ltd.^(a)(b)		393,252		43
Yandex NV^(a)(b)		361,376		39

				82

Metals & Mining — 0.5%
Alrosa PJSC^(a)(b)		7,486,250		818
MMC Norilsk Nickel PJSC^(a)(b)		96,437		10
Novolipetsk Steel PJSC^(a)(b)		4,388,590		480
Polymetal International PLC^(a)(b)		834,056		92
Polyus PJSC^(a)(b)		89,129		10
Severstal PAO^(a)(b)		604,068		66
United Co. RUSAL International PJSC^(a)(b)		5,811,330		635

				2,111

Oil, Gas & Consumable Fuels — 1.3%
Gazprom PJSC^(a)(b)		24,553,290		2,683
LUKOIL PJSC^(a)(b)		856,438		94
Novatek PJSC^(a)(b)		1,250,860		137


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Rosneft Oil Co. PJSC^(a)(b)		2,566,222	$	280
Surgutneftegas PJSC^(a)(b)		21,799,946		2,383
Tatneft PJSC^(a)(b)		3,516,781		384

				5,961

Wireless Telecommunication Services — 0.1%
Mobile TeleSystems PJSC^(a)(b)		2,776,444		303


Total Common Stocks — 5.9% (Cost: $440,387,124)				27,038


Preferred Stocks

Oil, Gas & Consumable Fuels — 0.5%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(b)		21,745,700		2,376


Total Preferred Stocks — 0.5% (Cost: $11,913,761)				2,376


Total Long-Term Investments — 6.4% (Cost: $452,300,885)				29,414


Short-Term Securities

Money Market Funds — 91.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(c)(d)		420,000		420,000


Total Short-Term Securities — 91.2% (Cost: $420,000)				420,000


Total Investments — 97.6% (Cost: $452,720,885)				449,414

Other Assets Less Liabilities — 2.4%				11,210


Net Assets — 100.0%			$	460,624

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	450,000	$	—	$	(30,000	)^(a)	$	—	$	—	$	420,000		420,000	$	36,300	$	—

^(a)

Represents net amount purchased (sold).


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Russia ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	—	$	27,038	$	27,038
Preferred Stocks		—		—		2,376		2,376
Short-Term Securities
Money Market Funds		420,000		—		—		420,000

	$	420,000	$	—	$	29,414	$	449,414

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:


	Common Stocks			Preferred Stocks		Total
Assets:
Opening balance, as of August 31, 2023	$	25,825		$	2,268	$	28,093
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—
Accrued discounts/premiums		—			—		—
Net realized gain (loss)		(8,341,437	)		—		(8,341,437	)
Net change in unrealized appreciation (depreciation)^(a)(b)		13,151,904			108		13,152,012
Purchases		—			—		—
Sales		(4,809,254	)		—		(4,809,254	)

Closing balance, as of February 29, 2024	$	27,038		$	2,376	$	29,414

Net change in unrealized appreciation (depreciation) on investment still held at February 29, 2024	$	(10,575,977	)	$	108	$	(10,575,869	)

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 29, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement of Assets and Liabilities (unaudited)

February 29, 2024


	iShares MSCI Russia ETF

ASSETS
Investments, at value — unaffiliated^(a)	$	29,414
Investments, at value — affiliated^(b)		420,000
Cash		9,156
Foreign currency, at value^(c)		291
Receivables:
Dividends — affiliated		1,763

Total assets		460,624

Commitments and contingent liabilities

NET ASSETS	$	460,624


NET ASSETS CONSIST OF
Paid-in capital	$	614,603,100
Accumulated loss		(614,142,476	)

NET ASSETS	$	460,624


NET ASSET VALUE
Shares outstanding		13,750,000

Net asset value	$	0.03

Shares authorized		1 billion

Par value	$	0.001


^(a)Investments, at cost — unaffiliated	$	452,300,885
^(b)Investments, at cost — affiliated	$	420,000
^(c)Foreign currency, at cost	$	272

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		7

Statement of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares MSCI Russia ETF

INVESTMENT INCOME
Dividends — affiliated	$	36,300
Interest — unaffiliated		653

Total investment income		36,953


EXPENSES
Investment advisory		3,752

Total expenses		3,752

Less:
Investment advisory fees waived		(3,752	)

Total expenses after fees waived		—

Net investment income		36,953


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,341,437	)

		(8,341,437	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		13,152,012

		13,152,012

Net realized and unrealized gain		4,810,575

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,847,528

See notes to financial statements.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Russia ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	36,953		$	19,157
Net realized loss		(8,341,437	)		—
Net change in unrealized appreciation (depreciation)		13,152,012			(16,024	)

Net increase in net assets resulting from operations		4,847,528			3,133


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Liquidating distribution		(4,875,008	)		—

Decrease in net assets resulting from distributions to shareholders		(4,875,008	)		—


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			—


NET ASSETS
Total increase (decrease) in net assets		(27,480	)		3,133
Beginning of period		488,104			484,971

End of period	$	460,624		$	488,104

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		9

Statement of Cash Flows (unaudited)

Six Months Ended February 29, 2024


		iShares MSCI Russia ETF



CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	4,847,528
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments		4,809,254
Net proceeds from sales of short-term securities		30,000
Net realized (gain) loss on investments		8,341,437
Net change in unrealized (appreciation) depreciation on investments		(13,152,012	)
(Increase) decrease in assets:
Receivables:
Dividends — affiliated		293

Net cash provided by operating activities		4,876,500


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(4,875,008	)

Net cash used for financing activities		(4,875,008	)


CASH
Net increase in restricted and unrestricted cash	$	1,492
Restricted and unrestricted cash and foreign currency at beginning of period		7,955

Restricted and unrestricted cash and foreign currency at end of period	$	9,447


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash	$	9,156
Foreign currency, at value		291

	$	9,447

See notes to financial statements.


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


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


Net asset value, beginning of period			$	0.04		$	0.04		$	45.29		$	34.87		$	37.81		$	32.47

Net investment income^(a)				0.00	^(b)		0.00	^(b)		0.86			2.05			1.87			2.33
Net realized and unrealized gain (loss)				0.34			(0.00	)^(b)		(44.38	)^(c)		10.24	^(c)		(1.99	)^(c)		5.04	^(c)

Net increase (decrease) from investment operations				0.34			0.00	^(b)		(43.52	)		12.29			(0.12	)		7.37


Distributions^(d)
From net investment income				—			—			(1.70	)		(1.87	)		(2.82	)		(2.03	)
Liquidating distribution				(0.35	)		—			(0.03	)		—			—			—

Total distributions				(0.35	)		—			(1.73	)		(1.87	)		(2.82	)		(2.03	)


Net asset value, end of period			$	0.03		$	0.04		$	0.04		$	45.29		$	34.87		$	37.81


Total Return^(e)
Based on net asset value				1,011.85	%^(f)(g)		0.64	%		(99.85	)%		36.07	%		(1.28	)%		23.64	%


Ratios to Average Net Assets^(h)
Total expenses				0.59	%⁽ⁱ⁾		0.59	%		0.58	%		0.57	%		0.59	%		0.59	%

Total expenses after fees waived^(j)				0.00	%⁽ⁱ⁾		0.00	%		0.50	%		0.57	%		0.59	%		0.59	%

Net investment income				5.84	%⁽ⁱ⁾		3.94	%		4.01	%		5.26	%		4.97	%		6.60	%


Supplemental Data
Net assets, end of period (000)			$	461		$	488		$	485		$	586,497		$	467,203		$	627,581

Portfolio turnover rate^(k)				0	%		0	%		7	%		25	%		30	%		18	%

^(a)	Based on average shares outstanding.

^(b)	Rounds to less than $0.01.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

^(g)

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

⁽ⁱ⁾	Annualized.

^(j)	Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the year ended August 31, 2022, August 31, 2023 and six months ended February 28, 2024.

^(k)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		11

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

These financial statements relate only to the following fund (the “Fund”):



iShares ETF	Diversification Classification

MSCI Russia		Non-diversified

2.	*PLAN OF LIQUIDATION*

Russia launched a large-scale invasion of Ukraine on February 24, 2022, creating circumstances that have significantly impacted the Fund’s operations. The United States, and many other countries, imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, including banning Russia from global payment systems that facilitate cross-border payments. In response, the Russian government imposed capital controls to restrict movements of capital from entering and exiting the country and has closed trading sessions for local Russian equities to non-residents. In addition, trading of depository receipts for Russian-based companies halted on primary trading platforms subsequent to Russia’s invasion.

The consequences of Russia’s invasion and unprecedented market and policy responses of various governments and regulators precipitated the absence of a functioning or orderly market to facilitate the liquidation and repatriation of securities for any Russian-based company held by the Fund. As a result, the fair value of Russian securities and currency experienced significant declines.

Additionally, since February 24, 2022, the following events occurred: (i) the Fund suspended new creations of its shares; (ii) NYSE Arca, Inc. announced a trading halt of the Fund; (iii) BFA wrote down the value of all Russian equity securities to a nominal investment value; (iv) BFA implemented a voluntary waiver of its investment advisory fee for the Fund; (v) Russia signed into law a requirement of Russian issuers to terminate deposit agreements related to their depository receipt program, with holders receiving local shares of most Russian issuers in place of the depository receipts; (vi) the Fund was removed as a borrower from the line of credit facility as the trading halt by NYSE Arca, Inc. resulted in technical default under the Syndicated Credit Agreement; (vii) the Fund’s underlying index, the MSCI Russia 25/50 Index, was discontinued by the index provider, (viii) the Fund suspended redemptions pursuant to an order of the SEC; (ix) NYSE Arca, Inc. delisted the Fund.

On June 15, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the SEC, due to the discontinuation of the MSCI Russia 25/50 Index and ongoing restrictions relating to Russian securities. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund. On August 17, 2022, the Fund made an initial liquidating distribution to shareholders of available cash, less a reserve estimated to meet the Fund’s expected transaction costs associated with the liquidation.

The Fund participated in a tender offer on Magnit PJSC, in which proceeds from the shares tendered were booked into the Fund’s net asset value (“NAV”) on November 20, 2023. On December 21, 2023, the Fund made a liquidating distribution to shareholders of available cash, less a reserve estimated to the meet the Fund’s expected transaction costs associated with the liquidation.

On December 14, 2023, the Board unanimously voted to continue to have the Fund managed pursuant to the plan of liquidation through December 31, 2024 (absent significant market developments), to allow the Fund to sell its securities, if conditions permit. There are no assurances that the securities will become liquid during that time. If the Fund’s Russian securities have not been sold or are unable to be converted as of the date the Fund is terminated, the Fund’s remaining portfolio assets will be permanently written off, in each case as determined by BFA and approved by the Board. The Fund may be terminated sooner if all of the Russian securities have been sold before that date (or they cease to represent valid interests in their issuers). While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund’s investment objective and prior investment strategies. As a result of the delisting by NYSE Arca, Inc. the Fund is no longer considered an exchange-traded fund.

3.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

recognized daily on an accrual basis. Certain Russian securities held by the Fund declared dividends during the period, however there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not accrued any investment income associated with these Russian securities.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. On December 21, 2023, the Fund made a liquidating distribution to shareholders of available cash, less a reserve estimated to the meet the Fund’s expected transaction costs associated with the liquidation.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

4.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement, war or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

During the period, the Valuation Committee determined that the local Russian equities and Russian exposed ADR and GDR securities did not have a market for which the Fund could transact and deemed them illiquid. As of February 29, 2024, the securities are being fair valued at a nominal value using a discount of 99% or higher due to illiquidity and uncertainty measures.


N O T E S T O F I N A N C I A L S T A T E M E N T S		13

Notes to Financial Statements (unaudited) (continued)

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

•

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets		Investment Advisory Fees

First $2 billion		0.7400%

Over $2 billion, up to and including $4 billion		0.6900

Over $4 billion, up to and including $8 billion		0.6400

Over $8 billion, up to and including $16 billion		0.5700

Over $16 billion, up to and including $24 billion		0.5100

Over $24 billion, up to and including $32 billion		0.4800

Over $32 billion, up to and including $40 billion		0.4500

Over $40 billion		0.4275

Expense Waivers: Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund, which was applied to management fees for the period ended February 29, 2024.

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts Waived

MSCI Russia	$	3,752

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

6.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Sales

MSCI Russia	$	4,809,254


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

There were no in-kind transactions for the six months ended February 29, 2024.

7.	*INCOME TAX INFORMATION*

The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of August 31, 2023, the Fund had non-expiring capital loss carryforwards of $122,219,861 available to offset future realized capital gains.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Russia	$	479,192,555	$	—	$	(478,743,141	)	$	(478,743,141	)

8. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		15

Notes to Financial Statements (unaudited) (continued)

The Fund invests a significant portion of its assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but have been, and may continue to be, significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

9.	*CAPITAL SHARE TRANSACTIONS*

On March 1, 2022, the Fund suspended new creations of its shares. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund. Refer to Note 2 for more information.

10.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

On March 4, 2024 and March 13, 2024, the Fund sold 834,056 shares of Polymetal International PLC, resulting in proceeds of $3,178,988 and a realized loss from investments - unaffiliated of $(7,398,309).


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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Russia ETF (the “Fund”), a series of the Company, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Fund, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”). As part of its review of the Program with respect to the Fund, the Board was provided information about the continued illiquidity of Russian equity exposure.

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		17

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 29, 2024



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI Russia^(a)	$	—	$	—	$	0.354546	$	0.354546		—	%		—	%		100	%		100	%

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		19

Glossary of Terms Used in this Report

Portfolio Abbreviation



ADR		American Depositary Receipt

GDR		Global Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-821-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

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

· iShares MSCI BIC ETF | BKF | NYSE Arca

· iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ

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

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.93%		30.45%

U.S. small cap equities (Russell 2000^® Index)		8.97		10.05

International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41

Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page


The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements
Statements of Assets and Liabilities		74
Statements of Operations		75
Statements of Changes in Net Assets		76
Financial Highlights		78
Notes to Financial Statements		82
Statement Regarding Liquidity Risk Management Program		93
Supplemental Information		94
General Information		95
Glossary of Terms Used in this Report		96


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		5.08	%		10.04	%		2.53	%		3.23	%		10.04	%		13.30	%		37.41	%
Fund Market		4.67			9.52			2.50			3.23			9.52			13.17			37.42
Index		5.33			10.44			2.73			3.30			10.44			14.39			38.34

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments^(a)

Information Technology		21.9%
Financials		21.1
Consumer Discretionary		12.5
Industrials		8.5
Materials		7.9
Communication Services		7.7
Consumer Staples		5.8
Energy		5.0
Health Care		4.5
Utilities		2.9
Real Estate		2.2

GEOGRAPHIC ALLOCATION



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

China		22.8%
India		19.2
Taiwan		17.6
South Korea		12.6
Brazil		5.4
Saudi Arabia		4.5
South Africa		2.6
Mexico		2.5
Indonesia		1.9
Thailand		1.8
Malaysia		1.5
United Arab Emirates		1.2
Poland		1.0
Turkey		1.0
Other (each representing less than 1%)		4.4

^(a)

Excludes money market funds.


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.02	%		1.87	%		(2.37	)%		1.67	%		1.87	%		(11.29	)%		18.01	%
Fund Market		(0.99	)		1.73			(2.45	)		1.71			1.73			(11.68	)		18.46
Index		1.38			3.70			(1.61	)		2.31			3.70			(7.79	)		25.70

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments^(a)

Financials		21.0%
Consumer Discretionary		20.5
Communication Services		11.4
Energy		8.6
Information Technology		7.8
Industrials		6.9
Consumer Staples		6.5
Materials		6.5
Health Care		4.9
Utilities		4.3
Real Estate		1.6

GEOGRAPHIC ALLOCATION



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

China		51.9%
India		36.8
Brazil		11.3
Russia		0.0
Kazakhstan		0.0

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		3.59	%		5.79	%		1.90	%		3.78	%		5.79	%		9.88	%		44.98	%
Fund Market		2.70			4.91			1.78			3.71			4.91			9.20			43.96
Index		4.28			6.87			2.61			4.35			6.87			13.77			53.04

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 1,035.90	$ 2.48			$ 1,000.00	$ 1,022.40	$ 2.46		0.49	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments^(a)

Information Technology		28.7%
Financials		18.1
Consumer Discretionary		14.9
Communication Services		8.9
Industrials		7.2
Materials		5.2
Consumer Staples		4.8
Energy		4.4
Health Care		4.1
Utilities		2.4
Real Estate		1.3

GEOGRAPHIC ALLOCATION



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

China		32.4%
India		22.9
Taiwan		21.5
South Korea		16.0
Indonesia		2.5
Thailand		2.0
Malaysia		1.8
Philippines		0.9

^(a)

Excludes money market funds.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		6.80	%		19.99	%		8.05	%		4.77	%		19.99	%		47.25	%		59.34	%
Fund Market		6.44			20.13			8.07			4.80			20.13			47.42			59.74
Index		7.75			21.59			8.70			5.30			21.59			51.77			67.59

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 1,068.00	$ 3.75			$ 1,000.00	$ 1,021.20	$ 3.67		0.73	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments^(a)

Information Technology		17.7%
Industrials		17.3
Materials		12.1
Consumer Discretionary		11.7
Financials		10.8
Health Care		9.3
Consumer Staples		6.2
Real Estate		6.0
Communication Services		3.8
Utilities		3.2
Energy		1.9

GEOGRAPHIC ALLOCATION



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

India		26.1%
Taiwan		22.1
South Korea		13.2
China		8.2
Brazil		4.7
Saudi Arabia		4.2
Thailand		3.1
South Africa		3.0
Turkey		2.6
Malaysia		2.3
Mexico		2.0
Indonesia		1.8
Poland		1.3
Kuwait		1.1
United Arab Emirates		1.0
Other (each representing less than 1%)		3.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7

About Fund Performance

Disclosure of Expenses


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.9%
3R Petroleum Oleo E Gas SA^(a)		2,245,952	$	12,627,861
AES Brasil Energia SA^(a)		3,901,302		8,193,276
Allos SA, NVS		4,441,520		22,059,731
Alupar Investimento SA		1,631,840		9,775,743
Ambev SA		41,494,373		105,006,782
Arezzo Industria e Comercio SA		649,147		7,734,501
Armac Locacao Logistica E Servicos SA		345,145		880,376
Atacadao SA		4,888,740		11,889,696
Auren Energia SA		2,681,671		6,921,172
B3 SA - Brasil Bolsa Balcao		50,829,185		131,185,943
Banco Bradesco SA		13,941,162		34,494,638
Banco BTG Pactual SA		10,879,318		79,639,996
Banco do Brasil SA		7,643,711		88,967,254
Banco Santander Brasil SA		2,968,469		17,078,356
BB Seguridade Participacoes SA		6,175,178		41,415,468
BRF SA^(a)		5,585,299		16,965,665
Caixa Seguridade Participacoes S/A		2,974,714		8,599,030
Camil Alimentos SA		1,713,660		2,947,395
CCR SA		9,687,480		26,853,911
Centrais Eletricas Brasileiras SA		10,785,366		94,378,190
Cia de Saneamento de Minas Gerais Copasa MG		2,716,971		11,297,256
Cia. Brasileira de Aluminio		2,521,056		2,028,570
Cia. de Saneamento Basico do Estado de Sao Paulo		3,035,793		48,342,092
Cia. de Saneamento do Parana		1,685,968		8,760,345
Cia. Siderurgica Nacional SA		6,000,250		20,302,188
Cielo SA		10,360,644		11,150,338
Cogna Educacao SA^(a)		17,839,834		9,043,548
Cosan SA		10,996,850		37,606,656
CPFL Energia SA		1,485,297		10,574,050
Cury Construtora e Incorporadora SA		1,231,020		4,774,409
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,716,792		13,143,740
Dexco SA		4,631,646		7,584,156
Direcional Engenharia SA		1,323,276		6,300,807
EcoRodovias Infraestrutura e Logistica SA		3,239,247		5,981,832
Embraer SA^(a)		6,525,648		32,069,679
Enauta Participacoes SA		1,581,399		8,105,660
Energisa SA		1,653,837		16,913,977
Eneva SA^(a)		7,651,984		19,749,141
Engie Brasil Energia SA		1,436,963		12,146,444
Equatorial Energia SA		9,335,821		64,190,695
Ez Tec Empreendimentos e Participacoes SA		1,441,135		4,893,557
Fleury SA		3,433,387		10,988,551
GPS Participacoes e Empreendimentos SA^(b)		2,932,154		10,564,036
Grendene SA		4,626,834		6,003,315
Grupo De Moda Soma SA		4,826,635		6,796,573
Grupo Mateus SA^(a)		5,770,204		9,367,252
Grupo SBF SA		1,284,683		3,181,277
Hapvida Participacoes e Investimentos SA^(a)(b)		45,006,882		33,227,104
Hidrovias do Brasil SA^(a)		6,139,505		4,742,552
Hypera SA		3,438,533		22,743,249
Iguatemi SA		1,997,053		9,448,751
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		1,085,250		4,628,211
Iochpe Maxion SA		1,704,595		4,306,836
Irani Papel e Embalagem SA		227,563		416,572
IRB-Brasil Resseguros SA^(a)		653,353		5,102,123
JBS SA		6,645,036		30,825,075


Security	Shares		Value

Brazil (continued)
JHSF Participacoes SA		4,260,147	$	3,822,143
Klabin SA		6,763,146		30,706,324
Localiza Rent a Car SA		8,272,450		88,197,753
Localiza Rent a Car SA, NVS^(a)		29,864		303,981
LOG Commercial Properties e Participacoes SA		749,606		3,296,330
Lojas Renner SA		8,705,284		27,668,622
LWSA SA^(b)		4,036,763		4,523,098
M. Dias Branco SA		879,799		7,295,229
Magazine Luiza SA^(a)		27,279,683		11,688,706
Magazine Luiza SA, NVS		2,613,125		1,119,663
Marfrig Global Foods SA^(a)		4,737,490		9,434,763
Minerva SA		2,948,877		4,039,720
Movida Participacoes SA		1,824,064		3,129,944
MRV Engenharia e Participacoes SA^(a)		3,601,928		5,521,251
Multiplan Empreendimentos Imobiliarios SA		2,386,374		12,678,107
Natura & Co. Holding SA^(a)		8,212,063		26,943,483
Odontoprev SA		3,425,202		8,302,727
Oncoclinicas do Brasil Servicos Medicos SA^(a)		2,279,522		4,723,115
Pet Center Comercio e Participacoes SA		4,290,613		3,599,174
Petroleo Brasileiro SA		34,085,957		282,638,279
Petroreconcavo SA		1,465,938		6,782,518
PRIO SA		7,230,754		63,578,737
Raia Drogasil SA		11,461,473		61,421,746
Rede D’Or Sao Luiz SA^(b)		5,238,851		26,683,774
Rumo SA		11,731,183		53,616,398
Santos Brasil Participacoes SA		5,475,869		11,621,254
Sao Martinho SA		1,487,070		8,465,748
Sendas Distribuidora SA		12,013,408		34,316,428
Serena Energia SA, NVS		3,475,942		6,544,792
SIMPAR SA		4,393,460		6,796,425
SLC Agricola SA		2,168,394		8,575,693
Smartfit Escola de Ginastica e Danca SA		2,501,904		12,310,469
Suzano SA		7,087,930		80,345,367
Telefonica Brasil SA		3,539,979		38,795,851
TIM SA/Brazil		7,553,134		27,607,661
TOTVS SA		4,841,895		29,892,329
Transmissora Alianca de Energia Eletrica SA		1,436,023		10,226,150
Ultrapar Participacoes SA		6,672,503		39,408,720
Vale SA		30,576,233		412,041,972
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		3,984,157		6,996,780
Vibra Energia SA		10,491,801		54,579,062
Vivara Participacoes SA		1,458,344		9,593,017
WEG SA		14,999,346		110,705,076
YDUQS Participacoes SA		2,463,015		10,087,704


				2,915,541,684

Chile — 0.4%
Aguas Andinas SA, Class A		32,445,518		9,538,255
Banco de Chile		409,209,935		47,450,555
Banco de Credito e Inversiones SA		639,146		17,730,900
Banco Itau Chile SA, NVS		802,252		7,889,152
Banco Santander Chile		593,344,109		28,854,632
CAP SA		768,281		5,270,575
Cencosud SA		12,777,553		22,947,906
Cia. Cervecerias Unidas SA		1,172,804		6,804,708
Cia. Sud Americana de Vapores SA		142,654,159		9,960,068
Colbun SA		76,284,120		10,482,493
Empresa Nacional de Telecomunicaciones SA		1,753,855		5,711,657
Empresas CMPC SA		10,239,494		18,177,683
Empresas Copec SA		3,402,440		21,836,250
Enel Americas SA		198,888,675		20,278,797


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chile (continued)
Enel Chile SA		242,413,405	$	14,561,466
Engie Energia Chile SA^(a)		6,786,095		5,795,218
Falabella SA^(a)		6,992,440		17,734,926
Inversiones Aguas Metropolitanas SA		5,617,449		4,215,732
Latam Airlines Group SA^(a)		1,574,011,666		19,796,122
Parque Arauco SA		6,243,117		9,958,640
SMU SA		31,811,600		5,368,780
Vina Concha y Toro SA		5,690,528		5,905,765


				316,270,280

China — 22.7%
360 Security Technology Inc., Class A^(a)		4,006,588		4,871,085
361 Degrees International Ltd.		9,851,000		5,259,897
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,433,837		3,861,989
3SBio Inc.^(b)(c)		14,806,500		9,769,105
AAC Technologies Holdings Inc.		6,321,000		15,714,955
Accelink Technologies Co. Ltd., Class A		400,700		1,664,577
ACM Research Shanghai Inc.		86,800		1,181,719
Advanced Micro-Fabrication Equipment Inc., Class A		388,217		7,919,385
AECC Aviation Power Co. Ltd., Class A		1,370,877		6,544,607
Agile Group Holdings Ltd.^(a)(c)		14,094,500		1,363,621
Agricultural Bank of China Ltd., Class A		41,029,235		23,833,440
Agricultural Bank of China Ltd., Class H		253,997,000		104,201,122
Aier Eye Hospital Group Co. Ltd., Class A		4,828,146		9,789,132
AIM Vaccine Co. Ltd., NVS^(c)		802,600		721,669
AIMA Technology Group Co. Ltd.		565,300		2,583,428
Air China Ltd., Class A^(a)		4,698,400		4,865,974
Air China Ltd., Class H^(a)		17,592,000		9,420,268
AK Medical Holdings Ltd.^(b)(c)		5,800,000		3,763,203
Akeso Inc.^(a)(b)(c)		4,666,000		27,979,312
Alibaba Group Holding Ltd.		146,619,904		1,347,976,094
Alibaba Health Information Technology Ltd.^(a)(c)		49,096,000		21,452,648
Alibaba Pictures Group Ltd.^(a)		121,850,000		6,989,501
A-Living Smart City Services Co. Ltd., Class A^(b)		6,912,500		3,539,512
Alphamab Oncology^(a)(b)(c)		5,219,000		3,337,750
Aluminum Corp. of China Ltd., Class A		6,064,900		5,071,929
Aluminum Corp. of China Ltd., Class H		37,188,000		18,530,510
Amlogic Shanghai Co. Ltd.		287,186		2,227,079
ANE Cayman Inc.^(a)		3,544,500		1,859,609
Angelalign Technology Inc.^(b)(c)		359,800		3,017,967
Anhui Conch Cement Co. Ltd., Class A		1,680,029		5,576,737
Anhui Conch Cement Co. Ltd., Class H		11,056,500		24,058,765
Anhui Gujing Distillery Co. Ltd., Class A		250,255		7,585,083
Anhui Gujing Distillery Co. Ltd., Class B		981,600		13,878,246
Anhui Jianghuai Automobile Group Corp. Ltd.^(a)		1,142,500		2,446,379
Anhui Kouzi Distillery Co. Ltd., Class A		406,548		2,400,020
Anhui Yingjia Distillery Co. Ltd., Class A		493,700		4,365,507
Anjoy Foods Group Co. Ltd., Class A		233,000		2,816,895
Anker Innovations Technology Co. Ltd.		246,776		2,803,311
ANTA Sports Products Ltd.		11,460,000		111,724,098
Ascentage Pharma Group International^(a)(b)(c)		2,455,400		8,119,714
Asia - Potash International Investment Guangzhou Co. Ltd.^(a)		966,500		3,022,558
Asia Cement China Holdings Corp.		5,899,500		1,591,712
Asymchem Laboratories Tianjin Co. Ltd., Class A		218,540		3,067,174
Autobio Diagnostics Co. Ltd., Class A		400,600		3,687,970
Autohome Inc., ADR		639,411		16,618,292
Avary Holding Shenzhen Co. Ltd., Class A		985,900		2,880,443


Security	Shares		Value

China (continued)
AVIC Industry-Finance Holdings Co. Ltd., Class A		6,014,291	$	2,766,543
AviChina Industry & Technology Co. Ltd., Class H		23,967,000		9,833,890
BAIC BluePark New Energy Technology Co. Ltd.		2,631,700		2,166,138
Baidu Inc.^(a)		20,268,862		256,469,953
Bairong Inc. ^(a)(b)		2,037,500		3,432,693
Bank of Beijing Co. Ltd., Class A		10,531,106		7,569,930
Bank of Chengdu Co. Ltd., Class A		2,548,508		4,672,413
Bank of China Ltd., Class A		17,145,100		10,623,926
Bank of China Ltd., Class H		714,947,000		280,474,635
Bank of Communications Co. Ltd., Class A		19,723,880		17,139,848
Bank of Communications Co. Ltd., Class H		78,691,000		51,554,068
Bank of Hangzhou Co. Ltd., Class A		3,730,897		5,732,614
Bank of Jiangsu Co. Ltd., Class A		7,542,908		8,019,726
Bank of Nanjing Co. Ltd., Class A		6,359,381		7,715,551
Bank of Ningbo Co. Ltd., Class A		3,560,493		10,974,587
Bank of Shanghai Co. Ltd., Class A		10,949,165		9,919,867
Baoshan Iron & Steel Co. Ltd., Class A		11,172,330		10,323,679
BeiGene Ltd.^(a)		6,238,164		80,314,774
Beijing Capital International Airport Co. Ltd., Class H^(a)		17,810,000		5,743,321
Beijing Dabeinong Technology Group Co. Ltd., Class A		3,872,200		2,826,345
Beijing Enlight Media Co. Ltd., Class A		2,135,394		2,681,346
Beijing Enterprises Holdings Ltd.		4,070,500		15,312,480
Beijing Enterprises Water Group Ltd.		38,832,000		9,109,255
Beijing Kingsoft Office Software Inc., Class A		254,651		9,579,490
Beijing New Building Materials PLC, Class A		1,220,819		4,753,173
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		443,500		1,060,339
Beijing Roborock Technology Co. Ltd., Class A		135,200		6,114,762
Beijing Tiantan Biological Products Corp. Ltd., Class A		497,600		1,954,107
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.^(c)		3,713,000		4,419,366
Beijing Tongrentang Co. Ltd., Class A		893,600		5,519,254
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		515,858		5,292,336
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		25,722,001		18,022,830
Bethel Automotive Safety Systems Co. Ltd.		369,300		3,223,619
Bilibili Inc.^(a)(c)		1,783,177		17,291,905
Bloomage Biotechnology Corp. Ltd.		273,586		2,424,476
BOC Aviation Ltd.^(b)		1,851,000		13,625,498
BOC International China Co. Ltd., Class A		713,300		1,078,928
BOE Technology Group Co. Ltd., Class A		15,521,900		8,586,774
BOE Varitronix Ltd.^(c)		3,835,000		2,672,677
Bosideng International Holdings Ltd.		33,878,000		17,039,857
Brilliance China Automotive Holdings Ltd.		27,426,000		15,964,454
BYD Co. Ltd., Class A		912,486		24,101,156
BYD Co. Ltd., Class H^(c)		9,467,500		233,185,154
BYD Electronic International Co. Ltd.		7,174,500		27,089,955
By-health Co. Ltd., Class A		1,474,600		3,454,481
C&D International Investment Group Ltd.		6,534,000		10,623,834
Caitong Securities Co. Ltd., Class A		5,200,150		5,754,177
Cambricon Technologies Corp. Ltd.^(a)		251,358		5,882,914
Canaan Inc., ADR^(a)(c)		1,780,093		2,794,746
Canggang Railway Ltd., NVS^(c)		10,944,000		2,047,307
Canmax Technologies Co. Ltd., Class A		894,280		2,830,864
CanSino Biologics Inc., Class H^(a)(b)(c)		524,000		1,215,914


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Canvest Environmental Protection Group Co. Ltd.^(c)		11,014,000	$	5,781,664
Cathay Biotech Inc.		169,400		1,133,387
CGN Mining Co. Ltd.^(a)(c)		24,990,000		6,080,979
CGN New Energy Holdings Co. Ltd.^(c)		16,052,000		3,972,047
CGN Power Co. Ltd., Class H^(b)		95,126,000		28,888,088
Changchun High & New Technology Industry Group Inc., Class A		239,542		4,276,851
Changjiang Securities Co. Ltd., Class A		5,977,228		4,560,259
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		222,669		4,339,734
Chaozhou Three-Circle Group Co. Ltd., Class A		1,516,453		5,336,098
Chengxin Lithium Group Co. Ltd., Class A		919,800		2,793,471
China Aircraft Leasing Group Holdings Ltd.^(c)		5,464,000		2,386,727
China Animal Healthcare Ltd.^(d)		1,237,000		2
China Aoyuan Group Ltd.^(a)(c)		10,526,000		225,860
China Baoan Group Co. Ltd., Class A		2,702,000		4,457,578
China BlueChemical Ltd., Class H		17,216,000		5,167,065
China Cinda Asset Management Co. Ltd., Class H		70,899,000		6,788,728
China CITIC Bank Corp. Ltd., Class H		79,878,000		42,470,182
China Coal Energy Co. Ltd., Class H		18,848,000		20,297,754
China Communications Services Corp. Ltd., Class H		22,254,000		9,453,031
China Conch Venture Holdings Ltd.		12,369,000		12,386,341
China Construction Bank Corp., Class A		4,018,822		3,899,779
China Construction Bank Corp., Class H		863,526,000		535,520,896
China CSSC Holdings Ltd., Class A		2,437,001		12,010,188
China Datang Corp. Renewable Power Co. Ltd., Class H		23,732,000		5,389,130
China East Education Holdings Ltd.^(b)		5,978,500		1,999,649
China Eastern Airlines Corp. Ltd., Class A^(a)		11,645,975		6,147,829
China Education Group Holdings Ltd.		9,842,000		5,638,711
China Energy Engineering Corp. Ltd.		40,785,244		12,323,840
China Everbright Bank Co. Ltd., Class A		22,758,082		10,159,221
China Everbright Bank Co. Ltd., Class H		25,385,000		7,936,620
China Everbright Environment Group Ltd.^(c)		32,537,148		12,086,045
China Everbright Ltd.		9,742,000		5,340,648
China Feihe Ltd.^(b)		30,879,000		15,358,929
China Fiber Optic Network System Group Ltd.^(d)		10,394,800		13
China Foods Ltd.		11,650,000		4,196,053
China Galaxy Securities Co. Ltd., Class A		2,050,700		3,456,324
China Galaxy Securities Co. Ltd., Class H		37,297,500		19,597,396
China Gas Holdings Ltd.		25,093,200		22,964,847
China Great Wall Securities Co. Ltd., Class A		795,600		872,811
China Greatwall Technology Group Co. Ltd., Class A		2,210,300		3,181,543
China High Speed Transmission Equipment Group Co. Ltd.^(a)		472,000		87,247
China Hongqiao Group Ltd.^(c)		20,881,000		16,159,419
China Huiyuan Juice Group Ltd.^(d)		10,877,000		14
China International Capital Corp. Ltd., Class A		1,517,200		7,356,484
China International Capital Corp. Ltd., Class H^(b)		13,454,000		16,865,372
China Jinmao Holdings Group Ltd.		53,576,000		4,353,646
China Jushi Co. Ltd., Class A		2,927,762		4,064,292
China Lesso Group Holdings Ltd.		11,134,000		5,295,273
China Life Insurance Co. Ltd., Class A		1,425,621		5,983,607
China Life Insurance Co. Ltd., Class H		66,949,000		82,065,391
China Lilang Ltd.^(c)		6,020,000		3,227,636


Security	Shares		Value

China (continued)
China Literature Ltd.^(a)(b)		3,649,000	$	11,186,730
China Longyuan Power Group Corp. Ltd., Class H		29,435,000		20,743,229
China Medical System Holdings Ltd.		12,705,000		20,885,441
China Meidong Auto Holdings Ltd.^(c)		5,886,000		2,315,458
China Mengniu Dairy Co. Ltd.		28,566,000		71,424,756
China Merchants Bank Co. Ltd., Class A		10,929,782		48,400,734
China Merchants Bank Co. Ltd., Class H		35,293,464		136,480,477
China Merchants Energy Shipping Co. Ltd., Class A		5,375,200		5,370,426
China Merchants Port Holdings Co. Ltd.		12,724,270		15,794,020
China Merchants Securities Co. Ltd., Class A		3,521,981		6,890,901
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		4,090,466		5,337,144
China Metal Recycling Holdings Ltd.^(d)		62,400		—
China Minsheng Banking Corp. Ltd., Class A		20,239,517		11,339,393
China Minsheng Banking Corp. Ltd., Class H		55,703,220		19,604,367
China Modern Dairy Holdings Ltd.		34,021,000		2,822,711
China National Building Material Co. Ltd., Class H		34,238,850		12,877,477
China National Chemical Engineering Co. Ltd., Class A		4,295,122		4,156,844
China National Nuclear Power Co. Ltd., Class A		9,052,709		10,897,897
China National Software & Service Co. Ltd., Class A		515,780		2,303,764
China New Higher Education Group Ltd.^(b)		10,035,000		3,159,172
China Nonferrous Mining Corp Ltd.		19,023,000		13,214,640
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,479,700		6,485,559
China Oilfield Services Ltd., Class H		15,722,000		13,835,236
China Oriental Group Co. Ltd.^(c)		15,524,000		2,335,722
China Overseas Grand Oceans Group Ltd.		17,473,500		4,472,281
China Overseas Land & Investment Ltd.		34,146,500		50,428,159
China Overseas Property Holdings Ltd.		12,900,000		10,845,441
China Pacific Insurance Group Co. Ltd., Class A		3,468,142		12,280,834
China Pacific Insurance Group Co. Ltd., Class H		24,104,200		45,722,107
China Petroleum & Chemical Corp., Class A		16,352,100		14,150,198
China Petroleum & Chemical Corp., Class H		219,930,200		121,171,245
China Power International Development Ltd.		45,341,000		18,314,695
China Railway Group Ltd., Class A		11,678,866		10,273,602
China Railway Group Ltd., Class H		36,640,000		17,846,916
China Rare Earth Resources & Technology Co. Ltd., Class A		799,300		3,092,190
China Renaissance Holdings Ltd.^(a)(b)(c)(d)		2,502,500		1,425,586
China Renewable Energy Investment Ltd.^(d)		8,046		—
China Resources Beer Holdings Co. Ltd.		14,682,000		63,264,077
China Resources Building Materials Technology Holdings Ltd.^(c)		22,082,000		3,830,363
China Resources Gas Group Ltd.		8,507,500		25,673,255
China Resources Land Ltd.		29,097,777		88,874,924
China Resources Medical Holdings Co. Ltd.		11,018,500		6,004,489
China Resources Microelectronics Ltd.		879,012		5,217,382
China Resources Mixc Lifestyle Services Ltd.^(b)		6,267,800		18,890,011
China Resources Pharmaceutical Group Ltd.^(b)		14,593,500		9,870,129
China Resources Power Holdings Co. Ltd.		17,514,000		37,701,574
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		619,827		4,728,864
China Risun Group Ltd.^(c)		12,024,000		4,703,159
China Ruyi Holdings Ltd.^(a)(c)		52,979,200		10,399,311


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China Shenhua Energy Co. Ltd., Class A		3,319,129	$	17,732,832
China Shenhua Energy Co. Ltd., Class H		30,629,000		117,850,905
China Shineway Pharmaceutical Group Ltd.		4,636,000		5,218,492
China South City Holdings Ltd.^(c)		50,390,000		1,070,447
China Southern Airlines Co. Ltd., Class A^(a)		6,636,584		5,441,733
China State Construction Engineering Corp. Ltd., Class A		21,231,919		15,734,837
China State Construction International Holdings Ltd.		19,186,000		21,379,195
China Taiping Insurance Holdings Co. Ltd.		12,953,508		11,254,280
China Three Gorges Renewables Group Co. Ltd., Class A		13,605,570		8,716,808
China Tobacco International HK Co. Ltd.		4,359,000		5,451,275
China Tourism Group Duty Free Corp. Ltd.^(b)(c)		721,900		7,069,064
China Tourism Group Duty Free Corp. Ltd., Class A		1,171,979		14,112,901
China Tower Corp. Ltd., Class H^(b)		382,626,000		46,377,330
China Traditional Chinese Medicine Holdings Co. Ltd.		25,784,000		14,226,564
China Travel International Investment Hong Kong Ltd.^(c)		34,862,000		5,964,223
China United Network Communications Ltd., Class A		17,467,525		11,622,853
China Vanke Co. Ltd., Class A		4,999,768		6,946,398
China Vanke Co. Ltd., Class H		18,708,287		14,423,763
China Water Affairs Group Ltd.		9,078,000		6,226,306
China XLX Fertiliser Ltd.		5,154,000		2,081,640
China Yangtze Power Co. Ltd., Class A		12,868,525		44,731,981
China Zhenhua Group Science & Technology Co. Ltd., Class A		336,600		2,676,718
China Zheshang Bank Co. Ltd., Class A		18,500,796		7,130,845
China Zhongwang Holdings Ltd., NVS		4,116,641		215,919
Chinasoft International Ltd.^(c)		24,512,000		15,943,313
Chongqing Brewery Co. Ltd., Class A		319,900		2,898,374
Chongqing Changan Automobile Co. Ltd., Class A		4,681,664		9,657,343
Chongqing Hongjiu Fruit Co. Ltd.^(a)(c)		3,250,200		1,429,487
Chongqing Taiji Industry Group Co. Ltd.^(a)		241,500		1,271,441
Chongqing Zhifei Biological Products Co. Ltd., Class A		1,248,663		9,258,806
Chow Tai Fook Jewellery Group Ltd.		19,579,200		29,174,393
CIMC Enric Holdings Ltd.		8,180,000		6,577,780
CITIC Ltd.		52,573,000		52,886,947
CITIC Securities Co. Ltd., Class A		5,869,849		17,319,360
CITIC Securities Co. Ltd., Class H		17,229,400		31,847,732
ClouDr Group Ltd., NVS		1,234,500		841,973
CMGE Technology Group Ltd.^(a)		22,120,000		2,737,910
CMOC Group Ltd., Class A		9,597,233		8,169,020
CMOC Group Ltd., Class H		34,398,000		21,220,365
CNGR Advanced Material Co. Ltd.		430,500		2,831,293
CNPC Capital Co. Ltd., NVS		3,964,000		3,403,411
COFCO Joycome Foods Ltd.^(a)(c)		28,892,000		5,643,795
Concord New Energy Group Ltd.		83,070,000		6,885,935
Contemporary Amperex Technology Co. Ltd., Class A		2,357,151		53,312,736
COSCO Shipping Energy Transportation Co. Ltd., Class A		3,058,900		5,834,075
COSCO Shipping Energy Transportation Co. Ltd., Class H		8,500,000		8,042,040
COSCO Shipping Holdings Co. Ltd., Class A		5,340,546		7,781,379
COSCO Shipping Holdings Co. Ltd., Class H		29,771,100		32,049,795


Security	Shares		Value

China (continued)
COSCO Shipping International Hong Kong Co. Ltd.		12,230,000	$	5,437,087
COSCO Shipping Ports Ltd.		15,740,000		9,391,992
Country Garden Holdings Co. Ltd.^(a)(c)		107,784,733		8,758,888
Country Garden Services Holdings Co. Ltd.^(c)		19,737,000		15,023,534
CRRC Corp. Ltd., Class A		11,309,000		10,007,625
CRRC Corp. Ltd., Class H		41,678,000		21,458,008
CSC Financial Co. Ltd., Class A		2,023,794		6,526,943
CSG Holding Co. Ltd.		3,734,481		1,149,511
CSPC Innovation Pharmaceutical Co. Ltd.		637,700		3,005,080
CSPC Pharmaceutical Group Ltd.		80,373,760		62,599,082
CSSC Science & Technology Co. Ltd.		840,100		2,044,079
Dada Nexus Ltd., ADR^(a)(c)		763,798		1,603,976
Daqin Railway Co. Ltd., Class A		7,311,019		7,568,301
Daqo New Energy Corp., ADR^(a)(c)		527,750		11,230,520
DaShenLin Pharmaceutical Group Co. Ltd., Class A		1,034,333		3,410,042
Digital China Holdings Ltd.		10,251,000		3,488,937
Dong-E-E-Jiao Co. Ltd., Class A		356,000		2,869,677
Dongfang Electric Corp. Ltd., Class A		1,767,524		4,008,170
Dongfeng Motor Group Co. Ltd., Class H		23,354,000		9,989,854
Dongxing Securities Co. Ltd., Class A		4,033,067		4,744,972
Dongyue Group Ltd.		13,488,000		12,073,084
East Buy Holding Ltd.^(a)(b)(c)		4,028,500		12,417,768
East Money Information Co. Ltd., Class A		8,479,688		16,471,607
Eastroc Beverage Group Co. Ltd.		259,100		6,428,176
Ecovacs Robotics Co. Ltd., Class A		420,300		2,172,827
Empyrean Technology Co. Ltd., NVS		106,700		1,346,318
ENN Energy Holdings Ltd.		7,153,100		58,082,003
ENN Natural Gas Co. Ltd., Class A		1,966,228		5,106,047
Eoptolink Technology Inc. Ltd.		409,200		3,416,623
Eve Energy Co. Ltd., Class A		1,151,977		6,112,576
Everbright Securities Co. Ltd., Class A		2,416,686		5,662,329
Everdisplay Optronics Shanghai Co. Ltd.^(a)		4,958,400		1,644,452
Everest Medicines Ltd.^(a)(b)(c)		2,122,000		6,526,217
Fangda Carbon New Material Co. Ltd., Class A^(a)		4,670,984		3,189,072
Far East Horizon Ltd.^(c)		11,518,000		9,253,237
Fenbi Ltd., NVS^(c)		4,719,500		2,965,699
FinVolution Group, ADR		1,315,787		6,881,566
First Capital Securities Co. Ltd., Class A		6,359,900		5,049,400
Flat Glass Group Co. Ltd., Class A		1,116,100		3,377,232
Flat Glass Group Co. Ltd., Class H^(c)		3,677,000		6,797,928
Focus Media Information Technology Co. Ltd., Class A		8,326,699		7,259,722
Foshan Haitian Flavouring & Food Co. Ltd., Class A		2,519,774		14,161,625
Fosun International Ltd.		22,708,000		13,101,076
Founder Securities Co. Ltd., Class A		3,810,100		4,028,190
Foxconn Industrial Internet Co. Ltd., Class A		7,028,925		18,227,125
Fu Shou Yuan International Group Ltd.		11,430,000		7,465,508
Fufeng Group Ltd.^(c)		16,348,400		10,022,877
Fuyao Glass Industry Group Co. Ltd., Class A		1,028,100		6,173,473
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		5,533,600		27,736,753
GalaxyCore Inc., NVS		1,074,600		2,943,076
Ganfeng Lithium Group Co. Ltd., Class A		854,157		4,736,600
Ganfeng Lithium Group Co. Ltd., Class H^(b)(c)		3,570,600		11,828,746
GCL Technology Holdings Ltd.		183,682,000		25,549,968
GD Power Development Co. Ltd., Class A		13,011,800		8,450,159
GDS Holdings Ltd.^(a)(c)		8,119,876		6,880,562
Geely Automobile Holdings Ltd.		54,678,000		59,504,525


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Gemdale Properties & Investment Corp. Ltd.^(c)		71,244,000	$	2,404,124
Genertec Universal Medical Group Co. Ltd.^(b)		12,919,500		7,084,133
Genscript Biotech Corp.^(a)(c)		10,808,000		21,849,843
GF Securities Co. Ltd., Class A		1,720,830		3,380,743
GF Securities Co. Ltd., Class H		11,137,400		11,958,708
Giant Biogene Holding Co. Ltd.^(a)(b)		1,568,800		7,173,260
Giant Network Group Co. Ltd., Class A		853,800		1,338,068
GigaDevice Semiconductor Inc., Class A		385,735		3,919,381
Ginlong Technologies Co. Ltd., Class A		240,550		2,171,297
GoerTek Inc., Class A		1,953,962		4,514,948
Goldwind Science & Technology Co Ltd., Class A		2,862,037		3,031,988
Gongniu Group Co. Ltd.		335,900		4,748,338
GoodWe Technologies Co. Ltd., NVS		99,188		1,490,828
Gotion High-tech Co. Ltd., Class A^(a)		1,358,200		3,728,151
Grand Pharmaceutical Group Ltd., Class A		16,143,500		7,369,710
Great Wall Motor Co. Ltd.		1,074,400		3,483,448
Great Wall Motor Co. Ltd., Class H^(c)		21,801,000		24,605,807
Gree Electric Appliances Inc. of Zhuhai, Class A		1,682,700		9,106,260
Greentown China Holdings Ltd.^(c)		8,845,500		7,072,805
Greentown Management Holdings Co. Ltd.^(b)		8,836,000		5,562,077
Greentown Service Group Co. Ltd.		13,368,000		4,803,025
GRG Banking Equipment Co. Ltd., Class A		766,500		1,225,605
Guangdong Haid Group Co. Ltd., Class A		1,065,920		6,368,255
Guangdong Investment Ltd.		26,860,000		15,939,200
Guanghui Energy Co. Ltd., Class A		4,446,180		4,619,980
Guangzhou Automobile Group Co. Ltd., Class A		2,200,699		2,716,239
Guangzhou Automobile Group Co. Ltd., Class H		25,569,200		11,063,745
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,087,388		4,465,447
Guangzhou Haige Communications Group Inc. Co., Class A		597,500		957,615
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		345,100		2,877,522
Guangzhou R&F Properties Co. Ltd., Class H^(a)(c)		15,128,400		1,961,098
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		420,583		2,286,049
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,230,396		3,522,382
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		1,017,800		868,744
Guolian Securities Co. Ltd., Class A^(a)		2,660,700		4,043,123
Guosen Securities Co. Ltd., Class A		5,877,867		7,023,347
Guotai Junan Securities Co. Ltd., Class A		2,800,591		5,858,759
Guoyuan Securities Co. Ltd., Class A		3,627,471		3,507,187
Gushengtang Holdings Ltd.		1,564,000		8,585,613
H World Group Ltd., ADR		1,872,336		68,452,604
Haichang Ocean Park Holdings Ltd.^(a)(b)(c)		32,005,000		3,069,492
Haidilao International Holding Ltd.^(b)		15,254,000		27,740,481
Haier Smart Home Co. Ltd., Class A		3,262,537		10,867,221
Haier Smart Home Co. Ltd., Class H		22,229,400		67,324,867
Hainan Airlines Holding Co. Ltd., Class A^(a)		27,455,441		5,449,865
Hainan Airport Infrastructure Co. Ltd., NVS^(a)		7,024,003		3,651,156
Hainan Meilan International Airport Co. Ltd., Class H^(a)		2,024,000		1,906,439
Haitian International Holdings Ltd.		5,956,000		15,080,994
Haitong Securities Co. Ltd., Class A		4,123,131		5,223,083
Haitong Securities Co. Ltd., Class H		22,780,000		11,307,812


Security	Shares		Value

China (continued)
Hang Zhou Great Star Industrial Co. Ltd., Class A		431,400	$	1,299,389
Hangzhou Binjiang Real Estate Group Co. Ltd.		2,251,594		2,356,192
Hangzhou Chang Chuan Technology Co. Ltd.		452,126		1,814,148
Hangzhou First Applied Material Co. Ltd., Class A		1,122,808		4,328,605
Hangzhou Oxygen Plant Group Co. Ltd., Class A		780,900		3,031,943
Hangzhou Robam Appliances Co. Ltd., Class A		810,309		2,804,420
Hangzhou Silan Microelectronics Co. Ltd., Class A		903,900		2,617,946
Hangzhou Steam Turbine Power Group Co. Ltd., Class B		6,736,634		6,036,925
Hangzhou Tigermed Consulting Co. Ltd., Class A		255,574		1,595,527
Hansoh Pharmaceutical Group Co. Ltd.^(b)		10,204,000		17,985,210
Harbin Electric Co. Ltd., Class H		8,374,000		2,551,464
Helens International Holdings Co. Ltd. ^(c)		4,646,000		1,973,377
Hello Group Inc., ADR		1,352,936		8,915,848
Henan Shenhuo Coal & Power Co. Ltd.		1,906,300		4,865,579
Henan Shuanghui Investment & Development Co. Ltd., Class A		2,600,932		10,528,927
Hengan International Group Co. Ltd.		5,660,000		17,445,259
Hengdian Group DMEGC Magnetics Co. Ltd.		1,385,255		2,758,438
Hengli Petrochemical Co. Ltd., Class A^(a)		3,872,630		6,841,266
Hengtong Optic-Electric Co. Ltd., Class A		1,327,400		2,251,602
Hengyi Petrochemical Co. Ltd., Class A^(a)		3,310,561		3,173,069
Hisense Visual Technology Co. Ltd.		907,705		3,255,094
Hithink RoyalFlush Information Network Co. Ltd., Class A		310,602		5,893,620
HLA Group Corp. Ltd., Class A		1,013,600		1,211,796
Hongfa Technology Co. Ltd., Class A		572,568		1,974,362
Hopson Development Holdings Ltd.^(a)(c)		10,799,671		5,161,015
Hoshine Silicon Industry Co. Ltd., Class A		469,523		3,448,583
Hua Han Health Industry Holdings Ltd.^(d)		19,424,288		25
Hua Hong Semiconductor Ltd.^(a)(b)(c)		5,197,000		11,138,372
Huabao International Holdings Ltd.^(c)		9,052,000		2,695,281
Huadian Power International Corp. Ltd., Class A		5,504,800		4,728,396
Huadong Medicine Co. Ltd., Class A		1,021,051		4,754,528
Huafon Chemical Co. Ltd., Class A		6,389,655		6,044,327
Huagong Tech Co. Ltd., Class A		526,900		2,321,033
Huaibei Mining Holdings Co. Ltd.		1,551,300		4,067,683
Hualan Biological Engineering Inc., Class A		1,439,420		3,933,510
Huaneng Power International Inc., Class A^(a)		5,447,426		6,665,003
Huaneng Power International Inc., Class H^(a)		37,538,000		21,053,623
Huatai Securities Co. Ltd., Class A		3,264,251		6,573,395
Huatai Securities Co. Ltd., Class H^(b)		13,501,200		15,935,732
Huaxia Bank Co. Ltd., Class A		9,837,330		8,649,723
Huayu Automotive Systems Co. Ltd., Class A		2,365,860		5,724,214
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		230,800		1,185,431
Huizhou Desay Sv Automotive Co. Ltd., Class A		343,400		4,871,083
Humanwell Healthcare Group Co. Ltd., Class A		1,195,600		3,646,799
Hunan Valin Steel Co. Ltd., Class A		6,633,000		5,225,447
Hundsun Technologies Inc., Class A		1,092,749		3,695,221
HUTCHMED China Ltd.^(a)		4,791,080		14,804,316
HUYA Inc., ADR^(a)(c)		867,012		3,034,542
Hwatsing Technology Co. Ltd., NVS		156,800		4,390,699
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		3,322,600		12,472,507
Hygon Information Technology Co. Ltd., NVS		1,014,853		11,979,167


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
iDreamSky Technology Holdings Ltd.^(a)(b)(c)		8,220,000	$	2,127,623
IEIT Systems Co. Ltd., Class A		871,372		4,521,065
Iflytek Co. Ltd., Class A		1,261,996		8,659,520
Imeik Technology Development Co. Ltd., Class A		134,780		6,119,412
Industrial & Commercial Bank of China Ltd., Class A		31,670,880		23,404,562
Industrial & Commercial Bank of China Ltd., Class H		585,268,000		300,015,800
Industrial Bank Co. Ltd., Class A		10,290,490		23,738,914
Industrial Securities Co. Ltd., Class A		6,275,451		5,054,540
INESA Intelligent Tech Inc., Class B		2,977,852		1,705,252
Ingenic Semiconductor Co. Ltd., Class A		301,303		2,728,182
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		40,078,700		8,563,129
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		12,688,400		6,841,575
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,461,862		13,591,370
Inner Mongolia Yitai Coal Co. Ltd., Class B		9,681,095		19,445,883
InnoCare Pharma Ltd.^(a)(b)(c)		3,329,000		2,190,914
Innovent Biologics Inc.^(a)(b)		10,817,000		58,332,836
iQIYI Inc., ADR^(a)(c)		4,024,816		14,851,571
iRay Technology Co. Ltd.		56,200		1,930,705
Isoftstone Information Technology Group Co. Ltd., NVS^(a)		503,400		3,182,535
JA Solar Technology Co. Ltd., Class A		1,782,080		4,629,029
Jason Furniture Hangzhou Co. Ltd., Class A		754,657		3,918,417
JCET Group Co. Ltd., Class A		1,148,600		4,169,023
JD Health International Inc.^(a)(b)(c)		10,115,500		38,151,352
JD Logistics Inc.^(a)(b)		17,785,700		17,561,613
JD.com Inc.		21,150,054		238,696,981
Jiangsu Eastern Shenghong Co. Ltd., Class A		3,967,900		5,775,733
Jiangsu Expressway Co. Ltd., Class H		10,732,000		11,023,770
Jiangsu Hengli Hydraulic Co. Ltd., Class A		888,596		6,996,146
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		3,283,055		19,375,246
Jiangsu King’s Luck Brewery JSC Ltd., Class A		865,256		6,425,089
Jiangsu Pacific Quartz Co. Ltd., NVS		246,282		2,725,755
Jiangsu Phoenix Publishing & Media Corp. Ltd.		1,031,600		1,488,586
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		740,151		10,327,965
Jiangsu Yangnong Chemical Co. Ltd., Class A		373,260		2,829,705
Jiangsu Yoke Technology Co. Ltd., Class A		208,700		1,457,956
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		793,600		3,936,493
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,788,000		3,242,356
Jiangxi Copper Co. Ltd., Class H		12,438,000		18,459,403
Jiangxi Special Electric Motor Co. Ltd., NVS^(a)		1,115,800		1,616,224
Jinchuan Group International Resources Co. Ltd.		36,943,000		3,103,585
Jinduicheng Molybdenum Co. Ltd., Class A		1,151,300		1,609,509
Jinke Smart Services Group Co. Ltd.^(a)		1,416,000		1,672,648
Jinko Solar Co. Ltd.		3,561,499		4,367,334
JinkoSolar Holding Co. Ltd., ADR		377,058		10,195,648
Jinxin Fertility Group Ltd.^(a)(b)(c)		15,310,000		4,744,364
JiuGui Liquor Co. Ltd., Class A		279,400		2,356,321
Jiumaojiu International Holdings Ltd.^(b)		7,900,000		5,483,297
Jizhong Energy Resources Co. Ltd.		3,732,800		4,209,980
JNBY Design Ltd.		2,882,000		5,507,617


Security	Shares		Value

China (continued)
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A^(a)		852,742	$	2,988,694
JOYY Inc., ADR		353,797		11,144,606
Kangji Medical Holdings Ltd.		4,889,000		3,979,850
Kanzhun Ltd., ADR		2,019,929		31,611,889
KE Holdings Inc., ADR		5,920,439		80,458,766
Keda Industrial Group Co. Ltd.		1,801,800		2,999,650
Keymed Biosciences Inc.^(a)(b)(c)		1,688,500		7,313,231
Kingboard Holdings Ltd.		6,200,700		12,162,475
Kingboard Laminates Holdings Ltd.^(c)		9,051,000		5,605,360
Kingdee International Software Group Co. Ltd.^(a)		25,081,000		26,969,275
Kingnet Network Co. Ltd.		1,169,900		2,029,273
Kingsoft Cloud Holdings Ltd., ADR^(a)(c)		1,063,584		3,052,486
Kingsoft Corp. Ltd.		8,741,200		24,288,629
Kuaishou Technology^(a)(b)		21,108,000		119,194,985
Kuang-Chi Technologies Co. Ltd., Class A^(a)		1,558,050		3,206,239
Kunlun Energy Co. Ltd.		36,060,000		30,741,630
Kunlun Tech Co. Ltd., Class A^(a)		755,200		4,235,862
Kweichow Moutai Co. Ltd., Class A		669,520		157,062,025
LB Group Co. Ltd., Class A		2,083,807		5,422,057
Lee & Man Paper Manufacturing Ltd.^(c)		14,794,000		4,218,228
Legend Biotech Corp., ADR^(a)(c)		655,757		42,729,126
Lenovo Group Ltd.		69,724,000		77,026,145
Lens Technology Co. Ltd., Class A		3,376,715		5,665,754
Lepu Medical Technology Beijing Co. Ltd., Class A		1,313,582		2,750,604
LexinFintech Holdings Ltd., ADR		308,468		567,581
Li Auto Inc.^(a)		10,406,404		237,494,535
Li Ning Co. Ltd.		21,440,500		53,046,149
Lifetech Scientific Corp. ^(a)(c)		35,722,000		9,058,866
Lingyi iTech Guangdong Co., Class A		6,240,733		4,750,438
LK Technology Holdings Ltd.		5,657,500		2,474,401
Longfor Group Holdings Ltd.^(b)(c)		17,365,000		21,749,736
LONGi Green Energy Technology Co. Ltd., Class A		3,674,449		10,816,947
Lonking Holdings Ltd.		23,752,000		3,990,873
Lufax Holding Ltd., Class A, ADR^(c)		1,479,512		4,616,077
Luxshare Precision Industry Co. Ltd., Class A		3,786,289		14,488,579
Luye Pharma Group Ltd. ^(a)(b)(c)		19,949,000		7,368,199
Luzhou Laojiao Co. Ltd., Class A		784,308		19,018,193
Mango Excellent Media Co. Ltd., Class A		1,161,632		3,988,676
Maoyan Entertainment^(a)(b)		5,422,000		5,978,609
Maxscend Microelectronics Co. Ltd., Class A		316,812		4,723,998
Medlive Technology Co. Ltd.^(b)(c)		793,500		754,967
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		4,093,552		3,158,664
Meitu Inc.^(b)(c)		22,379,000		7,364,850
Meituan, Class B^(a)(b)		45,768,460		464,649,017
Metallurgical Corp. of China Ltd., Class A		12,805,800		5,909,870
MH Development Ltd.^(d)		3,308,000		15,405
Microport Scientific Corp.^(a)(c)		6,759,300		6,614,899
Midea Group Co. Ltd., Class A		1,546,700		13,442,193
Midea Real Estate Holding Ltd.^(b)(c)		3,594,400		2,002,446
Ming Yang Smart Energy Group Ltd., Class A		1,232,400		1,744,201
Ming Yuan Cloud Group Holdings Ltd.^(a)(c)		7,973,000		2,272,606
MINISO Group Holding Ltd.		3,608,304		16,584,103
Minth Group Ltd.^(c)		6,938,000		11,794,075
MMG Ltd.^(a)		27,947,999		7,481,747
Mobvista Inc.^(a)(b)		7,213,000		3,020,842
Montage Technology Co. Ltd., Class A		662,400		4,803,048
Muyuan Foods Co. Ltd., Class A		2,805,983		14,949,318


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
NARI Technology Co. Ltd., Class A		3,740,936	$	12,021,728
National Silicon Industry Group Co. Ltd., Class A^(a)		1,931,200		4,128,754
NAURA Technology Group Co. Ltd., Class A		288,975		11,388,429
NetDragon Websoft Holdings Ltd.		3,031,000		4,354,666
NetEase Inc.		17,466,235		379,411,537
New China Life Insurance Co. Ltd., Class A		963,201		4,373,712
New China Life Insurance Co. Ltd., Class H		7,849,400		15,078,960
New Hope Liuhe Co. Ltd., Class A^(a)		3,841,744		4,713,442
New Horizon Health Ltd.^(a)(b)(c)		2,592,000		6,749,408
New Oriental Education & Technology Group Inc.^(a)		13,475,090		126,642,662
Nexteer Automotive Group Ltd.		8,604,000		3,964,348
Nine Dragons Paper Holdings Ltd.^(a)(c)		15,284,000		7,071,697
Ninestar Corp., Class A		900,034		2,926,514
Ningbo Deye Technology Co. Ltd., NVS		278,760		3,236,911
Ningbo Joyson Electronic Corp., Class A		429,000		989,423
Ningbo Orient Wires & Cables Co. Ltd.		437,300		2,349,426
Ningbo Sanxing Medical Electric Co. Ltd.		706,500		2,650,944
Ningbo Shanshan Co. Ltd.		1,880,800		2,985,113
Ningbo Tuopu Group Co. Ltd., Class A		727,000		5,904,985
Ningxia Baofeng Energy Group Co. Ltd., Class A		4,427,900		9,361,293
NIO Inc., ADR^(a)(c)		12,627,504		72,608,148
Noah Holdings Ltd., ADR		334,077		3,714,936
Nongfu Spring Co. Ltd., Class H^(b)		18,248,200		103,189,927
Offcn Education Technology Co. Ltd., Class A^(a)		1,751,600		848,624
Offshore Oil Engineering Co. Ltd., Class A		2,793,400		2,395,514
OFILM Group Co. Ltd., Class A^(a)		1,747,400		1,978,628
Oppein Home Group Inc., Class A		357,380		3,438,291
Orient Overseas International Ltd.		1,255,000		19,434,092
Orient Securities Co. Ltd., Class A		4,950,367		6,043,175
Oriental Pearl Group Co. Ltd., Class A		840,600		861,738
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		5,812,100		2,566,871
PDD Holdings Inc., ADR^(a)		5,385,921		670,762,601
Peijia Medical Ltd.^(a)(b)		5,367,000		3,490,674
People.cn Co. Ltd.		614,600		2,262,003
People’s Insurance Co. Group of China Ltd. (The), Class H		88,375,000		29,438,023
Perfect World Co. Ltd., Class A		1,228,586		1,992,109
PetroChina Co. Ltd., Class A		10,158,937		12,435,807
PetroChina Co. Ltd., Class H		191,422,000		150,134,454
Pharmaron Beijing Co. Ltd., Class A		866,125		2,799,081
PICC Property & Casualty Co. Ltd., Class H		62,577,040		85,550,235
Ping An Bank Co. Ltd., Class A		9,195,236		13,482,001
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		4,697,200		7,254,055
Ping An Insurance Group Co. of China Ltd., Class A		5,557,154		32,961,088
Ping An Insurance Group Co. of China Ltd., Class H		60,417,500		268,686,712
Piotech Inc., NVS		199,200		5,907,005
Poly Developments and Holdings Group Co. Ltd., Class A		5,823,611		7,870,965
Poly Property Group Co. Ltd.		21,670,000		3,981,504
Pop Mart International Group Ltd.^(b)		4,788,800		11,938,350
Postal Savings Bank of China Co. Ltd., Class A		14,069,500		9,450,300
Postal Savings Bank of China Co. Ltd., Class H^(b)		71,556,000		37,593,637
Power Construction Corp. of China Ltd., Class A		9,424,544		6,673,605


Security	Shares		Value

China (continued)
Q Technology Group Co. Ltd.^(a)(c)		5,346,000	$	2,103,972
Qi An Xin Technology Group Inc.^(a)		168,000		815,780
Qifu Technology Inc.		1,065,204		16,457,402
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		2,911,550		6,522,208
Range Intelligent Computing Technology Group Co. Ltd.		823,200		2,964,358
Redco Properties Group Ltd.^(a)(b)(c)(d)		11,872,000		875,931
RLX Technology Inc., ADR^(c)		5,138,648		10,020,364
Rongsheng Petrochemical Co. Ltd., Class A		5,242,071		7,453,547
SAIC Motor Corp. Ltd., Class A		3,159,490		6,549,062
Sailun Group Co. Ltd., Class A		3,185,300		6,365,795
Sanan Optoelectronics Co. Ltd., Class A		2,741,600		4,728,490
Sangfor Technologies Inc., Class A^(a)		258,200		2,272,011
Sany Heavy Equipment International Holdings Co. Ltd.		11,109,000		8,590,205
Sany Heavy Industry Co. Ltd., Class A		4,061,556		7,836,158
Satellite Chemical Co. Ltd., Class A^(a)		2,782,607		6,388,055
SciClone Pharmaceuticals Holdings Ltd.^(b)		2,515,500		4,190,332
SDIC Capital Co. Ltd., Class A		5,393,800		5,165,004
SDIC Power Holdings Co. Ltd., Class A		4,000,800		8,000,046
Seazen Group Ltd.^(a)(c)		21,108,000		2,977,283
Seazen Holdings Co. Ltd., Class A^(a)		1,318,226		1,894,556
Seres Group Co. Ltd., NVS^(a)		819,300		10,448,494
SF Holding Co. Ltd., Class A		2,523,492		13,382,161
SG Micro Corp., Class A		300,750		2,950,506
Shaanxi Coal Industry Co. Ltd., Class A		5,137,490		18,369,759
Shan Xi Hua Yang Group New Energy Co. Ltd.		2,526,600		3,545,578
Shandong Chenming Paper Holdings Ltd., Class B^(a)		311,200		50,775
Shandong Gold Mining Co. Ltd., Class A		1,762,801		5,290,356
Shandong Gold Mining Co. Ltd., Class H^(b)		6,039,000		9,542,023
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,699,599		6,473,793
Shandong Linglong Tyre Co. Ltd., Class A		1,288,241		3,953,943
Shandong Nanshan Aluminum Co. Ltd., Class A		11,552,400		4,967,197
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		22,874,800		14,871,030
Shanghai Aiko Solar Energy Co. Ltd.		1,074,020		2,250,870
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		887,604		2,473,681
Shanghai Baosight Software Co. Ltd., Class A		1,058,330		6,871,702
Shanghai Baosight Software Co. Ltd., Class B		5,580,897		12,539,572
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		129,600		5,058,544
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		7,706,109		3,691,226
Shanghai Construction Group Co. Ltd., Class A		10,434,700		3,543,463
Shanghai Electric Group Co. Ltd., Class A^(a)		11,984,600		7,044,279
Shanghai Electric Power Co. Ltd., Class A		759,600		878,275
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		633,600		2,157,748
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,622,000		8,328,290
Shanghai Fudan Microelectronics Group Co. Ltd.		176,184		905,507
Shanghai Haixin Group Co., Class B		8,108,291		2,464,920
Shanghai Industrial Holdings Ltd.		5,812,000		7,600,741
Shanghai International Airport Co. Ltd., Class A^(a)		932,503		4,541,410
Shanghai International Port Group Co. Ltd., Class A		8,482,770		6,390,411


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Shanghai Jinjiang International Hotels Co. Ltd., Class A		570,878	$	2,297,962
Shanghai Junshi Biosciences Co. Ltd.^(a)		542,050		2,363,837
Shanghai M&G Stationery Inc., Class A		736,547		3,636,748
Shanghai Moons’ Electric Co. Ltd.		202,800		1,624,961
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,233,700		3,099,157
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		7,102,300		11,421,214
Shanghai Pudong Development Bank Co. Ltd., Class A		13,384,746		13,261,877
Shanghai Putailai New Energy Technology Co. Ltd., Class A		1,301,494		3,387,382
Shanghai RAAS Blood Products Co. Ltd., Class A		6,858,034		6,841,391
Shanghai Rural Commercial Bank Co. Ltd.		5,198,200		4,652,585
Shanghai United Imaging Healthcare Co. Ltd., NVS		425,624		8,411,684
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd.		1,393,038		1,014,132
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		841,800		2,329,489
Shanxi Coal International Energy Group Co. Ltd.		898,900		2,292,984
Shanxi Coking Coal Energy Group Co. Ltd., Class A		3,654,000		5,900,455
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		2,149,300		7,704,043
Shanxi Meijin Energy Co. Ltd., Class A^(a)		3,911,369		3,723,992
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		673,839		21,694,030
Shede Spirits Co. Ltd.		231,400		2,596,537
Shengyi Technology Co. Ltd., Class A		1,789,908		4,253,332
Shennan Circuits Co. Ltd., Class A		311,071		3,026,188
Shenwan Hongyuan Group Co. Ltd., Class A		13,547,792		8,601,705
Shenzhen Capchem Technology Co. Ltd.		482,103		2,716,238
Shenzhen Goodix Technology Co. Ltd., Class A^(a)		171,300		1,503,531
Shenzhen Inovance Technology Co. Ltd., Class A		908,142		7,952,570
Shenzhen International Holdings Ltd.		11,150,750		9,402,805
Shenzhen Investment Ltd.		29,170,000		3,905,490
Shenzhen Kaifa Technology Co. Ltd., Class A		759,600		1,501,112
Shenzhen Kangtai Biological Products Co. Ltd., Class A		765,200		2,571,329
Shenzhen Kedali Industry Co. Ltd., Class A		101,100		1,024,094
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		628,946		25,147,953
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		488,200		5,480,303
Shenzhen Overseas Chinese Town Co. Ltd., Class A^(a)		6,015,702		2,557,668
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		241,000		975,070
Shenzhen SC New Energy Technology Corp., Class A		206,000		1,846,123
Shenzhen SED Industry Co. Ltd., NVS		553,900		1,519,566
Shenzhen Transsion Holding Co. Ltd., Class A		471,653		10,396,414
Shenzhou International Group Holdings Ltd.		7,426,700		60,917,413
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		962,518		2,863,441
Shoucheng Holdings Ltd.^(c)		29,632,800		5,714,693


Security	Shares		Value

China (continued)
Shougang Fushan Resources Group Ltd.		22,932,000	$	9,548,496
Shui On Land Ltd.		50,000,666		4,525,062
Sichuan Changhong Electric Co. Ltd.		2,494,300		1,780,094
Sichuan Chuantou Energy Co. Ltd., Class A		4,133,478		8,982,330
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,154,920		4,389,693
Sichuan Road & Bridge Co. Ltd., Class A		5,942,760		6,724,537
Sichuan Swellfun Co. Ltd., Class A		350,100		2,434,189
Sieyuan Electric Co. Ltd.		476,300		3,778,674
Sihuan Pharmaceutical Holdings Group Ltd.^(c)		49,326,000		3,591,156
Simcere Pharmaceutical Group Ltd.^(b)		3,912,000		2,783,044
Sino Biopharmaceutical Ltd.		91,239,000		36,263,829
Sinofert Holdings Ltd.		27,726,000		2,865,033
Sinolink Securities Co. Ltd., Class A		801,800		1,010,588
Sinoma International Engineering Co.		1,742,600		2,708,367
Sinoma Science & Technology Co. Ltd., Class A		1,281,200		2,779,770
Sinomine Resource Group Co. Ltd., Class A		517,636		2,688,854
Sinopec Engineering Group Co. Ltd., Class H		17,476,500		9,582,111
Sinopec Kantons Holdings Ltd.		14,674,000		6,653,388
Sinopharm Group Co. Ltd., Class H		12,223,200		34,205,814
Sinotruk Hong Kong Ltd.		5,611,000		14,834,625
Skshu Paint Co. Ltd., Class A^(a)		387,748		2,074,286
Skyworth Group Ltd.		14,870,000		5,227,678
Smoore International Holdings Ltd.^(b)(c)		16,260,000		11,303,434
SOHO China Ltd.^(a)(c)		21,700,000		1,904,531
Songcheng Performance Development Co. Ltd., Class A		1,720,356		2,572,936
SooChow Securities Co. Ltd., Class A		3,915,900		3,960,946
Southwest Securities Co. Ltd., Class A		1,554,700		930,035
Spring Airlines Co. Ltd., Class A^(a)		673,200		5,355,033
SSY Group Ltd.		13,440,411		7,528,527
StarPower Semiconductor Ltd., Class A		102,700		2,158,570
Sun King Technology Group Ltd.^(a)		364,000		53,000
Sunac Services Holdings Ltd.^(b)(c)		9,850,000		2,504,168
Sungrow Power Supply Co. Ltd., Class A		794,200		9,588,589
Sunny Optical Technology Group Co. Ltd.		6,346,400		40,844,847
Sunresin New Materials Co. Ltd., NVS		159,800		1,112,703
Sunwoda Electronic Co. Ltd., Class A		1,432,800		2,821,660
SUPCON Technology Co. Ltd.		1,090,629		6,956,695
Superb Summit International Group Ltd.^(d)		998,771		1
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,170,300		2,428,333
Suzhou Maxwell Technologies Co. Ltd., Class A		178,292		3,000,837
Suzhou TFC Optical Communication Co. Ltd.		217,100		4,104,330
SY Holdings Group Ltd.^(c)		8,895,000		4,820,499
TAL Education Group, ADR^(a)(c)		3,988,986		58,757,764
TBEA Co. Ltd., Class A		3,534,287		7,295,958
TCL Electronics Holdings Ltd.		10,341,000		3,779,570
TCL Technology Group Corp., Class A^(a)		13,435,412		8,430,048
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		2,082,238		3,902,324
Tencent Holdings Ltd.		59,618,400		2,088,469,315
Tencent Music Entertainment Group, ADR^(a)		6,803,569		71,233,367
Thunder Software Technology Co. Ltd., Class A		306,300		2,572,131
Tianfeng Securities Co. Ltd., Class A^(a)		2,680,300		1,160,080
Tiangong International Co. Ltd.		14,842,000		3,405,787
Tianli International Holdings Ltd.		5,180,000		3,109,522
Tianma Microelectronics Co. Ltd., Class A^(a)		3,347,505		4,249,431
Tianneng Power International Ltd.^(c)		7,274,000		6,557,751
Tianqi Lithium Corp., Class A		861,900		6,398,458


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Tianshan Aluminum Group Co. Ltd., Class A		1,412,200	$	1,108,125
Tianshui Huatian Technology Co. Ltd., Class A		3,207,236		3,636,972
Tingyi Cayman Islands Holding Corp.		17,798,000		19,792,365
Tong Ren Tang Technologies Co. Ltd., Class H		7,098,000		4,654,682
Tongcheng Travel Holdings Ltd.^(a)		11,096,400		27,895,800
Tongdao Liepin Group^(a)(c)		3,298,000		1,631,620
TongFu Microelectronics Co. Ltd., Class A		647,600		1,994,351
Tongling Nonferrous Metals Group Co. Ltd., Class A		7,942,300		3,606,204
Tongwei Co. Ltd., Class A		2,177,477		7,993,163
Topchoice Medical Corp., Class A^(a)		205,999		1,873,976
Topsports International Holdings Ltd.^(b)		15,618,000		10,569,003
Towngas Smart Energy Co. Ltd.^(c)		11,463,000		4,137,163
TravelSky Technology Ltd., Class H		8,179,000		9,777,733
Trina Solar Co. Ltd.		1,193,816		4,149,605
Trip.com Group Ltd.^(a)		4,974,141		225,777,621
Tsinghua Tongfang Co. Ltd.^(a)		1,584,100		1,486,518
Tsingtao Brewery Co. Ltd., Class A		400,800		4,452,846
Tsingtao Brewery Co. Ltd., Class H		5,454,000		34,898,632
Tuya Inc.^(a)		2,410,195		4,748,084
Unigroup Guoxin Microelectronics Co. Ltd., Class A^(a)		479,033		4,746,487
Unisplendour Corp. Ltd., Class A^(a)		1,774,661		5,439,104
Untrade Cteg^(d)		33,362,000		43
Untrade SMI Holdings^(d)		12,466,353		16
Untradelumena Newmat, NVS^(d)		43,450		—
Up Fintech Holding Ltd., ADR^(a)(c)		1,032,815		4,151,916
Venus MedTech Hangzhou Inc., Class H^(a)(b)(d)		2,600,500		1,531,095
Verisilicon Microelectronics Shanghai Co. Ltd.^(a)		178,800		1,007,035
Vinda International Holdings Ltd.		2,906,000		8,606,265
Vipshop Holdings Ltd., ADR^(a)		3,128,799		60,229,381
Vnet Group Inc., ADR^(a)(c)		937,210		1,452,676
Walvax Biotechnology Co. Ltd., Class A		1,151,589		2,936,193
Wanhua Chemical Group Co. Ltd., Class A		1,592,186		17,515,237
Want Want China Holdings Ltd.		43,531,000		24,018,637
Weibo Corp., ADR		623,305		5,684,542
Weichai Power Co. Ltd., Class A		3,148,100		7,376,114
Weichai Power Co. Ltd., Class H		17,537,000		34,519,159
Weihai Guangwei Composites Co. Ltd., Class A		564,560		2,142,424
Weimob Inc.^(a)(b)(c)		21,042,000		5,634,504
Wens Foodstuffs Group Co. Ltd., Class A		3,027,541		8,057,870
West China Cement Ltd.		34,048,000		3,912,661
Western Mining Co. Ltd., Class A		1,731,300		3,991,387
Western Securities Co. Ltd., Class A		6,665,291		7,369,512
Western Superconducting Technologies Co. Ltd., Class A		528,120		2,932,860
Will Semiconductor Co. Ltd. Shanghai, Class A		582,469		7,732,928
Wingtech Technology Co. Ltd., Class A^(a)		707,100		3,739,240
Wuhan Guide Infrared Co. Ltd., Class A		4,329,096		3,783,062
Wuliangye Yibin Co. Ltd., Class A		2,041,574		40,166,575
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,274,696		4,672,247
WuXi AppTec Co. Ltd., Class A		1,228,439		9,257,828
WuXi AppTec Co. Ltd., Class H^(b)(c)		3,279,507		20,216,545
Wuxi Biologics Cayman Inc.^(a)(b)		34,734,000		82,271,233
XCMG Construction Machinery Co. Ltd., Class A		8,979,609		7,384,046
XD Inc.^(a)(c)		3,181,400		5,925,719
Xiamen C&D Inc., Class A		2,007,200		2,890,806
Xiaomi Corp., Class B^(a)(b)		138,333,200		232,458,328
Xinjiang Daqo New Energy Co. Ltd.		936,850		3,792,858


Security	Shares		Value

China (continued)
Xinyi Solar Holdings Ltd.		43,486,800	$	26,333,228
XPeng Inc.^(a)(c)		10,196,250		47,721,432
Xtep International Holdings Ltd.^(c)		12,452,500		6,868,163
Yadea Group Holdings Ltd.^(b)(c)		11,482,000		18,039,023
Yangzhou Yangjie Electronic Technology Co. Ltd.		393,800		2,171,563
Yankuang Energy Group Co. Ltd., Class A		1,571,509		5,635,033
Yankuang Energy Group Co. Ltd., Class H^(a)		21,443,000		49,448,465
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		843,368		3,530,074
Yeahka Ltd.^(a)(c)		2,614,800		4,233,155
Yealink Network Technology Corp. Ltd., Class A		817,006		3,324,004
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H^(a)(b)		994,200		1,291,772
Yidu Tech Inc. ^(a)(b)		5,247,800		2,821,540
Yifeng Pharmacy Chain Co. Ltd., Class A		819,459		4,474,794
Yihai International Holding Ltd.		4,189,000		5,864,248
Yihai Kerry Arawana Holdings Co. Ltd., Class A		957,301		4,284,120
Yintai Gold Co. Ltd., Class A		1,024,300		2,124,025
YongXing Special Materials Technology Co. Ltd., Class A		413,660		3,161,546
Yonyou Network Technology Co. Ltd., Class A		1,942,583		3,415,995
Youdao Inc., ADR^(a)(c)		82,093		357,925
Youngor Fashion Co. Ltd., Class A		928,700		947,484
Youyuan International Holdings Ltd.^(d)		5,307,000		5,884
YTO Express Group Co. Ltd., Class A		2,172,853		3,839,872
Yuexiu Property Co. Ltd.		15,002,576		9,976,980
Yuexiu REIT^(c)		27,591,751		3,693,471
Yuexiu Transport Infrastructure Ltd.		11,988,000		6,811,770
Yum China Holdings Inc.		3,662,056		157,065,582
Yunda Holding Co. Ltd., Class A		1,878,037		1,876,493
Yunnan Aluminium Co. Ltd., Class A		2,777,353		4,451,668
Yunnan Baiyao Group Co. Ltd., Class A		884,792		6,108,430
Yunnan Botanee Bio-Technology Group Co. Ltd.		214,400		1,948,970
Yunnan Energy New Material Co. Ltd., Class A		550,132		3,499,714
Yunnan Yuntianhua Co. Ltd.		1,180,600		2,985,538
Yutong Bus Co. Ltd., Class A		1,454,900		3,769,286
Zai Lab Ltd.^(a)		8,312,290		17,739,885
Zangge Mining Co. Ltd.		1,483,246		6,021,708
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		286,569		8,855,523
Zhaojin Mining Industry Co. Ltd., Class H^(c)		11,136,000		11,514,243
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		4,556,895		3,092,143
Zhejiang China Commodities City Group Co. Ltd., Class A		2,947,020		3,354,635
Zhejiang Chint Electrics Co. Ltd., Class A		1,400,673		3,993,575
Zhejiang Dahua Technology Co. Ltd., Class A		2,044,258		5,239,159
Zhejiang Dingli Machinery Co. Ltd., Class A		447,516		3,661,140
Zhejiang Expressway Co. Ltd., Class H		18,493,800		14,103,743
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,070,262		2,066,710
Zhejiang Huayou Cobalt Co. Ltd., Class A		988,391		3,791,421
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		823,394		4,225,294
Zhejiang Juhua Co. Ltd., Class A		1,908,100		5,385,820
Zhejiang Leapmotor Technology Co. Ltd.^(a)(b)(c)		4,308,200		15,072,780
Zhejiang NHU Co. Ltd., Class A		2,416,458		6,031,537
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,316,000		4,546,172
Zhejiang Supor Co. Ltd., Class A		437,640		3,363,064


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Zhejiang Weiming Environment Protection Co. Ltd., Class A		1,522,973	$	3,782,918
Zhejiang Zheneng Electric Power Co. Ltd., Class A^(a)		6,076,000		4,536,090
Zheshang Securities Co. Ltd., Class A		3,760,000		5,340,472
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		6,454,600		10,164,197
Zhongji Innolight Co. Ltd., Class A		472,074		10,167,900
Zhongjin Gold Corp. Ltd., Class A		3,362,118		4,843,399
Zhongsheng Group Holdings Ltd.		6,465,500		11,771,310
Zhongtai Securities Co. Ltd.		5,190,300		4,999,870
Zhou Hei Ya International Holdings Co. Ltd.^(b)(c)		10,537,500		2,434,317
Zhuzhou CRRC Times Electric Co. Ltd.		5,379,100		15,771,236
Zijin Mining Group Co. Ltd., Class A		9,444,200		17,114,843
Zijin Mining Group Co. Ltd., Class H		50,758,000		81,533,763
Zonqing Environmental Ltd., NVS^(c)		56,000		159,142
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		6,976,300		7,740,084
ZTE Corp., Class A		1,875,939		7,761,616
ZTE Corp., Class H		7,219,640		16,262,123
ZTO Express Cayman Inc., ADR		3,831,260		73,521,879


				16,966,849,120

Colombia — 0.1%
Bancolombia SA		2,232,913		18,739,402
Interconexion Electrica SA ESP		4,293,966		18,291,748


				37,031,150

Czech Republic — 0.1%
CEZ AS		1,457,664		49,800,976
Komercni Banka AS		714,574		24,868,579
Moneta Money Bank AS^(b)		3,620,592		15,893,158


				90,562,713

Egypt — 0.1%
Commercial International Bank - Egypt (CIB)		22,032,406		31,452,477
Eastern Co. S.A.E		9,912,413		7,011,633
EFG Holding S.A.E.^(a)		15,569,131		5,714,251
E-Finance for Digital & Financial Investments, NVS		5,507,837		2,317,053
EISewedy Electric Co.		8,670,920		5,921,604
Ezz Steel Co. SAE^(a)		639,021		977,838
Fawry for Banking & Payment Technology Services SAE^(a)		19,640,703		2,835,926
Talaat Moustafa Group		9,739,310		12,701,971
Telecom Egypt Co.		4,706,598		3,544,872


				72,477,625

Greece — 0.5%
Aegean Airlines SA^(a)		153,453		2,086,417
Alpha Services and Holdings SA^(a)		20,794,368		39,171,127
Athens Water Supply & Sewage Co. SA^(c)		444,043		2,649,166
Autohellas Tourist and Trading SA		43,676		637,268
Eurobank Ergasias Services and Holdings SA, Class A^(a)		24,230,613		50,059,192
FF Group^(d)		343,633		4
GEK Terna Holding Real Estate Construction SA		609,784		9,384,932
Hellenic Energy Holdings SA		393,085		3,572,956
Hellenic Telecommunications Organization SA		1,648,680		24,875,219
Holding Co. ADMIE IPTO SA		1,946,341		4,806,524
Intracom SA Technical & Steel Constructions^(a)		421,107		2,503,227
Intralot SA-Integrated Information Systems & Gaming Services^(a)		2,274,366		3,072,667
JUMBO SA		1,069,522		31,256,586


Security	Shares		Value

Greece (continued)
LAMDA Development SA^(a)		829,044	$	6,057,165
Motor Oil Hellas Corinth Refineries SA		605,145		17,289,786
Mytilineos SA		910,758		35,436,484
National Bank of Greece SA^(a)		7,081,587		55,604,343
OPAP SA		1,738,560		31,699,316
Piraeus Financial Holdings SA^(a)		6,514,650		28,781,134
Public Power Corp. SA^(a)		1,847,330		24,130,492
Sarantis SA^(c)		254,153		2,518,893
Terna Energy SA		500,759		8,966,522
Titan Cement International SA^(c)		516,521		14,654,210


				399,213,630

Hungary — 0.2%
Magyar Telekom Telecommunications PLC		5,532,873		12,560,619
MOL Hungarian Oil & Gas PLC		3,821,179		30,403,105
OTP Bank Nyrt		2,057,710		98,657,557
Richter Gedeon Nyrt		1,232,730		32,818,381


				174,439,662

India — 19.1%
360 ONE WAM Ltd.		1,560,296		13,482,403
3M India Ltd.		32,300		12,456,884
Aarti Industries Ltd.		1,848,524		14,621,835
Aarti Pharmalabs Ltd., NVS		517,417		3,048,786
Aavas Financiers Ltd.^(a)		384,621		6,742,239
ABB India Ltd.		541,371		35,488,396
Action Construction Equipment Ltd.		273,206		4,163,145
Adani Enterprises Ltd.		1,562,789		61,899,283
Adani Green Energy Ltd.^(a)		2,884,018		65,914,200
Adani Ports & Special Economic Zone Ltd.		4,870,557		77,324,284
Adani Power Ltd.^(a)		7,035,803		46,563,862
Aditya Birla Fashion and Retail Ltd.^(a)		3,754,311		10,183,582
Aegis Logistics Ltd.		1,797,353		9,534,757
Affle India Ltd.^(a)		717,605		9,652,147
AGI Greenpac Ltd.		140,028		1,382,895
AIA Engineering Ltd.		436,530		19,231,019
Ajanta Pharma Ltd.		497,366		13,244,498
Alembic Pharmaceuticals Ltd.		601,738		7,385,611
Alkyl Amines Chemicals		194,911		5,040,653
Alok Industries Ltd.^(a)		13,428,124		4,667,131
Amara Raja Energy & Mobility Ltd.		1,263,308		12,781,013
Amber Enterprises India Ltd.^(a)		211,712		9,400,020
Ambuja Cements Ltd.		5,639,888		41,189,977
Anand Rathi Wealth Ltd.		84,368		3,708,692
Anant Raj Ltd.		592,673		2,501,748
Angel One Ltd.		371,852		12,480,589
Apar Industries Ltd.		134,543		10,150,166
APL Apollo Tubes Ltd.		1,676,810		31,230,032
Apollo Hospitals Enterprise Ltd.		951,171		70,024,539
Apollo Tyres Ltd.		3,575,854		22,324,521
Aptus Value Housing Finance India Ltd.		60,556		257,185
Archean Chemical Industries Ltd., NVS		345,749		3,151,375
Arvind Ltd.		901,363		3,053,697
Ashok Leyland Ltd.		14,660,844		30,029,077
Ashoka Buildcon Ltd.^(a)		986,508		2,214,827
Asian Paints Ltd.		3,505,881		119,580,410
Astra Microwave Products Ltd.		369,954		2,755,171
Astral Ltd.		1,212,353		30,253,475
AstraZeneca Pharma India Ltd.		80,281		5,341,223
Atul Ltd.		125,367		9,395,937
AU Small Finance Bank Ltd.^(b)		1,693,170		11,606,710
Aurobindo Pharma Ltd.		2,368,782		29,364,678
Avanti Feeds Ltd.		861,238		5,259,862


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Avenue Supermarts Ltd.^(a)(b)		1,528,814	$	72,198,348
Axis Bank Ltd.		20,797,505		269,224,230
Bajaj Auto Ltd.		649,620		61,914,646
Bajaj Electricals Ltd.		532,503		6,394,048
Bajaj Finance Ltd.		2,485,646		193,924,138
Bajaj Finserv Ltd.		3,548,055		68,104,269
Bajaj Holdings & Investment Ltd.		276,310		30,479,596
Bajel Projects Ltd., NVS		348,496		913,099
Balaji Amines Ltd.		124,007		3,249,924
Balkrishna Industries Ltd.		825,726		22,179,207
Balrampur Chini Mills Ltd.		1,764,954		7,928,208
Bandhan Bank Ltd.^(b)		6,049,894		14,247,037
Bank of Baroda		10,135,215		32,427,871
BASF India Ltd.		131,577		5,227,612
Bata India Ltd.		540,644		9,190,253
Bayer CropScience Ltd.		156,172		10,678,169
BEML Ltd., (Acquired 02/10/22, Cost: $6,224,140)^(e)		209,128		7,853,021
Berger Paints India Ltd.		2,852,616		20,873,154
Bharat Dynamics Ltd.		552,025		12,031,560
Bharat Electronics Ltd.		33,127,439		81,828,003
Bharat Forge Ltd.		2,482,381		34,421,175
Bharat Heavy Electricals Ltd.		7,704,876		21,144,764
Bharat Petroleum Corp. Ltd.		7,016,749		50,993,316
Bharti Airtel Ltd.		20,589,606		278,762,642
Biocon Ltd.		3,916,546		13,029,893
Birla Corp. Ltd.		333,339		6,585,250
Birlasoft Ltd.		1,920,201		17,946,517
BLS International Services Ltd.		933,285		4,109,449
Blue Dart Express Ltd.		75,157		5,469,977
Blue Star Ltd.		1,092,075		16,714,575
Borosil Renewables Ltd.^(a)		724,275		4,688,123
Brigade Enterprises Ltd.		1,251,736		15,065,384
Brightcom Group Ltd.^(a)		15,808,592		3,279,306
Britannia Industries Ltd.		1,020,471		61,155,438
BSE Ltd.		637,063		18,197,591
Can Fin Homes Ltd.		1,036,192		9,669,534
Carborundum Universal Ltd.		1,000,713		12,893,480
Castrol India Ltd.		1,447,702		3,638,624
Ceat Ltd.		277,875		9,559,666
Central Depository Services India Ltd.		575,625		13,313,027
Century Plyboards India Ltd.		561,348		4,789,006
Century Textiles & Industries Ltd.		753,634		12,809,052
CESC Ltd.		8,990,014		13,771,150
CG Power and Industrial Solutions Ltd.		5,934,018		31,710,294
Chambal Fertilisers and Chemicals Ltd.		2,395,025		10,131,536
Chennai Petroleum Corp. Ltd.		435,882		4,651,396
Cholamandalam Financial Holdings Ltd.		1,051,060		13,290,245
Cholamandalam Investment and Finance Co. Ltd.		4,017,460		52,629,923
CIE Automotive India Ltd.		1,441,705		7,649,292
Cipla Ltd.		4,741,788		84,681,656
City Union Bank Ltd.		4,768,444		7,753,142
Clean Science & Technology Ltd.		293,715		4,996,506
Coal India Ltd.		14,492,830		76,106,459
Cochin Shipyard Ltd., NVS		981,430		10,330,431
Coforge Ltd.		529,243		41,836,694
Colgate-Palmolive India Ltd.		1,191,315		36,229,248
Computer Age Management Services Ltd.		339,557		12,549,477
Concord Biotech Ltd., NVS		122,676		2,145,657
Container Corp. of India Ltd.		2,592,099		30,536,623
Coromandel International Ltd.		916,876		11,885,261


Security	Shares		Value

India (continued)
CreditAccess Grameen Ltd.^(a)		514,618	$	9,114,291
CRISIL Ltd.		181,128		10,938,395
Crompton Greaves Consumer Electricals Ltd.		5,406,717		18,938,491
Cummins India Ltd.		1,355,070		44,771,840
Cyient Ltd.		899,867		21,989,719
D B Realty Ltd.^(a)		646,507		2,090,795
Dabur India Ltd.		5,945,538		38,609,106
Data Patterns India Ltd.^(a)		215,895		6,454,165
Deepak Fertilisers & Petrochemicals Corp. Ltd.		828,283		5,046,300
Deepak Nitrite Ltd.		669,790		17,838,076
Delhivery Ltd.^(a)		2,885,577		16,403,253
Devyani International Ltd.^(a)		3,740,616		6,905,922
Divi’s Laboratories Ltd.		1,109,745		46,679,228
Dixon Technologies India Ltd.		294,630		23,685,445
DLF Ltd.		6,193,181		67,280,664
Dodla Dairy Ltd., NVS		73,595		883,899
Dr Lal PathLabs Ltd.^(b)		326,913		9,262,175
Dr. Reddy’s Laboratories Ltd.		1,001,527		77,658,316
Easy Trip Planners Ltd., NVS		6,436,024		3,750,713
eClerx Services Ltd.		122,497		3,730,861
Edelweiss Financial Services Ltd.		5,755,950		5,275,219
Eicher Motors Ltd.		1,283,150		58,635,826
EID Parry India Ltd.		1,025,644		7,788,782
EIH Ltd.		2,311,305		11,238,107
Elecon Engineering Co. Ltd.		290,857		3,512,152
Electronics Mart India Ltd., NVS		404,435		1,006,922
Electrosteel Castings Ltd.		2,593,557		4,996,718
Elgi Equipments Ltd.		1,794,102		14,115,714
Emami Ltd.		1,962,517		11,004,760
Embassy Office Parks REIT		6,102,956		27,513,123
Endurance Technologies Ltd.^(b)		391,832		8,770,767
Engineers India Ltd.		4,272,927		10,788,308
Equitas Small Finance Bank Ltd.^(b)		3,836,202		4,605,292
Exide Industries Ltd.		5,007,256		19,304,633
Federal Bank Ltd.		16,907,011		30,640,061
Fine Organic Industries Ltd.		102,750		5,363,555
Finolex Cables Ltd.		880,808		9,767,623
Finolex Industries Ltd.		3,212,911		8,454,767
Firstsource Solutions Ltd.		4,728,430		11,695,411
Five-Star Business Finance Ltd., NVS		724,670		6,168,884
Fortis Healthcare Ltd.		4,648,196		22,831,696
Gabriel India Ltd.		247,289		1,029,186
GAIL India Ltd.		23,016,967		50,508,245
Garden Reach Shipbuilders & Engineers Ltd.		188,610		1,847,348
GHCL Ltd.		853,261		5,251,925
Gland Pharma Ltd.^(a)(b)		357,546		7,613,536
GlaxoSmithKline Pharmaceuticals Ltd.		383,043		10,010,215
Glenmark Pharmaceuticals Ltd.		1,552,016		17,321,707
Global Health Ltd., NVS^(a)		300,187		4,938,016
GMM Pfaudler Ltd.		397,208		6,227,041
GMR Airports Infrastructure Ltd.^(a)		23,026,904		23,305,807
Godawari Power and Ispat Ltd.		214,923		1,917,713
Godrej Consumer Products Ltd.		3,783,630		57,284,323
Godrej Industries Ltd.^(a)		1,029,717		9,947,586
Godrej Properties Ltd.^(a)		1,178,696		34,095,924
Gokaldas Exports Ltd.		402,747		4,092,700
Granules India Ltd.		1,993,959		11,168,079
Graphite India Ltd.		1,037,721		7,487,212
Grasim Industries Ltd.		2,620,594		69,170,190
Great Eastern Shipping Co. Ltd. (The)		1,142,004		13,855,836
Grindwell Norton Ltd.		432,814		10,882,362
Gujarat Fluorochemicals Ltd.		292,865		13,080,653


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Gujarat Gas Ltd.		1,666,804	$	11,371,881
Gujarat Mineral Development Corp. Ltd.		687,363		3,232,635
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		1,055,299		8,145,722
Gujarat Pipavav Port Ltd.		4,381,319		11,026,399
Gujarat State Fertilizers & Chemicals Ltd.		2,845,975		7,456,749
Gujarat State Petronet Ltd.		2,576,828		11,458,314
Happiest Minds Technologies Ltd.		937,248		9,565,672
Havells India Ltd.		2,471,301		45,596,555
HBL Power Systems Ltd.		985,961		6,175,594
HCL Technologies Ltd.		8,663,543		173,618,836
HDFC Asset Management Co. Ltd.^(b)		722,631		32,704,222
HDFC Bank Ltd.		25,394,201		428,881,469
HDFC Life Insurance Co. Ltd.^(b)		9,022,621		63,337,290
Hero MotoCorp Ltd.		1,052,337		56,082,754
HFCL Ltd.		9,929,497		12,827,020
Himadri Speciality Chemical Ltd.		1,415,757		6,285,768
Hindalco Industries Ltd.		11,739,883		71,213,246
Hindustan Aeronautics Ltd., NVS		1,809,727		67,192,007
Hindustan Construction Co. Ltd.^(a)		10,273,974		5,154,639
Hindustan Copper Ltd.		2,168,823		7,048,514
Hindustan Petroleum Corp. Ltd.		5,369,315		33,008,682
Hindustan Unilever Ltd.		7,526,980		218,995,627
Hitachi Energy India Ltd.		128,262		9,275,433
ICICI Bank Ltd.		47,102,884		598,242,561
ICICI Lombard General Insurance Co. Ltd.^(b)		2,230,130		46,072,446
ICICI Prudential Life Insurance Co. Ltd.^(b)		3,291,728		21,155,777
ICICI Securities Ltd.^(b)		853,788		8,411,613
IDFC First Bank Ltd.^(a)		31,980,641		31,245,764
IDFC Ltd.^(a)		12,360,561		17,338,545
IFCI Ltd.^(a)		6,427,869		3,549,355
IIFL Finance Ltd.		1,450,429		10,305,820
India Cements Ltd. (The)^(a)		2,425,067		6,682,208
Indiabulls Housing Finance Ltd.		3,965,891		9,040,057
Indiabulls Real Estate Ltd.^(a)		5,346,033		7,688,342
IndiaMART Intermesh Ltd.^(b)		306,950		9,837,326
Indian Energy Exchange Ltd.^(b)		5,033,544		8,605,170
Indian Hotels Co. Ltd., Class A		7,947,152		56,250,061
Indian Oil Corp. Ltd.		26,034,548		51,917,706
Indian Railway Catering & Tourism Corp. Ltd.		2,456,350		27,465,739
Indian Renewable Energy Development Agency Ltd., NVS		4,802,774		8,691,375
Indraprastha Gas Ltd.		2,927,196		15,023,260
IndusInd Bank Ltd.		2,605,294		46,279,728
Infibeam Avenues Ltd.		9,942,433		4,406,668
Info Edge India Ltd.		697,174		44,226,590
Infosys Ltd.		29,995,209		603,638,304
Inox Wind Ltd.^(a)		935,448		6,803,510
Intellect Design Arena Ltd.		986,868		13,142,180
InterGlobe Aviation Ltd.^(a)(b)		1,287,307		48,881,584
Ipca Laboratories Ltd.		1,243,941		17,867,969
IRB Infrastructure Developers Ltd., NVS		14,252,697		10,791,561
IRCON International Ltd.^(b)		3,360,628		9,261,952
ITC Ltd.		27,289,213		133,554,745
Jai Balaji Industries Ltd., NVS		172,408		2,655,756
Jai Corp. Ltd.		319,239		1,211,976
Jain Irrigation Systems Ltd.^(a)		1,892,885		1,252,551
Jaiprakash Power Ventures Ltd.^(a)		25,796,665		5,651,692
Jammu & Kashmir Bank Ltd. (The)		2,556,397		4,405,144
JB Chemicals & Pharmaceuticals Ltd., NVS		278,569		5,247,258
JBM Auto Ltd.		128,632		3,361,617
Jindal Saw Ltd.		997,626		5,752,553


Security	Shares		Value

India (continued)
Jindal Steel & Power Ltd.		3,472,247	$	32,394,171
Jio Financial Services Ltd., NVS^(a)		27,147,402		101,346,617
JK Cement Ltd.		328,461		17,868,433
JK Lakshmi Cement Ltd.		327,198		3,624,388
JK Paper Ltd.		1,218,146		5,484,085
JK Tyre & Industries Ltd.		855,711		5,355,832
JM Financial Ltd.		5,126,438		5,943,807
JSW Steel Ltd.		6,153,394		59,325,728
Jubilant Foodworks Ltd.		3,886,695		21,740,353
Jubilant Ingrevia Ltd.		895,170		5,197,497
Jubilant Pharmova Ltd., Class A		735,134		5,029,097
Jupiter Wagons Ltd., NVS		928,743		4,165,083
Just Dial Ltd.^(a)		377,317		4,208,430
Jyothy Labs Ltd.		1,945,478		10,840,897
Kajaria Ceramics Ltd.		887,596		13,655,740
Kalpataru Projects International Ltd.		240,291		2,793,094
Kalyan Jewellers India Ltd.		2,318,892		11,113,925
Kansai Nerolac Paints Ltd.		2,261,902		7,899,667
Karnataka Bank Ltd. (The)		1,366,283		3,738,418
Karur Vysya Bank Ltd. (The)		5,285,270		11,683,256
Kaveri Seed Co. Ltd.		392,255		3,139,948
Kaynes Technology India Ltd., NVS		127,668		4,525,195
KEC International Ltd.		1,353,146		11,838,758
KEI Industries Ltd.		555,403		21,464,546
Kirloskar Oil Engines Ltd.		417,001		4,596,708
Kotak Mahindra Bank Ltd.		9,966,446		202,767,132
KPI Green Energy Ltd.^(b)		93,097		1,953,812
KPIT Technologies Ltd.		1,647,860		31,142,830
KPR Mill Ltd.		1,052,798		9,754,205
Krishna Institute Of Medical Sciences Ltd.^(a)(b)		346,115		9,406,197
L&T Finance Holdings Ltd.		8,101,995		16,302,005
Lakshmi Machine Works Ltd.		58,432		10,197,358
Larsen & Toubro Ltd.		6,104,936		255,957,344
Laurus Labs Ltd.^(b)		3,221,180		15,774,473
Lemon Tree Hotels Ltd.^(a)(b)		6,125,889		10,294,453
LIC Housing Finance Ltd.		2,905,911		22,682,524
Lloyds Engineering Works Ltd., NVS		3,028,536		2,136,145
LT Foods Ltd.		501,724		1,088,687
LTIMindtree Ltd.^(b)		824,019		52,685,312
Lupin Ltd.		1,839,275		35,977,784
Macrotech Developers Ltd.		2,184,677		30,611,554
Mahanagar Gas Ltd.		734,049		13,119,719
Maharashtra Seamless Ltd.		230,871		2,559,311
Mahindra & Mahindra Financial Services Ltd.		5,172,818		17,642,055
Mahindra & Mahindra Ltd.		8,576,637		199,704,636
Mahindra Lifespace Developers Ltd.		910,699		6,344,273
Man Infraconstruction Ltd.		572,493		1,481,432
Manappuram Finance Ltd.		5,734,451		12,195,224
Marico Ltd.		5,170,547		32,577,006
Marksans Pharma Ltd.		984,433		1,808,005
Maruti Suzuki India Ltd.		1,252,982		170,523,938
Mastek Ltd.		218,408		7,719,160
Max Financial Services Ltd.^(a)		2,244,175		26,187,868
Max Healthcare Institute Ltd.		7,400,878		70,831,373
Medplus Health Services Ltd.^(a)		465,595		3,909,052
Metropolis Healthcare Ltd.^(b)		322,237		6,221,714
Mindspace Business Parks REIT^(b)		1,865,362		7,649,674
Motherson Sumi Wiring India Ltd.		21,517,073		18,173,601
Motilal Oswal Financial Services Ltd.		444,911		8,644,082
Mphasis Ltd.		748,901		23,625,530
MRF Ltd.		19,143		33,747,889
Mrs Bectors Food Specialities Ltd.		96,363		1,234,260


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
MTAR Technologies Ltd.^(a)		287,125	$	6,632,617
Multi Commodity Exchange of India Ltd.		224,717		10,179,437
Muthoot Finance Ltd.		1,184,764		18,583,565
Narayana Hrudayalaya Ltd.		866,669		14,023,070
Natco Pharma Ltd.		1,007,954		12,088,992
National Aluminium Co. Ltd.		9,734,208		18,255,300
Navin Fluorine International Ltd.		328,421		11,971,959
NBCC India Ltd.		5,432,338		8,819,830
NCC Ltd./India		4,981,165		14,844,388
Nestle India Ltd., NVS		3,173,167		99,375,756
Neuland Laboratories Ltd.		53,226		4,579,301
Newgen Software Technologies Ltd.		257,698		2,637,464
Nexus Select Trust, NVS		2,328,365		3,543,532
NIIT Learning Systems Ltd., NVS		824,502		5,165,303
Nippon Life India Asset Management Ltd.^(b)		1,766,630		10,993,199
NLC India Ltd.		1,922,179		5,155,586
NMDC Ltd.		6,710,525		18,282,395
NMDC Steel Ltd., NVS^(a)		6,601,557		4,888,064
NTPC Ltd.		40,257,358		162,674,191
Nuvama Wealth Management Ltd., NVS		65,803		3,262,471
Nuvoco Vistas Corp. Ltd.^(a)		1,187,612		4,742,260
Oil & Natural Gas Corp. Ltd.		28,779,510		91,558,686
Olectra Greentech Ltd.		400,695		9,490,610
One 97 Communications Ltd., NVS^(a)		2,183,210		10,567,318
Orient Cement Ltd.		652,492		1,786,499
Orient Electric Ltd.		1,337,913		3,361,944
Orissa Minerals Development Co. Ltd. (The)^(a)		589		48,152
Page Industries Ltd.		55,875		23,119,530
Paisalo Digital Ltd.		1,332,125		2,961,750
PB Fintech Ltd.^(a)		2,187,093		30,764,367
PCBL Ltd.		1,435,091		4,951,759
Persistent Systems Ltd.		475,043		49,434,438
Petronet LNG Ltd.		6,997,451		23,039,228
PG Electroplast Ltd.^(a)		16,553		362,463
Phoenix Mills Ltd. (The)		902,281		29,938,802
PI Industries Ltd.		774,091		34,287,967
Pidilite Industries Ltd.		1,518,284		50,130,107
Piramal Enterprises Ltd.		1,030,904		11,375,101
Piramal Pharma Ltd., NVS^(a)		5,565,332		8,852,471
PNB Housing Finance Ltd.^(a)(b)		1,136,727		9,511,256
Polycab India Ltd.		376,745		21,567,236
Polyplex Corp. Ltd.		189,146		1,965,437
Poonawalla Fincorp Ltd.		2,377,187		13,378,792
Power Finance Corp. Ltd.		13,198,184		63,848,918
Power Grid Corp. of India Ltd.		42,503,650		145,212,684
Praj Industries Ltd.		1,685,708		10,128,361
Procter & Gamble Health Ltd.		71,357		4,381,313
PTC India Ltd.		1,700,898		4,149,019
Punjab National Bank		16,914,357		24,856,580
PVR Inox Ltd.^(a)		705,512		11,666,688
Quess Corp. Ltd.^(b)		887,899		5,501,877
Radico Khaitan Ltd.		811,380		15,344,315
Railtel Corp. of India Ltd.		1,230,770		6,664,683
Rain Industries Ltd.		2,580,221		5,721,832
Rainbow Children’s Medicare Ltd.		219,622		3,591,670
Rajesh Exports Ltd.^(a)		729,651		2,712,285
Rallis India Ltd.		1,396,046		4,170,072
Ramco Cements Ltd. (The)		1,161,670		11,693,304
Ramkrishna Forgings Ltd.		570,388		5,379,433
Ratnamani Metals & Tubes Ltd.		57,168		2,092,773
RattanIndia Enterprises Ltd.^(a)		3,041,626		3,064,880
RattanIndia Power Ltd.^(a)		11,456,660		1,388,623


Security	Shares		Value

India (continued)
Raymond Ltd.		435,233	$	9,622,626
RBL Bank Ltd.^(b)		4,738,313		14,862,176
REC Ltd.		11,669,857		62,141,088
Redington Ltd.		5,577,312		13,890,032
Relaxo Footwears Ltd.		726,196		7,325,248
Reliance Industries Ltd.		27,483,969		967,305,008
Reliance Infrastructure Ltd.^(a)		1,360,026		3,614,813
Reliance Power Ltd.^(a)		30,101,911		8,793,359
Religare Enterprises Ltd.^(a)		983,876		2,798,647
Rhi Magnesita India Ltd.		337,530		2,322,269
RITES Ltd.		425,989		4,013,993
Route Mobile Ltd.		460,577		8,857,690
Safari Industries India Ltd.		82,201		2,018,635
Samvardhana Motherson International Ltd.		21,721,634		31,206,993
Sanofi India Ltd.		99,845		10,347,578
Sarda Energy & Minerals Ltd., NVS		934,415		2,412,029
Saregama India Ltd.		753,225		3,654,579
SBI Cards & Payment Services Ltd.		2,418,576		20,982,185
SBI Life Insurance Co. Ltd.^(b)		4,353,321		81,341,777
Sheela Foam Ltd.^(a)		344,559		4,305,707
Shipping Corp. of India Ltd.		421,582		1,202,977
Shree Cement Ltd.		93,332		28,643,008
Shree Renuka Sugars Ltd.^(a)		8,466,764		4,751,873
Shriram Finance Ltd.		2,579,908		75,785,376
Shyam Metalics & Energy Ltd.		397,621		3,115,403
Siemens Ltd.		822,522		46,374,724
SJVN Ltd.		6,712,033		9,827,358
SKF India Ltd.		146,014		8,317,029
Sobha Ltd.		249,002		4,688,188
Sona Blw Precision Forgings Ltd.^(b)		3,703,509		30,761,637
Sonata Software Ltd.		1,774,680		17,328,857
South Indian Bank Ltd. (The)		10,324,254		4,015,021
Spandana Sphoorty Financial Ltd.^(a)		303,486		3,344,218
SRF Ltd.		1,420,439		40,948,455
Star Health & Allied Insurance Co. Ltd.^(a)		822,427		5,555,303
State Bank of India		16,455,243		148,176,162
Sterling and Wilson Renewable Energy Ltd.^(a)		691,020		5,035,790
Sterlite Technologies Ltd.		2,096,164		3,464,624
Strides Pharma Science Ltd.		851,910		8,081,285
Sumitomo Chemical India Ltd.		1,213,488		5,477,975
Sun Pharma Advanced Research Co. Ltd.^(a)		1,549,158		6,811,774
Sun Pharmaceutical Industries Ltd.		8,768,274		166,693,901
Sun TV Network Ltd.		1,021,535		7,582,830
Sundram Fasteners Ltd.		850,353		10,969,130
Sunteck Realty Ltd.		664,576		3,699,522
Supreme Industries Ltd.		626,271		31,321,119
Surya Roshni Ltd., NVS		444,963		3,217,542
Suven Pharmaceuticals Ltd.^(a)		1,520,255		11,533,719
Suzlon Energy Ltd.^(a)		78,730,413		42,893,603
Swan Energy Ltd.		915,548		8,228,379
Symphony Ltd.		227,100		2,414,361
Syngene International Ltd.^(b)		1,335,422		11,359,391
Syrma SGS Technology Ltd.		416,832		2,630,282
Tanla Platforms Ltd.		718,176		8,462,505
Tata Chemicals Ltd.		1,337,141		15,106,722
Tata Communications Ltd.		905,403		20,967,851
Tata Consultancy Services Ltd.		8,191,521		404,096,728
Tata Consumer Products Ltd.		5,274,130		75,635,742
Tata Elxsi Ltd.		330,049		31,079,063
Tata Investment Corp. Ltd.		98,190		8,569,801
Tata Motors Ltd.		15,059,647		172,419,727
Tata Motors Ltd., Class A		4,147,049		31,577,848


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Tata Power Co. Ltd. (The)		13,736,415	$	61,605,910
Tata Steel Ltd.		68,987,779		116,946,392
Tata Teleservices Maharashtra Ltd.^(a)		5,037,583		5,309,902
TeamLease Services Ltd.^(a)		121,289		4,400,220
Tech Mahindra Ltd.		4,963,478		76,274,883
Tejas Networks Ltd.^(a)(b)		925,213		8,327,922
Texmaco Rail & Engineering Ltd.		1,396,988		3,181,722
Tilaknagar Industries Ltd.		477,903		1,237,252
Timken India Ltd.		228,165		7,477,412
Titagarh Rail System Ltd.		576,172		6,511,668
Titan Co. Ltd.		3,280,700		143,371,442
Torrent Pharmaceuticals Ltd.		932,112		30,031,284
Trent Ltd.		1,759,357		82,226,048
Trident Ltd.		15,569,558		7,934,339
Triveni Turbine Ltd.		880,494		5,282,451
TTK Prestige Ltd.		636,532		5,737,400
Tube Investments of India Ltd.		1,014,129		42,571,012
TV18 Broadcast Ltd.^(a)		6,474,852		4,650,171
TVS Motor Co. Ltd.		2,278,537		58,715,810
Ujjivan Small Finance Bank Ltd.^(b)		5,533,566		3,545,618
UltraTech Cement Ltd.		1,058,604		126,298,110
Union Bank of India Ltd.		10,223,829		18,039,241
United Spirits Ltd.		2,905,344		40,839,486
UNO Minda Ltd.		1,545,342		12,449,966
UPL Ltd.		4,347,342		24,620,704
Usha Martin Ltd.		863,642		3,425,949
UTI Asset Management Co. Ltd.		501,352		5,406,926
Vardhman Textiles Ltd.		1,334,180		6,871,006
Varun Beverages Ltd.		4,433,181		75,339,218
Vedanta Ltd.		7,911,211		25,492,086
V-Guard Industries Ltd.		2,184,275		8,550,105
Vinati Organics Ltd.		338,743		6,806,559
VIP Industries Ltd.		812,077		5,409,416
V-Mart Retail Ltd.^(a)		124,072		2,857,585
Voltamp Transformers Ltd.		38,787		4,110,657
Voltas Ltd.		1,931,538		25,814,060
Welspun Corp. Ltd.		1,413,677		8,704,322
Welspun Living Ltd.		3,366,553		6,271,952
Westlife Foodworld Ltd.		703,739		6,351,474
Whirlpool of India Ltd.		386,563		5,860,014
Wipro Ltd.		11,815,880		73,717,193
Wockhardt Ltd.^(a)		341,458		2,488,815
Wonderla Holidays Ltd.		51,169		581,203
Yes Bank Ltd.^(a)		114,545,503		33,682,128
Zee Entertainment Enterprises Ltd.^(a)		7,665,204		14,837,115
Zen Technologies Ltd.		209,879		2,178,991
Zensar Technologies Ltd.		1,369,661		9,070,619
Zomato Ltd.^(a)		53,577,562		106,641,337


				14,264,552,298

Indonesia — 1.9%
Ace Hardware Indonesia Tbk PT		73,043,100		3,881,716
Adaro Energy Indonesia Tbk PT		132,497,000		20,420,505
AKR Corporindo Tbk PT		111,132,900		12,022,013
Amman Mineral Internasional PT^(a)		54,087,328		29,234,636
Aneka Tambang Tbk		76,748,643		7,128,069
Astra Agro Lestari Tbk PT		6,280,200		2,679,015
Astra International Tbk PT		183,592,800		61,117,706
Astrindo Nusantara Infrastructure Tbk PT^(a)		461,282,900		2,406,949
Bank Aladin Syariah Tbk PT^(a)		52,180,500		3,552,856
Bank BTPN Syariah Tbk PT		27,826,200		2,434,682
Bank Central Asia Tbk PT		498,253,900		313,534,197
Bank Jago Tbk PT^(a)		31,301,000		5,416,215


Security	Shares		Value

Indonesia (continued)
Bank Mandiri Persero Tbk PT		341,778,200	$	152,663,264
Bank Negara Indonesia Persero Tbk PT		133,705,400		51,100,085
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		24,167,519		1,853,125
Bank Rakyat Indonesia Persero Tbk PT		619,126,395		241,263,456
Bank Tabungan Negara Persero Tbk PT		53,781,176		4,897,951
Barito Pacific Tbk PT		264,570,615		16,445,271
Berkah Beton Sadaya Tbk PT^(a)		179,871,000		572,291
BFI Finance Indonesia Tbk PT		80,082,700		7,032,397
Bukalapak.com PT Tbk^(a)		567,360,300		5,680,958
Bukit Asam Tbk PT		41,102,900		6,692,283
Bumi Resources Minerals Tbk PT^(a)		561,865,000		5,148,493
Bumi Resources Tbk PT^(a)		390,890,000		2,164,011
Bumi Serpong Damai Tbk PT^(a)		94,904,500		6,121,733
Charoen Pokphand Indonesia Tbk PT		70,862,700		21,848,378
Ciputra Development Tbk PT		101,033,127		8,164,942
GoTo Gojek Tokopedia Tbk PT^(a)		7,492,686,600		33,914,712
Hanson International Tbk PT^(a)(d)		783,666,700		1
Harum Energy Tbk PT^(a)		29,984,600		2,388,970
Indah Kiat Pulp & Paper Tbk PT		25,480,000		14,161,175
Indika Energy Tbk PT		16,450,900		1,423,686
Indo Tambangraya Megah Tbk PT		3,941,200		6,568,693
Indocement Tunggal Prakarsa Tbk PT		14,705,100		8,491,087
Indofood CBP Sukses Makmur Tbk PT		21,133,300		15,581,227
Indofood Sukses Makmur Tbk PT		38,792,000		16,353,611
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		45,611,000		1,784,968
Inti Agri Resources Tbk PT^(a)(d)		291,349,000		—
Japfa Comfeed Indonesia Tbk PT		56,678,100		4,147,618
Jasa Marga Persero Tbk PT		23,401,780		8,083,098
Kalbe Farma Tbk PT		193,169,900		18,287,237
Medco Energi Internasional Tbk PT		76,340,380		6,347,909
Media Nusantara Citra Tbk PT		66,967,500		1,389,208
Medikaloka Hermina Tbk PT		43,458,000		3,498,210
Merdeka Copper Gold Tbk PT^(a)		102,821,685		14,788,582
Metro Healthcare Indonesia TBK PT^(a)		259,760,900		2,429,835
Mitra Adiperkasa Tbk PT		99,857,300		12,199,045
Pabrik Kertas Tjiwi Kimia Tbk PT		15,255,800		6,649,840
Pakuwon Jati Tbk PT		204,872,300		5,292,915
Panin Financial Tbk PT^(a)		184,962,600		3,062,492
Perusahaan Gas Negara Tbk PT		96,892,600		6,721,915
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		38,513,200		2,072,690
Pool Advista Indonesia Tbk PT^(a)(d)		12,679,400		—
Sarana Menara Nusantara Tbk PT		209,566,000		12,288,822
Semen Indonesia Persero Tbk PT		30,695,509		11,923,785
Smartfren Telecom Tbk PT^(a)		975,297,800		3,289,264
Sugih Energy Tbk PT^(a)(d)		27,492,211		—
Sumber Alfaria Trijaya Tbk PT		154,735,700		27,077,517
Summarecon Agung Tbk PT		133,419,941		4,664,709
Surya Citra Media Tbk PT		260,750,700		2,474,805
Surya Esa Perkasa Tbk PT		78,828,500		2,583,308
Telkom Indonesia Persero Tbk PT		439,699,200		112,083,425
Trada Alam Minera Tbk PT^(a)(d)		280,960,700		—
Transcoal Pacific Tbk PT		11,105,200		5,567,671
Unilever Indonesia Tbk PT		65,050,100		11,300,463
United Tractors Tbk PT		14,403,000		21,571,293
Waskita Karya Persero Tbk PT^(a)(d)		135,029,644		1,388,533
XL Axiata Tbk PT		43,042,900		6,518,747


				1,413,848,263

Kazakhstan — 0.0%
Polymetal International PLC^(a)(d)		3,035,664		334


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Kuwait — 0.9%
Agility Public Warehousing Co. KSC^(a)		14,058,307	$	27,490,831
Al Ahli Bank of Kuwait KSCP		10,841,541		9,034,324
Arabi Group Holding KSC^(a)		1,153,861		1,964,657
Arzan Financial Group for Financing & Investment KPSC		3,789,767		2,758,433
Boubyan Bank KSCP		13,848,871		28,956,493
Boubyan Petrochemicals Co. KSCP		4,332,453		8,590,139
Boursa Kuwait Securities Co. KPSC		415,916		2,757,006
Gulf Bank KSCP		16,557,395		15,885,200
Gulf Cable & Electrical Industries Co. KSCP		1,033,068		5,011,764
Humansoft Holding Co. KSC		870,043		9,527,360
Jazeera Airways Co. KSCP		1,048,675		3,847,129
Kuwait Finance House KSCP		78,198,110		206,025,530
Kuwait International Bank KSCP		16,561,808		8,885,363
Kuwait Projects Co. Holding KSCP^(a)		21,246,858		8,699,371
Kuwait Real Estate Co. KSC		6,828,990		5,109,261
Mabanee Co. KPSC		6,356,773		16,896,313
Mobile Telecommunications Co. KSCP		18,871,586		30,864,349
National Bank of Kuwait SAKP		68,536,942		218,368,830
National Industries Group Holding SAK		20,949,886		16,306,193
National Investments Co. KSCP		4,101,341		3,798,155
National Real Estate Co. KPSC^(a)		9,621,577		2,482,508
Salhia Real Estate Co. KSCP		4,848,634		7,247,349
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		6,417,388		3,550,551
Warba Bank KSCP		16,490,199		10,083,536


				654,140,645

Malaysia — 1.5%
AFFIN Bank Bhd		3,140,500		1,708,798
Alliance Bank Malaysia Bhd		8,970,100		6,732,102
AMMB Holdings Bhd		15,427,700		14,122,293
Axiata Group Bhd		25,016,600		14,664,467
Bermaz Auto Bhd		13,250,200		6,812,873
British American Tobacco Malaysia Bhd^(c)		1,575,400		2,772,013
Bursa Malaysia Bhd		6,113,600		9,634,469
Carlsberg Brewery Malaysia Bhd		1,880,400		7,552,507
CELCOMDIGI Bhd		31,951,300		29,339,461
CIMB Group Holdings Bhd		59,305,600		80,761,080
CTOS Digital Bhd^(c)		14,749,900		4,696,427
D&O Green Technologies Bhd^(a)(c)		6,358,100		4,453,173
Dialog Group Bhd		31,890,896		14,112,093
DRB-Hicom Bhd		10,575,000		3,102,481
Fraser & Neave Holdings Bhd		1,514,600		9,415,383
Frontken Corp. Bhd^(c)		13,107,600		10,165,515
Gamuda Bhd		17,339,600		19,329,151
Gas Malaysia Bhd		1,194,700		858,482
Genting Bhd		18,160,200		18,268,028
Genting Malaysia Bhd		26,164,200		15,846,287
Greatech Technology Bhd^(a)(c)		4,829,900		4,865,021
Hartalega Holdings Bhd^(a)		15,181,000		8,034,007
Heineken Malaysia Bhd		1,440,200		6,877,027
Hibiscus Petroleum Bhd		6,678,440		3,558,392
Hong Leong Bank Bhd		5,906,500		24,560,385
IHH Healthcare Bhd		16,542,700		21,438,754
IJM Corp. Bhd		27,175,300		12,271,450
Inari Amertron Bhd		25,894,700		17,334,912
IOI Corp. Bhd		22,745,700		19,071,858
IOI Properties Group Bhd		6,441,400		3,121,951
Kossan Rubber Industries Bhd		12,703,000		5,032,481
KPJ Healthcare Bhd^(c)		34,752,400		12,078,193
Kuala Lumpur Kepong Bhd		3,980,900		18,811,671
Lotte Chemical Titan Holding Bhd^(a)(b)		5,556,700		1,381,710


Security	Shares		Value

Malaysia (continued)
Magnum Bhd		11,641,586	$	2,772,098
Malayan Banking Bhd		46,828,400		94,083,402
Malaysia Airports Holdings Bhd		7,215,800		12,894,318
Malaysia Building Society Bhd^(c)		35,688,900		5,725,844
Malaysian Pacific Industries Bhd^(c)		957,000		5,863,126
Malaysian Resources Corp. Bhd		32,690,900		4,038,874
Maxis Bhd^(c)		21,606,400		16,937,269
Mega First Corp. Bhd		8,203,100		6,827,994
MISC Bhd		12,151,200		19,480,943
MR DIY Group M Bhd^(b)		24,390,450		8,016,474
My EG Services Bhd		54,918,600		9,327,644
Nationgate Holdings Bhd, NVS		6,670,200		1,986,588
Nestle Malaysia Bhd^(c)		565,000		14,870,614
Padini Holdings Bhd		4,020,000		2,871,731
Pentamaster Corp. Bhd		7,230,400		6,544,477
Petronas Chemicals Group Bhd		23,721,800		35,012,902
Petronas Dagangan Bhd		2,794,200		13,448,431
Petronas Gas Bhd		7,089,000		26,799,423
PPB Group Bhd		6,458,020		21,202,392
Press Metal Aluminium Holdings Bhd		32,994,000		32,563,163
Public Bank Bhd		129,754,600		120,429,221
QL Resources Bhd		11,617,543		14,218,073
RHB Bank Bhd		11,990,966		14,161,797
Sam Engineering & Equipment M Bhd		952,100		957,015
Scientex Bhd		8,883,800		7,282,110
Sime Darby Bhd		24,720,200		14,125,113
Sime Darby Plantation Bhd		18,594,300		16,993,000
Sime Darby Property Bhd^(c)		38,526,100		6,264,869
SP Setia Bhd Group^(c)		21,527,100		3,840,497
Sports Toto Bhd		8,781,129		2,646,089
Sunway REIT^(c)		24,733,700		8,130,771
Supermax Corp. Bhd		16,154,527		2,826,704
Telekom Malaysia Bhd		9,804,800		12,506,574
Tenaga Nasional Bhd		23,301,900		55,290,147
TIME dotCom Bhd		12,757,700		14,802,389
Top Glove Corp. Bhd^(a)		45,493,600		7,721,238
UEM Sunrise Bhd^(c)		11,607,300		2,550,316
UWC Bhd^(a)(c)		4,791,400		3,468,655
ViTrox Corp. Bhd^(c)		3,724,800		5,886,840
VS Industry Bhd		33,605,150		5,243,954
Yinson Holdings Bhd		16,041,560		8,619,951
YTL Corp. Bhd		19,954,649		11,227,250
YTL Power International Bhd^(c)		22,035,800		18,399,858


				1,131,645,033

Mexico — 2.5%
Alfa SAB de CV, Class A		25,106,900		18,722,367
Alsea SAB de CV^(a)		5,071,395		19,435,500
America Movil SAB de CV		169,469,438		158,688,838
Arca Continental SAB de CV		4,371,779		47,095,199
Banco del Bajio SA^(b)		7,399,097		27,535,663
Bolsa Mexicana de Valores SAB de CV		3,721,078		8,025,394
Cemex SAB de CV, NVS^(a)		137,917,983		105,435,635
Coca-Cola Femsa SAB de CV		4,430,200		43,240,863
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)(c)		7,749,559		5,637,944
Corp Inmobiliaria Vesta SAB de CV		6,588,410		23,096,205
FIBRA Macquarie Mexico^(b)(c)		10,172,000		20,010,687
Fibra Uno Administracion SA de CV		28,554,900		51,600,447
Fomento Economico Mexicano SAB de CV		17,615,962		219,968,916
GCC SAB de CV		1,714,057		18,097,699
Genomma Lab Internacional SAB de CV, Class B		8,734,724		6,744,149


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mexico (continued)
Gentera SAB de CV		10,939,492	$	16,443,656
Gruma SAB de CV, Class B		1,795,660		31,977,745
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		2,648,573		22,956,345
Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,485,806		51,470,308
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,710,805		50,196,194
Grupo Bimbo SAB de CV, Series A		12,381,002		51,792,566
Grupo Carso SAB de CV, Series A1^(c)		4,925,736		42,615,488
Grupo Financiero Banorte SAB de CV, Class O		23,431,978		242,262,532
Grupo Financiero Inbursa SAB de CV, Class O^(a)		18,089,442		54,880,974
Grupo Mexico SAB de CV, Series B		27,973,920		135,797,242
Grupo Televisa SAB, CPO		20,878,756		12,482,481
Industrias Penoles SAB de CV^(a)(c)		1,688,770		21,161,829
Kimberly-Clark de Mexico SAB de CV, Class A		13,584,575		30,191,044
La Comer SAB de CV		5,555,096		12,987,992
Nemak SAB de CV^(a)(b)		15,812,924		3,228,595
Ollamani SAB, NVS		92,538		156,200
Operadora De Sites Mexicanos SAB de CV		12,703,895		14,765,341
Orbia Advance Corp. SAB de CV		9,027,483		16,694,561
Prologis Property Mexico SA de CV		6,038,493		27,141,643
Promotora y Operadora de Infraestructura SAB de CV		1,812,410		18,836,282
Qualitas Controladora SAB de CV		1,768,678		19,866,724
Regional SAB de CV		2,169,347		20,240,917
TF Administradora Industrial S de Realde CV^(c)		8,571,849		20,478,794
Wal-Mart de Mexico SAB de CV		46,703,676		187,014,734


				1,878,975,693

Netherlands — 0.1%
NEPI Rockcastle NV		4,474,834		31,928,104
Pepco Group NV^(a)(c)		1,376,237		6,906,468


				38,834,572

Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		1,890,923		28,552,937
Credicorp Ltd.		608,422		103,967,152
Southern Copper Corp.		769,906		62,254,599


				194,774,688

Philippines — 0.7%
Aboitiz Equity Ventures Inc.		16,656,190		15,708,268
Alliance Global Group Inc.		40,547,800		7,443,801
Ayala Corp.		2,257,695		27,246,521
Ayala Land Inc.		63,729,040		39,720,016
Bank of the Philippine Islands		18,157,448		40,427,995
BDO Unibank Inc.		22,334,185		60,845,101
Bloomberry Resorts Corp.^(a)		46,347,800		9,250,597
Cebu Air Inc.^(a)		3,124,730		1,812,082
Converge Information and Communications Technology Solutions Inc.^(a)		20,782,500		3,328,811
D&L Industries Inc.		35,417,800		4,259,083
DMCI Holdings Inc.		37,947,300		7,398,424
GT Capital Holdings Inc.		940,580		11,762,479
International Container Terminal Services Inc.		9,230,580		47,369,775
JG Summit Holdings Inc.		29,369,201		21,420,213
Jollibee Foods Corp.		4,316,900		21,025,833
Manila Electric Co.		1,991,560		13,816,746
Manila Water Co. Inc.		13,037,800		4,508,669
Megaworld Corp.		118,815,200		4,082,458
Metropolitan Bank & Trust Co.		16,115,543		17,774,271


Security	Shares		Value

Philippines (continued)
PLDT Inc.		683,425	$	15,947,027
Puregold Price Club Inc.		10,067,150		4,924,782
Robinsons Land Corp.		23,788,913		6,928,705
Security Bank Corp.		3,394,470		4,287,243
Semirara Mining & Power Corp., Class A		8,233,000		4,730,515
SM Investments Corp.		2,271,622		38,011,552
SM Prime Holdings Inc.		94,150,896		52,924,812
Universal Robina Corp.		8,303,090		17,285,258
Wilcon Depot Inc.		13,466,200		5,174,240


				509,415,277

Poland — 1.0%
Alior Bank SA^(a)		901,499		21,655,874
Allegro.eu SA ^(a)(b)(c)		4,396,705		35,531,592
AmRest Holdings SE^(a)		821,627		5,149,042
Asseco Poland SA		580,734		10,905,822
Bank Millennium SA^(a)(c)		6,557,644		16,408,071
Bank Polska Kasa Opieki SA		1,668,077		72,350,152
Budimex SA		134,172		24,528,702
CCC SA^(a)(c)		447,462		8,529,354
CD Projekt SA^(c)		582,636		16,013,046
Cyfrowy Polsat SA^(a)(c)		1,966,177		5,774,247
Dino Polska SA^(a)(b)(c)		448,449		52,182,273
Enea SA^(a)		2,773,041		6,791,349
Eurocash SA		993,544		4,200,287
Grupa Azoty SA^(a)(c)		507,937		2,867,094
Grupa Kety SA		58,383		10,310,929
Jastrzebska Spolka Weglowa SA, Class S^(a)(c)		547,965		5,663,404
KGHM Polska Miedz SA		1,227,156		33,167,100
KRUK SA		169,185		17,839,001
LPP SA		10,299		46,270,832
mBank SA^(a)		146,098		25,457,278
Orange Polska SA		5,602,223		11,465,820
ORLEN SA		5,173,459		80,361,011
PGE Polska Grupa Energetyczna SA^(a)		8,013,597		16,014,725
Powszechna Kasa Oszczednosci Bank Polski SA		7,846,255		109,340,712
Powszechny Zaklad Ubezpieczen SA		5,349,961		65,832,454
Santander Bank Polska SA		333,093		45,936,135
Tauron Polska Energia SA^(a)		10,723,471		9,727,580
Warsaw Stock Exchange^(c)		467,667		5,160,454


				765,434,340

Qatar — 0.8%
Al Meera Consumer Goods Co. QSC		1,404,893		4,993,120
Baladna^(a)		10,376,072		3,631,483
Barwa Real Estate Co.		15,689,470		13,163,958
Commercial Bank PSQC (The)		30,078,212		41,718,129
Doha Bank QPSC		14,991,294		6,778,322
Dukhan Bank		11,858,078		13,544,042
Estithmar Holding QPSC^(a)		9,384,731		5,095,782
Gulf International Services QSC		9,147,989		7,205,264
Industries Qatar QSC		14,069,277		49,815,619
Masraf Al Rayan QSC		49,770,228		34,570,566
Medicare Group		1,719,872		2,181,853
Mesaieed Petrochemical Holding Co. QSC		44,246,184		22,933,028
Ooredoo QPSC		6,969,445		21,731,137
Qatar Aluminum Manufacturing Co.		28,593,361		9,964,345
Qatar Electricity & Water Co. QSC		4,726,539		22,413,270
Qatar Fuel QSC		3,661,760		15,014,973
Qatar Gas Transport Co. Ltd.		22,487,466		24,653,959
Qatar International Islamic Bank QSC		9,272,292		29,013,260
Qatar Islamic Bank SAQ		15,588,195		86,137,976


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Qatar (continued)
Qatar National Bank QPSC		42,325,563	$	176,777,273
Qatar Navigation QSC		6,363,551		19,196,232
United Development Co. QSC		21,064,728		5,981,684
Vodafone Qatar QSC		26,066,600		12,366,713


				628,881,988

Russia — 0.0%
Aeroflot PJSC^(a)(d)		12,448,217		1,360
Alrosa PJSC^(a)(d)		22,555,750		2,465
Credit Bank of Moscow PJSC^(a)(d)		131,641,331		14,387
Detsky Mir PJSC^(a)(b)(d)		5,639,776		616
Federal Grid Co. Rosseti PJSC^(a)(d)		2,175,770,000		238
Gazprom PJSC^(a)(d)		101,307,770		11,072
Globaltrans Investment PLC, GDR^(a)(d)(f)		1,523,220		166
Inter RAO UES PJSC^(a)(d)		270,997,905		29,617
LSR Group PJSC, Class A^(d)		498,324		54
LUKOIL PJSC^(a)(d)		3,545,225		387
MMC Norilsk Nickel PJSC^(a)(d)		542,170		59
Mobile TeleSystems PJSC^(a)(d)		7,617,292		832
Moscow Exchange MICEX-RTS PJSC^(a)(d)		12,320,031		1,346
Novatek PJSC^(a)(d)		7,792,960		852
Novolipetsk Steel PJSC^(a)(d)		12,759,568		1,395
OGK-2 PJSC^(d)		319,608,000		34,930
Ozon Holdings PLC, ADR^(a)(d)		453,223		50
PhosAgro PJSC^(a)(d)		409,067		45
PhosAgro PJSC, GDR^(a)(d)(f)		1		—
PhosAgro PJSC, New^(a)(d)		7,905		79
Polyus PJSC^(a)(d)		290,787		32
Ros Agro PLC, GDR^(a)(d)(f)		300,309		33
Rosneft Oil Co. PJSC^(a)(d)		9,721,202		1,062
Rostelecom PJSC^(d)		8,098,021		885
Sberbank of Russia PJSC^(a)(d)		91,862,230		10,040
Segezha Group PJSC^(a)(b)(d)		34,454,100		3,765
Severstal PAO^(a)(d)		1,835,503		201
Sistema AFK PAO^(d)		30,748,700		3,361
Sovcomflot PJSC^(d)		4,464,400		488
Surgutneftegas PJSC^(a)(d)		60,550,132		6,618
Tatneft PJSC^(a)(d)		11,775,415		1,287
TCS Group Holding PLC, GDR^(a)(d)(f)		1,042,828		114
Unipro PJSC^(a)(d)		160,829,082		17,577
United Co. RUSAL International PJSC^(a)(d)		26,465,860		2,892
VK Co. Ltd.^(a)(d)		956,753		105
VTB Bank PJSC^(a)(d)		25,685,534,000		2,807
X5 Retail Group NV, GDR^(a)(d)		1,023,928		112
Yandex NV^(a)(d)		2,640,123		289


				151,618

Saudi Arabia — 4.5%
Abdullah Al Othaim Markets Co.		4,322,820		15,385,538
ACWA Power Co.		862,380		60,715,559
Ades Holding Co.^(a)		1,768,112		9,429,176
Advanced Petrochemical Co.		1,217,444		12,396,162
Al Hammadi Holding		884,519		15,778,856
Al Masane Al Kobra Mining Co.		629,262		9,815,702
Al Moammar Information Systems Co.		206,226		8,006,815
Al Rajhi Bank		17,722,612		420,880,364
Al Rajhi Co. for Co-operative Insurance^(a)		151,488		3,427,894
Al-Dawaa Medical Services Co.		94,325		2,882,649
Aldrees Petroleum and Transport Services Co.		378,583		18,224,804
Alinma Bank		8,966,091		105,237,044
AlKhorayef Water & Power Technologies Co.^(a)		46,735		3,023,201
Almarai Co. JSC		2,278,862		35,729,698
Almunajem Foods Co.		148,895		4,160,786


Security	Shares		Value

Saudi Arabia (continued)
Alujain Corp.^(a)		558,494	$	6,289,320
Anglogold Ashanti PLC, NVS		3,750,060		70,644,981
Arab National Bank		5,875,231		43,684,996
Arabian Cement Co./Saudi Arabia		820,991		7,189,400
Arabian Contracting Services Co.		182,755		12,796,700
Arabian Internet & Communications Services Co.		237,524		23,262,541
Arriyadh Development Co.		1,497,024		9,435,276
Astra Industrial Group		404,315		18,219,672
Bank AlBilad		4,551,226		60,068,602
Bank Al-Jazira^(a)		3,679,143		19,110,893
Banque Saudi Fransi		5,543,515		56,364,237
Bupa Arabia for Cooperative Insurance Co.		746,827		45,694,820
Catrion Catering Holding Co.		472,022		16,815,225
City Cement Co.		975,392		4,972,010
Co. for Cooperative Insurance (The)		745,758		32,214,168
Dallah Healthcare Co.		334,982		16,756,692
Dar Al Arkan Real Estate Development Co.^(a)		4,914,959		18,317,409
Dr Sulaiman Al Habib Medical Services Group Co.		806,348		71,006,739
Eastern Province Cement Co.		668,387		6,394,993
Electrical Industries Co.		4,636,527		5,204,858
Elm Co.		222,709		62,816,989
Emaar Economic City^(a)		4,024,304		8,748,847
Etihad Etisalat Co.		3,532,550		52,089,170
Fawaz Abdulaziz Al Hokair & Co.^(a)		554,498		2,652,506
First Milling Co., NVS		123,050		2,680,419
Herfy Food Services Co.		365,521		3,569,183
Jahez International Co., NVS		100,714		958,721
Jamjoom Pharmaceuticals Factory Co., NVS		186,326		7,169,549
Jarir Marketing Co.		5,404,392		22,463,438
Leejam Sports Co. JSC		283,499		16,282,880
Lumi Rental Co.^(a)		124,080		3,877,603
Maharah Human Resources Co.		1,999,687		3,910,306
Methanol Chemicals Co.^(a)		677,549		3,139,206
Middle East Healthcare Co.^(a)		404,968		13,130,712
Middle East Paper Co.		502,241		5,920,808
Mobile Telecommunications Co. Saudi Arabia		3,950,803		15,696,602
Mouwasat Medical Services Co.		941,738		31,034,792
Nahdi Medical Co.		368,103		13,937,719
National Agriculture Development Co. (The)^(a)		1,872,209		16,528,285
National Gas & Industrialization Co.		478,450		10,937,101
National Industrialization Co.^(a)		3,033,732		10,680,884
National Medical Care Co.		284,277		15,255,210
Perfect Presentation For Commercial Services Co., NVS^(a)		317,345		2,961,650
Power & Water Utility Co. for Jubail & Yanbu		550,712		11,173,038
Qassim Cement Co. (The)		548,522		8,702,520
Rabigh Refining & Petrochemical Co.^(a)		191,292		421,998
Reinet Investments SCA		1,331,654		33,606,559
Retal Urban Development Co., NVS		862,979		2,197,544
Riyad Bank		13,236,598		109,891,540
SABIC Agri-Nutrients Co.		2,110,274		70,550,332
Sahara International Petrochemical Co.		3,373,829		27,568,921
Saudi Arabian Mining Co.^(a)		11,704,899		155,322,568
Saudi Arabian Oil Co.^(b)		23,531,102		198,952,446
Saudi Aramco Base Oil Co.		405,004		18,168,073
Saudi Automotive Services Co.		228,538		5,753,531
Saudi Awwal Bank		8,957,511		98,634,693
Saudi Basic Industries Corp.		8,060,208		169,336,949
Saudi Cement Co.		699,000		8,704,184
Saudi Ceramic Co.		519,972		4,294,051


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Saudi Arabia (continued)
Saudi Chemical Co. Holding		2,871,685	$	4,101,194
Saudi Electricity Co.		7,510,277		40,090,336
Saudi Ground Services Co.^(a)		1,229,980		13,577,893
Saudi Industrial Investment Group		2,998,215		16,574,920
Saudi Investment Bank (The)		4,351,602		18,801,883
Saudi Kayan Petrochemical Co.^(a)		6,667,389		17,156,042
Saudi National Bank (The)		26,535,894		299,888,150
Saudi Pharmaceutical Industries & Medical Appliances Corp.^(a)		761,382		7,770,546
Saudi Real Estate Co.^(a)		2,149,403		11,504,943
Saudi Research & Media Group^(a)		354,843		23,433,229
Saudi Tadawul Group Holding Co.		442,207		28,548,648
Saudi Telecom Co.		18,061,776		204,451,941
Saudia Dairy & Foodstuff Co.		188,872		19,142,528
Savola Group (The)		2,306,412		32,594,682
Seera Group Holding^(a)		1,759,017		15,665,725
Southern Province Cement Co.		709,066		7,553,312
Theeb Rent A Car Co.		340,184		6,707,695
United Electronics Co.		479,540		12,224,240
United International Transportation Co.		495,607		11,680,326
Yamama Cement Co.		1,261,502		12,139,002
Yanbu Cement Co.		1,017,940		8,550,012
Yanbu National Petrochemical Co.		2,323,764		23,190,413


				3,354,606,967

South Africa — 2.6%
Absa Group Ltd.		7,555,810		64,502,247
Adcock Ingram Holdings Ltd.		784,597		2,294,476
AECI Ltd.		1,415,190		7,172,409
African Rainbow Minerals Ltd.		1,057,984		9,313,348
Anglo American Platinum Ltd.		587,202		22,588,875
Aspen Pharmacare Holdings Ltd.		3,411,676		34,862,064
Astral Foods Ltd.^(c)		538,009		4,114,450
AVI Ltd.		2,475,287		11,540,155
Barloworld Ltd.		1,732,262		6,073,755
Bid Corp. Ltd.		3,084,995		72,170,868
Bidvest Group Ltd. (The)		2,604,819		31,733,160
Capitec Bank Holdings Ltd.		783,548		82,552,801
Clicks Group Ltd.		2,231,923		34,920,635
Coronation Fund Managers Ltd.		3,025,142		4,922,559
DataTec Ltd.		2,139,685		4,490,215
Dis-Chem Pharmacies Ltd.^(b)		4,366,349		6,952,466
Discovery Ltd.		4,806,038		34,085,015
DRDGOLD Ltd.		5,450,845		3,699,118
Equites Property Fund Ltd.^(c)		9,250,653		6,319,917
Exxaro Resources Ltd.		2,256,014		20,933,793
FirstRand Ltd.		44,798,391		151,557,135
Fortress REIT Ltd., Series B, Class B^(a)(c)		12,693,310		10,999,104
Foschini Group Ltd. (The)		2,986,687		16,311,367
Gold Fields Ltd.		8,050,656		106,054,777
Grindrod Ltd.		7,242,799		4,871,330
Growthpoint Properties Ltd.		33,228,935		20,287,322
Harmony Gold Mining Co. Ltd.		5,177,541		30,097,267
Impala Platinum Holdings Ltd.		7,810,276		26,504,773
Investec Ltd.		2,687,677		16,902,377
JSE Ltd.		1,076,355		4,918,235
Kumba Iron Ore Ltd.		589,203		16,494,919
Life Healthcare Group Holdings Ltd.		12,497,816		11,435,697
Momentum Metropolitan Holdings		10,499,663		11,408,393
Motus Holdings Ltd.		1,474,947		7,124,809
Mr. Price Group Ltd.		2,220,202		19,688,865
MTN Group Ltd.		15,289,774		66,563,928
MultiChoice Group^(a)(c)		2,644,031		14,393,289


Security	Shares		Value

South Africa (continued)
Naspers Ltd., Class N		1,656,794	$	272,545,204
Nedbank Group Ltd.		3,877,816		44,363,382
Netcare Ltd.		10,287,900		7,273,406
Ninety One Ltd.		2,521,781		5,143,330
Northam Platinum Holdings Ltd.		3,224,256		18,437,768
Oceana Group Ltd.		799,025		2,969,467
Old Mutual Ltd.		45,098,017		28,068,228
Omnia Holdings Ltd.		1,485,975		4,834,455
OUTsurance Group Ltd., NVS		6,958,124		15,106,167
Pepkor Holdings Ltd.^(b)(c)		13,884,789		13,515,590
Pick n Pay Stores Ltd.^(c)		3,580,582		3,778,466
PSG Financial Services Ltd.		5,550,610		4,395,921
Redefine Properties Ltd.^(c)		57,935,570		12,092,392
Remgro Ltd.		4,518,425		34,267,471
Resilient REIT Ltd.		4,487,819		11,030,020
Reunert Ltd.		1,983,858		6,741,807
Sanlam Ltd.		16,042,593		61,518,911
Santam Ltd.		267,080		4,215,074
Sappi Ltd.		5,099,053		12,274,415
Sasol Ltd.		5,120,473		38,589,719
Shoprite Holdings Ltd.		4,562,825		61,429,232
Sibanye Stillwater Ltd.		25,355,741		26,133,920
SPAR Group Ltd. (The)^(a)		1,588,370		8,086,774
Standard Bank Group Ltd.		11,954,415		125,789,366
Super Group Ltd./South Africa		4,424,518		6,092,363
Telkom SA SOC Ltd.^(a)		3,166,263		4,770,855
Thungela Resources Ltd.		1,187,660		6,501,788
Tiger Brands Ltd.		1,436,747		14,944,266
Truworths International Ltd.^(c)		3,234,773		12,121,123
Vodacom Group Ltd.		5,498,627		26,954,166
Vukile Property Fund Ltd.		11,454,723		8,820,973
Wilson Bayly Holmes-Ovcon Ltd.^(a)		688,068		4,665,445
Woolworths Holdings Ltd./South Africa		8,808,458		29,470,216


				1,937,797,593

South Korea — 12.0%
ABLBio Inc.^(a)(c)		378,134		6,462,977
Advanced Nano Products Co. Ltd.^(a)(c)		85,647		8,997,811
AfreecaTV Co. Ltd.		81,895		7,923,351
Ahnlab Inc.^(c)		65,640		3,529,888
Alteogen Inc.^(a)		335,310		40,353,351
Amorepacific Corp.^(c)		259,620		23,344,344
Amorepacific Group		261,577		5,246,022
Ananti Inc.^(a)(c)		893,122		4,223,652
Asiana Airlines Inc.^(a)		435,531		3,808,574
BGF retail Co. Ltd.		71,537		7,098,237
BH Co. Ltd.^(c)		281,691		3,621,945
Bioneer Corp.^(a)(c)		223,061		4,105,694
BNK Financial Group Inc.		2,081,802		11,738,324
Boryung^(c)		408,246		3,652,840
Canariabio Inc.^(a)(c)		709,241		529,427
Caregen Co. Ltd.^(c)		79,409		1,391,678
Cellivery Therapeutics Inc.^(a)(c)(d)		290,576		1,166,145
Celltrion Inc.		1,375,171		185,973,169
Celltrion Pharm Inc.^(a)(c)		170,391		14,200,142
Chabiotech Co. Ltd.^(a)(c)		525,626		6,616,359
Cheil Worldwide Inc.		476,406		6,618,466
Chong Kun Dang Pharmaceutical Corp.^(c)		88,829		7,213,843
Chunbo Co. Ltd.^(a)(c)		48,344		3,290,142
CJ CGV Co. Ltd.^(a)		652,279		3,030,800
CJ CheilJedang Corp.		69,355		15,630,250
CJ Corp.^(a)		122,390		8,913,913
CJ ENM Co. Ltd.^(a)		97,474		5,819,188


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
CJ Logistics Corp.^(a)		88,884	$	8,306,487
Classys Inc.^(c)		203,326		4,917,023
Com2uSCorp.^(c)		96,961		3,109,269
Cosmax Inc.^(a)		82,484		6,668,603
CosmoAM&T Co. Ltd.^(a)		225,049		30,079,262
Cosmochemical Co. Ltd.^(a)(c)		273,721		7,236,479
Coway Co. Ltd.		443,646		18,057,396
Creative & Innovative System^(a)(c)		574,298		4,801,314
CS Wind Corp.		227,957		8,872,789
Cuckoo Homesys Co. Ltd.^(a)		71,844		1,083,093
Curexo Inc.^(a)		219,387		2,461,091
Daeduck Electronics Co. Ltd./New^(a)		361,129		6,060,132
Daejoo Electronic Materials Co. Ltd.^(a)(c)		128,302		7,269,824
Daesang Corp.^(a)		308,337		4,551,711
Daewoo Engineering & Construction Co. Ltd.^(a)(c)		1,924,857		5,759,385
Daewoong Co. Ltd.		204,307		3,373,877
Daewoong Pharmaceutical Co. Ltd.		54,737		4,712,950
Daishin Securities Co. Ltd.^(a)		439,020		5,418,659
Daou Technology Inc.		317,670		5,187,479
Dawonsys Co. Ltd.^(a)(c)		367,245		3,555,396
DB HiTek Co. Ltd.		304,443		10,640,858
DB Insurance Co. Ltd.^(a)		428,667		31,809,039
Dentium Co. Ltd.^(a)		72,028		7,815,607
Devsisters Co. Ltd.^(a)(c)		78,823		2,460,750
DGB Financial Group Inc.		1,167,611		7,773,318
DI Dong Il Corp.		82,502		1,773,105
DL E&C Co. Ltd.		271,497		7,556,108
DL Holdings Co. Ltd.^(a)		118,530		4,237,389
Dong-A Socio Holdings Co. Ltd.		42,215		3,454,152
Dong-A ST Co. Ltd.^(c)		83,392		4,697,604
Dongjin Semichem Co. Ltd.^(a)(c)		330,296		9,269,911
DongKook Pharmaceutical Co. Ltd.^(c)		316,630		3,927,019
Dongkuk Steel Mill Co. Ltd/New		516,139		5,017,231
Dongsuh Companies Inc.		373,255		4,901,570
Dongwha Enterprise Co. Ltd.^(a)(c)		47,285		2,449,372
Dongwon F&B Co. Ltd.^(a)		59,970		1,433,856
Doosan Bobcat Inc.		497,837		17,576,443
Doosan Co. Ltd.^(a)		73,142		5,009,396
Doosan Enerbility Co. Ltd.^(a)		3,997,895		48,796,167
Doosan Fuel Cell Co. Ltd.^(a)(c)		438,151		6,548,341
Doosan Tesna Inc.^(a)(c)		96,757		3,114,166
DoubleUGames Co. Ltd.		131,490		4,577,956
Douzone Bizon Co. Ltd.^(a)		190,644		6,533,431
Dreamtech Co. Ltd.^(a)		201,429		1,665,465
Duk San Neolux Co. Ltd.^(a)(c)		147,342		4,308,086
Ecopro BM Co. Ltd.^(a)(c)		444,587		89,358,677
Ecopro Co. Ltd.^(a)(c)		180,440		84,154,653
Ecopro HN Co. Ltd.		112,575		5,075,399
Ecopro Materials Co. Ltd.^(a)		83,136		12,055,844
E-MART Inc.^(a)		133,382		7,419,327
EMRO Inc., NVS		60,618		2,464,633
EM-Tech Co. Ltd.		135,628		3,694,689
Enchem Co. Ltd.^(a)(c)		79,162		16,731,130
Eo Technics Co. Ltd.^(a)(c)		83,621		12,900,035
Eoflow Co. Ltd.^(a)		152,631		590,588
ESR Kendall Square REIT Co. Ltd.		719,516		2,154,407
Eugene Technology Co. Ltd.^(c)		207,207		5,875,485
F&F Co. Ltd./New		136,955		7,455,950
Fila Holdings Corp.^(c)		435,239		12,544,196
Foosung Co. Ltd.^(a)(c)		594,290		3,732,385
Gaonchips Co. Ltd.^(a)		46,501		3,719,102


Security	Shares		Value

South Korea (continued)
GC Cell Corp.		117,005	$	3,489,775
GemVax & Kael Co. Ltd.^(a)(c)		369,518		3,403,119
GOLFZON Co. Ltd.^(a)(c)		49,274		2,904,941
Grand Korea Leisure Co. Ltd.^(c)		403,146		3,797,813
Green Cross Corp.		56,428		4,996,411
Green Cross Holdings Corp.^(c)		215,318		2,664,547
GS Engineering & Construction Corp.^(a)		564,651		6,773,690
GS Holdings Corp.		350,748		12,660,863
GS Retail Co. Ltd.		389,924		6,534,493
HAESUNG DS Co. Ltd.		121,858		4,236,046
Hana Financial Group Inc.		2,630,588		111,925,968
Hana Materials Inc.^(c)		103,591		3,708,515
Hana Micron Inc.^(a)(c)		358,312		6,993,426
Hana Technology Co. Ltd., NVS^(a)		39,378		1,695,317
Hana Tour Service Inc.^(a)		152,160		7,523,690
Hanall Biopharma Co. Ltd.^(a)(c)		335,256		8,771,639
Hancom Inc.		140,740		2,478,487
Handsome Co. Ltd.		147,304		2,113,397
Hanil Cement Co. Ltd./New		297,096		2,713,358
Hanjin Kal Corp.		143,260		6,799,363
Hankook & Co. Co. Ltd.		310,160		3,968,057
Hankook Tire & Technology Co. Ltd.		658,091		26,810,811
Hanmi Pharm Co. Ltd.^(a)		61,004		15,310,682
Hanmi Science Co. Ltd.^(a)		196,076		6,071,306
Hanmi Semiconductor Co. Ltd.^(a)		401,828		25,708,928
Hanon Systems		1,683,791		7,801,987
Hansae Co. Ltd.		213,969		3,281,347
Hansol Chemical Co. Ltd.^(a)		81,859		10,491,433
Hanssem Co. Ltd.		99,882		3,635,936
Hanwha Aerospace Co. Ltd.		328,902		46,346,969
Hanwha Corp.		331,143		7,328,820
Hanwha Investment & Securities Co. Ltd.^(a)		1,164,703		3,897,316
Hanwha Life Insurance Co. Ltd.^(a)		3,508,668		8,314,767
Hanwha Ocean Co. Ltd.^(a)		582,361		10,336,472
Hanwha Solutions Corp.		916,289		19,133,202
Hanwha Systems Co. Ltd.		762,396		9,562,140
HD Hyundai Co. Ltd.		388,340		20,643,543
HD Hyundai Construction Equipment Co. Ltd.		125,059		5,064,366
HD Hyundai Electric Co. Ltd.		211,704		19,831,134
HD Hyundai Heavy Industries Co. Ltd.^(a)		197,825		17,542,209
HD Hyundai Infracore Co. Ltd.		1,198,168		7,256,039
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		379,590		31,932,244
HDC Hyundai Development Co-Engineering & Construction, Class E		418,874		6,255,008
Hite Jinro Co. Ltd.		370,012		5,553,147
HK inno N Corp.^(a)(c)		134,118		3,858,075
HL Mando Co. Ltd.		273,872		6,837,676
HLB Inc.^(a)(c)		1,064,887		65,330,479
HLB Life Science Co. Ltd.^(a)(c)		841,102		8,918,730
HMM Co. Ltd.^(a)		2,209,772		30,318,148
Hotel Shilla Co. Ltd.		271,573		12,276,588
HPSP Co. Ltd.^(c)		342,564		13,260,453
HSD Engine Co. Ltd.^(a)		509,626		3,494,031
Hugel Inc.^(a)(c)		71,423		9,846,342
HYBE Co. Ltd.		189,960		28,450,587
Hyosung Advanced Materials Corp.		25,906		6,499,326
Hyosung Corp.		104,277		4,685,337
Hyosung Heavy Industries Corp.		44,893		6,498,577
Hyosung TNC Corp.^(c)		25,715		5,596,787
Hyundai Bioscience Co. Ltd.^(a)(c)		356,059		5,546,953
Hyundai Department Store Co. Ltd.		153,580		6,052,308


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Hyundai Elevator Co. Ltd.^(a)(c)		265,073	$	7,946,185
Hyundai Engineering & Construction Co. Ltd.^(a)		633,344		16,520,176
Hyundai Glovis Co. Ltd.^(a)		168,341		24,100,489
Hyundai Home Shopping Network Corp.		62,548		2,200,564
Hyundai Marine & Fire Insurance Co. Ltd.^(a)		504,436		11,930,773
Hyundai Mipo Dockyard Co. Ltd.^(a)		217,140		10,279,007
Hyundai Mobis Co. Ltd.		540,196		98,530,487
Hyundai Motor Co.		1,235,975		232,693,821
Hyundai Rotem Co. Ltd.		687,605		17,314,424
Hyundai Steel Co.^(a)		824,583		22,292,770
Hyundai Wia Corp.^(a)		176,976		8,008,241
Il Dong Pharmaceutical Co. Ltd.^(a)		158,724		1,874,896
Iljin Hysolus Co. Ltd.^(a)(c)		127,678		2,257,634
Industrial Bank of Korea^(a)		2,171,766		22,855,557
Innocean Worldwide Inc.		208,722		3,437,435
Innox Advanced Materials Co. Ltd.^(c)		156,819		3,738,533
Intellian Technologies Inc.^(a)(c)		99,553		4,099,404
INTOPS Co. Ltd.^(c)		116,548		2,543,107
IS Dongseo Co. Ltd.		171,085		3,562,632
ISC Co. Ltd.^(c)		104,187		5,650,451
i-SENS Inc.		104,969		1,808,823
ISU Specialty Chemical, NVS^(a)		39,707		9,783,551
IsuPetasys Co. Ltd.		412,183		9,511,615
JB Financial Group Co. Ltd.		1,232,736		12,183,771
Jeisys Medical Inc.^(a)		527,614		3,126,842
Jeju Air Co. Ltd.^(a)		411,273		3,438,017
Jeju Semiconductor Corp.^(a)		99,700		2,029,040
Jusung Engineering Co. Ltd.^(c)		333,105		9,216,628
JW Pharmaceutical Corp.		166,188		4,115,918
JYP Entertainment Corp.^(a)		267,095		14,803,649
Kakao Corp.		2,800,624		112,411,418
Kakao Games Corp.^(a)		332,472		5,872,861
KakaoBank Corp.^(c)		1,529,291		32,771,646
Kakaopay Corp.^(a)(c)		241,223		7,995,124
Kangwon Land Inc.^(a)		614,544		8,029,262
KB Financial Group Inc.		3,439,627		164,050,237
KCC Corp.		45,557		9,094,600
KCC Glass Corp.		118,075		3,639,966
KEPCO Engineering & Construction Co. Inc.^(a)		149,729		7,983,365
KEPCO Plant Service & Engineering Co. Ltd.^(a)		252,573		7,063,248
KG Dongbusteel		262,847		1,482,344
KG Mobility Co.^(a)(c)		474,687		2,942,205
Kia Corp.^(a)		2,347,365		219,825,841
KIWOOM Securities Co. Ltd.^(a)		119,516		11,297,313
KMW Co. Ltd.^(a)(c)		279,335		2,985,074
Koh Young Technology Inc.^(c)		570,347		8,245,463
Kolmar BNH Co. Ltd.^(a)(c)		136,823		1,587,493
Kolmar Korea Co. Ltd.^(a)(c)		181,188		6,464,911
Kolon Industries Inc.		191,155		5,575,212
Korea Aerospace Industries Ltd.^(a)		673,556		25,988,865
Korea Electric Power Corp.^(a)		2,258,703		42,058,359
Korea Gas Corp.^(a)		197,257		4,298,721
Korea Investment Holdings Co. Ltd.^(a)		322,491		17,223,956
Korea Line Corp.^(a)		1,803,878		2,783,846
Korea Petrochemical Ind Co. Ltd.^(c)		37,899		4,059,966
Korea Zinc Co. Ltd.		74,579		25,074,362
Korean Air Lines Co. Ltd.		1,676,629		28,965,956
Korean Reinsurance Co.^(a)		1,390,089		8,404,395
Krafton Inc.^(a)		254,997		43,582,902
KT Corp.		388,291		11,389,621
KT&G Corp.^(c)		907,412		63,377,923
Kum Yang Co. Ltd.^(a)(c)		305,490		22,164,433


Security	Shares		Value

South Korea (continued)
Kumho Petrochemical Co. Ltd.^(a)		147,695	$	16,402,556
Kumho Tire Co. Inc.^(a)(c)		1,339,342		6,347,112
Kyung Dong Navien Co. Ltd.		102,716		4,095,945
L&C Bio Co. Ltd.^(c)		231,796		4,144,337
L&F Co. Ltd.^(a)(c)		233,080		29,774,300
Lake Materials Co. Ltd.^(a)		358,605		5,638,478
LEENO Industrial Inc.		83,485		13,079,474
LegoChem Biosciences Inc.^(a)(c)		247,865		9,895,201
LG Chem Ltd.		441,065		150,648,433
LG Corp.		821,930		57,854,826
LG Display Co. Ltd.^(a)(c)		2,000,303		17,072,107
LG Electronics Inc.		943,751		67,466,610
LG Energy Solution Ltd.^(a)(c)		420,292		127,016,512
LG H&H Co. Ltd.		81,096		19,477,907
LG Innotek Co. Ltd.		126,071		19,158,660
LG Uplus Corp.		1,291,870		10,019,709
LIG Nex1 Co. Ltd.		113,306		12,204,133
Lotte Chemical Corp.		164,725		15,146,299
Lotte Chilsung Beverage Co. Ltd.		45,798		4,320,664
Lotte Corp.		132,853		3,013,037
Lotte Energy Materials Corp.		225,496		5,910,945
Lotte Fine Chemical Co. Ltd.		177,133		6,324,207
LOTTE REIT Co. Ltd.		1,788,287		4,204,494
Lotte Rental Co. Ltd.		111,219		2,256,278
Lotte Shopping Co. Ltd.		108,454		6,326,294
Lotte Tour Development Co. Ltd.^(a)(c)		449,299		3,054,778
Lotte Wellfood Co. Ltd.^(c)		29,595		2,917,863
LS Corp.		161,583		10,684,027
LS Electric Co. Ltd.		149,101		7,189,491
Lunit Inc.^(a)		172,533		7,915,803
LX Holdings Corp.^(c)		615,968		3,202,908
LX International Corp.		298,509		6,162,089
LX Semicon Co. Ltd.		110,750		6,275,471
Mcnex Co. Ltd.		147,794		2,826,346
Medytox Inc.		49,279		5,863,324
MegaStudyEdu Co. Ltd.^(c)		103,737		4,843,332
Meritz Financial Group Inc.		929,101		57,988,902
Mezzion Pharma Co. Ltd.^(a)(c)		206,322		6,263,380
Mirae Asset Securities Co. Ltd.^(a)		1,979,897		13,435,874
MNTech Co. Ltd.^(a)(c)		260,481		4,391,640
Myoung Shin Industrial Co. Ltd.^(a)(c)		385,158		4,665,447
Naturecell Co. Ltd.^(a)(c)		559,140		2,928,397
NAVER Corp.		1,165,057		171,066,572
NCSoft Corp.		125,545		18,310,933
Neowiz Games Corp.^(c)		132,670		2,209,156
Netmarble Corp.^(a)(b)		237,853		11,044,527
Nexen Tire Corp.^(a)		370,470		2,589,061
Nexon Games Co. Ltd.^(a)(c)		296,389		3,104,222
NEXTIN Inc.^(a)(c)		44,244		2,540,219
NH Investment & Securities Co. Ltd.^(a)		922,289		8,143,522
NHN Corp.		198,391		3,959,456
NICE Holdings Co. Ltd.^(a)		271,641		2,619,308
NICE Information Service Co. Ltd.^(a)		399,641		3,216,599
NKMax Co. Ltd.^(a)(c)		821,636		1,003,261
NongShim Co. Ltd.^(c)		30,450		7,952,280
OCI Co. Ltd.		55,181		3,507,965
OCI Holdings Co. Ltd.		118,920		8,405,325
Orion Corp./Republic of Korea		207,137		14,447,054
Orion Holdings Corp.		279,897		3,006,428
Oscotec Inc.^(a)(c)		310,994		5,189,750
Ottogi Corp.		18,591		5,602,871
Pan Ocean Co. Ltd.		2,300,324		8,422,335


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Paradise Co. Ltd.^(c)		503,906	$	4,795,515
Park Systems Corp.^(c)		66,446		8,624,598
Partron Co. Ltd.		580,062		3,428,799
Pearl Abyss Corp.^(a)		247,941		5,667,576
People & Technology Inc.^(a)(c)		186,685		5,678,516
Peptron Inc.^(a)		151,368		2,620,094
PharmaResearch Co. Ltd.^(c)		80,109		5,665,193
PI Advanced Materials Co. Ltd.^(a)(c)		177,681		2,811,554
Poongsan Corp.		279,146		9,053,419
Posco DX Co. Ltd.^(a)(c)		492,132		20,082,483
POSCO Future M Co. Ltd.^(a)(c)		281,667		67,325,870
POSCO Holdings Inc.		647,386		210,396,418
Posco International Corp.^(a)		481,424		20,420,384
Posco M-Tech Co. Ltd.^(a)(c)		162,770		2,998,847
PSK Inc.		243,242		4,650,528
Rainbow Robotics^(a)(c)		83,721		10,179,066
S&S Tech Corp.^(c)		192,730		6,390,505
S-1 Corp.		161,252		7,028,076
Sam Chun Dang Pharm Co. Ltd.^(a)(c)		143,375		7,708,889
Sam-A Aluminum Co. Ltd.		46,680		3,478,413
Sambu Engineering & Construction Co. Ltd.^(a)		1,688,999		3,063,182
Samsung Biologics Co. Ltd.^(a)(b)		159,224		92,647,487
Samsung C&T Corp.		726,542		85,538,608
Samsung Electro-Mechanics Co. Ltd.		483,764		50,979,542
Samsung Electronics Co. Ltd.		42,958,333		2,370,993,918
Samsung Engineering Co. Ltd.^(a)		1,432,031		26,485,629
Samsung Fire & Marine Insurance Co. Ltd.^(a)		277,206		62,038,421
Samsung Heavy Industries Co. Ltd.^(a)		5,987,215		35,594,308
Samsung Life Insurance Co. Ltd.		712,886		51,891,629
Samsung SDI Co. Ltd.^(c)		491,342		139,585,904
Samsung SDS Co. Ltd.		306,725		36,896,152
Samsung Securities Co. Ltd.		471,161		14,725,190
Samyang Foods Co. Ltd.		46,123		5,920,192
Samyang Holdings Corp.		46,866		2,566,173
SD Biosensor Inc.^(a)(c)		341,758		3,221,497
Sebang Global Battery Co. Ltd.		80,763		4,831,665
Seegene Inc.		349,664		6,539,456
Seobu T&D^(c)		684,082		3,848,056
Seojin System Co. Ltd.^(a)(c)		327,434		5,040,866
Seoul Semiconductor Co. Ltd.^(a)(c)		500,426		3,748,444
SFA Engineering Corp.^(c)		259,629		4,872,697
SFA Semicon Co. Ltd.^(a)(c)		946,766		4,270,268
Shin Poong Pharmaceutical Co. Ltd.^(a)(c)		321,774		2,910,807
Shinhan Financial Group Co. Ltd.		3,878,794		126,796,146
Shinsegae Inc.		53,386		7,013,103
Shinsegae International Inc.^(c)		157,537		1,954,633
Shinsung Delta Tech Co. Ltd.		135,276		12,495,455
Shinyoung Securities Co. Ltd.		7,976		395,925
SIMMTECH Co. Ltd.^(a)(c)		246,891		5,301,438
SK Biopharmaceuticals Co. Ltd.^(a)(c)		277,301		20,209,372
SK Bioscience Co. Ltd.^(a)(c)		222,811		10,296,723
SK Chemicals Co. Ltd.		114,417		5,842,835
SK D&D Co. Ltd.^(d)		100,101		1,856,785
SK Discovery Co. Ltd.		122,075		4,012,558
SK Gas Ltd.		39,381		4,687,510
SK Hynix Inc.		4,903,303		578,023,084
SK IE Technology Co. Ltd.^(a)(b)		223,092		12,305,192
SK Inc.		298,021		42,987,938
SK Innovation Co. Ltd.^(a)		541,894		47,810,190
SK Networks Co. Ltd.^(a)		1,561,199		7,688,658
SK oceanplant Co. Ltd.^(a)(c)		439,141		4,292,438
SK REITs Co. Ltd.		566,314		1,653,456


Security	Shares		Value

South Korea (continued)
SK Square Co. Ltd.^(a)(c)		895,344	$	46,981,085
SK Telecom Co. Ltd.		370,573		14,668,853
SKC Co. Ltd.^(a)		161,498		10,062,486
SL Corp.^(c)		175,464		4,460,049
SM Entertainment Co. Ltd.		105,008		6,180,247
SNT Motiv Co. Ltd.		98,945		3,305,304
S-Oil Corp.		387,252		22,247,441
SOLUM Co. Ltd.^(a)		423,920		9,240,685
Solus Advanced Materials Co. Ltd.		370,606		3,374,592
Soulbrain Co. Ltd.^(c)		47,450		9,726,663
SPG Co. Ltd.		152,780		3,324,153
Ssangyong C&E Co. Ltd.		1,436,803		7,531,455
ST Pharm Co. Ltd.^(c)		115,640		5,519,486
STCUBE^(a)(c)		468,220		2,216,243
Studio Dragon Corp.^(a)(c)		124,720		4,243,824
Sungeel Hitech Co. Ltd.^(a)(c)		39,399		2,907,787
Sungwoo Hitech Co. Ltd.^(c)		502,205		3,714,670
Synopex Inc.^(a)		693,930		4,601,533
Taihan Electric Wire Co. Ltd.^(a)(c)		612,351		4,319,298
TCC Steel^(a)		154,814		7,904,081
Tera Resource Co. Ltd.^(a)(d)		49,111		—
TKG Huchems Co. Ltd.		288,395		4,344,382
Tokai Carbon Korea Co. Ltd.^(c)		55,096		3,922,695
Tongyang Life Insurance Co. Ltd.^(a)		633,193		2,771,241
Unid Co. Ltd.		36,691		2,146,888
Vaxcell-Bio Therapeutics Co. Ltd.^(a)		175,375		2,527,623
Voronoi Inc.^(a)		56,108		1,883,400
VT Co. Ltd.^(a)		181,279		2,267,274
Webzen Inc.		156,475		1,961,060
Wemade Co. Ltd.^(a)		187,036		6,562,377
Won Tech Co. Ltd.^(a)		314,279		2,003,061
Wonik Holdings Co. Ltd.^(a)		1		3
WONIK IPS Co. Ltd.^(a)(c)		308,476		7,621,411
Wonik QnC Corp.^(a)(c)		209,056		4,418,850
Woori Financial Group Inc.		5,418,958		60,718,692
W-Scope Chungju Plant Co. Ltd.^(a)		108,444		3,677,890
Wysiwyg Studious Co. Ltd.^(a)(c)		1,273,355		2,640,388
YG Entertainment Inc.^(c)		130,216		4,008,042
Youlchon Chemical Co. Ltd.		142,900		4,456,104
Youngone Corp.^(a)		216,907		7,162,755
Youngone Holdings Co. Ltd.		69,775		4,784,648
Yuanta Securities Korea Co. Ltd.^(a)		1,125,123		2,269,675
Yuhan Corp.		505,124		25,620,845
Yunsung F&C Co. Ltd.		25,391		1,757,469


				8,963,177,452

Taiwan — 17.5%
Ability Opto-Electronics Technology Co. Ltd.^(c)		533,000		4,783,237
AcBel Polytech Inc.^(c)		4,987,565		6,729,257
Accton Technology Corp.		4,618,000		75,995,818
Acer Inc.^(c)		26,348,872		37,683,383
Acter Group Corp. Ltd.		639,000		3,943,690
Actron Technology Corp.^(c)		837,548		4,464,492
ADATA Technology Co. Ltd.^(c)		2,956,845		9,354,077
Adimmune Corp.^(a)(c)		3,467,000		3,230,542
Advanced Ceramic X Corp.^(c)		444,000		3,176,904
Advanced Energy Solution Holding Co. Ltd.^(c)		294,000		6,639,426
Advanced Wireless Semiconductor Co.^(a)(c)		1,536,000		6,866,178
Advantech Co. Ltd.^(c)		3,932,584		48,535,801
AIC Inc.^(c)		174,000		2,356,952
Airoha Technology Corp., NVS		272,000		5,954,666
Airtac International Group^(c)		1,259,292		48,247,557
Alchip Technologies Ltd.^(c)		666,000		87,367,510


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Alexander Marine Co. Ltd.^(c)		278,000	$	3,188,773
Allied Supreme Corp.^(c)		447,000		5,739,727
Allis Electric Co. Ltd.		450,000		1,423,623
Amazing Microelectronic Corp.^(c)		888,448		3,279,206
Ambassador Hotel (The)		1,021,000		1,556,880
Andes Technology Corp.^(c)		418,000		6,572,888
AP Memory Technology Corp.^(c)		891,000		12,841,576
Apex International Co. Ltd.^(c)		1,327,000		1,928,512
Arcadyan Technology Corp.^(c)		1,855,391		10,821,929
Ardentec Corp.^(c)		4,835,546		10,860,107
ASE Technology Holding Co. Ltd.		28,081,222		123,968,520
Asia Cement Corp.^(c)		19,033,050		24,363,444
Asia Optical Co. Inc.^(c)		2,929,000		6,222,514
Asia Vital Components Co. Ltd.^(c)		2,998,884		50,588,050
ASMedia Technology Inc.^(c)		252,000		18,809,544
ASPEED Technology Inc.^(c)		283,800		24,580,759
ASROCK Inc.		556,000		4,467,002
Asustek Computer Inc.		6,375,000		91,855,190
AUO Corp.		58,805,400		32,614,770
AURAS Technology Co. Ltd.^(c)		520,000		8,787,529
Bank of Kaohsiung Co. Ltd.^(a)(c)		29,244,396		10,501,635
BES Engineering Corp.^(c)		21,216,000		8,192,570
Bizlink Holding Inc.^(c)		1,132,726		8,702,228
Bora Pharmaceuticals Co. Ltd.^(c)		514,099		10,880,660
Brighton-Best International Taiwan Inc.^(c)		5,087,000		5,461,712
Capital Securities Corp.		24,993,050		13,255,254
Career Technology MFG. Co. Ltd.^(c)		5,287,124		3,489,692
Catcher Technology Co. Ltd.		5,316,000		33,121,947
Cathay Financial Holding Co. Ltd.		82,118,951		117,170,300
Cathay Real Estate Development Co. Ltd.		8,825,900		5,166,635
Center Laboratories Inc.^(c)		4,976,770		7,499,764
Century Iron & Steel Industrial Co. Ltd.^(c)		1,686,000		13,732,892
Chailease Holding Co. Ltd.^(c)		13,474,776		74,500,019
Chang Hwa Commercial Bank Ltd.		45,708,508		25,754,696
Channel Well Technology Co. Ltd.^(c)		2,034,000		5,284,261
Charoen Pokphand Enterprise		3,079,700		9,466,892
Chenbro Micom Co. Ltd.^(c)		493,000		4,140,909
Cheng Loong Corp.^(c)		9,377,000		8,602,432
Cheng Shin Rubber Industry Co. Ltd.		15,386,650		22,871,702
Cheng Uei Precision Industry Co. Ltd.		4,101,000		5,899,702
Chicony Electronics Co. Ltd.^(c)		4,871,787		28,920,412
Chicony Power Technology Co. Ltd.		1,534,000		8,238,323
Chief Telecom Inc.		370,300		4,247,671
China Airlines Ltd.^(c)		26,925,000		17,051,657
China Bills Finance Corp.^(c)		16,643,000		7,686,769
China Development Financial Holding Corp.^(a)(c)		141,660,649		56,309,354
China General Plastics Corp.^(c)		4,140,386		2,666,091
China Man-Made Fiber Corp.^(a)(c)		18,761,574		4,586,998
China Metal Products		5,057,146		6,191,338
China Motor Corp.		2,647,800		10,520,270
China Petrochemical Development Corp.^(a)(c)		32,508,490		9,677,220
China Steel Chemical Corp.^(c)		1,663,000		5,892,017
China Steel Corp.^(c)		105,024,529		81,792,407
Chin-Poon Industrial Co. Ltd.		3,925,000		6,502,003
Chipbond Technology Corp.^(c)		3,417,000		7,676,250
ChipMOS Technologies Inc.		4,791,000		6,687,587
Chlitina Holding Ltd.		557,000		3,356,855
Chong Hong Construction Co. Ltd.		1,923,122		4,752,060
Chroma ATE Inc.		3,394,000		25,053,434
Chung Hung Steel Corp.^(c)		9,599,000		7,041,050


Security	Shares		Value

Taiwan (continued)
Chung-Hsin Electric & Machinery Manufacturing Corp.^(c)		3,721,000	$	20,177,910
Chunghwa Precision Test Tech Co. Ltd.^(c)		223,000		3,895,055
Chunghwa Telecom Co. Ltd.^(c)		32,871,000		125,227,320
Cleanaway Co. Ltd.^(c)		1,299,000		7,335,801
Clevo Co.^(c)		5,063,175		6,425,261
Compal Electronics Inc.		37,203,000		42,960,751
Compeq Manufacturing Co. Ltd.^(c)		7,326,000		17,656,547
Continental Holdings Corp.^(c)		6,228,600		5,281,229
Coretronic Corp.^(c)		2,123,200		4,775,786
Co-Tech Development Corp.^(c)		2,616,000		4,902,504
CSBC Corp. Taiwan^(a)(c)		8,810,541		5,124,939
CTBC Financial Holding Co. Ltd.		157,299,599		146,432,244
CTCI Corp.^(c)		6,198,000		8,425,497
Cub Elecparts Inc.^(c)		889,797		3,620,687
CyberPower Systems Inc.^(c)		330,000		2,168,495
Darfon Electronics Corp.^(c)		3,189,000		5,372,244
Delta Electronics Inc.		17,504,000		163,113,732
Dynamic Holding Co. Ltd.^(c)		2,038,000		4,839,681
E Ink Holdings Inc.^(c)		7,805,000		60,764,110
E.Sun Financial Holding Co. Ltd.^(c)		123,211,926		98,503,389
Eclat Textile Co. Ltd.		1,617,683		27,649,045
EirGenix Inc.^(a)(c)		1,954,000		5,860,238
Elan Microelectronics Corp.		2,248,100		11,809,797
Elite Material Co. Ltd.^(c)		2,452,000		38,484,038
Elite Semiconductor Microelectronics Technology Inc.^(c)		2,571,000		7,615,052
eMemory Technology Inc.		578,000		49,628,371
Ennoconn Corp.		884,219		8,368,622
ENNOSTAR Inc.^(a)(c)		5,117,185		6,949,435
Episil Technologies Inc^.(c)		2,621,036		4,999,446
Episil-Precision Inc.^(c)		1,170,077		2,007,473
Eternal Materials Co. Ltd.^(c)		7,972,369		8,113,256
Etron Technology Inc.^(c)		2,555,916		4,354,057
Eva Airways Corp.^(c)		23,609,326		23,503,325
Evergreen International Storage & Transport Corp.^(c)		5,221,000		5,517,970
Evergreen Marine Corp. Taiwan Ltd.^(c)		9,162,979		48,002,192
Evergreen Steel Corp.		745,000		2,545,437
Everlight Chemical Industrial Corp.^(c)		6,445,781		4,386,562
Everlight Electronics Co. Ltd.		4,006,000		6,337,374
Far Eastern Department Stores Ltd.^(c)		10,890,167		8,389,755
Far Eastern International Bank		36,548,441		14,279,784
Far Eastern New Century Corp.^(c)		25,231,916		26,025,641
Far EasTone Telecommunications Co. Ltd.		13,383,000		33,342,387
Faraday Technology Corp.^(c)		2,041,000		25,057,896
Farglory Land Development Co. Ltd.^(c)		2,908,782		5,171,871
Feng Hsin Steel Co. Ltd.^(c)		4,816,000		10,390,901
Feng TAY Enterprise Co. Ltd.^(c)		4,322,833		22,613,704
First Financial Holding Co. Ltd.		97,610,526		83,718,188
Fitipower Integrated Technology Inc.^(c)		918,504		7,024,965
FLEXium Interconnect Inc.^(c)		2,122,616		5,800,309
FocalTech Systems Co. Ltd.^(c)		1,881,000		5,808,855
Formosa Chemicals & Fibre Corp.^(c)		29,996,210		54,326,594
Formosa International Hotels Corp.^(a)(c)		810,000		5,346,879
Formosa Petrochemical Corp.^(c)		9,186,000		21,602,709
Formosa Plastics Corp.^(c)		32,814,800		74,472,694
Formosa Sumco Technology Corp.^(c)		773,000		3,830,084
Formosa Taffeta Co. Ltd.^(c)		8,502,000		6,349,534
Fortune Electric Co. Ltd.^(c)		1,122,000		19,136,328
Foxconn Technology Co. Ltd.^(c)		6,624,424		10,420,932
Foxsemicon Integrated Technology Inc.		780,000		5,925,539


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
Fubon Financial Holding Co. Ltd.		68,423,289	$	147,310,403
Fulgent Sun International Holding Co. Ltd.^(c)		1,481,221		5,885,175
Fusheng Precision Co. Ltd.^(c)		1,204,000		8,579,644
General Interface Solution Holding Ltd.^(c)		2,407,000		4,434,942
Genius Electronic Optical Co. Ltd.^(c)		683,287		9,166,098
Getac Holdings Corp.^(c)		4,123,000		15,598,308
Giant Manufacturing Co. Ltd.^(c)		2,886,575		18,654,531
Gigabyte Technology Co. Ltd.^(c)		4,653,000		50,893,062
Global Brands Manufacture Ltd.		972,000		2,008,483
Global Mixed Mode Technology Inc.^(c)		798,000		6,557,771
Global PMX Co. Ltd.^(c)		524,000		1,899,710
Global Unichip Corp.^(c)		797,000		40,168,739
Globalwafers Co. Ltd.^(c)		1,831,000		32,339,758
Gloria Material Technology Corp.^(c)		4,965,000		7,388,117
Gold Circuit Electronics Ltd.^(c)		3,061,800		24,928,965
Goldsun Building Materials Co. Ltd.^(c)		11,755,425		12,276,767
Gourmet Master Co. Ltd.^(c)		1,129,471		3,163,238
Grand Pacific Petrochemical^(c)		11,756,292		5,264,596
Grand Process Technology Corp.		209,000		5,448,236
Grape King Bio Ltd.		1,411,000		6,924,506
Great Tree Pharmacy Co. Ltd.^(c)		816,996		7,914,742
Great Wall Enterprise Co. Ltd.		5,977,412		11,048,744
Greatek Electronics Inc.		3,557,000		6,733,441
Gudeng Precision Industrial Co. Ltd.^(c)		685,797		9,761,951
Hannstar Board Corp.^(c)		2,392,000		4,285,927
HannStar Display Corp.^(a)(c)		22,222,640		7,988,955
Highwealth Construction Corp.^(c)		7,459,030		9,368,855
Hiwin Technologies Corp.^(c)		2,436,498		18,513,676
Holtek Semiconductor Inc.^(c)		1,872,000		3,552,890
Holy Stone Enterprise Co. Ltd.^(c)		1,518,846		4,657,816
Hon Hai Precision Industry Co. Ltd.		111,415,928		363,268,924
Hota Industrial Manufacturing Co. Ltd.^(c)		2,553,261		4,556,391
Hotai Finance Co. Ltd.		2,414,200		9,245,988
Hotai Motor Co. Ltd.		2,863,560		60,814,238
Hsin Kuang Steel Co. Ltd.		3,124,000		6,598,521
HTC Corp.^(a)(c)		6,138,000		9,484,422
Hu Lane Associate Inc.		828,000		4,389,742
Hua Nan Financial Holdings Co. Ltd.		79,208,650		55,162,042
Huaku Development Co. Ltd.		3,431,000		10,725,549
Ibase Technology Inc.^(c)		449,000		1,241,455
IBF Financial Holdings Co. Ltd.^(a)(c)		21,767,076		8,469,725
Innodisk Corp.^(c)		1,013,661		9,802,725
Innolux Corp.		76,400,974		36,658,219
International CSRC Investment Holdings Co.^(c)		9,325,685		5,372,912
International Games System Co. Ltd.		1,085,000		29,263,371
Inventec Corp.^(c)		24,526,000		42,720,448
ITE Technology Inc.^(c)		1,873,000		9,782,206
ITEQ Corp.		1,932,604		5,455,714
Jentech Precision Industrial Co. Ltd.^(c)		748,670		21,799,788
Jinan Acetate Chemical Co. Ltd.^(c)		406,480		12,464,405
Johnson Health Tech Co. Ltd.^(c)		1,222,000		2,565,667
Kaori Heat Treatment Co. Ltd.^(c)		785,000		6,909,989
Kenda Rubber Industrial Co. Ltd.^(c)		6,279,913		6,010,666
Kenmec Mechanical Engineering Co. Ltd.^(c)		1,112,000		2,999,392
Kindom Development Co. Ltd.		4,265,300		5,329,138
King Slide Works Co. Ltd.^(c)		531,000		22,813,882
King Yuan Electronics Co. Ltd.^(c)		10,296,000		28,992,831
King’s Town Bank Co. Ltd.		7,212,000		10,187,311
Kinik Co.^(c)		1,268,000		10,358,240
Kinpo Electronics^(c)		13,051,000		6,360,573
Kinsus Interconnect Technology Corp.^(c)		2,314,000		7,084,470
L&K Engineering Co. Ltd.^(c)		1,351,000		7,205,956


Security	Shares		Value


Taiwan (continued)
LandMark Optoelectronics Corp.^(c)		775,900	$	3,650,064
Largan Precision Co. Ltd.		887,000		72,795,552
Lien Hwa Industrial Holdings Corp.^(c)		9,715,421		20,144,588
Lite-On Technology Corp.		18,374,238		63,752,293
Longchen Paper & Packaging Co. Ltd.^(c)		8,622,863		3,806,408
Lotes Co. Ltd.^(c)		721,849		23,419,892
Lotus Pharmaceutical Co. Ltd.^(c)		1,088,000		9,979,038
LuxNet Corp.^(c)		919,957		4,544,349
M31 Technology Corp.		244,401		13,960,699
Macronix International Co. Ltd.^(c)		14,314,554		12,898,133
Makalot Industrial Co. Ltd.		1,930,510		22,721,426
Marketech International Corp.		1,291,000		6,495,539
MediaTek Inc.		13,653,572		492,707,077
Medigen Vaccine Biologics Corp.^(a)(c)		2,386,607		4,620,774
Mega Financial Holding Co. Ltd.^(c)		101,918,180		124,863,982
Mercuries Life Insurance Co. Ltd.^(a)(c)		32,242,333		5,049,570
Merida Industry Co. Ltd.^(c)		1,703,850		11,258,992
Merry Electronics Co. Ltd.		1,953,751		7,299,630
Microbio Co. Ltd.^(c)		4,123,572		6,065,991
Micro-Star International Co. Ltd.		6,303,000		38,143,078
Mitac Holdings Corp.^(c)		8,403,053		11,252,623
momo.com Inc.		26,000		366,303
MPI Corp.^(c)		586,000		5,992,806
Nan Kang Rubber Tire Co. Ltd.^(a)(c)		5,367,000		6,684,004
Nan Pao Resins Chemical Co. Ltd.^(c)		562,000		5,353,578
Nan Ya Plastics Corp.^(c)		41,562,440		78,596,517
Nan Ya Printed Circuit Board Corp.^(c)		1,884,000		12,622,571
Nantex Industry Co. Ltd.		2,612,000		2,921,835
Nanya Technology Corp.^(c)		10,529,000		22,416,244
Nien Made Enterprise Co. Ltd.		1,299,000		15,206,390
North-Star International Co. Ltd., NVS		276,000		469,710
Novatek Microelectronics Corp.^(c)		5,212,000		99,201,817
Nuvoton Technology Corp.^(c)		2,128,000		8,693,362
OBI Pharma Inc.^(a)(c)		1,636,339		3,467,143
Oneness Biotech Co. Ltd.^(c)		2,609,450		14,582,691
Orient Semiconductor Electronics Ltd.^(c)		3,865,000		8,867,340
Oriental Union Chemical Corp.^(c)		7,983,000		4,856,333
Pan Jit International Inc.^(c)		3,293,200		6,507,516
Pan-International Industrial Corp.^(c)		5,155,366		5,357,272
Parade Technologies Ltd.^(c)		682,000		21,938,060
Pegatron Corp.		16,725,000		45,287,258
Pegavision Corp.^(c)		377,166		4,778,421
PharmaEngine Inc.^(c)		930,000		3,045,129
PharmaEssentia Corp.^(a)(c)		2,189,000		22,749,063
Pharmally International Holding Co. Ltd.^(d)		597,543		—
Phihong Technology Co. Ltd.^(a)(c)		3,459,266		6,717,350
Phison Electronics Corp.^(c)		1,406,000		27,966,170
Pixart Imaging Inc.		1,446,000		7,833,113
Polaris Group/Tw^(a)(c)		2,865,000		6,405,898
Pou Chen Corp.^(c)		17,276,000		16,689,995
Powerchip Semiconductor Manufacturing Corp.^(c)		25,849,000		22,596,484
Powertech Technology Inc.		5,010,000		24,756,484
Poya International Co. Ltd.		490,577		7,628,154
President Chain Store Corp.		4,771,000		40,677,886
President Securities Corp.^(c)		8,688,603		5,636,889
Primax Electronics Ltd.		4,334,000		9,986,049
Prince Housing & Development Corp.^(c)		11,327,995		3,675,620
Qisda Corp.^(c)		13,675,000		19,964,119
Quanta Computer Inc.^(c)		24,396,000		179,269,836
Quanta Storage Inc.^(c)		1,841,000		4,512,776
Radiant Opto-Electronics Corp.^(c)		3,174,000		14,822,033


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
Raydium Semiconductor Corp.		595,000	$	8,426,714
Realtek Semiconductor Corp.		4,328,110		78,005,702
RichWave Technology Corp.^(a)(c)		901,226		6,437,687
Ritek Corp.^(a)		1		—
Ruentex Development Co. Ltd.		13,726,812		15,796,561
Ruentex Industries Ltd.^(c)		5,607,788		10,511,510
Sanyang Motor Co. Ltd.^(c)		5,048,000		11,940,608
ScinoPharm Taiwan Ltd.^(c)		2,966,027		2,381,955
SDI Corp.^(c)		1,351,000		4,428,046
Sensortek Technology Corp.^(c)		281,000		4,172,145
Sercomm Corp.		2,602,000		11,165,010
Shanghai Commercial & Savings Bank Ltd. (The)		34,326,542		48,873,907
Shihlin Electric & Engineering Corp.^(c)		1,875,000		11,107,756
Shin Kong Financial Holding Co. Ltd.^(a)(c)		116,976,255		30,710,346
Shin Zu Shing Co. Ltd.^(c)		1,627,904		8,707,356
Shinfox Energy Co. Ltd.^(c)		514,000		2,483,671
Shinkong Synthetic Fibers Corp.^(c)		14,017,000		6,768,140
Shiny Chemical Industrial Co. Ltd.^(c)		876,750		4,246,472
Sigurd Microelectronics Corp.^(c)		5,842,700		13,016,173
Silergy Corp.^(c)		2,839,000		37,460,887
Silicon Integrated Systems Corp.^(c)		4,642,000		6,338,325
Simplo Technology Co. Ltd.		1,262,400		17,041,954
Sinbon Electronics Co. Ltd.		1,943,809		15,896,285
Sino-American Silicon Products Inc.^(c)		4,503,000		26,460,080
SinoPac Financial Holdings Co. Ltd.		98,902,579		62,934,165
Sinyi Realty Inc.		5,008,704		4,666,393
Sitronix Technology Corp.		1,134,000		10,416,506
Soft-World International Corp.^(c)		917,000		3,883,795
Solar Applied Materials Technology Corp.^(c)		5,710,710		7,993,063
Sporton International Inc.		906,252		6,748,993
St. Shine Optical Co. Ltd.		451,000		2,853,678
Standard Foods Corp.^(c)		4,900,096		5,844,407
Sunny Friend Environmental Technology Co. Ltd.^(c)		727,507		2,429,738
Sunonwealth Electric Machine Industry Co. Ltd.^(c)		1,587,000		6,384,773
Sunplus Technology Co. Ltd.^(c)		5,393,000		5,653,285
Supreme Electronics Co. Ltd.		5,482,009		10,828,841
Synmosa Biopharma Corp.^(c)		3,134,899		3,867,858
Synnex Technology International Corp.		11,856,250		29,208,345
Systex Corp.^(c)		1,944,000		6,954,685
T3EX Global Holdings Corp.^(c)		1,270,000		3,700,375
TA Chen Stainless Pipe^(c)		15,476,412		17,587,553
Ta Ya Electric Wire & Cable^(c)		8,095,958		9,610,709
Taichung Commercial Bank Co. Ltd.		30,150,453		15,885,780
TaiDoc Technology Corp.		702,000		3,529,526
Taigen Biopharmaceuticals Holdings Ltd.^(a)(c)		4,032,000		1,929,429
TaiMed Biologics Inc.^(a)(c)		1,854,000		6,488,320
Tainan Spinning Co. Ltd.^(c)		11,307,894		5,529,389
Taishin Financial Holding Co. Ltd.^(c)		102,945,880		56,686,940
Taiwan Business Bank		57,461,152		25,459,009
Taiwan Cement Corp.^(c)		55,227,182		56,147,600
Taiwan Cogeneration Corp.^(c)		6,532,199		10,254,710
Taiwan Cooperative Financial Holding Co. Ltd.^(c)		93,686,032		76,976,074
Taiwan Fertilizer Co. Ltd.^(c)		6,372,000		13,431,694
Taiwan Glass Industry Corp.^(a)(c)		11,261,053		6,504,026
Taiwan High Speed Rail Corp.^(c)		15,881,000		15,175,960
Taiwan Hon Chuan Enterprise Co. Ltd.^(c)		2,680,674		12,336,059
Taiwan Mask Corp.^(c)		2,306,000		5,081,457
Taiwan Mobile Co. Ltd.		14,133,000		44,290,644


Security	Shares		Value


Taiwan (continued)
Taiwan Paiho Ltd.^(c)		2,874,000	$	5,267,060
Taiwan Secom Co. Ltd.^(c)		3,121,185		11,702,658
Taiwan Semiconductor Co. Ltd.^(c)		2,305,000		5,839,389
Taiwan Semiconductor Manufacturing Co. Ltd.		221,643,000		4,857,198,905
Taiwan Shin Kong Security Co. Ltd.		6,375,577		8,078,010
Taiwan Surface Mounting Technology Corp.		2,511,000		7,801,660
Taiwan TEA Corp.^(a)(c)		7,997,000		5,259,055
Taiwan Union Technology Corp.^(c)		2,311,000		11,450,648
Taiwan-Asia Semiconductor Corp.^(c)		3,673,000		4,884,175
Tatung Co. Ltd.^(a)(c)		14,270,000		23,455,568
TCI Co. Ltd.^(c)		973,444		4,952,252
Teco Electric and Machinery Co. Ltd.^(c)		11,234,000		17,505,099
Test Research Inc.		1,903,400		4,395,400
Thinking Electronic Industrial Co. Ltd.^(c)		880,000		4,737,326
Ton Yi Industrial Corp.^(c)		12,601,000		6,181,237
Tong Hsing Electronic Industries Ltd.^(c)		1,668,600		7,998,891
Tong Yang Industry Co. Ltd.		3,922,400		12,273,497
Topco Scientific Co. Ltd.		1,452,342		8,939,332
TPK Holding Co. Ltd.		3,494,000		3,868,539
Transcend Information Inc.		3,266,000		8,269,366
Tripod Technology Corp.		4,010,000		26,438,221
TSEC Corp.^(c)		5,005,756		4,413,206
TSRC Corp.^(c)		6,364,900		4,594,877
TTY Biopharm Co. Ltd.		2,498,124		6,401,495
Tung Ho Steel Enterprise Corp.		5,328,560		13,026,702
Tung Thih Electronic Co. Ltd.^(c)		745,000		3,132,336
TXC Corp.		3,063,000		9,680,686
U-Ming Marine Transport Corp.^(c)		4,771,000		8,392,021
Unimicron Technology Corp.^(c)		12,442,000		70,694,599
Union Bank of Taiwan^(c)		14,191,260		6,376,207
Uni-President Enterprises Corp.		42,917,369		104,213,674
United Integrated Services Co. Ltd.^(c)		1,370,400		12,720,801
United Microelectronics Corp.^(c)		99,740,000		153,781,959
United Renewable Energy Co. Ltd.^(c)		12,731,238		4,997,822
Universal Vision Biotechnology Co. Ltd.^(c)		612,007		5,837,156
UPC Technology Corp.		9,556,365		4,432,513
UPI Semiconductor Corp.^(a)(c)		440,000		4,377,294
USI Corp.		7,869,300		4,536,090
Vanguard International Semiconductor Corp.^(c)		7,378,000		16,853,881
VIA Labs Inc.		314,000		2,661,764
Via Technologies Inc.^(c)		1,661,000		6,934,854
Visco Vision Inc.^(c)		364,000		2,996,177
VisEra Technologies Co. Ltd.^(c)		1,054,000		10,242,066
Visual Photonics Epitaxy Co. Ltd.		1,721,000		8,900,254
Vivotek Inc.^(c)		458,000		2,117,725
Voltronic Power Technology Corp.		574,493		29,196,375
Wafer Works Corp.^(c)		5,252,839		6,620,140
Waffer Technology Corp.^(c)		1,429,000		4,665,869
Wah Lee Industrial Corp.^(c)		2,665,580		9,411,225
Walsin Lihwa Corp.^(c)		26,264,570		30,763,837
Walsin Technology Corp.^(c)		2,669,597		9,482,336
Wan Hai Lines Ltd.^(c)		5,833,620		9,293,059
Win Semiconductors Corp.		2,680,427		12,897,194
Winbond Electronics Corp.^(c)		27,643,087		24,439,462
WinWay Technology Co. Ltd.^(c)		228,000		5,535,757
Wisdom Marine Lines Co. Ltd.^(c)		4,968,000		9,643,443
Wistron Corp.^(c)		23,578,004		86,337,133
Wistron NeWeb Corp.^(c)		3,048,565		14,817,375
Wiwynn Corp.		795,000		58,693,116
Wowprime Corp.^(c)		766,361		5,824,835
WPG Holdings Ltd.		13,591,200		39,905,192
WT Microelectronics Co. Ltd.^(c)		5,070,206		27,537,823


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
XinTec Inc.^(c)		1,708,000	$	7,138,224
XPEC Entertainment Inc.^(d)		31,000		—
Xxentria Technology Materials Corp.		2,553,500		5,818,976
Yageo Corp.^(c)		2,969,824		52,471,941
Yang Ming Marine Transport Corp.		15,259,677		24,074,966
Yankey Engineering Co. Ltd.^(c)		194,000		2,345,402
YFY Inc.^(c)		10,547,000		10,095,945
Yieh Phui Enterprise Co. Ltd.^(c)		11,518,077		5,555,839
Yuanta Financial Holding Co. Ltd.		87,881,291		76,370,778
Yulon Finance Corp.^(c)		2,264,002		11,871,486
Yulon Motor Co. Ltd.^(c)		5,461,276		12,239,328
YungShin Global Holding Corp.		3,650,650		5,432,902
Zhen Ding Technology Holding Ltd.^(c)		5,320,950		16,933,796
ZillTek Technology Corp.^(c)		132,000		1,972,423
Zyxel Group Corp.^(c)		1,274,000		1,816,233


				13,103,524,911

Thailand — 1.8%
Advanced Info Service PCL, NVDR		10,714,100		60,109,811
Airports of Thailand PCL, NVDR^(c)		37,905,200		67,173,707
Amata Corp. PCL, NVDR		13,308,630		8,354,171
AP Thailand PCL, NVDR		29,406,290		8,616,049
Asset World Corp. PCL, NVDR^(c)		66,955,600		7,193,763
B Grimm Power PCL, NVDR^(c)		9,409,700		6,760,566
Bangchak Corp. PCL, NVDR		11,172,300		12,940,301
Bangkok Airways PCL, NVDR^(c)		15,695,300		6,961,204
Bangkok Chain Hospital PCL, NVDR		16,389,150		9,642,021
Bangkok Commercial Asset Management PCL, NVDR		17,580,500		4,122,556
Bangkok Dusit Medical Services PCL, NVDR		95,508,000		75,877,270
Bangkok Expressway & Metro PCL, NVDR		69,419,885		15,604,642
Bangkok Land PCL, NVDR^(a)		183,366,000		3,476,617
Banpu PCL, NVDR^(c)		69,427,200		10,835,885
BCPG PCL, NVDR		18,263,025		3,950,969
Berli Jucker PCL, NVDR		495,400		334,844
Betagro PCL, NVS^(c)		7,446,300		4,612,548
BTS Group Holdings PCL, NVDR^(c)		76,755,600		11,030,562
Bumrungrad Hospital PCL, NVDR		5,385,900		33,604,503
Carabao Group PCL, NVDR		3,527,900		6,845,187
Central Pattana PCL, NVDR		18,215,700		32,884,508
Central Plaza Hotel PCL, NVDR^(a)(c)		5,477,200		6,571,742
Central Retail Corp. PCL, NVDR		17,703,817		17,184,868
CH Karnchang PCL, NVDR^(c)		14,856,400		9,643,922
Charoen Pokphand Foods PCL, NVDR^(c)		31,323,900		16,504,505
Chularat Hospital PCL, NVDR^(c)		87,950,600		7,217,678
CK Power PCL, NVDR^(c)		30,214,400		3,321,309
Com7 PCL, NVDR^(c)		9,896,500		5,730,785
CP ALL PCL, NVDR		52,873,900		84,781,205
CP Axtra PCL, NVDR^(c)		14,680,600		13,632,279
Delta Electronics Thailand PCL, NVDR^(c)		28,495,900		56,727,211
Dohome PCL, NVDR^(c)		8,885,900		2,978,212
Dynasty Ceramic PCL, NVDR^(c)		79,452,320		4,120,488
Eastern Polymer Group PCL, NVDR^(c)		15,702,700		3,116,965
Electricity Generating PCL, NVDR^(c)		2,256,700		7,395,132
Energy Absolute PCL, NVDR^(c)		15,757,900		15,509,558
GFPT PCL, NVDR^(c)		10,255,700		3,400,202
Global Power Synergy PCL, NVDR^(c)		6,634,000		9,435,193
Gulf Energy Development PCL, NVDR		28,495,844		34,212,002
Gunkul Engineering PCL, NVDR^(c)		53,727,841		4,105,674
Hana Microelectronics PCL, NVDR		5,339,200		5,532,326
Home Product Center PCL, NVDR^(c)		58,247,775		18,192,470
Indorama Ventures PCL, NVDR^(c)		14,322,800		9,308,073
Intouch Holdings PCL, NVDR		9,060,025		17,120,565


Security	Shares		Value


Thailand (continued)
IRPC PCL, NVDR^(c)		106,709,100	$	5,801,821
Jasmine International PCL, NVDR		73,641,800		4,198,720
Jaymart Group Holdings PCL, NVDR^(c)		7,242,600		2,850,150
JMT Network Services PCL, NVDR^(c)		6,456,100		4,030,242
Kasikornbank PCL, NVDR		5,058,100		17,357,457
KCE Electronics PCL, NVDR^(c)		6,773,000		7,170,125
Khon Kaen Sugar Industry PCL, NVDR^(c)		26,009,886		1,798,537
Kiatnakin Phatra Bank PCL, NVDR^(c)		4,603,400		6,613,612
Krung Thai Bank PCL, NVDR^(c)		30,741,200		13,796,861
Krungthai Card PCL, NVDR^(c)		8,242,300		9,828,818
Land & Houses PCL, NVDR^(c)		63,396,800		13,422,526
Major Cineplex Group PCL, NVDR^(c)		10,632,700		4,120,857
MBK PCL, NVDR^(c)		11,934,800		5,501,002
Mega Lifesciences PCL, NVDR		5,041,000		5,848,373
Minor International PCL, NVDR		31,433,060		27,833,129
Muangthai Capital PCL, NVDR^(c)		7,514,800		9,616,997
Ngern Tid Lor PCL, NVDR		11,637,100		7,310,398
Origin Property PCL, NVDR^(c)		17,620,800		3,736,241
Osotspa PCL, NVDR^(c)		12,506,200		7,094,020
Plan B Media PCL, NVDR		30,253,488		7,393,068
Precious Shipping PCL, NVDR^(c)		10,813,600		2,679,252
Prima Marine PCL, NVDR^(c)		20,268,600		3,703,573
PSG Corp. PCL, NVS^(a)		90,427,100		1,843,084
PTG Energy PCL, NVDR^(c)		12,347,400		3,136,944
PTT Exploration & Production PCL, NVDR		11,755,801		49,366,617
PTT Global Chemical PCL, NVDR^(c)		19,346,100		20,475,776
PTT Oil & Retail Business PCL, NVDR^(c)		24,823,800		12,523,048
PTT PCL, NVDR		90,194,600		86,088,866
Quality Houses PCL, NVDR^(c)		110,750,417		6,670,038
Ratch Group PCL, NVDR^(c)		8,052,300		6,508,504
Ratchthani Leasing PCL, NVDR		39,728,947		2,284,081
Regional Container Lines PCL, NVDR^(c)		6,279,400		3,899,012
RS PCL, NVDR		8,704,090		3,449,436
Sansiri PCL, NVDR^(c)		139,617,400		7,168,969
Sappe PCL^(c)		1,716,200		4,137,522
SCB X PCL, NVDR^(c)		7,325,600		23,009,163
SCG Packaging PCL, NVDR^(c)		11,233,000		8,771,172
Siam Cement PCL (The), NVDR		6,919,500		51,899,907
Siamgas & Petrochemicals PCL, NVDR^(c)		12,291,700		2,895,995
Sino-Thai Engineering & Construction PCL, NVDR^(c)		13,631,328		3,838,298
SISB PCL^(c)		3,557,500		4,125,701
Sri Trang Agro-Industry PCL, NVDR^(c)		10,182,060		5,479,328
Sri Trang Gloves Thailand PCL, NVDR^(c)		10,887,200		2,606,645
Srisawad Corp. PCL, NVDR		6,959,949		7,400,718
Supalai PCL, NVDR^(c)		16,134,000		9,446,576
Super Energy Corp. PCL, NVDR^(a)		146,740,200		1,391,096
Thai Oil PCL, NVDR		9,471,100		14,786,844
Thai Union Group PCL, NVDR		25,904,500		10,410,008
Thai Vegetable Oil PCL, NVDR^(c)		8,121,110		4,755,146
Thanachart Capital PCL, NVDR^(c)		4,786,000		6,638,882
Thonburi Healthcare Group PCL, NVDR^(c)		3,708,800		4,498,335
Tisco Financial Group PCL, NVDR		3,141,700		8,803,593
TMBThanachart Bank PCL, NVDR		134,764,900		6,922,242
TPI Polene PCL, NVDR		80,091,000		3,104,043
True Corp. PCL, NVDR^(a)		98,674,456		19,434,752
TTW PCL, NVDR^(c)		27,610,200		7,237,755
WHA Corp. PCL, NVDR^(c)		97,793,200		12,546,983


				1,345,934,906

Turkey — 1.0%
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS		3,216,380		1,380,001
Akbank TAS		28,635,455		38,123,760


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Turkey (continued)
Akcansa Cimento A/S		88,741	$	446,099
Akfen Yenilenebilir Enerji A/S, NVS		3,064,920		2,677,137
Aksa Akrilik Kimya Sanayii AS		1,697,204		5,782,063
Alarko Holding A/S^(c)		2,277,402		9,653,581
Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS		815,118		2,763,908
Anadolu Anonim Turk Sigorta Sirketi^(a)		1,629,287		3,573,513
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,345,778		11,694,527
Aselsan Elektronik Sanayi Ve Ticaret AS		13,276,975		25,478,732
Baticim Bati Anadolu Cimento Sanayii A/S^(a)		562,824		2,057,944
BIM Birlesik Magazalar AS		4,273,964		53,044,525
Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS		41,163		1,693,625
Can2 Termik AS^(a)		2,792,913		1,615,931
Cimsa Cimento Sanayi VE Ticaret AS		3,355,246		3,760,102
Coca-Cola Icecek A/S		342,600		7,097,392
CW Enerji Muhendislik Ticaret VE Sanayi A/S, NVS		278,760		2,760,243
Dogan Sirketler Grubu Holding AS		16,475,922		7,148,192
Dogus Otomotiv Servis ve Ticaret AS		551,604		4,720,112
EGE Endustri VE Ticaret AS		10,399		5,768,369
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		29,398,798		10,448,639
Enerjisa Enerji AS^(b)(c)		4,332,161		8,655,583
Enerya Enerji A/S, NVS		368,309		1,745,345
Eregli Demir ve Celik Fabrikalari TAS^(a)		13,519,281		19,695,681
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S, NVS		594,693		3,315,116
Ford Otomotiv Sanayi AS		692,409		22,547,106
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS^(a)		1,329,866		3,300,021
Gubre Fabrikalari TAS^(a)		301,197		1,934,589
Haci Omer Sabanci Holding AS		8,872,299		22,584,499
Hektas Ticaret TAS^(a)		10,356,132		6,323,683
Is Gayrimenkul Yatirim Ortakligi AS^(a)		6,507,060		3,606,526
Is Yatirim Menkul Degerler AS		4,828,347		5,737,728
Izdemir Enerji Elektrik Uretim A/S, NVS		944,696		961,892
Kaleseramik Canakkale Kalebodur Seramik Sanayi A/S, NVS		872,496		2,193,298
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A^(c)		695,710		501,208
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		9,116,112		7,836,061
Kayseri Seker Fabrikasi A/S, NVS		1,083,358		1,238,361
KOC Holding AS		7,197,498		38,762,761
Kontrolmatik Enerji Ve Muhendislik AS, NVS		816,979		7,507,580
Konya Cimento Sanayii A/S^(a)		6,077		1,921,011
Koza Altin Isletmeleri AS		9,391,131		6,875,568
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		2,631,254		4,295,316
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(b)		2,163,642		9,830,485
MIA Teknoloji A/S, NVS		2,225,595		5,579,754
Migros Ticaret AS		1,089,671		17,209,555
MLP Saglik Hizmetleri AS^(a)(b)		1,179,098		6,455,846
Nuh Cimento Sanayi AS		370,458		3,902,492
ODAS Elektrik Uretim ve Sanayi Ticaret AS^(a)		11,233,412		3,624,449
Otokar Otomotiv Ve Savunma Sanayi AS^(a)		213,803		3,458,756
Oyak Cimento Fabrikalari AS^(a)		2,086,701		4,740,452
Pegasus Hava Tasimaciligi AS^(a)		472,590		12,974,630
Peker Gayrimenkul Yatirim Ortakligi A/S^(a)		2,473,120		2,605,243
Petkim Petrokimya Holding AS^(a)		12,751,528		9,867,511
Sasa Polyester Sanayi AS^(a)		11,420,178		14,465,595
SDT Uzay VE Savunma Teknolojileri A/S, NVS		118,208		1,456,226
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS^(a)		1,527,708		3,181,961


Security	Shares		Value


Turkey (continued)
Sok Marketler Ticaret AS		3,606,572	$	7,735,709
TAB Gida Sanayi Ve Ticaret A/S, NVS		485,092		2,140,329
TAV Havalimanlari Holding AS^(a)(c)		2,667,029		14,901,512
Tekfen Holding AS		2,899,292		4,361,262
Tofas Turk Otomobil Fabrikasi AS		1,105,905		9,456,127
Torunlar Gayrimenkul Yatirim Ortakligi A/S		1,113,597		1,331,991
Turk Hava Yollari AO^(a)		5,077,914		45,809,592
Turkcell Iletisim Hizmetleri AS		11,510,000		24,673,631
Turkiye Is Bankasi AS, Class C		81,288,392		28,826,660
Turkiye Petrol Rafinerileri AS		8,795,127		45,564,624
Turkiye Sigorta A/S		1,853,320		2,978,937
Turkiye Sinai Kalkinma Bankasi AS^(a)		16,975,371		4,494,225
Turkiye Sise ve Cam Fabrikalari AS		13,276,425		21,732,179
Ulker Biskuvi Sanayi AS^(a)		2,348,316		7,985,244
Vestel Elektronik Sanayi ve Ticaret AS^(a)(c)		1,280,252		3,404,413
Yapi ve Kredi Bankasi AS		30,939,239		22,832,710
YEO Teknoloji Enerji VE Endustri A/S, NVS		311,805		2,424,035
Zorlu Enerji Elektrik Uretim AS^(a)		20,463,285		3,695,401


				726,928,864

United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		27,572,252		64,333,628
Abu Dhabi Islamic Bank PJSC		13,614,186		41,662,275
Abu Dhabi National Oil Co. for Distribution PJSC		29,458,910		28,071,764
Agthia Group PJSC		3,295,002		4,725,175
Air Arabia PJSC		25,263,877		19,687,397
Ajman Bank PJSC^(a)		12,305,475		6,030,536
AL Yah Satellite Communications Co-PJSC-Yah Sat		13,184,704		8,076,773
Aldar Properties PJSC		36,562,960		55,049,257
Amanat Holdings PJSC		25,230,853		7,006,758
Americana Restaurants International PLC		21,594,418		20,166,039
Aramex PJSC		6,142,288		4,063,698
Dana Gas PJSC		45,490,708		7,827,530
Dubai Financial Market PJSC		16,324,625		5,879,723
Dubai Investments PJSC		22,876,214		14,574,209
Dubai Islamic Bank PJSC		26,763,694		46,926,364
Emaar Properties PJSC		60,839,549		134,501,460
Emirates Central Cooling Systems Corp.		18,145,805		8,102,240
Emirates NBD Bank PJSC		17,678,313		88,079,916
Emirates Telecommunications Group Co. PJSC		31,656,919		156,002,732
First Abu Dhabi Bank PJSC		40,306,919		149,738,961
Gulf Navigation Holding PJSC^(a)		3,387,106		5,711,945
Multiply Group PJSC^(a)		35,863,118		22,179,575
National Central Cooling Co. PJSC		2,764,406		2,623,004
RAK Properties PJSC^(a)		7,415,952		2,685,366
Taaleem Holdings PJSC, NVS		3,311,815		3,336,205


				907,042,530


Total Common Stocks — 97.4% (Cost: $66,677,260,566)				72,792,053,836


Preferred Stocks

Brazil — 1.5%
Alpargatas SA, Preference Shares, NVS		2,348,086		4,803,773
Azul SA, Preference Shares, NVS		2,687,944		6,537,234
Banco ABC Brasil SA
Preference Shares, NVS		1,896,464		9,007,164
Preference Shares, NVS		62,963		278,648
Banco Bradesco SA, Preference Shares, NVS		47,334,250		130,925,939


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Brazil (continued)
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		2,884,353	$	8,952,861
Banco Pan SA, Preference Shares, NVS		3,667,382		6,462,607
Bradespar SA, Preference Shares, NVS		2,239,327		9,549,945
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		2,334,159		22,495,938
Cia. de Saneamento do Parana, Preference Shares, NVS		1,793,854		1,901,714
Cia. Energetica de Minas Gerais, Preference Shares, NVS		12,477,768		30,045,439
Cia. Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS		2,097,848		4,072,385
Companhia Paranaense de Energia, Preference Shares, NVS		6,793,113		13,965,846
Gerdau SA, Preference Shares, NVS		10,373,703		44,866,250
Itau Unibanco Holding SA, Preference Shares, NVS		43,009,811		293,647,882
Itausa SA, Preference Shares, NVS		48,959,891		101,443,720
Marcopolo SA, Preference Shares, NVS		7,260,176		12,822,986
Metalurgica Gerdau SA, Preference Shares, NVS		6,395,413		13,006,704
Petroleo Brasileiro SA, Preference Shares, NVS		42,228,986		340,985,194
Randon SA Implementos e Participacoes, Preference Shares, NVS		2,959,588		6,554,900
Unipar Carbocloro SA, Class B, Preference Shares, NVS		547,992		7,294,287
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		5,442,585		12,119,936


				1,081,741,352

Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares, NVS		4,807,792		12,133,198
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,298,612		64,401,541


				76,534,739

Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		4,148,344		33,905,446


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(d)		58,972,077		6,445


South Korea — 0.6%
Hyundai Motor Co.
Preference Shares, NVS		205,860		24,697,560
Series 2, Preference Shares, NVS		319,411		38,635,164
LG Chem Ltd., Preference Shares, NVS		73,170		16,542,162
Samsung Electronics Co. Ltd., Preference Shares, NVS		7,387,499		353,762,610


				433,637,496


Total Preferred Stocks — 2.2% (Cost: $1,318,391,230)				1,625,825,478


Security	Shares		Value


Rights

China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)^(a)		535,426	$	1


India — 0.0%
South Indian Bank Ltd. (The), (Expires 03/27/24, Strike Price IDR 22)^(a)		1,645,077		203,272


South Korea — 0.0%
Foosung Co. Ltd., (Expires 04/18/24, Strike Price KRW 6870)^(a)		81,272		89,719
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)^(a)		635,883		625,568
Taihan Electric Wire Co. Ltd., (Expires 03/12/24)^(a)		306,948		378,038


				1,093,325


Total Rights — 0.0% (Cost: $—)				1,296,598


Total Long-Term Investments — 99.6% (Cost: $67,995,651,796)				74,419,175,912


Short-Term Securities

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(g)(h)(i)		2,995,710,990		2,997,208,846
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(g)(h)		187,320,000		187,320,000


Total Short-Term Securities — 4.2% (Cost: $3,182,975,557)				3,184,528,846


Total Investments — 103.8% (Cost: $71,178,627,353)				77,603,704,758

Liabilities in Excess of Other Assets — (3.8)%				(2,860,024,171	)


Net Assets — 100.0%			$	74,743,680,587

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

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

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

^(g)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: In-stitutional, SL Agency Shares	$	3,362,199,335	$	—		$	(365,557,563	)^(a)	$	216,172	$	350,902	$	2,997,208,846		2,995,710,990	$	36,274,865	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		74,110,000		113,210,000	^(a)		—			—		—		187,320,000		187,320,000		6,528,718			—


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

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets Index

5,093

03/15/24

258,928

1,411,196

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,411,196	$	—	$	—	$	—	$	1,411,196

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,847,626	)	$	—	$	—	$	—	$	(2,847,626	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	4,068,433		$	—	$	—	$	—	$	4,068,433


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Core MSCI Emerging Markets ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	203,299,140

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	11,924,725,692	$	60,858,910,709	$	8,417,435	$	72,792,053,836
Preferred Stocks		1,127,779,996		498,039,037		6,445		1,625,825,478
Rights		—		1,296,598		—		1,296,598
Short-Term Securities
Money Market Funds		3,184,528,846		—		—		3,184,528,846


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


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,411,196	$	—	$	—	$	1,411,196

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI BIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Brazil — 8.0%
Ambev SA		94,358	$	238,785
Atacadao SA		14,555		35,399
B3 SA - Brasil Bolsa Balcao		118,941		306,977
Banco Bradesco SA		28,085		69,491
Banco BTG Pactual SA		23,758		173,916
Banco do Brasil SA		17,466		203,292
Banco Santander Brasil SA		6,191		35,618
BB Seguridade Participacoes SA		13,981		93,767
Caixa Seguridade Participacoes S/A		6,232		18,015
CCR SA		21,648		60,009
Centrais Eletricas Brasileiras SA		24,851		217,461
Cia. de Saneamento Basico do Estado de Sao Paulo		6,806		108,379
Cia. Siderurgica Nacional SA		13,899		47,028
Cosan SA		25,912		88,613
CPFL Energia SA		4,633		32,983
Energisa SA		5,216		53,345
Eneva SA^(a)		17,630		45,502
Engie Brasil Energia SA		4,180		35,333
Equatorial Energia SA		19,661		135,184
Hapvida Participacoes e Investimentos SA^(a)(b)		102,213		75,460
Hypera SA		7,667		50,711
JBS SA		13,489		62,573
Klabin SA		14,678		66,642
Localiza Rent a Car SA		18,605		198,359
Localiza Rent a Car SA, NVS^(a)		66		672
Lojas Renner SA		20,008		63,593
Magazine Luiza SA^(a)		65,436		28,038
Magazine Luiza SA, NVS		6,268		2,686
Natura & Co. Holding SA^(a)		18,245		59,861
Petroleo Brasileiro SA		76,014		630,302
PRIO SA		16,564		145,644
Raia Drogasil SA		25,787		138,192
Rede D’Or Sao Luiz SA^(b)		11,839		60,301
Rumo SA		27,552		125,924
Sendas Distribuidora SA		28,044		80,108
Suzano SA		16,400		185,902
Telefonica Brasil SA		7,011		76,836
TIM SA/Brazil		16,739		61,183
TOTVS SA		10,742		66,318
Ultrapar Participacoes SA		15,285		90,275
Vale SA		69,044		930,429
Vibra Energia SA		23,587		122,701
WEG SA		34,358		253,585


				5,575,392

China — 51.8%
360 Security Technology Inc., Class A^(a)		9,331		11,344
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,100		11,043
AAC Technologies Holdings Inc.		20,500		50,966
Advanced Micro-Fabrication Equipment Inc., Class A		867		17,686
AECC Aviation Power Co. Ltd., Class A		4,100		19,574
Agricultural Bank of China Ltd., Class A		98,400		57,159
Agricultural Bank of China Ltd., Class H		574,000		235,481
Aier Eye Hospital Group Co. Ltd., Class A		12,612		25,571
Air China Ltd., Class A^(a)		32,800		33,970
Akeso Inc.^(a)(b)(c)		12,000		71,957
Alibaba Group Holding Ltd.		327,920		3,014,791
Alibaba Health Information Technology Ltd.^(a)(c)		116,000		50,687
Aluminum Corp. of China Ltd., Class A		16,400		13,715
Aluminum Corp. of China Ltd., Class H		82,000		40,860


Security	Shares		Value


China (continued)
Anhui Conch Cement Co. Ltd., Class A		4,100	$	13,610
Anhui Conch Cement Co. Ltd., Class H		20,500		44,608
Anhui Gujing Distillery Co. Ltd., Class A		600		18,186
Anhui Jianghuai Automobile Group Corp. Ltd.^(a)		4,100		8,807
ANTA Sports Products Ltd.		25,840		251,915
Autohome Inc., ADR		1,517		39,427
AVIC Industry-Finance Holdings Co. Ltd., Class A		16,499		7,589
AviChina Industry & Technology Co. Ltd., Class H		70,000		28,722
BAIC BluePark New Energy Technology Co. Ltd.		8,200		6,770
Baidu Inc.^(a)		45,106		570,744
Bank of Beijing Co. Ltd., Class A		28,790		20,695
Bank of Changsha Co. Ltd., Class A		8,200		8,864
Bank of Chengdu Co. Ltd., Class A		4,100		7,517
Bank of China Ltd., Class A		46,200		28,628
Bank of China Ltd., Class H		1,599,000		627,290
Bank of Communications Co. Ltd., Class A		53,300		46,317
Bank of Communications Co. Ltd., Class H		164,200		107,575
Bank of Hangzhou Co. Ltd., Class A		8,299		12,752
Bank of Jiangsu Co. Ltd., Class A		24,660		26,219
Bank of Nanjing Co. Ltd., Class A		12,300		14,923
Bank of Ningbo Co. Ltd., Class A		9,110		28,080
Bank of Shanghai Co. Ltd., Class A		28,790		26,084
Baoshan Iron & Steel Co. Ltd., Class A		24,600		22,731
BeiGene Ltd.^(a)		14,086		181,354
Beijing Dabeinong Technology Group Co. Ltd., Class A		12,300		8,978
Beijing Enlight Media Co. Ltd., Class A		4,100		5,148
Beijing Enterprises Holdings Ltd.		8,500		31,975
Beijing Enterprises Water Group Ltd.		82,000		19,236
Beijing Kingsoft Office Software Inc., Class A		578		21,743
Beijing New Building Materials PLC, Class A		3,100		12,070
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		4,100		9,826
Beijing Tiantan Biological Products Corp. Ltd., Class A		4,100		16,101
Beijing Tongrentang Co. Ltd., Class A		4,100		25,323
Beijing Yanjing Brewery Co. Ltd., Class A		12,300		14,952
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		57,400		40,219
Bilibili Inc.^(a)(c)		4,245		41,165
BOC Aviation Ltd.^(b)		4,100		30,181
BOC International China Co. Ltd., Class A		4,100		6,213
BOE Technology Group Co. Ltd., Class A		45,100		24,949
Bosideng International Holdings Ltd.		82,000		41,244
Brilliance China Automotive Holdings Ltd.		52,000		30,269
BYD Co. Ltd., Class A		2,700		71,314
BYD Co. Ltd., Class H		20,500		504,916
BYD Electronic International Co. Ltd.		20,500		77,405
C&D International Investment Group Ltd.		13,000		21,137
Caitong Securities Co. Ltd., Class A		12,520		13,854
Cambricon Technologies Corp. Ltd.^(a)		1,000		23,405
CGN Power Co. Ltd.		24,600		13,177
CGN Power Co. Ltd., Class H^(b)		205,000		62,255
Changchun High & New Technology Industry Group Inc., Class A		710		12,677
Changjiang Securities Co. Ltd., Class A		16,400		12,512
Chaozhou Three-Circle Group Co. Ltd., Class A		4,100		14,427
China Baoan Group Co. Ltd., Class A		8,200		13,528
China Cinda Asset Management Co. Ltd., Class H		123,000		11,778
China CITIC Bank Corp. Ltd., Class H		164,000		87,197
China Coal Energy Co. Ltd., Class H		41,000		44,154
China Communications Services Corp. Ltd., Class H		82,800		35,172
China Construction Bank Corp., Class A		8,200		7,957
China Construction Bank Corp., Class H		1,927,370		1,195,270


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
China CSSC Holdings Ltd., Class A		7,100	$	34,991
China Eastern Airlines Corp. Ltd., Class A^(a)		32,921		17,379
China Energy Engineering Corp. Ltd.		20,500		6,194
China Everbright Bank Co. Ltd., Class A		65,600		29,284
China Everbright Bank Co. Ltd., Class H		41,000		12,819
China Feihe Ltd.^(b)		84,000		41,781
China Galaxy Securities Co. Ltd., Class A		8,200		13,825
China Galaxy Securities Co. Ltd., Class H		82,000		43,086
China Gas Holdings Ltd.		58,600		53,630
China Greatwall Technology Group Co. Ltd., Class A		6,000		8,636
China Hongqiao Group Ltd.		41,000		31,729
China International Capital Corp. Ltd., Class A		4,100		19,880
China International Capital Corp. Ltd., Class H^(b)		32,800		41,117
China Jushi Co. Ltd., Class A		6,473		8,986
China Life Insurance Co. Ltd., Class A		4,193		17,599
China Life Insurance Co. Ltd., Class H		164,000		201,029
China Literature Ltd.^(a)(b)		8,200		25,139
China Longyuan Power Group Corp. Ltd., Class H		82,000		57,786
China Medical System Holdings Ltd.		41,000		67,399
China Mengniu Dairy Co. Ltd.		66,000		165,023
China Merchants Bank Co. Ltd., Class A		22,900		101,409
China Merchants Bank Co. Ltd., Class H		82,456		318,859
China Merchants Energy Shipping Co. Ltd., Class A		12,300		12,289
China Merchants Port Holdings Co. Ltd.		28,000		34,755
China Merchants Securities Co. Ltd., Class A		14,550		28,468
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		9,381		12,240
China Minsheng Banking Corp. Ltd., Class A		41,000		22,971
China Minsheng Banking Corp. Ltd., Class H		123,000		43,289
China National Building Material Co. Ltd., Class H		82,000		30,841
China National Chemical Engineering Co. Ltd., Class A		9,200		8,904
China National Nuclear Power Co. Ltd., Class A		20,500		24,678
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		4,100		10,723
China Oilfield Services Ltd., Class H		44,000		38,720
China Overseas Land & Investment Ltd.		82,300		121,542
China Pacific Insurance Group Co. Ltd., Class A		10,100		35,765
China Pacific Insurance Group Co. Ltd., Class H		49,200		93,325
China Petroleum & Chemical Corp., Class A		38,700		33,489
China Petroleum & Chemical Corp., Class H		492,600		271,400
China Power International Development Ltd.		123,000		49,684
China Railway Group Ltd., Class A		24,600		21,640
China Railway Group Ltd., Class H		82,000		39,941
China Renewable Energy Investment Ltd.^(d)		7,709		—
China Resources Beer Holdings Co. Ltd.		32,000		137,887
China Resources Gas Group Ltd.		20,500		61,863
China Resources Land Ltd.		64,444		196,835
China Resources Microelectronics Ltd.		1,600		9,497
China Resources Mixc Lifestyle Services Ltd.^(b)		16,400		49,427
China Resources Pharmaceutical Group Ltd.^(b)		41,000		27,730
China Resources Power Holdings Co. Ltd.		46,200		99,453
China Ruyi Holdings Ltd.^(a)(c)		164,000		32,192
China Shenhua Energy Co. Ltd., Class A		9,500		50,755
China Shenhua Energy Co. Ltd., Class H		62,000		238,557
China Southern Airlines Co. Ltd., Class A^(a)		20,500		16,809
China State Construction Engineering Corp. Ltd., Class A		49,200		36,462
China State Construction International Holdings Ltd.		40,000		44,572
China Taiping Insurance Holdings Co. Ltd.		24,640		21,408
China Three Gorges Renewables Group Co. Ltd., Class A		49,200		31,521
China Tourism Group Duty Free Corp. Ltd., Class A		4,000		48,168


Security	Shares		Value


China (continued)
China Tower Corp. Ltd., Class H^(b)		820,000	$	99,391
China United Network Communications Ltd., Class A		45,000		29,943
China Vanke Co. Ltd., Class A		12,338		17,142
China Vanke Co. Ltd., Class H		41,001		31,611
China Yangtze Power Co. Ltd., Class A		28,756		99,958
China Zheshang Bank Co. Ltd., Class A		33,540		12,927
Chongqing Changan Automobile Co. Ltd., Class A		11,152		23,004
Chongqing Zhifei Biological Products Co. Ltd., Class A		2,150		15,942
Chow Tai Fook Jewellery Group Ltd.		41,000		61,093
CITIC Ltd.		123,000		123,734
CITIC Securities Co. Ltd., Class A		12,475		36,808
CITIC Securities Co. Ltd., Class H		41,050		75,879
CMOC Group Ltd., Class A		20,500		17,449
CMOC Group Ltd., Class H		69,000		42,567
CNPC Capital Co. Ltd., NVS		12,300		10,561
Contemporary Amperex Technology Co. Ltd., Class A		5,240		118,515
COSCO Shipping Energy Transportation Co. Ltd., Class A		16,400		31,279
COSCO Shipping Holdings Co. Ltd., Class A		16,570		24,143
COSCO Shipping Holdings Co. Ltd., Class H		61,849		66,583
Country Garden Holdings Co. Ltd.^(a)(c)		252,046		20,482
Country Garden Services Holdings Co. Ltd.^(c)		43,000		32,731
CRRC Corp. Ltd., Class A		37,000		32,742
CRRC Corp. Ltd., Class H		73,000		37,584
CSC Financial Co. Ltd., Class A		6,900		22,253
CSPC Innovation Pharmaceutical Co. Ltd.		2,957		13,934
CSPC Pharmaceutical Group Ltd.		168,160		130,971
Daqin Railway Co. Ltd., Class A		28,700		29,710
Dongfang Electric Corp. Ltd., Class A		4,100		9,302
Dongxing Securities Co. Ltd., Class A		8,299		9,764
East Buy Holding Ltd.^(a)(b)(c)		8,500		26,201
East Money Information Co. Ltd., Class A		16,488		32,028
Eastroc Beverage Group Co. Ltd.		700		17,367
ENN Energy Holdings Ltd.		17,100		138,849
ENN Natural Gas Co. Ltd., Class A		4,100		10,647
Eve Energy Co. Ltd., Class A		3,800		20,163
Everbright Securities Co. Ltd., Class A		6,197		14,520
Everdisplay Optronics Shanghai Co. Ltd.^(a)		16,400		5,439
Fangda Carbon New Material Co. Ltd., Class A^(a)		20,540		14,023
Far East Horizon Ltd.		41,000		32,938
First Capital Securities Co. Ltd., Class A		12,700		10,083
Flat Glass Group Co. Ltd., Class A		4,100		12,391
Focus Media Information Technology Co. Ltd., Class A		22,439		19,564
Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,741		32,266
Fosun International Ltd.		41,000		23,654
Founder Securities Co. Ltd., Class A		7,800		8,246
Foxconn Industrial Internet Co. Ltd., Class A		16,400		42,528
Fujian Sunner Development Co. Ltd., Class A		4,100		9,246
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		16,400		82,204
Ganfeng Lithium Group Co. Ltd., Class A		4,100		22,736
Ganfeng Lithium Group Co. Ltd., Class H^(b)		8,200		27,165
GCL Technology Holdings Ltd.		451,000		62,734
GD Power Development Co. Ltd., Class A		27,300		17,729
Geely Automobile Holdings Ltd.		123,000		133,857
GEM Co. Ltd., Class A		20,599		15,309
Genscript Biotech Corp.^(a)(c)		26,000		52,563
GF Securities Co. Ltd., Class A		8,200		16,110
GF Securities Co. Ltd., Class H		16,400		17,609
Giant Biogene Holding Co. Ltd.^(a)(b)		8,200		37,494
GigaDevice Semiconductor Inc., Class A		2,400		24,386
GoerTek Inc., Class A		4,100		9,474
Goldwind Science & Technology Co Ltd., Class A		9,653		10,226


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


China (continued)
Great Wall Motor Co. Ltd.		4,100	$	13,293
Great Wall Motor Co. Ltd., Class H		41,000		46,275
Gree Electric Appliances Inc. of Zhuhai, Class A		4,100		22,188
Greenland Holdings Corp. Ltd., Class A^(a)		12,300		3,755
Guangdong Investment Ltd.		82,000		48,660
Guanghui Energy Co. Ltd., Class A		8,000		8,313
Guangzhou Automobile Group Co. Ltd., Class H		82,235		35,583
Guangzhou Baiyun International Airport Co. Ltd., Class A^(a)		8,200		11,527
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		4,100		16,837
Guangzhou Tinci Materials Technology Co. Ltd., Class A		3,000		8,588
Guolian Securities Co. Ltd., Class A^(a)		4,100		6,241
Guosen Securities Co. Ltd., Class A		8,200		9,798
Guotai Junan Securities Co. Ltd., Class A		2,600		5,439
Guoyuan Securities Co. Ltd., Class A		12,320		11,911
H World Group Ltd., ADR		4,100		149,896
Haidilao International Holding Ltd.^(b)		32,000		58,194
Haier Smart Home Co. Ltd., Class A		8,279		27,577
Haier Smart Home Co. Ltd., Class H		49,200		149,009
Hainan Airport Infrastructure Co. Ltd., NVS^(a)		8,200		4,267
Haitian International Holdings Ltd.		16,000		40,513
Haitong Securities Co. Ltd., Class A		12,300		15,581
Haitong Securities Co. Ltd., Class H		49,200		24,422
Hangzhou First Applied Material Co. Ltd., Class A		3,100		11,951
Hangzhou Tigermed Consulting Co. Ltd., Class A		100		624
Hansoh Pharmaceutical Group Co. Ltd.^(b)		24,000		42,302
Henan Shenhuo Coal & Power Co. Ltd.		4,100		10,514
Henan Shuanghui Investment & Development Co. Ltd., Class A		8,200		33,195
Hengan International Group Co. Ltd.		14,000		43,151
Hengli Petrochemical Co. Ltd., Class A^(a)		8,200		14,486
Hengyi Petrochemical Co. Ltd., Class A^(a)		4,130		3,958
Hesteel Co. Ltd., Class A		28,700		8,671
Hisense Visual Technology Co. Ltd.		4,100		14,735
Hithink RoyalFlush Information Network Co. Ltd., Class A		1,200		22,770
Huadian Power International Corp. Ltd., Class A		12,300		10,565
Huadong Medicine Co. Ltd., Class A		2,900		13,504
Hualan Biological Engineering Inc., Class A		1,950		5,329
Huaneng Power International Inc., Class A^(a)		12,300		15,049
Huaneng Power International Inc., Class H^(a)		82,000		45,991
Huatai Securities Co. Ltd., Class A		10,100		20,339
Huatai Securities Co. Ltd., Class H^(b)		16,400		19,357
Huaxia Bank Co. Ltd., Class A		20,500		18,025
Huayu Automotive Systems Co. Ltd., Class A		4,199		10,160
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,100		21,051
Huizhou Desay Sv Automotive Co. Ltd., Class A		1,700		24,114
Hunan Valin Steel Co. Ltd., Class A		12,300		9,690
Hundsun Technologies Inc., Class A		3,100		10,483
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		8,200		30,781
Hygon Information Technology Co. Ltd., NVS		2,729		32,213
IEIT Systems Co. Ltd., Class A		1,983		10,289
Iflytek Co. Ltd., Class A		3,129		21,470
Industrial & Commercial Bank of China Ltd., Class A		73,800		54,538
Industrial & Commercial Bank of China Ltd., Class H		1,312,050		672,573
Industrial Bank Co. Ltd., Class A		24,600		56,749
Industrial Securities Co. Ltd., Class A		12,300		9,907
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		77,900		16,644
Inner Mongolia Dian Tou Energy Corp. Ltd.		4,100		9,439


Security	Shares		Value


China (continued)
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		32,800	$	17,686
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		32,193
Inner Mongolia Yitai Coal Co. Ltd., Class B		24,600		49,413
Innovent Biologics Inc.^(a)(b)		20,500		110,550
iQIYI Inc., ADR^(a)		9,245		34,114
JA Solar Technology Co. Ltd., Class A		4,700		12,208
JCET Group Co. Ltd., Class A		2,400		8,711
JD Health International Inc.^(a)(b)(c)		22,550		85,049
JD Logistics Inc.^(a)(b)		36,900		36,435
JD.com Inc.		47,170		532,355
Jiangsu Eastern Shenghong Co. Ltd., Class A		8,200		11,936
Jiangsu Expressway Co. Ltd., Class H		38,000		39,033
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,700		21,258
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		8,368		49,384
Jiangsu King’s Luck Brewery JSC Ltd., Class A		2,200		16,336
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,900		26,512
Jiangsu Zhongtian Technology Co. Ltd., Class A		4,100		7,435
Jiangxi Copper Co. Ltd., Class A		12,300		33,344
Jinduicheng Molybdenum Co. Ltd., Class A		4,100		5,732
Jinko Solar Co. Ltd.		8,200		10,055
Juneyao Airlines Co. Ltd., Class A^(a)		4,100		7,584
Kanzhun Ltd., ADR		4,100		64,165
KE Holdings Inc., ADR		13,653		185,544
Kingboard Holdings Ltd.		20,500		40,210
Kingdee International Software Group Co. Ltd.^(a)		53,000		56,990
Kingsoft Corp. Ltd.		16,600		46,125
Kuaishou Technology^(a)(b)		49,200		277,828
Kunlun Energy Co. Ltd.		82,000		69,906
Kweichow Moutai Co. Ltd., Class A		1,600		375,342
LB Group Co. Ltd., Class A		5,300		13,791
Legend Biotech Corp., ADR^(a)		1,312		85,490
Lenovo Group Ltd.		164,000		181,176
Lens Technology Co. Ltd., Class A		9,000		15,101
Lepu Medical Technology Beijing Co. Ltd., Class A		4,100		8,585
Li Auto Inc.^(a)		23,318		532,162
Li Ning Co. Ltd.		53,500		132,365
Lingyi iTech Guangdong Co., Class A		11,600		8,830
Livzon Pharmaceutical Group Inc., Class A		4,100		21,898
Longfor Group Holdings Ltd.^(b)		41,000		51,353
LONGi Green Energy Technology Co. Ltd., Class A		9,848		28,991
Luxshare Precision Industry Co. Ltd., Class A		8,702		33,299
Luzhou Laojiao Co. Ltd., Class A		1,600		38,797
Mango Excellent Media Co. Ltd., Class A		3,200		10,988
Maxscend Microelectronics Co. Ltd., Class A		1,400		20,875
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		8,453		6,522
Meituan, Class B^(a)(b)		103,960		1,055,419
Metallurgical Corp. of China Ltd., Class A		32,800		15,137
Midea Group Co. Ltd., Class A		4,100		35,633
MINISO Group Holding Ltd.		9,020		41,457
Montage Technology Co. Ltd., Class A		3,600		26,104
Muyuan Foods Co. Ltd., Class A		8,678		46,233
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		4,145		8,239
NARI Technology Co. Ltd., Class A		13,088		42,059
NAURA Technology Group Co. Ltd., Class A		1,200		47,292
NetEase Inc.		39,275		853,154
New China Life Insurance Co. Ltd., Class A		4,100		18,617
New China Life Insurance Co. Ltd., Class H		12,300		23,629
New Hope Liuhe Co. Ltd., Class A^(a)		12,300		15,091
New Oriental Education & Technology Group Inc.^(a)		28,730		270,013


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Ninestar Corp., Class A		2,500	$	8,129
Ningbo Sanxing Medical Electric Co. Ltd.		4,100		15,384
Ningbo Shanshan Co. Ltd.		4,100		6,507
Ningbo Tuopu Group Co. Ltd., Class A		3,500		28,428
Ningxia Baofeng Energy Group Co. Ltd., Class A		13,000		27,484
NIO Inc., ADR^(a)(c)		28,413		163,375
Nongfu Spring Co. Ltd., Class H^(b)		41,000		231,847
Offshore Oil Engineering Co. Ltd., Class A		4,124		3,537
Orient Overseas International Ltd.		2,500		38,713
Orient Securities Co. Ltd., Class A		12,688		15,489
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		20,500		9,054
PDD Holdings Inc., ADR^(a)		12,095		1,506,311
People’s Insurance Co. Group of China Ltd. (The), Class A		12,300		8,941
People’s Insurance Co. Group of China Ltd. (The), Class H		164,000		54,629
Perfect World Co. Ltd., Class A		4,150		6,729
PetroChina Co. Ltd., Class A		24,600		30,113
PetroChina Co. Ltd., Class H		420,000		329,411
PICC Property & Casualty Co. Ltd., Class H		140,322		191,837
Ping An Bank Co. Ltd., Class A		20,500		30,057
Ping An Insurance Group Co. of China Ltd., Class A		13,100		77,700
Ping An Insurance Group Co. of China Ltd., Class H		138,500		615,933
Poly Developments and Holdings Group Co. Ltd., Class A		12,300		16,624
Pop Mart International Group Ltd.^(b)		8,200		20,442
Postal Savings Bank of China Co. Ltd., Class A		36,900		24,785
Postal Savings Bank of China Co. Ltd., Class H^(b)		164,000		86,161
Power Construction Corp. of China Ltd., Class A		24,600		17,419
Qifu Technology Inc.		2,574		39,768
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		8,200		18,369
Rongsheng Petrochemical Co. Ltd., Class A		13,950		19,835
SAIC Motor Corp. Ltd., Class A		12,300		25,496
Sailun Group Co. Ltd., Class A		4,100		8,193
Sanan Optoelectronics Co. Ltd., Class A		8,200		14,143
Sany Heavy Equipment International Holdings Co. Ltd.		41,000		31,704
Sany Heavy Industry Co. Ltd., Class A		12,353		23,833
Satellite Chemical Co. Ltd., Class A^(a)		4,100		9,439
SDIC Power Holdings Co. Ltd., Class A		8,200		16,397
Seres Group Co. Ltd., NVS^(a)		2,700		34,433
SF Holding Co. Ltd., Class A		8,200		43,485
Shaanxi Coal Industry Co. Ltd., Class A		11,505		41,138
Shandong Gold Mining Co. Ltd., Class A		7,180		21,548
Shandong Gold Mining Co. Ltd., Class H^(b)		10,250		16,196
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		2,040		7,770
Shandong Nanshan Aluminum Co. Ltd., Class A		45,100		19,392
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		49,200		31,985
Shanghai Baosight Software Co. Ltd., Class B		16,480		37,028
Shanghai Construction Group Co. Ltd., Class A		12,300		4,177
Shanghai Electric Group Co. Ltd., Class A^(a)		41,000		24,099
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		8,600		29,288
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,100		10,300
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		16,400		26,373
Shanghai Pudong Development Bank Co. Ltd., Class A		36,900		36,561
Shanghai Putailai New Energy Technology Co. Ltd., Class A		4,100		10,671
Shanghai RAAS Blood Products Co. Ltd., Class A		16,800		16,759
Shanghai Rural Commercial Bank Co. Ltd.		24,600		22,018


Security	Shares		Value

China (continued)
Shanghai United Imaging Healthcare Co. Ltd., NVS		1,215	$	24,012
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		8,200		7,512
Shanxi Coal International Energy Group Co. Ltd.		4,100		10,463
Shanxi Coking Coal Energy Group Co. Ltd., Class A		8,200		13,241
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,652		13,090
Shanxi Meijin Energy Co. Ltd., Class A^(a)		8,200		7,807
Shanxi Taigang Stainless Steel Co. Ltd., Class A		12,300		6,466
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,360		43,785
Shengyi Technology Co. Ltd., Class A		5,200		12,357
Shenwan Hongyuan Group Co. Ltd., Class A		38,994		24,758
Shenzhen Energy Group Co. Ltd., Class A		5,520		5,044
Shenzhen Inovance Technology Co. Ltd., Class A		2,997		26,245
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,600		63,975
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		2,800		31,431
Shenzhen Overseas Chinese Town Co. Ltd., Class A^(a)		12,300		5,230
Shenzhen Transsion Holding Co. Ltd., Class A		927		20,433
Shenzhou International Group Holdings Ltd.		16,400		134,521
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		2,500		7,437
Sichuan Changhong Electric Co. Ltd.		8,200		5,849
Sichuan Chuantou Energy Co. Ltd., Class A		4,105		8,920
Sichuan Road & Bridge Co. Ltd., Class A		13,688		15,489
Sino Biopharmaceutical Ltd.		181,000		71,940
Sinopharm Group Co. Ltd., Class H		32,800		91,789
Sinotruk Hong Kong Ltd.		20,500		54,199
Smoore International Holdings Ltd.^(b)		41,000		28,502
Songcheng Performance Development Co. Ltd., Class A		8,380		12,533
SooChow Securities Co. Ltd., Class A		8,252		8,347
Sungrow Power Supply Co. Ltd., Class A		2,900		35,012
Sunny Optical Technology Group Co. Ltd.		12,400		79,805
Sunwoda Electronic Co. Ltd., Class A		4,000		7,877
TAL Education Group, ADR^(a)		9,102		134,072
TBEA Co. Ltd., Class A		6,560		13,542
TCL Technology Group Corp., Class A^(a)		18,650		11,702
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		2,150		4,029
Tencent Holdings Ltd.		133,800		4,687,096
Tencent Music Entertainment Group, ADR^(a)		14,924		156,254
Tianma Microelectronics Co. Ltd., Class A^(a)		3,600		4,570
Tianqi Lithium Corp., Class A		3,600		26,725
Tianshui Huatian Technology Co. Ltd., Class A		6,600		7,484
Tingyi Cayman Islands Holding Corp.		46,000		51,155
Tongcheng Travel Holdings Ltd.^(a)		16,400		41,229
TongFu Microelectronics Co. Ltd., Class A		2,800		8,623
Tongling Nonferrous Metals Group Co. Ltd., Class A		28,700		13,031
Tongwei Co. Ltd., Class A		5,795		21,272
Topsports International Holdings Ltd.^(b)		41,000		27,745
TravelSky Technology Ltd., Class H		18,000		21,518
Trina Solar Co. Ltd.		3,100		10,775
Trip.com Group Ltd.^(a)		11,100		503,832
Tsingtao Brewery Co. Ltd., Class H		12,000		76,785
Unigroup Guoxin Microelectronics Co. Ltd., Class A^(a)		1,100		10,899
Unisplendour Corp. Ltd., Class A^(a)		4,380		13,424
Vipshop Holdings Ltd., ADR^(a)		7,216		138,908
Walvax Biotechnology Co. Ltd., Class A		4,100		10,454
Wanhua Chemical Group Co. Ltd., Class A		3,300		36,302
Want Want China Holdings Ltd.		82,000		45,244
Weichai Power Co. Ltd., Class A		7,200		16,870


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Weichai Power Co. Ltd., Class H		41,100	$	80,900
Wens Foodstuffs Group Co. Ltd., Class A		10,240		27,254
Western Mining Co. Ltd., Class A		4,056		9,371
Western Securities Co. Ltd., Class A		12,300		13,600
Will Semiconductor Co. Ltd. Shanghai, Class A		1,475		19,582
Wingtech Technology Co. Ltd., Class A^(a)		2,300		12,163
Wuhan Guide Infrared Co. Ltd., Class A		12,924		11,294
Wuliangye Yibin Co. Ltd., Class A		4,400		86,567
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,160		11,583
WuXi AppTec Co. Ltd., Class A		4,128		31,110
WuXi AppTec Co. Ltd., Class H^(b)(c)		8,287		51,085
Wuxi Biologics Cayman Inc.^(a)(b)		82,000		194,226
XCMG Construction Machinery Co. Ltd., Class A		19,000		15,624
Xiamen C & D Inc., Class A		4,100		5,905
Xiaomi Corp., Class B^(a)(b)		311,600		523,620
Xinyi Solar Holdings Ltd.		124,000		75,088
XPeng Inc.^(a)(c)		22,826		106,832
Yadea Group Holdings Ltd.^(b)		28,000		43,990
Yankuang Energy Group Co. Ltd., Class A		8,200		29,448
Yankuang Energy Group Co. Ltd., Class H^(a)		43,000		99,160
Yifeng Pharmacy Chain Co. Ltd., Class A		4,100		22,405
Yonyou Network Technology Co. Ltd., Class A		530		932
Youngor Fashion Co. Ltd., Class A		4,100		4,183
Yuexiu Property Co. Ltd.		41,400		27,532
Yum China Holdings Inc.		8,487		364,007
Yunda Holding Co. Ltd., Class A		6,230		6,225
Yunnan Aluminium Co. Ltd., Class A		4,075		6,532
Yunnan Baiyao Group Co. Ltd., Class A		4,108		28,361
Yunnan Energy New Material Co. Ltd., Class A		1,700		10,815
Yunnan Yuntianhua Co. Ltd.		4,100		10,377
Yutong Bus Co. Ltd., Class A		4,100		10,622
Zai Lab Ltd.^(a)		21,050		44,924
Zangge Mining Co. Ltd.		4,100		16,664
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		900		27,812
Zhaojin Mining Industry Co. Ltd., Class H^(c)		41,000		42,393
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		4,100		2,782
Zhejiang Chint Electrics Co. Ltd., Class A		4,100		11,690
Zhejiang Dahua Technology Co. Ltd., Class A		4,100		10,508
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,300		11,803
Zhejiang Juhua Co. Ltd., Class A		4,100		11,573
Zhejiang Leapmotor Technology Co. Ltd.^(a)(b)		9,200		32,187
Zhejiang NHU Co. Ltd., Class A		8,243		20,575
Zheshang Securities Co. Ltd., Class A		5,100		7,244
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		12,300		19,369
Zhongji Innolight Co. Ltd., Class A		1,600		34,462
Zhongsheng Group Holdings Ltd.		20,500		37,323
Zhongtai Securities Co. Ltd.		16,400		15,798
Zhuzhou CRRC Times Electric Co. Ltd.		12,300		36,063
Zijin Mining Group Co. Ltd., Class A		24,600		44,580
Zijin Mining Group Co. Ltd., Class H		119,000		191,152
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		11,300		12,537
ZTE Corp., Class A		4,100		16,964
ZTE Corp., Class H		16,448		37,049
ZTO Express Cayman Inc., ADR		8,856		169,947


				36,026,124

India — 36.8%
ABB India Ltd.		1,107		72,567
Adani Enterprises Ltd.		3,522		139,500
Adani Green Energy Ltd.^(a)		6,478		148,055


Security	Shares		Value

India (continued)
Adani Ports & Special Economic Zone Ltd.		10,865	$	172,491
Adani Power Ltd.^(a)		15,990		105,824
Ambuja Cements Ltd.		12,218		89,232
APL Apollo Tubes Ltd.		2,961		55,148
Apollo Hospitals Enterprise Ltd.		2,050		150,920
Ashok Leyland Ltd.		28,700		58,785
Asian Paints Ltd.		7,749		264,307
Astral Ltd.		2,460		61,388
AU Small Finance Bank Ltd.^(b)		3,454		23,677
Aurobindo Pharma Ltd.		5,658		70,140
Avenue Supermarts Ltd.^(a)(b)		3,362		158,771
Axis Bank Ltd.		46,737		605,012
Bajaj Auto Ltd.		1,394		132,861
Bajaj Finance Ltd.		5,576		435,026
Bajaj Finserv Ltd.		7,958		152,752
Bajaj Holdings & Investment Ltd.		574		63,318
Balkrishna Industries Ltd.		1,665		44,722
Bandhan Bank Ltd.^(b)		15,558		36,638
Bank of Baroda		22,140		70,837
Berger Paints India Ltd.		6,397		46,808
Bharat Electronics Ltd.		75,236		185,840
Bharat Forge Ltd.		5,359		74,309
Bharat Heavy Electricals Ltd.		22,127		60,724
Bharat Petroleum Corp. Ltd.		15,252		110,842
Bharti Airtel Ltd.		45,510		616,160
Britannia Industries Ltd.		2,173		130,225
CG Power and Industrial Solutions Ltd.		13,325		71,206
Cholamandalam Investment and Finance Co. Ltd.		8,938		117,090
Cipla Ltd.		10,496		187,444
Coal India Ltd.		32,513		170,736
Colgate-Palmolive India Ltd.		2,573		78,248
Container Corp. of India Ltd.		5,822		68,587
Cummins India Ltd.		2,419		79,924
Dabur India Ltd.		12,177		79,075
Divi’s Laboratories Ltd.		2,501		105,200
DLF Ltd.		14,031		152,428
Dr. Reddy’s Laboratories Ltd.		2,173		168,494
Eicher Motors Ltd.		2,788		127,403
GAIL India Ltd.		45,958		100,850
GMR Airports Infrastructure Ltd.^(a)		46,658		47,268
Godrej Consumer Products Ltd.		8,118		122,907
Godrej Properties Ltd.^(a)		2,911		84,206
Grasim Industries Ltd.		5,658		149,342
Havells India Ltd.		5,125		94,558
HCL Technologies Ltd.		19,106		382,887
HDFC Asset Management Co. Ltd.^(b)		1,681		76,077
HDFC Bank Ltd.		57,020		963,008
HDFC Life Insurance Co. Ltd.^(b)		20,336		142,755
Hero MotoCorp Ltd.		2,355		125,506
Hindalco Industries Ltd.		25,707		155,937
Hindustan Aeronautics Ltd., NVS		3,854		143,092
Hindustan Petroleum Corp. Ltd.		11,808		72,591
Hindustan Unilever Ltd.		16,523		480,733
ICICI Bank Ltd.		105,520		1,340,184
ICICI Lombard General Insurance Co. Ltd.^(b)		4,841		100,011
ICICI Prudential Life Insurance Co. Ltd.^(b)		7,545		48,491
IDFC First Bank Ltd.^(a)		63,394		61,937
Indian Hotels Co. Ltd., Class A		17,653		124,948
Indian Oil Corp. Ltd.		55,063		109,806
Indian Railway Catering & Tourism Corp. Ltd.		4,860		54,342
Indraprastha Gas Ltd.		6,929		35,562
IndusInd Bank Ltd.		4,665		82,868


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Info Edge India Ltd.		1,558	$	98,835
Infosys Ltd.		67,240		1,353,171
InterGlobe Aviation Ltd.^(a)(b)		2,870		108,980
ITC Ltd.		61,090		298,977
Jindal Steel & Power Ltd.		7,913		73,824
Jio Financial Services Ltd., NVS^(a)		57,778		215,697
JSW Steel Ltd.		12,792		123,329
Jubilant Foodworks Ltd.		8,077		45,179
Kotak Mahindra Bank Ltd.		22,427		456,277
Larsen & Toubro Ltd.		13,719		575,187
LTIMindtree Ltd.^(b)		1,830		117,005
Lupin Ltd.		4,100		80,199
Macrotech Developers Ltd.		4,822		67,566
Mahindra & Mahindra Ltd.		19,193		446,904
Marico Ltd.		9,594		60,447
Maruti Suzuki India Ltd.		2,747		373,852
Max Healthcare Institute Ltd.		16,113		154,212
Mphasis Ltd.		1,599		50,444
MRF Ltd.		41		72,280
Muthoot Finance Ltd.		3,075		48,233
Nestle India Ltd., NVS		6,560		205,443
NMDC Ltd.		18,532		50,489
NTPC Ltd.		85,977		347,421
Oil & Natural Gas Corp. Ltd.		62,115		197,612
One 97 Communications Ltd., NVS^(a)		5,183		25,087
Page Industries Ltd.		123		50,894
Persistent Systems Ltd.		950		98,860
Petronet LNG Ltd.		16,113		53,052
PI Industries Ltd.		1,804		79,907
Pidilite Industries Ltd.		3,321		109,651
Polycab India Ltd.		823		47,114
Power Finance Corp. Ltd.		30,465		147,381
Power Grid Corp. of India Ltd.		89,161		304,616
Punjab National Bank		41,615		61,156
REC Ltd.		25,420		135,360
Reliance Industries Ltd.		61,787		2,174,609
Samvardhana Motherson International Ltd.		48,093		69,094
SBI Cards & Payment Services Ltd.		5,494		47,663
SBI Life Insurance Co. Ltd.^(b)		9,266		173,135
Shree Cement Ltd.		205		62,913
Shriram Finance Ltd.		5,822		171,023
Siemens Ltd.		1,804		101,712
Sona Blw Precision Forgings Ltd.^(b)		9,143		75,942
SRF Ltd.		3,116		89,828
State Bank of India		36,777		331,169
Sun Pharmaceutical Industries Ltd.		19,352		367,901
Supreme Industries Ltd.		1,230		61,515
Suzlon Energy Ltd.^(a)		173,588		94,574
Tata Communications Ltd.		1,895		43,885
Tata Consultancy Services Ltd.		18,409		908,136
Tata Consumer Products Ltd.		11,585		166,139
Tata Elxsi Ltd.		738		69,494
Tata Motors Ltd.		34,227		391,869
Tata Motors Ltd., Class A		7,351		55,974
Tata Power Co. Ltd. (The)		29,192		130,922
Tata Steel Ltd.		149,691		253,752
Tech Mahindra Ltd.		11,070		170,115
Titan Co. Ltd.		7,257		317,142
Torrent Pharmaceuticals Ltd.		2,091		67,369
Trent Ltd.		3,813		178,206
Tube Investments of India Ltd.		2,255		94,660
TVS Motor Co. Ltd.		5,002		128,897


Security	Shares		Value

India (continued)
UltraTech Cement Ltd.		2,337	$	278,819
Union Bank of India Ltd.		27,839		49,120
United Spirits Ltd.		6,068		85,296
UPL Ltd.		9,635		54,567
Varun Beverages Ltd.		9,717		165,134
Vedanta Ltd.		15,252		49,146
Wipro Ltd.		26,149		163,139
Yes Bank Ltd.^(a)		282,900		83,187
Zomato Ltd.^(a)		120,950		240,740


				25,544,007

Kazakhstan — 0.0%
Polymetal International PLC^(a)(d)		10,488		1


Russia — 0.0%
Alrosa PJSC^(a)(d)		83,790		9
Gazprom PJSC^(a)(d)		376,774		41
Inter RAO UES PJSC^(a)(d)		1,065,900		117
LUKOIL PJSC^(a)(d)		12,996		1
MMC Norilsk Nickel PJSC^(a)(d)		1,995		—
Mobile TeleSystems PJSC^(a)(d)		16,644		2
Moscow Exchange MICEX-RTS PJSC^(a)(d)		41,040		5
Novatek PJSC^(a)(d)		29,170		3
Novolipetsk Steel PJSC^(a)(d)		41,610		5
Ozon Holdings PLC, ADR^(a)(d)		1,881		—
PhosAgro PJSC^(a)(d)		1,464		—
PhosAgro PJSC, GDR^(a)(d)(e)		1		—
PhosAgro PJSC, New^(a)(d)		28		—
Polyus PJSC^(a)(d)		1,083		—
Rosneft Oil Co. PJSC^(a)(d)		37,278		4
Sberbank of Russia PJSC^(a)(d)		331,170		36
Severstal PAO^(a)(d)		6,669		1
Surgutneftegas PJSC^(a)(d)		182,410		20
Tatneft PJSC^(a)(d)		41,097		5
TCS Group Holding PLC, GDR^(a)(d)(e)		3,884		—
United Co. RUSAL International PJSC^(a)(d)		95,760		11
VK Co. Ltd.^(a)(d)		4,446		1
VTB Bank PJSC^(a)(d)		153,340,001		17
X5 Retail Group NV, GDR^(a)(d)		2,622		—
Yandex NV^(a)(d)		9,690		1


				279


Total Common Stocks — 96.6% (Cost: $90,995,137)				67,145,803


Preferred Stocks

Brazil — 3.2%
Banco Bradesco SA, Preference Shares, NVS		107,594		297,604
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		4,510		43,466
Cia. Energetica de Minas Gerais, Preference Shares, NVS		27,902		67,186
Companhia Paranaense de Energia, Preference Shares, NVS		19,680		40,460
Gerdau SA, Preference Shares, NVS		22,962		99,311
Itau Unibanco Holding SA, Preference Shares, NVS		98,277		670,982
Itausa SA, Preference Shares, NVS		111,343		230,700
Petroleo Brasileiro SA, Preference Shares, NVS		96,770		781,386


				2,231,095


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(d)		193,800	$	21


Total Preferred Stocks — 3.2% (Cost: $1,380,445)				2,231,116


Rights

China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)^(a)		2,278		—


Total Rights — 0.0% (Cost: $—)				—


Total Long-Term Investments — 99.8% (Cost: $92,375,582)				69,376,919


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		830,356		830,771
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(f)(g)		640,000		640,000


Total Short-Term Securities — 2.1% (Cost: $1,470,411)				1,470,771


Total Investments — 101.9% (Cost: $93,845,993)				70,847,690

Liabilities in Excess of Other Assets — (1.9)%				(1,325,608	)


Net Assets — 100.0%			$	69,522,082

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

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

^(f)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,086,148	$	—		$	(255,243	)^(a)	$	(212	)	$	78	$	830,771		830,356	$	5,895	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		310,000	^(a)		—			—			—		640,000		640,000		23,531			—


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

^(a)

Represents net amount purchased (sold).

^(b)


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI China Index		2		03/15/24	$	40	$	(1,215	)
MSCI Emerging Markets Index		1		03/15/24		51		(147	)


							$	(1,362	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,362	$	—	$	—	$	—	$	1,362

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(14,063	)	$	—	$	—	$	—	$	(14,063	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	86		$	—	$	—	$	—	$	86

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	127,588

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	9,588,003	$	57,557,520	$	280	$	67,145,803
Preferred Stocks		2,231,095		—		21		2,231,116
Rights		—		—		—		—
Short-Term Securities
Money Market Funds		1,470,771		—		—		1,470,771


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


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI BIC ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2			Level 3		Total


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(147	)	$	(1,215	)	$	—	$	(1,362	)

^(a)

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

See notes to financial statements.


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 32.3%
360 Security Technology Inc., Class A^(a)		31,099	$	37,809
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		11,700		31,514
AAC Technologies Holdings Inc.		62,500		155,384
Advanced Micro-Fabrication Equipment Inc., Class A		4,600		93,837
AECC Aero-Engine Control Co. Ltd., Class A		6,500		15,945
AECC Aviation Power Co. Ltd., Class A		15,400		73,520
Agricultural Bank of China Ltd., Class A		427,800		248,504
Agricultural Bank of China Ltd., Class H		2,018,000		827,875
Aier Eye Hospital Group Co. Ltd., Class A		37,426		75,882
Air China Ltd., Class A^(a)		57,300		59,344
Air China Ltd., Class H^(a)		124,000		66,400
Akeso Inc.^(a)(b)(c)		35,000		209,875
Alibaba Group Holding Ltd.		1,216,820		11,187,051
Alibaba Health Information Technology Ltd.^(a)(c)		372,000		162,547
Aluminum Corp. of China Ltd., Class A		102,800		85,969
Aluminum Corp. of China Ltd., Class H		244,000		121,583
Amlogic Shanghai Co. Ltd.		2,875		22,295
Anhui Conch Cement Co. Ltd., Class A		13,600		45,144
Anhui Conch Cement Co. Ltd., Class H		98,500		214,334
Anhui Gujing Distillery Co. Ltd., Class A		3,000		90,928
Anhui Gujing Distillery Co. Ltd., Class B		6,525		92,253
Anhui Yingjia Distillery Co. Ltd., Class A		6,200		55,019
ANTA Sports Products Ltd.		99,200		967,106
Asymchem Laboratories Tianjin Co. Ltd., Class A		3,220		45,192
Autohome Inc., ADR		4,843		125,870
Avary Holding Shenzhen Co. Ltd., Class A		5,100		14,900
AVIC Industry-Finance Holdings Co. Ltd., Class A		80,600		37,076
AviChina Industry & Technology Co. Ltd., Class H		231,000		94,782
Baidu Inc.^(a)		167,442		2,118,710
Bank of Beijing Co. Ltd., Class A		103,000		74,038
Bank of Chengdu Co. Ltd., Class A		18,800		34,468
Bank of China Ltd., Class A		178,000		110,297
Bank of China Ltd., Class H		5,909,000		2,318,108
Bank of Communications Co. Ltd., Class A		192,000		166,846
Bank of Communications Co. Ltd., Class H		620,000		406,190
Bank of Hangzhou Co. Ltd., Class A		30,600		47,018
Bank of Jiangsu Co. Ltd., Class A		92,458		98,303
Bank of Nanjing Co. Ltd., Class A		49,700		60,299
Bank of Ningbo Co. Ltd., Class A		31,000		95,552
Bank of Shanghai Co. Ltd., Class A		69,070		62,577
Baoshan Iron & Steel Co. Ltd., Class A		117,800		108,852
BeiGene Ltd.^(a)		49,575		638,266
Beijing Dabeinong Technology Group Co. Ltd., Class A		14,700		10,730
Beijing Enlight Media Co. Ltd., Class A		14,000		17,579
Beijing Enterprises Holdings Ltd.		30,000		112,855
Beijing Enterprises Water Group Ltd.		372,000		87,264
Beijing Kingsoft Office Software Inc., Class A		2,947		110,861
Beijing New Building Materials PLC, Class A		9,200		35,820
Beijing Tongrentang Co. Ltd., Class A		6,300		38,911
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		6,160		63,197
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		198,600		139,155
Bilibili Inc.^(a)(c)		12,407		120,314
Bloomage Biotechnology Corp. Ltd.		4,071		36,077
BOC Aviation Ltd.^(b)		12,400		91,278
BOE Technology Group Co. Ltd., Class A		168,500		93,215
Bosideng International Holdings Ltd.		270,000		135,804
Brilliance China Automotive Holdings Ltd.		124,000		72,179


Security	Shares		Value

China (continued)
BYD Co. Ltd., Class A		9,200	$	242,996
BYD Co. Ltd., Class H		76,500		1,884,200
BYD Electronic International Co. Ltd.		62,000		234,104
C&D International Investment Group Ltd.		63,000		102,434
Caitong Securities Co. Ltd., Class A		13,380		14,806
Cambricon Technologies Corp. Ltd.^(a)		2,910		68,107
Canmax Technologies Co. Ltd., Class A		5,360		16,967
CGN Power Co. Ltd.		93,000		49,814
CGN Power Co. Ltd., Class H^(b)		868,000		263,596
Changchun High & New Technology Industry Group Inc., Class A		3,400		60,705
Changjiang Securities Co. Ltd., Class A		52,200		39,825
Chaozhou Three-Circle Group Co. Ltd., Class A		6,899		24,276
Chengxin Lithium Group Co. Ltd., Class A		6,200		18,830
China Cinda Asset Management Co. Ltd., Class H		807,000		77,272
China CITIC Bank Corp. Ltd., Class H		670,000		356,231
China Coal Energy Co. Ltd., Class H		127,000		136,769
China Communications Services Corp. Ltd., Class H		248,000		105,345
China Construction Bank Corp., Class A		43,500		42,211
China Construction Bank Corp., Class H		7,187,000		4,457,062
China CSSC Holdings Ltd., Class A		23,200		114,336
China Eastern Airlines Corp. Ltd., Class A^(a)		143,672		75,843
China Energy Engineering Corp. Ltd.		156,500		47,289
China Everbright Bank Co. Ltd., Class A		237,600		106,065
China Everbright Bank Co. Ltd., Class H		191,000		59,716
China Feihe Ltd.^(b)		249,000		123,850
China Galaxy Securities Co. Ltd., Class A		18,600		31,349
China Galaxy Securities Co. Ltd., Class H		208,000		109,290
China Gas Holdings Ltd.		186,000		170,224
China Great Wall Securities Co. Ltd., Class A		25,200		27,646
China Hongqiao Group Ltd.		171,000		132,334
China International Capital Corp. Ltd., Class A		12,500		60,609
China International Capital Corp. Ltd., Class H^(b)		99,200		124,353
China Jushi Co. Ltd., Class A		19,400		26,931
China Life Insurance Co. Ltd., Class A		7,800		32,738
China Life Insurance Co. Ltd., Class H		579,000		709,732
China Literature Ltd.^(a)(b)		25,200		77,256
China Longyuan Power Group Corp. Ltd., Class H		229,000		161,379
China Medical System Holdings Ltd.		125,000		205,484
China Mengniu Dairy Co. Ltd.		259,000		647,588
China Merchants Bank Co. Ltd., Class A		86,800		384,379
China Merchants Bank Co. Ltd., Class H		279,331		1,080,178
China Merchants Energy Shipping Co. Ltd., Class A		25,000		24,978
China Merchants Expressway Network & Technology Holdings Co. Ltd.		62,000		90,767
China Merchants Port Holdings Co. Ltd.		128,000		158,880
China Merchants Securities Co. Ltd., Class A		43,470		85,051
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		41,475		54,116
China Minsheng Banking Corp. Ltd., Class A		198,600		111,268
China Minsheng Banking Corp. Ltd., Class H		447,660		157,551
China National Building Material Co. Ltd., Class H		224,000		84,248
China National Chemical Engineering Co. Ltd., Class A		46,000		44,519
China National Nuclear Power Co. Ltd., Class A		81,100		97,630
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		21,300		55,709
China Oilfield Services Ltd., Class H		176,000		154,879
China Overseas Land & Investment Ltd.		280,000		413,509
China Overseas Property Holdings Ltd.		120,000		100,888
China Pacific Insurance Group Co. Ltd., Class A		33,400		118,271
China Pacific Insurance Group Co. Ltd., Class H		180,800		342,951
China Petroleum & Chemical Corp., Class A		131,000		113,360


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China Petroleum & Chemical Corp., Class H		1,794,600	$	988,741
China Power International Development Ltd.		388,000		156,726
China Railway Group Ltd., Class A		86,896		76,440
China Railway Group Ltd., Class H		303,000		147,588
China Renewable Energy Investment Ltd.^(d)		2,513		—
China Resources Beer Holdings Co. Ltd.		126,000		542,928
China Resources Gas Group Ltd.		66,400		200,377
China Resources Land Ltd.		249,777		762,907
China Resources Microelectronics Ltd.		8,542		50,701
China Resources Mixc Lifestyle Services Ltd.^(b)		50,000		150,691
China Resources Pharmaceutical Group Ltd.^(b)		125,000		84,542
China Resources Power Holdings Co. Ltd.		158,000		340,119
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		6,490		49,514
China Ruyi Holdings Ltd.^(a)(c)		396,000		77,731
China Shenhua Energy Co. Ltd., Class A		32,200		172,032
China Shenhua Energy Co. Ltd., Class H		248,000		954,227
China Southern Airlines Co. Ltd., Class A^(a)		68,800		56,413
China State Construction Engineering Corp. Ltd., Class A		175,140		129,795
China State Construction International Holdings Ltd.		134,000		149,318
China Taiping Insurance Holdings Co. Ltd.		112,500		97,742
China Three Gorges Renewables Group Co. Ltd., Class A		117,800		75,472
China Tourism Group Duty Free Corp. Ltd.^(b)(c)		6,200		60,712
China Tourism Group Duty Free Corp. Ltd., Class A		10,300		124,032
China Tower Corp. Ltd., Class H^(b)		3,348,000		405,804
China United Network Communications Ltd., Class A		147,000		97,813
China Vanke Co. Ltd., Class A		58,900		81,832
China Vanke Co. Ltd., Class H		130,200		100,382
China Yangtze Power Co. Ltd., Class A		105,500		366,726
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,900		31,014
China Zheshang Bank Co. Ltd., Class A		172,010		66,299
Chongqing Brewery Co. Ltd., Class A		3,199		28,984
Chongqing Changan Automobile Co. Ltd., Class A		43,412		89,550
Chongqing Zhifei Biological Products Co. Ltd., Class A		8,250		61,174
Chow Tai Fook Jewellery Group Ltd.		148,800		221,723
CITIC Ltd.		434,000		436,592
CITIC Securities Co. Ltd., Class A		49,690		146,613
CITIC Securities Co. Ltd., Class H		125,225		231,473
CMOC Group Ltd., Class A		52,300		44,517
CMOC Group Ltd., Class H		315,000		194,326
Contemporary Amperex Technology Co. Ltd., Class A		21,420		484,466
COSCO Shipping Energy Transportation Co. Ltd., Class A		1,300		2,479
COSCO Shipping Energy Transportation Co. Ltd., Class H		128,000		121,104
COSCO Shipping Holdings Co. Ltd., Class A		50,250		73,216
COSCO Shipping Holdings Co. Ltd., Class H		217,950		234,632
COSCO Shipping Ports Ltd.		68,000		40,575
Country Garden Holdings Co. Ltd.^(a)(c)		930,828		75,642
Country Garden Services Holdings Co. Ltd.		177,000		134,730
CRRC Corp. Ltd., Class A		125,700		111,235
CRRC Corp. Ltd., Class H		306,000		157,545
CSC Financial Co. Ltd., Class A		19,100		61,599
CSPC Innovation Pharmaceutical Co. Ltd.		6,200		29,450
CSPC Pharmaceutical Group Ltd.		621,200		483,821
CSSC Science & Technology Co. Ltd.		6,200		15,085
Daqin Railway Co. Ltd., Class A		73,300		75,880
Dong-E-E-Jiao Co. Ltd., Class A		6,500		52,462
Dongfang Electric Corp. Ltd., Class A		6,200		14,060


Security	Shares		Value

China (continued)
Dongfeng Motor Group Co. Ltd., Class H		256,000	$	109,506
Dongxing Securities Co. Ltd., Class A		12,400		14,589
East Buy Holding Ltd.^(a)(b)(c)		31,000		95,557
East Money Information Co. Ltd., Class A		56,298		109,358
Ecovacs Robotics Co. Ltd., Class A		3,600		18,611
Empyrean Technology Co. Ltd., NVS		6,200		78,292
ENN Energy Holdings Ltd.		62,100		504,242
ENN Natural Gas Co. Ltd., Class A		12,400		32,201
Eve Energy Co. Ltd., Class A		12,400		65,796
Everbright Securities Co. Ltd., Class A		18,600		43,580
Fangda Carbon New Material Co. Ltd., Class A^(a)		31,440		21,465
Far East Horizon Ltd.		133,000		106,848
First Capital Securities Co. Ltd., Class A		40,400		32,075
Flat Glass Group Co. Ltd., Class A		3,000		9,078
Flat Glass Group Co. Ltd., Class H		51,000		94,287
Focus Media Information Technology Co. Ltd., Class A		79,000		68,877
Foshan Haitian Flavouring & Food Co. Ltd., Class A		18,748		105,367
Fosun International Ltd.		188,500		108,753
Founder Securities Co. Ltd., Class A		43,400		45,884
Foxconn Industrial Internet Co. Ltd., Class A		49,800		129,139
Fuyao Glass Industry Group Co. Ltd., Class A		6,300		37,830
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		53,600		268,666
Ganfeng Lithium Group Co. Ltd., Class A		10,920		60,555
Ganfeng Lithium Group Co. Ltd., Class H^(b)(c)		30,880		102,300
GCL Technology Holdings Ltd.		1,612,000		224,227
GD Power Development Co. Ltd., Class A		87,600		56,889
Geely Automobile Holdings Ltd.		440,000		478,840
GEM Co. Ltd., Class A		45,700		33,964
Genscript Biotech Corp.^(a)(c)		102,000		206,207
GF Securities Co. Ltd., Class A		29,800		58,545
GF Securities Co. Ltd., Class H		69,800		74,947
Giant Biogene Holding Co. Ltd.^(a)(b)		12,400		56,698
GigaDevice Semiconductor Inc., Class A		5,000		50,804
Ginlong Technologies Co. Ltd., Class A		2,800		25,274
GoerTek Inc., Class A		21,700		50,141
Goldwind Science & Technology Co Ltd., Class A		25,102		26,593
Gongniu Group Co. Ltd.		6,200		87,755
Gotion High-tech Co. Ltd., Class A^(a)		9,000		24,704
Great Wall Motor Co. Ltd.		12,600		40,852
Great Wall Motor Co. Ltd., Class H		159,500		180,020
Gree Electric Appliances Inc. of Zhuhai, Class A		12,400		67,105
Guangdong Haid Group Co. Ltd., Class A		2,800		16,728
Guangdong Investment Ltd.		256,000		151,915
Guanghui Energy Co. Ltd., Class A		21,300		22,133
Guangzhou Automobile Group Co. Ltd., Class A		49,900		61,590
Guangzhou Automobile Group Co. Ltd., Class H		92,800		40,154
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		13,200		54,207
Guangzhou Haige Communications Group Inc. Co., Class A		43,400		69,619
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		5,000		27,177
Guangzhou Tinci Materials Technology Co. Ltd., Class A		18,600		53,273
Guosen Securities Co. Ltd., Class A		31,500		37,639
Guotai Junan Securities Co. Ltd., Class A		37,600		78,658
Guoyuan Securities Co. Ltd., Class A		31,240		30,204
H World Group Ltd., ADR		15,500		566,680
Haidilao International Holding Ltd.^(b)		134,000		243,689
Haier Smart Home Co. Ltd., Class A		31,200		103,924
Haier Smart Home Co. Ltd., Class H		173,600		525,772
Hainan Airlines Holding Co. Ltd., Class A^(a)		155,000		30,767


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Hainan Airport Infrastructure Co. Ltd., NVS^(a)		91,900	$	47,771
Haitian International Holdings Ltd.		64,000		162,052
Haitong Securities Co. Ltd., Class A		50,400		63,846
Haitong Securities Co. Ltd., Class H		173,600		86,174
Hangzhou First Applied Material Co. Ltd., Class A		6,664		25,691
Hangzhou Robam Appliances Co. Ltd., Class A		6,300		21,804
Hangzhou Silan Microelectronics Co. Ltd., Class A		10,900		31,569
Hangzhou Tigermed Consulting Co. Ltd., Class A		3,400		21,226
Hansoh Pharmaceutical Group Co. Ltd.^(b)		104,000		183,307
Henan Shuanghui Investment & Development Co. Ltd., Class A		14,656		59,329
Hengan International Group Co. Ltd.		57,000		175,685
Hengli Petrochemical Co. Ltd., Class A^(a)		37,300		65,893
Hengyi Petrochemical Co. Ltd., Class A^(a)		37,290		35,741
Hesteel Co. Ltd., Class A		74,400		22,478
Hithink RoyalFlush Information Network Co. Ltd., Class A		3,700		70,207
HLA Group Corp. Ltd., Class A		18,600		22,237
Hongfa Technology Co. Ltd., Class A		5,840		20,138
Hoshine Silicon Industry Co. Ltd., Class A		12,400		91,197
Hua Hong Semiconductor Ltd.^(a)(b)		53,000		113,591
Huadian Power International Corp. Ltd., Class A		39,200		33,671
Huadong Medicine Co. Ltd., Class A		6,372		29,671
Hualan Biological Engineering Inc., Class A		12,600		34,432
Huaneng Power International Inc., Class A^(a)		50,800		62,155
Huaneng Power International Inc., Class H^(a)		280,000		157,041
Huatai Securities Co. Ltd., Class A		37,300		75,113
Huatai Securities Co. Ltd., Class H^(b)		76,800		90,649
Huaxia Bank Co. Ltd., Class A		68,200		59,967
Huayu Automotive Systems Co. Ltd., Class A		21,500		52,019
Huizhou Desay Sv Automotive Co. Ltd., Class A		4,100		58,158
Hunan Valin Steel Co. Ltd., Class A		24,900		19,616
Hundsun Technologies Inc., Class A		2,775		9,384
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		19,800		74,326
Hygon Information Technology Co. Ltd., NVS		7,874		92,943
IEIT Systems Co. Ltd., Class A		8,500		44,102
Iflytek Co. Ltd., Class A		9,700		66,559
Imeik Technology Development Co. Ltd., Class A		1,500		68,104
Industrial & Commercial Bank of China Ltd., Class A		291,700		215,564
Industrial & Commercial Bank of China Ltd., Class H		4,851,000		2,486,684
Industrial Bank Co. Ltd., Class A		93,200		215,001
Industrial Securities Co. Ltd., Class A		56,240		45,298
Ingenic Semiconductor Co. Ltd., Class A		3,600		32,597
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		217,000		46,364
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		83,100		44,807
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		31,100		122,100
Inner Mongolia Yitai Coal Co. Ltd., Class B		80,600		161,897
Innovent Biologics Inc.^(a)(b)		93,000		501,521
iQIYI Inc., ADR^(a)		33,915		125,146
JA Solar Technology Co. Ltd., Class A		13,488		35,036
JCET Group Co. Ltd., Class A		3,700		13,430
JD Health International Inc.^(a)(b)(c)		80,200		302,480
JD Logistics Inc.^(a)(b)		130,200		128,560
JD.com Inc.		176,444		1,991,326
Jiangsu Eastern Shenghong Co. Ltd., Class A		25,300		36,827
Jiangsu Expressway Co. Ltd., Class H		134,000		137,643
Jiangsu Hengli Hydraulic Co. Ltd., Class A		3,820		30,076
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		28,176		166,283
Jiangsu King’s Luck Brewery JSC Ltd., Class A		6,300		46,782
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,503		34,927
Jiangsu Yangnong Chemical Co. Ltd., Class A		2,990		22,667


Security	Shares		Value

China (continued)
Jiangsu Zhongtian Technology Co. Ltd., Class A		7,900	$	14,326
Jiangxi Copper Co. Ltd., Class A		24,400		66,147
Jiangxi Copper Co. Ltd., Class H		78,000		115,761
Jinko Solar Co. Ltd.		24,993		30,648
JiuGui Liquor Co. Ltd., Class A		2,400		20,240
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		12,929		21,603
Jointown Pharmaceutical Group Co. Ltd., Class A		24,853		28,073
Juneyao Airlines Co. Ltd., Class A^(a)		18,800		34,647
Kanzhun Ltd., ADR		16,678		261,011
KE Holdings Inc., ADR		49,043		666,494
Kingboard Holdings Ltd.		62,000		121,611
Kingdee International Software Group Co. Ltd.^(a)		225,000		241,940
Kingsoft Corp. Ltd.		64,600		179,500
Kuaishou Technology^(a)(b)		176,900		998,938
Kunlun Energy Co. Ltd.		232,000		197,783
Kunlun Tech Co. Ltd., Class A^(a)		6,400		35,897
Kweichow Moutai Co. Ltd., Class A		5,818		1,364,839
LB Group Co. Ltd., Class A		18,700		48,657
Legend Biotech Corp., ADR^(a)		5,084		331,273
Lenovo Group Ltd.		602,000		665,047
Lens Technology Co. Ltd., Class A		24,900		41,779
Lepu Medical Technology Beijing Co. Ltd., Class A		5,200		10,889
Li Auto Inc.^(a)		86,748		1,979,759
Li Ning Co. Ltd.		155,000		383,487
Longfor Group Holdings Ltd.^(b)		155,500		194,764
LONGi Green Energy Technology Co. Ltd., Class A		31,256		92,012
Luxshare Precision Industry Co. Ltd., Class A		31,141		119,164
Luzhou Laojiao Co. Ltd., Class A		7,700		186,712
Mango Excellent Media Co. Ltd., Class A		6,300		21,632
Maxscend Microelectronics Co. Ltd., Class A		2,820		42,049
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		12,384		9,556
Meituan, Class B^(a)(b)		378,750		3,845,133
Metallurgical Corp. of China Ltd., Class A		55,800		25,752
MGI Tech Co. Ltd., NVS		3,782		37,535
Midea Group Co. Ltd., Class A		18,600		161,650
Ming Yang Smart Energy Group Ltd., Class A		12,300		17,408
MINISO Group Holding Ltd.		30,940		142,203
Montage Technology Co. Ltd., Class A		8,400		60,908
Muyuan Foods Co. Ltd., Class A		29,211		155,626
NARI Technology Co. Ltd., Class A		33,793		108,596
National Silicon Industry Group Co. Ltd., Class A^(a)		12,400		26,510
NAURA Technology Group Co. Ltd., Class A		3,400		133,993
NetEase Inc.		142,700		3,099,811
New China Life Insurance Co. Ltd., Class A		12,600		57,214
New China Life Insurance Co. Ltd., Class H		48,200		92,594
New Hope Liuhe Co. Ltd., Class A^(a)		43,500		53,370
New Oriental Education & Technology Group Inc.^(a)		111,860		1,051,292
Ninestar Corp., Class A		7,200		23,411
Ningbo Deye Technology Co. Ltd., NVS		2,700		31,352
Ningbo Orient Wires & Cables Co. Ltd.		6,200		33,310
Ningbo Sanxing Medical Electric Co. Ltd.		12,400		46,528
Ningbo Shanshan Co. Ltd.		18,600		29,521
Ningbo Tuopu Group Co. Ltd., Class A		6,700		54,420
Ningxia Baofeng Energy Group Co. Ltd., Class A		43,500		91,966
NIO Inc., ADR^(a)(c)		102,929		591,842
Nongfu Spring Co. Ltd., Class H^(b)		148,800		841,434
OFILM Group Co. Ltd., Class A^(a)		14,900		16,872
Oppein Home Group Inc., Class A		3,800		36,559
Orient Overseas International Ltd.		12,500		193,567
Orient Securities Co. Ltd., Class A		37,444		45,710


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		43,400	$	19,167
PDD Holdings Inc., ADR^(a)		44,635		5,558,843
People’s Insurance Co. Group of China Ltd. (The), Class A		25,100		18,246
People’s Insurance Co. Group of China Ltd. (The), Class H		683,000		227,510
Perfect World Co. Ltd., Class A		12,996		21,073
PetroChina Co. Ltd., Class A		105,400		129,023
PetroChina Co. Ltd., Class H		1,524,000		1,195,291
Pharmaron Beijing Co. Ltd., Class A		5,400		17,451
PICC Property & Casualty Co. Ltd., Class H		550,740		752,927
Ping An Bank Co. Ltd., Class A		86,536		126,879
Ping An Insurance Group Co. of China Ltd., Class A		43,600		258,604
Ping An Insurance Group Co. of China Ltd., Class H		491,500		2,185,783
Poly Developments and Holdings Group Co. Ltd., Class A		53,400		72,173
Pop Mart International Group Ltd.^(b)		32,000		79,775
Postal Savings Bank of China Co. Ltd., Class A		149,200		100,216
Postal Savings Bank of China Co. Ltd., Class H^(b)		581,000		305,242
Power Construction Corp. of China Ltd., Class A		87,200		61,747
Qifu Technology Inc.		8,333		128,745
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		18,700		41,890
Range Intelligent Computing Technology Group Co. Ltd.		12,400		44,618
Rongsheng Petrochemical Co. Ltd., Class A		49,128		69,854
SAIC Motor Corp. Ltd., Class A		44,422		92,079
Sanan Optoelectronics Co. Ltd., Class A		24,800		42,773
Sany Heavy Equipment International Holdings Co. Ltd.		63,000		48,716
Sany Heavy Industry Co. Ltd., Class A		37,400		72,158
Satellite Chemical Co. Ltd., Class A^(a)		31,012		71,195
SDIC Capital Co. Ltd., Class A		24,900		23,844
SDIC Power Holdings Co. Ltd., Class A		37,200		74,386
Seazen Holdings Co. Ltd., Class A^(a)		14,900		21,414
Seres Group Co. Ltd., NVS^(a)		6,200		79,068
SF Holding Co. Ltd., Class A		25,100		133,106
SG Micro Corp., Class A		3,510		34,435
Shaanxi Coal Industry Co. Ltd., Class A		43,573		155,801
Shan Xi Hua Yang Group New Energy Co. Ltd.		16,650		23,365
Shandong Gold Mining Co. Ltd., Class A		24,860		74,608
Shandong Gold Mining Co. Ltd., Class H^(b)		46,500		73,473
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,100		23,235
Shandong Linglong Tyre Co. Ltd., Class A		12,405		38,074
Shandong Nanshan Aluminum Co. Ltd., Class A		136,500		58,691
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		197,200		128,201
Shanghai Aiko Solar Energy Co. Ltd.		9,880		20,706
Shanghai Baosight Software Co. Ltd., Class A		4,040		26,232
Shanghai Baosight Software Co. Ltd., Class B		33,276		74,767
Shanghai Electric Group Co. Ltd., Class A^(a)		81,600		47,963
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		6,300		21,455
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		43,500		78,382
Shanghai International Airport Co. Ltd., Class A^(a)		6,900		33,604
Shanghai International Port Group Co. Ltd., Class A		24,300		18,306
Shanghai Jinjiang International Hotels Co. Ltd., Class A		7,056		28,403
Shanghai Junshi Biosciences Co. Ltd.^(a)		5,200		22,677
Shanghai M&G Stationery Inc., Class A		200		988
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		18,900		47,478


Security	Shares		Value

China (continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		51,600	$	82,978
Shanghai Pudong Development Bank Co. Ltd., Class A		155,500		154,073
Shanghai Putailai New Energy Technology Co. Ltd., Class A		11,275		29,345
Shanghai RAAS Blood Products Co. Ltd., Class A		23,700		23,642
Shanghai Rural Commercial Bank Co. Ltd.		56,000		50,092
Shanghai United Imaging Healthcare Co. Ltd., NVS		3,696		73,045
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		6,200		17,157
Shanxi Coal International Energy Group Co. Ltd.		12,700		32,396
Shanxi Coking Coal Energy Group Co. Ltd., Class A		25,080		40,499
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		24,800		88,925
Shanxi Meijin Energy Co. Ltd., Class A^(a)		33,900		32,276
Shanxi Taigang Stainless Steel Co. Ltd., Class A		74,400		39,113
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		6,220		200,251
Shede Spirits Co. Ltd.		6,200		69,946
Shennan Circuits Co. Ltd., Class A		3,800		36,967
Shenwan Hongyuan Group Co. Ltd., Class A		110,700		70,285
Shenzhen Energy Group Co. Ltd., Class A		31,420		28,712
Shenzhen Goodix Technology Co. Ltd., Class A^(a)		6,200		54,460
Shenzhen Inovance Technology Co. Ltd., Class A		6,650		58,234
Shenzhen Kangtai Biological Products Co. Ltd., Class A		1,020		3,428
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		6,400		255,899
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		6,200		69,598
Shenzhen Overseas Chinese Town Co. Ltd., Class A^(a)		37,200		15,816
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		6,300		25,489
Shenzhen Transsion Holding Co. Ltd., Class A		3,212		70,801
Shenzhou International Group Holdings Ltd.		58,000		475,744
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		10,620		31,594
Sichuan Changhong Electric Co. Ltd.		24,800		17,699
Sichuan Chuantou Energy Co. Ltd., Class A		24,000		52,154
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		7,300		27,746
Sichuan Road & Bridge Co. Ltd., Class A		33,720		38,156
Sichuan Swellfun Co. Ltd., Class A		3,700		25,726
Sino Biopharmaceutical Ltd.		746,250		296,604
Sinoma International Engineering Co.		6,400		9,947
Sinoma Science & Technology Co. Ltd., Class A		18,900		41,007
Sinopharm Group Co. Ltd., Class H		112,800		315,663
Sinotruk Hong Kong Ltd.		41,500		109,720
Smoore International Holdings Ltd.^(b)(c)		153,000		106,361
Songcheng Performance Development Co. Ltd., Class A		10,600		15,853
SooChow Securities Co. Ltd., Class A		25,036		25,324
Spring Airlines Co. Ltd., Class A^(a)		6,145		48,920
StarPower Semiconductor Ltd., Class A		1,300		27,324
Sungrow Power Supply Co. Ltd., Class A		2,900		35,012
Sunny Optical Technology Group Co. Ltd.		49,800		320,508
Sunwoda Electronic Co. Ltd., Class A		13,600		26,783
SUPCON Technology Co. Ltd.		2,391		15,251
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		13,600		28,220
Suzhou Maxwell Technologies Co. Ltd., Class A		2,080		35,009
TAL Education Group, ADR^(a)		32,302		475,808
TBEA Co. Ltd., Class A		24,200		49,957
TCL Technology Group Corp., Class A^(a)		111,170		69,754
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		8,075		15,133


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Tencent Holdings Ltd.		496,000	$	17,375,186
Tencent Music Entertainment Group, ADR^(a)		56,513		591,691
Thunder Software Technology Co. Ltd., Class A		3,200		26,872
Tianfeng Securities Co. Ltd., Class A^(a)		167,400		72,476
Tianma Microelectronics Co. Ltd., Class A^(a)		24,800		31,482
Tianqi Lithium Corp., Class A		7,300		54,193
Tingyi Cayman Islands Holding Corp.		180,000		200,170
Tongcheng Travel Holdings Ltd.^(a)		97,200		244,356
Tongling Nonferrous Metals Group Co. Ltd., Class A		95,800		43,498
Tongwei Co. Ltd., Class A		18,900		69,379
Topsports International Holdings Ltd.^(b)		136,000		92,034
TravelSky Technology Ltd., Class H		80,000		95,637
Trina Solar Co. Ltd.		12,385		43,049
Trip.com Group Ltd.^(a)		41,647		1,890,369
Tsingtao Brewery Co. Ltd., Class A		464		5,155
Tsingtao Brewery Co. Ltd., Class H		48,000		307,139
Unigroup Guoxin Microelectronics Co. Ltd., Class A^(a)		6,159		61,026
Unisplendour Corp. Ltd., Class A^(a)		12,480		38,250
Vinda International Holdings Ltd.		24,000		71,077
Vipshop Holdings Ltd., ADR^(a)		26,102		502,464
Walvax Biotechnology Co. Ltd., Class A		11,200		28,557
Wanhua Chemical Group Co. Ltd., Class A		15,900		174,912
Want Want China Holdings Ltd.		372,000		205,254
Weichai Power Co. Ltd., Class A		25,124		58,866
Weichai Power Co. Ltd., Class H		162,200		319,268
Wens Foodstuffs Group Co. Ltd., Class A		31,360		83,465
Western Securities Co. Ltd., Class A		28,900		31,953
Will Semiconductor Co. Ltd. Shanghai, Class A		7,530		99,969
Wingtech Technology Co. Ltd., Class A^(a)		2,700		14,278
Wuhan Guide Infrared Co. Ltd., Class A		54,505		47,630
Wuliangye Yibin Co. Ltd., Class A		19,100		375,779
WUS Printed Circuit Kunshan Co. Ltd., Class A		6,500		23,825
WuXi AppTec Co. Ltd., Class A		12,604		94,987
WuXi AppTec Co. Ltd., Class H^(b)(c)		24,996		154,088
Wuxi Biologics Cayman Inc.^(a)(b)		295,500		699,924
XCMG Construction Machinery Co. Ltd., Class A		62,400		51,312
Xiamen C & D Inc., Class A		14,700		21,171
Xiamen Faratronic Co. Ltd.		1,700		24,559
Xiaomi Corp., Class B^(a)(b)		1,142,000		1,919,043
Xinjiang Daqo New Energy Co. Ltd.		56		227
Xinyi Solar Holdings Ltd.		290,000		175,608
XPeng Inc.^(a)(c)		80,652		377,475
Yadea Group Holdings Ltd.^(b)		122,000		191,671
Yankuang Energy Group Co. Ltd., Class A		50		179
Yankuang Energy Group Co. Ltd., Class H^(a)		151,000		348,212
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		3,000		12,557
Yealink Network Technology Corp. Ltd., Class A		6,780		27,585
Yifeng Pharmacy Chain Co. Ltd., Class A		6,840		37,351
Yihai Kerry Arawana Holdings Co. Ltd., Class A		13,500		60,415
Yintai Gold Co. Ltd., Class A		6,200		12,857
YongXing Special Materials Technology Co. Ltd., Class A		3,900		29,807
Yonyou Network Technology Co. Ltd., Class A		18,618		32,739
YTO Express Group Co. Ltd., Class A		6,200		10,957
Yuexiu Property Co. Ltd.		124,600		82,861
Yum China Holdings Inc.		30,504		1,308,317
Yunda Holding Co. Ltd., Class A		9,880		9,872
Yunnan Aluminium Co. Ltd., Class A		18,600		29,813
Yunnan Baiyao Group Co. Ltd., Class A		6,280		43,356
Yunnan Botanee Bio-Technology Group Co. Ltd.		2,100		19,090
Yunnan Energy New Material Co. Ltd., Class A		5,600		35,625
Zai Lab Ltd.^(a)		72,320		154,344


Security	Shares		Value

China (continued)
Zangge Mining Co. Ltd.		24,800	$	100,798
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		3,800		117,427
Zhaojin Mining Industry Co. Ltd., Class H		93,000		96,159
Zhejiang China Commodities City Group Co. Ltd., Class A		24,800		28,230
Zhejiang Chint Electrics Co. Ltd., Class A		19,800		56,453
Zhejiang Dahua Technology Co. Ltd., Class A		15,800		40,493
Zhejiang Expressway Co. Ltd., Class H		94,320		71,930
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		13,900		26,841
Zhejiang Huayou Cobalt Co. Ltd., Class A		4,320		16,571
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		6,200		31,816
Zhejiang Juhua Co. Ltd., Class A		18,600		52,679
Zhejiang Leapmotor Technology Co. Ltd.^(a)(b)(c)		34,866		121,983
Zhejiang NHU Co. Ltd., Class A		6,660		16,624
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		18,600		64,319
Zhejiang Weiming Environment Protection Co. Ltd., Class A		12,700		31,546
Zhejiang Zheneng Electric Power Co. Ltd., Class A^(a)		93,000		69,430
Zheshang Securities Co. Ltd., Class A		25,200		35,793
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		43,400		68,343
Zhongji Innolight Co. Ltd., Class A		6,200		133,491
Zhongjin Gold Corp. Ltd., Class A		55,800		80,683
Zhongsheng Group Holdings Ltd.		57,000		103,776
Zhongtai Securities Co. Ltd.		50,200		48,358
Zhuzhou CRRC Times Electric Co. Ltd.		43,000		126,074
Zijin Mining Group Co. Ltd., Class A		93,000		168,535
Zijin Mining Group Co. Ltd., Class H		448,000		719,633
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		34,700		38,499
ZTE Corp., Class A		12,400		51,304
ZTE Corp., Class H		57,760		130,103
ZTO Express Cayman Inc., ADR		31,091		596,636


				132,895,515

India — 22.9%
ABB India Ltd.		3,954		259,196
Adani Enterprises Ltd.		12,543		496,806
Adani Green Energy Ltd.^(a)		23,499		537,069
Adani Ports & Special Economic Zone Ltd.		39,615		628,922
Adani Power Ltd.^(a)		56,681		375,122
Ambuja Cements Ltd.		44,083		321,953
APL Apollo Tubes Ltd.		12,648		235,565
Apollo Hospitals Enterprise Ltd.		7,502		552,292
Ashok Leyland Ltd.		106,268		217,663
Asian Paints Ltd.		28,521		972,809
Astral Ltd.		9,238		230,528
AU Small Finance Bank Ltd.^(b)		12,480		85,551
Aurobindo Pharma Ltd.		19,532		242,129
Avenue Supermarts Ltd.^(a)(b)		12,400		585,591
Axis Bank Ltd.		172,111		2,227,981
Bajaj Auto Ltd.		4,904		467,395
Bajaj Finance Ltd.		20,321		1,585,396
Bajaj Finserv Ltd.		29,142		559,375
Bajaj Holdings & Investment Ltd.		2,046		225,693
Balkrishna Industries Ltd.		6,405		172,040
Bandhan Bank Ltd.^(b)		55,039		129,613
Bank of Baroda		83,068		265,778
Berger Paints India Ltd.		21,962		160,700
Bharat Electronics Ltd.		266,662		658,681
Bharat Forge Ltd.		20,039		277,865


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Bharat Heavy Electricals Ltd.		73,814	$	202,570
Bharat Petroleum Corp. Ltd.		55,404		402,641
Bharti Airtel Ltd.		166,657		2,256,369
Britannia Industries Ltd.		8,194		491,055
CG Power and Industrial Solutions Ltd.		46,004		245,837
Cholamandalam Investment and Finance Co. Ltd.		31,462		412,162
Cipla Ltd.		38,316		684,270
Coal India Ltd.		113,336		595,163
Colgate-Palmolive India Ltd.		9,052		275,282
Container Corp. of India Ltd.		22,072		260,023
Cummins India Ltd.		10,540		348,244
Dabur India Ltd.		46,190		299,948
Divi’s Laboratories Ltd.		8,860		372,678
DLF Ltd.		55,394		601,782
Dr. Reddy’s Laboratories Ltd.		8,710		675,373
Eicher Motors Ltd.		10,122		462,543
GAIL India Ltd.		175,364		384,817
GMR Airports Infrastructure Ltd.^(a)		172,161		174,411
Godrej Consumer Products Ltd.		30,467		461,272
Godrej Properties Ltd.^(a)		9,651		279,173
Grasim Industries Ltd.		20,866		550,755
Havells India Ltd.		18,065		333,307
HCL Technologies Ltd.		69,874		1,400,287
HDFC Asset Management Co. Ltd.^(b)		6,448		291,818
HDFC Bank Ltd.		209,470		3,537,729
HDFC Life Insurance Co. Ltd.^(b)		73,848		518,401
Hero MotoCorp Ltd.		8,657		461,362
Hindalco Industries Ltd.		99,373		602,789
Hindustan Aeronautics Ltd., NVS		15,128		561,676
Hindustan Petroleum Corp. Ltd.		41,318		254,009
Hindustan Unilever Ltd.		60,699		1,766,022
ICICI Bank Ltd.		388,951		4,939,974
ICICI Lombard General Insurance Co. Ltd.^(b)		18,280		377,648
ICICI Prudential Life Insurance Co. Ltd.^(b)		27,972		179,775
IDFC First Bank Ltd.^(a)		267,010		260,874
Indian Hotels Co. Ltd., Class A		67,828		480,088
Indian Oil Corp. Ltd.		211,322		421,415
Indian Railway Catering & Tourism Corp. Ltd.		18,662		208,670
Indraprastha Gas Ltd.		23,872		122,518
IndusInd Bank Ltd.		21,575		383,252
Info Edge India Ltd.		5,234		332,029
Infosys Ltd.		248,993		5,010,857
InterGlobe Aviation Ltd.^(a)(b)		11,516		437,285
ITC Ltd.		221,607		1,084,555
Jindal Steel & Power Ltd.		26,498		247,212
Jio Financial Services Ltd., NVS^(a)		213,193		795,892
JSW Steel Ltd.		45,884		442,374
Jubilant Foodworks Ltd.		29,515		165,093
Kotak Mahindra Bank Ltd.		82,399		1,676,406
Larsen & Toubro Ltd.		50,246		2,106,629
LTIMindtree Ltd.^(b)		6,405		409,517
Lupin Ltd.		15,882		310,665
Macrotech Developers Ltd.		17,050		238,903
Mahindra & Mahindra Ltd.		69,874		1,626,997
Marico Ltd.		37,076		233,597
Maruti Suzuki India Ltd.		10,355		1,409,258
Max Healthcare Institute Ltd.		60,451		578,557
Mphasis Ltd.		5,660		178,556
MRF Ltd.		143		252,100
Muthoot Finance Ltd.		10,203		160,039
Nestle India Ltd., NVS		24,782		776,111
NMDC Ltd.		65,018		177,137


Security	Shares		Value

India (continued)
NTPC Ltd.		327,805	$	1,324,613
Oil & Natural Gas Corp. Ltd.		228,812		727,939
One 97 Communications Ltd., NVS^(a)		16,492		79,826
Page Industries Ltd.		475		196,542
Persistent Systems Ltd.		3,472		361,307
Petronet LNG Ltd.		53,194		175,142
PI Industries Ltd.		6,131		271,570
Pidilite Industries Ltd.		12,116		400,041
Polycab India Ltd.		3,096		177,234
Power Finance Corp. Ltd.		110,541		534,765
Power Grid Corp. of India Ltd.		349,667		1,194,629
Punjab National Bank		161,592		237,468
REC Ltd.		97,712		520,309
Reliance Industries Ltd.		227,526		8,007,833
Samvardhana Motherson International Ltd.		175,150		251,634
SBI Cards & Payment Services Ltd.		21,308		184,856
SBI Life Insurance Co. Ltd.^(b)		33,280		621,837
Shree Cement Ltd.		689		211,450
Shriram Finance Ltd.		20,914		614,353
Siemens Ltd.		6,455		363,940
Sona Blw Precision Forgings Ltd.^(b)		31,067		258,045
SRF Ltd.		11,215		323,306
State Bank of India		136,155		1,226,048
Sun Pharmaceutical Industries Ltd.		70,544		1,341,114
Supreme Industries Ltd.		4,712		235,657
Suzlon Energy Ltd.^(a)		665,508		362,580
Tata Communications Ltd.		8,990		208,196
Tata Consultancy Services Ltd.		68,638		3,385,988
Tata Consumer Products Ltd.		42,660		611,783
Tata Elxsi Ltd.		2,546		239,744
Tata Motors Ltd.		122,596		1,403,616
Tata Motors Ltd., Class A		34,884		265,625
Tata Power Co. Ltd. (The)		106,787		478,925
Tata Steel Ltd.		549,631		931,721
Tech Mahindra Ltd.		40,134		616,748
Titan Co. Ltd.		26,585		1,161,804
Torrent Pharmaceuticals Ltd.		7,073		227,882
Trent Ltd.		13,470		629,540
Tube Investments of India Ltd.		7,935		333,095
TVS Motor Co. Ltd.		18,968		488,788
UltraTech Cement Ltd.		8,795		1,049,299
Union Bank of India Ltd.		104,757		184,836
United Spirits Ltd.		21,331		299,843
UPL Ltd.		33,907		192,029
Varun Beverages Ltd.		33,604		571,080
Vedanta Ltd.		65,080		209,706
Wipro Ltd.		96,784		603,818
Yes Bank Ltd.^(a)		1,007,616		296,290
Zomato Ltd.^(a)		442,991		881,734


				94,135,592

Indonesia — 2.4%
Adaro Energy Indonesia Tbk PT		1,023,000		157,665
Amman Mineral Internasional PT^(a)		452,600		244,634
Aneka Tambang Tbk		725,700		67,400
Astra International Tbk PT		1,481,800		493,289
Bank Central Asia Tbk PT		4,167,600		2,622,529
Bank Mandiri Persero Tbk PT		2,831,400		1,264,711
Bank Negara Indonesia Persero Tbk PT		1,132,200		432,709
Bank Rakyat Indonesia Persero Tbk PT		5,147,777		2,006,005
Barito Pacific Tbk PT		2,139,093		132,962
Charoen Pokphand Indonesia Tbk PT		545,600		168,219
GoTo Gojek Tokopedia Tbk PT^(a)		63,965,500		289,532


52		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Indonesia (continued)
Indah Kiat Pulp & Paper Tbk PT		187,600	$	104,264
Indofood CBP Sukses Makmur Tbk PT		142,700		105,210
Indofood Sukses Makmur Tbk PT		327,700		138,149
Kalbe Farma Tbk PT		1,478,200		139,940
Merdeka Copper Gold Tbk PT^(a)		706,866		101,667
Sarana Menara Nusantara Tbk PT		1,612,000		94,527
Semen Indonesia Persero Tbk PT		249,925		97,084
Sumber Alfaria Trijaya Tbk PT		1,326,800		232,179
Telkom Indonesia Persero Tbk PT		3,703,000		943,929
Unilever Indonesia Tbk PT		560,000		97,283
United Tractors Tbk PT		105,400		157,857


				10,091,744

Malaysia — 1.8%
AMMB Holdings Bhd		141,100		129,161
Axiata Group Bhd		220,700		129,372
CELCOMDIGI Bhd		235,900		216,617
CIMB Group Holdings Bhd		477,300		649,977
Gamuda Bhd		147,100		163,978
Genting Bhd		151,600		152,500
Genting Malaysia Bhd		246,000		148,989
Hong Leong Bank Bhd		50,800		211,236
IHH Healthcare Bhd		147,700		191,414
Inari Amertron Bhd		149,000		99,746
IOI Corp. Bhd		180,000		150,927
Kuala Lumpur Kepong Bhd		36,600		172,953
Malayan Banking Bhd		413,000		829,762
Malaysia Airports Holdings Bhd		62,056		110,891
Maxis Bhd		192,800		151,136
MISC Bhd		84,300		135,151
MR DIY Group M Bhd^(b)		173,600		57,058
Nestle Malaysia Bhd		6,300		165,814
Petronas Chemicals Group Bhd		202,000		298,148
Petronas Dagangan Bhd		22,900		110,217
Petronas Gas Bhd		60,500		228,716
PPB Group Bhd		49,680		163,105
Press Metal Aluminium Holdings Bhd		298,200		294,306
Public Bank Bhd		1,157,650		1,074,451
QL Resources Bhd		87,650		107,270
RHB Bank Bhd		111,762		131,995
Sime Darby Bhd		195,900		111,937
Sime Darby Plantation Bhd		163,900		149,785
Telekom Malaysia Bhd		92,700		118,244
Tenaga Nasional Bhd		192,200		456,047
YTL Corp. Bhd		196,900		110,784
YTL Power International Bhd		167,400		139,338


				7,361,025

Philippines — 0.8%
Aboitiz Equity Ventures Inc.		135,290		127,591
Ayala Corp.		18,330		221,212
Ayala Land Inc.		512,060		319,149
Bank of the Philippine Islands		138,984		309,451
BDO Unibank Inc.		180,034		490,467
International Container Terminal Services Inc.		78,660		403,670
JG Summit Holdings Inc.		226,575		165,251
Jollibee Foods Corp.		34,870		169,837
Manila Electric Co.		18,920		131,260
Metropolitan Bank & Trust Co.		143,842		158,647
PLDT Inc.		5,855		136,620
SM Investments Corp.		18,424		308,293
SM Prime Holdings Inc.		744,150		418,307


Security	Shares		Value

Philippines (continued)
Universal Robina Corp.		62,650	$	130,424


				3,490,179

South Korea — 15.1%
Amorepacific Corp.		2,051		184,421
Celltrion Inc.		11,436		1,546,563
Celltrion Pharm Inc.^(a)		1,381		115,091
CJ CheilJedang Corp.		600		135,220
CosmoAM&T Co. Ltd.^(a)		1,729		231,092
Coway Co. Ltd.		4,430		180,311
DB Insurance Co. Ltd.^(a)		3,530		261,942
Doosan Bobcat Inc.		4,051		143,023
Doosan Enerbility Co. Ltd.^(a)		33,650		410,714
Ecopro BM Co. Ltd.^(a)		3,584		720,357
Ecopro Co. Ltd.^(a)		1,488		693,982
Ecopro Materials Co. Ltd.^(a)		682		98,899
GS Holdings Corp.		3,519		127,024
Hana Financial Group Inc.		21,763		925,970
Hanjin Kal Corp.		1,550		73,566
Hankook Tire & Technology Co. Ltd.		5,622		229,042
Hanmi Pharm Co. Ltd.^(a)		506		126,995
Hanmi Semiconductor Co. Ltd.^(a)		2,976		190,404
Hanon Systems		14,881		68,952
Hanwha Aerospace Co. Ltd.		2,732		384,978
Hanwha Ocean Co. Ltd.^(a)		4,896		86,900
Hanwha Solutions Corp.		7,836		163,625
HD Hyundai Co. Ltd.		3,550		188,712
HD Hyundai Heavy Industries Co. Ltd.^(a)		1,676		148,620
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		3,157		265,576
HLB Inc.^(a)		8,832		541,840
HMM Co. Ltd.^(a)		17,670		242,433
HYBE Co. Ltd.		1,610		241,132
Hyundai Engineering & Construction Co. Ltd.^(a)		5,775		150,635
Hyundai Glovis Co. Ltd.^(a)		1,357		194,275
Hyundai Mobis Co. Ltd.		4,673		852,344
Hyundai Motor Co.		10,102		1,901,877
Hyundai Steel Co.^(a)		6,300		170,322
Industrial Bank of Korea^(a)		22,610		237,947
Kakao Corp.		23,466		941,878
KakaoBank Corp.		12,210		261,652
Kakaopay Corp.^(a)		2,185		72,420
Kangwon Land Inc.^(a)		7,810		102,041
KB Financial Group Inc.		28,939		1,380,222
Kia Corp.^(a)		19,436		1,820,141
Korea Aerospace Industries Ltd.^(a)		5,643		217,733
Korea Electric Power Corp.^(a)		19,219		357,869
Korea Investment Holdings Co. Ltd.^(a)		3,444		183,941
Korea Zinc Co. Ltd.		658		221,228
Korean Air Lines Co. Ltd.		13,666		236,098
Krafton Inc.^(a)		2,147		366,955
KT Corp.		5,222		153,175
KT&G Corp.		7,518		525,092
Kum Yang Co. Ltd.^(a)		2,717		197,128
Kumho Petrochemical Co. Ltd.^(a)		1,291		143,375
L&F Co. Ltd.^(a)		1,958		250,120
LG Chem Ltd.		3,722		1,271,272
LG Corp.		7,099		499,691
LG Display Co. Ltd.^(a)		17,548		149,768
LG Electronics Inc.		8,019		573,260
LG Energy Solution Ltd.^(a)		3,514		1,061,967
LG H&H Co. Ltd.		733		176,054
LG Innotek Co. Ltd.		1,054		160,173


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
LG Uplus Corp.		15,810	$	122,622
Lotte Chemical Corp.		1,472		135,349
Meritz Financial Group Inc.		7,647		477,280
Mirae Asset Securities Co. Ltd.^(a)		17,796		120,766
NAVER Corp.		9,865		1,448,489
NCSoft Corp.		1,011		147,456
Netmarble Corp.^(a)(b)		1,830		84,975
NH Investment & Securities Co. Ltd.^(a)		12,602		111,272
Orion Corp./Republic of Korea		1,798		125,404
Pearl Abyss Corp.^(a)		203		4,640
Posco DX Co. Ltd.^(a)		4,030		164,453
POSCO Future M Co. Ltd.^(a)		2,306		551,195
POSCO Holdings Inc.		5,392		1,752,366
Posco International Corp.^(a)		3,973		168,521
Samsung Biologics Co. Ltd.^(a)(b)		1,246		725,009
Samsung C&T Corp.		6,209		731,010
Samsung Electro-Mechanics Co. Ltd.		4,095		431,535
Samsung Electronics Co. Ltd.		355,431		19,617,259
Samsung Engineering Co. Ltd.^(a)		11,379		210,456
Samsung Fire & Marine Insurance Co. Ltd.^(a)		2,275		509,143
Samsung Heavy Industries Co. Ltd.^(a)		49,632		295,065
Samsung Life Insurance Co. Ltd.		6,080		442,569
Samsung SDI Co. Ltd.		4,145		1,177,558
Samsung SDS Co. Ltd.		2,851		342,949
Samsung Securities Co. Ltd.		4,778		149,327
Shinhan Financial Group Co. Ltd.		33,109		1,082,319
SK Biopharmaceuticals Co. Ltd.^(a)		2,409		175,565
SK Bioscience Co. Ltd.^(a)		1,759		81,288
SK Hynix Inc.		40,684		4,796,010
SK IE Technology Co. Ltd.^(a)(b)		1,990		109,763
SK Inc.		2,668		384,845
SK Innovation Co. Ltd.^(a)		4,713		415,818
SK Square Co. Ltd.^(a)		7,713		404,722
SK Telecom Co. Ltd.		3,154		124,849
SKC Co. Ltd.^(a)		1,554		96,825
S-Oil Corp.		3,253		186,883
Woori Financial Group Inc.		45,623		511,200
Yuhan Corp.		4,208		213,438


				62,188,230

Taiwan — 21.4%
Accton Technology Corp.		41,000		674,714
Acer Inc.		189,062		270,391
Advantech Co. Ltd.		39,158		483,287
Airtac International Group		11,161		427,614
Alchip Technologies Ltd.		6,000		787,095
ASE Technology Holding Co. Ltd.		227,484		1,004,260
Asia Cement Corp.		179,229		229,424
Asustek Computer Inc.		54,000		778,067
AUO Corp.		449,200		249,136
Catcher Technology Co. Ltd.		47,000		292,839
Cathay Financial Holding Co. Ltd.		706,888		1,008,613
Chailease Holding Co. Ltd.		124,514		688,419
Chang Hwa Commercial Bank Ltd.		371,518		209,334
Cheng Shin Rubber Industry Co. Ltd.		113,776		169,124
China Airlines Ltd.		186,000		117,794
China Development Financial Holding Corp.^(a)		1,118,400		444,558
China Steel Corp.		860,867		670,437
Chunghwa Telecom Co. Ltd.		285,000		1,085,753
Compal Electronics Inc.		284,000		327,953
CTBC Financial Holding Co. Ltd.		1,302,265		1,212,295
Delta Electronics Inc.		150,000		1,397,798
E Ink Holdings Inc.		69,000		537,184


Security	Shares		Value

Taiwan (continued)
E.Sun Financial Holding Co. Ltd.		1,021,582	$	816,717
Eclat Textile Co. Ltd.		15,604		266,700
eMemory Technology Inc.		5,000		429,311
Eva Airways Corp.		186,000		185,165
Evergreen Marine Corp. Taiwan Ltd.		77,746		407,289
Far Eastern New Century Corp.		186,460		192,325
Far EasTone Telecommunications Co. Ltd.		134,000		333,847
Feng TAY Enterprise Co. Ltd.		48,391		253,144
First Financial Holding Co. Ltd.		778,783		667,943
Formosa Chemicals & Fibre Corp.		234,950		425,522
Formosa Petrochemical Corp.		101,000		237,522
Formosa Plastics Corp.		281,400		638,633
Fubon Financial Holding Co. Ltd.		561,435		1,208,729
Gigabyte Technology Co. Ltd.		40,000		437,508
Global Unichip Corp.		7,000		352,799
Globalwafers Co. Ltd.		16,000		282,598
Hon Hai Precision Industry Co. Ltd.		943,651		3,076,751
Hotai Motor Co. Ltd.		23,600		501,200
Hua Nan Financial Holdings Co. Ltd.		584,033		406,729
Innolux Corp.		635,992		305,158
Inventec Corp.		164,980		287,369
Largan Precision Co. Ltd.		7,000		574,486
Lite-On Technology Corp.		160,032		555,256
MediaTek Inc.		114,176		4,120,191
Mega Financial Holding Co. Ltd.		826,651		1,012,763
Micro-Star International Co. Ltd.		62,000		375,198
Nan Ya Plastics Corp.		324,090		612,869
Nan Ya Printed Circuit Board Corp.		22,000		147,397
Nanya Technology Corp.		64,000		136,256
Nien Made Enterprise Co. Ltd.		16,000		187,300
Novatek Microelectronics Corp.		42,000		799,401
Parade Technologies Ltd.		7,000		225,171
Pegatron Corp.		172,000		465,734
PharmaEssentia Corp.^(a)		21,000		218,241
Pou Chen Corp.		125,000		120,760
Powerchip Semiconductor Manufacturing Corp.		186,000		162,596
President Chain Store Corp.		44,000		375,147
Quanta Computer Inc.		204,000		1,499,059
Realtek Semiconductor Corp.		39,140		705,422
Ruentex Development Co. Ltd.		103,242		118,809
Shanghai Commercial & Savings Bank Ltd. (The)		272,981		388,669
Shin Kong Financial Holding Co. Ltd.^(a)		930,033		244,166
Silergy Corp.		24,000		316,682
SinoPac Financial Holdings Co. Ltd.		739,441		470,525
Synnex Technology International Corp.		62,050		152,863
Taishin Financial Holding Co. Ltd.		788,881		434,396
Taiwan Business Bank		449,552		199,181
Taiwan Cement Corp.		496,754		505,033
Taiwan Cooperative Financial Holding Co. Ltd.		732,075		601,501
Taiwan High Speed Rail Corp.		137,000		130,918
Taiwan Mobile Co. Ltd.		127,000		397,998
Taiwan Semiconductor Manufacturing Co. Ltd.		1,836,004		40,235,138
Unimicron Technology Corp.		103,000		585,239
Uni-President Enterprises Corp.		387,650		941,307
United Microelectronics Corp.		823,000		1,268,925
Vanguard International Semiconductor Corp.		77,000		175,894
Voltronic Power Technology Corp.		6,000		304,927
Walsin Lihwa Corp.		204,884		239,982
Wan Hai Lines Ltd.		62,000		98,767
Winbond Electronics Corp.		160,592		141,981
Wistron Corp.		200,000		732,353
Wiwynn Corp.		8,000		590,623


54		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
WPG Holdings Ltd.		129,320	$	379,697
Yageo Corp.		25,936		458,247
Yang Ming Marine Transport Corp.		89,000		140,414
Yuanta Financial Holding Co. Ltd.		696,163		604,981
Zhen Ding Technology Holding Ltd.		63,455		201,944


				88,133,455

Thailand — 2.0%
Advanced Info Service PCL, NVDR		86,000		482,490
Airports of Thailand PCL, NVDR		318,400		564,253
Asset World Corp. PCL, NVDR^(c)		675,800		72,608
Bangkok Dusit Medical Services PCL, NVDR		856,700		680,614
Bangkok Expressway & Metro PCL, NVDR		601,500		135,209
Berli Jucker PCL, NVDR		4,100		2,771
BTS Group Holdings PCL, NVDR		576,600		82,863
Bumrungrad Hospital PCL, NVDR		44,400		277,027
Central Pattana PCL, NVDR		148,800		268,626
Central Retail Corp. PCL, NVDR		148,474		144,122
Charoen Pokphand Foods PCL, NVDR^(c)		260,400		137,204
CP ALL PCL, NVDR		428,100		686,441
CP Axtra PCL, NVDR		146,900		136,410
Delta Electronics Thailand PCL, NVDR^(c)		229,400		456,670
Energy Absolute PCL, NVDR		125,600		123,621
Global Power Synergy PCL, NVDR		62,100		88,322
Gulf Energy Development PCL, NVDR		208,000		249,724
Home Product Center PCL, NVDR		455,949		142,406
Indorama Ventures PCL, NVDR		130,600		84,874
Intouch Holdings PCL, NVDR		87,900		166,103
Kasikornbank PCL, NVDR		45,300		155,452
Krung Thai Bank PCL, NVDR		254,750		114,334
Krungthai Card PCL, NVDR		74,600		88,959
Land & Houses PCL, NVDR		613,800		129,955
Minor International PCL, NVDR		243,580		215,684
Muangthai Capital PCL, NVDR		49,600		63,475
PTT Exploration & Production PCL, NVDR		100,510		422,076
PTT Global Chemical PCL, NVDR		164,600		174,211
PTT Oil & Retail Business PCL, NVDR		237,900		120,015
PTT PCL, NVDR		751,000		716,814
SCB X PCL, NVDR		62,500		196,308
SCG Packaging PCL, NVDR		99,200		77,459
Siam Cement PCL (The), NVDR		59,000		442,531
Thai Oil PCL, NVDR		93,400		145,822
TMBThanachart Bank PCL, NVDR		1,488,000		76,432
True Corp. PCL, NVDR^(a)		775,042		152,651


				8,274,536


Total Common Stocks — 98.7% (Cost: $397,340,996)				406,570,276


Preferred Stocks

South Korea — 0.9%
Hyundai Motor Co.
Preference Shares, NVS		1,800		215,951


Security	Shares		Value

South Korea (continued)
Series 2, Preference Shares, NVS		2,860	$	345,938
LG Chem Ltd., Preference Shares, NVS		497		112,361
Samsung Electronics Co. Ltd., Preference Shares, NVS		61,652		2,952,308


				3,626,558


Total Preferred Stocks — 0.9% (Cost: $3,487,538)				3,626,558


Rights

China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)^(a)		1,386		—


South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)^(a)		5,578		5,488


Total Rights — 0.0% (Cost: $—)				5,488


Total Long-Term Investments — 99.6% (Cost: $400,828,534)				410,202,322


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(e)(f)(g)		2,946,697		2,948,171
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(e)(f)		1,500,000		1,500,000


Total Short-Term Securities — 1.1% (Cost: $4,445,329)				4,448,171


Total Investments — 100.7% (Cost: $405,273,863)				414,650,493

Liabilities in Excess of Other Assets — (0.7)%				(3,001,310	)


Net Assets — 100.0%			$	411,649,183

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

^(e)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,293,612	$	—		$	(2,345,811	)^(a)	$	(72	)	$	442	$	2,948,171		2,946,697	$	32,145	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		1,500,000	^(a)		—			—			—		1,500,000		1,500,000		70,845			—

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

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI China Index		7		03/15/24	$	142	$	(130	)
MSCI Emerging Markets Index		19		03/15/24		966		12,248

							$	12,118

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	12,248	$	—	$	—	$	—	$	12,248


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	130	$	—	$	—	$	—	$	130

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(44,841	)	$	—	$	—	$	—	$	(44,841	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	26,344		$	—	$	—	$	—	$	26,344


56		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Asia ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,063,169

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	18,172,443	$	388,397,833		$	—	$	406,570,276
Preferred Stocks		—		3,626,558			—		3,626,558
Rights		—		5,488			—		5,488
Short-Term Securities
Money Market Funds		4,448,171		—			—		4,448,171


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

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	12,248	$	—		$	—	$	12,248
Liabilities
Equity Contracts		—		(130	)		—		(130	)


	$	12,248	$	(130	)	$	—		12,118

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.9%
3R Petroleum Oleo E Gas SA^(a)		72,416	$	407,159
AES Brasil Energia SA^(a)		64,232		134,896
Allos SA, NVS		128,464		638,043
Alupar Investimento SA		31,062		186,081
Ambipar Participacoes e Empreendimentos SA		22,568		67,099
Arezzo Industria e Comercio SA		21,360		254,502
Armac Locacao Logistica E Servicos SA		33,790		86,190
Auren Energia SA		56,110		144,815
BrasilAgro - Co. Brasileira de Propriedades Agricolas		19,096		91,118
BRF SA^(a)		177,878		540,315
Cia de Saneamento de Minas Gerais Copasa MG		57,660		239,752
Cia. Brasileira de Aluminio		76,183		61,301
Cia. de Saneamento do Parana		50,344		261,589
Cielo SA		368,156		396,217
CM Hospitalar SA^(a)		40,052		68,081
Cogna Educacao SA^(a)		547,646		277,618
Cury Construtora e Incorporadora SA		44,082		170,968
Cyrela Brazil Realty SA Empreendimentos e Participacoes		85,126		411,836
Dexco SA		118,110		193,401
Direcional Engenharia SA		41,416		197,203
EcoRodovias Infraestrutura e Logistica SA		82,920		153,126
Embraer SA^(a)		207,452		1,019,503
Enauta Participacoes SA		44,700		229,116
Ez Tec Empreendimentos e Participacoes SA		36,720		124,687
Fleury SA		67,084		214,702
GPS Participacoes e Empreendimentos SA^(b)		111,290		400,958
Grendene SA		117,420		152,352
Grupo De Moda Soma SA		165,240		232,681
Grupo Mateus SA^(a)		164,926		267,738
Grupo SBF SA		31,620		78,301
Hidrovias do Brasil SA^(a)		216,318		167,098
Iguatemi SA		67,208		317,984
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		30,420		129,731
Iochpe Maxion SA		36,332		91,797
IRB-Brasil Resseguros SA^(a)		18,901		147,601
JHSF Participacoes SA		116,808		104,798
LOG Commercial Properties e Participacoes SA		14,570		64,070
LWSA SA^(b)		121,768		136,438
M. Dias Branco SA		20,760		172,140
Marfrig Global Foods SA^(a)		112,220		223,487
Mills Locacao Servicos e Logistica SA		38,100		95,421
Minerva SA		72,478		99,289
Movida Participacoes SA		52,638		90,323
MRV Engenharia e Participacoes SA^(a)		118,481		181,615
Multiplan Empreendimentos Imobiliarios SA		75,206		399,548
Odontoprev SA		79,608		192,971
Oncoclinicas do Brasil Servicos Medicos SA^(a)		78,802		163,276
Orizon Valorizacao de Residuos SA^(a)		19,592		132,030
Pet Center Comercio e Participacoes SA		115,620		96,988
Petroreconcavo SA		46,438		214,857
Santos Brasil Participacoes SA		158,038		335,399
Sao Martinho SA		48,720		277,358
Serena Energia SA, NVS		60,780		114,442
SIMPAR SA		122,460		189,438
SLC Agricola SA		58,032		229,508
Smartfit Escola de Ginastica e Danca SA		81,344		400,248
Transmissora Alianca de Energia Eletrica SA		41,044		292,281
Tres Tentos Agroindustrial SA		36,960		79,034


Security	Shares		Value

Brazil (continued)
Tupy SA		24,000	$	123,594
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		137,330		241,172
Vivara Participacoes SA		45,260		297,721
Vulcabras SA		29,636		110,589
Wilson Sons SA, NVS		68,758		238,594
YDUQS Participacoes SA		80,042		327,826


				14,180,014

Chile — 0.7%
Aguas Andinas SA, Class A		741,842		218,085
Banco Itau Chile SA, NVS		20,580		202,379
CAP SA		27,420		188,107
Cia. Cervecerias Unidas SA		44,950		260,804
Colbun SA		2,611,800		358,898
Empresa Nacional de Telecomunicaciones SA		52,411		170,683
Engie Energia Chile SA^(a)		164,548		140,521
Inversiones La Construccion SA		5,108		44,045
Parque Arauco SA		208,444		332,497
Plaza SA^(a)		136,980		202,763
SMU SA		1,133,298		191,264
Sociedad de Inversiones Oro Blanco SA		11,491,452		81,765
Vina Concha y Toro SA		173,724		180,295


				2,572,106

China — 8.2%
361 Degrees International Ltd.		300,000		160,184
3SBio Inc.^(b)		434,000		286,580
AIM Vaccine Co. Ltd., NVS		86,800		78,047
AK Medical Holdings Ltd.^(b)(c)		240,000		155,719
Alibaba Pictures Group Ltd.^(a)		3,600,000		206,501
A-Living Smart City Services Co. Ltd., Class A^(b)		240,000		122,891
Alphamab Oncology^(a)(b)		186,000		118,954
ANE Cayman Inc.^(a)		248,000		130,112
Angelalign Technology Inc.^(b)(c)		12,400		104,010
Anhui Expressway Co. Ltd., Class H		138,000		153,343
Anxin-China Holdings Ltd.^(d)		1,084,000		1
Arrail Group Ltd., NVS^(a)(b)(c)		93,000		71,863
Ascentage Pharma Group International^(a)(b)(c)		74,400		246,032
Asia Cement China Holdings Corp.		279,000		75,275
Ausnutria Dairy Corp. Ltd.		98,000		31,667
Bairong Inc. ^(a)(b)		93,000		156,682
Beijing Capital International Airport Co. Ltd., Class H^(a)		620,000		199,936
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H^(c)		62,000		78,396
Beijing Jingneng Clean Energy Co. Ltd., Class H		620,000		131,182
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.^(c)		120,000		142,829
Binjiang Service Group Co. Ltd.		37,500		79,231
BOE Varitronix Ltd.^(c)		120,000		83,630
Boshiwa International Holding Ltd.^(d)		32,000		—
Canaan Inc., ADR^(a)(c)		59,245		93,015
Canggang Railway Ltd., NVS^(c)		496,000		92,787
Canvest Environmental Protection Group Co. Ltd.		186,000		97,638
CARsgen Therapeutics Holdings Ltd., NVS^(a)(b)(c)		124,000		105,478
CGN Mining Co. Ltd.^(a)(c)		930,000		226,303
CGN New Energy Holdings Co. Ltd.^(c)		620,000		153,418
Chervon Holdings Ltd.^(c)		39,600		75,665
China Animal Healthcare Ltd.^(d)		126,000		—
China Aoyuan Group Ltd.^(a)		603,000		12,939
China BlueChemical Ltd., Class H		600,000		180,079
China Conch Venture Holdings Ltd.		496,000		496,695


58		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
China Datang Corp. Renewable Power Co. Ltd., Class H		780,000	$	177,125
China East Education Holdings Ltd.^(b)		248,000		82,949
China Education Group Holdings Ltd.		372,000		213,127
China Everbright Environment Group Ltd.		1,082,000		402,148
China Everbright Ltd.		372,000		203,934
China Foods Ltd.		372,000		133,986
China High Speed Transmission Equipment Group Co. Ltd.^(a)		15,000		2,773
China Huiyuan Juice Group Ltd.^(d)		379,000		—
China Jinmao Holdings Group Ltd.		1,800,000		146,270
China Lesso Group Holdings Ltd.		372,000		176,921
China Lilang Ltd.		186,000		99,724
China Metal Recycling Holdings Ltd.^(d)		12,000		—
China Modern Dairy Holdings Ltd.		1,240,000		102,882
China New Higher Education Group Ltd.^(b)		300,000		94,445
China Nonferrous Mining Corp Ltd.		434,000		301,485
China Oriental Group Co. Ltd.		620,000		93,284
China Overseas Grand Oceans Group Ltd.		552,000		141,282
China Renaissance Holdings Ltd.^(a)(b)(c)(d)		172,500		98,267
China Resources Building Materials Technology Holdings Ltd.		868,000		150,564
China Resources Medical Holdings Co. Ltd.^(c)		341,000		185,827
China Risun Group Ltd.^(c)		600,000		234,689
China Shineway Pharmaceutical Group Ltd.		120,000		135,077
China South City Holdings Ltd.^(c)		2,040,000		43,336
China Tobacco International HK Co. Ltd.		124,000		155,072
China Traditional Chinese Medicine Holdings Co. Ltd.		868,000		478,927
China Travel International Investment Hong Kong Ltd.		868,000		148,498
China Water Affairs Group Ltd.^(c)		248,000		170,095
China XLX Fertiliser Ltd.		262,000		105,819
China Youran Dairy Group Ltd.^(b)(c)		558,000		89,669
Chinasoft International Ltd.		620,000		403,857
CIMC Enric Holdings Ltd.		240,000		192,991
Cloud Music Inc.^(a)(b)(c)		19,550		219,536
CMGE Technology Group Ltd.^(a)(c)		620,000		76,741
COFCO Joycome Foods Ltd.^(a)(c)		1,116,000		218,001
Concord New Energy Group Ltd.		2,480,000		205,575
Cosmopolitan International Holdings Ltd., NVS^(c)		144,000		33,694
CSG Holding Co. Ltd.		384,400		118,322
Dada Nexus Ltd., ADR^(a)(c)		28,954		60,803
Daqo New Energy Corp., ADR^(a)		11,718		249,359
Digital China Holdings Ltd.		310,000		105,509
Dongyue Group Ltd.		480,000		429,647
DPC Dash Ltd., NVS^(c)		12,400		89,648
Everest Medicines Ltd.^(a)(b)		60,000		184,530
FIH Mobile Ltd. ^(a)(c)		1,980,000		122,500
FinVolution Group, ADR		49,166		257,138
Fu Shou Yuan International Group Ltd.		481,000		314,165
Fufeng Group Ltd.		434,400		266,322
GDS Holdings Ltd.^(a)		279,000		236,969
Gemdale Properties & Investment Corp. Ltd.^(c)		2,644,000		89,222
Genertec Universal Medical Group Co. Ltd.^(b)		310,000		169,982
Global New Material International Holdings Ltd.^(a)		372,000		182,218
Golden Solar New Energy Technology Holdings Ltd. ^(a)(c)		288,800		141,643
Grand Pharmaceutical Group Ltd., Class A		403,000		183,975
Greentown China Holdings Ltd.		279,000		224,141
Greentown Management Holdings Co. Ltd.^(b)		240,000		151,075
Greentown Service Group Co. Ltd.		438,000		157,370
Guangzhou R&F Properties Co. Ltd., Class H^(a)(c)		504,000		65,334
Gushengtang Holdings Ltd.^(c)		48,000		263,497


Security	Shares		Value

China (continued)
Haichang Ocean Park Holdings Ltd.^(a)(b)(c)		960,000	$	92,070
Hainan Meilan International Airport Co. Ltd., Class H^(a)(c)		62,000		58,399
Hangzhou Steam Turbine Power Group Co. Ltd., Class B		132,057		118,341
Harbin Electric Co. Ltd., Class H		240,000		73,125
Helens International Holdings Co. Ltd. ^(c)		150,000		63,712
Hello Group Inc., ADR		46,490		306,369
Hopson Development Holdings Ltd.^(a)(c)		341,087		163,001
Hua Han Health Industry Holdings Ltd.^(d)		1,112,400		1
Huabao International Holdings Ltd.^(c)		300,000		89,327
HUTCHMED China Ltd.^(a)(c)		180,000		556,195
HUYA Inc., ADR^(a)(c)		31,992		111,972
iDreamSky Technology Holdings Ltd.^(a)(b)(c)		396,800		102,706
InnoCare Pharma Ltd.^(a)(b)		248,000		163,216
Jinchuan Group International Resources Co. Ltd.		1,054,000		88,547
JinkoSolar Holding Co. Ltd., ADR		13,440		363,418
Jinxin Fertility Group Ltd.^(a)(b)(c)		713,000		220,949
Jiumaojiu International Holdings Ltd.^(b)		310,000		215,167
JOYY Inc., ADR		9,610		302,715
Kangji Medical Holdings Ltd.		217,000		176,647
Keymed Biosciences Inc.^(a)(b)(c)		60,000		259,872
Kingboard Laminates Holdings Ltd.		217,000		134,698
Kingsoft Cloud Holdings Ltd.^(a)		116,000		23,557
Kingsoft Cloud Holdings Ltd., ADR^(a)(c)		33,660		96,604
Lee & Man Paper Manufacturing Ltd.		420,000		119,755
Legend Holdings Corp., Class H^(b)		83,100		69,414
Lepu Biopharma Co. Ltd.^(c)		241,000		114,813
LexinFintech Holdings Ltd., ADR		10,050		18,492
Lifetech Scientific Corp. ^(a)(c)		1,364,000		345,902
LK Technology Holdings Ltd.		180,000		78,726
Lonking Holdings Ltd.		744,000		125,009
Lufax Holding Ltd., Class A, ADR		49,600		154,752
Luye Pharma Group Ltd. ^(a)(b)(c)		589,000		217,548
Maoyan Entertainment^(a)(b)		124,000		136,730
Medlive Technology Co. Ltd.^(b)		93,000		88,484
Meitu Inc.^(b)(c)		806,000		265,252
MH Development Ltd.^(d)		32,500		151
Microport Cardioflow Medtech Corp.^(a)(b)(c)		480,000		79,371
Microport Scientific Corp.^(a)		229,400		225,020
Midea Real Estate Holding Ltd.^(b)		108,000		60,167
Ming Yuan Cloud Group Holdings Ltd.^(a)(c)		310,000		88,362
Minth Group Ltd.		222,000		377,679
MMG Ltd.^(a)		960,000		256,994
Mobvista Inc.^(a)(b)(c)		240,000		100,513
National Agricultural Holdings Ltd., NVS^(d)		354,000		—
Nayuki Holdings Ltd.^(a)		180,000		70,632
NetDragon Websoft Holdings Ltd.^(c)		105,000		150,855
New Horizon Health Ltd.^(a)(b)(c)		91,000		236,958
Nexteer Automotive Group Ltd.^(c)		300,000		138,227
Nine Dragons Paper Holdings Ltd.^(a)		434,000		201,216
Noah Holdings Ltd., ADR		11,580		128,770
Ocumension Therapeutics^(a)(b)		125,000		82,383
Peijia Medical Ltd.^(a)(b)(c)		186,000		120,974
Ping An Healthcare and Technology Co. Ltd.^(a)(b)		136,400		211,494
Poly Property Group Co. Ltd.		637,000		117,038
Qingdao Ainnovation Technology Group Co. Ltd.^(a)(b)		80,600		71,671
Radiance Holdings Group Co. Ltd.^(a)(c)		248,000		67,785
Redco Properties Group Ltd.^(a)(b)(c)(d)		570,000		42,055
RLX Technology Inc., ADR		178,064		347,225
SciClone Pharmaceuticals Holdings Ltd.^(b)		124,000		206,560
Seazen Group Ltd.^(a)(c)		720,000		101,556


S C H E D U L E O F I N V E S T M E N T S		59

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Shanghai Industrial Holdings Ltd.		186,000	$	243,245
Shenzhen International Holdings Ltd.		480,000		404,757
Shenzhen Investment Ltd.		840,000		112,465
Shoucheng Holdings Ltd.^(c)		879,200		169,554
Shougang Fushan Resources Group Ltd.		620,000		258,157
Shui On Land Ltd.		964,000		87,242
Sihuan Pharmaceutical Holdings Group Ltd.^(c)		1,860,000		135,416
Simcere Pharmaceutical Group Ltd.^(b)		186,000		132,323
Sinopec Engineering Group Co. Ltd., Class H		502,500		275,513
Sinopec Kantons Holdings Ltd.		372,000		168,670
Skyworth Group Ltd.		396,000		139,217
SOHO China Ltd.^(a)		1,085,000		95,227
SSY Group Ltd.		480,000		268,868
Sun King Technology Group Ltd.^(a)		10,000		1,456
Sunac Services Holdings Ltd.^(b)(c)		372,000		94,574
Superb Summit International Group Ltd.^(d)		11,913		—
SY Holdings Group Ltd.^(c)		248,000		134,400
TCL Electronics Holdings Ltd.		372,000		135,964
Tiangong International Co. Ltd.		496,000		113,817
Tianli International Holdings Ltd.		434,000		260,560
Tianneng Power International Ltd.^(c)		240,000		216,368
Tong Ren Tang Technologies Co. Ltd., Class H		220,000		144,270
Tongdao Liepin Group^(a)		124,000		61,347
Towngas Smart Energy Co. Ltd.^(c)		360,000		129,929
Triumph New Energy Co. Ltd., Class H ^(a)(c)		120,000		81,096
Tuya Inc.^(a)		72,420		142,667
Untrade SMI Holdings^(d)		468,800		1
Untradelumena Newmat, NVS^(d)		5,249		—
Up Fintech Holding Ltd., ADR^(a)(c)		33,590		135,032
Venus MedTech Hangzhou Inc., Class H^(a)(b)(d)		103,500		60,938
Vnet Group Inc., ADR^(a)(c)		40,176		62,273
Wasion Holdings Ltd.		240,000		150,280
Weibo Corp., ADR		18,538		169,067
Weimob Inc.^(a)(b)(c)		806,000		215,826
West China Cement Ltd.		1,080,000		124,109
XD Inc.^(a)(c)		86,800		161,675
Xinte Energy Co. Ltd.^(a)		99,200		132,529
Xtep International Holdings Ltd.		341,000		188,585
Yeahka Ltd.^(a)(c)		72,000		116,562
Yidu Tech Inc. ^(a)(b)		235,600		126,673
Yihai International Holding Ltd.		180,000		251,985
Youdao Inc., ADR^(a)		2,466		10,752
Yuexiu REIT		992,000		132,791
Yuexiu Transport Infrastructure Ltd.		464,000		263,652
Zhou Hei Ya International Holdings Co. Ltd.^(b)		496,000		114,583
Zonqing Environmental Ltd., NVS^(c)		18,000		51,153


				29,603,730

Czech Republic — 0.0%
Colt CZ Group SE		2,622		68,779
Philip Morris CR AS^(c)		141		93,338


				162,117

Egypt — 0.4%
Abou Kir Fertilizers & Chemical Industries		49,650		65,021
Cairo For Investment & Real Estate Developments - CIRA Education		134,772		35,107
Cleopatra Hospital^(a)		470,267		55,389
E-Finance for Digital & Financial Investments, NVS		136,613		57,471
EISewedy Electric Co.		267,345		182,577
Ezz Steel Co. SAE^(a)		66,310		101,468
Fawry for Banking & Payment Technology Services SAE^(a)		339,221		48,980


Security	Shares		Value

Egypt (continued)
Misr Fertilizers Production Co. SAE		159,225	$	195,783
Talaat Moustafa Group		499,040		650,846
Telecom Egypt Co.		212,632		160,148


				1,552,790

Greece — 0.5%
Aegean Airlines SA^(a)		17,608		239,406
Athens Water Supply & Sewage Co. SA^(c)		14,136		84,336
GEK Terna Holding Real Estate Construction SA		19,323		297,392
Hellenic Energy Holdings SA		25,544		232,745
Holding Co. ADMIE IPTO SA		52,700		130,144
LAMDA Development SA^(a)		28,830		210,638
Sarantis SA		13,516		133,956
Terna Energy SA		17,484		313,066
Titan Cement International SA		12,462		353,559


				1,995,242

Hungary — 0.1%
Magyar Telekom Telecommunications PLC		112,778		256,026


India — 26.0%
360 ONE WAM Ltd.		42,036		363,230
3M India Ltd.		1,020		393,375
Aarti Drugs Ltd.		16,616		99,627
Aarti Industries Ltd.		55,986		442,850
Aarti Pharmalabs Ltd., NVS		17,608		103,752
Aavas Financiers Ltd.^(a)		15,126		265,152
Action Construction Equipment Ltd.		9,144		139,410
Aditya Birla Fashion and Retail Ltd.^(a)		113,088		306,752
Advanced Enzyme Technologies Ltd.		33,480		155,234
Aegis Logistics Ltd.		47,280		250,815
Affle India Ltd.^(a)		19,800		266,320
AGI Greenpac Ltd.		9,052		89,396
AIA Engineering Ltd.		13,020		573,587
Ajanta Pharma Ltd.		13,640		363,223
Alembic Pharmaceuticals Ltd.		16,262		199,597
Alkyl Amines Chemicals		6,014		155,530
Allcargo Logistics Ltd.		104,718		107,665
Alok Industries Ltd.^(a)		386,520		134,340
Amara Raja Energy & Mobility Ltd.		35,154		355,657
Amber Enterprises India Ltd.^(a)		6,060		269,064
Anand Rathi Wealth Ltd.		6,200		272,543
Angel One Ltd.		11,904		399,538
Apar Industries Ltd.		5,642		425,643
Apollo Tyres Ltd.		100,440		627,060
Aptus Value Housing Finance India Ltd.		58,218		246,924
Archean Chemical Industries Ltd., NVS		18,228		166,142
Asahi India Glass Ltd.		33,780		218,275
Aster DM Healthcare Ltd.^(a)(b)		46,748		266,828
AstraZeneca Pharma India Ltd.		1,922		127,874
Atul Ltd.		4,278		320,625
Avanti Feeds Ltd.		15,424		94,199
Bajaj Electricals Ltd.		14,074		168,994
Bajel Projects Ltd., NVS		10,015		26,240
Balaji Amines Ltd.		4,154		108,866
Balrampur Chini Mills Ltd.		43,752		196,535
BASF India Ltd.		5,084		201,990
Bata India Ltd.		18,538		315,122
Bayer CropScience Ltd.		4,526		309,463
BEML Ltd., (Acquired 02/10/22, Cost: $142,261)^(e)		6,572		246,787
Bharat Dynamics Ltd.		14,880		324,314
Biocon Ltd.		123,132		409,646
Birla Corp. Ltd.		9,060		178,984
Birlasoft Ltd.		53,100		496,281


60		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


India (continued)
BLS International Services Ltd.		41,788	$	184,001
Blue Dart Express Ltd.		2,046		148,909
Blue Star Ltd.		40,140		614,356
Borosil Renewables Ltd.^(a)		20,040		129,716
Brigade Enterprises Ltd.		40,362		485,781
Brightcom Group Ltd.^(a)		508,152		105,410
Brookfield India Real Estate Trust^(b)		61,256		187,093
BSE Ltd.		20,398		582,665
Campus Activewear Ltd.^(a)		23,746		69,749
Can Fin Homes Ltd.		27,528		256,886
Carborundum Universal Ltd.		34,100		439,354
Castrol India Ltd.		114,191		286,632
CCL Products India Ltd.		29,202		221,790
CE Info Systems Ltd.		5,952		129,506
Ceat Ltd.		6,944		238,893
Central Depository Services India Ltd.		16,554		382,860
Century Plyboards India Ltd.		18,972		161,855
Century Textiles & Industries Ltd.		17,050		289,788
Cera Sanitaryware Ltd.		1,860		169,934
CESC Ltd.		195,600		299,625
Chalet Hotels Ltd.^(a)		26,102		254,618
Chambal Fertilisers and Chemicals Ltd.		59,280		250,769
Chemplast Sanmar Ltd.^(a)		26,820		152,216
Chennai Petroleum Corp. Ltd.		10,292		109,733
Cholamandalam Financial Holdings Ltd.		31,062		392,767
CIE Automotive India Ltd.		45,322		240,466
City Union Bank Ltd.		110,280		179,307
Clean Science & Technology Ltd.		7,680		130,648
CMS Info Systems Ltd.		47,306		219,078
Cochin Shipyard Ltd., NVS		26,970		283,883
Coforge Ltd.		17,732		1,401,716
Computer Age Management Services Ltd.		13,589		502,227
Coromandel International Ltd.		36,180		468,993
Craftsman Automation Ltd.		2,728		137,720
CreditAccess Grameen Ltd.^(a)		18,360		325,170
CRISIL Ltd.		5,828		351,955
Crompton Greaves Consumer Electricals Ltd.		184,946		647,823
Cyient Ltd.		25,606		625,724
Data Patterns India Ltd.^(a)		6,944		207,590
Deepak Fertilisers & Petrochemicals Corp. Ltd.		24,180		147,316
Deepak Nitrite Ltd.		19,980		532,114
Delhivery Ltd.^(a)		109,740		623,824
Devyani International Ltd.^(a)		110,988		204,906
Dixon Technologies India Ltd.		9,920		797,474
Dr Lal PathLabs Ltd.^(b)		12,247		346,985
Easy Trip Planners Ltd., NVS		224,564		130,869
eClerx Services Ltd.		8,112		247,065
Edelweiss Financial Services Ltd.		187,736		172,057
EID Parry India Ltd.		32,882		249,707
EIH Ltd.		63,302		307,789
Elecon Engineering Co. Ltd.		13,620		164,464
Electronics Mart India Ltd., NVS		41,292		102,805
Electrosteel Castings Ltd.		75,144		144,912
Elgi Equipments Ltd.		58,320		458,853
Emami Ltd.		60,003		336,465
Embassy Office Parks REIT		251,472		1,133,677
Endurance Technologies Ltd.^(b)		10,500		235,032
Engineers India Ltd.		88,102		222,440
EPL Ltd.		55,862		126,076
Equitas Small Finance Bank Ltd.^(b)		191,880		230,349
Eris Lifesciences Ltd.^(a)(b)		16,058		170,766
Exide Industries Ltd.		149,640		576,912


Security	Shares		Value


India (continued)
Federal Bank Ltd.		545,160	$	987,977
Fine Organic Industries Ltd.		2,640		137,808
Finolex Cables Ltd.		22,382		248,203
Finolex Industries Ltd.		87,720		230,835
Firstsource Solutions Ltd.		129,394		320,046
Five-Star Business Finance Ltd., NVS		36,518		310,866
Fortis Healthcare Ltd.		138,922		682,378
Galaxy Surfactants Ltd.		3,591		109,835
GE T&D India Ltd.^(a)		5,566		61,180
Genus Power Infrastructures Ltd.		23,460		70,706
GHCL Ltd.		23,374		143,870
Gland Pharma Ltd.^(a)(b)		9,224		196,415
GlaxoSmithKline Pharmaceuticals Ltd.		12,896		337,016
Glenmark Pharmaceuticals Ltd.		45,120		503,574
Global Health Ltd., NVS^(a)		27,218		447,731
GMM Pfaudler Ltd.		11,718		183,703
Go Fashion India Ltd.^(a)		10,920		148,978
Godawari Power and Ispat Ltd.		21,762		194,178
Godfrey Phillips India Ltd.		4,529		161,089
Godrej Industries Ltd.^(a)		23,684		228,799
Gokaldas Exports Ltd.		16,430		166,961
Granules India Ltd.		44,330		248,290
Graphite India Ltd.		32,340		233,335
Gravita India Ltd.		8,308		95,539
Great Eastern Shipping Co. Ltd. (The)		33,914		411,476
Greaves Cotton Ltd.		63,302		115,274
Greenpanel Industries Ltd.		21,824		101,452
Grindwell Norton Ltd.		13,980		351,503
Gujarat Ambuja Exports Ltd.		25,620		121,179
Gujarat Fluorochemicals Ltd.		8,494		379,380
Gujarat Gas Ltd.		41,416		282,563
Gujarat Mineral Development Corp. Ltd.		27,466		129,171
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		29,946		231,150
Gujarat Pipavav Port Ltd.		48,608		122,639
Gujarat State Fertilizers & Chemicals Ltd.		82,620		216,473
Gujarat State Petronet Ltd.		93,620		416,298
Happiest Minds Technologies Ltd.		24,676		251,846
HBL Power Systems Ltd.		33,720		211,206
HFCL Ltd.		241,440		311,895
HG Infra Engineering Ltd.		11,618		123,219
Himadri Speciality Chemical Ltd.		56,854		252,424
Hindustan Construction Co. Ltd.^(a)		262,384		131,957
Hindustan Copper Ltd.		78,058		253,683
Hindustan Foods Ltd.^(a)		16,058		100,151
Hitachi Energy India Ltd.		3,534		255,566
ICICI Securities Ltd.^(b)		33,687		331,888
IDFC Ltd.^(a)		385,454		540,688
IFCI Ltd.^(a)		214,024		118,180
IIFL Finance Ltd.		64,728		459,916
India Cements Ltd. (The)^(a)		56,544		155,806
Indiabulls Housing Finance Ltd.		130,386		297,209
Indiabulls Real Estate Ltd.^(a)		147,932		212,747
IndiaMART Intermesh Ltd.^(b)		9,052		290,104
Indian Energy Exchange Ltd.^(b)		138,600		236,946
Indian Renewable Energy Development Agency Ltd., NVS		190,446		344,642
Indigo Paints Ltd.		4,898		82,611
Indo Count Industries Ltd.		31,000		126,996
Infibeam Avenues Ltd.		285,758		126,653
Inox Wind Ltd.^(a)		30,690		223,208
Intellect Design Arena Ltd.		28,080		373,943
ION Exchange India Ltd., NVS		27,000		157,349


S C H E D U L E O F I N V E S T M E N T S			61

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


India (continued)
Ipca Laboratories Ltd.		42,284	$	607,367
IRB Infrastructure Developers Ltd., NVS		391,778		296,638
IRCON International Ltd.^(b)		112,964		311,331
Jai Balaji Industries Ltd., NVS		7,936		122,754
Jai Corp. Ltd.		18,972		72,026
Jain Irrigation Systems Ltd.^(a)		128,588		85,089
Jaiprakash Associates Ltd.^(a)		359,878		86,371
Jaiprakash Power Ventures Ltd.^(a)		1,110,482		243,291
Jammu & Kashmir Bank Ltd. (The)		72,044		124,380
JB Chemicals & Pharmaceuticals Ltd., NVS		21,638		407,901
JBM Auto Ltd.		8,556		223,333
Jindal Saw Ltd.		37,944		218,794
JK Cement Ltd.		11,408		620,601
JK Lakshmi Cement Ltd.		19,964		221,142
JK Paper Ltd.		28,148		126,722
JK Tyre & Industries Ltd.		23,498		147,493
JM Financial Ltd.		164,424		190,640
Jubilant Ingrevia Ltd.		24,311		141,153
Jubilant Pharmova Ltd., Class A		25,296		173,052
Jupiter Wagons Ltd., NVS		37,200		166,829
Just Dial Ltd.^(a)		9,908		110,510
Jyothy Labs Ltd.		49,352		275,007
Kajaria Ceramics Ltd.		26,880		413,551
Kalpataru Projects International Ltd.		29,884		347,366
Kalyan Jewellers India Ltd.		81,902		392,538
Kansai Nerolac Paints Ltd.		62,496		218,267
Karnataka Bank Ltd. (The)		61,814		169,135
Karur Vysya Bank Ltd. (The)		134,520		297,361
Kaveri Seed Co. Ltd.		13,920		111,428
Kaynes Technology India Ltd., NVS		8,308		294,477
KEC International Ltd.		41,168		360,181
KEI Industries Ltd.		17,223		665,614
Kirloskar Brothers Ltd.		6,120		67,838
Kirloskar Ferrous Industries Ltd.		25,668		164,528
Kirloskar Oil Engines Ltd.		28,334		312,333
KNR Constructions Ltd.		57,288		184,739
KPI Green Energy Ltd.^(b)		4,762		99,939
KPIT Technologies Ltd.		52,140		985,392
KPR Mill Ltd.		27,652		256,197
KRBL Ltd.		22,754		88,311
Krishna Institute Of Medical Sciences Ltd.^(a)(b)		15,624		424,606
KSB Ltd.		4,898		216,179
L&T Finance Holdings Ltd.		240,622		484,155
Lakshmi Machine Works Ltd.		1,626		283,764
Laurus Labs Ltd.^(b)		105,958		518,888
Laxmi Organic Industries Ltd.		35,774		109,090
Lemon Tree Hotels Ltd.^(a)(b)		168,454		283,084
LIC Housing Finance Ltd.		95,976		749,155
Lloyds Engineering Works Ltd., NVS		170,906		120,547
LT Foods Ltd.		57,480		124,725
Mahanagar Gas Ltd.		16,058		287,006
Maharashtra Seamless Ltd.		16,740		185,571
Mahindra & Mahindra Financial Services Ltd.		156,860		534,976
Mahindra Lifespace Developers Ltd.		31,868		222,005
Manappuram Finance Ltd.		177,780		378,078
Mastek Ltd.		7,130		251,995
Max Financial Services Ltd.^(a)		76,756		895,686
Medplus Health Services Ltd.^(a)		18,166		152,519
Metropolis Healthcare Ltd.^(b)		9,060		174,929
Mindspace Business Parks REIT^(b)		62,040		254,420
Mishra Dhatu Nigam Ltd.^(b)		19,468		95,210
Motherson Sumi Wiring India Ltd.		599,040		505,957


Security	Shares		Value


India (continued)
Motilal Oswal Financial Services Ltd.		12,896	$	250,554
MTAR Technologies Ltd.^(a)		7,068		163,272
Multi Commodity Exchange of India Ltd.		8,494		384,769
Narayana Hrudayalaya Ltd.		23,002		372,182
Natco Pharma Ltd.		24,651		295,654
National Aluminium Co. Ltd.		257,486		482,883
Navin Fluorine International Ltd.		9,734		354,834
Nazara Technologies Ltd.^(a)		11,966		107,569
NBCC India Ltd.		182,838		296,852
NCC Ltd./India		152,768		455,264
Network18 Media & Investments Ltd.^(a)		72,420		93,246
Neuland Laboratories Ltd.		2,666		229,369
Newgen Software Technologies Ltd.		22,444		229,708
Nexus Select Trust, NVS		152,086		231,459
NIIT Learning Systems Ltd., NVS		28,148		176,340
Nippon Life India Asset Management Ltd.^(b)		42,284		263,120
NLC India Ltd.		44,268		118,763
NMDC Steel Ltd., NVS^(a)		244,714		181,196
Nuvama Wealth Management Ltd., NVS		2,480		122,957
Nuvoco Vistas Corp. Ltd.^(a)		31,186		124,529
Olectra Greentech Ltd.		12,090		286,356
Orient Cement Ltd.		42,842		117,300
Orient Electric Ltd.		40,858		102,669
Orissa Minerals Development Co. Ltd. (The)^(a)		660		53,957
Paisalo Digital Ltd.		67,642		150,390
Patel Engineering Ltd.^(a)		106,640		86,721
PB Fintech Ltd.^(a)		76,074		1,070,082
PCBL Ltd.		91,800		316,754
PDS Ltd.		9,176		56,637
Phoenix Mills Ltd. (The)		30,628		1,016,275
Piramal Enterprises Ltd.		33,170		366,001
Piramal Pharma Ltd., NVS^(a)		162,613		258,660
PNB Housing Finance Ltd.^(a)(b)		35,340		295,698
PNC Infratech Ltd.		42,036		216,983
Poly Medicure Ltd.		12,028		226,441
Polyplex Corp. Ltd.		6,263		65,080
Poonawalla Fincorp Ltd.		82,020		461,608
Praj Industries Ltd.		41,602		249,960
Pricol Ltd.^(a)		28,272		137,618
Procter & Gamble Health Ltd.		2,760		169,464
PTC Industries Ltd., NVS		1,302		132,045
PVR Inox Ltd.^(a)		22,072		364,993
Quess Corp. Ltd.^(b)		24,240		150,203
Radico Khaitan Ltd.		24,490		463,140
Rain Industries Ltd.		70,432		156,188
Rainbow Children’s Medicare Ltd.		18,240		298,295
Rajesh Exports Ltd.^(a)		21,700		80,664
Rajratan Global Wire Ltd.		8,760		66,463
Ramco Cements Ltd. (The)		33,108		333,263
Ramkrishna Forgings Ltd.		31,558		297,629
Ratnamani Metals & Tubes Ltd.		9,238		337,609
RattanIndia Enterprises Ltd.^(a)		153,060		154,230
Raymond Ltd.		11,940		263,983
RBL Bank Ltd.^(b)		146,568		459,725
Redington Ltd.		181,226		451,335
Relaxo Footwears Ltd.		23,100		233,013
Reliance Infrastructure Ltd.^(a)		73,153		194,433
Reliance Power Ltd.^(a)		871,906		254,701
Restaurant Brands Asia Ltd.^(a)		117,924		152,045
Rhi Magnesita India Ltd.		20,760		142,833
Route Mobile Ltd.		11,460		220,396
Safari Industries India Ltd.		8,742		214,680


62		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


India (continued)
Sanofi India Ltd.		2,451	$	254,013
Sapphire Foods India Ltd.^(a)		11,532		208,842
Saregama India Ltd.		30,660		148,760
Sharda Cropchem Ltd.		8,760		37,860
Sheela Foam Ltd.^(a)		13,206		165,026
Shivalik Bimetal Controls Ltd., NVS		7,936		51,645
Shoppers Stop Ltd.^(a)		18,042		161,475
Shree Renuka Sugars Ltd.^(a)		261,268		146,634
SJVN Ltd.		239,100		350,076
SKF India Ltd.		7,874		448,507
Sobha Ltd.		13,680		257,566
Sonata Software Ltd.		55,180		538,805
South Indian Bank Ltd. (The)		356,700		138,718
Star Health & Allied Insurance Co. Ltd.^(a)		42,656		288,131
Sterling and Wilson Renewable Energy Ltd.^(a)		22,692		165,367
Sterlite Technologies Ltd.		64,800		107,104
Sumitomo Chemical India Ltd.		33,294		150,297
Sun TV Network Ltd.		25,320		187,950
Sundram Fasteners Ltd.		35,526		458,268
Suprajit Engineering Ltd.		40,500		207,778
Supreme Petrochem Ltd., NVS		23,808		209,578
Surya Roshni Ltd., NVS		12,710		91,906
Suven Pharmaceuticals Ltd.^(a)		34,740		263,562
Swan Energy Ltd.		5,836		52,450
Syngene International Ltd.^(b)		54,292		461,820
Tamilnad Mercantile Bank Ltd., NVS		22,402		130,654
Tanla Platforms Ltd.		21,240		250,278
Tata Chemicals Ltd.		42,904		484,720
Tata Investment Corp. Ltd.		3,906		340,907
Tata Teleservices Maharashtra Ltd.^(a)		187,674		197,819
TCI Express Ltd.		4,740		63,944
TeamLease Services Ltd.^(a)		4,154		150,702
Tejas Networks Ltd.^(a)(b)		23,400		210,625
Texmaco Rail & Engineering Ltd.		68,963		157,067
Thanga Mayil Jewellery Ltd., NVS		5,201		85,786
Timken India Ltd.		9,238		302,747
Titagarh Rail System Ltd.		20,340		229,875
Transport Corp. of India Ltd.		9,920		99,205
Trident Ltd.		428,110		218,167
Triveni Engineering & Industries Ltd.		33,840		134,616
Triveni Turbine Ltd.		47,740		286,412
TTK Prestige Ltd.		15,600		140,611
TV18 Broadcast Ltd.^(a)		226,020		162,325
UNO Minda Ltd.		63,860		514,485
Usha Martin Ltd.		51,578		204,603
UTI Asset Management Co. Ltd.		14,460		155,947
Vardhman Textiles Ltd.		36,390		187,408
Varroc Engineering Ltd.^(a)(b)		17,360		101,826
V-Guard Industries Ltd.		55,920		218,893
Vijaya Diagnostic Centre Pvt Ltd.		17,918		139,275
Vinati Organics Ltd.		9,780		196,515
VIP Industries Ltd.		24,420		162,667
V-Mart Retail Ltd.^(a)		4,320		99,497
Voltamp Transformers Ltd.		1,429		151,781
Voltas Ltd.		58,590		783,027
Welspun Corp. Ltd.		35,960		221,414
Welspun Living Ltd.		80,104		149,235
West Coast Paper Mills Ltd.		10,230		76,538
Westlife Foodworld Ltd.		21,576		194,730
Whirlpool of India Ltd.		9,238		140,041
Zee Entertainment Enterprises Ltd.^(a)		241,304		467,079
Zen Technologies Ltd.		11,543		119,841


Security	Shares		Value


India (continued)
Zensar Technologies Ltd.		38,502	$	254,981
ZF Commercial Vehicle Control Systems India Ltd.		1,680		294,278


				94,160,078

Indonesia — 1.8%
Ace Hardware Indonesia Tbk PT		2,281,600		121,251
AKR Corporindo Tbk PT		2,517,200		272,303
Astra Agro Lestari Tbk PT		90,000		38,392
Astrindo Nusantara Infrastructure Tbk PT^(a)		13,640,000		71,173
Bank Aladin Syariah Tbk PT^(a)		2,380,800		162,103
Bank BTPN Syariah Tbk PT		756,000		66,147
Bank Bukopin Tbk PT^(a)		15,975,352		78,276
Bank Jago Tbk PT^(a)		1,295,800		224,221
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		840,064		64,415
Bank Tabungan Negara Persero Tbk PT		1,339,200		121,963
Berkah Beton Sadaya Tbk PT^(a)		7,350,000		23,385
BFI Finance Indonesia Tbk PT		2,932,600		257,524
Bukalapak.com PT Tbk^(a)		17,492,400		175,151
Bukit Asam Tbk PT		1,153,200		187,761
Bumi Resources Minerals Tbk PT^(a)		18,336,000		168,017
Bumi Resources Tbk PT^(a)		16,524,100		91,479
Bumi Serpong Damai Tbk PT^(a)		1,605,800		103,581
Ciputra Development Tbk PT		2,982,063		240,994
Elang Mahkota Teknologi Tbk PT		3,831,600		114,647
Energi Mega Persada Tbk PT, NVS^(a)		3,858,000		49,591
Erajaya Swasembada Tbk PT		2,592,000		78,181
Hanson International Tbk PT^(a)(d)		25,794,200		—
Harum Energy Tbk PT^(a)		840,000		66,926
Indika Energy Tbk PT		576,000		49,848
Indo Tambangraya Megah Tbk PT		117,800		196,334
Indocement Tunggal Prakarsa Tbk PT		316,200		182,582
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		2,219,657		86,865
Inti Agri Resources Tbk PT^(a)(d)		12,327,500		—
Japfa Comfeed Indonesia Tbk PT		1,560,000		114,158
Jasa Marga Persero Tbk PT		682,000		235,566
Lippo Karawaci Tbk PT^(a)		10,912,000		52,078
Map Aktif Adiperkasa PT		3,515,400		246,067
Medco Energi Internasional Tbk PT		1,908,512		158,698
Media Nusantara Citra Tbk PT		1,612,000		33,440
Medikaloka Hermina Tbk PT		1,767,000		142,237
Metro Healthcare Indonesia TBK PT^(a)		6,324,000		59,155
Mitra Adiperkasa Tbk PT		2,591,600		316,602
Pabrik Kertas Tjiwi Kimia Tbk PT		480,000		209,227
Pacific Strategic Financial Tbk PT^(a)		2,394,000		169,096
Pakuwon Jati Tbk PT		4,878,000		126,024
Panin Financial Tbk PT^(a)		3,740,500		61,933
Perusahaan Gas Negara Tbk PT		2,926,400		203,019
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		990,000		53,279
Sawit Sumbermas Sarana Tbk PT		1,104,000		79,735
Smartfren Telecom Tbk PT^(a)		56,351,800		190,051
Sugih Energy Tbk PT^(a)(d)		1,824,800		—
Summarecon Agung Tbk PT		3,150,050		110,134
Surya Citra Media Tbk PT		7,872,000		74,714
Surya Esa Perkasa Tbk PT		2,718,000		89,072
Transcoal Pacific Tbk PT		318,000		159,432
Waskita Karya Persero Tbk PT^(a)(d)		3,225,094		33,164
XL Axiata Tbk PT		1,314,000		199,002


				6,408,993

Kuwait — 1.1%
Al Ahli Bank of Kuwait KSCP		319,424		266,178


S C H E D U L E O F I N V E S T M E N T S			63

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Kuwait (continued)
Ali Alghanim Sons Automotive Co. KSCC, NVS		48,794	$	186,263
Boubyan Petrochemicals Co. KSCP		117,741		233,450
Boursa Kuwait Securities Co. KPSC		34,380		228,214
Burgan Bank SAK		286,860		193,000
Commercial Real Estate Co. Ksc		418,128		163,039
Gulf Cable & Electrical Industries Co. KSCP		38,254		185,583
Humansoft Holding Co. KSC		30,341		332,248
Jazeera Airways Co. KSCP		32,222		118,208
Kuwait International Bank KSCP		274,298		147,160
Kuwait Projects Co. Holding KSCP^(a)		630,292		258,068
Kuwait Telecommunications Co.		131,502		258,883
National Industries Group Holding SAK		610,824		475,431
National Investments Co. KSCP		152,644		141,360
National Real Estate Co. KPSC^(a)		408,084		105,292
Salhia Real Estate Co. KSCP		133,672		199,802
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		179,924		99,547
Warba Bank KSCP		458,490		280,361


				3,872,087

Malaysia — 2.3%
AFFIN Bank Bhd		179,800		97,832
Alliance Bank Malaysia Bhd		336,000		252,170
Axis Real Estate Investment Trust		427,800		159,563
Bank Islam Malaysia Bhd		168,400		87,380
Bermaz Auto Bhd		426,100		219,088
British American Tobacco Malaysia Bhd		54,144		95,270
Bumi Armada Bhd^(a)(c)		840,000		97,354
Bursa Malaysia Bhd		186,050		293,198
Carlsberg Brewery Malaysia Bhd		60,000		240,986
Chin Hin Group Bhd, NVS^(a)		222,000		181,642
CTOS Digital Bhd		452,600		144,110
D&O Green Technologies Bhd^(a)		180,000		126,071
Dialog Group Bhd		992,000		438,984
DRB-Hicom Bhd		348,000		102,096
Fraser & Neave Holdings Bhd		43,400		269,792
Frontken Corp. Bhd		434,050		336,625
Greatech Technology Bhd^(a)		136,400		137,392
HAP Seng Consolidated Bhd		73,700		68,645
Hartalega Holdings Bhd^(a)		522,000		276,250
Heineken Malaysia Bhd		48,200		230,157
Hibiscus Petroleum Bhd		255,080		135,911
IJM Corp. Bhd		630,000		284,487
IOI Properties Group Bhd^(c)		489,800		237,412
Kossan Rubber Industries Bhd		468,000		185,405
Lotte Chemical Titan Holding Bhd^(a)(b)		210,000		52,218
Magnum Bhd		99,250		23,633
Malaysia Building Society Bhd^(c)		1,074,100		172,326
Malaysian Pacific Industries Bhd^(c)		24,000		147,038
My EG Services Bhd		1,831,500		311,071
Padini Holdings Bhd		180,000		128,585
Pentamaster Corp. Bhd		222,050		200,985
PMB Technology Bhd^(a)		130,200		76,822
Sam Engineering & Equipment M Bhd		99,200		99,712
Scientex Bhd		276,000		226,239
Sime Darby Property Bhd		1,074,500		174,728
SP Setia Bhd Group^(c)		606,100		108,130
Sports Toto Bhd		148,806		44,841
Sunway REIT		483,600		158,975
Supermax Corp. Bhd		628,616		109,995
Syarikat Takaful Malaysia Keluarga Bhd		30,144		23,630
TIME dotCom Bhd		389,400		451,809
Top Glove Corp. Bhd^(a)		1,866,000		316,700


Security	Shares		Value


Malaysia (continued)
TSH Resources Bhd		260,400	$	57,097
Unisem M Bhd^(c)		120,000		84,371
United Plantations Bhd		49,600		231,198
UWC Bhd^(a)		174,000		125,964
ViTrox Corp. Bhd		89,600		141,608
VS Industry Bhd		905,250		141,261
Yinson Holdings Bhd		353,400		189,900


				8,496,656

Mexico — 2.0%
Alsea SAB de CV^(a)		148,800		570,258
Bolsa Mexicana de Valores SAB de CV		119,500		257,730
Concentradora Fibra Danhos SA de CV^(c)		49,600		59,686
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)(c)		297,600		216,509
Corp Inmobiliaria Vesta SAB de CV		248,035		869,507
FIBRA Macquarie Mexico^(b)		223,461		439,600
GCC SAB de CV		49,620		523,908
Genomma Lab Internacional SAB de CV, Class B		204,600		157,973
Gentera SAB de CV		347,200		521,892
Grupo Rotoplas SAB de CV		80,626		137,844
Grupo Televisa SAB, CPO		706,800		422,564
Grupo Traxion SAB de CV, Class A^(a)(b)		108,337		196,217
La Comer SAB de CV		148,800		347,899
Megacable Holdings SAB de CV, CPO		86,800		223,668
Nemak SAB de CV^(a)(b)		882,096		180,101
Ollamani SAB, NVS		3,200		5,402
Qualitas Controladora SAB de CV		62,000		696,417
Regional SAB de CV		74,400		694,183
TF Administradora Industrial S de Real de CV^(c)		241,800		577,678


				7,099,036

Panama — 0.1%
Intercorp Financial Services Inc.		7,502		204,805


Philippines — 0.7%
Alliance Global Group Inc.		806,000		147,966
AREIT Inc.		240,000		148,999
Bloomberry Resorts Corp.^(a)		1,260,000		251,485
Century Pacific Food Inc.		415,400		247,548
Converge Information and Communications Technology Solutions Inc.^(a)		600,000		96,104
D&L Industries Inc.		840,100		101,024
DMCI Holdings Inc.		924,000		180,148
GT Capital Holdings Inc.		30,380		379,919
LT Group Inc.		731,600		123,636
Manila Water Co. Inc.		372,000		128,643
Megaworld Corp.		1,984,000		68,170
Puregold Price Club Inc.		310,000		151,650
Robinsons Land Corp.		612,000		178,250
Robinsons Retail Holdings Inc.		49,600		33,087
Security Bank Corp.		110,400		139,436
Semirara Mining & Power Corp., Class A		260,400		149,621
Wilcon Depot Inc.		474,000		182,129


				2,707,815

Poland — 1.3%
Alior Bank SA^(a)		28,024		673,195
AmRest Holdings SE^(a)		24,720		154,917
Asseco Poland SA		14,788		277,709
Bank Millennium SA^(a)		189,420		473,953
CCC SA^(a)		13,950		265,910
Enea SA^(a)		93,109		228,030
Grupa Azoty SA^(a)(c)		17,633		99,531


64		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Poland (continued)
Grupa Kety SA		2,852	$	503,687
Jastrzebska Spolka Weglowa SA, Class S^(a)(c)		16,920		174,874
KRUK SA		5,580		588,360
Orange Polska SA		203,112		415,700
Tauron Polska Energia SA^(a)		347,924		315,612
Text SA		5,700		136,465
Warsaw Stock Exchange		6,360		70,179
XTB SA^(b)		17,732		214,129


				4,592,251

Qatar — 0.7%
Al Meera Consumer Goods Co. QSC		22,568		80,209
Baladna^(a)		290,100		101,531
Doha Bank QPSC		557,504		252,076
Estithmar Holding QPSC^(a)		258,480		140,351
Gulf International Services QSC		276,656		217,903
Gulf Warehousing Co.		74,834		64,501
Medicare Group		68,356		86,717
Qatar Aluminum Manufacturing Co.		731,972		255,081
Qatar Navigation QSC		288,300		869,683
Qatari Investors Group QSC		114,290		59,468
United Development Co. QSC		408,022		115,865
Vodafone Qatar QSC		534,254		253,465


				2,496,850

Russia — 0.0%
Credit Bank of Moscow PJSC^(a)(d)		4,743,600		518
Detsky Mir PJSC^(a)(b)(d)		238,520		26
Federal Grid Co. Rosseti PJSC^(a)(d)		142,040,000		16
Globaltrans Investment PLC, GDR^(a)(d)(f)		36,180		4
IPJSC United Medical Group, GDR^(d)(f)		11,658		1
Lenta PJSC, GDR^(a)(d)		58,692		6
LSR Group PJSC, Class A^(d)		16,818		2
Mosenergo PJSC^(d)		4,900,000		536
QIWI PLC, ADR^(a)(d)		20,971		2
Rostelecom PJSC^(d)		373,860		41
Segezha Group PJSC^(a)(b)(d)		1,675,000		183
Sistema AFK PAO^(d)		1,865,280		204
Sovcomflot PJSC^(d)		338,350		37
Unipro PJSC^(a)(d)		4,288,000		469


				2,045

Saudi Arabia — 4.1%
Abdullah Al Othaim Markets Co.		136,524		485,908
Al Hammadi Holding		25,920		462,385
Al Jouf Agricultural Development Co.		6,518		94,199
Al Masane Al Kobra Mining Co.		9,982		155,707
Al Moammar Information Systems Co.		5,260		204,222
Al Rajhi Co. for Co-operative Insurance^(a)		13,950		315,663
Al Rajhi REIT		73,253		175,793
Alamar Foods, NVS		3,240		93,132
Al-Dawaa Medical Services Co.		11,594		354,322
Aldrees Petroleum and Transport Services Co.		11,346		546,191
AlKhorayef Water & Power Technologies Co.^(a)		4,657		301,253
Almunajem Foods Co.		6,448		180,606
Alujain Corp.^(a)		14,136		159,188
Arabian Cement Co./Saudi Arabia		17,422		152,564
Arabian Contracting Services Co.		5,078		355,567
Arriyadh Development Co.		32,580		205,342
Astra Industrial Group		12,338		555,988
Catrion Catering Holding Co.		13,454		479,283
City Cement Co.		27,387		139,604
Eastern Province Cement Co.		15,180		145,239
Electrical Industries Co.		148,428		166,622


Security	Shares		Value


Saudi Arabia (continued)
Emaar Economic City^(a)		122,450	$	266,207
Fawaz Abdulaziz Al Hokair & Co.^(a)		19,964		95,500
Halwani Brothers Co.^(a)		6,882		102,241
Herfy Food Services Co.		6,060		59,174
Jadwa REIT Saudi Fund		61,256		213,970
Jahez International Co., NVS		26,670		253,688
Jamjoom Pharmaceuticals Factory Co., NVS		6,448		248,109
Leejam Sports Co. JSC		8,280		475,565
Maharah Human Resources Co.		74,958		146,577
Methanol Chemicals Co.^(a)		16,802		77,847
Middle East Healthcare Co.^(a)		12,710		412,110
Middle East Paper Co.		13,702		161,530
National Agriculture Development Co. (The)^(a)		49,600		437,880
National Co. for Learning & Education		6,262		282,519
National Gas & Industrialization Co.		12,400		283,457
National Industrialization Co.^(a)		39,618		139,233
National Medical Care Co.		7,688		412,563
Perfect Presentation For Commercial Services Co., NVS^(a)		19,778		184,580
Qassim Cement Co. (The)		13,380		212,279
Saudi Arabia Refineries Co.		4,650		114,691
Saudi Automotive Services Co.		10,122		254,825
Saudi Cement Co.		22,072		274,848
Saudi Ceramic Co.		15,314		126,467
Saudi Chemical Co. Holding		142,800		203,940
Saudi Ground Services Co.^(a)		33,960		374,888
Saudi Pharmaceutical Industries & Medical Appliances Corp.^(a)		18,120		184,930
Saudi Public Transport Co.^(a)		28,080		155,438
Saudi Real Estate Co.^(a)		53,320		285,402
Saudia Dairy & Foodstuff Co.		5,040		510,813
Seera Group Holding^(a)		49,980		445,120
Sinad Holding Co.^(a)		23,374		87,256
Southern Province Cement Co.		17,940		191,105
Sustained Infrastructure Holding Co.		18,352		152,921
Tanmiah Food Co.		2,511		89,230
Theeb Rent A Car Co.		8,928		176,041
United Electronics Co.		12,745		324,890
United International Transportation Co.		13,950		328,770
Yamama Cement Co.		34,380		330,827
Yanbu Cement Co.		24,420		205,112


				15,011,321

South Africa — 3.0%
Adcock Ingram Holdings Ltd.		16,554		48,411
AECI Ltd.		17,090		86,615
African Rainbow Minerals Ltd.		30,938		272,345
Astral Foods Ltd.		13,578		103,838
AVI Ltd.		101,256		472,070
Barloworld Ltd.		40,300		141,302
Burstone Group Ltd.		243,102		97,089
Coronation Fund Managers Ltd.		75,480		122,822
Dis-Chem Pharmacies Ltd.^(b)		124,868		198,825
DRDGOLD Ltd.		156,420		106,152
Equites Property Fund Ltd.		238,920		163,227
Fortress REIT Ltd., Series B, Class B^(a)		392,150		339,809
Foschini Group Ltd. (The)		100,800		550,505
Grindrod Ltd.		228,360		153,589
Growthpoint Properties Ltd.		977,554		596,828
Hosken Consolidated Investments Ltd.^(a)		13,740		126,123
Hyprop Investments Ltd.^(c)		118,769		194,049
Investec Ltd.		77,252		485,826
JSE Ltd.		23,374		106,804


S C H E D U L E O F I N V E S T M E N T S			65

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Africa (continued)
Life Healthcare Group Holdings Ltd.^(c)		385,206	$	352,469
Momentum Metropolitan Holdings		320,044		347,743
Motus Holdings Ltd.		50,964		246,184
Mr. Price Group Ltd.		78,180		693,304
MultiChoice Group^(a)		84,506		460,025
Netcare Ltd.		319,052		225,565
Ninety One Ltd.		55,268		112,723
Oceana Group Ltd.		35,650		132,488
Omnia Holdings Ltd.		28,946		94,173
Pick n Pay Stores Ltd.		117,004		123,470
PSG Financial Services Ltd.		340,689		269,816
Redefine Properties Ltd.^(c)		2,083,944		434,964
Resilient REIT Ltd.^(c)		93,540		229,900
Reunert Ltd.		55,180		187,520
Santam Ltd.		13,920		219,686
Sappi Ltd.		156,178		375,951
SPAR Group Ltd. (The)^(a)		54,808		279,041
Super Group Ltd./South Africa		111,352		153,327
Telkom SA SOC Ltd.^(a)		92,340		139,136
Thungela Resources Ltd.		39,060		213,832
Tiger Brands Ltd.		48,732		506,884
Truworths International Ltd.^(c)		117,300		439,539
Vukile Property Fund Ltd.		272,493		209,839
Wilson Bayly Holmes-Ovcon Ltd.^(a)		23,160		157,036


				10,970,844

South Korea — 13.1%
ABLBio Inc.^(a)		11,842		202,401
Advanced Nano Products Co. Ltd.^(a)		2,914		306,136
AfreecaTV Co. Ltd.		2,480		239,940
Ahnlab Inc.^(c)		2,040		109,704
Alteogen Inc.^(a)(c)		11,160		1,343,066
Amorepacific Group		9,362		187,758
Asiana Airlines Inc.^(a)		16,980		148,484
BGF retail Co. Ltd.		2,542		252,229
BH Co. Ltd.		8,006		102,940
Bioneer Corp.^(a)		7,200		132,524
BNK Financial Group Inc.		75,144		423,702
Boryung		13,144		117,608
Canariabio Inc.^(a)		44,392		33,137
Caregen Co. Ltd.		5,100		89,380
Cellivery Therapeutics Inc.^(a)(c)(d)		10,519		42,215
Chabiotech Co. Ltd.^(a)		14,323		180,292
Cheil Worldwide Inc.		19,034		264,430
Chong Kun Dang Pharmaceutical Corp.		2,356		191,332
Chunbo Co. Ltd.^(a)		1,984		135,025
CJ CGV Co. Ltd.^(a)		25,143		116,826
CJ Corp.^(a)		4,092		298,029
CJ ENM Co. Ltd.^(a)		3,300		197,010
CJ Logistics Corp.^(a)		2,852		266,528
Classys Inc.		6,882		166,427
Com2uSCorp		2,880		92,354
Cosmax Inc.^(a)		2,542		205,514
Cosmochemical Co. Ltd.^(a)		8,509		224,956
Creative & Innovative System^(a)(c)		20,274		169,497
CS Wind Corp.		8,060		313,720
Cuckoo Homesys Co. Ltd.^(a)		4,712		71,036
Curexo Inc.^(a)		8,946		100,357
Daeduck Electronics Co. Ltd./New^(a)(c)		10,478		175,832
Daejoo Electronic Materials Co. Ltd.^(a)		4,278		242,399
Daesang Corp.^(a)		9,480		139,945
Daewoo Engineering & Construction Co. Ltd.^(a)		53,568		160,281
Daewoong Co. Ltd.		8,100		133,761


Security	Shares		Value


South Korea (continued)
Daewoong Pharmaceutical Co. Ltd.		1,620	$	139,485
Daishin Securities Co. Ltd.^(a)		13,020		160,701
Daou Technology Inc.		7,316		119,469
Dawonsys Co. Ltd.^(a)(c)		10,354		100,240
DB HiTek Co. Ltd.		9,920		346,723
Dentium Co. Ltd.^(a)		2,356		255,645
DGB Financial Group Inc.		45,446		302,555
DL E&C Co. Ltd.		8,804		245,027
DL Holdings Co. Ltd.^(a)		3,968		141,854
Dong-A Socio Holdings Co. Ltd.		1,302		106,533
Dong-A ST Co. Ltd.		1,922		108,269
Dongjin Semichem Co. Ltd.^(a)		10,920		306,475
DongKook Pharmaceutical Co. Ltd.		10,049		124,633
Dongkuk Steel Mill Co. Ltd/New		12,338		119,934
Dongsuh Companies Inc.		15,004		197,032
Dongwha Enterprise Co. Ltd.^(a)		2,326		120,487
Dongwon F&B Co. Ltd.^(a)		3,385		80,934
Doosan Co. Ltd.^(a)		2,340		160,263
Doosan Fuel Cell Co. Ltd.^(a)		14,446		215,901
Doosan Tesna Inc.^(a)		4,216		135,694
DoubleUGames Co. Ltd.		3,844		133,833
Douzone Bizon Co. Ltd.^(a)		5,332		182,729
Duk San Neolux Co. Ltd.^(a)		3,480		101,751
Ecopro HN Co. Ltd.		3,840		173,125
E-MART Inc.^(a)		5,642		313,834
EMRO Inc., NVS		2,480		100,833
EM-Tech Co. Ltd.		4,650		126,672
Enchem Co. Ltd.^(a)		2,542		537,259
Eo Technics Co. Ltd.^(a)		2,700		416,523
Eoflow Co. Ltd.^(a)		3,492		13,512
ESR Kendall Square REIT Co. Ltd.		50,816		152,156
Eugene Technology Co. Ltd.		5,208		147,676
F&F Co. Ltd./New		2,852		155,065
Fila Holdings Corp.		14,322		412,780
Foosung Co. Ltd.^(a)		17,655		110,881
Gaonchips Co. Ltd.^(a)		1,364		109,091
GC Cell Corp.		3,410		101,706
GemVax & Kael Co. Ltd.^(a)		10,440		96,148
GOLFZON Co. Ltd.^(a)		1,984		116,966
Green Cross Corp.		2,046		181,163
Green Cross Holdings Corp.		9,660		119,542
GS Engineering & Construction Corp.^(a)		19,344		232,055
GS Retail Co. Ltd.		11,780		197,414
HAESUNG DS Co. Ltd.		3,667		127,473
Hana Materials Inc.^(c)		3,348		119,857
Hana Micron Inc.^(a)		11,656		227,498
Hana Tour Service Inc.^(a)		4,195		207,426
Hanall Biopharma Co. Ltd.^(a)		10,788		282,257
Handsome Co. Ltd.		5,882		84,390
Hanil Cement Co. Ltd./New		11,780		107,586
Hankook & Co. Co. Ltd.		7,874		100,737
Hanmi Science Co. Ltd.^(a)		6,696		207,335
Hansae Co. Ltd.		5,958		91,370
Hansol Chemical Co. Ltd.^(a)		2,790		357,580
Hanssem Co. Ltd.		2,852		103,819
Hanwha Corp.		12,772		282,669
Hanwha Investment & Securities Co. Ltd.^(a)		47,678		159,540
Hanwha Life Insurance Co. Ltd.^(a)		93,372		221,271
Hanwha Systems Co. Ltd.		21,390		268,278
HD Hyundai Construction Equipment Co. Ltd.		3,780		153,074
HD Hyundai Electric Co. Ltd.		6,758		633,048
HD Hyundai Infracore Co. Ltd.		40,740		246,719


66		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Korea (continued)
HDC Hyundai Development Co-Engineering & Construction, Class E		12,276	$	183,316
Hite Jinro Co. Ltd.^(c)		10,020		150,380
HL Mando Co. Ltd.		10,503		262,225
HLB Life Science Co. Ltd.^(a)		26,288		278,748
Hotel Shilla Co. Ltd.		6,944		313,408
HPSP Co. Ltd.		11,594		448,797
Hugel Inc.^(a)		1,984		273,513
Hyosung Advanced Materials Corp.		930		233,319
Hyosung Corp.		2,976		133,717
Hyosung Heavy Industries Corp.		1,550		224,373
Hyosung TNC Corp.		806		175,423
Hyundai Bioscience Co. Ltd.^(a)		10,850		169,029
Hyundai Department Store Co. Ltd.		4,838		190,657
Hyundai Elevator Co. Ltd.^(a)		7,502		224,890
Hyundai Marine & Fire Insurance Co. Ltd.^(a)		16,740		395,930
Hyundai Mipo Dockyard Co. Ltd.^(a)		4,960		234,293
Hyundai Rotem Co. Ltd.^(c)		23,374		588,575
Hyundai Wia Corp.^(a)		5,394		244,081
Il Dong Pharmaceutical Co. Ltd.^(a)		6,135		72,468
Iljin Hysolus Co. Ltd.^(a)		6,448		114,015
Innocean Worldwide Inc.		5,766		94,960
Innox Advanced Materials Co. Ltd.		5,270		125,636
Intellian Technologies Inc.^(a)		2,852		117,440
IS Dongseo Co. Ltd.		5,520		114,947
ISC Co. Ltd.		3,472		188,300
i-SENS Inc.		6,572		113,249
ISU Specialty Chemical, NVS^(a)		1,240		305,528
IsuPetasys Co. Ltd.		14,460		333,682
JB Financial Group Co. Ltd.		31,864		314,928
Jeisys Medical Inc.^(a)		21,328		126,398
Jeju Semiconductor Corp.^(a)		7,750		157,724
Jin Air Co. Ltd.^(a)		11,520		108,156
JR Global REIT		63,054		195,181
Jusung Engineering Co. Ltd.		10,354		286,483
JW Pharmaceutical Corp.		4,774		118,236
JYP Entertainment Corp.^(a)		7,688		425,507
K Car Co. Ltd., NVS		8,680		80,088
Kakao Games Corp.^(a)		13,516		238,750
KCC Corp.		1,500		299,447
KCC Glass Corp.		4,774		147,171
KEPCO Engineering & Construction Co. Inc.^(a)		5,208		277,684
KEPCO Plant Service & Engineering Co. Ltd.^(a)		7,800		218,128
KG Dongbusteel		16,864		95,106
KIWOOM Securities Co. Ltd.^(a)		4,364		412,509
KMW Co. Ltd.^(a)		8,308		88,782
Koh Young Technology Inc.		17,174		248,283
Kolmar Korea Co. Ltd.^(a)		4,514		161,063
Kolon Industries Inc.		6,180		180,245
KoMiCo Ltd.		2,542		118,440
Korea Electric Terminal Co. Ltd.		1,860		88,802
Korea Gas Corp.^(a)		8,665		188,832
Korea Line Corp.^(a)		62,806		96,926
Korea Petrochemical Ind Co. Ltd.		1,302		139,478
Korean Reinsurance Co.^(a)		39,494		238,778
Kumho Tire Co. Inc.^(a)		41,974		198,914
Kyung Dong Navien Co. Ltd.		2,943		117,356
L&C Bio Co. Ltd.		8,122		145,215
Lake Materials Co. Ltd.^(a)		11,883		186,841
LEENO Industrial Inc.		2,976		466,246
LegoChem Biosciences Inc.^(a)		8,308		331,670
LIG Nex1 Co. Ltd.		3,720		400,679


Security	Shares		Value


South Korea (continued)
Lotte Corp.		2,389	$	54,181
Lotte Energy Materials Corp.		7,254		190,150
Lotte Fine Chemical Co. Ltd.		5,332		190,369
LOTTE REIT Co. Ltd.		47,460		111,585
Lotte Rental Co. Ltd.		4,526		91,818
Lotte Shopping Co. Ltd.		3,410		198,911
Lotte Tour Development Co. Ltd.^(a)		15,996		108,757
LS Corp.		5,394		356,657
LS Electric Co. Ltd.		4,800		231,451
Lunit Inc.^(a)		6,060		278,032
LX International Corp.		8,866		183,020
LX Semicon Co. Ltd.		3,660		207,388
Mcnex Co. Ltd.		4,581		87,605
Medytox Inc.		1,612		191,799
MegaStudyEdu Co. Ltd.		2,820		131,662
Mezzion Pharma Co. Ltd.^(a)		7,192		218,330
Myoung Shin Industrial Co. Ltd.^(a)(c)		11,904		144,194
Naturecell Co. Ltd.^(a)(c)		20,088		105,207
Neowiz Games Corp.		3,360		55,949
Nexon Games Co. Ltd.^(a)		9,734		101,949
NEXTIN Inc.^(a)		2,976		170,864
NHN Corp.		5,332		106,415
NICE Information Service Co. Ltd.^(a)(c)		12,772		102,798
NKMax Co. Ltd.^(a)		25,080		30,624
NongShim Co. Ltd.		992		259,069
OCI Co. Ltd.		1,922		122,185
OCI Holdings Co. Ltd.		4,650		328,664
Orion Holdings Corp.		7,080		76,048
Oscotec Inc.^(a)		9,362		156,230
Ottogi Corp.^(c)		660		198,908
Pan Ocean Co. Ltd.		84,134		308,046
Paradise Co. Ltd.		14,818		141,018
Park Systems Corp.		1,800		233,637
Partron Co. Ltd.		13,260		78,381
Pearl Abyss Corp.^(a)		6,448		146,964
People & Technology Inc.^(a)		6,267		190,627
Peptron Inc.^(a)		7,006		121,270
PharmaResearch Co. Ltd.		2,160		152,752
PI Advanced Materials Co. Ltd.^(a)		6,420		101,588
Poongsan Corp.		5,084		164,887
Posco M-Tech Co. Ltd.^(a)		6,200		114,228
PSK Inc.		8,618		164,767
Rainbow Robotics^(a)(c)		2,820		342,865
S&S Tech Corp.		5,456		180,909
S-1 Corp.		4,898		213,477
Sam Chun Dang Pharm Co. Ltd.^(a)		4,320		232,275
Sam-A Aluminum Co. Ltd.		1,560		116,245
Sambu Engineering & Construction Co. Ltd.^(a)		67,794		122,952
Samyang Foods Co. Ltd.		1,364		175,078
Samyang Holdings Corp.		1,612		88,266
SD Biosensor Inc.^(a)(c)		16,740		157,795
Sebang Global Battery Co. Ltd.		2,220		132,812
Seegene Inc.		11,718		219,151
Seojin System Co. Ltd.^(a)(c)		9,360		144,098
Seoul Semiconductor Co. Ltd.^(a)		13,206		98,920
SFA Engineering Corp.^(c)		6,014		112,870
SFA Semicon Co. Ltd.^(a)		26,640		120,156
Shin Poong Pharmaceutical Co. Ltd.^(a)		11,491		103,949
Shinsegae Inc.		2,170		285,064
Shinsegae International Inc.^(c)		5,952		73,849
Shinsung Delta Tech Co. Ltd.		5,084		469,610
SIMMTECH Co. Ltd.^(a)		7,254		155,764


S C H E D U L E O F I N V E S T M E N T S			67

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


South Korea (continued)
SK Chemicals Co. Ltd.		4,920	$	251,245
SK Networks Co. Ltd.^(a)		34,782		171,296
SK oceanplant Co. Ltd.^(a)		9,486		92,722
SK REITs Co. Ltd.		50,282		146,807
SL Corp.		5,952		151,291
SM Entertainment Co. Ltd.		3,540		208,347
SNT Motiv Co. Ltd.		3,660		122,264
SOLUM Co. Ltd.^(a)		13,330		290,570
Solus Advanced Materials Co. Ltd.		12,022		109,468
Soulbrain Co. Ltd.		1,240		254,185
Ssangyong C&E Co. Ltd.		9,602		50,332
ST Pharm Co. Ltd.		3,596		171,637
STCUBE^(a)(c)		17,050		80,703
Studio Dragon Corp.^(a)		3,840		130,663
Sungeel Hitech Co. Ltd.^(a)		1,712		126,352
Synopex Inc.^(a)		18,508		122,729
Taekwang Industrial Co. Ltd.^(a)		120		70,849
Taihan Electric Wire Co. Ltd.^(a)		18,699		131,896
TCC Steel^(a)		5,146		262,731
TKG Huchems Co. Ltd.		7,347		110,675
Tokai Carbon Korea Co. Ltd.		1,680		119,612
Tongyang Life Insurance Co. Ltd.^(a)		15,190		66,481
Unid Co. Ltd.		1,295		75,774
Vaxcell-Bio Therapeutics Co. Ltd.^(a)		6,572		94,720
Voronoi Inc.^(a)		2,666		89,491
Webzen Inc.		7,874		98,683
Wemade Co. Ltd.^(a)		5,881		206,342
WONIK IPS Co. Ltd.^(a)		8,556		211,390
Wonik QnC Corp.^(a)		5,880		124,286
W-Scope Chungju Plant Co. Ltd.^(a)		3,534		119,856
Wysiwyg Studious Co. Ltd.^(a)		36,193		75,049
YG Entertainment Inc.		3,972		122,258
Youngone Corp.^(a)		8,060		266,159


				47,464,167

Taiwan — 22.1%
AcBel Polytech Inc.		186,773		251,995
Acter Group Corp. Ltd.		60,000		370,300
ADATA Technology Co. Ltd.		124,405		393,559
Adimmune Corp.^(a)		124,000		115,543
Advanced Ceramic X Corp.		18,000		128,793
Advanced Energy Solution Holding Co. Ltd.		10,000		225,831
Advanced Wireless Semiconductor Co.^(a)		60,596		270,874
Airoha Technology Corp., NVS		1,000		21,892
Allis Electric Co. Ltd.		16,000		50,618
Andes Technology Corp.		13,000		204,420
AP Memory Technology Corp.		28,000		403,551
Arcadyan Technology Corp.		60,541		353,117
Ardentec Corp.		129,000		289,720
Asia Optical Co. Inc.		124,000		263,432
Asia Vital Components Co. Ltd.		106,533		1,797,101
ASMedia Technology Inc.		8,000		597,128
ASPEED Technology Inc.		8,800		762,194
AURAS Technology Co. Ltd.		17,000		287,285
BES Engineering Corp.		496,000		191,531
Bizlink Holding Inc.		44,570		342,411
Bora Pharmaceuticals Co. Ltd.		16,184		342,527
Brighton-Best International Taiwan Inc.		120,000		128,839
Capital Securities Corp.		600,530		318,496
Career Technology MFG. Co. Ltd.		127,986		84,475
Cathay Real Estate Development Co. Ltd.		186,300		109,059
Center Laboratories Inc.		171,435		258,345
Century Iron & Steel Industrial Co. Ltd.		60,000		488,715


Security	Shares		Value


Taiwan (continued)
Chang Wah Electromaterials Inc.		120,000	$	146,360
Chang Wah Technology Co. Ltd.		153,500		167,834
Channel Well Technology Co. Ltd.		62,000		161,074
Charoen Pokphand Enterprise		73,300		225,322
Cheng Loong Corp.		240,000		220,175
Cheng Uei Precision Industry Co. Ltd.		120,000		172,632
Chicony Electronics Co. Ltd.		180,000		1,068,535
Chicony Power Technology Co. Ltd.		62,000		332,970
China General Plastics Corp.		124,700		80,297
China Man-Made Fiber Corp.^(a)		500,031		122,252
China Motor Corp.		66,200		263,027
China Petrochemical Development Corp.^(a)		1,178,145		350,714
China Steel Chemical Corp.		60,000		212,580
Chin-Poon Industrial Co. Ltd.		120,000		198,787
Chipbond Technology Corp.		175,000		393,135
ChipMOS Technologies Inc.		124,000		173,087
Chong Hong Construction Co. Ltd.		62,424		154,251
Chroma ATE Inc.		120,000		885,802
Chung Hung Steel Corp.		300,000		220,056
Chung Hwa Pulp Corp.		124,000		88,459
Chung-Hsin Electric & Machinery Manufacturing Corp.		120,000		650,725
Cleanaway Co. Ltd.		40,000		225,891
Clevo Co.		120,000		152,282
Compeq Manufacturing Co. Ltd.		300,000		723,036
Coretronic Corp.		62,400		140,358
Co-Tech Development Corp.		62,000		116,191
CSBC Corp. Taiwan^(a)		248,361		144,467
CTCI Corp.		180,000		244,690
Cub Elecparts Inc.		46,615		189,682
Darfon Electronics Corp.		120,000		202,154
Dynamic Holding Co. Ltd.		62,000		147,233
Dynapack International Technology Corp.		61,000		156,894
EirGenix Inc.^(a)		62,000		185,944
Elan Microelectronics Corp.		89,000		467,538
Elite Material Co. Ltd.		80,000		1,255,597
Elite Semiconductor Microelectronics Technology Inc.		84,000		248,800
Ennoconn Corp.		26,000		246,075
ENNOSTAR Inc.^(a)		186,184		252,849
Episil Technologies Inc.		124,425		237,332
Eternal Materials Co. Ltd.		276,129		281,009
Etron Technology Inc.		124,506		212,099
Evergreen International Storage & Transport Corp.		186,000		196,580
Everlight Electronics Co. Ltd.		120,000		189,836
Far Eastern Department Stores Ltd.		248,000		191,059
Far Eastern International Bank		704,102		275,099
Faraday Technology Corp.		62,000		761,190
Farglory Land Development Co. Ltd.		92,000		163,578
Feng Hsin Steel Co. Ltd.		124,000		267,540
Fitipower Integrated Technology Inc.		332		2,539
FLEXium Interconnect Inc.		60,418		165,100
FocalTech Systems Co. Ltd.		62,000		191,467
Formosa Sumco Technology Corp.		29,000		143,690
Formosa Taffeta Co. Ltd.		240,000		179,239
Fortune Electric Co. Ltd.		38,000		648,111
Foxconn Technology Co. Ltd.		248,000		390,131
Foxsemicon Integrated Technology Inc.		25,200		191,440
Fulgent Sun International Holding Co. Ltd.		56,330		223,810
Fusheng Precision Co. Ltd.		26,000		185,275
General Interface Solution Holding Ltd.		62,000		114,236
Genius Electronic Optical Co. Ltd.		24,585		329,801
Getac Holdings Corp.		120,000		453,989


68		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
Giant Manufacturing Co. Ltd.		120,000	$	775,502
Global Brands Manufacture Ltd.		117,000		241,762
Global Mixed Mode Technology Inc.		24,000		197,226
Gloria Material Technology Corp.		186,000		276,775
Gold Circuit Electronics Ltd.		116,600		949,349
Goldsun Building Materials Co. Ltd.		310,426		324,193
Gourmet Master Co. Ltd.		49,821		139,531
Grand Pacific Petrochemical		372,161		166,658
Grape King Bio Ltd.		62,000		304,266
Great Tree Pharmacy Co. Ltd.		19,649		190,352
Great Wall Enterprise Co. Ltd.		248,284		458,932
Greatek Electronics Inc.		63,000		119,260
Gudeng Precision Industrial Co. Ltd.		18,000		256,220
Hannstar Board Corp.		120,481		215,875
HannStar Display Corp.^(a)		720,320		258,952
Highwealth Construction Corp.		366,909		460,853
Hiwin Technologies Corp.		62,044		471,440
Holtek Semiconductor Inc.		60,000		113,875
Holy Stone Enterprise Co. Ltd.		68,152		209,000
Hota Industrial Manufacturing Co. Ltd.		62,773		112,021
Hotai Finance Co. Ltd.		66,800		255,833
Hsin Kuang Steel Co. Ltd.		122,000		257,689
HTC Corp.^(a)		248,000		383,209
Huaku Development Co. Ltd.		62,080		194,066
IBF Financial Holdings Co. Ltd.^(a)		744,172		289,563
Innodisk Corp.		28,559		276,183
International CSRC Investment Holdings Co.		300,945		173,387
International Games System Co. Ltd.		36,000		970,951
I-Sunny Construction & Development Co. Ltd.		24,000		67,878
ITE Technology Inc.		60,000		313,365
ITEQ Corp.		62,559		176,603
Jentech Precision Industrial Co. Ltd.		24,399		710,451
Jinan Acetate Chemical Co. Ltd.		13,692		419,855
Johnson Health Tech Co. Ltd.		55,000		115,476
Kaori Heat Treatment Co. Ltd.		25,047		220,477
Kenda Rubber Industrial Co. Ltd.		248,260		237,616
Kindom Development Co. Ltd.		186,400		232,891
King Slide Works Co. Ltd.		17,000		730,388
King Yuan Electronics Co. Ltd.		310,000		872,939
King’s Town Bank Co. Ltd.		240,000		339,012
Kinik Co.		45,000		367,603
Kinpo Electronics		372,000		181,299
Kinsus Interconnect Technology Corp.		62,000		189,817
KMC Kuei Meng International Inc.		27,000		131,970
L&K Engineering Co. Ltd.		60,000		320,028
Lien Hwa Industrial Holdings Corp.		310,412		643,628
Longchen Paper & Packaging Co. Ltd.		249,775		110,259
Lotes Co. Ltd.		23,181		752,091
Lotus Pharmaceutical Co. Ltd.		62,000		568,658
LuxNet Corp.		58,082		286,910
M31 Technology Corp.		2,000		114,244
Macronix International Co. Ltd.		558,000		502,786
Makalot Industrial Co. Ltd.		62,391		734,320
Medigen Vaccine Biologics Corp.^(a)		83,071		160,836
Mercuries & Associates Holding Ltd.^(a)		142,030		57,095
Mercuries Life Insurance Co. Ltd.^(a)		558,558		87,477
Merida Industry Co. Ltd.		74,000		488,990
Merry Electronics Co. Ltd.		61,616		230,210
Microbio Co. Ltd.		141,827		208,635
Mitac Holdings Corp.		265,383		355,377
MPI Corp.		25,000		255,461
Nan Kang Rubber Tire Co. Ltd.^(a)		160,000		199,262


Security	Shares		Value


Taiwan (continued)
Nantex Industry Co. Ltd.		124,000	$	138,709
Nuvoton Technology Corp.		60,000		245,114
OBI Pharma Inc.^(a)		67,769		143,592
Oneness Biotech Co. Ltd.		88,260		493,234
Orient Semiconductor Electronics Ltd.		124,000		284,489
Oriental Union Chemical Corp.		186,000		113,150
Pan Jit International Inc.		115,000		227,245
Pan-International Industrial Corp.		124,722		129,607
PharmaEngine Inc.		36,000		117,876
Pharmally International Holding Co. Ltd.^(d)		21,603		—
Phihong Technology Co. Ltd.^(a)		124,432		241,627
Phison Electronics Corp.		58,000		1,153,654
Pixart Imaging Inc.		60,635		328,465
Polaris Group/Tw^(a)		124,000		277,254
Powertech Technology Inc.		186,000		919,103
Poya International Co. Ltd.		17,326		269,408
President Securities Corp.		240,623		156,109
Primax Electronics Ltd.		124,000		285,711
Prince Housing & Development Corp.		372,917		121,001
Qisda Corp.		434,000		633,596
Quanta Storage Inc.		56,000		137,271
Radiant Opto-Electronics Corp.		135,000		630,427
Raydium Semiconductor Corp.		18,000		254,926
RichWave Technology Corp.^(a)		490		3,500
Ruentex Industries Ltd.		186,735		350,025
Run Long Construction Co. Ltd.		62,220		202,828
Sanyang Motor Co. Ltd.		180,820		427,714
ScinoPharm Taiwan Ltd.		120,708		96,938
SDI Corp.		61,000		199,934
Sercomm Corp.		62,000		266,038
Shihlin Electric & Engineering Corp.		62,000		367,296
Shin Zu Shing Co. Ltd.		60,856		325,507
Shinfox Energy Co. Ltd.		60,000		289,923
Shinkong Synthetic Fibers Corp.		420,135		202,863
Sigurd Microelectronics Corp.		124,124		276,519
Silicon Integrated Systems Corp.		180,000		245,777
Simplo Technology Co. Ltd.		60,600		818,079
Sinbon Electronics Co. Ltd.		62,000		507,030
Sincere Navigation Corp.		124,000		108,467
Sino-American Silicon Products Inc.		124,000		728,636
Sinyi Realty Inc.		120,778		112,524
Sitronix Technology Corp.		43,000		394,982
Solar Applied Materials Technology Corp.		180,943		253,259
Sporton International Inc.		27,300		203,307
Standard Foods Corp.		120,000		143,126
Sunny Friend Environmental Technology Co. Ltd.		37,106		123,927
Sunonwealth Electric Machine Industry Co. Ltd.		62,000		249,437
Sunplus Technology Co. Ltd.		180,000		188,687
Supreme Electronics Co. Ltd.		155,017		306,212
Synmosa Biopharma Corp.		124,866		154,060
Systex Corp.		60,000		214,651
TA Chen Stainless Pipe		510,232		579,833
Ta Ya Electric Wire & Cable		248,904		295,474
Taichung Commercial Bank Co. Ltd.		1,054,301		555,494
TaiMed Biologics Inc.^(a)		60,000		209,978
Tainan Spinning Co. Ltd.		434,190		212,312
Taiwan Cogeneration Corp.		186,860		293,346
Taiwan Fertilizer Co. Ltd.		186,000		392,074
Taiwan Glass Industry Corp.^(a)		360,000		207,925
Taiwan Hon Chuan Enterprise Co. Ltd.		109,004		501,620
Taiwan Mask Corp.		68,000		149,843
Taiwan Paiho Ltd.		106,050		194,353


S C H E D U L E O F I N V E S T M E N T S			69

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
Taiwan Secom Co. Ltd.		80,450	$	301,641
Taiwan Semiconductor Co. Ltd.		73,000		184,935
Taiwan Shin Kong Security Co. Ltd.		109,366		138,569
Taiwan Surface Mounting Technology Corp.		62,000		192,634
Taiwan TEA Corp.^(a)		186,000		122,319
Taiwan Union Technology Corp.		62,000		307,200
Taiwan-Asia Semiconductor Corp.		120,000		159,570
Tatung Co. Ltd.^(a)		480,000		788,975
TCI Co. Ltd.		37,528		190,918
Teco Electric and Machinery Co. Ltd.		360,000		560,961
Test Research Inc.		60,000		138,554
Ton Yi Industrial Corp.		300,000		147,161
Tong Hsing Electronic Industries Ltd.		62,478		299,505
Tong Yang Industry Co. Ltd.		120,133		375,906
Topco Scientific Co. Ltd.		62,704		385,950
TPK Holding Co. Ltd.		120,000		132,863
Transcend Information Inc.		62,000		156,981
Tripod Technology Corp.		124,000		817,541
TSEC Corp.		180,997		159,572
TSRC Corp.		248,000		179,033
TTY Biopharm Co. Ltd.		60,450		154,904
Tung Ho Steel Enterprise Corp.		186,750		456,547
TXC Corp.		124,000		391,905
U-Ming Marine Transport Corp.		124,000		218,112
Union Bank of Taiwan		248,372		111,595
United Integrated Services Co. Ltd.		60,400		560,666
United Renewable Energy Co. Ltd.		431,059		169,218
UPC Technology Corp.		360,741		167,322
UPI Semiconductor Corp.^(a)		18,000		179,071
USI Corp.		240,070		138,383
Via Technologies Inc.		62,000		258,857
VisEra Technologies Co. Ltd.		32,000		310,955
Visual Photonics Epitaxy Co. Ltd.		60,425		312,491
Wafer Works Corp.		186,918		235,572
Waffer Technology Corp.		60,000		195,908
Wah Lee Industrial Corp.		61,340		216,570
Walsin Technology Corp.		120,000		426,237
Win Semiconductors Corp.		114,000		548,525
Wisdom Marine Lines Co. Ltd.		142,000		275,638
Wistron NeWeb Corp.		116,240		564,978
WT Microelectronics Co. Ltd.		186,711		1,014,084
XinTec Inc.		60,000		250,757
Xxentria Technology Materials Corp.		78,600		179,116
YFY Inc.		360,000		344,604
Yieh Phui Enterprise Co. Ltd.		310,586		149,814
Yulon Finance Corp.		62,285		326,597
Yulon Motor Co. Ltd.		186,955		418,987
YungShin Global Holding Corp.		60,200		89,590


				79,923,343

Thailand — 3.1%
AEON Thana Sinsap Thailand PCL, NVDR^(c)		31,000		129,789
Amata Corp. PCL, NVDR		415,476		260,805
AP Thailand PCL, NVDR		674,800		197,717
B Grimm Power PCL, NVDR^(c)		279,000		200,453
Bangchak Corp. PCL, NVDR		255,600		296,048
Bangkok Chain Hospital PCL, NVDR		427,300		251,388
Bangkok Commercial Asset Management PCL, NVDR^(c)		582,800		136,664
Bangkok Land PCL, NVDR^(a)		6,058,100		114,862
Bangkok Life Assurance PCL, NVDR		196,500		98,136
Banpu PCL, NVDR		1,258,600		196,519
BCPG PCL, NVDR		558,000		120,716


Security	Shares		Value


Thailand (continued)
Betagro PCL, NVS		223,200	$	138,259
Beyond Securities PCL, NVDR^(a)(c)		731,600		75,189
Carabao Group PCL, NVDR		111,600		216,538
Central Plaza Hotel PCL, NVDR^(a)(c)		192,600		231,088
CH Karnchang PCL, NVDR^(c)		440,200		285,753
Chularat Hospital PCL, NVDR		2,178,000		178,738
CK Power PCL, NVDR		1,097,500		120,642
Com7 PCL, NVDR^(c)		384,400		222,595
Dhipaya Group Holdings PCL, NVDR^(c)		142,600		116,222
Ditto Thailand PCL, NVDR^(c)		99,200		66,575
Eastern Polymer Group PCL, NVDR		551,800		109,532
Electricity Generating PCL, NVDR^(c)		74,400		243,806
Erawan Group PCL (The), NVDR^(a)		1,249,900		165,416
GFPT PCL, NVDR^(c)		260,400		86,334
Gunkul Engineering PCL, NVDR^(c)		1,760,899		134,561
Hana Microelectronics PCL, NVDR^(c)		192,200		199,152
IRPC PCL, NVDR^(c)		3,038,000		165,177
I-TAIL Corp. PCL, NVS		248,000		125,963
Jasmine International PCL, NVDR		1,630,600		92,969
Jaymart Group Holdings PCL, NVDR^(c)		246,000		96,807
JMT Network Services PCL, NVDR		217,000		135,463
KCE Electronics PCL, NVDR^(c)		256,100		271,116
Khon Kaen Sugar Industry PCL, NVDR		1,426,030		98,607
Kiatnakin Phatra Bank PCL, NVDR^(c)		99,232		142,565
Major Cineplex Group PCL, NVDR^(c)		270,800		104,952
MBK PCL, NVDR		415,400		191,467
Mega Lifesciences PCL, NVDR		144,000		167,063
MK Restaurants Group PCL, NVDR		105,400		110,292
Ngern Tid Lor PCL, NVDR^(c)		390,600		245,374
Plan B Media PCL, NVDR		984,080		240,480
Pruksa Holding PCL, NVDR		341,000		117,130
PTG Energy PCL, NVDR^(c)		360,400		91,562
Quality Houses PCL, NVDR^(c)		2,304,067		138,764
Ratch Group PCL, NVDR^(c)		322,400		260,589
Sansiri PCL, NVDR		5,400,200		277,285
Sappe PCL^(c)		49,600		119,579
Siam Global House PCL, NVDR		476,201		225,360
Siamgas & Petrochemicals PCL, NVDR		324,000		76,336
Sino-Thai Engineering & Construction PCL, NVDR^(c)		466,128		131,252
SISB PCL^(c)		130,200		150,995
Sri Trang Agro-Industry PCL, NVDR^(c)		359,680		193,557
Srisawad Corp. PCL, NVDR		223,200		237,335
Star Petroleum Refining PCL, NVDR		688,200		171,366
Supalai PCL, NVDR		421,600		246,850
Super Energy Corp. PCL, NVDR^(a)		4,741,300		44,948
Thai Union Group PCL, NVDR		793,600		318,917
Thai Vegetable Oil PCL, NVDR		285,260		167,028
Thanachart Capital PCL, NVDR		105,400		146,205
Thonburi Healthcare Group PCL, NVDR^(c)		114,000		138,269
Tipco Asphalt PCL, NVDR		297,600		131,935
TOA Paint Thailand PCL, NVDR^(c)		260,800		145,603
TPI Polene Power PCL, NVDR		1,822,800		171,785
TTW PCL, NVDR^(c)		732,000		191,887
VGI PCL, NVDR^(c)		2,399,450		95,838
WHA Corp. PCL, NVDR^(c)		3,137,200		402,507


				11,174,674

Turkey — 2.6%
Agrotech Yueksek Teknoloji VE Yatirim AS, NVS		87,968		102,526
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS		248,248		106,512
Akcansa Cimento A/S		16,244		81,658
Akfen Yenilenebilir Enerji A/S, NVS		121,830		106,416
Aksa Akrilik Kimya Sanayii AS		46,376		157,995


70		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Turkey (continued)
Alarko Holding A/S		60,636	$	257,027
Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS		26,970		91,450
Anadolu Anonim Turk Sigorta Sirketi^(a)		65,472		143,600
Anadolu Efes Biracilik Ve Malt Sanayii AS^(c)		66,526		331,656
Aygaz AS		23,498		115,491
Baticim Bati Anadolu Cimento Sanayii A/S^(a)		29,140		106,549
Bien Yapi Urunleri Sanayi Turizm ve Ticaret A/S, NVS		54,870		82,046
Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS		1,580		65,008
Can2 Termik AS^(a)		146,940		85,017
Cimsa Cimento Sanayi VE Ticaret AS		135,660		152,029
Dogan Sirketler Grubu Holding AS		378,324		164,138
Dogus Otomotiv Servis ve Ticaret AS		16,560		141,705
Eczacibasi Yatirim Holding Ortakligi A/S		9,362		79,840
EGE Endustri VE Ticaret AS		434		240,742
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		55,924		96,157
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		615,722		218,834
Enerjisa Enerji AS^(b)		89,962		179,743
Enerya Enerji A/S, NVS		15,686		74,333
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret A/S, NVS		20,100		112,047
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS		29,264		67,371
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS^(a)		46,314		114,927
Hektas Ticaret TAS^(a)		306,963		187,438
Is Gayrimenkul Yatirim Ortakligi AS^(a)		119,846		66,424
Is Yatirim Menkul Degerler AS		172,360		204,823
Izdemir Enerji Elektrik Uretim A/S, NVS		54,064		55,048
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		308,760		265,405
Kayseri Seker Fabrikasi A/S, NVS		52,762		60,311
Kiler Holding AS^(a)		82,336		163,451
Kimteks Poliuretan Sanayi VE Ticaret AS, NVS		37,696		80,868
Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS^(a)		1		—
Kontrolmatik Enerji Ve Muhendislik AS, NVS		28,582		262,653
Koza Altin Isletmeleri AS		252,464		185,115
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		62,186		101,514
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(b)		54,002		245,358
MIA Teknoloji A/S, NVS		67,022		168,030
Migros Ticaret AS		30,628		483,719
MLP Saglik Hizmetleri AS^(a)(b)(c)		29,264		160,227
Nuh Cimento Sanayi AS		19,158		201,815
ODAS Elektrik Uretim ve Sanayi Ticaret AS^(a)		401,884		129,668
Otokar Otomotiv Ve Savunma Sanayi AS^(a)		15,810		255,763
Oyak Cimento Fabrikalari AS^(a)		52,171		118,519
Oyak Yatirim Menkul Degerler AS, NVS^(a)		30,814		45,701
Peker Gayrimenkul Yatirim Ortakligi A/S^(a)		132,420		139,494
Petkim Petrokimya Holding AS^(a)		361,708		279,900
Politeknik Metal Sanayi ve Ticaret A/S, NVS		229		179,532
Qua Granite Hayal^(a)		336,536		46,550
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		135,001		146,795
SDT Uzay VE Savunma Teknolojileri A/S, NVS		4,320		53,219
Selcuk Ecza Deposu Ticaret ve Sanayi AS		39,680		76,421
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS^(a)		58,962		122,808
Sok Marketler Ticaret AS		107,136		229,795
TAV Havalimanlari Holding AS^(a)		63,860		356,806
Torunlar Gayrimenkul Yatirim Ortakligi A/S		92,752		110,942
Turkiye Sinai Kalkinma Bankasi AS^(a)		465,120		123,140
Ulker Biskuvi Sanayi AS^(a)		63,550		216,096
Verusa Holding A/S		9,238		78,976
Vestel Elektronik Sanayi ve Ticaret AS^(a)		47,740		126,949


Security	Shares		Value

Turkey (continued)
Zorlu Enerji Elektrik Uretim AS^(a)		719,572	$	129,945


				9,334,035

United Arab Emirates — 1.0%
Agthia Group PJSC		124,682		178,799
Air Arabia PJSC		714,120		556,493
Ajman Bank PJSC^(a)		377,518		185,010
Al Waha Capital PJSC		369,520		172,036
AL Yah Satellite Communications Co-PJSC-Yah Sat		289,726		177,482
Amanat Holdings PJSC		379,561		105,406
Aramex PJSC		246,191		162,878
Dana Gas PJSC		1,838,920		316,421
Drake & Scull International PJSC^(a)(d)		241,185		1
Dubai Financial Market PJSC		497,160		179,065
Dubai Investments PJSC		608,158		387,451
Emirates Central Cooling Systems Corp.		558,000		249,151
Gulf Navigation Holding PJSC^(a)		121,396		204,720
National Central Cooling Co. PJSC		221,040		209,734
Ras Al Khaimah Ceramics		174,368		137,673
Sharjah Islamic Bank		391,492		234,493
Taaleem Holdings PJSC, NVS		76,384		76,947


				3,533,760


Total Common Stocks — 98.8% (Cost: $313,736,264)				357,774,785


Preferred Stocks

Brazil — 0.8%
Alpargatas SA, Preference Shares, NVS		68,460		140,057
Azul SA, Preference Shares, NVS		89,340		217,280
Banco ABC Brasil SA
Preference Shares, NVS		31,196		148,164
Preference Shares, NVS		1,035		4,580
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		54,600		169,475
Banco Pan SA, Preference Shares, NVS		103,620		182,598
Bradespar SA, Preference Shares, NVS		84,506		360,388
Cia. de Saneamento do Parana, Preference Shares, NVS		83,390		88,404
Marcopolo SA, Preference Shares, NVS		220,720		389,838
Metalurgica Gerdau SA, Preference Shares, NVS		189,286		384,961
Randon SA Implementos e Participacoes, Preference Shares, NVS		56,110		124,273
Unipar Carbocloro SA, Class B, Preference Shares, NVS		14,384		191,464
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		139,500		310,649


				2,712,131

Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares, NVS		122,178		308,335


Total Preferred Stocks — 0.9% (Cost: $2,238,384)				3,020,466


Rights

India — 0.0%
South Indian Bank Ltd. (The), (Expires 03/27/24, Strike Price IDR 22)^(a)		89,175		11,019


S C H E D U L E O F I N V E S T M E N T S		71

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

(Percentages shown are based on Net Assets)



Security	Shares		Value


South Korea — 0.0%
Foosung Co. Ltd., (Expires 04/18/24, Strike Price KRW 6870)^(a)		2,414	$	2,665
Taihan Electric Wire Co. Ltd., (Expires 03/12/24)^(a)		9,373		11,544

				14,209


Total Rights — 0.0% (Cost: $—)				25,228


Total Long-Term Investments — 99.7% (Cost: $315,974,648)				360,820,479


Short-Term Securities

Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(g)(h)(i)		14,063,853		14,070,885


Total Short-Term Securities — 3.9% (Cost: $14,063,149)				14,070,885


Total Investments — 103.6% (Cost: $330,037,797)				374,891,364

Liabilities in Excess of Other Assets — (3.6)%				(12,860,455	)


Net Assets — 100.0%			$	362,030,909

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

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

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

^(g)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	19,798,508		$	—	$	(5,731,179	)^(a)	$	3,773	$	(217	)	$	14,070,885		14,063,853	$	422,507	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—			—		0	^(a)		—		—			—		—		45,202			—


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

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets Index

03/15/24

356

612


72		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	612	$	—	$	—	$	—	$	612

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	83,805	$	—	$	—	$	—	$	83,805

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	612	$	—	$	—	$	—	$	612

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	177,940

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	78,048,289	$	279,447,657	$	278,839	$	357,774,785
Preferred Stocks		3,020,466		—		—		3,020,466
Rights		—		25,228		—		25,228
Short-Term Securities
Money Market Funds		14,070,885		—		—		14,070,885


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

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	612	$	—	$	—	$	612

^(a)

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

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		73

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares Core MSCI Emerging Markets ETF			iShares MSCI BIC ETF				iShares MSCI Emerging Markets Asia ETF				iShares MSCI Emerging Markets Small-Cap ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	74,419,175,912			$	69,376,919			$	410,202,322		$	360,820,479
Investments, at value — affiliated^(c)		3,184,528,846				1,470,771				4,448,171			14,070,885
Cash		275,407,933				475,188				1,660,563			8,541,777
Cash pledged for futures contracts		8,277,000				2,000				19,000			36,000
Foreign currency, at value^(d)		170,731,011				492,979				2,496,742			504,215
Receivables:
Investments sold		481,120,040				568,856				2,402,659			21,549,613
Securities lending income — affiliated		4,699,618				606				2,197			45,993
Loans		—				—				—			5,200,000
Dividends — unaffiliated		138,170,805				105,429				582,410			684,115
Dividends — affiliated		1,671,614				4,435				12,750			11,328
Tax reclaims		764,743				—				—			14,606
Variation margin on futures contracts		51,108				—				—			1,234


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


LIABILITIES
Bank borrowings		—				—				—			10,400,926
Collateral on securities loaned, at value		2,997,029,825				830,888				2,950,743			14,068,802
Payables:
Investments purchased		563,150,285				964,185				4,003,794			22,069,599
Deferred foreign capital gain tax		374,371,316				1,136,749				3,062,550			2,702,479
Foreign taxes		994,242				3,750				—			3,273
Investment advisory fees		5,130,185				39,050				157,379			204,257
Professional fees		242,190				—				—			—
Variation margin on futures contracts		—				479				3,165			—


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


Commitments and contingent liabilities

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


NET ASSETS CONSIST OF
Paid-in capital	$	78,885,610,031			$	322,932,981			$	543,447,527		$	336,547,597
Accumulated earnings (loss)		(4,141,929,444	)			(253,410,899	)			(131,798,344	)		25,483,312


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


NET ASSET VALUE
Shares outstanding		1,477,800,000				2,050,000				6,200,000			6,200,000


Net asset value	$	50.58			$	33.91			$	66.40		$	58.39


Shares authorized		15 billion				500 million				500 million			500 million


Par value	$	0.001			$	0.001			$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	67,995,651,796			$	92,375,582			$	400,828,534		$	315,974,648
^(b)Securities loaned, at value	$	2,807,810,207			$	765,855			$	2,498,086		$	12,749,201
^(c)Investments, at cost — affiliated	$	3,182,975,557			$	1,470,411			$	4,445,329		$	14,063,149
^(d)Foreign currency, at cost	$	171,495,302			$	493,103			$	2,497,517		$	516,416

See notes to financial statements.


74		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares Core MSCI Emerging Markets ETF			iShares MSCI BIC ETF				iShares MSCI Emerging Markets Asia ETF				iShares MSCI Emerging Markets Small-Cap ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	618,653,282			$	512,886			$	2,967,058			$	2,536,728
Dividends — affiliated		6,528,718				23,531				70,845				45,202
Interest — unaffiliated		375,767				575				3,785				4,845
Securities lending income — affiliated — net^(a)		36,274,865				5,895				32,145				422,507
Other income — unaffiliated		3,459,078				—				—				—
Foreign taxes withheld		(73,366,350	)			(48,112	)			(406,330	)			(303,751	)
Foreign withholding tax claims		253,609				—				—				—
Other foreign taxes		—				—				(7,148	)			(13,530	)


Total investment income		592,178,969				494,775				2,660,355				2,692,001


EXPENSES
Investment advisory		31,915,318				246,455				1,049,798				1,216,856
Interest expense		497,021				—				4,854				15,282
Professional		270,103				—				—				—
Commitment costs		19,473				566				3,522				2,788


Total expenses		32,701,915				247,021				1,058,174				1,234,926

Less:
Investment advisory fees waived		(786,597	)			—				—				—


Total expenses after fees waived		31,915,318				247,021				1,058,174				1,234,926


Net investment income		560,263,651				247,754				1,602,181				1,457,075


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(b)		(774,356,912	)			(2,402,537	)			(8,258,216	)			2,671,819
Investments — affiliated		216,172				(212	)			(72	)			3,773
Foreign currency transactions		(2,044,188	)			(3,879	)			(43,105	)			(54,759	)
Futures contracts		(2,847,626	)			(14,063	)			(44,841	)			83,805
In-kind redemptions — unaffiliated^(c)		19,183,362				—				(3,504,531	)			—


		(759,849,192	)			(2,420,691	)			(11,850,765	)			2,704,638

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(d)		3,784,099,266				2,159,436				22,584,642				18,697,828
Investments — affiliated		350,902				78				442				(217	)
Foreign currency translations		(3,239,273	)			(373	)			(7,921	)			(19,607	)
Futures contracts		4,068,433				86				26,344				612


		3,785,279,328				2,159,227				22,603,507				18,678,616


Net realized and unrealized gain (loss)		3,025,430,136				(261,464	)			10,752,742				21,383,254


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,585,693,787			$	(13,710	)		$	12,354,923			$	22,840,329


^(a)Net of securities lending income tax paid of	$	3,684,387			$	—			$	—			$	—
^(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(125,921	)		$	(30,921	)		$	(784,670	)		$	(842,972	)
^(c) See Note 2 of the Notes to Financial Statements
^(d) Net of increase in deferred foreign capital gain tax of	$	(210,874,838	)		$	(427,244	)		$	(996,029	)		$	(897,388	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		75

Statements of Changes in Net Assets


	iShares Core MSCI Emerging Markets ETF						iShares MSCI BIC ETF


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	560,263,651		$	1,889,943,041				$	247,754		$	1,403,185
Net realized gain (loss)		(759,849,192	)		339,899,724					(2,420,691	)		(11,178,976	)
Net change in unrealized appreciation (depreciation)		3,785,279,328			(144,518,923	)				2,159,227			7,015,413


Net increase (decrease) in net assets resulting from operations		3,585,693,787			2,085,323,842					(13,710	)		(2,760,378	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(1,415,120,113	)		(1,577,225,963	)				(664,095	)^(c)		(1,466,684	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,361,333,521			5,471,592,469					—			(15,553,387	)


NET ASSETS
Total increase (decrease) in net assets		3,531,907,195			5,979,690,348					(677,805	)		(19,780,449	)
Beginning of period		71,211,773,392			65,232,083,044					70,199,887			89,980,336


End of period	$	74,743,680,587		$	71,211,773,392				$	69,522,082		$	70,199,887

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

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

^(c)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


76		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Emerging Markets Asia ETF						iShares MSCI Emerging Markets Small-Cap ETF


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,602,181		$	9,398,020				$	1,457,075		$	8,372,097
Net realized gain (loss)		(11,850,765	)		(63,641,649	)				2,704,638			7,121,698
Net change in unrealized appreciation (depreciation)		22,603,507			45,884,457					18,678,616			34,787,933


Net increase (decrease) in net assets resulting from operations		12,354,923			(8,359,172	)				22,840,329			50,281,728


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(7,498,490	)^(c)		(8,905,772	)				(7,351,098	)		(5,397,487	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(121,958,657	)		(25,364,343	)				28,074,204			(62,550,583	)


NET ASSETS
Total increase (decrease) in net assets		(117,102,224	)		(42,629,287	)				43,563,435			(17,666,342	)
Beginning of period		528,751,407			571,380,694					318,467,474			336,133,816


End of period	$	411,649,183		$	528,751,407				$	362,030,909		$	318,467,474

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

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

^(c)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		77

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core MSCI Emerging Markets ETF


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


Net asset value, beginning of period			$	49.10		$	48.75		$	64.18		$	53.34		$	48.31		$	52.27


Net investment income^(b)				0.38			1.35			1.67			1.33			1.46			1.40
Net realized and unrealized gain (loss)^(c)				2.08			0.14			(15.13	)		10.70			5.21			(4.01	)


Net increase (decrease) from investment operations				2.46			1.49			(13.46	)		12.03			6.67			(2.61	)


Distributions from net investment income^(d)				(0.98	)		(1.14	)		(1.97	)		(1.19	)		(1.64	)		(1.35	)


Net asset value, end of period			$	50.58		$	49.10		$	48.75		$	64.18		$	53.34		$	48.31


Total Return^(e)
Based on net asset value				5.08	%^(f)		3.13	%		(21.40	)%		22.67	%		13.97	%		(4.93	)%^(g)


Ratios to Average Net Assets^(h)
Total expenses				0.09	%⁽ⁱ⁾		0.10	%		0.10	%		0.12	%		0.14	%		0.14	%


Total expenses after fees waived				0.09	%⁽ⁱ⁾		0.09	%		0.10	%		0.12	%		0.14	%		0.14	%


Total expenses excluding professional fees for foreign withholding tax claims				0.09	%⁽ⁱ⁾		N/A			0.10	%		0.11	%		0.14	%		0.14	%


Net investment income				1.58	%⁽ⁱ⁾		2.81	%		2.97	%		2.12	%		2.97	%		2.79	%


Supplemental Data
Net assets, end of period (000)			$	74,743,681		$	71,211,773		$	65,232,083		$	80,599,322		$	54,628,381		$	53,020,298


Portfolio turnover rate^(j)				2	%		21	%		7	%		9	%		15	%		15	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

^(c)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)

Where applicable, assumes the reinvestment of distributions.

^(f)

Not annualized.

^(g)

Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2019:

•

Total return by 0.01%.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


78		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI BIC ETF


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


Net asset value, beginning of period			$	34.24			$	35.99			$	50.27			$	47.46			$	40.23			$	41.01


Net investment income^(b)				0.12				0.62				0.91				0.62				0.55				0.69
Net realized and unrealized gain (loss)^(c)				(0.13	)			(1.72	)			(13.74	)			2.74				7.34				(0.59	)


Net increase (decrease) from investment operations				(0.01	)			(1.10	)			(12.83	)			3.36				7.89				0.10


Distributions from net investment income^(d)				(0.32	)^(e)			(0.65	)			(1.45	)			(0.55	)			(0.66	)			(0.88	)


Net asset value, end of period			$	33.91			$	34.24			$	35.99			$	50.27			$	47.46			$	40.23


Total Return^(f)
Based on net asset value				0.02	%^(g)			(3.05	)%			(26.03	)%			7.09	%			19.78	%			0.35	%


Ratios to Average Net Assets^(h)
Total expenses				0.72	%⁽ⁱ⁾			0.70	%			0.69	%			0.70	%			0.70	%			0.69	%


Net investment income				0.72	%⁽ⁱ⁾			1.80	%			2.15	%			1.20	%			1.29	%			1.69	%


Supplemental Data
Net assets, end of period (000)			$	69,522			$	70,200			$	89,980			$	158,342			$	147,123			$	160,926


Portfolio turnover rate^(j)				4	%			9	%			12	%			80	%			42	%			53	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		79

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Asia ETF


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


Net asset value, beginning of period			$	65.28			$	66.44			$	88.19			$	75.48			$	62.82			$	69.38


Net investment income^(b)				0.24				1.16				1.25				1.28				1.12				1.26
Net realized and unrealized gain (loss)^(c)				2.05				(1.22	)			(20.98	)			12.32				12.79				(6.52	)


Net increase (decrease) from investment operations				2.29				(0.06	)			(19.73	)			13.60				13.91				(5.26	)


Distributions from net investment income^(d)				(1.17	)^(e)			(1.10	)			(2.02	)			(0.89	)			(1.25	)			(1.30	)


Net asset value, end of period			$	66.40			$	65.28			$	66.44			$	88.19			$	75.48			$	62.82


Total Return^(f)
Based on net asset value				3.59	%^(g)			(0.08	)%			(22.77	)%			18.11	%			22.31	%			(7.52	)%


Ratios to Average Net Assets^(h)
Total expenses				0.49	%⁽ⁱ⁾			0.49	%			0.49	%			0.50	%			0.50	%			0.50	%


Net investment income				0.75	%⁽ⁱ⁾			1.79	%			1.62	%			1.46	%			1.68	%			1.94	%


Supplemental Data
Net assets, end of period (000)			$	411,649			$	528,751			$	571,381			$	881,929			$	558,558			$	452,328


Portfolio turnover rate^(j)				3	%			31	%			24	%			48	%			20	%			16	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


80		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Small-Cap ETF


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


Net asset value, beginning of period			$	55.87			$	50.17			$	62.28			$	44.74			$	41.51			$	47.64


Net investment income^(b)				0.24				1.17				1.24				0.96				0.85				0.99
Net realized and unrealized gain (loss)^(c)				3.51				5.26				(11.56	)			17.81				3.52				(5.98	)


Net increase (decrease) from investment operations				3.75				6.43				(10.32	)			18.77				4.37				(4.99	)


Distributions from net investment income^(d)				(1.23	)			(0.73	)			(1.79	)			(1.23	)			(1.14	)			(1.14	)


Net asset value, end of period			$	58.39			$	55.87			$	50.17			$	62.28			$	44.74			$	41.51


Total Return^(e)
Based on net asset value				6.80	%^(f)			12.99	%			(17.00	)%			42.38	%			10.68	%			(10.50	)%


Ratios to Average Net Assets^(g)
Total expenses				0.73	%^(h)			0.71	%			0.70	%			0.69	%			0.71	%			0.69	%


Net investment income				0.86	%^(h)			2.30	%			2.20	%			1.72	%			2.07	%			2.25	%


Supplemental Data
Net assets, end of period (000)			$	362,031			$	318,467			$	336,134			$	417,274			$	212,511			$	238,702


Portfolio turnover rate⁽ⁱ⁾				15	%			43	%			53	%			34	%			46	%			29	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		81

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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



iShares ETF		Diversification Classification

Core MSCI Emerging Markets		Diversified
MSCI BIC		Diversified
MSCI Emerging Markets Asia		Diversified
MSCI Emerging Markets Small-Cap		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for Core MSCI Emerging Markets and MSCI Emerging Markets Small-Cap included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invested in Indian securities. On April 26, 2023, each Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

2.	*SIGNIFICANT ACCOUNTING POLICIES*


82		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


N O T E S T O F I N A N C I A L S T A T E M E N T S		83

Notes to Financial Statements (unaudited) (continued)

•

4.	*SECURITIES AND OTHER INVESTMENTS*


84		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


Core MSCI Emerging Markets
Barclays Bank PLC	$	11,510,777	$	(11,510,777	)	$	—		$	—
Barclays Capital, Inc.		52,153,158		(52,153,158	)		—			—
BNP Paribas SA		37,549,637		(37,549,637	)		—			—
BofA Securities, Inc.		291,984,228		(291,984,228	)		—			—
Citigroup Global Markets Ltd.		86,007,137		(86,007,137	)		—			—
Citigroup Global Markets, Inc.		52,261,622		(52,261,622	)		—			—
Credit Suisse Securities (USA) LLC		562		(562	)		—			—
Goldman Sachs & Co. LLC		234,352,985		(234,352,985	)		—			—
Goldman Sachs International		418,117,179		(418,117,179	)		—			—
HSBC Bank PLC		961,144		(961,144	)		—			—
J.P. Morgan Securities LLC		124,226,261		(124,226,261	)		—			—
J.P. Morgan Securities PLC		422,644,607		(422,644,607	)		—			—
Jefferies LLC		691,929		(691,929	)		—			—
Macquarie Bank Ltd.		4,483,545		(4,483,545	)		—			—
Mizuho Securities USA LLC		25,089		(25,089	)		—			—
Morgan Stanley		1,025,180,179		(1,025,180,179	)		—			—
Nomura Securities International, Inc.		324,311		(324,311	)		—			—
SG Americas Securities LLC		871,428		(871,428	)		—			—
State Street Bank & Trust Co.		1,294,592		(1,294,592	)		—			—
Toronto-Dominion Bank (The)		31,850		(31,850	)		—			—
UBS AG		10,427,921		(10,427,921	)		—			—
UBS Europe SE		31,969,466		(31,969,466	)		—			—
UBS Securities LLC		589,548		(589,548	)		—			—
Wells Fargo Bank N.A.		151,052		(151,052	)		—			—


	$	2,807,810,207	$	(2,807,810,207	)	$	—		$	—


MSCI BIC
BofA Securities, Inc.	$	81,664	$	(81,664	)	$	—		$	—
Morgan Stanley		684,191		(684,191	)		—			—


	$	765,855	$	(765,855	)	$	—		$	—


MSCI Emerging Markets Asia
BNP Paribas SA	$	585,919	$	(585,427	)	$	—		$	492	^(b)
BofA Securities, Inc.		575,947		(575,947	)		—			—
Goldman Sachs & Co. LLC		24,806		(24,806	)		—			—
HSBC Bank PLC		18,883		(18,883	)		—			—
J.P. Morgan Securities LLC		1,138		(1,138	)		—			—
Morgan Stanley		1,212,495		(1,212,495	)		—			—
State Street Bank & Trust Co.		9,921		(9,921	)		—			—
UBS AG		68,977		(68,977	)		—			—


	$	2,498,086	$	(2,497,594	)	$	—		$	492


N O T E S T O F I N A N C I A L S T A T E M E N T S		85

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Emerging Markets Small-Cap
Barclays Bank PLC	$	66,220	$	(66,220	)	$	—		$	—
Barclays Capital, Inc.		766,994		(766,994	)		—			—
BNP Paribas SA		381,401		(381,401	)		—			—
BofA Securities, Inc.		4,003,027		(4,003,027	)		—			—
Citigroup Global Markets Ltd.		49,257		(49,257	)		—			—
Citigroup Global Markets, Inc.		249,255		(249,255	)		—			—
Goldman Sachs & Co. LLC		1,082,792		(1,082,792	)		—			—
HSBC Bank PLC		946,666		(946,666	)		—			—
J.P. Morgan Securities LLC		1,276,834		(1,276,834	)		—			—
Jefferies LLC		137,174		(137,174	)		—			—
Macquarie Bank Ltd.		10,721		(10,721	)		—			—
Mizuho Securities USA LLC		9,757		(9,757	)		—			—
Morgan Stanley		3,031,097		(3,031,097	)		—			—
Morgan Stanley		—		—			—			—
SG Americas Securities LLC		103,698		(103,698	)		—			—
State Street Bank & Trust Co.		69,752		(69,752	)		—			—
UBS AG		564,556		(564,556	)		—			—


	$	12,749,201	$	(12,749,201	)	$	—		$	—

^(a)

^(b)

The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA.

The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*


86		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fees

Core MSCI Emerging Markets		0.09%
MSCI Emerging Markets Asia		0.49

For its investment advisory services to each of the iShares MSCI BIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $14 billion		0.75%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2025 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.09% of average daily net assets.

This amount is included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts Waived

Core MSCI Emerging Markets	$	786,597


N O T E S T O F I N A N C I A L S T A T E M E N T S		87

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Amounts

Core MSCI Emerging Markets	$	8,198,546
MSCI BIC		1,307
MSCI Emerging Markets Asia		7,095
MSCI Emerging Markets Small-Cap		83,119

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Core MSCI Emerging Markets	$	2,221,977	$	69,999,687	$	(24,247,622	)
MSCI BIC		—		258,354		(790,610	)
MSCI Emerging Markets Asia		168,539		954,721		(1,344,619	)
MSCI Emerging Markets Small-Cap		9,731,757		2,504,866		1,367,159

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Core MSCI Emerging Markets	$	1,988,962,857	$	1,773,966,558
MSCI BIC		2,603,924		3,390,557
MSCI Emerging Markets Asia		11,031,047		98,737,969
MSCI Emerging Markets Small-Cap		66,443,387		50,060,395

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



iShares ETF	In-kind Purchases		In-kind Sales

Core MSCI Emerging Markets	$	13,357,435	$	56,433,398
MSCI Emerging Markets Asia		—		42,274,459
MSCI Emerging Markets Small-Cap		2,676,327		—

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders Therefore, no U.S. federal income tax provision is required.


88		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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



iShares ETF	Non-Expiring Capital Loss Carryforwards

Core MSCI Emerging Markets	$	(9,993,717,670	)
MSCI BIC		(226,979,021	)
MSCI Emerging Markets Asia		(115,044,765	)
MSCI Emerging Markets Small-Cap		(6,287,765	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Core MSCI Emerging Markets		$ 70,753,613,005		$ 19,014,029,834		$ (12,162,526,885	)		$ 6,851,502,949
MSCI BIC		93,410,817		15,814,774		(38,379,263	)		(22,564,489	)
MSCI Emerging Markets Asia		416,627,802		116,849,950		(118,815,141	)		(1,965,191	)
MSCI Emerging Markets Small-Cap		343,746,904		86,036,243		(54,891,171	)		31,145,072

9.	*LINE OF CREDIT*

During the six months ended February 29, 2024, the iShares MSCI BIC ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended February 29, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

Core MSCI Emerging Markets	$	380,000,000	$	14,079,209		6.44%
MSCI Emerging Markets Asia		2,730,000		149,011		6.44
MSCI Emerging Markets Small-Cap		6,933,000		390,758		6.98

10.

PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		89

Notes to Financial Statements (unaudited) (continued)

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registereing the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In


90		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23


iShares ETF	Shares			Amount			Shares			Amount


Core MSCI Emerging Markets
Shares sold		31,200,000		$	1,528,507,023			138,000,000		$	6,641,906,049
Shares redeemed		(3,600,000	)		(167,173,502	)		(25,800,000	)		(1,170,313,580	)

		27,600,000		$	1,361,333,521			112,200,000		$	5,471,592,469

MSCI BIC
Shares sold		—		$	—			—		$	(15,669	)
Shares redeemed		—			—			(450,000	)		(15,537,718	)

		—		$	—			(450,000	)	$	(15,553,387	)

MSCI Emerging Markets Asia
Shares sold		—		$	(27,273	)		2,200,000		$	149,886,468
Shares redeemed		(1,900,000	)		(121,931,384	)		(2,700,000	)		(175,250,811	)

		(1,900,000	)	$	(121,958,657	)		(500,000	)	$	(25,364,343	)

MSCI Emerging Markets Small-Cap
Shares sold		500,000		$	28,074,204			1,400,000		$	70,564,319
Shares redeemed		—			—			(2,400,000	)		(133,114,902	)

		500,000		$	28,074,204			(1,000,000	)	$	(62,550,583	)

12.

FOREIGN WITHHOLDING TAX CLAIMS


N O T E S T O F I N A N C I A L S T A T E M E N T S		91

Notes to Financial Statements (unaudited) (continued)

current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.

SUBSEQUENT EVENTS


92		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core MSCI Emerging Markets ETF, iShares MSCI BIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		93

Supplemental Information (unaudited)

Section 19(a) Notices

February 29, 2024



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI BIC^(a)	$	0.156960	$	—	$	0.166989	$	0.323949		48	%		—	%		52	%		100	%
MSCI Emerging Markets Asia^(a)		1.151981		—		0.019658		1.171639		98			—			2			100

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


94		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		95

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust


96		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-810-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares Frontier and Select EM ETF | FM | NYSE Arca

iShares MSCI World ETF | URTH | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 29, 2024

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	13.93%	30.45%

U.S. small cap equities (Russell 2000^® Index)	8.97	10.05

International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41

Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		28
Statements of Changes in Net Assets		29
Financial Highlights		30
Notes to Financial Statements		32
Statement Regarding Liquidity Risk Management Program		41
Supplemental Information		42
General Information		43
Glossary of Terms Used in this Report		44


Fund Summary as of February 29, 2024		iShares^® Frontier and Select EM ETF

Investment Objective

The iShares Frontier and Select EM ETF (the “Fund”) seeks to provide exposure to frontier market equities along with select emerging market equities. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

Performance


			Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	1.97	%		13.57	%	2.25	%	1.41	%		13.57	%	11.78	%	15.06	%
Fund Market	1.93			13.32		1.94		1.24			13.32		10.08		13.07
MSCI Frontier and Emerging Markets Select Index	2.96			12.80		4.34		3.20			12.80		23.64		37.03

The MSCI Frontier and Emerging Markets Select Index aims to reflect the performance of Frontier Markets (FM) and the lower size spectrum of Emerging Markets (EM), while putting stronger emphasis on the tradability & investability of the constituents compared to its Parent Index.

Index performance through February 28, 2021 reflects the performance of the MSCI Frontier Markets 100 Index. Index performance beginning on March 1, 2021 reflects the performance of the MSCI Frontier and Emerging Markets Select Index.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,019.70	$	4.02		$	1,000.00	$	1,020.90	$	4.02		0.80	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	34.8	%
Materials	12.3
Real Estate	10.7
Energy	9.5
Industrials	7.9
Consumer Staples	7.8
Utilities	7.1
Communication Services	5.9
Health Care	2.8
Other (each representing less than 1%)	1.2

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES



Country/Geographic Region	Percent of Total Investments	^(a)
Vietnam	30.7	%
Kazakhstan	11.9
Romania	10.3
Morocco	6.0
Egypt	5.8
Philippines	4.5
Peru	4.4
Bangladesh	4.3
Pakistan	3.8
Colombia	3.7


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


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	12.62	%		25.31	%	11.86	%	9.28	%		25.31	%	75.13	%	142.89	%
Fund Market	12.53			25.31		11.89		9.25			25.31		75.35		142.23
Index	12.46			24.96		11.66		9.06			24.96		73.55		138.12

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,126.20	$	1.27		$	1,000.00	$	1,023.70	$	1.21		0.24	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Information Technology	24.0	%
Financials	15.1
Health Care	12.1
Industrials	11.2
Consumer Discretionary	11.0
Communication Services	7.4
Consumer Staples	6.6
Energy	4.2
Materials	3.8
Utilities	2.3
Real Estate	2.3

^(a)

Excludes money market funds.

TEN LARGEST COUNTRIES



Country/Geographic Region	Percent of Total Investments	^(a)
United States	70.8	%
Japan	6.2
United Kingdom	3.6
France	3.1
Canada	3.1
Switzerland	2.6
Germany	2.2
Australia	1.9
Netherlands	1.4
Denmark	0.9


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

About Fund Performance

Disclosure of Expenses


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® Frontier and Select EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Bahrain — 0.8%
Aluminium Bahrain BSC		1,152,509	$	3,515,611


Bangladesh — 4.2%
Bangladesh Export Import Co. Ltd.		2,820,442		2,970,780
Beacon Pharmaceuticals PLC/Bangladesh		500,516		1,078,105
Beximco Pharmaceuticals Ltd.		1,080,296		1,309,152
BRAC Bank PLC		2,475,792		963,247
British American Tobacco Bangladesh Co. Ltd.		314,507		1,374,947
City Bank PLC		1,425,856		271,530
GrameenPhone Ltd.		320,080		762,942
IFIC Bank PLC		1,479,220		167,167
LafargeHolcim Bangladesh Ltd.		1,340,443		908,588
National Bank Ltd.^(a)		4,690,373		311,979
Olympic Industries Ltd.		241,143		319,034
Renata PLC		75,181		646,385
Robi Axiata Ltd., NVS		5,138,805		1,404,685
Square Pharmaceuticals PLC		2,658,221		5,249,523
Summit Power Ltd.^(a)		219,294		50,752


				17,788,816

Colombia — 2.1%
Bancolombia SA		443,182		3,719,341
Interconexion Electrica SA ESP		1,227,873		5,230,583


				8,949,924

Egypt — 5.6%
Abou Kir Fertilizers & Chemical Industries		2,419,215		3,168,146
Commercial International Bank - Egypt (CIB)		9,005,325		12,855,600
Eastern Co. S.A.E		7,548,289		5,339,349
EFG Holding S.A.E.^(a)		6,937,716		2,546,311


				23,909,406

Estonia — 1.4%
Enefit Green AS, NVS		544,648		1,955,513
LHV Group AS, NVS		508,540		1,920,956
Tallink Grupp AS^(a)		2,076,944		1,571,541
Tallinna Kaubamaja Grupp A/S		47,041		526,722


				5,974,732

Jordan — 2.1%
Arab Bank PLC		329,256		2,081,223
Capital Bank of Jordan		100,321		287,470
Jordan Ahli Bank, NVS		128,620		196,068
Jordan Islamic Bank		84,449		487,332
Jordan Petroleum Refinery Co.		474,572		3,371,503
Jordan Phosphate Mines Co.		120,446		1,990,014
Jordanian Electric Power Co.		235,323		664,051


				9,077,661

Kazakhstan — 11.5%
Halyk Savings Bank of Kazakhstan JSC, GDR^(b)		276,487		4,755,576
Kaspi.KZ JSC		306,309		31,611,089
NAC Kazatomprom JSC, GDR^(b)		324,006		12,863,038


				49,229,703

Kenya — 1.2%
Equity Group Holdings PLC/Kenya		5,895,022		1,541,693
KCB Group PLC		6,616,516		885,510
Safaricom PLC		32,918,560		2,820,010


				5,247,213

Lithuania — 0.9%
AB Ignitis Grupe		151,892		3,056,749
Siauliu Bankas AB		1,157,987		878,589


			3,935,338


Security	Shares		Value


Malta — 0.5%
MAS P.L.C.^(c)		2,461,100	$	2,142,876


Morocco — 5.9%
Akdital Holding, NVS		24,612		1,704,258
Attijariwafa Bank		132,207		6,624,699
Banque Centrale Populaire		59,893		1,812,212
Douja Promotion Groupe Addoha SA		584,589		1,043,893
Hightech Payment Systems SA, NVS		14,866		840,624
Itissalat Al-Maghrib		903,726		9,324,018
Societe d’Exploitation des Ports		130,940		3,786,552


				25,136,256

Nigeria — 3.1%
Access Bank PLC		87,072,126		969,437
Afriland Properties PLC^(a)		8,020		9
Dangote Cement PLC		11,938,113		4,766,222
FBN Holdings PLC		84,216,832		1,366,075
Guaranty Trust Holding Co. PLC		63,861,123		1,470,291
MTN Nigeria Communications PLC		11,008,838		1,426,669
Nestle Nigeria PLC		1,310,924		685,949
United Bank for Africa PLC		79,997,106		1,048,799
Zenith Bank PLC		69,373,073		1,411,661


				13,145,112

Oman — 3.1%
Abraj Energy Services SAOG, NVS		912,870		737,409
Bank Muscat SAOG		5,665,022		3,855,158
Bank Nizwa SAOG		3,278,080		825,906
National Bank of Oman SAOG		714,407		468,473
Oman Telecommunications Co. SAOG		2,029,384		5,692,601
Omani Qatari Telecommunications Co. SAOG		1,374,118		1,209,938
Renaissance Services SAOG		554,998		612,660


				13,402,145

Pakistan — 3.7%
Engro Corp. Ltd./Pakistan		877,897		1,016,070
Engro Fertilizers Ltd.		2,532,428		1,331,463
Fauji Fertilizer Co. Ltd.		1,254,682		536,155
Habib Bank Ltd.		957,574		397,672
Hub Power Co. Ltd. (The)		4,961,075		2,025,667
Lucky Cement Ltd.		1,209,309		3,259,970
Mari Petroleum Co. Ltd.		96,528		811,367
MCB Bank Ltd.		733,013		519,737
Millat Tractors Ltd.		791,197		1,716,464
Oil & Gas Development Co. Ltd.		2,512,976		1,124,934
Pakistan Oilfields Ltd.		581,262		888,062
Pakistan Petroleum Ltd.		2,337,563		949,102
Systems Ltd.		674,197		990,077
United Bank Ltd./Pakistan		205,776		141,491


				15,708,231

Peru — 4.3%
Cia. de Minas Buenaventura SAA, ADR		184,658		2,788,336
Credicorp Ltd.		50,180		8,574,759
Southern Copper Corp.		85,290		6,896,549


				18,259,644

Philippines — 4.4%
Aboitiz Equity Ventures Inc.		1,123,840		1,059,881
Alliance Global Group Inc.		1,558,700		286,148
AREIT Inc.		954,100		592,335
Ayala Corp.		130,900		1,579,739
Ayala Land Inc.		2,908,000		1,812,452
Bank of the Philippine Islands		290,188		646,111
BDO Unibank Inc.		431,698		1,176,076
Bloomberry Resorts Corp.^(a)		2,173,500		433,811


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Frontier and Select EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Philippines (continued)
Century Pacific Food Inc.		668,700	$	398,496
Converge Information and Communications Technology Solutions Inc.^(a)		2,216,200		354,977
GT Capital Holdings Inc.		79,170		990,065
International Container Terminal Services Inc.		296,320		1,520,664
JG Summit Holdings Inc.		400,510		292,109
Jollibee Foods Corp.		135,140		658,211
LT Group Inc.		976,600		165,040
Manila Electric Co.		108,720		754,261
Megaworld Corp.		20,093,000		690,390
Metropolitan Bank & Trust Co.		54,100		59,668
PLDT Inc.		61,855		1,443,323
Puregold Price Club Inc.		888,200		434,501
Robinsons Land Corp.		427,800		124,600
Security Bank Corp.		41,050		51,846
SM Prime Holdings Inc.		3,795,800		2,133,724
Universal Robina Corp.		142,110		295,843
Wilcon Depot Inc.		1,670,800		641,987


				18,596,258

Romania — 10.0%
Banca Transilvania SA		1,682,095		9,510,698
BRD-Groupe Societe Generale SA		535,500		2,261,002
MED Life SA^(a)		1,166,652		991,989
OMV Petrom SA		73,767,394		9,897,788
One United Properties SA		2,334,815		504,444
Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA^(a)		356,378		9,617,699
Societatea Energetica Electrica SA		552,426		1,405,557
Societatea Nationala de Gaze Naturale ROMGAZ SA		473,897		5,159,273
Societatea Nationala Nuclearelectrica SA		216,614		2,222,141
Teraplast SA^(a)		1,644,050		209,151
TTS Transport Trade Services SA, NVS		164,783		1,078,617


				42,858,359

Sri Lanka — 1.0%
Commercial Bank of Ceylon PLC^(a)		1,179,135		343,994
John Keells Holdings PLC		5,966,905		3,592,715
Sampath Bank PLC		2,131,353		505,721


				4,442,430

Vietnam — 29.8%
Bank for Foreign Trade of Vietnam JSC^(a)		1,549,710		6,119,203
Bank for Investment and Development of Vietnam JSC^(a)		834,903		1,798,966
Binh Dinh Pharmaceutical & Medical Equipment JSC, NVS		271,500		611,288
CEO Group JSC		756,900		687,684
DABACO Vietnam Group JSC, NVS		468,600		570,048
Dat Xanh Group JSC^(a)		391,710		290,834
Development Investment Construction JSC^(a)		1,264,554		1,404,934
Digiworld Corp., NVS		376,400		854,265
Duc Giang Chemicals JSC		703,894		3,200,251
EVN Finance JSC, NVS		1,632,200		1,271,328
FPT Digital Retail JSC		203,845		1,201,998
FPT Securities JSC, NVS		395,200		913,850
Gelex Group JSC^(a)		1,945,584		1,765,879
Ha Do Group JSC^(a)		399,585		431,029
HAGL JSC^(a)		2,149,500		1,119,547
Hoa Phat Group JSC^(a)		11,623,503		14,635,831
Hoa Sen Group^(a)		1,231,940		1,140,828
Hoang Huy Investment Financial Services JSC		1,311,300		698,591
IDICO Corp. JSC		364,650		871,314
Khang Dien House Trading and Investment JSC^(a)		1,449,196		2,042,628


Security	Shares		Value


Vietnam (continued)
KIDO Group Corp.		535,672	$	1,373,406
Kinh Bac City Development Share Holding Corp.^(a)		1,260,160		1,588,060
Kosy JSC, NVS		608,200		988,171
Masan Group Corp.^(a)		2,633,356		7,534,645
Nam Kim Steel JSC^(a)		553,600		538,824
Novaland Investment Group Corp.^(a)		3,658,433		2,541,317
PC1 Group JSC, NVS^(a)		882,715		993,002
PetroVietNam Ca Mau Fertilizer JSC		329,500		451,995
PetroVietnam Drilling & Well Services JSC^(a)		1,150,034		1,443,634
PetroVietnam Fertilizer & Chemicals JSC		607,200		858,151
PetroVietnam Gas JSC		226,640		712,642
PetroVietnam Power Corp.^(a)		3,654,540		1,729,948
PetroVietnam Technical Services Corp.		988,098		1,475,132
Petrovietnam Transportation Corp.		756,600		823,852
Phat Dat Real Estate Development Corp.^(a)		1,260,036		1,483,919
Sai Gon-Ha Noi Securities JSC^(a)		1,329,250		954,472
Saigon - Hanoi Commercial Joint Stock Bank^(a)		3,889,303		1,865,047
Saigon Beer Alcohol Beverage Corp.		347,460		826,101
Song da Urban & Industrial Zone Investment & Development JSC, NVS		243,800		745,741
SSI Securities Corp.		4,146,341		6,240,334
Tasco JSC^(a)		630,300		490,944
Thaiholdings JSC^(a)		74,040		105,729
Thanh Thanh Cong - Bien Hoa JSC^(a)		1,797,397		971,672
Van Phu - Invest Investment JSC		497,480		1,170,541
Viet Capital Securities JSC		1,197,570		2,222,233
Vietjet Aviation JSC^(a)		674,390		2,823,122
Vietnam Construction and Import-Export JSC^(a)		1,131,488		1,122,408
Vietnam Dairy Products JSC		3,211,274		9,386,812
Vietnam Export Import Commercial JSB, NVS		1,939,034		1,426,136
Viettel Construction Joint Stock Corp., NVS		183,700		784,086
Vincom Retail JSC^(a)		3,820,080		4,112,053
Vingroup JSC^(a)		4,788,334		8,747,735
Vinh Hoan Corp.		438,880		1,311,817
Vinhomes JSC^(a)(d)		6,208,788		10,947,872
VIX Securities JSC^(a)		2,313,100		1,725,083
Vndirect Securities Corp.^(a)		3,429,340		3,162,977


				127,309,909


Total Common Stocks — 95.6% (Cost: $358,192,298)				408,629,624


Preferred Stocks

Colombia — 1.5%
Bancolombia SA, Preference Shares, NVS		793,276		6,483,642


Total Preferred Stocks — 1.5% (Cost: $5,090,302)				6,483,642


Total Long-Term Investments — 97.1% (Cost: $363,282,600)				415,113,266


Short-Term Securities

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(e)(f)(g)		637,054		637,373


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Frontier and Select EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(e)(f)		3,730,000	$	3,730,000


Total Short-Term Securities — 1.0% (Cost: $4,367,413)				4,367,373


Total Investments — 98.1% (Cost: $367,650,013)				419,480,639

Other Assets Less Liabilities — 1.9%				8,110,145


Net Assets — 100.0%			$	427,590,784

^(a)	Non-income producing security.

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

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

^(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	637,414	^(a)	$	—	$	(1	)	$	(40	)	$	637,373		637,054	$	94	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		3,730,000	^(a)		—		—			—			3,730,000		3,730,000		82,935			—

								$	(1	)	$	(40	)	$	4,367,373			$	83,029		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets Index

231

03/15/24

11,744

242,503

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	4,939,130	EGP	284,000,000	Citibank N.A.	01/27/25	$	(701,364	)


						$	(701,364	)


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Frontier and Select EM ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	242,503	$	—	$	—	$	—	$	242,503

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	701,364	$	—	$	—	$	701,364

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(623,104	)	$	—		$	—	$	—	$	(623,104	)
Forward foreign currency exchange contracts		—		—		—			1,996,059			—		—		1,996,059

	$	—	$	—	$	(623,104	)	$	1,996,059		$	—	$	—	$	1,372,955

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	942,579		$	—		$	—	$	—	$	942,579
Forward foreign currency exchange contracts		—		—		—			(3,900,110	)		—		—		(3,900,110	)

	$	—	$	—	$	942,579		$	(3,900,110	)	$	—	$	—	$	(2,957,531	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	13,373,980
Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	2,469,565

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

Derivative Financial Instruments - Offsetting as of Period End

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




	Assets			Liabilities

Derivative Financial Instruments:
Futures contracts	$	242,503		$	—
Forward foreign currency exchange contracts		—			701,364

Total derivative assets and liabilities in the Statement of Assets and Liabilities		242,503			701,364
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(242,503	)		—

Total derivative assets and liabilities subject to an MNA	$	—		$	701,364


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Frontier and Select EM ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

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



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

Citibank N.A.	$	701,364	$	—		$	—	$	—	$	701,364

^(a)

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

^(b)

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

^(c)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

Fair Value Hierarchy as of Period End



		Level 1		Level 2			Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	189,480,590	$	219,149,034		$	—	$	408,629,624
Preferred Stocks		6,483,642		—			—		6,483,642
Short-Term Securities
Money Market Funds		4,367,373		—			—		4,367,373

	$	200,331,605	$	219,149,034		$	—	$	419,480,639

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	242,503	$	—		$	—	$	242,503
Liabilities
Foreign Currency Exchange Contracts		—		(701,364	)		—		(701,364	)

	$	242,503	$	(701,364	)	$	—		(458,861	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 1.9%
Ampol Ltd.		11,941	$	306,106
ANZ Group Holdings Ltd.		149,957		2,779,551
APA Group		60,614		309,451
Aristocrat Leisure Ltd.		29,717		902,904
ASX Ltd.		9,535		408,545
Aurizon Holdings Ltd.		92,671		229,678
BHP Group Ltd.		258,456		7,408,980
BlueScope Steel Ltd.		25,126		373,636
Brambles Ltd.		71,279		699,887
CAR Group Ltd.		18,169		435,286
Cochlear Ltd.		3,205		730,590
Coles Group Ltd.		65,738		723,069
Commonwealth Bank of Australia		85,654		6,497,411
Computershare Ltd.		26,986		456,064
CSL Ltd.		24,776		4,612,405
Dexus		51,755		247,846
Endeavour Group Ltd./Australia		65,646		235,005
Fortescue Ltd.		90,063		1,520,084
Goodman Group		88,364		1,720,234
GPT Group (The)		93,428		264,235
IDP Education Ltd.		10,494		130,353
Insurance Australia Group Ltd.		126,726		511,550
James Hardie Industries PLC^(a)		22,144		875,915
Lottery Corp. Ltd. (The)		110,552		365,788
Macquarie Group Ltd.		18,521		2,351,785
Medibank Pvt Ltd.		137,757		321,934
Mineral Resources Ltd.		8,423		365,509
Mirvac Group		192,092		272,454
National Australia Bank Ltd.		161,196		3,581,633
Northern Star Resources Ltd.		56,048		465,908
Orica Ltd.		20,810		231,906
Origin Energy Ltd.		87,612		511,822
Pilbara Minerals Ltd.^(b)		163,983		447,804
Qantas Airways Ltd.^(a)		47,021		157,175
QBE Insurance Group Ltd.		73,837		831,033
Ramsay Health Care Ltd.		9,666		344,833
REA Group Ltd.		2,609		329,959
Reece Ltd.^(b)		14,739		258,080
Rio Tinto Ltd.		19,557		1,574,904
Santos Ltd.		154,884		713,169
Scentre Group		250,569		507,117
SEEK Ltd.		16,775		287,267
Seven Group Holdings Ltd.		8,380		209,764
Sonic Healthcare Ltd.		22,493		436,494
South32 Ltd.		230,915		442,358
Stockland		124,546		363,901
Suncorp Group Ltd.		63,555		632,947
Telstra Group Ltd.		205,854		511,488
Transurban Group		160,422		1,413,674
Treasury Wine Estates Ltd.		41,271		331,338
Vicinity Ltd.		194,456		245,565
Washington H Soul Pattinson & Co. Ltd.		10,891		244,990
Wesfarmers Ltd.		58,871		2,555,219
Westpac Banking Corp.		180,274		3,093,366
WiseTech Global Ltd.		9,713		599,129
Woodside Energy Group Ltd.		97,551		1,924,563
Woolworths Group Ltd.		62,149		1,319,272
Xero Ltd.^(a)		6,571		546,500


				61,169,433


Security	Shares		Value


Austria — 0.1%
Erste Group Bank AG		16,976	$	678,754
OMV AG		7,278		320,712
Verbund AG		3,364		243,519
voestalpine AG		5,859		160,066


				1,403,051

Belgium — 0.2%
Ageas SA/NV		8,546		363,201
Anheuser-Busch InBev SA/NV		44,300		2,677,515
Argenx SE^(a)		2,997		1,123,321
D’ieteren Group		1,154		222,975
Elia Group SA/NV		1,640		182,429
Groupe Bruxelles Lambert NV		5,574		419,209
KBC Group NV		12,421		874,970
Lotus Bakeries NV		19		178,656
Sofina SA		730		167,082
Syensqo SA^(a)		3,665		327,229
UCB SA		6,214		716,968
Umicore SA		9,572		200,317
Warehouses De Pauw CVA		7,546		202,118


				7,655,990

Bermuda — 0.0%
Liberty Global Ltd., NVS^(a)(b)		12,458		231,096


Canada — 3.1%
Agnico Eagle Mines Ltd.		24,728		1,185,975
Air Canada^(a)		9,064		121,018
Alimentation Couche-Tard Inc.		40,093		2,486,555
AltaGas Ltd.		14,127		302,807
ARC Resources Ltd.		34,366		585,704
Bank of Montreal		36,757		3,326,994
Bank of Nova Scotia (The)		61,809		2,997,200
Barrick Gold Corp.		87,278		1,272,690
BCE Inc.		3,756		139,375
Brookfield Asset Management Ltd.		17,297		704,931
Brookfield Corp., Class A		69,122		2,852,177
Brookfield Renewable Corp., Class A		6,883		163,409
BRP Inc.		1,722		113,662
CAE Inc.^(a)		15,886		296,615
Cameco Corp.		23,852		966,629
Canadian Apartment Properties REIT		4,327		151,795
Canadian Imperial Bank of Commerce		46,486		2,199,706
Canadian National Railway Co.		28,355		3,676,550
Canadian Natural Resources Ltd.		55,488		3,865,332
Canadian Pacific Kansas City Ltd.		47,538		4,036,255
Canadian Tire Corp. Ltd., Class A, NVS		2,871		292,145
Canadian Utilities Ltd., Class A, NVS		6,519		146,793
CCL Industries Inc., Class B, NVS		7,591		386,947
Cenovus Energy Inc.		71,040		1,237,959
CGI Inc.^(a)		10,781		1,237,811
Constellation Software Inc./Canada		1,054		2,934,402
Descartes Systems Group Inc. (The)^(a)		4,848		420,197
Dollarama Inc.		14,296		1,105,842
Element Fleet Management Corp.		23,121		385,875
Emera Inc.		15,191		532,801
Empire Co. Ltd., Class A, NVS		8,451		214,147
Enbridge Inc.		107,047		3,679,580
Fairfax Financial Holdings Ltd.		1,136		1,212,540
First Quantum Minerals Ltd.		29,144		275,946
FirstService Corp.		1,984		326,498
Fortis Inc./Canada		25,665		989,610
Franco-Nevada Corp.		9,953		1,042,053
George Weston Ltd.		2,904		380,367


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Canada (continued)
GFL Environmental Inc.		10,781	$	388,693
Gildan Activewear Inc.		10,671		371,596
Great-West Lifeco Inc.		14,971		461,104
Hydro One Ltd.^(c)		16,637		495,868
iA Financial Corp. Inc.		5,354		332,014
IGM Financial Inc.		4,317		113,400
Imperial Oil Ltd.		10,036		627,976
Intact Financial Corp.		8,609		1,431,588
Ivanhoe Mines Ltd., Class A^(a)(b)		30,740		326,845
Keyera Corp.		11,178		275,013
Kinross Gold Corp.		63,536		310,857
Loblaw Companies Ltd.		8,576		913,998
Lundin Mining Corp.		33,627		265,864
Magna International Inc.		14,176		781,108
Manulife Financial Corp.		90,683		2,152,230
MEG Energy Corp.^(a)		14,484		310,032
Metro Inc./CN		12,095		654,858
National Bank of Canada		16,585		1,294,514
Northland Power Inc.		11,324		191,911
Nutrien Ltd.		25,860		1,349,830
Onex Corp.		3,817		284,261
Open Text Corp.		13,315		512,036
Pan American Silver Corp.		18,349		227,681
Parkland Corp.		7,724		247,061
Pembina Pipeline Corp.		27,155		945,018
Power Corp. of Canada		26,938		778,277
Quebecor Inc., Class B		8,552		200,008
RB Global Inc.		9,139		689,491
Restaurant Brands International Inc.		14,097		1,094,604
RioCan REIT		8,462		111,484
Rogers Communications Inc., Class B, NVS		17,499		774,410
Royal Bank of Canada		72,036		6,995,796
Saputo Inc.		12,456		253,406
Shopify Inc., Class A^(a)		61,609		4,707,097
Stantec Inc.		5,587		466,506
Sun Life Financial Inc.		29,008		1,540,653
Suncor Energy Inc.		67,828		2,330,486
TC Energy Corp.		50,636		2,002,830
Teck Resources Ltd., Class B		23,361		897,672
TELUS Corp.		21,631		377,265
TFI International Inc.		4,115		607,995
Thomson Reuters Corp.		8,529		1,346,390
TMX Group Ltd.		13,790		361,732
Toromont Industries Ltd.		4,078		374,552
Toronto-Dominion Bank (The)		92,705		5,566,467
Tourmaline Oil Corp.		15,333		693,919
Waste Connections Inc.		13,343		2,220,809
West Fraser Timber Co. Ltd.		3,042		244,812
Wheaton Precious Metals Corp.		22,204		915,057
WSP Global Inc.		6,501		1,031,902


				100,095,868

Denmark — 0.9%
AP Moller - Maersk A/S, Class A		176		239,074
AP Moller - Maersk A/S, Class B, NVS		251		356,205
Carlsberg A/S, Class B		4,935		689,335
Coloplast A/S, Class B^(b)		6,874		913,096
Danske Bank A/S		33,300		979,691
Demant A/S^(a)		5,393		270,388
DSV A/S		9,306		1,493,152
Genmab A/S^(a)		3,515		976,538
Novo Nordisk A/S		167,137		19,950,412
Novozymes A/S, Class B		18,660		1,052,571


Security	Shares		Value


Denmark (continued)
Orsted A/S^(c)		9,361	$	524,232
Pandora A/S		4,899		792,267
Rockwool A/S, Class B		428		136,982
Tryg A/S		17,805		378,645
Vestas Wind Systems A/S^(a)		49,874		1,389,890


				30,142,478

Finland — 0.3%
Elisa OYJ		7,008		315,627
Fortum OYJ		22,049		275,571
Kesko OYJ, Class B		13,229		252,933
Kone OYJ, Class B		16,703		817,802
Metso OYJ		33,269		355,871
Neste OYJ		20,811		570,473
Nokia OYJ		297,554		1,048,905
Nordea Bank Abp, New		161,570		1,966,386
Orion OYJ, Class B		5,282		207,666
Sampo OYJ, Class A		24,494		1,096,028
Stora Enso OYJ, Class R		28,833		364,553
UPM-Kymmene OYJ		26,256		878,772
Wartsila OYJ Abp		24,190		374,480


				8,525,067

France — 3.1%
Accor SA		8,543		371,089
Aeroports de Paris SA		1,420		193,307
Air Liquide SA		26,943		5,476,235
Airbus SE		30,030		4,968,733
Alstom SA		15,743		210,416
Amundi SA^(c)		3,055		201,298
ArcelorMittal SA		26,361		687,637
Arkema SA		2,984		309,297
AXA SA		91,232		3,248,032
BioMerieux		2,038		222,773
BNP Paribas SA		52,732		3,164,974
Bollore SE		44,659		306,260
Bouygues SA		11,366		449,476
Bureau Veritas SA		14,592		423,994
Capgemini SE		8,453		2,056,139
Carrefour SA		30,948		519,968
Cie. de Saint-Gobain SA		24,843		1,915,161
Cie. Generale des Etablissements Michelin SCA		33,354		1,234,313
Covivio SA/France		2,614		117,374
Credit Agricole SA		61,350		832,081
Danone SA		32,133		2,050,449
Dassault Aviation SA		1,208		238,815
Dassault Systemes SE		35,247		1,651,712
Edenred SE		12,312		609,242
Eiffage SA		4,082		444,522
Engie SA		96,054		1,541,319
EssilorLuxottica SA		14,792		3,140,848
Eurazeo SE		1,982		167,678
Eurofins Scientific SE		6,748		403,280
Euronext NV^(c)		4,331		399,148
Gecina SA		2,257		218,007
Getlink SE		21,958		374,900
Hermes International SCA		1,622		4,058,794
Ipsen SA		1,835		201,580
Kering SA		3,651		1,681,752
Klepierre SA		10,618		269,732
La Francaise des Jeux SAEM^(c)		4,813		201,675
Legrand SA		13,135		1,330,329
L’Oreal SA		12,449		5,946,500


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


France (continued)
LVMH Moet Hennessy Louis Vuitton SE		14,084	$	12,854,961
Orange SA		98,205		1,125,720
Pernod Ricard SA		10,724		1,792,341
Publicis Groupe SA		11,262		1,191,581
Remy Cointreau SA		1,122		118,893
Renault SA		9,677		404,049
Rexel SA		11,551		295,878
Safran SA		17,507		3,671,050
Sanofi SA		57,225		5,454,374
Sartorius Stedim Biotech		1,360		374,338
Schneider Electric SE		27,520		6,255,078
SEB SA		1,362		161,408
Societe Generale SA		35,550		863,354
Sodexo SA		4,328		344,990
Teleperformance SE		2,907		360,927
Thales SA		5,213		773,158
TotalEnergies SE		111,192		7,087,283
Unibail-Rodamco-Westfield, New^(a)		6,257		457,533
Veolia Environnement SA		35,705		1,106,795
Vinci SA		26,465		3,391,281
Vivendi SE		38,872		434,381
Worldline SA/France^(a)(c)		11,800		135,840


				100,494,052

Germany — 2.1%
adidas AG		8,508		1,720,999
Allianz SE, Registered		20,603		5,658,724
BASF SE		44,673		2,275,508
Bayer AG, Registered		51,264		1,548,898
Bayerische Motoren Werke AG		16,349		1,933,892
Bechtle AG		4,086		210,816
Beiersdorf AG		4,953		709,967
Brenntag SE		7,605		694,370
Carl Zeiss Meditec AG, Bearer^(b)		2,000		245,602
Commerzbank AG		58,798		680,641
Continental AG		5,338		428,189
Covestro AG^(a)(c)		9,172		499,211
Daimler Truck Holding AG		28,640		1,170,070
Delivery Hero SE, Class A^(a)(c)		8,018		185,464
Deutsche Bank AG, Registered		102,647		1,374,721
Deutsche Boerse AG		9,806		2,052,859
Deutsche Lufthansa AG, Registered^(a)		32,672		254,084
Deutsche Post AG, Registered		50,688		2,353,647
Deutsche Telekom AG, Registered		163,226		3,879,716
E.ON SE		118,071		1,507,683
Evonik Industries AG		10,472		193,305
Fresenius Medical Care AG & Co. KGaA		10,123		388,247
Fresenius SE & Co. KGaA		23,258		651,344
GEA Group AG		7,605		306,759
Hannover Rueck SE		2,952		757,801
Heidelberg Materials AG		7,118		691,150
Henkel AG & Co. KGaA		5,126		345,834
Infineon Technologies AG		66,601		2,391,346
Knorr-Bremse AG		3,579		250,566
LEG Immobilien SE^(a)		3,588		264,290
Mercedes-Benz Group AG		41,629		3,317,198
Merck KGaA		6,338		1,078,390
MTU Aero Engines AG		2,679		644,431
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		6,841		3,184,984
Nemetschek SE		2,847		272,739
Puma SE		5,206		239,442
Rational AG		241		198,314


Security	Shares		Value


Germany (continued)
Rheinmetall AG		2,087	$	957,634
RWE AG		31,543		1,056,607
SAP SE		53,608		10,045,779
Scout24 SE^(c)		4,513		328,161
Siemens AG, Registered		38,741		7,669,510
Siemens Healthineers AG^(c)		15,083		905,228
Symrise AG, Class A		7,184		735,157
Talanx AG^(a)		3,200		228,418
Volkswagen AG		1,590		250,239
Vonovia SE		35,541		991,919
Zalando SE^(a)(c)		10,981		232,394


				67,962,247

Hong Kong — 0.5%
AIA Group Ltd.		587,400		4,735,140
BOC Hong Kong Holdings Ltd.		198,500		521,501
CK Asset Holdings Ltd.		107,000		492,202
CK Hutchison Holdings Ltd.		142,500		719,779
CK Infrastructure Holdings Ltd.		42,500		249,518
CLP Holdings Ltd.		80,000		665,770
ESR Group Ltd.^(b)(c)		99,800		132,979
Futu Holdings Ltd., ADR^(a)		2,822		151,033
Galaxy Entertainment Group Ltd.		102,000		555,366
Hang Lung Properties Ltd.		124,000		133,091
Hang Seng Bank Ltd.		40,700		463,743
Henderson Land Development Co. Ltd.		83,000		238,816
HKT Trust & HKT Ltd., Class SS		202,000		246,289
Hong Kong & China Gas Co. Ltd.		640,589		493,901
Hong Kong Exchanges & Clearing Ltd.		57,600		1,773,997
Hongkong Land Holdings Ltd.		61,600		208,564
Jardine Matheson Holdings Ltd.		9,000		377,863
Link REIT		135,560		672,189
MTR Corp. Ltd.		91,000		301,053
Power Assets Holdings Ltd.		67,500		405,078
Sands China Ltd.^(a)		107,600		305,513
Sino Land Co. Ltd.		118,000		127,079
SITC International Holdings Co. Ltd.		42,000		69,157
Sun Hung Kai Properties Ltd.		73,500		739,577
Swire Pacific Ltd., Class A		28,500		236,092
Swire Properties Ltd.		52,400		107,785
Techtronic Industries Co. Ltd.		77,500		836,087
WH Group Ltd.^(c)		448,500		269,529
Wharf Holdings Ltd. (The)^(b)		52,000		191,669
Wharf Real Estate Investment Co. Ltd.		75,000		249,759


				16,670,119

Ireland — 0.2%
AIB Group PLC		72,559		336,860
Bank of Ireland Group PLC		53,551		467,660
CRH PLC		35,889		2,989,205
Flutter Entertainment PLC^(a)		8,901		1,927,378
Kerry Group PLC, Class A		7,895		693,274
Kingspan Group PLC		7,692		695,579
Smurfit Kappa Group PLC		12,262		524,071


				7,634,027

Israel — 0.2%
Azrieli Group Ltd.		2,073		150,447
Bank Hapoalim BM		58,251		557,971
Bank Leumi Le-Israel BM		77,246		647,681
Check Point Software Technologies Ltd.^(a)		5,211		835,949
CyberArk Software Ltd.^(a)(b)		2,012		530,685
Elbit Systems Ltd.		1,325		294,727
Global-e Online Ltd.^(a)		4,557		154,346


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Israel (continued)
ICL Group Ltd.		35,195	$	186,932
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		57,997		302,594
Mizrahi Tefahot Bank Ltd.		7,008		277,380
Monday.com Ltd.^(a)(b)		1,542		343,881
Nice Ltd.^(a)		3,127		765,040
Teva Pharmaceutical Industries Ltd., ADR^(a)		56,582		744,053
Wix.com Ltd.^(a)		2,687		376,664


				6,168,354

Italy — 0.7%
Amplifon SpA		6,225		207,869
Assicurazioni Generali SpA		54,392		1,290,124
Banco BPM SpA		61,515		358,129
DiaSorin SpA		1,193		120,406
Enel SpA		415,115		2,641,397
Eni SpA		116,029		1,786,664
Ferrari NV		6,432		2,714,711
FinecoBank Banca Fineco SpA		34,276		474,844
Infrastrutture Wireless Italiane SpA^(c)		17,041		188,752
Intesa Sanpaolo SpA		740,601		2,358,374
Leonardo SpA		13,419		286,900
Mediobanca Banca di Credito Finanziario SpA		31,014		422,475
Moncler SpA		10,121		729,792
Nexi SpA^(a)(c)		37,077		272,117
Poste Italiane SpA^(c)		26,153		306,757
Prysmian SpA		12,605		629,062
Recordati Industria Chimica e Farmaceutica SpA		5,185		290,281
Snam SpA		99,766		466,056
Stellantis NV		111,286		2,911,197
Telecom Italia SpA/Milano^(a)		499,644		150,216
Tenaris SA, NVS		23,474		416,933
Terna - Rete Elettrica Nazionale		69,576		545,058
UniCredit SpA		81,478		2,729,073


				22,297,187

Japan — 6.2%
Advantest Corp.		39,400		1,854,790
Aeon Co. Ltd.		33,300		795,103
AGC Inc.		8,300		296,799
Aisin Corp.		7,100		268,133
Ajinomoto Co. Inc.		22,800		838,613
ANA Holdings Inc.^(a)		4,800		104,651
Asahi Group Holdings Ltd.		22,600		774,219
Asahi Intecc Co. Ltd.		13,300		276,820
Asahi Kasei Corp.		73,300		510,019
Astellas Pharma Inc.		92,400		1,009,817
Azbil Corp.		3,600		105,794
Bandai Namco Holdings Inc.		28,500		548,804
Bridgestone Corp.		29,600		1,271,099
Brother Industries Ltd.		16,100		270,129
Canon Inc.		47,500		1,389,129
Capcom Co. Ltd.		9,000		363,427
Central Japan Railway Co.		39,100		983,360
Chiba Bank Ltd. (The)		24,600		200,343
Chubu Electric Power Co. Inc.		36,000		448,065
Chugai Pharmaceutical Co. Ltd.		36,300		1,449,881
Concordia Financial Group Ltd.		49,100		248,929
Dai Nippon Printing Co. Ltd.		12,100		353,430
Daifuku Co. Ltd.		15,700		372,775
Dai-ichi Life Holdings Inc.		47,500		1,081,297
Daiichi Sankyo Co. Ltd.		94,400		3,108,961
Daikin Industries Ltd.		13,800		1,945,004


Security	Shares		Value


Japan (continued)
Daito Trust Construction Co. Ltd.		3,100	$	367,756
Daiwa House Industry Co. Ltd.		30,000		866,233
Daiwa Securities Group Inc.		78,900		581,705
Denso Corp.		96,600		1,776,987
Dentsu Group Inc.		9,600		265,975
Disco Corp.		4,500		1,466,493
East Japan Railway Co.		15,600		922,919
Eisai Co. Ltd.		13,900		576,581
ENEOS Holdings Inc.		171,600		740,383
FANUC Corp.		47,400		1,381,681
Fast Retailing Co. Ltd.		9,000		2,606,848
Fuji Electric Co. Ltd.		5,200		316,667
FUJIFILM Holdings Corp.		19,700		1,254,825
Fujitsu Ltd.		8,400		1,312,691
GLP J-REIT		216		171,372
Hamamatsu Photonics KK		7,200		258,855
Hankyu Hanshin Holdings Inc.		15,900		458,518
Hikari Tsushin Inc.		600		108,636
Hirose Electric Co. Ltd.		1,100		117,065
Hitachi Construction Machinery Co. Ltd.		3,100		89,719
Hitachi Ltd.		46,800		3,964,920
Honda Motor Co. Ltd.		234,900		2,791,213
Hoshizaki Corp.		6,100		208,216
Hoya Corp.		18,000		2,349,666
Hulic Co. Ltd.		20,300		202,552
Ibiden Co. Ltd.		5,300		245,321
Idemitsu Kosan Co. Ltd.		49,600		313,647
Iida Group Holdings Co. Ltd.		4,300		55,487
Inpex Corp.		48,200		642,444
Isuzu Motors Ltd.		26,200		373,846
ITOCHU Corp.		61,900		2,688,993
Japan Airlines Co. Ltd.		4,200		78,440
Japan Exchange Group Inc.		24,100		630,976
Japan Metropolitan Fund Invest		388		228,668
Japan Post Bank Co. Ltd.		75,100		800,769
Japan Post Holdings Co. Ltd.		121,300		1,170,688
Japan Post Insurance Co. Ltd.		5,800		106,895
Japan Real Estate Investment Corp.		56		201,862
Japan Tobacco Inc.		61,400		1,594,957
JFE Holdings Inc.		30,300		496,929
JSR Corp.		9,700		260,616
Kajima Corp.		22,300		414,010
Kansai Electric Power Co. Inc. (The)		38,900		497,488
Kao Corp.		23,000		870,274
Kawasaki Kisen Kaisha Ltd.		6,600		315,025
KDDI Corp.		76,300		2,306,683
KDX Realty Investment Corp.		210		210,208
Keisei Electric Railway Co. Ltd.		6,500		303,687
Keyence Corp.		9,700		4,545,959
Kikkoman Corp.		6,400		419,205
Kintetsu Group Holdings Co. Ltd.		8,400		258,339
Kirin Holdings Co. Ltd.		42,400		589,451
Kobe Bussan Co. Ltd.		7,600		204,618
Koito Manufacturing Co. Ltd.		6,000		76,056
Komatsu Ltd.		47,700		1,384,639
Konami Group Corp.		4,400		296,108
Kubota Corp.		48,300		708,870
Kyocera Corp.		74,400		1,098,032
Kyowa Kirin Co. Ltd.		17,100		338,636
Lasertec Corp.		3,700		992,776
LY Corp.		149,300		412,679
M3 Inc.		22,100		317,870


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Makita Corp.		11,200	$	293,039
Marubeni Corp.		77,200		1,279,358
MatsukiyoCocokara & Co.		18,100		300,156
Mazda Motor Corp.		25,800		299,603
McDonald’s Holdings Co. Japan Ltd.^(b)		4,700		218,596
MEIJI Holdings Co. Ltd.		12,200		274,557
MINEBEA MITSUMI Inc.		19,800		410,584
MISUMI Group Inc.		17,500		267,473
Mitsubishi Chemical Group Corp.		74,100		425,211
Mitsubishi Corp.		175,200		3,757,959
Mitsubishi Electric Corp.		99,200		1,580,056
Mitsubishi Estate Co. Ltd.		56,200		860,223
Mitsubishi HC Capital Inc.		43,100		297,813
Mitsubishi Heavy Industries Ltd.		15,300		1,210,947
Mitsubishi UFJ Financial Group Inc.		579,400		5,952,062
Mitsui & Co. Ltd.		66,400		2,916,457
Mitsui Chemicals Inc.		9,700		269,002
Mitsui Fudosan Co. Ltd.		45,100		1,224,323
Mitsui OSK Lines Ltd.		18,400		630,126
Mizuho Financial Group Inc.		125,490		2,344,415
MonotaRO Co. Ltd.		16,500		157,821
MS&AD Insurance Group Holdings Inc.		22,200		1,109,383
Murata Manufacturing Co. Ltd.		89,700		1,807,633
NEC Corp.		12,300		830,216
Nexon Co. Ltd.		23,600		383,280
Nidec Corp.		22,200		842,462
Nintendo Co. Ltd.		51,600		2,883,420
Nippon Building Fund Inc.		82		315,800
Nippon Express Holdings Inc.		4,100		216,753
Nippon Paint Holdings Co. Ltd.		51,600		383,333
Nippon Prologis REIT Inc.		155		259,323
Nippon Sanso Holdings Corp.		10,000		290,034
Nippon Steel Corp.		44,747		1,110,425
Nippon Telegraph & Telephone Corp.		1,516,200		1,843,950
Nippon Yusen KK		23,200		738,838
Nissan Chemical Corp.		4,800		200,769
Nissan Motor Co. Ltd.		122,800		483,791
Nissin Foods Holdings Co. Ltd.		10,200		297,313
Nitori Holdings Co. Ltd.		3,600		529,525
Nitto Denko Corp.		7,500		689,580
Nomura Holdings Inc.		171,700		977,602
Nomura Real Estate Holdings Inc.		3,500		87,125
Nomura Real Estate Master Fund Inc.		216		214,680
Nomura Research Institute Ltd.		19,000		533,901
NTT Data Group Corp.		27,600		449,524
Obayashi Corp.		28,100		272,048
Obic Co. Ltd.		3,800		595,095
Odakyu Electric Railway Co. Ltd.		17,800		250,261
Olympus Corp.		66,900		951,912
Omron Corp.		7,000		260,279
Ono Pharmaceutical Co. Ltd.		20,000		331,192
Oracle Corp. Japan		1,100		84,341
Oriental Land Co. Ltd./Japan		54,600		1,956,875
ORIX Corp.		64,300		1,350,977
Osaka Gas Co. Ltd.		20,100		401,128
Otsuka Corp.		5,900		259,432
Otsuka Holdings Co. Ltd.		20,600		835,876
Pan Pacific International Holdings Corp.		21,200		499,780
Panasonic Holdings Corp.		119,500		1,129,709
Rakuten Group Inc.^(a)(b)		76,300		418,198
Recruit Holdings Co. Ltd.		73,700		2,972,751
Renesas Electronics Corp.		74,500		1,230,970


Security	Shares		Value


Japan (continued)
Resona Holdings Inc.		114,700	$	625,988
Ricoh Co. Ltd.		28,700		239,040
Rohm Co. Ltd.		18,100		308,364
SBI Holdings Inc.		16,300		438,862
SCREEN Holdings Co. Ltd.		4,200		524,860
SCSK Corp.		4,600		84,845
Secom Co. Ltd.		10,500		766,208
Seiko Epson Corp.		17,300		280,045
Sekisui Chemical Co. Ltd.		20,200		284,809
Sekisui House Ltd.		27,200		605,898
Seven & i Holdings Co. Ltd.		114,000		1,698,935
SG Holdings Co. Ltd.		18,500		232,079
Sharp Corp./Japan^(a)		6,200		33,790
Shimadzu Corp.		16,100		439,824
Shimano Inc.		3,400		470,905
Shimizu Corp.		25,300		146,751
Shin-Etsu Chemical Co. Ltd.		91,665		3,911,743
Shionogi & Co. Ltd.		13,400		667,144
Shiseido Co. Ltd.		20,900		568,209
Shizuoka Financial Group Inc., NVS		22,200		217,302
SMC Corp.		2,900		1,750,371
SoftBank Corp.		144,700		1,903,306
SoftBank Group Corp.		51,600		3,056,411
Sompo Holdings Inc.		16,000		938,013
Sony Group Corp.		63,200		5,444,563
Square Enix Holdings Co. Ltd.		4,500		190,646
Subaru Corp.		31,600		714,975
SUMCO Corp.		18,900		296,614
Sumitomo Corp.		51,200		1,201,967
Sumitomo Electric Industries Ltd.		40,400		599,887
Sumitomo Metal Mining Co. Ltd.		12,600		328,008
Sumitomo Mitsui Financial Group Inc.		66,800		3,721,729
Sumitomo Mitsui Trust Holdings Inc.		38,000		770,003
Sumitomo Realty & Development Co. Ltd.		18,200		539,851
Suntory Beverage & Food Ltd.		6,900		226,577
Suzuki Motor Corp.		19,900		876,004
Sysmex Corp.		8,300		466,085
T&D Holdings Inc.		24,900		433,370
Taisei Corp.		9,400		295,542
Takeda Pharmaceutical Co. Ltd.		80,226		2,346,304
TDK Corp.		20,500		1,068,806
Terumo Corp.		33,900		1,320,801
TIS Inc.		13,500		304,678
Tobu Railway Co. Ltd.		5,500		140,602
Toho Co. Ltd./Tokyo		6,100		197,969
Tokio Marine Holdings Inc.		90,500		2,644,108
Tokyo Electric Power Co. Holdings Inc.^(a)		92,900		502,570
Tokyo Electron Ltd.		24,200		6,004,235
Tokyo Gas Co. Ltd.		20,100		439,952
Tokyu Corp.		23,800		296,139
Toppan Holdings Inc.		16,800		400,403
Toray Industries Inc.		77,200		356,196
TOTO Ltd.		7,100		192,254
Toyota Industries Corp.		7,500		747,322
Toyota Motor Corp.		543,100		13,081,331
Toyota Tsusho Corp.		10,900		706,140
Trend Micro Inc./Japan		5,700		283,269
Unicharm Corp.		21,000		696,426
USS Co. Ltd.		6,400		111,406
West Japan Railway Co.		13,700		569,669
Yakult Honsha Co. Ltd.		13,500		290,910
Yamaha Corp.		6,800		148,709


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Japan (continued)
Yamaha Motor Co. Ltd.		53,400	$	478,749
Yamato Holdings Co. Ltd.		17,700		268,961
Yaskawa Electric Corp.		12,200		500,059
Yokogawa Electric Corp.		15,900		336,568
Zensho Holdings Co. Ltd.		4,400		192,680
ZOZO Inc.		3,600		81,706


				199,736,728

Netherlands — 1.3%
ABN AMRO Bank NV, CVA^(c)		21,955		353,455
Adyen NV^(a)(c)		1,114		1,762,612
Aegon Ltd.		74,570		448,181
AerCap Holdings NV^(a)		10,123		781,293
Akzo Nobel NV		9,259		674,880
ASM International NV		2,189		1,336,926
ASML Holding NV		20,683		19,628,197
ASR Nederland NV		8,047		371,407
BE Semiconductor Industries NV		3,875		701,831
CNH Industrial NV		50,434		602,686
Davide Campari-Milano NV		35,781		362,823
EXOR NV, NVS		5,504		594,521
Ferrovial SE		24,616		924,326
Heineken Holding NV		6,803		525,484
Heineken NV		14,476		1,337,455
IMCD NV		2,883		439,829
ING Groep NV		170,206		2,342,348
JDE Peet’s NV		5,282		120,684
Koninklijke Ahold Delhaize NV		49,206		1,465,446
Koninklijke KPN NV		170,987		625,036
Koninklijke Philips NV		40,046		806,817
NN Group NV		13,668		609,971
OCI NV		4,455		117,542
Prosus NV		76,826		2,243,934
Qiagen NV, NVS		11,218		479,641
Randstad NV		6,249		344,657
Universal Music Group NV		41,754		1,260,569
Wolters Kluwer NV		13,406		2,117,072


				43,379,623

New Zealand — 0.1%
Auckland International Airport Ltd.		62,429		307,880
EBOS Group Ltd.		7,937		178,892
Fisher & Paykel Healthcare Corp. Ltd.		30,007		446,547
Mercury NZ Ltd.		34,961		142,190
Meridian Energy Ltd.		64,635		235,356
Spark New Zealand Ltd.		93,310		288,036


				1,598,901

Norway — 0.2%
Adevinta ASA^(a)		12,525		133,725
Aker BP ASA		15,562		377,746
DNB Bank ASA		45,745		915,985
Equinor ASA		45,282		1,115,693
Gjensidige Forsikring ASA		10,023		158,346
Kongsberg Gruppen ASA		4,453		283,798
Mowi ASA		25,044		483,675
Norsk Hydro ASA		73,141		375,414
Orkla ASA		37,448		268,457
Salmar ASA		3,483		221,204
Telenor ASA		34,674		379,343
Yara International ASA		8,192		254,928


				4,968,314

Portugal — 0.0%
EDP - Energias de Portugal SA		158,814		632,466


Security	Shares		Value


Portugal (continued)
Galp Energia SGPS SA		25,031	$	393,879
Jeronimo Martins SGPS SA		14,088		337,349


				1,363,694

Singapore — 0.3%
CapitaLand Ascendas REIT		216,116		440,433
CapitaLand Integrated Commercial Trust		318,876		465,122
CapitaLand Investment Ltd/Singapore		134,700		278,656
City Developments Ltd.		21,100		88,935
DBS Group Holdings Ltd.		90,000		2,231,574
Genting Singapore Ltd.		302,200		204,508
Grab Holdings Ltd., Class A^(a)		93,782		287,911
Jardine Cycle & Carriage Ltd.^(b)		5,400		102,365
Keppel Ltd.		70,700		381,253
Mapletree Logistics Trust		157,900		173,941
Mapletree Pan Asia Commercial Trust		110,200		110,724
Oversea-Chinese Banking Corp. Ltd.		165,600		1,599,516
Sea Ltd., ADR^(a)		18,598		902,375
Seatrium Ltd.^(a)(b)		2,561,786		171,773
Sembcorp Industries Ltd.		45,000		170,898
Singapore Airlines Ltd.^(b)		90,500		435,598
Singapore Exchange Ltd.		29,800		209,356
Singapore Technologies Engineering Ltd.		110,800		328,042
Singapore Telecommunications Ltd.		415,300		724,829
United Overseas Bank Ltd.		62,900		1,308,862
Wilmar International Ltd.		94,100		232,389


				10,849,060

Spain — 0.6%
Acciona SA		1,287		144,176
ACS Actividades de Construccion y Servicios SA		10,969		451,079
Aena SME SA^(c)		3,661		695,552
Amadeus IT Group SA		23,511		1,390,884
Banco Bilbao Vizcaya Argentaria SA		304,750		3,039,662
Banco Santander SA		821,945		3,425,443
CaixaBank SA		218,409		988,015
Cellnex Telecom SA^(c)		27,832		1,006,253
Corp. ACCIONA Energias Renovables SA		203		4,197
EDP Renovaveis SA		13,846		188,872
Enagas SA		2,268		32,757
Endesa SA		15,810		284,740
Grifols SA^(a)		14,976		123,340
Iberdrola SA		316,344		3,633,258
Industria de Diseno Textil SA		56,415		2,509,794
Redeia Corp. SA		5,764		91,707
Repsol SA		71,303		1,132,652
Telefonica SA		257,758		1,057,472


				20,199,853

Sweden — 0.8%
Alfa Laval AB		15,546		585,332
Assa Abloy AB, Class B		48,520		1,384,979
Atlas Copco AB, Class A		138,861		2,412,312
Atlas Copco AB, Class B		76,755		1,149,124
Beijer Ref AB, Class B		17,039		239,936
Boliden AB		13,247		335,737
Epiroc AB		32,542		590,707
Epiroc AB, Class B		19,428		320,584
EQT AB		19,444		569,646
Essity AB, Class B		30,774		717,528
Evolution AB^(c)		9,897		1,282,097
Fastighets AB Balder, Class B^(a)(b)		31,586		196,447
Getinge AB, Class B		11,374		225,401
H & M Hennes & Mauritz AB, Class B		37,846		513,912


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Sweden (continued)
Hexagon AB, Class B		106,084	$	1,244,427
Holmen AB, Class B		3,830		153,772
Husqvarna AB, Class B		21,186		163,632
Industrivarden AB, Class A		5,740		195,954
Industrivarden AB, Class C		8,000		272,343
Indutrade AB		13,165		349,110
Investment AB Latour, Class B		7,475		189,874
Investor AB, Class B		89,328		2,247,426
L E Lundbergforetagen AB, Class B		3,800		206,697
Lifco AB, Class B		11,670		311,133
Nibe Industrier AB, Class B		70,992		396,282
Saab AB, Class B		4,049		319,197
Sagax AB, Class B		12,599		298,001
Sandvik AB		55,470		1,249,033
Securitas AB, Class B		24,652		265,168
Skandinaviska Enskilda Banken AB, Class A		80,057		1,190,664
Skanska AB, Class B		16,959		312,986
SKF AB, Class B		19,028		415,611
Svenska Cellulosa AB SCA, Class B		29,380		415,970
Svenska Handelsbanken AB, Class A		71,169		851,168
Swedbank AB, Class A		44,633		981,608
Swedish Orphan Biovitrum AB^(a)		9,719		238,700
Tele2 AB, Class B		25,085		210,397
Telefonaktiebolaget LM Ericsson, Class B		159,018		863,469
Telia Co. AB		133,535		317,830
Volvo AB, Class A		10,101		281,852
Volvo AB, Class B		78,454		2,161,684
Volvo Car AB, Class B^(a)(b)		29,305		107,158


				26,734,888

Switzerland — 2.6%
ABB Ltd., Registered		81,635		3,766,828
Adecco Group AG, Registered		8,876		355,816
Alcon Inc.		25,110		2,141,075
Avolta AG, Registered^(a)		5,022		196,416
Bachem Holding AG, Class B		1,549		122,568
Baloise Holding AG, Registered		2,596		418,864
Banque Cantonale Vaudoise, Registered		1,413		169,355
Barry Callebaut AG, Registered		196		275,350
BKW AG		1,440		201,757
Bunge Global SA		7,242		683,428
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		48		587,403
Chocoladefabriken Lindt & Spruengli AG, Registered		6		721,272
Cie. Financiere Richemont SA, Class A, Registered		27,533		4,382,624
Clariant AG, Registered		12,455		154,254
Coca-Cola HBC AG, Class DI		13,277		413,888
DSM-Firmenich AG		8,883		951,977
EMS-Chemie Holding AG, Registered		388		270,761
Geberit AG, Registered		1,743		1,013,361
Givaudan SA, Registered		476		1,997,266
Helvetia Holding AG, Registered		1,894		267,616
Holcim AG		28,458		2,322,729
Julius Baer Group Ltd.		10,550		565,156
Kuehne + Nagel International AG, Registered		2,577		867,640
Logitech International SA, Registered		8,192		724,880
Lonza Group AG, Registered		3,707		1,934,892
Nestle SA, Registered		136,203		14,126,591
Novartis AG, Registered		104,509		10,544,695
Partners Group Holding AG		1,208		1,736,941
Roche Holding AG, Bearer		1,710		472,718
Roche Holding AG, NVS		35,725		9,340,696
Sandoz Group AG^(a)		21,059		651,418


Security	Shares		Value


Switzerland (continued)
Schindler Holding AG, Participation Certificates, NVS		2,340	$	616,539
Schindler Holding AG, Registered		1,098		279,244
SGS SA		7,853		754,060
Siemens Energy AG^(a)		28,920		444,109
SIG Group AG		14,668		290,584
Sika AG, Registered		7,553		2,184,452
Sonova Holding AG, Registered		2,723		839,901
STMicroelectronics NV		34,349		1,559,694
Straumann Holding AG		5,658		894,307
Swatch Group AG (The), Bearer		1,631		385,055
Swatch Group AG (The), Registered		3,026		138,241
Swiss Life Holding AG, Registered		1,506		1,094,707
Swiss Prime Site AG, Registered		4,342		414,971
Swiss Re AG		14,631		1,765,882
Swisscom AG, Registered		1,198		684,749
Temenos AG, Registered		3,854		290,036
UBS Group AG, Registered		165,997		4,739,513
VAT Group AG^(c)		1,534		769,991
Zurich Insurance Group AG		7,660		4,075,352


				84,601,622

United Kingdom — 3.6%
3i Group PLC		51,249		1,601,175
abrdn PLC		89,071		177,375
Admiral Group PLC		13,231		446,431
Anglo American PLC		63,754		1,373,704
Antofagasta PLC		19,311		443,673
Ashtead Group PLC		21,917		1,576,373
Associated British Foods PLC		17,418		501,221
AstraZeneca PLC		79,295		9,995,406
Auto Trader Group PLC^(c)		46,949		439,622
Aviva PLC		145,794		823,470
BAE Systems PLC		156,946		2,463,527
Barclays PLC		774,457		1,618,619
Barratt Developments PLC		49,890		294,354
Berkeley Group Holdings PLC		5,482		322,084
BP PLC		865,850		5,030,643
British American Tobacco PLC		107,255		3,186,696
BT Group PLC		347,756		459,028
Bunzl PLC		16,498		657,597
Burberry Group PLC		19,793		321,375
Centrica PLC		286,778		456,283
Coca-Cola Europacific Partners PLC		10,123		694,741
Compass Group PLC		88,024		2,415,255
Croda International PLC		6,825		411,459
DCC PLC		4,804		341,433
Diageo PLC		113,542		4,253,883
Endeavour Mining PLC		9,365		151,101
Entain PLC		29,706		342,781
Experian PLC		47,873		2,050,187
Glencore PLC		534,809		2,542,550
GSK PLC		209,143		4,374,945
Haleon PLC		307,423		1,289,710
Halma PLC		18,598		541,602
Hargreaves Lansdown PLC		17,403		160,389
Hikma Pharmaceuticals PLC		8,470		210,199
HSBC Holdings PLC		981,174		7,637,232
Imperial Brands PLC		44,927		967,831
Informa PLC		73,589		754,502
InterContinental Hotels Group PLC		9,023		958,183
Intertek Group PLC		7,921		463,649
J Sainsbury PLC		85,544		270,047
JD Sports Fashion PLC		126,255		188,661


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United Kingdom (continued)
Kingfisher PLC		102,914	$	305,201
Land Securities Group PLC		34,483		270,154
Legal & General Group PLC		283,101		868,000
Lloyds Banking Group PLC		3,283,063		1,941,189
London Stock Exchange Group PLC		21,358		2,398,785
M&G PLC		127,218		361,686
Melrose Industries PLC		67,917		545,439
Mondi PLC, NVS		21,680		385,459
National Grid PLC		187,879		2,458,397
NatWest Group PLC, NVS		300,762		909,384
Next PLC		6,539		687,499
Ocado Group PLC^(a)		23,404		151,583
Pearson PLC		36,915		448,760
Persimmon PLC		15,785		272,030
Phoenix Group Holdings PLC		34,285		215,928
Prudential PLC		138,854		1,368,107
Reckitt Benckiser Group PLC		36,236		2,289,494
RELX PLC		94,705		4,148,466
Rentokil Initial PLC		124,730		694,369
Rio Tinto PLC		57,899		3,714,240
Rolls-Royce Holdings PLC^(a)		435,963		2,034,770
Sage Group PLC (The)		54,000		850,640
Schroders PLC		36,015		179,503
Segro PLC		58,777		628,649
Severn Trent PLC		12,258		386,824
Shell PLC		336,896		10,420,130
Smith & Nephew PLC		43,040		567,816
Smiths Group PLC		19,424		395,461
Spirax-Sarco Engineering PLC		3,570		465,793
SSE PLC		56,473		1,160,655
St. James’s Place PLC		26,430		168,289
Standard Chartered PLC		116,057		981,258
Taylor Wimpey PLC		192,979		336,313
Tesco PLC		384,070		1,354,627
Unilever PLC		128,230		6,262,015
United Utilities Group PLC		33,362		431,833
Vodafone Group PLC		1,157,173		1,016,470
Whitbread PLC		9,892		413,189
Wise PLC, Class A^(a)		31,003		360,171
WPP PLC		48,721		435,883


				116,493,455

United States — 70.6%
3M Co.		27,885		2,568,766
A O Smith Corp.		6,844		567,368
Abbott Laboratories		88,742		10,528,351
AbbVie Inc.		90,209		15,881,294
Accenture PLC, Class A		32,113		12,035,310
Adobe Inc.^(a)		23,259		13,031,553
Advanced Micro Devices Inc.^(a)		82,862		15,953,421
AECOM		6,602		586,456
AES Corp. (The)		33,384		507,438
Aflac Inc.		29,714		2,399,108
Agilent Technologies Inc.		14,946		2,052,983
Air Products and Chemicals Inc.		11,247		2,632,248
Airbnb Inc.^(a)		22,352		3,519,769
Akamai Technologies Inc.^(a)		8,250		915,090
Albemarle Corp.		5,863		808,215
Albertsons Companies Inc., Class A		19,055		386,435
Alexandria Real Estate Equities Inc.		8,727		1,088,519
Align Technology Inc.^(a)		3,694		1,117,139
Allegion PLC		4,469		571,451
Alliant Energy Corp.		12,954		618,554


Security	Shares		Value


United States (continued)
Allstate Corp. (The)		13,418	$	2,140,439
Ally Financial Inc.		12,935		478,466
Alnylam Pharmaceuticals Inc.^(a)		6,401		967,127
Alphabet Inc., Class A^(a)		303,127		41,970,964
Alphabet Inc., Class C, NVS^(a)		263,891		36,886,684
Altria Group Inc.		91,231		3,732,260
Amazon.com Inc.^(a)		476,342		84,198,212
Amcor PLC		77,721		704,152
Ameren Corp.		12,832		913,510
American Electric Power Co. Inc.		27,013		2,301,237
American Express Co.		29,859		6,551,662
American Financial Group Inc./OH		3,277		418,375
American Homes 4 Rent, Class A		16,183		598,933
American International Group Inc.		37,606		2,741,101
American Tower Corp.		23,760		4,724,914
American Water Works Co. Inc.		9,707		1,150,668
Ameriprise Financial Inc.		5,257		2,141,492
AmerisourceBergen Corp.		8,673		2,043,359
AMETEK Inc.		12,065		2,173,872
Amgen Inc.		27,459		7,519,098
Amphenol Corp., Class A		30,603		3,343,072
Analog Devices Inc.		25,645		4,919,224
Annaly Capital Management Inc.		22,881		436,798
Ansys Inc.^(a)		4,291		1,433,923
Aon PLC, Class A		10,242		3,236,370
APA Corp.		16,711		497,821
Apollo Global Management Inc.		19,942		2,229,516
Apple Inc.		752,303		135,978,767
Applied Materials Inc.		42,448		8,558,366
AppLovin Corp., Class A^(a)		8,134		485,762
Aptiv PLC^(a)		14,396		1,144,338
Arch Capital Group Ltd.^(a)		18,842		1,650,371
Archer-Daniels-Midland Co.		27,909		1,482,247
Ares Management Corp., Class A		8,501		1,127,488
Arista Networks Inc.^(a)		13,473		3,739,296
Arthur J Gallagher & Co.		11,126		2,713,965
Aspen Technology Inc.^(a)		1,447		280,559
Assurant Inc.		2,651		481,024
AT&T Inc.		364,075		6,163,793
Atlassian Corp., NVS^(a)		8,037		1,667,035
Atmos Energy Corp.		7,537		851,003
Autodesk Inc.^(a)		10,911		2,816,893
Automatic Data Processing Inc.		20,742		5,208,938
AutoZone Inc.^(a)		909		2,732,472
AvalonBay Communities Inc.		7,456		1,319,936
Avantor Inc.^(a)		35,847		883,270
Avery Dennison Corp.		4,119		891,887
Axon Enterprise Inc.^(a)		3,751		1,152,945
Baker Hughes Co., Class A		51,594		1,526,666
Ball Corp.		16,474		1,054,665
Bank of America Corp.		363,850		12,560,102
Bank of New York Mellon Corp. (The)		40,277		2,259,137
Bath & Body Works Inc.		10,604		484,603
Baxter International Inc.		24,826		1,015,880
Becton Dickinson and Co.		14,936		3,518,175
Bentley Systems Inc., Class B		11,244		577,604
Berkshire Hathaway Inc., Class B^(a)		67,135		27,485,069
Best Buy Co. Inc.		10,523		851,100
Bill.com Holdings Inc.^(a)		4,818		305,124
Biogen Inc.^(a)		7,287		1,581,206
BioMarin Pharmaceutical Inc.^(a)		9,432		813,793
Bio-Rad Laboratories Inc., Class A^(a)		1,130		368,244


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Bio-Techne Corp.		7,698	$	566,342
BlackRock Inc.^(d)		7,596		6,162,939
Blackstone Inc., NVS		36,060		4,609,189
Block Inc.^(a)(b)		28,088		2,232,153
Boeing Co. (The)^(a)		29,143		5,937,012
Booking Holdings Inc.^(a)		1,811		6,282,051
Booz Allen Hamilton Holding Corp., Class A		7,161		1,057,751
BorgWarner Inc.		12,321		383,553
Boston Properties Inc.		7,442		481,646
Boston Scientific Corp.^(a)		74,483		4,931,519
Bristol-Myers Squibb Co.		107,031		5,431,823
Broadcom Inc.		22,778		29,622,561
Broadridge Financial Solutions Inc.		5,864		1,193,793
Brown & Brown Inc.		12,030		1,013,046
Brown-Forman Corp., Class B		15,446		930,313
Builders FirstSource Inc.^(a)		6,969		1,360,209
Burlington Stores Inc.^(a)		3,362		689,546
Cadence Design Systems Inc.^(a)		13,959		4,248,840
Caesars Entertainment Inc.^(a)		10,821		470,389
Camden Property Trust		4,948		467,487
Campbell Soup Co.		10,426		444,565
Capital One Financial Corp.		19,360		2,664,130
Cardinal Health Inc.		12,958		1,451,037
Carlisle Companies Inc.		2,367		828,450
Carlyle Group Inc. (The)		12,027		551,438
CarMax Inc.^(a)(b)		8,145		643,455
Carnival Corp.^(a)		53,370		846,448
Carrier Global Corp.		42,846		2,381,381
Catalent Inc.^(a)		8,447		484,351
Caterpillar Inc.		26,211		8,753,426
Cboe Global Markets Inc.		5,581		1,071,552
CBRE Group Inc., Class A^(a)		15,279		1,403,987
CDW Corp./DE		6,810		1,676,690
Celanese Corp., Class A		5,535		841,154
Celsius Holdings Inc.^(a)(b)		7,615		621,536
Centene Corp.^(a)		27,429		2,151,256
CenterPoint Energy Inc.		33,475		920,563
CF Industries Holdings Inc.		9,459		763,530
CH Robinson Worldwide Inc.		5,555		411,514
Charles River Laboratories International Inc.^(a)		2,445		621,495
Charles Schwab Corp. (The)		77,358		5,165,967
Charter Communications Inc., Class A^(a)(b)		4,960		1,457,893
Cheniere Energy Inc.		12,286		1,906,787
Chesapeake Energy Corp.		6,147		508,849
Chevron Corp.		92,507		14,061,989
Chipotle Mexican Grill Inc., Class A^(a)(b)		1,415		3,804,610
Chubb Ltd.		21,255		5,349,246
Church & Dwight Co. Inc.		12,223		1,223,767
Cigna Group (The)		15,134		5,087,143
Cincinnati Financial Corp.		7,784		887,376
Cintas Corp.		4,705		2,957,610
Cisco Systems Inc.		206,711		9,998,611
Citigroup Inc.		97,865		5,430,529
Citizens Financial Group Inc.		24,909		781,894
Cleveland-Cliffs Inc.^(a)(b)		25,368		527,654
Clorox Co. (The)		6,121		938,411
Cloudflare Inc., Class A^(a)		15,168		1,494,655
CME Group Inc.		18,312		4,035,049
CMS Energy Corp.		14,722		844,601
Coca-Cola Co. (The)		210,357		12,625,627
Cognizant Technology Solutions Corp., Class A		26,003		2,054,757
Coinbase Global Inc., Class A^(a)		8,885		1,808,631


Security	Shares		Value


United States (continued)
Colgate-Palmolive Co.		39,445	$	3,412,781
Comcast Corp., Class A		205,665		8,812,745
Conagra Brands Inc.		24,699		693,548
Confluent Inc.^(a)		8,341		282,510
ConocoPhillips		61,138		6,880,471
Consolidated Edison Inc.		17,502		1,526,349
Constellation Brands Inc., Class A		8,294		2,061,225
Constellation Energy Corp.		16,381		2,759,379
Cooper Companies Inc. (The)		9,844		921,398
Copart Inc.^(a)		44,321		2,355,661
Corning Inc.		40,189		1,295,693
Corteva Inc.		36,264		1,940,849
CoStar Group Inc.^(a)		21,122		1,838,248
Costco Wholesale Corp.		22,726		16,905,644
Coterra Energy Inc.		37,558		968,245
Crowdstrike Holdings Inc., Class A^(a)		11,567		3,749,443
Crown Castle Inc.		22,454		2,468,593
Crown Holdings Inc.		6,611		506,535
CSX Corp.		105,201		3,991,326
Cummins Inc.		7,059		1,896,118
CVS Health Corp.		65,652		4,882,539
Danaher Corp.		36,083		9,134,051
Darden Restaurants Inc.		5,844		997,629
Darling Ingredients Inc.^(a)		7,605		321,768
Datadog Inc., Class A^(a)		14,045		1,846,356
DaVita Inc.^(a)		2,575		326,948
Dayforce Inc.^(a)(b)		7,088		494,459
Deckers Outdoor Corp.^(a)		1,332		1,192,926
Deere & Co.		13,623		4,973,076
Dell Technologies Inc., Class C		14,054		1,330,352
Delta Air Lines Inc.		8,409		355,448
Devon Energy Corp.		31,850		1,403,311
Dexcom Inc.^(a)		19,334		2,224,763
Diamondback Energy Inc.		8,535		1,557,808
Dick’s Sporting Goods Inc.		3,137		558,041
Digital Realty Trust Inc.		15,104		2,217,418
Discover Financial Services		13,542		1,634,519
DocuSign Inc., Class A^(a)		9,755		519,649
Dollar General Corp.		10,836		1,574,579
Dollar Tree Inc.^(a)		11,120		1,631,082
Dominion Energy Inc.		43,562		2,083,570
Domino’s Pizza Inc.		1,804		808,823
DoorDash Inc., Class A^(a)		13,156		1,638,843
Dover Corp.		7,270		1,202,313
Dow Inc.		35,429		1,979,773
DR Horton Inc.		15,597		2,330,816
DraftKings Inc., Class A ^(a)		20,972		908,507
Dropbox Inc., Class A^(a)		11,910		285,245
DTE Energy Co.		10,497		1,137,350
Duke Energy Corp.		39,045		3,585,502
DuPont de Nemours Inc.		23,181		1,603,893
Dynatrace Inc.^(a)		14,182		702,718
Eastman Chemical Co.		5,863		514,420
Eaton Corp. PLC		20,534		5,934,326
eBay Inc.		26,316		1,244,220
Ecolab Inc.		13,227		2,973,959
Edison International		19,167		1,303,739
Edwards Lifesciences Corp.^(a)		30,693		2,604,915
Electronic Arts Inc.		14,050		1,959,694
Elevance Health Inc.		12,083		6,056,604
Eli Lilly & Co.		41,327		31,147,333
Emerson Electric Co.		29,247		3,125,042


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Enphase Energy Inc.^(a)		6,772	$	860,112
Entegris Inc.		7,331		984,993
Entergy Corp.		11,102		1,127,630
EOG Resources Inc.		29,655		3,394,311
EPAM Systems Inc.^(a)		2,755		838,622
EQT Corp.		19,334		718,258
Equifax Inc.^(b)		6,434		1,760,278
Equinix Inc.		4,815		4,279,668
Equitable Holdings Inc.		18,626		637,754
Equity LifeStyle Properties Inc.		8,983		604,736
Equity Residential		17,849		1,074,688
Erie Indemnity Co., Class A, NVS		1,320		537,082
Essential Utilities Inc.		11,881		413,221
Essex Property Trust Inc.		3,190		738,166
Estee Lauder Companies Inc. (The), Class A		12,175		1,808,962
Etsy Inc.^(a)		6,336		454,228
Everest Group Ltd.		2,155		794,936
Evergy Inc.		11,756		582,392
Eversource Energy		17,240		1,011,988
Exact Sciences Corp.^(a)		8,870		510,291
Exelon Corp.		51,369		1,841,065
Expedia Group Inc.^(a)		7,246		991,398
Expeditors International of Washington Inc.		7,545		902,382
Extra Space Storage Inc.		10,587		1,492,449
Exxon Mobil Corp.		203,885		21,310,060
F5 Inc.^(a)		3,029		567,089
FactSet Research Systems Inc.		1,844		852,998
Fair Isaac Corp.^(a)		1,228		1,559,449
Fastenal Co.		28,496		2,080,493
FedEx Corp.		12,009		2,989,881
Ferguson PLC		10,477		2,215,362
Fidelity National Financial Inc.		12,821		648,486
Fidelity National Information Services Inc.		30,446		2,106,559
Fifth Third Bancorp.		34,273		1,176,935
First Citizens BancShares Inc./NC, Class A		527		829,398
First Solar Inc.^(a)(b)		5,432		835,930
FirstEnergy Corp.		27,608		1,010,729
Fiserv Inc.^(a)		31,524		4,705,587
FleetCor Technologies Inc.^(a)		3,453		964,319
FMC Corp.		6,659		375,501
Ford Motor Co.		203,460		2,531,042
Fortinet Inc.^(a)		34,744		2,401,158
Fortive Corp.		18,406		1,566,903
Fortune Brands Innovations Inc., NVS		7,010		570,193
Fox Corp., Class A, NVS		15,449		460,226
Fox Corp., Class B		8,043		220,217
Franklin Resources Inc.		15,599		428,193
Freeport-McMoRan Inc.		72,927		2,757,370
Gaming and Leisure Properties Inc.		14,147		643,406
Garmin Ltd.		8,430		1,157,861
Gartner Inc.^(a)		4,124		1,919,969
GE HealthCare Technologies Inc., NVS^(a)		20,492		1,870,510
Gen Digital Inc.		30,028		645,302
General Dynamics Corp.		11,669		3,188,554
General Electric Co.		55,721		8,742,068
General Mills Inc.		29,917		1,920,073
General Motors Co.		71,351		2,923,964
Genuine Parts Co.		7,126		1,063,627
Gilead Sciences Inc.		64,030		4,616,563
Global Payments Inc.		12,749		1,653,545
Globe Life Inc.		4,909		623,099
GoDaddy Inc., Class A^(a)		7,112		811,835


Security	Shares		Value


United States (continued)
Goldman Sachs Group Inc. (The)		16,684	$	6,490,910
Graco Inc.		8,440		770,234
Halliburton Co.		46,713		1,638,225
Hartford Financial Services Group Inc. (The)		15,094		1,446,609
Hasbro Inc.		6,662		335,032
HCA Healthcare Inc.		10,240		3,191,808
Healthpeak Properties Inc.		35,508		594,759
HEICO Corp.^(b)		2,217		428,768
HEICO Corp., Class A		3,717		578,328
Henry Schein Inc.^(a)		7,055		539,496
Hershey Co. (The)		7,590		1,426,313
Hess Corp.		13,772		2,007,269
Hewlett Packard Enterprise Co.		65,263		993,955
HF Sinclair Corp.		7,658		425,019
Hilton Worldwide Holdings Inc.		13,729		2,805,109
Hologic Inc.^(a)		12,666		934,751
Home Depot Inc. (The)		50,901		19,373,430
Honeywell International Inc.		33,849		6,726,812
Hormel Foods Corp.		15,042		531,283
Host Hotels & Resorts Inc.		36,835		763,958
Howmet Aerospace Inc.		19,256		1,281,487
HP Inc.		48,230		1,366,356
Hubbell Inc., Class B		2,893		1,101,278
HubSpot Inc.^(a)		2,422		1,498,758
Humana Inc.		6,316		2,212,621
Huntington Bancshares Inc./OH		73,754		961,752
Huntington Ingalls Industries Inc.		2,022		589,656
Hyatt Hotels Corp., Class A^(b)		2,404		369,230
IDEX Corp.		3,834		904,441
IDEXX Laboratories Inc.^(a)		4,317		2,483,268
Illinois Tool Works Inc.		15,465		4,054,150
Illumina Inc.^(a)		7,809		1,091,932
Incyte Corp.^(a)		9,647		562,999
Ingersoll Rand Inc.		20,238		1,848,337
Insulet Corp.^(a)		3,414		559,896
Intel Corp.		216,570		9,323,338
Intercontinental Exchange Inc.		28,784		3,984,281
International Business Machines Corp.		46,448		8,594,273
International Flavors & Fragrances Inc.		12,391		935,521
International Paper Co.		18,707		661,480
Interpublic Group of Companies Inc. (The)		19,910		625,174
Intuit Inc.		14,321		9,493,248
Intuitive Surgical Inc.^(a)		17,965		6,927,304
Invitation Homes Inc.		32,055		1,092,114
IQVIA Holdings Inc.^(a)		9,523		2,353,705
Iron Mountain Inc.		14,542		1,143,583
Jabil Inc.		6,591		949,697
Jack Henry & Associates Inc.		3,824		664,496
Jacobs Solutions Inc., NVS		6,582		965,250
Jazz Pharmaceuticals PLC^(a)		2,995		356,106
JB Hunt Transport Services Inc.		4,184		863,201
JM Smucker Co. (The)		5,374		645,794
Johnson & Johnson		123,291		19,896,702
Johnson Controls International PLC		34,676		2,055,247
JPMorgan Chase & Co.		147,875		27,513,622
Juniper Networks Inc.		16,573		613,698
Kellanova		14,657		808,334
Kenvue Inc.		87,449		1,661,531
Keurig Dr Pepper Inc.		53,177		1,590,524
KeyCorp.		47,943		684,147
Keysight Technologies Inc.^(a)		9,082		1,401,353
Kimberly-Clark Corp.		17,324		2,099,149


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Kimco Realty Corp.		35,554	$	702,547
Kinder Morgan Inc.		101,003		1,756,442
KKR & Co. Inc.		30,187		2,966,175
KLA Corp.		7,022		4,791,111
Knight-Swift Transportation Holdings Inc.		8,117		457,312
Kraft Heinz Co. (The)		43,226		1,525,013
Kroger Co. (The)		35,123		1,742,452
L3Harris Technologies Inc.		9,822		2,078,925
Laboratory Corp. of America Holdings		4,252		917,709
Lam Research Corp.		6,739		6,322,867
Lamb Weston Holdings Inc.		7,846		801,940
Las Vegas Sands Corp.		19,888		1,084,294
Lattice Semiconductor Corp.^(a)		6,971		534,048
Lear Corp.		3,033		416,583
Leidos Holdings Inc.		6,902		882,490
Lennar Corp., Class A		13,169		2,087,418
Lennox International Inc.		1,642		773,727
Liberty Broadband Corp., Class C ^(a)		6,282		378,051
Liberty Media Corp.-Liberty Formula One, NVS^(a)		9,616		699,660
Liberty Media Corp.-Liberty SiriusXM, NVS^(a)(b)		8,750		253,575
Linde PLC		24,785		11,124,004
Live Nation Entertainment Inc.^(a)		8,238		798,921
LKQ Corp.		14,074		735,929
Lockheed Martin Corp.		11,494		4,922,191
Loews Corp.		9,204		691,497
Lowe’s Companies Inc.		29,811		7,174,613
LPL Financial Holdings Inc.		3,842		1,029,233
Lululemon Athletica Inc.^(a)		5,826		2,721,266
LyondellBasell Industries NV, Class A		13,073		1,310,960
M&T Bank Corp.		8,871		1,239,634
Manhattan Associates Inc.^(a)		3,122		790,896
Marathon Oil Corp.		29,574		717,170
Marathon Petroleum Corp.		20,283		3,432,492
Markel Group Inc.^(a)		676		1,008,916
MarketAxess Holdings Inc.		1,971		420,631
Marriott International Inc./MD, Class A		13,027		3,255,056
Marsh & McLennan Companies Inc.		25,402		5,138,063
Martin Marietta Materials Inc.		3,102		1,792,056
Marvell Technology Inc.		44,359		3,178,766
Masco Corp.		12,473		957,427
Mastercard Inc., Class A		42,807		20,323,051
Match Group Inc.^(a)		13,128		473,133
McCormick & Co. Inc./MD, NVS		12,383		852,693
McDonald’s Corp.		37,202		10,873,401
McKesson Corp.		6,905		3,600,336
Medtronic PLC		68,453		5,706,242
MercadoLibre Inc.^(a)		2,306		3,678,762
Merck & Co. Inc.		129,634		16,482,963
Meta Platforms Inc, Class A		113,680		55,717,978
MetLife Inc.		32,707		2,280,986
Mettler-Toledo International Inc.^(a)		1,130		1,409,359
MGM Resorts International^(a)		14,713		636,779
Microchip Technology Inc.		28,323		2,383,097
Micron Technology Inc.		56,765		5,143,477
Microsoft Corp.		361,619		149,580,083
Mid-America Apartment Communities Inc.		5,797		728,567
Moderna Inc.^(a)(b)		16,090		1,484,142
Molina Healthcare Inc.^(a)		2,897		1,141,157
Molson Coors Beverage Co., Class B		9,725		607,035
Mondelez International Inc., Class A		68,999		5,041,757
MongoDB Inc., Class A^(a)		3,689		1,651,123
Monolithic Power Systems Inc.		2,454		1,766,978


Security	Shares		Value


United States (continued)
Monster Beverage Corp.^(a)		39,215	$	2,317,606
Moody’s Corp.		8,324		3,158,292
Morgan Stanley		63,720		5,482,469
Mosaic Co. (The)		18,550		578,018
Motorola Solutions Inc.		8,329		2,751,818
MSCI Inc., Class A		4,057		2,275,855
Nasdaq Inc.		17,449		980,634
NetApp Inc.		11,387		1,014,809
Netflix Inc.^(a)		22,492		13,560,877
Neurocrine Biosciences Inc.^(a)		4,914		640,786
Newmont Corp.		57,998		1,812,437
News Corp., Class A, NVS		20,249		544,293
NextEra Energy Inc.		104,049		5,742,464
Nike Inc., Class B		62,263		6,470,994
NiSource Inc.		23,824		620,853
Nordson Corp.		2,909		772,776
Norfolk Southern Corp.		11,490		2,911,336
Northern Trust Corp.		9,895		812,676
Northrop Grumman Corp.		7,433		3,426,762
NRG Energy Inc.		12,488		690,836
Nucor Corp.		12,520		2,407,596
Nvidia Corp.		126,504		100,079,844
NVR Inc.^(a)		162		1,235,342
NXP Semiconductors NV		13,183		3,292,191
Occidental Petroleum Corp.		33,643		2,039,102
Okta Inc.^(a)		7,438		798,097
Old Dominion Freight Line Inc.		5,102		2,257,533
Omnicom Group Inc.		10,628		939,409
ON Semiconductor Corp.^(a)		21,409		1,689,598
ONEOK Inc.		29,320		2,202,518
Oracle Corp.		84,473		9,433,945
O’Reilly Automotive Inc.^(a)		3,076		3,344,904
Otis Worldwide Corp.		20,534		1,956,890
Ovintiv Inc.		13,794		681,562
Owens Corning		4,332		648,847
PACCAR Inc.		26,855		2,977,951
Packaging Corp. of America		4,226		765,709
Palantir Technologies Inc.^(a)		95,174		2,386,964
Palo Alto Networks Inc.^(a)		16,170		5,021,593
Paramount Global, Class B, NVS		23,869		263,514
Parker-Hannifin Corp.		6,608		3,538,254
Paychex Inc.		16,220		1,988,896
Paycom Software Inc.		2,570		468,742
Paylocity Holding Corp.^(a)		2,033		342,784
PayPal Holdings Inc.^(a)		53,161		3,207,735
Pentair PLC		8,202		638,034
PepsiCo Inc.		70,628		11,677,634
Pfizer Inc.		289,690		7,694,166
PG&E Corp.		102,826		1,716,166
Philip Morris International Inc.		78,893		7,097,214
Phillips 66		23,525		3,352,548
Pinterest Inc., Class A^(a)		30,816		1,130,947
Pioneer Natural Resources Co.		11,823		2,780,651
PNC Financial Services Group Inc. (The)		20,061		2,952,979
Pool Corp.		2,014		801,814
PPG Industries Inc.		11,851		1,678,102
PPL Corp.		38,831		1,023,973
Principal Financial Group Inc.		12,777		1,033,148
Procter & Gamble Co. (The)		120,711		19,185,806
Progressive Corp. (The)		29,566		5,604,531
Prologis Inc.		47,194		6,289,544
Prudential Financial Inc.		18,593		2,026,451


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
PTC Inc.^(a)		6,256	$	1,144,911
Public Service Enterprise Group Inc.		25,017		1,561,061
Public Storage		8,211		2,330,857
PulteGroup Inc.		11,546		1,251,355
Qorvo Inc.^(a)		5,594		640,793
Qualcomm Inc.		57,076		9,006,022
Quanta Services Inc.		7,431		1,794,661
Quest Diagnostics Inc.		6,085		759,956
Raymond James Financial Inc.		10,489		1,262,036
Raytheon Technologies Corp.		74,351		6,667,054
Realty Income Corp.		42,379		2,208,370
Regency Centers Corp.		9,420		583,569
Regeneron Pharmaceuticals Inc.^(a)		5,447		5,262,292
Regions Financial Corp.		47,755		889,676
Reliance Inc.		2,943		945,350
Repligen Corp.^(a)(b)		2,555		495,644
Republic Services Inc., Class A		11,026		2,024,374
ResMed Inc.		7,242		1,258,080
Revvity Inc.		6,317		692,280
Rivian Automotive Inc., Class A^(a)(b)		32,589		368,907
Robert Half Inc.		5,663		455,305
Robinhood Markets Inc.^(a)		21,715		354,172
ROBLOX Corp., Class A^(a)(b)		21,076		840,932
Rockwell Automation Inc.		5,688		1,621,535
Roku Inc.^(a)(b)		5,853		369,793
Rollins Inc.		14,672		646,595
Roper Technologies Inc.		5,423		2,954,071
Ross Stores Inc.		17,652		2,629,442
Royal Caribbean Cruises Ltd.^(a)		12,531		1,545,699
Royalty Pharma PLC, Class A		20,930		635,016
RPM International Inc.		6,478		747,237
S&P Global Inc.		16,683		7,146,664
Salesforce Inc.^(a)		49,399		15,255,399
Samsara Inc.^(a)		8,813		304,489
SBA Communications Corp., Class A		5,399		1,129,633
Schlumberger NV		71,688		3,464,681
Seagate Technology Holdings PLC		10,150		944,458
SEI Investments Co.		6,217		418,093
Sempra Energy		31,573		2,229,054
ServiceNow Inc.^(a)		10,503		8,101,384
Sherwin-Williams Co. (The)		12,294		4,081,977
Simon Property Group Inc.		16,392		2,428,311
Sirius XM Holdings Inc.^(b)		34,079		150,629
Skyworks Solutions Inc.		8,241		864,646
Snap Inc., Class A, NVS^(a)		53,000		584,060
Snap-on Inc.		2,753		758,892
Snowflake Inc., Class A^(a)		14,217		2,676,777
Southern Co. (The)		55,101		3,705,542
Southwest Airlines Co.		7,755		265,764
Splunk Inc.^(a)		8,176		1,277,255
SS&C Technologies Holdings Inc.		11,905		759,063
Stanley Black & Decker Inc.		8,122		725,213
Starbucks Corp.		57,761		5,481,519
State Street Corp.		16,506		1,216,987
Steel Dynamics Inc.		8,038		1,075,645
STERIS PLC		5,444		1,267,962
Stryker Corp.		17,456		6,093,366
Sun Communities Inc.		6,648		889,236
Super Micro Computer Inc.^(a)		2,575		2,230,259
Synchrony Financial		21,475		886,918
Synopsys Inc.^(a)		7,795		4,472,225
Sysco Corp.		25,538		2,067,812


Security	Shares		Value


United States (continued)
T Rowe Price Group Inc.		11,377	$	1,289,583
Take-Two Interactive Software Inc.^(a)(b)		8,753		1,286,078
Targa Resources Corp.		10,270		1,008,925
Target Corp.		23,662		3,618,393
TE Connectivity Ltd.		15,852		2,275,713
Teledyne Technologies Inc.^(a)		2,276		972,467
Teleflex Inc.		2,342		521,774
Teradyne Inc.		8,102		839,286
Tesla Inc.^(a)		146,531		29,581,678
Texas Instruments Inc.		46,659		7,807,450
Texas Pacific Land Corp.		301		474,201
Textron Inc.		11,156		993,665
Thermo Fisher Scientific Inc.		19,821		11,301,538
TJX Companies Inc. (The)		58,684		5,817,932
T-Mobile USA Inc.		27,140		4,431,962
Toast Inc.^(a)		18,530		426,190
Toro Co. (The)		5,216		481,489
Tractor Supply Co.		5,629		1,431,567
Trade Desk Inc. (The), Class A^(a)		22,699		1,939,176
Tradeweb Markets Inc., Class A		5,398		571,216
Trane Technologies PLC		11,638		3,281,567
TransDigm Group Inc.		2,785		3,280,006
TransUnion		9,610		746,024
Travelers Companies Inc. (The)		11,658		2,575,952
Trimble Inc.^(a)		12,614		771,851
Truist Financial Corp.		68,382		2,392,002
Twilio Inc., Class A^(a)		8,384		499,603
Tyler Technologies Inc.^(a)		2,242		980,068
Tyson Foods Inc., Class A		14,691		796,840
U.S. Bancorp.		79,795		3,348,198
Uber Technologies Inc.^(a)		94,856		7,541,052
UDR Inc.		15,287		542,689
U-Haul Holding Co.^(b)		4,303		273,542
UiPath Inc.^(a)		18,076		429,305
Ulta Beauty Inc.^(a)		2,520		1,382,371
Union Pacific Corp.		31,221		7,920,455
United Parcel Service Inc., Class B		37,082		5,497,777
United Rentals Inc.		3,578		2,480,520
United Therapeutics Corp.^(a)		2,277		513,782
UnitedHealth Group Inc.		47,231		23,313,222
Unity Software Inc.^(a)(b)		13,294		389,780
Universal Health Services Inc., Class B		3,037		507,361
Vail Resorts Inc.		2,004		461,541
Valero Energy Corp.		18,563		2,625,922
Veeva Systems Inc., Class A^(a)(b)		7,910		1,783,784
Ventas Inc.		19,654		831,168
Veralto Corp.		11,770		1,017,163
VeriSign Inc.^(a)		4,998		976,059
Verisk Analytics Inc., Class A		7,289		1,763,209
Verizon Communications Inc.		215,318		8,617,026
Vertex Pharmaceuticals Inc.^(a)		13,271		5,583,641
Vertiv Holdings Co., Class A		18,971		1,282,819
Viatris Inc.		61,227		757,378
VICI Properties Inc., Class A		51,133		1,530,411
Visa Inc., Class A^(b)		81,065		22,912,212
Vistra Corp.		16,793		915,890
Vulcan Materials Co.		6,578		1,748,761
W R Berkley Corp.		10,724		896,526
Walgreens Boots Alliance Inc.		36,881		784,090
Walmart Inc.		226,155		13,254,945
Walt Disney Co. (The)		93,642		10,448,574
Warner Bros. Discovery Inc.^(a)(b)		119,039		1,046,353


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Waste Management Inc.		20,717	$	4,260,451
Waters Corp.^(a)		3,030		1,022,383
Watsco Inc.		1,675		660,151
WEC Energy Group Inc.		15,579		1,222,796
Wells Fargo & Co.		186,360		10,359,752
Welltower Inc.		28,347		2,612,460
West Pharmaceutical Services Inc.		3,910		1,401,188
Western Digital Corp.^(a)		15,321		911,140
Westinghouse Air Brake Technologies Corp.		8,964		1,266,524
Westlake Corp.		2,455		340,533
Westrock Co.		13,689		619,975
Weyerhaeuser Co.		37,210		1,279,280
Williams Companies Inc. (The)		63,105		2,267,994
Williams-Sonoma Inc.		3,121		735,089
Willis Towers Watson PLC		5,288		1,441,562
Workday Inc., Class A^(a)		10,635		3,133,709
WP Carey Inc.		10,782		607,350
WW Grainger Inc.		2,234		2,174,710
Wynn Resorts Ltd.		5,492		577,758
Xcel Energy Inc.		28,677		1,510,991
Xylem Inc./NY		12,083		1,535,145
Yum! Brands Inc.		13,812		1,911,857
Zebra Technologies Corp., Class A^(a)		2,681		749,286
Zillow Group Inc., Class C ^(a)		8,653		485,866
Zimmer Biomet Holdings Inc.		10,953		1,362,115
Zoetis Inc.		23,259		4,612,957
Zoom Video Communications Inc., Class A^(a)		12,254		866,725
Zscaler Inc.^(a)		4,738		1,146,454


				2,286,324,328


Total Common Stocks — 99.6% (Cost: $2,647,401,705)				3,226,699,435


Preferred Stocks

Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,868		314,429
Dr Ing hc F Porsche AG, Preference Shares, NVS^(b)		5,663		529,498
Henkel AG & Co. KGaA, Preference Shares, NVS		8,769		659,725
Porsche Automobil Holding SE, Preference Shares, NVS		7,517		401,856
Sartorius AG, Preference Shares, NVS^(b)		1,316		498,408
Volkswagen AG, Preference Shares, NVS		10,401		1,412,463


				3,816,379


Total Preferred Stocks — 0.1% (Cost: $4,352,575)				3,816,379


Security	Shares		Value


Warrants

Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 11.50 )^(a)(e)		989	$	—


Total Warrants — 0.0% (Cost: $—)				—


Total Long-Term Investments — 99.7% (Cost: $2,651,754,280)				3,230,515,814


Short-Term Securities

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(f)(g)		38,988,875		39,008,369
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(f)		3,380,000		3,380,000


Total Short-Term Securities — 1.3% (Cost: $42,373,586)				42,388,369


Total Investments — 101.0% (Cost: $2,694,127,866)				3,272,904,183

Liabilities in Excess of Other Assets — (1.0)%				(33,287,286	)


Net Assets — 100.0%			$	3,239,616,897

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

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

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

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


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlyring Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,463,227	$	15,538,842	^(a)	$	—	$	1,697	$	4,603	$	39,008,369		38,988,875	$	70,962	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,120,000		260,000	^(a)		—		—		—		3,380,000		3,380,000		120,852			—
BlackRock Inc.		4,932,502		404,774			—		—		825,663		6,162,939		7,596		72,060			—

								$	1,697	$	830,266	$	48,551,308			$	263,874		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
TOPIX Index		3		03/07/24	$	537	$	55,198
Euro STOXX 50 Index		17		03/15/24		901		47,523
FTSE 100 Index		8		03/15/24		771		154
S&P 500 E-Mini Index		25		03/15/24		6,380		270,328

							$	373,203

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	373,203	$	—	$	—	$	—	$	373,203

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	586,920	$	—	$	—	$	—	$	586,920

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	229,484	$	—	$	—	$	—	$	229,484


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI World ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	8,525,283

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	2,395,856,775	$	830,842,660	$	—	$	3,226,699,435
Preferred Stocks		—		3,816,379		—		3,816,379
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		42,388,369		—		—		42,388,369

	$	2,438,245,144	$	834,659,039	$	—	$	3,272,904,183


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	270,328	$	102,875	$	—	$	373,203

^(a)

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

See notes to financial statements.


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares Frontier and Select EM ETF			iShares MSCI World ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	415,113,266		$	3,224,352,875
Investments, at value — affiliated^(c)		4,367,373			48,551,308
Cash		—			4,305
Cash pledged:
Collateral — OTC derivatives		510,000			—
Futures contracts		444,000			328,000
Foreign currency collateral pledged for futures contracts^(d)		—			128,904
Foreign currency, at value^(e)		11,885,308			1,919,628
Receivables:
Investments sold		108,675			12,844,987
Securities lending income — affiliated		90			12,347
Capital shares sold		—			12,275
Dividends — unaffiliated		132,285			4,453,217
Dividends — affiliated		11,463			19,660
Tax reclaims		—			616,410
Variation margin on futures contracts		4,752			34,405

Total assets		432,577,212			3,293,278,321


LIABILITIES
Bank overdraft		339,209			—
Collateral on securities loaned, at value		637,413			39,015,322
Payables:
Investments purchased		2,728,710			14,046,359
Deferred foreign capital gain tax		277,077			—
Foreign taxes		33,762			—
Investment advisory fees		268,893			599,743
Unrealized depreciation on forward foreign currency exchange contracts		701,364			—

Total liabilities		4,986,428			53,661,424

Commitments and contingent liabilities

NET ASSETS	$	427,590,784		$	3,239,616,897


NET ASSETS CONSIST OF
Paid-in capital	$	566,671,075		$	2,741,264,821
Accumulated earnings (loss)		(139,080,291	)		498,352,076

NET ASSETS	$	427,590,784		$	3,239,616,897


NET ASSET VALUE
Shares outstanding		15,750,000			23,100,000

Net asset value	$	27.15		$	140.24

Shares authorized		500 million			500 million

Par value	$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	363,282,600		$	2,646,485,315
^(b)Securities loaned, at value	$	565,517		$	38,073,858
^(c)Investments, at cost — affiliated	$	4,367,413		$	47,642,551
^(d)Foreign currency collateral pledged, at cost	$	—		$	133,841
^(e)Foreign currency, at cost	$	13,781,039		$	1,921,661

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		27

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares Frontier and Select EM ETF			iShares MSCI World ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	8,041,000		$	23,700,229
Dividends — affiliated		82,935			192,912
Interest — unaffiliated		—			15,719
Securities lending income — affiliated — net		94			70,962
Foreign taxes withheld		(705,973	)		(698,253	)

Total investment income		7,418,056			23,281,569


EXPENSES
Investment advisory		2,132,192			3,404,586
Interest expense		36,262			—
Commitment costs		2,671			—
Professional		—			3,782

Total expenses		2,171,125			3,408,368

Net investment income		5,246,931			19,873,201


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		(9,254,777	)		(7,503,043	)
Investments — affiliated		(1	)		1,697
Forward foreign currency exchange contracts		1,996,059			—
Foreign currency transactions		(4,447,231	)		(66,193	)
Futures contracts		(623,104	)		586,920
In-kind redemptions — unaffiliated^(b)		9,195,333			—

		(3,133,721	)		(6,980,619	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		1,646,587			346,117,283
Investments — affiliated		(40	)		830,266
Forward foreign currency exchange contracts		(3,900,110	)		—
Foreign currency translations		2,325,684			35,713
Futures contracts		942,579			229,484

		1,014,700			347,212,746

Net realized and unrealized gain (loss)		(2,119,021	)		340,232,127

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,127,910		$	360,105,328


^(a)Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(714,680	)	$	—
^(b)See Note 2 of the Notes to Financial Statements.
^(c)Net of increase in deferred foreign capital gain tax of	$	(267,645	)	$	—

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Frontier and Select EM ETF						iShares MSCI World ETF
	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	5,246,931		$	19,279,570		$	19,873,201		$	46,248,103
Net realized gain (loss)		(3,133,721	)		(32,192,171	)		(6,980,619	)		91,655,742
Net change in unrealized appreciation (depreciation)		1,014,700			38,254,043			347,212,746			255,310,596

Net increase in net assets resulting from operations		3,127,910			25,341,442			360,105,328			393,214,441


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,314,914	)		(12,604,554	)		(24,619,604	)^(b)		(43,129,363	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(206,656,524	)		278,055,792			191,825,090			235,520,737


NET ASSETS
Total increase (decrease) in net assets		(213,843,528	)		290,792,680			527,310,814			585,605,815
Beginning of period		641,434,312			350,641,632			2,712,306,083			2,126,700,268

End of period	$	427,590,784		$	641,434,312		$	3,239,616,897		$	2,712,306,083

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Frontier and Select EM ETF
	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19


Net asset value, beginning of period		$	27.18		$	27.29		$	33.86		$	25.69		$	28.97		$	28.29

Net investment income^(a)			0.25			0.86			0.88			0.65			0.87			1.03
Net realized and unrealized gain (loss)^(b)			0.24			(0.46	)		(6.63	)		8.20			(3.36	)		0.76

Net increase (decrease) from investment operations			0.49			0.40			(5.75	)		8.85			(2.49	)		1.79

Distributions from net investment income^(c)			(0.52	)		(0.51	)		(0.82	)		(0.68	)		(0.79	)		(1.11	)


Net asset value, end of period		$	27.15		$	27.18		$	27.29		$	33.86		$	25.69		$	28.97


Total Return^(d)
Based on net asset value			1.97	%^(e)		1.59	%		(17.26	)%		34.77	%		(8.44	)%		6.45	%


Ratios to Average Net Assets^(f)
Total expenses			0.80	%^(g)		0.80	%		0.80	%		0.79	%		0.79	%		0.79	%

Net investment income			1.94	%^(g)		3.34	%		2.73	%		2.17	%		3.27	%		3.63	%


Supplemental Data
Net assets, end of period (000)		$	427,591		$	641,434		$	350,642		$	496,099		$	373,769		$	496,868

Portfolio turnover rate^(h)			19	%		53	%		34	%		36	%		25	%		33	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


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


Net asset value, beginning of period		$	125.57		$	110.19		$	131.92		$	103.07		$	89.79		$	91.33

Net investment income^(a)			0.89			2.16			2.19			1.84			1.76			1.96
Net realized and unrealized gain (loss)^(b)			14.87			15.22			(21.88	)		28.80			13.35			(1.52	)

Net increase (decrease) from investment operations			15.76			17.38			(19.69	)		30.64			15.11			0.44

Distributions from net investment income^(c)			(1.09	)^(d)		(2.00	)		(2.04	)		(1.79	)		(1.83	)		(1.98	)


Net asset value, end of period		$	140.24		$	125.57		$	110.19		$	131.92		$	103.07		$	89.79


Total Return^(e)
Based on net asset value			12.62	%^(f)		15.90	%		(15.07	)%^(g)		29.94	%		17.04	%		0.61	%


Ratios to Average Net Assets^(h)
Total expenses			0.24	%⁽ⁱ⁾		0.24	%		0.24	%		0.24	%		0.24	%		0.24	%

Total expenses excluding professional fees for foreign withholding tax claims			0.24	%⁽ⁱ⁾		0.24	%		0.24	%		N/A			N/A			N/A

Net investment income			1.40	%⁽ⁱ⁾		1.87	%		1.78	%		1.58	%		1.90	%		2.24	%


Supplemental Data
Net assets, end of period (000)		$	3,239,617		$	2,712,306		$	2,126,700		$	1,569,839		$	948,247		$	646,459

Portfolio turnover rate^(j)			1	%		3	%		5	%		5	%		7	%		4	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

^(g)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2022:

•

Total return by 0.01%.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		31

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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



iShares ETF		Diversification Classification
Frontier and Select EM		Diversified
MSCI World		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of iShares Frontier and Select EM ETF local currency denominated assets and liabilities to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars will be determined by BlackRock Fund Advisors (“BFA”), iShares Frontier and Select EM ETF investment adviser, with assistance from other BlackRock pricing committees on a quarterly basis.

Monetary policies enacted by government agencies in Kenya, Nigeria and Egypt that limit their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impact iShares Frontier and Select EM ETF ability to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. As of February 29, 2024 iShares Frontier and Select EM ETF assets and liabilities denominated in Kenyan shillings use the 6-month non-deliverable forward rate, while the Egyptian pound and the Nigerian naira use the 12-month non-deliverable forward rate.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;


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

Notes to Financial Statements (unaudited) (continued)

•

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Frontier and Select EM
Goldman Sachs & Co. LLC	$	303,812	$	(303,812	)	$	—		$	—
J.P. Morgan Securities LLC		261,705		(261,705	)		—			—

	$	565,517	$	(565,517	)	$	—		$	—


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI World
Barclays Bank PLC	$	352,868	$	(352,868	)	$	—		$	—
Barclays Capital, Inc.		2,532,588		(2,532,588	)		—			—
BNP Paribas SA		380,368		(380,368	)		—			—
BofA Securities, Inc.		3,036,699		(3,036,699	)		—			—
Citadel Clearing LLC		1,793,776		(1,788,787	)		—			4,989	^(b)
Citigroup Global Markets, Inc.		491,292		(491,292	)		—			—
Goldman Sachs & Co. LLC		720,173		(720,173	)		—			—
J.P. Morgan Securities LLC		1,016,083		(1,016,083	)		—			—
Jefferies LLC		35,910		(35,910	)		—			—
Morgan Stanley		1,439,002		(1,439,002	)		—			—
Natixis SA		489,506		(489,506	)		—			—
Nomura Securities International, Inc.		22,551		(22,551	)		—			—
RBC Capital Markets LLC		1,042,125		(1,042,125	)		—			—
SG Americas Securities LLC		437,413		(437,413	)		—			—
State Street Bank & Trust Co.		1,021,708		(1,021,708	)		—			—
Toronto-Dominion Bank (The)		22,554,513		(22,554,513	)		—			—
Wells Fargo Bank N.A		707,283		(707,283	)		—			—

	$	38,073,858	$	(38,068,869	)	$	—		$	4,989

^(a)

^(b)

The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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


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

Notes to Financial Statements (unaudited) (continued)

currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fees
Frontier and Select EM		0.79	%
MSCI World		0.24

Pursuant to the current securities lending agreement, the iShares MSCI World ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Pursuant to the current securities lending agreement, the iShares Frontier and Select EM ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


iShares ETF	Amounts
Frontier and Select EM	$	32
MSCI World		20,829

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Frontier and Select EM	$	462,229	$	1,082,200	$	61,246
MSCI World		12,067,411		3,817,562		(2,474,012	)

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
Frontier and Select EM	$	99,133,253	$	271,773,613
MSCI World		56,239,369		32,061,778

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



iShares ETF	In-kind Purchases		In-kind Sales
Frontier and Select EM	$	5,171,098	$	47,795,382
MSCI World		164,507,387		—

8.	*INCOME TAX INFORMATION*


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

Notes to Financial Statements (unaudited) (continued)

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


iShares ETF	Non-Expiring Capital Loss Carryforwards
Frontier and Select EM	$	(163,769,597	)
MSCI World		(73,347,341	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Frontier and Select EM	$	388,139,918	$	83,984,993	$	(53,103,133	)	$	30,881,860
MSCI World		2,700,774,427		737,352,463		(164,849,504	)		572,502,959

9.	*LINE OF CREDIT*

The iShares Frontier and Select EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

Frontier and Select EM	$	17,000,000	$	961,538		6.44	%

10.

PRINCIPAL RISKS


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Illiquid Investments Risk: An illiquid investment is any investment that a fund expects cannot be sold or disposed of in seven calendar days or less without significantly changing the market value of the investment. Each Fund may not acquire any illiquid investment if, immediately after acquisition, each Fund would have invested more than 15% of their net assets in illiquid investments. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a market in securities or instruments, the lack of an active market for such securities or instruments, capital controls, delays or limits on repatriation of local currency, or insolvency of local governments. In particular, certain frontier markets in which each Fund invests are experiencing a shortage of U.S. dollar reserves (including Kenya, Nigeria, and Egypt) and have recently restricted or delayed repatriation of local currency, and these issues are likely to persist. Illiquid investments may reduce the returns of each Fund as each Fund may be unable to transact at advantageous times or prices. In addition, if each Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares, each Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger portion of each Fund’s holdings.

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries


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

Notes to Financial Statements (unaudited) (continued)

deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23


iShares ETF	Shares			Amount			Shares			Amount


Frontier and Select EM
Shares sold		1,050,000		$	28,550,729			16,650,000		$	430,165,788
Shares redeemed		(8,900,000	)		(235,207,253	)		(5,900,000	)		(152,109,996	)

		(7,850,000	)	$	(206,656,524	)		10,750,000		$	278,055,792


MSCI World
Shares sold		1,500,000		$	191,825,090			5,200,000		$	574,807,989
Shares redeemed		—			—			(2,900,000	)		(339,287,252	)

		1,500,000		$	191,825,090			2,300,000		$	235,520,737

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

12.

SUBSEQUENT EVENTS


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Frontier and Select EM ETF and iShares MSCI World ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		41

Supplemental Information (unaudited)

Section 19(a) Notices

February 29, 2024



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI World^(a)	$	1.077890	$	—	$	0.011473	$	1.089363		99	%		—	%		1	%		100	%

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		43

Glossary of Terms Used in this Report


Currency Abbreviation

EGP		Egyptian Pound

USD		United States Dollar

Portfolio Abbreviation

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-811-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Agriculture Producers ETF | VEGI | NYSE Arca

· iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

· iShares MSCI Global Gold Miners ETF | RING | NASDAQ

· iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

· iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.93%		30.45%

U.S. small cap equities (Russell 2000^® Index)		8.97		10.05

International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41

Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


		Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		42
Statement Regarding Liquidity Risk Management Program		51
Supplemental Information		52
General Information		53
Glossary of Terms Used in this Report		54


Fund Summary as of February 29, 2024		iShares^® MSCI Agriculture Producers ETF

Investment Objective

The iShares MSCI Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(8.02	)%		(13.86	)%		7.03	%		5.32	%		(13.86	)%		40.47	%		67.96	%
Fund Market		(8.24	)		(13.97	)		7.01			5.26			(13.97	)		40.34			66.97
Index		(7.97	)		(13.81	)		7.16			5.36			(13.81	)		41.33			68.49

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 919.80	$ 1.86			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information


INDUSTRY ALLOCATION


		Percent of
Industry		Total Investments^(a)


Agricultural & Farm Machinery		32.6%
Fertilizers & Agricultural Chemicals		31.6
Packaged Foods & Meats		18.0
Agricultural Products & Services		17.8


GEOGRAPHIC ALLOCATION


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


United States		55.6%
Canada		6.2
Norway		5.2
India		5.1
Japan		4.5
Netherlands		3.2
Switzerland		3.0
Saudi Arabia		2.9
China		2.2
Malaysia		2.0
Singapore		1.5
Israel		1.1
Hong Kong		1.1
Other (each representing less than 1%)		6.4

^(a)

Excludes money market funds.


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


Fund Summary as of February 29, 2024		iShares^® MSCI Global Energy Producers ETF

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.58	%		8.73	%		8.29	%		3.34	%		8.73	%		48.93	%		38.95	%
Fund Market		0.83			8.44			8.24			3.32			8.44			48.61			38.60
Index		0.50			8.35			8.02			3.10			8.35			47.05			35.66

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 1,005.80	$ 2.04			$ 1,000.00	$ 1,022.80	$ 2.06		0.41	%

^(a)

Portfolio Information


INDUSTRY ALLOCATION

Industry		Percent of Total Investments^(a)


Integrated Oil & Gas		54.9%
Oil & Gas Exploration & Production		29.6
Oil & Gas Refining & Marketing		12.0
Coal & Consumable Fuels		3.5


GEOGRAPHIC ALLOCATION

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


United States		52.7%
United Kingdom		11.5
Canada		9.5
India		5.3
France		5.2
Brazil		3.0
Australia		2.5
China		1.9
Japan		1.3
Italy		1.3
Norway		1.2
Other (each representing less than 1%)		4.6

^(a)

Excludes money market funds.


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


Fund Summary as of February 29, 2024		iShares^® MSCI Global Gold Miners ETF

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(6.74	)%		(0.61	)%		5.39	%		0.76	%		(0.61	)%		30.04	%		7.90	%
Fund Market		(6.50	)		(0.89	)		5.40			0.75			(0.89	)		30.07			7.76
Index		(6.73	)		(0.50	)		5.44			0.91			(0.50	)		30.31			9.47

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 932.60	$ 1.87			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information


GEOGRAPHIC ALLOCATION

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


Canada		51.6%
United States		20.3
South Africa		7.5
Saudi Arabia		4.9
Australia		4.7
China		4.7
Peru		2.3
United Kingdom		2.1
Turkey		1.0
Other (each representing less than 1%)		0.9


TEN LARGEST HOLDINGS

Security		Percent of Total Investments^(a)


Newmont Corp.		19.2%
Barrick Gold Corp.		13.2
Agnico Eagle Mines Ltd.		12.2
Anglogold Ashanti PLC		4.9
Gold Fields Ltd.		4.4
Wheaton Precious Metals Corp.		4.3
Zijin Mining Group Co. Ltd., Class H		4.2
Kinross Gold Corp.		4.0
Alamos Gold Inc., Class A		3.2
Harmony Gold Mining Co. Ltd.		2.5

^(a)

Excludes money market funds.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 29, 2024		iShares^® MSCI Global Metals & Mining Producers ETF

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.51	%		(2.67	)%		10.61	%		4.98	%		(2.67	)%		65.55	%		62.55	%
Fund Market		0.77			(3.07	)		10.61			4.86			(3.07	)		65.57			60.73
Index		0.33			(2.77	)		10.84			5.21			(2.77	)		67.28			66.17

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 1,005.10	$ 1.94			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information


INDUSTRY ALLOCATION


Industry		Percent of Total Investments^(a)


Diversified Metals & Mining		45.4%
Steel		40.0
Copper		9.7
Aluminum		3.9
Precious Metals & Minerals		1.0


GEOGRAPHIC ALLOCATION


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


Australia		24.9%
United States		19.9
United Kingdom		15.5
Japan		5.7
Brazil		5.5
Canada		4.7
India		4.7
South Korea		3.1
China		2.1
Taiwan		1.8
Saudi Arabia		1.8
Sweden		1.5
France		1.5
Mexico		1.4
South Africa		1.3
Other (each representing less than 1%)		4.6

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of February 29, 2024		iShares^® MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCIGlobal Silver and Metals Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(15.53	)%		(14.75	)%		(0.77	)%		(3.20	)%		(14.75	)%		(3.80	)%		(27.80	)%
Fund Market		(15.27	)		(14.22	)		(0.81	)		(3.24	)		(14.22	)		(3.97	)		(28.08	)
Index		(15.53	)		(14.76	)		(0.77	)		(3.21	)		(14.76	)		(3.78	)		(27.80	)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 844.70	$ 1.79			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information


GEOGRAPHIC ALLOCATION


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


Canada		66.2%
United States		15.3
Mexico		10.2
Japan		4.6
Peru		1.5
South Africa		1.4
Other (each representing less than 1%)		0.8


TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)


Pan American Silver Corp.		19.9%
Industrias Penoles SAB de CV		10.2
Hecla Mining Co.		8.3
Newmont Corp.		6.4
Agnico Eagle Mines Ltd.		4.8
ARE Holdings Inc.		4.6
First Majestic Silver Corp.		4.6
Wheaton Precious Metals Corp.		4.3
Fortuna Silver Mines Inc.		4.2
MAG Silver Corp.		4.1

^(a)

Excludes money market funds.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Disclosure of Expenses


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		9

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 0.7%
Australian Agricultural Co. Ltd.^(a)		41,868	$	37,011
Elders Ltd.		44,818		265,361
Inghams Group Ltd.		100,791		238,693
Nufarm Ltd./Australia		101,957		382,311


				923,376

Brazil — 0.9%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		14,239		67,942
BRF SA^(a)		167,706		509,417
Jalles Machado SA		30,257		46,258
Sao Martinho SA		44,941		255,845
SLC Agricola SA		56,467		223,319
Tres Tentos Agroindustrial SA		36,226		77,464


				1,180,245

Canada — 6.2%
Ag Growth International Inc.		5,283		220,211
Maple Leaf Foods Inc.		22,905		389,696
Nutrien Ltd.		140,693		7,343,840
Rogers Sugar Inc.		26,799		102,484


				8,056,231

China — 2.2%
Asia - Potash International Investment Guangzhou Co. Ltd.^(a)		11,800		36,902
Beijing Dabeinong Technology Group Co. Ltd., Class A		68,200		49,780
China BlueChemical Ltd., Class H		428,000		128,456
China Modern Dairy Holdings Ltd.		793,000		65,795
China XLX Fertiliser Ltd.		141,000		56,948
China Youran Dairy Group Ltd.^(b)		217,000		34,872
COFCO Joycome Foods Ltd.^(a)(c)		790,000		154,320
First Tractor Co. Ltd., Class H		106,000		82,764
Fujian Sunner Development Co. Ltd., Class A		19,300		43,523
Heilongjiang Agriculture Co. Ltd., Class A		28,900		49,793
Henan Shuanghui Investment & Development Co. Ltd., Class A		58,400		236,411
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		108,000		424,011
Jiangsu Yangnong Chemical Co. Ltd., Class A		7,160		54,280
Muyuan Foods Co. Ltd., Class A		93,366		497,422
New Hope Liuhe Co. Ltd., Class A^(a)		75,000		92,018
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		86,500		193,770
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		35,880		136,667
Sinofert Holdings Ltd.		478,000		49,394
Wens Foodstuffs Group Co. Ltd., Class A		112,720		300,007
Yunnan Yuntianhua Co. Ltd.		26,200		66,255
Zangge Mining Co. Ltd.		23,500		95,406


				2,848,794

Egypt — 0.3%
Abou Kir Fertilizers & Chemical Industries		139,313		182,441
Misr Fertilizers Production Co. SAE		184,217		226,513


				408,954

Germany — 0.7%
K+S AG, Registered		49,849		695,855
Suedzucker AG		17,382		245,727


				941,582

Hong Kong — 1.1%
WH Group Ltd.^(b)		2,375,000		1,427,270


India — 5.0%
Balrampur Chini Mills Ltd.		34,551		155,204
Bayer CropScience Ltd.		3,663		250,455


Security	Shares		Value


India (continued)
Chambal Fertilisers and Chemicals Ltd.		48,804	$	206,453
Coromandel International Ltd.		33,984		440,527
Deepak Fertilisers & Petrochemicals Corp. Ltd.		20,789		126,657
Dhanuka Agritech Ltd.		2,763		35,442
EID Parry India Ltd.		21,044		159,809
Gujarat Ambuja Exports Ltd.		18,925		89,512
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		25,881		199,772
Gujarat State Fertilizers & Chemicals Ltd.		57,764		151,348
Jain Irrigation Systems Ltd.^(a)		83,178		55,040
Kaveri Seed Co. Ltd.		5,560		44,507
Paradeep Phosphates Ltd., NVS^(b)		78,786		72,274
PI Industries Ltd.		23,883		1,057,885
Rallis India Ltd.		20,453		61,094
Rashtriya Chemicals & Fertilizers Ltd.		31,631		53,853
Sharda Cropchem Ltd.		3,473		15,010
Shree Renuka Sugars Ltd.^(a)		175,183		98,319
Sumitomo Chemical India Ltd.		25,575		115,452
Tata Consumer Products Ltd.		163,190		2,340,291
Triveni Engineering & Industries Ltd.		21,456		85,352
UPL Ltd.		129,187		731,637


				6,545,893

Indonesia — 0.7%
Astra Agro Lestari Tbk PT		131,500		56,096
Charoen Pokphand Indonesia Tbk PT		2,101,500		647,934
Inti Agri Resources Tbk PT^(a)(d)		2,230,700		—
Japfa Comfeed Indonesia Tbk PT		1,504,900		110,126
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		835,400		44,959
Sawit Sumbermas Sarana Tbk PT		914,800		66,071


				925,186

Ireland — 0.1%
Origin Enterprises PLC		31,630		108,198


Israel — 1.1%
ICL Group Ltd.		220,340		1,170,298
Israel Corp Ltd.^(a)		1,037		272,944


				1,443,242

Japan — 4.5%
Hokuto Corp.		5,600		67,298
Kubota Corp.		284,800		4,179,838
Kumiai Chemical Industry Co. Ltd.		18,200		100,399
Maruha Nichiro Corp.		11,500		226,641
Mitsui DM Sugar Holdings Co. Ltd.		4,100		88,397
NH Foods Ltd.		23,500		821,342
Prima Meat Packers Ltd.		6,400		96,758
Sakata Seed Corp.		8,000		193,878
YAMABIKO Corp.		8,300		102,471


				5,877,022

Malaysia — 2.0%
Farm Fresh Bhd^(c)		183,900		53,866
Hextar Global Bhd		257,400		44,749
IOI Corp. Bhd		716,000		600,353
Kuala Lumpur Kepong Bhd		138,500		654,479
QL Resources Bhd		314,407		384,785
Sime Darby Plantation Bhd		590,900		540,013
Ta Ann Holdings Bhd		57,600		44,303
TSH Resources Bhd		200,200		43,897
United Plantations Bhd		41,900		195,307


				2,561,752

Netherlands — 3.2%
CNH Industrial NV		285,013		3,405,905


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Netherlands (continued)
OCI NV		29,853	$	787,652


				4,193,557

Norway — 5.1%
Austevoll Seafood ASA		25,564		194,034
Bakkafrost P/F		14,338		895,684
Grieg Seafood ASA		14,184		86,135
Leroy Seafood Group ASA		75,529		333,510
Mowi ASA		132,544		2,559,824
Salmar ASA		18,802		1,194,106
Yara International ASA		46,787		1,455,969


				6,719,262

Poland — 0.1%
Grupa Azoty SA^(a)		11,638		65,692


Qatar — 0.0%
Baladna^(a)		161,772		56,618


Russia — 0.0%
PhosAgro PJSC^(a)(d)		7,038		1
PhosAgro PJSC, GDR^(a)(d)(e)		2		—
PhosAgro PJSC, New^(a)(d)		136		1
Ros Agro PLC, GDR^(a)(d)(e)		5,334		1


				3

Saudi Arabia — 2.9%
Al Jouf Agricultural Development Co.		4,018		58,069
Almarai Co. JSC		71,199		1,116,311
National Agriculture Development Co. (The)^(a)		42,125		371,889
SABIC Agri-Nutrients Co.		66,092		2,209,577
Tanmiah Food Co.		1,659		58,953


				3,814,799

Singapore — 1.4%
First Resources Ltd.		158,200		167,200
Golden Agri-Resources Ltd.		1,831,400		360,686
Wilmar International Ltd.		547,100		1,351,117


				1,879,003

South Africa — 0.1%
Astral Foods Ltd.		11,170		85,423
Oceana Group Ltd.		25,763		95,745


				181,168

South Korea — 0.1%
Canariabio Inc.^(a)		20,538		15,331
Harim Holdings Co. Ltd.		12,168		70,727


				86,058

Sweden — 0.6%
Husqvarna AB, Class B		99,715		770,156


Switzerland — 3.0%
Bunge Global SA		41,377		3,904,747


Taiwan — 0.6%
Charoen Pokphand Enterprise		49,800		153,084
Sinon Corp.		100,000		133,484
Taiwan Fertilizer Co. Ltd.		180,000		379,426
Taiwan TEA Corp.^(a)		121,000		79,573


				745,567

Thailand — 0.6%
Betagro PCL, NVS		166,700		103,261
Charoen Pokphand Foods PCL, NVDR^(c)		1,089,800		574,214
GFPT PCL, NVDR		119,300		39,553
Khon Kaen Sugar Industry PCL, NVDR		566,154		39,148


				756,176


Security	Shares		Value


Turkey — 0.3%
Agrotech Yueksek Teknoloji VE Yatirim AS, NVS		85,362	$	99,489
Gubre Fabrikalari TAS^(a)		9,776		62,791
Hektas Ticaret TAS^(a)		324,239		197,987
Kayseri Seker Fabrikasi A/S, NVS		40,222		45,977


				406,244

United Kingdom — 0.6%
Cranswick PLC		15,351		747,518


United States — 55.3%
AGCO Corp.		18,127		1,988,532
Alamo Group Inc.		3,095		626,088
Archer-Daniels-Midland Co.		151,904		8,067,621
Cal-Maine Foods Inc.		11,954		687,235
CF Industries Holdings Inc.		54,379		4,389,473
Corteva Inc.		200,593		10,735,737
Darling Ingredients Inc.^(a)		45,434		1,922,313
Deere & Co.		75,611		27,601,797
FMC Corp.		35,301		1,990,623
Fresh Del Monte Produce Inc.		10,822		258,970
Ingredion Inc.		18,567		2,184,036
Lamb Weston Holdings Inc.		41,117		4,202,569
Lindsay Corp.		3,100		369,861
Mosaic Co. (The)		92,736		2,889,654
Pilgrim’s Pride Corp.^(a)		13,505		429,999
Scotts Miracle-Gro Co. (The)		11,926		783,538
Titan International Inc.^(a)		14,942		190,660
Toro Co. (The)		29,583		2,730,807
Vital Farms Inc.^(a)		7,545		135,584


				72,185,097


Total Long-Term Investments — 99.4% (Cost: $167,878,444)				129,759,410


Short-Term Securities

Money Market Funds — 0.0%

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		59,061		59,091


Total Short-Term Securities — 0.0% (Cost: $59,036)				59,091


Total Investments — 99.4% (Cost: $167,937,480)				129,818,501

Other Assets Less Liabilities — 0.6%				779,124


Net Assets — 100.0%			$	130,597,625

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

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

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

^(f)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Agriculture Producers ETF

Affiliates




																				Capital
																				Gain
										Change in										Distributions
										Unrealized					Shares					from
	Value at		Purchases		Proceeds			Net Realized		Appreciation			Value at		Held at					Underlying
Affiliated Issuer	08/31/23		at Cost		from Sale			Gain (Loss)		(Depreciation)			02/29/24		02/29/24		Income			Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,802,115	$	—	$	(2,743,407	)^(a)	$	565	$	(182	)	$	59,091		59,061	$	11,500	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		—		0	^(a)		—		—			—		—		4,238			—


								$	565	$	(182	)	$	59,091			$	15,738		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

Euro STOXX 50 Index

03/15/24

477

16,653

S&P 500 E-Mini Index

03/15/24

255

1,168

17,821

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	17,821	$	—	$	—	$	—	$	17,821

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	27,807	$	—	$	—	$	—	$	27,807


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	12,905	$	—	$	—	$	—	$	12,905


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Agriculture Producers ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:

Average notional value of contracts — long			$605,726

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	92,646,864	$	37,112,543	$	3	$	129,759,410
Short-Term Securities
Money Market Funds		59,091		—		—		59,091


	$	92,705,955	$	37,112,543	$	3	$	129,818,501

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,168	$	16,653	$	—	$	17,821

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.5%
Beach Energy Ltd.		58,345	$	60,744
Boss Energy Ltd. ^(a)		14,276		46,671
Deep Yellow Ltd.^(a)		25,902		22,971
Karoon Energy Ltd.^(a)		28,236		35,580
New Hope Corp. Ltd.		19,033		58,291
Paladin Energy Ltd.^(a)		102,626		82,955
Santos Ltd.		116,202		535,056
Strike Energy Ltd.^(a)		83,475		11,698
Whitehaven Coal Ltd.		28,652		128,995
Woodside Energy Group Ltd.		67,935		1,340,275
Yancoal Australia Ltd., NVS		11,694		45,325


				2,368,561

Austria — 0.3%
OMV AG		5,269		232,183


Brazil — 1.5%
3R Petroleum Oleo E Gas SA^(a)		8,426		47,375
Enauta Participacoes SA		5,448		27,924
Petroleo Brasileiro SA		133,141		1,103,996
Petroreconcavo SA		5,313		24,582
PRIO SA		28,725		252,574


				1,456,451

Canada — 9.4%
Advantage Energy Ltd.^(a)		5,662		41,887
Africa Oil Corp.		13,265		20,428
ARC Resources Ltd.		21,324		363,426
Athabasca Oil Corp.^(a)		20,136		72,998
Baytex Energy Corp.^(b)		5,264		16,792
Baytex Energy Corp.		22,471		71,694
Birchcliff Energy Ltd.		9,384		37,338
Cameco Corp.		15,523		629,087
Canadian Natural Resources Ltd.		38,284		2,666,890
Cardinal Energy Ltd.^(a)		4,680		22,828
Cenovus Energy Inc.		50,287		876,313
Crescent Point Energy Corp.		21,229		154,703
Crew Energy Inc.^(a)		4,680		15,449
Denison Mines Corp.^(a)(b)		32,079		57,674
Energy Fuels Inc./Canada^(a)(b)		5,851		37,163
Enerplus Corp.		6,986		123,799
Fission Uranium Corp.^(a)		24,276		18,245
Freehold Royalties Ltd.		4,617		46,811
Frontera Energy Corp.^(a)		1,409		8,181
Headwater Exploration Inc.		8,582		43,190
Imperial Oil Ltd.		6,710		419,860
International Petroleum Corp.^(a)(b)		3,301		34,758
Kelt Exploration Ltd.^(a)		5,460		23,535
MEG Energy Corp.^(a)		9,786		209,471
NexGen Energy Ltd.^(a)		17,752		125,179
NuVista Energy Ltd.^(a)		6,082		52,164
Obsidian Energy Ltd.^(a)		2,958		20,967
Paramount Resources Ltd., Class A		2,899		63,592
Parex Resources Inc.		3,744		60,416
PetroTal Corp., NVS		23,092		12,591
Peyto Exploration & Development Corp.		6,911		71,750
PrairieSky Royalty Ltd.		7,708		137,615
Spartan Delta Corp.		4,524		10,700
Suncor Energy Inc.		46,151		1,585,691
Surge Energy Inc.		3,624		18,158
Tamarack Valley Energy Ltd.		18,333		45,388
Topaz Energy Corp.		3,355		49,541


Security	Shares		Value

Canada (continued)
Tourmaline Oil Corp.		11,927	$	539,776
Vermilion Energy Inc.		5,807		64,525
Whitecap Resources Inc.		21,504		149,260


				9,019,833

China — 1.8%
CGN Mining Co. Ltd.^(a)		95,000		23,117
China Coal Energy Co. Ltd., Class H		73,000		78,615
China Shenhua Energy Co. Ltd., Class A		14,100		75,331
China Shenhua Energy Co. Ltd., Class H		120,500		463,647
Guanghui Energy Co. Ltd., Class A		15,600		16,210
Inner Mongolia Dian Tou Energy Corp. Ltd.		5,800		13,328
Inner Mongolia Yitai Coal Co. Ltd., Class B		37,300		74,922
Jizhong Energy Resources Co. Ltd.		8,100		9,135
Kinetic Development Group Ltd.		110,000		9,273
PetroChina Co. Ltd., Class A		45,600		55,820
PetroChina Co. Ltd., Class H		754,000		591,371
Shaanxi Coal Industry Co. Ltd., Class A		20,700		74,016
Shan Xi Hua Yang Group New Energy Co. Ltd.		9,350		13,121
Shanxi Coking Coal Energy Group Co. Ltd., Class A		12,810		20,685
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		6,100		21,865
Yankuang Energy Group Co. Ltd., Class A		8,750		31,375
Yankuang Energy Group Co. Ltd., Class H^(a)		82,000		189,095


				1,760,926

Finland — 0.4%
Neste OYJ		15,137		414,937


France — 5.2%
Etablissements Maurel et Prom SA		2,028		10,988
TotalEnergies SE		77,677		4,951,066


				4,962,054

Greece — 0.1%
Hellenic Energy Holdings SA		3,243		29,549
Motor Oil Hellas Corinth Refineries SA		2,351		67,171


				96,720

Hong Kong — 0.0%
United Energy Group Ltd.^(b)		312,000		19,089


Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		16,309		129,762


India — 5.3%
Bharat Petroleum Corp. Ltd.		26,935		195,747
Chennai Petroleum Corp. Ltd.		1,585		16,914
Coal India Ltd.		55,124		289,474
Gujarat Mineral Development Corp. Ltd.		3,042		14,306
Hindustan Petroleum Corp. Ltd.		20,430		125,596
Indian Oil Corp. Ltd.		101,048		201,508
Oil & Natural Gas Corp. Ltd.		112,527		357,992
Reliance Industries Ltd.		88,744		3,123,367
Reliance Industries Ltd., GDR^(c)		10,015		713,239


				5,038,143

Indonesia — 0.3%
Adaro Energy Indonesia Tbk PT		507,000		78,139
Bukit Asam Tbk PT		143,200		23,315
Bumi Resources Tbk PT^(a)		3,985,600		22,065
Energi Mega Persada Tbk PT, NVS^(a)		551,100		7,084
Harum Energy Tbk PT^(a)		85,900		6,844
Indika Energy Tbk PT		54,600		4,725
Indo Tambangraya Megah Tbk PT		14,000		23,333
Medco Energi Internasional Tbk PT		234,012		19,459
Sugih Energy Tbk PT^(a)(d)		206,700		—


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Indonesia (continued)
United Tractors Tbk PT		52,100	$	78,030


				262,994

Israel — 0.2%
Delek Group Ltd.		344		46,455
Equital Ltd.^(a)		780		25,202
Naphtha Israel Petroleum Corp. Ltd.		1,093		5,849
Oil Refineries Ltd.		89,955		37,010
Paz Oil Co. Ltd.^(a)		371		35,750


				150,266

Italy — 1.3%
Eni SpA		78,512		1,208,961
Saras SpA^(b)		14,666		27,723


				1,236,684

Japan — 1.3%
Cosmo Energy Holdings Co. Ltd.		2,236		99,532
ENEOS Holdings Inc.		103,100		444,834
Idemitsu Kosan Co. Ltd.		34,440		217,783
Inpex Corp.		34,600		461,173
Japan Petroleum Exploration Co. Ltd.		1,200		48,732


				1,272,054

Malaysia — 0.0%
Hibiscus Petroleum Bhd		19,360		10,315


Norway — 1.2%
Aker BP ASA		11,307		274,462
BlueNord ASA^(a)		837		42,870
BW Energy Ltd.^(a)		2,078		5,498
DNO ASA		17,347		14,732
Equinor ASA		32,234		794,206


				1,131,768

Philippines — 0.0%
Semirara Mining & Power Corp., Class A		31,400		18,042


Poland — 0.3%
ORLEN SA		20,769		322,612


Portugal — 0.3%
Galp Energia SGPS SA		16,628		261,653


Russia — 0.0%
LUKOIL PJSC^(a)(d)		17,021		2
Rosneft Oil Co. PJSC^(a)(d)		47,821		5
Surgutneftegas PJSC^(a)(d)		285,010		31
Tatneft PJSC^(a)(d)		57,983		7


				45

Saudi Arabia — 0.9%
Rabigh Refining & Petrochemical Co.^(a)		743		1,639
Saudi Arabian Oil Co.^(c)		95,243		805,267


				806,906

South Africa — 0.1%
Exxaro Resources Ltd.		8,595		79,754
Thungela Resources Ltd.		4,875		26,688


				106,442

South Korea — 0.4%
HD Hyundai Co. Ltd.		1,560		82,927
SK Innovation Co. Ltd.^(a)		2,169		191,367
S-Oil Corp.		1,633		93,815


				368,109

Spain — 0.7%
Repsol SA		43,419		689,713


Security	Shares		Value

Thailand — 0.4%
Bangchak Corp. PCL, NVDR		36,300	$	42,044
Bangchak Sriracha PCL, NVDR		31,000		8,557
Banpu PCL, NVDR^(b)		325,000		50,725
IRPC PCL, NVDR^(b)		382,200		20,780
PTT Exploration & Production PCL, NVDR^(b)		50,031		210,097
Star Petroleum Refining PCL, NVDR		70,800		17,630
Thai Oil PCL, NVDR		43,300		67,603


				417,436

Turkey — 0.2%
Turkiye Petrol Rafinerileri AS		34,626		179,386


United Arab Emirates — 0.0%
Dana Gas PJSC		198,043		34,077


United Kingdom — 11.4%
BP PLC		612,432		3,558,269
Diversified Energy Co. PLC		1,716		20,298
Energean PLC		5,474		70,976
Harbour Energy PLC		21,801		69,645
Serica Energy PLC		8,694		19,060
Shell PLC		232,656		7,196,006
Tullow Oil PLC^(a)		45,702		16,290


				10,950,544

United States — 52.4%
Antero Resources Corp.^(a)(b)		10,215		262,526
APA Corp.		10,816		322,209
Berry Corp.		2,346		16,539
California Resources Corp.		1,806		94,219
Callon Petroleum Co.^(a)		1,952		60,824
Centrus Energy Corp., Class A^(a)		455		18,559
Chesapeake Energy Corp.		3,966		328,305
Chevron Corp.		63,971		9,724,232
Chord Energy Corp.		1,469		238,639
Civitas Resources Inc.		2,312		158,788
CNX Resources Corp.^(a)(b)		5,690		119,206
Comstock Resources Inc.		3,440		29,412
ConocoPhillips		42,484		4,781,149
CONSOL Energy Inc.		1,118		95,947
Coterra Energy Inc.		26,913		693,817
Crescent Energy Co., Class A		2,788		31,170
CVR Energy Inc.		1,268		42,072
Delek U.S. Holdings Inc.		2,283		58,239
Devon Energy Corp.		22,924		1,010,031
Diamondback Energy Inc.		6,084		1,110,452
EOG Resources Inc.		20,864		2,388,093
EQT Corp.		13,981		519,394
Exxon Mobil Corp.		143,000		14,946,360
Granite Ridge Resources Inc.		2,141		13,167
Gulfport Energy Corp.^(a)		446		63,328
Hess Corp.		9,891		1,441,613
HF Sinclair Corp.		5,721		317,516
HighPeak Energy Inc.^(b)		935		15,493
Kimbell Royalty Partners LP		2,278		35,742
Kosmos Energy Ltd.^(a)		16,380		100,573
Magnolia Oil & Gas Corp., Class A		6,236		141,432
Marathon Oil Corp.		20,939		507,771
Marathon Petroleum Corp.		13,585		2,298,990
Matador Resources Co.		4,049		255,694
Murphy Oil Corp.		5,224		207,236
Northern Oil and Gas Inc.		3,236		115,622
Occidental Petroleum Corp.		23,549		1,427,305
Ovintiv Inc.		9,276		458,327


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Par Pacific Holdings Inc.^(a)		2,029	$	73,287
PBF Energy Inc., Class A		3,915		182,831
Peabody Energy Corp.		4,222		104,579
Permian Res Corp., Class A, NVS		15,461		240,573
Pioneer Natural Resources Co.		8,359		1,965,953
Range Resources Corp.		8,634		273,007
Riley Exploration Permian Inc.		194		4,588
SandRidge Energy Inc.		1,313		17,122
SilverBow Resources Inc.^(a)		581		16,495
Sitio Royalties Corp.		2,986		68,141
SM Energy Co.		4,177		182,827
Southwestern Energy Co.^(a)		37,439		260,950
Talos Energy Inc.^(a)(b)		4,904		64,684
Tellurian Inc.^(a)(b)		24,298		19,290
Texas Pacific Land Corp.		220		346,592
Uranium Energy Corp.^(a)(b)		13,491		87,422
VAALCO Energy Inc.		3,510		15,655
Valero Energy Corp.		12,181		1,723,124
Viper Energy Inc., NVS		2,490		89,989
Vital Energy Inc.^(a)		824		41,472
Vitesse Energy Inc.		919		20,889
W&T Offshore Inc.^(a)		3,354		10,129


				50,259,590


Total Common Stocks — 98.0% (Cost: $73,944,553)				93,977,295


Preferred Stocks

Brazil — 1.4%
Petroleo Brasileiro SA, Preference Shares, NVS		170,370		1,375,682


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(d)		275,500		30


Total Preferred Stocks — 1.4% (Cost: $779,083)				1,375,712


Total Long-Term Investments — 99.4% (Cost: $74,723,636)				95,353,007


Security	Shares		Value


Short-Term Securities

Money Market Funds — 1.0%

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(e)(f)(g)		866,377	$	866,810

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(e)(f)		100,000		100,000


Total Short-Term Securities — 1.0% (Cost: $966,617)				966,810


Total Investments — 100.4% (Cost: $75,690,253)				96,319,817

Liabilities in Excess of Other Assets — (0.4)%				(376,222	)


Net Assets — 100.0%			$	95,943,595

^(a)	Non-income producing security.

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

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(e)	Affiliate of the Fund.

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

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

Affiliates




																			Capital
																			Gain
										Change in									Distributions
										Unrealized				Shares					from
	Value at		Purchases			Proceeds		Net Realized		Appreciation		Value at		Held at					Underlying
Affiliated Issuer	08/31/23		at Cost			from Sale		Gain (Loss)		(Depreciation)		02/29/24		02/29/24		Income			Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	839,216	$	27,456	^(a)	$	—	$	103	$	35	$	866,810		866,377	$	2,959	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		70,000	^(a)		—		—		—		100,000		100,000		6,269			—


								$	103	$	35	$	966,810			$	9,228		$	—

^(a)

Represents net amount purchased (sold).

^(b)


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Energy Producers ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

E-Mini Energy Select Sector Index

03/15/24

451

5,217

FTSE 100 Index

03/15/24

2,026

7,243

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	7,243	$	—	$	—	$	—	$	7,243

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	3,772		$	—	$	—	$	—	$	3,772


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(3,595	)	$	—	$	—	$	—	$	(3,595	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:

Average notional value of contracts — long			$762,915

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	61,252,354	$	32,724,896	$	45	$	93,977,295
Preferred Stocks		1,375,682		—		30		1,375,712
Short-Term Securities
Money Market Funds		966,810		—		—		966,810


	$	63,594,846	$	32,724,896	$	75	$	96,319,817


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Energy Producers ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	5,217	$	2,026	$	—	$	7,243

^(a)

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

See notes to financial statements.


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Global Gold Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 4.7%
De Grey Mining Ltd.^(a)(b)		5,644,573	$	4,614,439
Emerald Resources NL^(a)		937,580		1,688,112
Genesis Minerals Ltd.^(a)(b)		3,786,137		3,746,109
Gold Road Resources Ltd.		3,849,740		3,678,561
West African Resources Ltd.^(a)		5,602,564		3,188,730


				16,915,951

Canada — 51.5%
Agnico Eagle Mines Ltd.		908,924		43,592,722
Alamos Gold Inc., Class A		983,111		11,597,544
B2Gold Corp.		3,282,993		7,910,244
Barrick Gold Corp.		3,243,741		47,300,324
Calibre Mining Corp.^(a)		3,138,922		3,584,960
Centerra Gold Inc.		809,416		4,061,543
Eldorado Gold Corp.^(a)		601,377		6,252,389
Equinox Gold Corp.^(a)		1,051,872		4,278,328
IAMGOLD Corp.^(a)		1,820,373		4,748,274
Karora Resources Inc.^(a)		992,218		2,990,216
Kinross Gold Corp.		2,915,170		14,262,778
Lundin Gold Inc.		394,678		4,597,767
New Gold Inc.^(a)		3,070,487		3,755,671
SSR Mining Inc.		586,944		2,517,050
Torex Gold Resources Inc.^(a)		382,755		4,004,805
Wesdome Gold Mines Ltd.^(a)		618,890		4,126,997
Wheaton Precious Metals Corp.		370,121		15,253,191


				184,834,803

China — 4.7%
Zijin Mining Group Co. Ltd., Class A		977,435		1,771,314
Zijin Mining Group Co. Ltd., Class H		9,314,000		14,961,296


				16,732,610

Indonesia — 0.9%
Aneka Tambang Tbk		35,666,900		3,312,582


Kazakhstan — 0.0%
Polymetal International PLC^(a)(c)		822,891		91


Peru — 2.3%
Cia. de Minas Buenaventura SAA, ADR		553,761		8,361,791


Russia — 0.0%
Polyus PJSC^(a)(c)		62,547		7


Saudi Arabia — 4.9%
Anglogold Ashanti PLC, NVS		933,136		17,578,752


Security	Shares		Value


South Africa — 7.5%
DRDGOLD Ltd.		3,357,800	$	2,278,710
Gold Fields Ltd.		1,191,513		15,696,317
Harmony Gold Mining Co. Ltd.		1,513,553		8,798,348


				26,773,375

Turkey — 0.9%
Koza Altin Isletmeleri AS		4,608,934		3,374,358


United Kingdom — 2.1%
Centamin PLC		4,085,959		4,660,285
Hochschild Mining PLC^(a)		2,525,048		2,949,280


				7,609,565

United States — 20.2%
Coeur Mining Inc.^(a)(b)		1,479,463		3,831,809
Newmont Corp.		2,196,842		68,651,313


				72,483,122


Total Long-Term Investments — 99.7% (Cost: $461,733,299)				357,977,007


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		4,013,875		4,015,882
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		120,000		120,000


Total Short-Term Securities — 1.1% (Cost: $4,135,018)				4,135,882


Total Investments — 100.8% (Cost: $465,868,317)				362,112,889

Liabilities in Excess of Other Assets — (0.8)%				(2,893,934	)


Net Assets — 100.0%			$	359,218,955

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Gold Miners ETF

Affiliates




																				Capital
																				Gain
										Change in										Distributions
										Unrealized					Shares					from
	Value at		Purchases			Proceeds		Net Realized		Appreciation			Value at		Held at					Underlying
Affiliated Issuer	08/31/23		at Cost			from Sale		Gain (Loss)		(Depreciation)			02/29/24		02/29/24		Income			Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,721,998	$	293,238	^(a)	$	—	$	746	$	(100	)	$	4,015,882		4,013,875	$	5,516	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		10,000	^(a)		—		—		—			120,000		120,000		8,285			—


								$	746	$	(100	)	$	4,135,882			$	13,801		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

S&P/TSE 60 Index

03/14/24

1,331

5,258

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	5,258	$	—	$	—	$	—	$	5,258

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	24,415		$	—	$	—	$	—	$	24,415


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(8,826	)	$	—	$	—	$	—	$	(8,826	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:

Average notional value of contracts — long			$1,834,376

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


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Gold Miners ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	267,367,828	$	90,609,081	$	98	$	357,977,007
Short-Term Securities
Money Market Funds		4,135,882		—		—		4,135,882


	$	271,503,710	$	90,609,081	$	98	$	362,112,889

Derivative Financial Instruments^(a)
Assets

Equity Contracts	$	5,258	$	—	$	—	$	5,258

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 24.8%
Alumina Ltd.^(a)		2,540,716	$	1,743,866
AVZ Minerals Ltd.^(a)(b)(c)		3,302,250		1,004,544
BHP Group Ltd.		5,170,837		148,228,816
BlueScope Steel Ltd.		455,994		6,780,848
Champion Iron Ltd.		395,087		1,989,316
Coronado Global Resources Inc.^(d)		828,982		733,363
Deterra Royalties Ltd.		419,881		1,355,339
Fortescue Ltd.		1,727,685		29,159,879
IGO Ltd.		695,310		3,586,312
Iluka Resources Ltd.		437,668		1,951,146
Imdex Ltd.		531,472		733,731
Latin Resources Ltd., NVS		2,419,386		346,513
Leo Lithium Ltd.^(a)(b)		1,454,959		429,831
Liontown Resources Ltd.^(a)(c)		1,478,105		1,186,091
Lynas Rare Earths Ltd.^(a)		959,420		3,650,505
Mineral Resources Ltd.		178,922		7,764,181
Mount Gibson Iron Ltd.^(a)		611,226		196,750
Nickel Industries Ltd.		1,712,223		786,609
Perenti Ltd.^(a)		839,756		497,358
Pilbara Minerals Ltd.^(c)		2,915,451		7,961,502
Rio Tinto Ltd.		378,430		30,474,553
Sandfire Resources Ltd.^(a)(c)		463,684		2,286,969
Sayona Mining Ltd.^(a)		438,240		11,434
Sims Ltd.		168,168		1,339,357
South32 Ltd.		4,621,379		8,853,063
Stanmore Resources Ltd.		315,854		684,792
Vulcan Steel Ltd.^(c)		69,647		354,179


				264,090,847

Austria — 0.3%
voestalpine AG		116,424		3,180,659


Belgium — 0.2%
Bekaert SA		35,574		1,764,079


Brazil — 4.6%
Bradespar SA		35,575		143,914
Cia. Brasileira de Aluminio		242,844		195,405
Cia. Siderurgica Nacional SA		679,679		2,299,732
Vale SA		3,473,335		46,806,283


				49,445,334

Canada — 4.7%
Algoma Steel Group Inc.		96,046		778,474
Altius Minerals Corp.		40,513		531,357
Capstone Copper Corp.^(a)		424,440		2,226,735
ERO Copper Corp.^(a)		93,786		1,597,710
Filo Corp., NVS^(a)		99,338		1,605,189
First Quantum Minerals Ltd.		601,202		5,692,404
Foran Mining Corp.^(a)		205,359		591,647
Global Atomic Corp.^(a)		186,134		445,740
Hudbay Minerals Inc.		355,304		2,091,795
Ivanhoe Mines Ltd., Class A^(a)(c)		645,348		6,861,711
Labrador Iron Ore Royalty Corp.		61,468		1,370,082
Lithium Americas Argentina Corp.^(a)(c)		108,094		532,844
Lithium Americas Corp.^(a)(c)		108,138		594,414
Lundin Mining Corp.		671,154		5,306,327
Major Drilling Group International Inc.^(a)		76,538		441,582
Solaris Resources Inc.^(a)		75,999		206,636
Stelco Holdings Inc.		33,170		986,191
Taseko Mines Ltd.^(a)		302,431		474,655


Security	Shares		Value

Canada (continued)
Teck Resources Ltd., Class B		470,011	$	18,060,696


				50,396,189

Chile — 0.0%
CAP SA		68,453		469,602


China — 2.1%
Aluminum Corp. of China Ltd., Class A		646,865		540,958
Aluminum Corp. of China Ltd., Class H		4,312,000		2,148,638
Baoshan Iron & Steel Co. Ltd., Class A		1,347,593		1,245,230
China Hongqiao Group Ltd.		2,425,500		1,877,049
China Metal Recycling Holdings Ltd.^(b)		132,000		—
China Nonferrous Mining Corp Ltd.		1,078,000		748,850
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		215,670		564,076
China Oriental Group Co. Ltd.		1,090,000		164,000
China Rare Earth Resources & Technology Co. Ltd., Class A		53,900		208,519
CMOC Group Ltd., Class A		970,200		825,820
CMOC Group Ltd., Class H		3,933,000		2,426,295
GEM Co. Ltd., Class A		324,117		240,879
Guangdong HEC Technology Holding Co. Ltd., Class A^(a)		162,535		168,887
Henan Shenhuo Coal & Power Co. Ltd.		161,700		412,718
Hesteel Co. Ltd., Class A		647,000		195,476
Huaibei Mining Holdings Co. Ltd.		161,700		423,996
Hunan Valin Steel Co. Ltd., Class A		431,200		339,697
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		2,802,821		598,845
Jiangxi Copper Co. Ltd., Class A		109,925		297,998
Jiangxi Copper Co. Ltd., Class H		1,138,000		1,688,921
Jinchuan Group International Resources Co. Ltd.		2,156,000		181,126
Jinduicheng Molybdenum Co. Ltd., Class A		215,600		301,407
MMG Ltd.^(a)		3,190,000		853,971
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		539,000		238,045
Shandong Nanshan Aluminum Co. Ltd., Class A		754,830		324,555
Shanxi Meijin Energy Co. Ltd., Class A^(a)		218,228		207,774
Shanxi Taigang Stainless Steel Co. Ltd., Class A		379,607		199,566
Shougang Fushan Resources Group Ltd.		2,156,000		897,722
Sinomine Resource Group Co. Ltd., Class A		53,060		275,619
Tiangong International Co. Ltd.^(c)		1,078,000		247,368
Tianshan Aluminum Group Co. Ltd., Class A		270,100		211,942
Tongling Nonferrous Metals Group Co. Ltd., Class A		701,200		318,380
Western Mining Co. Ltd., Class A		161,700		372,788
Western Superconducting Technologies Co. Ltd., Class A		48,433		268,968
Xiamen Tungsten Co. Ltd., Class A		107,899		250,840
Yintai Gold Co. Ltd., Class A		162,340		336,634
YongXing Special Materials Technology Co. Ltd., Class A		27,430		209,644
Yunnan Aluminium Co. Ltd., Class A		215,600		345,573
Yunnan Chihong Zinc&Germanium Co. Ltd.		324,600		231,674
Yunnan Tin Co. Ltd., Class A		107,800		205,621
Zhejiang Huayou Cobalt Co. Ltd., Class A		110,050		422,147


				22,018,216

Egypt — 0.0%
Ezz Steel Co. SAE^(a)		261,720		400,487


Finland — 0.2%
Outokumpu OYJ		369,303		1,635,832


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France — 1.5%
Aperam SA		44,198	$	1,351,562
ArcelorMittal SA		521,047		13,591,711
Eramet SA		9,185		621,245


				15,564,518

Germany — 0.5%
Aurubis AG		32,355		2,051,587
Salzgitter AG		23,177		594,718
thyssenkrupp AG		505,582		2,585,537


				5,231,842

India — 4.7%
APL Apollo Tubes Ltd.		169,785		3,162,189
Godawari Power and Ispat Ltd.		48,406		431,917
Gravita India Ltd.		20,569		236,537
Hindalco Industries Ltd.		1,370,118		8,311,033
Hindustan Copper Ltd.		242,550		788,269
Jai Balaji Industries Ltd., NVS		33,986		523,517
Jindal Saw Ltd.		117,214		675,884
Jindal Steel & Power Ltd.		366,520		3,419,432
JSW Steel Ltd.		626,857		6,043,616
Kirloskar Ferrous Industries Ltd.		51,409		329,524
Maharashtra Seamless Ltd.		41,321		458,062
Mishra Dhatu Nigam Ltd.^(d)		45,480		222,424
MOIL Ltd.		64,490		205,975
National Aluminium Co. Ltd.		839,762		1,574,870
NMDC Ltd.		1,032,063		2,811,789
NMDC Steel Ltd., NVS^(a)		775,729		574,382
Orissa Minerals Development Co. Ltd. (The)^(a)		2,226		181,981
PTC Industries Ltd., NVS		3,255		330,112
Rajratan Global Wire Ltd.		13,550		102,806
Ramkrishna Forgings Ltd.		84,191		794,021
Ratnamani Metals & Tubes Ltd.		29,214		1,067,646
Sandur Manganese & Iron Ores Ltd. (The)		21,310		106,619
Sarda Energy & Minerals Ltd., NVS		88,097		227,407
Shivalik Bimetal Controls Ltd., NVS		26,519		172,578
Shyam Metalics & Energy Ltd.		54,440		426,543
Surya Roshni Ltd., NVS		34,388		248,661
Tata Steel Ltd.		7,078,780		11,999,774
Tata Steel Ltd., GDR^(e)		39,708		665,109
Usha Martin Ltd.		156,849		622,198
Vedanta Ltd.		952,957		3,070,688
Welspun Corp. Ltd.		91,630		564,186


				50,349,749

Indonesia — 0.5%
Amman Mineral Internasional PT^(a)		6,615,012		3,575,467
Bumi Resources Minerals Tbk PT^(a)		56,595,000		518,593
Merdeka Copper Gold Tbk PT^(a)		9,809,886		1,410,931


				5,504,991

Japan — 5.6%
Daido Steel Co. Ltd.		138,000		1,633,368
Daiki Aluminium Industry Co. Ltd.		32,600		258,809
Dowa Holdings Co. Ltd.		53,900		1,883,352
Godo Steel Ltd.		7,100		282,257
JFE Holdings Inc.		592,900		9,723,742
Kobe Steel Ltd.		368,200		5,050,214
Kyoei Steel Ltd.		21,200		344,088
Maruichi Steel Tube Ltd.		59,000		1,544,460
Mitsubishi Materials Corp.		128,500		2,249,675
Mitsui Mining & Smelting Co. Ltd.		56,700		1,671,691
Nippon Light Metal Holdings Co. Ltd.		58,540		675,415
Nippon Steel Corp.		873,405		21,674,104
Nittetsu Mining Co. Ltd.		11,200		374,665


Security	Shares		Value

Japan (continued)
Osaka Steel Co. Ltd.		15,000	$	226,321
OSAKA Titanium Technologies Co. Ltd.^(c)		32,800		583,888
Sanyo Special Steel Co. Ltd.		20,900		315,021
Sumitomo Metal Mining Co. Ltd.		254,100		6,614,821
Toho Titanium Co. Ltd.^(c)		36,400		400,112
Tokyo Steel Manufacturing Co. Ltd.		55,900		623,305
UACJ Corp.		35,438		973,525
Yamato Kogyo Co. Ltd.		41,000		2,288,265
Yodogawa Steel Works Ltd.		21,800		650,084


				60,041,182

Malaysia — 0.4%
PMB Technology Bhd^(a)(c)		377,300		222,619
Press Metal Aluminium Holdings Bhd		3,773,000		3,723,732


				3,946,351

Mexico — 1.4%
Grupo Mexico SAB de CV, Series B		3,180,100		15,437,551


Netherlands — 0.1%
AMG Critical Materials NV		32,340		738,809


Norway — 0.7%
Norsk Hydro ASA		1,354,507		6,952,348


Peru — 0.7%
Southern Copper Corp.		86,262		6,975,145


Poland — 0.6%
Grupa Kety SA		9,572		1,690,496
Jastrzebska Spolka Weglowa SA, Class S^(a)(c)		53,900		557,075
KGHM Polska Miedz SA		142,835		3,860,489


				6,108,060

Qatar — 0.1%
Qatar Aluminum Manufacturing Co.		2,736,503		953,629


Russia — 0.0%
Alrosa PJSC^(a)(b)		2,886,002		315
MMC Norilsk Nickel PJSC^(a)(b)		71,400		8
Novolipetsk Steel PJSC^(a)(b)		1,668,000		182
Severstal PAO^(a)(b)		233,400		26
United Co. RUSAL International PJSC^(a)(b)		3,450,000		377


				908

Saudi Arabia — 1.8%
Al Masane Al Kobra Mining Co.		35,036		546,518
East Pipes Integrated Co. for Industry, NVS		12,984		415,455
Saudi Arabian Mining Co.^(a)		1,319,464		17,509,125
Saudi Steel Pipe Co.^(a)		17,787		233,109


				18,704,207

Singapore — 0.0%
Straits Trading Co. Ltd.		3,062		3,391


South Africa — 1.3%
African Rainbow Minerals Ltd.		112,635		991,517
Anglo American Platinum Ltd.		67,914		2,612,561
Impala Platinum Holdings Ltd.		923,846		3,135,143
Kumba Iron Ore Ltd.		65,765		1,841,111
Northam Platinum Holdings Ltd.		365,442		2,089,764
Sibanye Stillwater Ltd.		2,890,051		2,978,748


				13,648,844

South Korea — 3.1%
Dongkuk Steel Mill Co. Ltd/New		35,641		346,455
Hyundai Steel Co.^(a)		88,371		2,389,128
KG Chemical Corp.		39,144		187,485


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
KG Dongbusteel		49,632	$	279,903
KG Eco Technology Service Co. Ltd.		267		2,167
Korea Zinc Co. Ltd.		8,576		2,883,355
Poongsan Corp.		17,248		559,397
POSCO Holdings Inc.		73,103		23,758,020
Posco M-Tech Co. Ltd.^(a)		20,658		380,600
Sam-A Aluminum Co. Ltd.		5,280		393,445
Seah Besteel Holdings Corp.		14,014		272,091
SeAH Steel Holdings Corp.		1,631		262,347
TCC Steel^(a)		17,195		877,896
Young Poong Corp.^(a)		417		158,090


				32,750,379

Spain — 0.2%
Acerinox SA		177,870		1,953,070


Sweden — 1.5%
Alleima AB, NVS		191,657		1,260,381
Boliden AB		280,368		7,105,758
Granges AB		102,454		996,234
SSAB AB, Class A		237,066		1,853,970
SSAB AB, Class B		660,275		5,170,270


				16,386,613

Taiwan — 1.8%
Century Iron & Steel Industrial Co. Ltd.		168,000		1,368,402
China Metal Products		208,011		254,663
China Steel Corp.		12,008,612		9,352,227
Chun Yuan Steel Industry Co. Ltd.		475,000		263,692
Chung Hung Steel Corp.		1,016,000		745,256
Evergreen Steel Corp.		179,000		611,597
Feng Hsin Steel Co. Ltd.		539,000		1,162,935
Gloria Material Technology Corp.		539,000		802,053
Hsin Kuang Steel Co. Ltd.		250,000		528,051
TA Chen Stainless Pipe		1,742,638		1,980,352
Tung Ho Steel Enterprise Corp.		539,700		1,319,402
YC INOX Co. Ltd.		370,263		299,807
Yieh Phui Enterprise Co. Ltd.		539,776		260,365


				18,948,802

Turkey — 0.3%
Eregli Demir ve Celik Fabrikalari TAS^(a)		1,431,966		2,086,172
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A		279,728		201,524
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		735,547		632,264
Kocaer Celik Sanayi Ve Ticaret A/S		164,395		310,298
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		204,685		334,132


				3,564,390

United Kingdom — 15.4%
Anglo American PLC		1,296,692		27,939,760
Antofagasta PLC		402,094		9,238,206
Atalaya Mining PLC		110,495		457,487
Central Asia Metals PLC		180,274		354,083
Ferrexpo PLC^(a)		303,457		276,182
Glencore PLC		10,582,238		50,309,301
Hill & Smith PLC		80,311		1,843,367
Rio Tinto PLC		1,149,217		73,722,661
SolGold PLC^(a)(c)		25,072		1,943


				164,142,990

United States — 19.8%
Alcoa Corp.		182,721		4,971,838
Alpha Metallurgical Resources Inc.		11,489		4,334,225
Arch Resources Inc.		17,784		2,939,517


Security	Shares		Value

United States (continued)
ATI Inc.^(a)		130,436	$	6,414,843
Carpenter Technology Corp.		50,673		3,276,010
Century Aluminum Co.^(a)		57,675		603,857
Cleveland-Cliffs Inc.^(a)		514,811		10,708,069
Commercial Metals Co.		118,582		6,403,428
Compass Minerals International Inc.		36,652		835,666
Freeport-McMoRan Inc.		1,463,080		55,319,057
Haynes International Inc.		13,496		802,067
Ivanhoe Electric Inc.^(a)		71,151		526,517
Kaiser Aluminum Corp.		16,170		1,172,648
Materion Corp.^(c)		21,021		2,823,541
Metallus Inc.^(a)		40,425		879,244
MP Materials Corp.^(a)		143,913		2,188,917
Nucor Corp.		250,637		48,197,495
Olympic Steel Inc.		10,241		696,593
Piedmont Lithium Inc.^(a)(c)		17,853		259,940
Radius Recycling Inc., Class A		26,411		521,881
Ramaco Resources Inc.		26,411		464,305
Reliance Inc.		58,638		18,835,698
Ryerson Holding Corp.		31,821		1,004,907
Steel Dynamics Inc.		156,855		20,990,336
SunCoke Energy Inc.		85,162		912,085
U.S. Steel Corp.		227,458		10,767,862
Warrior Met Coal Inc.		52,866		3,011,776
Worthington Steel Inc.^(a)		32,879		1,040,949


				210,903,271


Total Common Stocks — 98.9% (Cost: $1,172,498,006)				1,052,212,285


Preferred Stocks

Brazil — 0.8%
Bradespar SA, Preference Shares, NVS		255,101		1,087,917
Cia. Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS		129,360		251,116
Gerdau SA, Preference Shares, NVS		1,182,031		5,112,282
Metalurgica Gerdau SA, Preference Shares, NVS		694,838		1,413,130
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		475,318		1,058,472


				8,922,917

Russia — 0.0%
Mechel PJSC, Preference Shares, NVS^(b)		96,000		11


Total Preferred Stocks — 0.8% (Cost: $7,833,975)				8,922,928


Total Long-Term Investments — 99.7% (Cost: $1,180,331,981)				1,061,135,213


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		17,470,875		17,479,610


Total Short-Term Securities — 1.6% (Cost: $17,471,360)				17,479,610


Total Investments — 101.3% (Cost: $1,197,803,341)				1,078,614,823

Liabilities in Excess of Other Assets — (1.3)%				(14,060,003	)


Net Assets — 100.0%			$	1,064,554,820


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Metals & Mining Producers ETF

^(a)	Non-income producing security.

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

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

^(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(f)	Affiliate of the Fund.

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

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

Affiliates




																			Capital
																			Gain
										Change in									Distributions
										Unrealized				Shares					from
	Value at		Purchases		Proceeds			Net Realized		Appreciation		Value at		Held at					Underlying
Affiliated Issuer	08/31/23		at Cost		from Sale			Gain (Loss)		(Depreciation)		02/29/24		02/29/24		Income			Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	25,074,638	$	—	$	(7,601,273	)^(a)	$	3,982	$	2,263	$	17,479,610		17,470,875	$	166,687	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		800,000		—		(800,000	)^(a)		—		—		—		—		65,202			—


								$	3,982	$	2,263	$	17,479,610			$	231,889		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Value/

Notional

Unrealized

Number of

Expiration

Amount

Appreciation

Description

Contracts

Date

(000)

(Depreciation)

Long Contracts

E-Mini Energy Select Sector Index

03/15/24

1,081

2,282

MSCI Emerging Markets Index

03/15/24

1,729

783

3,065

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	3,065	$	—	$	—	$	—	$	3,065

^(a)


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Metals & Mining Producers ETF

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(599,706	)	$	—	$	—	$	—	$	(599,706	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	122,439		$	—	$	—	$	—	$	122,439

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:

Average notional value of contracts — long			$4,480,503

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	344,614,313	$	706,162,689	$	1,435,283	$	1,052,212,285
Preferred Stocks		8,922,917		—		11		8,922,928
Short-Term Securities
Money Market Funds		17,479,610		—		—		17,479,610


	$	371,016,840	$	706,162,689	$	1,435,294	$	1,078,614,823


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	3,065	$	—	$	—	$	3,065

^(a)

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

See notes to financial statements.


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Global Silver and Metals Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 0.4%
Silver Lake Resources Ltd.^(a)		849,956	$	591,419


Canada — 66.2%
Agnico Eagle Mines Ltd.		138,603		6,647,511
Aya Gold & Silver Inc.^(a)(b)		772,008		5,551,927
Calibre Mining Corp.^(a)		499,343		570,299
Dundee Precious Metals Inc.		161,086		1,089,614
Eldorado Gold Corp.^(a)		128,530		1,336,299
Endeavour Silver Corp.^(a)		1,640,479		2,369,185
First Majestic Silver Corp.		1,430,538		6,440,399
Fortuna Silver Mines Inc.^(a)		2,141,582		5,822,818
GoGold Resources Inc.^(a)(b)		2,464,695		1,797,921
i-80 Gold Corp.^(a)		275,728		347,415
Kinross Gold Corp.		561,451		2,746,958
Lundin Gold Inc.		90,038		1,048,890
MAG Silver Corp.^(a)		684,234		5,697,118
New Gold Inc.^(a)		763,822		934,270
New Pacific Metals Corp.^(a)(b)		929,106		828,367
Orla Mining Ltd.^(a)(b)		223,124		734,896
Osisko Mining Inc.^(a)		304,526		556,478
Pan American Silver Corp.		2,236,934		27,756,673
Seabridge Gold Inc.^(a)		74,153		840,344
Silvercorp Metals Inc.		1,400,726		3,364,674
SilverCrest Metals Inc.^(a)		1,098,455		5,560,466
Skeena Resources Ltd.^(a)(b)		625,926		2,306,031
SSR Mining Inc.		137,009		587,549
Victoria Gold Corp.^(a)		382,266		1,495,658
Wheaton Precious Metals Corp.		146,850		6,051,889


				92,483,649

Japan — 4.6%
ARE Holdings Inc.		500,000		6,465,332


Kazakhstan — 0.0%
Polymetal International PLC^(a)(c)		183,040		20


Mexico — 10.2%
Industrias Penoles SAB de CV^(a)(b)		1,139,517		14,279,188


Peru — 1.5%
Cia. de Minas Buenaventura SAA, ADR		138,566		2,092,347


Security	Shares		Value


South Africa — 1.4%
Harmony Gold Mining Co. Ltd.		330,679	$	1,922,251


United Kingdom — 0.4%
Hochschild Mining PLC^(a)		439,752		513,635


United States — 15.3%
Coeur Mining Inc.^(a)		323,855		838,784
Hecla Mining Co.		3,267,068		11,565,421
Newmont Corp.		285,649		8,926,531


				21,330,736


Total Long-Term Investments — 100.0% (Cost: $207,516,525)				139,678,577


Short-Term Securities

Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(d)(e)(f)		7,369,091		7,372,775

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(d)(e)		80,000		80,000


Total Short-Term Securities — 5.4% (Cost: $7,451,779)				7,452,775


Total Investments — 105.4% (Cost: $214,968,304)				147,131,352

Liabilities in Excess of Other Assets — (5.4)%				(7,502,915	)


Net Assets — 100.0%			$	139,628,437

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,566,447	$	—		$	(3,195,437	)^(a)	$	549	$	1,216	$	7,372,775		7,369,091	$	149,872	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		20,000	^(a)		—			—		—		80,000		80,000		3,519			—


									$	549	$	1,216	$	7,452,775			$	153,391		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Silver and Metals Miners ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
S&P/TSE 60 Index		1		03/14/24	$	190	$	(150	)

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	150	$	—	$	—	$	—	$	150

^(a)

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




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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	14,513		$	—	$	—	$	—	$	14,513


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(6,468	)	$	—	$	—	$	—	$	(6,468	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	364,797

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	130,185,920	$	9,492,637	$	20	$	139,678,577
Short-Term Securities
Money Market Funds		7,452,775		—		—		7,452,775


	$	137,638,695	$	9,492,637	$	20	$	147,131,352


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Silver and Metals Miners ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(150	)	$	—	$	—	$	(150	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		29

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares MSCI Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF		iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	129,759,410		$	95,353,007	$	357,977,007		$	1,061,135,213
Investments, at value — affiliated^(c)		59,091			966,810		4,135,882			17,479,610
Cash		118,757			68,678		8,895			5,042,409
Cash pledged for futures contracts		12,000			38,000		20,000			73,000
Foreign currency collateral pledged for futures contracts^(d)		23,778			5,050		—			—
Foreign currency, at value^(e)		480,471			84,871		787,813			1,212,734
Receivables:
Investments sold		1,136,159			678,896		7,937,233			7,436,954
Securities lending income — affiliated		114			633		742			13,804
Capital shares sold		—			—		67,135			—
Dividends — unaffiliated		159,287			558,450		589,090			1,880,015
Dividends — affiliated		747			504		445			3,410
Tax reclaims		15,443			19,345		—			118,928
Variation margin on futures contracts		2,491			2,986		1,577			1,737


Total assets		131,767,748			97,777,230		371,525,819			1,094,397,814


LIABILITIES
Bank borrowings		—			—		—			4,350,775
Collateral on securities loaned, at value		57,841			865,419		4,018,052			17,471,606
Payables:
Investments purchased		996,382			766,911		8,175,774			6,558,267
Deferred foreign capital gain tax		73,932			162,657		—			1,127,889
Investment advisory fees		41,968			30,451		113,038			334,457
Professional fees		—			8,197		—			—


Total liabilities		1,170,123			1,833,635		12,306,864			29,842,994


Commitments and contingent liabilities

NET ASSETS	$	130,597,625		$	95,943,595	$	359,218,955		$	1,064,554,820


NET ASSETS CONSIST OF
Paid-in capital	$	197,519,774		$	77,368,804	$	566,046,529		$	1,339,472,330
Accumulated earnings (loss)		(66,922,149	)		18,574,791		(206,827,574	)		(274,917,510	)


NET ASSETS	$	130,597,625		$	95,943,595	$	359,218,955		$	1,064,554,820


NET ASSET VALUE
Shares outstanding		3,600,000			3,900,000		17,200,000			26,950,000


Net asset value	$	36.28		$	24.60	$	20.88		$	39.50


Shares authorized		500 million			500 million		500 million			500 million


Par value	$	0.001		$	0.001	$	0.001		$	0.001


^(a) Investments, at cost — unaffiliated	$	167,878,444		$	74,723,636	$	461,733,299		$	1,180,331,981
^(b) Securities loaned, at value	$	54,167		$	813,669	$	3,983,089		$	16,322,910
^(c) Investments, at cost — affiliated	$	59,036		$	966,617	$	4,135,018		$	17,471,360
^(d) Foreign currency collateral pledged, at cost	$	23,924		$	5,036	$	—		$	—
^(e) Foreign currency, at cost	$	506,814		$	85,436	$	791,128		$	1,225,208

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024


	iShares MSCI Global Silver and Metals Miners ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	139,678,577
Investments, at value — affiliated^(c)			7,452,775
Cash			7,965
Foreign currency, at value^(d)			68,337
Receivables:
Investments sold			7,721,023
Securities lending income — affiliated			28,614
Dividends — unaffiliated			50,245
Dividends — affiliated			375
Tax reclaims			8,672


Total assets			155,016,583


LIABILITIES
Collateral on securities loaned, at value			7,380,379
Payables:
Investments purchased			7,962,866
Investment advisory fees			44,777
Variation margin on futures contracts			124


Total liabilities			15,388,146

Commitments and contingent liabilities

NET ASSETS		$	139,628,437


NET ASSETS CONSIST OF
Paid-in capital		$	276,973,925
Accumulated loss			(137,345,488	)

NET ASSETS		$	139,628,437


NET ASSET VALUE
Shares outstanding			17,100,000


Net asset value		$	8.17



Shares authorized			500 million



Par value		$	0.001


^(a) Investments, at cost — unaffiliated		$	207,516,525
^(b) Securities loaned, at value		$	7,022,677
^(c) Investments, at cost — affiliated		$	7,451,779
^(d) Foreign currency, at cost		$	69,528

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares MSCI Agriculture Producers ETF				iShares MSCI Global Energy Producers ETF				iShares MSCI Global Gold Miners ETF				iShares MSCI Global Metals & Mining Producers ETF


INVESTMENT INCOME
Dividends — unaffiliated		$	1,607,459			$	2,100,303			$	5,216,717			$	17,721,518
Dividends — affiliated			4,238				6,269				8,285				65,202
Interest — unaffiliated			1,054				1,405				766				11,615
Securities lending income — affiliated — net			11,500				2,959				5,516				166,687
Other income — unaffiliated			—				813				—				—
Foreign taxes withheld			(96,172	)			(102,028	)			(379,494	)			(588,168	)
Foreign withholding tax claims			—				80,737				—				—
Other foreign taxes			—				—				—				(24,103	)


Total investment income			1,528,079				2,090,458				4,851,790				17,352,751


EXPENSES
Investment advisory			329,164				215,682				755,765				2,424,196
Interest expense			1,244				106				—				3,895
Commitment costs			615				271				—				6,694
Professional			—				8,161				—				4,862


Total expenses			331,023				224,220				755,765				2,439,647


Net investment income			1,197,056				1,866,238				4,096,025				14,913,104


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)			(3,790,611	)			305,610				(9,305,423	)			(8,566,211	)
Investments — affiliated			565				103				746				3,982
Foreign currency transactions			(7,619	)			52				12,716				(181,055	)
Futures contracts			27,807				3,772				24,415				(599,706	)
In-kind redemptions — unaffiliated^(b)			(10,222,027	)			7,611,156				890,102				17,078,665


			(13,991,885	)			7,920,693				(8,377,444	)			7,735,675


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)			(3,286,981	)			(9,595,558	)			(20,781,856	)			(14,332,222	)
Investments — affiliated			(182	)			35				(100	)			2,263
Foreign currency translations			(12,642	)			1,451				(10,661	)			25,276
Futures contracts			12,905				(3,595	)			(8,826	)			122,439


			(3,286,900	)			(9,597,667	)			(20,801,443	)			(14,182,244	)


Net realized and unrealized loss			(17,278,785	)			(1,676,974	)			(29,178,887	)			(6,446,569	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(16,081,729	)		$	189,264			$	(25,082,862	)		$	8,466,535


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of		$	(39,598	)		$	(40,312	)		$	—			$	(536,077	)
^(b) See Note 2 of the Notes to Financial Statements.
^(c) Net of increase in deferred foreign capital gain tax of		$	(40,791	)		$	(91,691	)		$	—			$	(216,308	)

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024


	iShares MSCI Global Silver and Metals Miners ETF


INVESTMENT INCOME
Dividends — unaffiliated		$	826,416
Dividends — affiliated			3,519
Interest — unaffiliated			193
Securities lending income — affiliated — net			149,872
Foreign taxes withheld			(85,319	)


Total investment income			894,681


EXPENSES
Investment advisory			307,038


Total expenses			307,038


Net investment income			587,643


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			(8,973,043	)
Investments — affiliated			549
Foreign currency transactions			(25,472	)
Futures contracts			14,513
In-kind redemptions — unaffiliated^(a)			180,838


			(8,802,615	)


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			(17,464,016	)
Investments — affiliated			1,216
Foreign currency translations			19,485
Futures contracts			(6,468	)


			(17,449,783	)


Net realized and unrealized loss			(26,252,398	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(25,664,755	)

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI Agriculture Producers ETF								iShares MSCI Global Energy Producers ETF


	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23				Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	1,197,056			$	5,610,919			$	1,866,238			$	5,325,889
Net realized gain (loss)			(13,991,885	)			759,779				7,920,693				4,873,125
Net change in unrealized appreciation (depreciation)			(3,286,900	)			(22,265,000	)			(9,597,667	)			3,046,607


Net increase (decrease) in net assets resulting from operations			(16,081,729	)			(15,894,302	)			189,264				13,245,621


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(2,403,871	)			(5,196,045	)			(2,677,405	)			(5,942,443	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(63,074,330	)			(58,924,507	)			(19,409,457	)			(11,821,581	)


NET ASSETS
Total decrease in net assets			(81,559,930	)			(80,014,854	)			(21,897,598	)			(4,518,403	)
Beginning of period			212,157,555				292,172,409				117,841,193				122,359,596


End of period		$	130,597,625			$	212,157,555			$	95,943,595			$	117,841,193

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

See notes to financial statements.


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Gold Miners ETF							iShares MSCI Global Metals & Mining Producers ETF


	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	4,096,025		$	8,255,113			$	14,913,104		$	65,062,202
Net realized gain (loss)			(8,377,444	)		(9,558,248	)			7,735,675			6,107,918
Net change in unrealized appreciation (depreciation)			(20,801,443	)		81,191,443				(14,182,244	)		86,922,319


Net increase (decrease) in net assets resulting from operations			(25,082,862	)		79,888,308				8,466,535			158,092,439


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(4,903,752	)		(8,857,577	)			(30,539,412	)		(62,569,236	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			2,987,115			(47,177,046	)			(376,819,036	)		144,932,238


NET ASSETS
Total increase (decrease) in net assets			(26,999,499	)		23,853,685				(398,891,913	)		240,455,441
Beginning of period			386,218,454			362,364,769				1,463,446,733			1,222,991,292


End of period		$	359,218,955		$	386,218,454			$	1,064,554,820		$	1,463,446,733

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Silver and Metals Miners ETF


	Six Months Ended 02/29/24 (unaudited)				Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	587,643			$	1,613,889
Net realized loss			(8,802,615	)			(16,614,124	)
Net change in unrealized appreciation (depreciation)			(17,449,783	)			36,994,225


Net increase (decrease) in net assets resulting from operations			(25,664,755	)			21,993,990


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(832,787	)			(871,745	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(913,126	)			(9,878,284	)


NET ASSETS
Total increase (decrease) in net assets			(27,410,668	)			11,243,961
Beginning of period			167,039,105				155,795,144


End of period		$	139,628,437			$	167,039,105

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

See notes to financial statements.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Agriculture Producers ETF


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


Net asset value, beginning of period			$	40.03				$	43.28				$	39.82				$	28.60				$	26.88				$	29.15


Net investment income^(a)				0.26					0.87					0.86					0.60					0.49					0.53
Net realized and unrealized gain (loss)^(b)				(3.46	)				(3.31	)				3.25					11.11					1.73					(2.25	)


Net increase (decrease) from investment operations				(3.20	)				(2.44	)				4.11					11.71					2.22					(1.72	)


Distributions from net investment income^(c)				(0.55	)				(0.81	)				(0.65	)				(0.49	)				(0.50	)				(0.55	)


Net asset value, end of period			$	36.28				$	40.03				$	43.28				$	39.82				$	28.60				$	26.88


Total Return^(d)
Based on net asset value				(8.02	)%^(e)				(5.70	)%				10.43	%				41.16	%				8.41	%				(5.88	)%


Ratios to Average Net Assets^(f)
Total expenses				0.39	%^(g)				0.39	%				0.39	%				0.39	%				0.39	%				0.39	%


Net investment income				1.42	%^(g)				2.09	%				2.00	%				1.60	%				1.84	%				1.88	%


Supplemental Data
Net assets, end of period (000)			$	130,598				$	212,158				$	292,172				$	85,612				$	27,175				$	25,535


Portfolio turnover rate^(h)				4	%				12	%				10	%				6	%				9	%				13	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Where applicable, assumes the reinvestment of distributions.

^(e)

Not annualized.

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Energy Producers ETF


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


Net asset value, beginning of period			$	25.07				$	23.53				$	15.86				$	12.04				$	17.97				$	22.80


Net investment income^(a)				0.42					1.07	^(b)				1.01					0.58					0.68					0.70
Net realized and unrealized gain (loss)^(c)				(0.29	)				1.65					7.51					3.76					(5.61	)				(4.90	)


Net increase (decrease) from investment operations				0.13					2.72					8.52					4.34					(4.93	)				(4.20	)


Distributions from net investment income^(d)				(0.60	)				(1.18	)				(0.85	)				(0.52	)				(1.00	)				(0.63	)


Net asset value, end of period			$	24.60				$	25.07				$	23.53				$	15.86				$	12.04				$	17.97


Total Return^(e)
Based on net asset value				0.58	%^(f)				11.94	%^(b)				54.58	%				36.41	%				(28.92	)%				(18.56	)%


Ratios to Average Net Assets^(g)
Total expenses				0.41	%^(h)				0.39	%				0.39	%				0.39	%				0.39	%				0.39	%


Total expenses excluding professional fees for foreign withholding tax claims				0.39	%^(h)				0.39	%				N/A					N/A					N/A					N/A


Net investment income				3.37	%^(h)				4.47	%^(b)				4.85	%				4.01	%				4.62	%				3.41	%


Supplemental Data
Net assets, end of period (000)			$	95,944				$	117,841				$	122,360				$	80,086				$	49,985				$	46,733


Portfolio turnover rate⁽ⁱ⁾				3	%				8	%				12	%				8	%				12	%				6	%

^(a)

Based on average shares outstanding.

^(b)

Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2023:

•

Net investment income per share by $0.01.

•

Total return by 0.03%.

•

Ratio of net investment income to average net assets by 0.02%.

^(c)

^(d)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)

Where applicable, assumes the reinvestment of distributions.

^(f)

Not annualized.

^(g)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)

Annualized.

⁽ⁱ⁾

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Gold Miners ETF


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


Net asset value, beginning of period			$	22.65				$	18.35				$	26.96				$	35.13				$	24.01				$	14.43


Net investment income^(a)				0.24					0.45					0.56					0.49					0.17					0.18
Net realized and unrealized gain (loss)^(b)				(1.73	)				4.34					(8.61	)				(8.20	)				11.11					9.59


Net increase (decrease) from investment operations				(1.49	)				4.79					(8.05	)				(7.71	)				11.28					9.77


Distributions from net investment income^(c)				(0.28	)				(0.49	)				(0.56	)				(0.46	)				(0.16	)				(0.19	)


Net asset value, end of period			$	20.88				$	22.65				$	18.35				$	26.96				$	35.13				$	24.01


Total Return^(d)
Based on net asset value				(6.74	)%^(e)				26.12	%				(30.42	)%				(22.12	)%				47.22	%				68.13	%


Ratios to Average Net Assets^(f)
Total expenses				0.39	%^(g)				0.39	%				0.39	%				0.39	%				0.39	%				0.39	%


Net investment income				2.11	%^(g)				2.00	%				2.16	%				1.63	%				0.66	%				1.04	%


Supplemental Data
Net assets, end of period (000)			$	359,219				$	386,218				$	362,365				$	558,142				$	572,625				$	325,284


Portfolio turnover rate^(h)				8	%				16	%				25	%				12	%				21	%				15	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Where applicable, assumes the reinvestment of distributions.

^(e)

Not annualized.

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Metals & Mining Producers ETF


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


Net asset value, beginning of period			$	40.26		$	36.62		$	45.61		$	27.79				$	25.60				$	30.93


Net investment income^(a)				0.48			1.83			2.67			2.13					1.04					1.49
Net realized and unrealized gain (loss)^(b)				(0.22	)		3.66			(8.08	)		16.86					2.26					(5.13	)


Net increase (decrease) from investment operations				0.26			5.49			(5.41	)		18.99					3.30					(3.64	)


Distributions from net investment income^(c)				(1.02	)		(1.85	)		(3.58	)		(1.17	)				(1.11	)				(1.69	)


Net asset value, end of period			$	39.50		$	40.26		$	36.62		$	45.61				$	27.79				$	25.60


Total Return^(d)
Based on net asset value				0.51	%^(e)		14.96	%		(12.69	)%		68.77	%				13.00	%				(12.16	)%


Ratios to Average Net Assets^(f)
Total expenses				0.39	%^(g)		0.39	%		0.39	%		0.39	%				0.39	%				0.39	%


Total expenses excluding professional fees for foreign withholding tax claims				0.39	%^(g)		N/A			0.39	%		N/A					N/A					N/A


Net investment income				2.40	%^(g)		4.50	%		6.23	%		5.11	%				4.03	%				5.05	%


Supplemental Data
Net assets, end of period (000)			$	1,064,555		$	1,463,447		$	1,222,991		$	1,106,060				$	297,394				$	221,470


Portfolio turnover rate^(h)				4	%		13	%		19	%		17	%				11	%				14	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Where applicable, assumes the reinvestment of distributions.

^(e)

Not annualized.

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Silver and Metals Miners ETF

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


Net asset value, beginning of period		$	9.71			$	8.61			$	13.92			$	17.29			$	10.84			$	8.43


Net investment income^(a)			0.03				0.09				0.12				0.10				0.04				0.09
Net realized and unrealized gain (loss)^(b)			(1.52	)			1.06				(5.31	)			(2.93	)			6.62				2.40


Net increase (decrease) from investment operations			(1.49	)			1.15				(5.19	)			(2.83	)			6.66				2.49


Distributions from net investment income^(c)			(0.05	)			(0.05	)			(0.12	)			(0.54	)			(0.21	)			(0.08	)


Net asset value, end of period		$	8.17			$	9.71			$	8.61			$	13.92			$	17.29			$	10.84


Total Return^(d)
Based on net asset value			(15.53	)%^(e)			13.41	%			(37.54	)%			(16.69	)%			62.71	%			29.89	%


Ratios to Average Net Assets^(f)
Total expenses			0.39	%^(g)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%


Net investment income			0.75	%^(g)			0.89	%			0.94	%			0.63	%			0.35	%			0.98	%


Supplemental Data
Net assets, end of period (000)		$	139,628			$	167,039			$	155,795			$	267,328			$	250,656			$	99,757


Portfolio turnover rate^(h)			10	%			26	%			38	%			31	%			66	%			27	%

^(a)

Based on average shares outstanding.

^(b)

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Where applicable, assumes the reinvestment of distributions.

^(e)

Not annualized.

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		41

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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




iShares ETF		Diversification Classification


MSCI Agriculture Producers		Non-diversified
MSCI Global Energy Producers		Non-diversified
MSCI Global Gold Miners		Non-diversified
MSCI Global Metals & Mining Producers		Non-diversified
MSCI Global Silver and Metals Miners		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Agriculture Producers
Morgan Stanley	$	17,193	$	(17,193	)	$	—		$	—
State Street Bank & Trust Co.		26,371		(26,371	)		—			—
UBS AG		10,603		(10,603	)		—			—


	$	54,167	$	(54,167	)	$	—		$	—


MSCI Global Energy Producers
Barclays Bank PLC	$	16,623	$	(16,623	)	$	—		$	—
Barclays Capital, Inc.		303,793		(303,793	)		—			—
BofA Securities, Inc.		96,540		(96,540	)		—			—
Goldman Sachs & Co. LLC		20,976		(20,976	)		—			—
J.P. Morgan Securities LLC		72,424		(72,424	)		—			—
Morgan Stanley		185,301		(185,301	)		—			—
Scotia Capital (USA), Inc.		41,691		(41,691	)		—			—
State Street Bank & Trust Co.		76,321		(76,321	)		—			—


	$	813,669	$	(813,669	)	$	—		$	—


MSCI Global Gold Miners
Barclays Capital, Inc.	$	736,714	$	(736,714	)	$	—		$	—
BNP Paribas SA		1,982,127		(1,912,219	)		—			69,908
J.P. Morgan Securities LLC		527,842		(509,226	)		—			18,616
SG Americas Securities LLC		250,973		(250,973	)		—			—
State Street Bank & Trust Co.		485,433		(485,433	)		—			—


	$	3,983,089	$	(3,894,565	)	$	—		$	88,524


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Global Metals & Mining Producers
Barclays Capital, Inc.	$	295,525	$	(295,525	)	$	—		$	—
BNP Paribas SA		160,488		(160,488	)		—			—
BofA Securities, Inc.		361,089		(361,089	)		—			—
Citigroup Global Markets, Inc.		3,431,270		(3,431,270	)		—			—
J.P. Morgan Securities LLC		3,208,553		(3,208,553	)		—			—
Morgan Stanley		8,470,270		(8,470,270	)		—			—
UBS AG		395,715		(395,715	)		—			—


	$	16,322,910	$	(16,322,910	)	$	—		$	—


MSCI Global Silver and Metals Miners
BMO Capital Markets Corp.	$	133,736	$	(133,736	)	$	—		$	—
BofA Securities, Inc.		1,022,010		(1,022,010	)		—			—
J.P. Morgan Securities LLC		18,837		(18,592	)		—			245
Morgan Stanley		4,546,506		(4,546,506	)		—			—
Scotia Capital (USA), Inc.		1,301,588		(1,301,588	)		—			—


	$	7,022,677	$	(7,022,432	)	$	—		$	245

^(a)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For each of the iShares MSCI Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2028 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For six months ended February 29, 2024, there were no fees waived by BFA pursuant to these arrangements.




iShares ETF	Amounts


MSCI Agriculture Producers	$	2,230
MSCI Global Energy Producers		697
MSCI Global Gold Miners		1,610
MSCI Global Metals & Mining Producers		36,028
MSCI Global Silver and Metals Miners		30,769

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:




iShares ETF	Purchases		Sales		Net Realized Gain (Loss)


MSCI Agriculture Producers	$	213,551	$	349,833	$	(121,141)
MSCI Global Energy Producers		475,580		344,567		68,147
MSCI Global Gold Miners		2,870,806		37,050		(10,083)
MSCI Global Metals & Mining Producers		159,897		2,147,252		97,466
MSCI Global Silver and Metals Miners		8,049		506,460		(201,283)


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:




iShares ETF	Purchases		Sales


MSCI Agriculture Producers	$	6,295,845	$	16,633,836
MSCI Global Energy Producers		3,558,348		6,546,758
MSCI Global Gold Miners		32,732,771		32,730,145
MSCI Global Metals & Mining Producers		49,295,592		126,422,781
MSCI Global Silver and Metals Miners		15,925,149		15,379,252

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




iShares ETF	In-kind Purchases		In-kind Sales


MSCI Agriculture Producers	$	—	$	54,197,121
MSCI Global Energy Producers		—		16,659,917
MSCI Global Gold Miners		9,280,113		6,788,316
MSCI Global Metals & Mining Producers		—		304,489,185
MSCI Global Silver and Metals Miners		927,575		1,838,314

8.	*INCOME TAX INFORMATION*

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




iShares ETF	Non-Expiring Capital Loss Carryforwards


MSCI Agriculture Producers	$	(12,363,399)
MSCI Global Energy Producers		(9,000,194)
MSCI Global Gold Miners		(89,637,594)
MSCI Global Metals & Mining Producers		(119,542,181)
MSCI Global Silver and Metals Miners		(58,011,434)




iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


MSCI Agriculture Producers	$	170,422,863	$	4,889,477	$	(45,476,018	)	$	(40,586,541)
MSCI Global Energy Producers		77,159,978		24,455,574		(5,288,492	)		19,167,082
MSCI Global Gold Miners		471,336,016		20,082,892		(129,300,761	)		(109,217,869)
MSCI Global Metals & Mining Producers		1,239,353,562		143,708,793		(304,444,467	)		(160,735,674)
MSCI Global Silver and Metals Miners		217,763,099		3,893,372		(74,525,269	)		(70,631,897)


N O T E S T O F I N A N C I A L S T A T E M E N T S		47

Notes to Financial Statements (unaudited) (continued)

9.	*LINE OF CREDIT*

The iShares MSCI Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 29, 2024, the iShares MSCI Global Energy Producers did not borrow under the Syndicated Credit Agreement.




iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates


MSCI Agriculture Producers	$	250,000	$	11,099		6.44%
MSCI Global Metals & Mining Producers		4,350,000		119,505		6.44

10.

PRINCIPAL RISKS


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but have been, and may continue to be, significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI Agriculture Producers
Shares sold		—		$	17,955			850,000		$	36,503,951
Shares redeemed		(1,700,000	)		(63,092,285	)		(2,300,000	)		(95,428,458	)


		(1,700,000	)	$	(63,074,330	)		(1,450,000	)	$	(58,924,507	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		49

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


MSCI Global Energy Producers
Shares sold		—		$	4,319			—		$	—
Shares redeemed		(800,000	)		(19,413,776	)		(500,000	)		(11,821,581	)


		(800,000	)	$	(19,409,457	)		(500,000	)	$	(11,821,581	)


MSCI Global Gold Miners
Shares sold		450,000		$	9,835,461			3,200,000		$	79,037,668
Shares redeemed		(300,000	)		(6,848,346	)		(5,900,000	)		(126,214,714	)


		150,000		$	2,987,115			(2,700,000	)	$	(47,177,046	)


MSCI Global Metals & Mining Producers
Shares sold		—		$	217,247			10,250,000		$	438,068,874
Shares redeemed		(9,400,000	)		(377,036,283	)		(7,300,000	)		(293,136,636	)


		(9,400,000	)	$	(376,819,036	)		2,950,000		$	144,932,238


MSCI Global Silver and Metals Miners
Shares sold		100,000		$	930,827			600,000		$	5,690,863
Shares redeemed		(200,000	)		(1,843,953	)		(1,500,000	)		(15,569,147	)


		(100,000	)	$	(913,126	)		(900,000	)	$	(9,878,284	)

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI Global Energy Producers ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.

SUBSEQUENT EVENTS


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver and Metals Miners ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		51

Supplemental Information (unaudited)

Section 19(a) Notices

February 29, 2024



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

MSCI Agriculture Producers^(a)	$	0.533280	$	—	$	0.019334	$	0.552614		97	%		—	%		3	%		100%
MSCI Global Energy Producers^(a)		0.595614		—		0.006050		0.601664		99			—			1			100

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


52		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		53

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

S&P		Standard & Poor’s


54		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-812-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

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

· iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		13.93%		30.45%

U.S. small cap equities (Russell 2000^® Index)		8.97		10.05

International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41

Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page


The Markets in Review		2

Semi-Annual Report:

Fund Summary		4

About Fund Performance		6

Disclosure of Expenses		6

Schedules of Investments		7

Financial Statements

Statements of Assets and Liabilities		28

Statements of Operations		29

Statements of Changes in Net Assets		30

Financial Highlights		31

Notes to Financial Statements		33

Statement Regarding Liquidity Risk Management Program		43

Supplemental Information		44

General Information		45

Glossary of Terms Used in this Report		46


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

Investment Objective

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.

Performance



				Average Annual Total Returns									Cumulative Total Returns

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

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

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

Expense Example



Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Portfolio Information


PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets

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


SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment^(a)

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

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		4.29	%		7.76	%		1.11	%		2.32	%		7.76	%		5.65	%		25.83	%
Fund Market		4.06			7.46			1.10			2.35			7.46			5.62			26.20
Index		4.93			8.73			1.89			3.01			8.73			9.82			34.47

Expense Example



Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

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

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)

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

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


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

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


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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

Disclosure of Expenses


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

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


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


Short-Term Securities

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


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


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

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


Net Assets — 100.0%			$	119,081,203

^(a)	Affiliate of the Fund.

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

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

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

Affiliates



Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds

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


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

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

BRL

33,401,000

USD

6,716,226

State Street Bank & Trust Company

03/06/24

1,227

CLP

637,182,000

USD

658,927

State Street Bank & Trust Company

03/06/24

573

CNH

651,000

USD

90,274

BNP Paribas SA

03/06/24

EUR

37,000

USD

39,878

Bank of America N.A.

03/06/24

115

INR

14,599,000

USD

175,610

Morgan Stanley & Co. International PLC

03/06/24

448


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



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

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


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



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

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


								714,237

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


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

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



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

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


									(149,245	)


									$564,992

Derivative Financial Instruments Categorized by Risk Exposure

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




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


Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	714,237	$	—	$	—	$	714,237

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

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,163,434		$	—	$	—	$	2,163,434

Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(1,498,901	)	$	—	$	—	$	(1,498,901	)


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	115,301,879
Average amounts sold — in USD	$	225,716,168

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:




	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	714,237	$	149,245


Total derivative assets and liabilities in the Statement of Assets and Liabilities		714,237		149,245
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA	$	714,237	$	149,245




Counterparty	Derivative Assets Subject to an MNA by Counterparty				Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)


Bank of America N.A.		$	161,987	$	(6,542	)	$	—	$	—		$	155,445
Bank of New York			359		(359	)		—		—			—
Barclays Bank PLC			7		—			—		—			7
BNP Paribas SA			154		—			—		—			154
Citibank N.A.			448,778		(70,850	)		—		(377,928	)		—
HSBC Bank PLC			34,748		(34,748	)		—		—			—
JPMorgan Chase Bank N.A.			46,898		(8,478	)		—		—			38,420
Morgan Stanley & Co. International PLC			4,208		(4,208	)		—		—			—
State Street Bank & Trust Company			16,431		(9,455	)		—		—			6,976
UBS AG			667		(360	)		—		—			307


		$	714,237	$	(135,000	)	$	—	$	(377,928	)	$	201,309




Counterparty	Derivative Liabilities Subject to an MNA by Counterparty				Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities	^(d)


Bank of America N.A.		$	6,542	$	(6,542	)	$	—	$	—		$	—
Bank of New York			490		(359	)		—		—			131
Citibank N.A.			70,850		(70,850	)		—		—			—
Goldman Sachs & Co.			149		—			—		—			149
HSBC Bank PLC			44,174		(34,748	)		—		—			9,426
JPMorgan Chase Bank N.A.			8,478		(8,478	)		—		—			—
Morgan Stanley & Co. International PLC			8,747		(4,208	)		—		—			4,539
State Street Bank & Trust Company			9,455		(9,455	)		—		—			—
UBS AG			360		(360	)		—		—			—


		$	149,245	$	(135,000	)	$	—	$	—		$	14,245

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.


S C H E D U L E O F I N V E S T M E N T S			11

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Currency Hedged MSCI Emerging Markets ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Investment Companies	$	119,009,240	$	—		$	—	$	119,009,240
Short-Term Securities
Money Market Funds		40,477,484		—			—		40,477,484


	$	159,486,724	$	—		$	—	$	159,486,724

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	714,237		$	—	$	714,237
Liabilities
Foreign Currency Exchange Contracts		—		(149,245	)		—		(149,245	)


	$	—	$	564,992		$	—		564,992

^(a)

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.9%
Ambev SA		11,827,077	$	29,929,921
Atacadao SA		1,597,144		3,884,346
B3 SA - Brasil Bolsa Balcao		14,411,644		37,195,267
Banco Bradesco SA		3,859,618		9,549,859
Banco BTG Pactual SA		2,992,517		21,906,156
Banco do Brasil SA		2,146,378		24,982,284
Banco Santander Brasil SA		912,178		5,247,992
BB Seguridade Participacoes SA		1,749,970		11,736,638
Caixa Seguridade Participacoes S/A		1,506,778		4,355,656
CCR SA		2,553,280		7,077,749
Centrais Eletricas Brasileiras SA		3,040,846		26,609,161
Cia. de Saneamento Basico do Estado de Sao Paulo		867,260		13,810,284
Cia. Siderurgica Nacional SA		1,714,900		5,802,462
Cosan SA		3,090,961		10,570,364
CPFL Energia SA		551,281		3,924,651
Energisa SA		548,998		5,614,664
Eneva SA^(a)		1,846,059		4,764,526
Engie Brasil Energia SA		515,713		4,359,249
Equatorial Energia SA		2,580,464		17,742,604
Hapvida Participacoes e Investimentos SA^(a)(b)		12,383,585		9,142,394
Hypera SA		964,357		6,378,479
JBS SA		1,939,235		8,995,747
Klabin SA		1,896,668		8,611,333
Localiza Rent a Car SA		2,293,934		24,457,062
Localiza Rent a Car SA, NVS^(a)		8,247		83,945
Lojas Renner SA		2,444,105		7,768,272
Magazine Luiza SA^(a)		7,776,708		3,332,137
Magazine Luiza SA, NVS		744,932		319,186
Natura & Co. Holding SA^(a)		2,322,853		7,621,197
Petroleo Brasileiro SA		9,366,049		77,662,598
PRIO SA		2,020,175		17,763,040
Raia Drogasil SA		3,269,481		17,521,067
Rede D’Or Sao Luiz SA^(b)		1,452,329		7,397,351
Rumo SA		3,271,253		14,950,990
Sendas Distribuidora SA		3,414,099		9,752,410
Suzano SA		1,995,024		22,614,633
Telefonica Brasil SA		1,055,339		11,565,824
TIM SA/Brazil		2,219,171		8,111,351
TOTVS SA		1,376,170		8,496,039
Ultrapar Participacoes SA		1,835,322		10,839,664
Vale SA		8,566,357		115,439,290
Vibra Energia SA		2,933,140		15,258,394
WEG SA		4,259,968		31,441,376


				694,587,612

Chile — 0.4%
Banco de Chile		113,770,353		13,192,413
Banco de Credito e Inversiones SA		198,621		5,510,054
Banco Santander Chile		168,433,008		8,190,985
Cencosud SA		3,333,248		5,986,362
Cia. Sud Americana de Vapores SA		39,063,910		2,727,430
Empresas CMPC SA		2,883,600		5,119,117
Empresas Copec SA		989,695		6,351,685
Enel Americas SA		54,440,781		5,550,812
Enel Chile SA		70,568,699		4,238,972
Falabella SA^(a)		2,166,829		5,495,729
Latam Airlines Group SA^(a)		468,177,037		5,888,196


				68,251,755

China — 25.3%
360 Security Technology Inc., Class A^(a)		1,202,306		1,461,726


Security	Shares		Value

China (continued)
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		365,188	$	983,621
AAC Technologies Holdings Inc.		1,846,000		4,589,433
Advanced Micro-Fabrication Equipment Inc., Class A		105,029		2,142,526
AECC Aviation Power Co. Ltd., Class A		426,073		2,034,085
Agricultural Bank of China Ltd., Class A		13,079,800		7,597,915
Agricultural Bank of China Ltd., Class H		69,665,000		28,579,751
Aier Eye Hospital Group Co. Ltd., Class A		1,544,317		3,131,124
Air China Ltd., Class A^(a)		2,042,593		2,115,444
Air China Ltd., Class H^(a)		4,152,000		2,223,338
Akeso Inc.^(a)(b)(c)		1,285,000		7,705,404
Alibaba Group Holding Ltd.		41,004,856		376,985,417
Alibaba Health Information Technology Ltd.^(a)(c)		13,880,000		6,064,908
Aluminum Corp. of China Ltd., Class A		2,958,900		2,474,457
Aluminum Corp. of China Ltd., Class H		9,672,000		4,819,487
Anhui Conch Cement Co. Ltd., Class A		676,986		2,247,207
Anhui Conch Cement Co. Ltd., Class H		2,972,500		6,468,112
Anhui Gujing Distillery Co. Ltd., Class A		62,985		1,909,039
Anhui Gujing Distillery Co. Ltd., Class B		273,000		3,859,781
Anhui Jianghuai Automobile Group Corp. Ltd.^(a)		468,200		1,002,534
Anhui Kouzi Distillery Co. Ltd., Class A		118,452		699,271
Anhui Yingjia Distillery Co. Ltd., Class A		117,800		1,041,638
Anjoy Foods Group Co. Ltd., Class A		60,500		731,425
ANTA Sports Products Ltd.		3,163,802		30,844,060
Asymchem Laboratories Tianjin Co. Ltd., Class A		60,680		851,634
Autohome Inc., ADR		178,340		4,635,057
Avary Holding Shenzhen Co. Ltd., Class A		447,004		1,305,984
AVIC Industry-Finance Holdings Co. Ltd., Class A		1,745,289		802,824
AviChina Industry & Technology Co. Ltd., Class H		6,029,000		2,473,757
Avicopter PLC, Class A		135,553		685,053
BAIC BluePark New Energy Technology Co. Ltd.		1,119,900		921,784
Baidu Inc.^(a)		5,687,780		71,969,737
Bank of Beijing Co. Ltd., Class A		3,808,206		2,737,400
Bank of Chengdu Co. Ltd., Class A		632,295		1,159,244
Bank of China Ltd., Class A		5,999,800		3,717,764
Bank of China Ltd., Class H		199,143,000		78,124,057
Bank of Communications Co. Ltd., Class A		6,403,593		5,564,656
Bank of Communications Co. Ltd., Class H		21,866,600		14,325,808
Bank of Hangzhou Co. Ltd., Class A		998,845		1,534,750
Bank of Jiangsu Co. Ltd., Class A		2,980,110		3,168,495
Bank of Nanjing Co. Ltd., Class A		1,725,646		2,093,649
Bank of Ningbo Co. Ltd., Class A		1,003,979		3,094,587
Bank of Shanghai Co. Ltd., Class A		2,692,542		2,439,424
Baoshan Iron & Steel Co. Ltd., Class A		3,673,773		3,394,713
BeiGene Ltd.^(a)		1,732,022		22,299,342
Beijing Enlight Media Co. Ltd., Class A		742,895		932,829
Beijing Enterprises Holdings Ltd.		1,413,500		5,317,330
Beijing Enterprises Water Group Ltd.		11,970,000		2,807,936
Beijing Kingsoft Office Software Inc., Class A		71,481		2,688,980
Beijing New Building Materials PLC, Class A		284,213		1,106,563
Beijing Roborock Technology Co. Ltd., Class A		24,165		1,092,923
Beijing Tongrentang Co. Ltd., Class A		267,000		1,649,106
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		135,130		1,386,338
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		8,010,100		5,612,498
Bilibili Inc.^(a)(c)		494,674		4,796,975


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Bloomage Biotechnology Corp. Ltd.		92,105	$	816,220
BOC Aviation Ltd.^(b)		579,300		4,264,317
BOE Technology Group Co. Ltd., Class A		6,681,900		3,696,453
Bosideng International Holdings Ltd.		10,046,000		5,052,908
Brilliance China Automotive Holdings Ltd.		7,448,000		4,335,421
BYD Co. Ltd., Class A		279,212		7,374,723
BYD Co. Ltd., Class H		2,621,500		64,567,719
BYD Electronic International Co. Ltd.		1,996,500		7,538,518
C&D International Investment Group Ltd.		1,796,000		2,920,172
Caitong Securities Co. Ltd., Class A		999,074		1,105,516
Cambricon Technologies Corp. Ltd.^(a)		68,154		1,595,112
CGN Power Co. Ltd.		1,920,100		1,027,845
CGN Power Co. Ltd., Class H^(b)		27,351,000		8,306,016
Changchun High & New Technology Industry Group Inc., Class A		67,494		1,205,057
Changjiang Securities Co. Ltd., Class A		1,234,435		941,798
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		51,100		995,920
Chaozhou Three-Circle Group Co. Ltd., Class A		397,730		1,399,533
China Cinda Asset Management Co. Ltd., Class H		25,097,000		2,403,090
China CITIC Bank Corp. Ltd., Class H		22,886,800		12,168,639
China Coal Energy Co. Ltd., Class H		5,281,000		5,687,205
China Communications Services Corp. Ltd., Class H		6,710,000		2,850,267
China Construction Bank Corp., Class A		1,763,568		1,711,329
China Construction Bank Corp., Class H		241,666,760		149,871,110
China CSSC Holdings Ltd., Class A		767,300		3,781,458
China Eastern Airlines Corp. Ltd., Class A^(a)		2,754,297		1,453,974
China Energy Engineering Corp. Ltd.		6,654,152		2,010,646
China Everbright Bank Co. Ltd., Class A		8,299,903		3,705,081
China Everbright Bank Co. Ltd., Class H		5,211,000		1,629,219
China Feihe Ltd.^(b)		9,480,000		4,715,264
China Galaxy Securities Co. Ltd., Class A		822,300		1,385,934
China Galaxy Securities Co. Ltd., Class H		8,688,000		4,564,976
China Gas Holdings Ltd.		7,031,800		6,435,377
China Greatwall Technology Group Co. Ltd., Class A		680,573		979,628
China Hongqiao Group Ltd.^(c)		6,249,500		4,836,372
China International Capital Corp. Ltd., Class A		290,000		1,406,130
China International Capital Corp. Ltd., Class H^(b)		3,976,400		4,984,649
China Jushi Co. Ltd., Class A		831,940		1,154,891
China Life Insurance Co. Ltd., Class A		448,512		1,882,492
China Life Insurance Co. Ltd., Class H		18,609,000		22,810,719
China Literature Ltd.^(a)(b)		1,040,200		3,188,938
China Longyuan Power Group Corp. Ltd., Class H		8,541,000		6,018,954
China Medical System Holdings Ltd.		3,542,000		5,822,608
China Mengniu Dairy Co. Ltd.		7,995,000		19,990,231
China Merchants Bank Co. Ltd., Class A		3,226,489		14,287,974
China Merchants Bank Co. Ltd., Class H		9,653,967		37,332,069
China Merchants Energy Shipping Co. Ltd., Class A		1,419,000		1,417,740
China Merchants Port Holdings Co. Ltd.		3,592,000		4,458,576
China Merchants Securities Co. Ltd., Class A		1,471,779		2,879,596
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,301,590		1,698,284
China Minsheng Banking Corp. Ltd., Class A		6,873,155		3,850,754
China Minsheng Banking Corp. Ltd., Class H		13,996,548		4,925,989


Security	Shares		Value

China (continued)
China National Building Material Co. Ltd., Class H		9,942,000	$	3,739,257
China National Chemical Engineering Co. Ltd., Class A		1,282,467		1,241,179
China National Nuclear Power Co. Ltd., Class A		3,207,100		3,860,794
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		704,754		1,843,257
China Oilfield Services Ltd., Class H		4,912,000		4,322,521
China Overseas Land & Investment Ltd.		9,668,460		14,278,554
China Overseas Property Holdings Ltd.^(c)		3,360,000		2,824,859
China Pacific Insurance Group Co. Ltd., Class A		1,144,907		4,054,163
China Pacific Insurance Group Co. Ltd., Class H		6,413,000		12,164,514
China Petroleum & Chemical Corp., Class A		4,793,889		4,148,365
China Petroleum & Chemical Corp., Class H		62,020,800		34,170,558
China Power International Development Ltd.		12,882,000		5,203,456
China Railway Group Ltd., Class A		3,346,500		2,943,831
China Railway Group Ltd., Class H		10,220,000		4,978,043
China Resources Beer Holdings Co. Ltd.		4,092,000		17,632,244
China Resources Gas Group Ltd.		2,370,900		7,154,713
China Resources Land Ltd.		8,117,333		24,793,212
China Resources Microelectronics Ltd.		292,493		1,736,094
China Resources Mixc Lifestyle Services Ltd.^(b)		1,706,200		5,142,177
China Resources Pharmaceutical Group Ltd.^(b)		4,067,500		2,751,002
China Resources Power Holdings Co. Ltd.		4,932,999		10,619,038
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		172,599		1,316,815
China Ruyi Holdings Ltd.^(a)(c)		14,760,000		2,897,247
China Shenhua Energy Co. Ltd., Class A		1,100,039		5,877,086
China Shenhua Energy Co. Ltd., Class H		8,429,000		32,432,181
China Southern Airlines Co. Ltd., Class A^(a)		2,403,800		1,971,020
China State Construction Engineering Corp. Ltd., Class A		6,656,871		4,933,364
China State Construction International Holdings Ltd.		5,506,000		6,135,403
China Taiping Insurance Holdings Co. Ltd.		3,842,260		3,338,236
China Three Gorges Renewables Group Co. Ltd., Class A		5,118,825		3,279,526
China Tourism Group Duty Free Corp. Ltd.^(b)(c)		193,000		1,889,915
China Tourism Group Duty Free Corp. Ltd., Class A		359,132		4,324,646
China Tower Corp. Ltd., Class H^(b)		115,412,000		13,988,857
China United Network Communications Ltd., Class A		5,063,900		3,369,508
China Vanke Co. Ltd., Class A		1,406,366		1,953,926
China Vanke Co. Ltd., Class H		5,321,931		4,103,116
China Yangtze Power Co. Ltd., Class A		3,764,415		13,085,396
China Zhenhua Group Science & Technology Co. Ltd., Class A		127,500		1,013,908
China Zheshang Bank Co. Ltd., Class A		4,692,730		1,808,740
Chongqing Brewery Co. Ltd., Class A		84,600		766,497
Chongqing Changan Automobile Co. Ltd., Class A		1,285,817		2,652,385
Chongqing Zhifei Biological Products Co. Ltd., Class A		367,913		2,728,066
Chow Tai Fook Jewellery Group Ltd.^(c)		5,038,800		7,508,169
CITIC Ltd.		14,815,000		14,903,470
CITIC Securities Co. Ltd., Class A		1,925,793		5,682,174
CITIC Securities Co. Ltd., Class H		4,366,100		8,070,530
CMOC Group Ltd., Class A		3,333,198		2,837,168


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
CMOC Group Ltd., Class H		8,700,000	$	5,367,090
CNPC Capital Co. Ltd., NVS		1,445,100		1,240,734
Contemporary Amperex Technology Co. Ltd., Class A		673,534		15,233,619
COSCO Shipping Energy Transportation Co. Ltd., Class A		620,800		1,184,018
COSCO Shipping Energy Transportation Co. Ltd., Class H		3,216,000		3,042,730
COSCO Shipping Holdings Co. Ltd., Class A		2,003,864		2,919,706
COSCO Shipping Holdings Co. Ltd., Class H		7,462,849		8,034,059
COSCO Shipping Ports Ltd.		3,734,000		2,228,062
Country Garden Holdings Co. Ltd.^(a)(c)		31,100,939		2,527,349
Country Garden Services Holdings Co. Ltd.		5,414,000		4,121,063
CRRC Corp. Ltd., Class A		4,067,800		3,599,701
CRRC Corp. Ltd., Class H		11,351,000		5,844,087
CSC Financial Co. Ltd., Class A		736,033		2,373,782
CSPC Innovation Pharmaceutical Co. Ltd.		175,600		827,493
CSPC Pharmaceutical Group Ltd.		22,650,479		17,641,320
Daqin Railway Co. Ltd., Class A		2,745,100		2,841,703
Dongfang Electric Corp. Ltd., Class A		553,900		1,256,065
Dongfeng Motor Group Co. Ltd., Class H		6,718,000		2,873,676
Dongxing Securities Co. Ltd., Class A		853,797		1,004,507
East Buy Holding Ltd.^(a)(b)(c)		1,156,500		3,564,887
East Money Information Co. Ltd., Class A		2,421,498		4,703,706
Eastroc Beverage Group Co. Ltd.		51,000		1,265,291
Ecovacs Robotics Co. Ltd., Class A		121,653		628,910
ENN Energy Holdings Ltd.		2,009,300		16,315,188
ENN Natural Gas Co. Ltd., Class A		410,500		1,066,017
Eoptolink Technology Inc. Ltd.		123,900		1,034,506
Eve Energy Co. Ltd., Class A		330,853		1,755,559
Everbright Securities Co. Ltd., Class A		689,083		1,614,531
Fangda Carbon New Material Co. Ltd., Class A^(a)		1,313,834		897,008
Far East Horizon Ltd.		4,285,000		3,442,448
First Capital Securities Co. Ltd., Class A		1,041,900		827,210
Flat Glass Group Co. Ltd., Class A		255,400		772,821
Flat Glass Group Co. Ltd., Class H^(c)		1,066,000		1,970,789
Focus Media Information Technology Co. Ltd., Class A		2,618,978		2,283,384
Foshan Haitian Flavouring & Food Co. Ltd., Class A		748,756		4,208,156
Fosun International Ltd.		6,552,000		3,780,089
Founder Securities Co. Ltd., Class A		1,491,200		1,576,556
Foxconn Industrial Internet Co. Ltd., Class A		2,034,997		5,277,072
Fuyao Glass Industry Group Co. Ltd., Class A		366,772		2,202,370
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		1,536,800		7,703,094
Ganfeng Lithium Group Co. Ltd., Class A		300,173		1,664,564
Ganfeng Lithium Group Co. Ltd., Class H^(b)(c)		982,080		3,253,452
GCL Technology Holdings Ltd.		53,688,000		7,467,943
GD Power Development Co. Ltd., Class A		3,227,900		2,096,272
Geely Automobile Holdings Ltd.		15,308,000		16,659,265
GEM Co. Ltd., Class A		1,823,100		1,354,904
Genscript Biotech Corp.^(a)(c)		2,956,000		5,975,956
GF Securities Co. Ltd., Class A		1,018,694		2,001,326
GF Securities Co. Ltd., Class H		2,771,600		2,975,987
Giant Biogene Holding Co. Ltd.^(a)(b)		749,600		3,427,509
GigaDevice Semiconductor Inc., Class A		122,894		1,248,703
Ginlong Technologies Co. Ltd., Class A		70,500		636,360
GoerTek Inc., Class A		529,100		1,222,572
Goldwind Science & Technology Co Ltd., Class A		1,074,393		1,138,192


Security	Shares		Value

China (continued)
Gongniu Group Co. Ltd.		85,300	$	1,205,815
GoodWe Technologies Co. Ltd., NVS		29,209		439,021
Gotion High-tech Co. Ltd., Class A^(a)		368,723		1,012,115
Great Wall Motor Co. Ltd.		415,400		1,346,821
Great Wall Motor Co. Ltd., Class H		5,807,500		6,554,664
Gree Electric Appliances Inc. of Zhuhai, Class A		463,600		2,508,862
Guangdong Haid Group Co. Ltd., Class A		306,627		1,831,919
Guangdong Investment Ltd.		7,618,110		4,520,721
Guanghui Energy Co. Ltd., Class A		1,166,500		1,212,098
Guangzhou Automobile Group Co. Ltd., Class A		908,400		1,121,204
Guangzhou Automobile Group Co. Ltd., Class H		7,751,838		3,354,206
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		293,596		1,205,676
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		98,584		822,016
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		152,591		829,398
Guangzhou Tinci Materials Technology Co. Ltd., Class A		354,200		1,014,005
Guosen Securities Co. Ltd., Class A		1,238,751		1,480,159
Guotai Junan Securities Co. Ltd., Class A		1,313,040		2,746,843
H World Group Ltd., ADR		522,740		19,111,374
Haidilao International Holding Ltd.^(b)(c)		4,255,000		7,738,019
Haier Smart Home Co. Ltd., Class A		1,071,341		3,568,542
Haier Smart Home Co. Ltd., Class H		5,984,800		18,125,809
Hainan Airlines Holding Co. Ltd., Class A^(a)		6,855,200		1,360,747
Hainan Airport Infrastructure Co. Ltd., NVS^(a)		2,355,600		1,224,467
Haitian International Holdings Ltd.		1,788,000		4,527,337
Haitong Securities Co. Ltd., Class A		1,718,300		2,176,701
Haitong Securities Co. Ltd., Class H		6,485,200		3,219,202
Hangzhou First Applied Material Co. Ltd., Class A		328,192		1,265,233
Hangzhou Robam Appliances Co. Ltd., Class A		225,864		781,699
Hangzhou Silan Microelectronics Co. Ltd., Class A		323,500		936,946
Hangzhou Tigermed Consulting Co. Ltd., Class A		55,100		343,985
Hansoh Pharmaceutical Group Co. Ltd.^(b)		3,004,000		5,294,744
Henan Shenhuo Coal & Power Co. Ltd.		495,500		1,264,698
Henan Shuanghui Investment & Development Co. Ltd., Class A		676,400		2,738,159
Hengan International Group Co. Ltd.		1,609,500		4,960,803
Hengli Petrochemical Co. Ltd., Class A^(a)		1,255,291		2,217,557
Hengyi Petrochemical Co. Ltd., Class A^(a)		1,098,349		1,052,733
Hithink RoyalFlush Information Network Co. Ltd., Class A		85,600		1,624,245
Hoshine Silicon Industry Co. Ltd., Class A		155,300		1,140,658
Hua Hong Semiconductor Ltd.^(a)(b)		1,534,000		3,287,717
Huadian Power International Corp. Ltd., Class A		1,646,200		1,414,018
Huadong Medicine Co. Ltd., Class A		327,705		1,525,960
Huafon Chemical Co. Ltd., Class A		1,104,400		1,044,713
Huagong Tech Co. Ltd., Class A		208,600		918,898
Hualan Biological Engineering Inc., Class A		483,883		1,322,310
Huaneng Power International Inc., Class A^(a)		1,665,800		2,038,130
Huaneng Power International Inc., Class H^(a)		10,616,000		5,954,107
Huatai Securities Co. Ltd., Class A		1,307,909		2,633,805
Huatai Securities Co. Ltd., Class H^(b)		2,895,400		3,417,498
Huaxia Bank Co. Ltd., Class A		2,644,960		2,325,649


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Huayu Automotive Systems Co. Ltd., Class A		617,268	$	1,493,484
Huizhou Desay Sv Automotive Co. Ltd., Class A		90,900		1,289,404
Humanwell Healthcare Group Co. Ltd., Class A		350,200		1,068,174
Hunan Valin Steel Co. Ltd., Class A		1,479,200		1,165,307
Hundsun Technologies Inc., Class A		327,144		1,106,264
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		884,400		3,319,896
Hygon Information Technology Co. Ltd., NVS		312,752		3,691,676
IEIT Systems Co. Ltd., Class A		233,790		1,213,006
Iflytek Co. Ltd., Class A		371,419		2,548,590
Imeik Technology Development Co. Ltd., Class A		36,900		1,675,370
Industrial & Commercial Bank of China Ltd., Class A		9,969,962		7,367,733
Industrial & Commercial Bank of China Ltd., Class H		163,298,085		83,708,669
Industrial Bank Co. Ltd., Class A		3,174,242		7,322,592
Industrial Securities Co. Ltd., Class A		1,930,676		1,555,056
Ingenic Semiconductor Co. Ltd., Class A		98,100		888,257
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		8,757,600		1,871,130
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,027,600		1,093,280
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		997,170		3,914,918
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,768,600		5,561,135
Innovent Biologics Inc.^(a)(b)		3,036,000		16,372,237
iQIYI Inc., ADR^(a)(c)		1,131,996		4,177,065
Isoftstone Information Technology Group Co. Ltd., NVS^(a)		151,400		957,163
JA Solar Technology Co. Ltd., Class A		567,660		1,474,521
JCET Group Co. Ltd., Class A		381,500		1,384,714
JD Health International Inc.^(a)(b)(c)		2,821,500		10,641,495
JD Logistics Inc.^(a)(b)		4,929,300		4,867,194
JD.com Inc.		5,916,204		66,769,571
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,095,400		1,594,480
Jiangsu Expressway Co. Ltd., Class H		3,882,000		3,987,540
Jiangsu Hengli Hydraulic Co. Ltd., Class A		230,288		1,813,117
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		997,241		5,885,308
Jiangsu King’s Luck Brewery JSC Ltd., Class A		212,286		1,576,362
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		231,250		3,226,831
Jiangsu Zhongtian Technology Co. Ltd., Class A		610,624		1,107,305
Jiangxi Copper Co. Ltd., Class A		497,200		1,347,871
Jiangxi Copper Co. Ltd., Class H		2,902,000		4,306,897
Jinko Solar Co. Ltd.		1,160,002		1,422,467
JiuGui Liquor Co. Ltd., Class A		65,300		550,708
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A^(a)		235,733		826,198
Kanzhun Ltd., ADR		568,333		8,894,411
KE Holdings Inc., ADR		1,663,117		22,601,760
Kingboard Holdings Ltd.		1,791,000		3,512,989
Kingdee International Software Group Co. Ltd.^(a)		7,174,000		7,714,109
Kingsoft Corp. Ltd.		2,409,200		6,694,294
Kuaishou Technology^(a)(b)		5,889,000		33,254,655
Kunlun Energy Co. Ltd.		9,986,000		8,513,198
Kunlun Tech Co. Ltd., Class A^(a)		213,200		1,195,823
Kweichow Moutai Co. Ltd., Class A		189,687		44,498,483
LB Group Co. Ltd., Class A		546,500		1,421,991


Security	Shares		Value

China (continued)
Legend Biotech Corp., ADR^(a)(c)		183,585	$	11,962,399
Lenovo Group Ltd.		20,226,000		22,344,255
Lens Technology Co. Ltd., Class A		993,800		1,667,486
Lepu Medical Technology Beijing Co. Ltd., Class A		432,570		905,789
Li Auto Inc.^(a)		2,892,190		66,005,444
Li Ning Co. Ltd.		5,965,500		14,759,301
Lingyi iTech Guangdong Co., Class A		1,794,480		1,365,956
Longfor Group Holdings Ltd.^(b)		4,913,500		6,154,180
LONGi Green Energy Technology Co. Ltd., Class A		1,168,371		3,439,484
Luxshare Precision Industry Co. Ltd., Class A		1,112,946		4,258,789
Luzhou Laojiao Co. Ltd., Class A		222,739		5,401,058
Mango Excellent Media Co. Ltd., Class A		319,200		1,096,031
Maxscend Microelectronics Co. Ltd., Class A		92,644		1,381,419
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		1,010,680		779,860
Meituan, Class B^(a)(b)		12,794,300		129,889,861
Metallurgical Corp. of China Ltd., Class A		3,427,690		1,581,877
Midea Group Co. Ltd., Class A		529,100		4,598,348
Ming Yang Smart Energy Group Ltd., Class A		430,800		609,706
MINISO Group Holding Ltd.		945,080		4,343,676
Montage Technology Co. Ltd., Class A		206,400		1,496,602
Muyuan Foods Co. Ltd., Class A		881,639		4,697,071
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		377,953		751,226
NARI Technology Co. Ltd., Class A		1,416,054		4,550,577
National Silicon Industry Group Co. Ltd., Class A^(a)		529,941		1,132,972
NAURA Technology Group Co. Ltd., Class A		86,200		3,397,119
NetEase Inc.		4,875,750		105,913,828
New China Life Insurance Co. Ltd., Class A		354,702		1,610,634
New China Life Insurance Co. Ltd., Class H		1,930,200		3,707,979
New Hope Liuhe Co. Ltd., Class A^(a)		1,049,597		1,287,752
New Oriental Education & Technology Group Inc.^(a)		3,754,100		35,282,081
Ninestar Corp., Class A		308,338		1,002,579
Ningbo Deye Technology Co. Ltd., NVS		74,300		862,758
Ningbo Joyson Electronic Corp., Class A		344,100		793,614
Ningbo Orient Wires & Cables Co. Ltd.		149,700		804,274
Ningbo Shanshan Co. Ltd.		580,903		921,981
Ningbo Tuopu Group Co. Ltd., Class A		186,200		1,512,391
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,377,300		2,911,834
NIO Inc., ADR^(a)(c)		3,418,909		19,658,727
Nongfu Spring Co. Ltd., Class H^(b)		4,996,200		28,252,513
OFILM Group Co. Ltd., Class A^(a)		623,300		705,779
Oppein Home Group Inc., Class A		87,700		843,746
Orient Overseas International Ltd.		331,500		5,133,388
Orient Securities Co. Ltd., Class A		1,310,134		1,599,350
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		2,003,589		884,870
PDD Holdings Inc., ADR^(a)		1,507,364		187,727,113
People.cn Co. Ltd.		181,200		666,897
People’s Insurance Co. Group of China Ltd. (The), Class A		1,842,300		1,339,195
People’s Insurance Co. Group of China Ltd. (The), Class H		19,804,000		6,596,782
Perfect World Co. Ltd., Class A		432,100		700,635
PetroChina Co. Ltd., Class A		3,221,300		3,943,273
PetroChina Co. Ltd., Class H		53,208,000		41,731,640
Pharmaron Beijing Co. Ltd., Class A		235,300		760,426


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
PICC Property & Casualty Co. Ltd., Class H		17,297,192	$	23,647,313
Ping An Bank Co. Ltd., Class A		2,938,667		4,308,656
Ping An Insurance Group Co. of China Ltd., Class A		1,687,584		10,009,549
Ping An Insurance Group Co. of China Ltd., Class H		16,741,500		74,452,246
Piotech Inc., NVS		38,368		1,137,751
Poly Developments and Holdings Group Co. Ltd., Class A		1,781,884		2,408,325
Pop Mart International Group Ltd.^(b)		1,208,000		3,011,512
Postal Savings Bank of China Co. Ltd., Class A		4,707,500		3,161,966
Postal Savings Bank of China Co. Ltd., Class H^(b)		18,823,000		9,889,108
Power Construction Corp. of China Ltd., Class A		2,799,400		1,982,280
Qifu Technology Inc.		301,942		4,665,004
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		979,500		2,194,193
Range Intelligent Computing Technology Group Co. Ltd.		309,700		1,115,235
Rongsheng Petrochemical Co. Ltd., Class A		1,672,158		2,377,592
SAIC Motor Corp. Ltd., Class A		1,416,106		2,935,337
Sanan Optoelectronics Co. Ltd., Class A		960,700		1,656,938
Sangfor Technologies Inc., Class A^(a)		80,300		706,594
Sany Heavy Equipment International Holdings Co. Ltd.		2,999,000		2,319,023
Sany Heavy Industry Co. Ltd., Class A		1,462,952		2,822,544
Satellite Chemical Co. Ltd., Class A^(a)		696,684		1,599,384
SDIC Capital Co. Ltd., Class A		1,729,100		1,655,755
SDIC Power Holdings Co. Ltd., Class A		1,292,300		2,584,098
Seazen Holdings Co. Ltd., Class A^(a)		374,973		538,912
Seres Group Co. Ltd., NVS^(a)		235,200		2,999,495
SF Holding Co. Ltd., Class A		778,735		4,129,657
SG Micro Corp., Class A		97,121		952,805
Shaanxi Coal Industry Co. Ltd., Class A		1,527,376		5,461,330
Shandong Gold Mining Co. Ltd., Class A		657,836		1,974,237
Shandong Gold Mining Co. Ltd., Class H^(b)		1,792,500		2,832,270
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		454,080		1,729,596
Shandong Linglong Tyre Co. Ltd., Class A		368,800		1,131,942
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		6,248,000		4,061,858
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		263,272		733,718
Shanghai Baosight Software Co. Ltd., Class A		321,216		2,085,645
Shanghai Baosight Software Co. Ltd., Class B		1,564,297		3,514,778
Shanghai Construction Group Co. Ltd., Class A		2,241,752		761,264
Shanghai Electric Group Co. Ltd., Class A^(a)		2,967,391		1,744,166
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		386,600		1,316,580
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,302,500		2,346,949
Shanghai International Airport Co. Ltd., Class A^(a)		238,198		1,160,055
Shanghai International Port Group Co. Ltd., Class A		1,897,189		1,429,229
Shanghai Junshi Biosciences Co. Ltd.^(a)		125,200		545,987
Shanghai M&G Stationery Inc., Class A		195,537		965,477
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		579,300		1,455,250
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,920,000		3,087,553


Security	Shares		Value

China (continued)
Shanghai Pudong Development Bank Co. Ltd., Class A		4,849,495	$	4,804,978
Shanghai Putailai New Energy Technology Co. Ltd., Class A		386,466		1,005,850
Shanghai RAAS Blood Products Co. Ltd., Class A		1,385,700		1,382,337
Shanghai Rural Commercial Bank Co. Ltd.		1,894,600		1,694,718
Shanghai United Imaging Healthcare Co. Ltd., NVS		125,684		2,483,916
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		234,700		649,479
Shanxi Coal International Energy Group Co. Ltd.		360,200		918,826
Shanxi Coking Coal Energy Group Co. Ltd., Class A		966,000		1,559,890
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		488,700		1,751,717
Shanxi Meijin Energy Co. Ltd., Class A^(a)		1,144,400		1,089,577
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		185,200		5,962,455
Shede Spirits Co. Ltd.		54,900		616,032
Shengyi Technology Co. Ltd., Class A		535,300		1,272,026
Shennan Circuits Co. Ltd., Class A		114,640		1,115,251
Shenwan Hongyuan Group Co. Ltd., Class A		4,493,670		2,853,101
Shenzhen Inovance Technology Co. Ltd., Class A		250,697		2,195,345
Shenzhen Kangtai Biological Products Co. Ltd., Class A		235,635		791,813
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		195,832		7,830,201
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		139,100		1,561,471
Shenzhen Overseas Chinese Town Co. Ltd., Class A^(a)		1,448,600		615,895
Shenzhen Transsion Holding Co. Ltd., Class A		124,533		2,745,019
Shenzhou International Group Holdings Ltd.		2,097,400		17,203,897
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		289,900		862,438
Sichuan Chuantou Energy Co. Ltd., Class A		914,860		1,988,053
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		318,578		1,210,872
Sichuan Road & Bridge Co. Ltd., Class A		1,388,080		1,570,683
Sichuan Swellfun Co. Ltd., Class A		98,193		682,720
Sino Biopharmaceutical Ltd.^(c)		26,247,750		10,432,424
Sinoma Science & Technology Co. Ltd., Class A		411,600		893,032
Sinopharm Group Co. Ltd., Class H		3,524,800		9,863,919
Sinotruk Hong Kong Ltd.		1,652,000		4,367,635
Skshu Paint Co. Ltd., Class A^(a)		106,796		571,313
Smoore International Holdings Ltd.^(b)(c)		4,671,000		3,247,130
Songcheng Performance Development Co. Ltd., Class A		617,318		923,251
SooChow Securities Co. Ltd., Class A		884,100		894,270
Spring Airlines Co. Ltd., Class A^(a)		190,300		1,513,759
StarPower Semiconductor Ltd., Class A		32,500		683,092
Sungrow Power Supply Co. Ltd., Class A		234,300		2,828,767
Sunny Optical Technology Group Co. Ltd.		1,785,400		11,490,670
Sunwoda Electronic Co. Ltd., Class A		443,100		872,611
SUPCON Technology Co. Ltd.		183,243		1,168,835
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		439,500		911,948


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Suzhou Maxwell Technologies Co. Ltd., Class A		49,440	$	832,126
Suzhou TFC Optical Communication Co. Ltd.		69,200		1,308,244
TAL Education Group, ADR^(a)		1,118,559		16,476,374
TBEA Co. Ltd., Class A		935,380		1,930,939
TCL Technology Group Corp., Class A^(a)		3,813,530		2,392,799
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		691,316		1,295,596
Tencent Holdings Ltd.		16,691,900		584,727,550
Tencent Music Entertainment Group, ADR^(a)		1,905,220		19,947,653
Thunder Software Technology Co. Ltd., Class A		79,987		671,685
Tianma Microelectronics Co. Ltd., Class A^(a)		914,823		1,161,306
Tianqi Lithium Corp., Class A		224,000		1,662,901
Tingyi Cayman Islands Holding Corp.		5,220,000		5,804,930
Tongcheng Travel Holdings Ltd.^(a)		3,319,600		8,345,310
TongFu Microelectronics Co. Ltd., Class A		338,400		1,042,138
Tongkun Group Co. Ltd., Class A^(a)		682,500		1,283,666
Tongwei Co. Ltd., Class A		709,384		2,604,033
Topchoice Medical Corp., Class A^(a)		77,700		706,838
Topsports International Holdings Ltd.^(b)		4,942,000		3,344,347
TravelSky Technology Ltd., Class H		2,615,000		3,126,149
Trina Solar Co. Ltd.		360,397		1,252,710
Trip.com Group Ltd.^(a)		1,388,762		63,036,287
Tsingtao Brewery Co. Ltd., Class A		121,090		1,345,297
Tsingtao Brewery Co. Ltd., Class H		1,550,000		9,918,020
Unigroup Guoxin Microelectronics Co. Ltd., Class A^(a)		156,839		1,554,035
Unisplendour Corp. Ltd., Class A^(a)		500,354		1,533,520
Vinda International Holdings Ltd.		814,000		2,410,702
Vipshop Holdings Ltd., ADR^(a)		871,810		16,782,342
Walvax Biotechnology Co. Ltd., Class A		351,847		897,100
Wanhua Chemical Group Co. Ltd., Class A		494,591		5,440,871
Want Want China Holdings Ltd.		12,568,000		6,934,512
Weichai Power Co. Ltd., Class A		1,318,144		3,088,460
Weichai Power Co. Ltd., Class H		4,749,800		9,349,324
Wens Foodstuffs Group Co. Ltd., Class A		1,130,870		3,009,837
Western Securities Co. Ltd., Class A		1,146,110		1,267,202
Western Superconducting Technologies Co. Ltd., Class A		195,212		1,084,090
Will Semiconductor Co. Ltd. Shanghai, Class A		199,970		2,654,826
Wingtech Technology Co. Ltd., Class A^(a)		181,400		959,268
Wuhan Guide Infrared Co. Ltd., Class A		1,079,732		943,544
Wuliangye Yibin Co. Ltd., Class A		588,028		11,569,050
WUS Printed Circuit Kunshan Co. Ltd., Class A		356,823		1,307,892
WuXi AppTec Co. Ltd., Class A		378,229		2,850,430
WuXi AppTec Co. Ltd., Class H^(b)(c)		880,770		5,429,513
Wuxi Biologics Cayman Inc.^(a)(b)		9,662,000		22,885,491
XCMG Construction Machinery Co. Ltd., Class A		2,196,069		1,805,855
Xiaomi Corp., Class B^(a)(b)		38,622,800		64,902,652
Xinjiang Daqo New Energy Co. Ltd.		329,152		1,332,579
Xinyi Solar Holdings Ltd.		12,690,000		7,684,370
XPeng Inc.^(a)(c)		2,884,076		13,498,319
Yadea Group Holdings Ltd.^(b)(c)		3,202,000		5,030,565
Yankuang Energy Group Co. Ltd., Class A		649,900		2,330,377
Yankuang Energy Group Co. Ltd., Class H^(a)		5,662,200		13,057,273
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		271,298		1,135,568
Yealink Network Technology Corp. Ltd., Class A		266,242		1,083,211
Yifeng Pharmacy Chain Co. Ltd., Class A		194,090		1,059,861
Yihai Kerry Arawana Holdings Co. Ltd., Class A		290,100		1,298,257
Yintai Gold Co. Ltd., Class A		596,600		1,237,131


Security	Shares		Value

China (continued)
YongXing Special Materials Technology Co. Ltd., Class A		98,630	$	753,816
Yonyou Network Technology Co. Ltd., Class A		548,351		964,265
YTO Express Group Co. Ltd., Class A		652,200		1,152,570
Yuexiu Property Co. Ltd.		4,192,000		2,787,755
Yum China Holdings Inc.		1,027,588		44,073,249
Yunda Holding Co. Ltd., Class A		641,804		641,276
Yunnan Aluminium Co. Ltd., Class A		641,500		1,028,225
Yunnan Baiyao Group Co. Ltd., Class A		354,922		2,450,312
Yunnan Energy New Material Co. Ltd., Class A		144,800		921,158
Zai Lab Ltd.^(a)		2,361,760		5,040,410
Zangge Mining Co. Ltd.		369,800		1,501,320
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		97,964		3,027,273
Zhaojin Mining Industry Co. Ltd., Class H^(c)		3,458,500		3,575,971
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		1,293,598		877,788
Zhejiang China Commodities City Group Co. Ltd., Class A		801,100		911,904
Zhejiang Chint Electrics Co. Ltd., Class A		471,423		1,344,113
Zhejiang Dahua Technology Co. Ltd., Class A		549,284		1,407,741
Zhejiang Expressway Co. Ltd., Class H		5,154,640		3,931,032
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		374,404		722,986
Zhejiang Huayou Cobalt Co. Ltd., Class A		300,815		1,153,912
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		258,084		1,324,373
Zhejiang Juhua Co. Ltd., Class A		560,700		1,582,637
Zhejiang Leapmotor Technology Co. Ltd.^(a)(b)(c)		1,288,000		4,506,230
Zhejiang NHU Co. Ltd., Class A		658,687		1,644,098
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		290,500		1,003,543
Zhejiang Supor Co. Ltd., Class A		138,082		1,061,097
Zhejiang Zheneng Electric Power Co. Ltd., Class A^(a)		2,359,600		1,761,580
Zheshang Securities Co. Ltd., Class A		921,700		1,309,126
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		1,769,700		2,786,785
Zhongji Innolight Co. Ltd., Class A		126,900		2,733,272
Zhongjin Gold Corp. Ltd., Class A		842,600		1,213,832
Zhongsheng Group Holdings Ltd.		2,035,500		3,705,901
Zhongtai Securities Co. Ltd.		1,764,700		1,699,954
Zhuzhou CRRC Times Electric Co. Ltd.		1,387,400		4,067,783
Zijin Mining Group Co. Ltd., Class A		3,339,400		6,051,683
Zijin Mining Group Co. Ltd., Class H		13,538,000		21,746,406
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,520,354		1,686,806
ZTE Corp., Class A		604,000		2,499,024
ZTE Corp., Class H		1,886,600		4,249,536
ZTO Express Cayman Inc., ADR		1,062,404		20,387,533


				4,494,015,653

Colombia — 0.1%
Bancolombia SA		630,177		5,288,670
Interconexion Electrica SA ESP		1,157,083		4,929,026


				10,217,696

Czech Republic — 0.1%
CEZ AS		402,872		13,764,090
Komercni Banka AS		187,587		6,528,396
Moneta Money Bank AS^(b)		853,562		3,746,845


				24,039,331


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Egypt — 0.1%
Commercial International Bank - Egypt (CIB)		9,039,285	$	12,904,079
Eastern Co. S.A.E		4,110,572		2,907,649
EFG Holding S.A.E.^(a)		2,296,495		842,870


				16,654,598

Greece — 0.5%
Alpha Services and Holdings SA^(a)		5,539,714		10,435,366
Eurobank Ergasias Services and Holdings SA, Class A^(a)		6,331,967		13,081,516
FF Group^(d)		246,892		3
Hellenic Telecommunications Organization SA		490,670		7,403,210
JUMBO SA		299,790		8,761,308
Motor Oil Hellas Corinth Refineries SA		161,140		4,603,981
Mytilineos SA		246,359		9,585,529
National Bank of Greece SA^(a)		1,925,955		15,122,523
OPAP SA		468,507		8,542,329
Piraeus Financial Holdings SA^(a)		1,725,456		7,622,908
Public Power Corp. SA^(a)		535,884		6,999,910


				92,158,583

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		1,098,501		8,740,193
OTP Bank Nyrt		561,495		26,921,055
Richter Gedeon Nyrt		347,459		9,250,235


				44,911,483

India — 17.9%
ABB India Ltd.		134,291		8,803,154
Adani Enterprises Ltd.		433,876		17,185,054
Adani Green Energy Ltd.^(a)		802,673		18,345,083
Adani Ports & Special Economic Zone Ltd.		1,334,655		21,188,797
Adani Power Ltd.^(a)		1,945,786		12,877,466
Ambuja Cements Ltd.		1,504,566		10,988,346
APL Apollo Tubes Ltd.		432,905		8,062,713
Apollo Hospitals Enterprise Ltd.		255,528		18,811,791
Ashok Leyland Ltd.		3,849,312		7,884,354
Asian Paints Ltd.		969,008		33,051,428
Astral Ltd.		331,993		8,284,668
AU Small Finance Bank Ltd.^(b)		427,058		2,927,490
Aurobindo Pharma Ltd.		668,886		8,291,866
Avenue Supermarts Ltd.^(a)(b)		415,939		19,642,748
Axis Bank Ltd.		5,737,180		74,267,941
Bajaj Auto Ltd.		171,440		16,339,778
Bajaj Finance Ltd.		697,121		54,387,708
Bajaj Finserv Ltd.		968,906		18,597,974
Bajaj Holdings & Investment Ltd.		67,632		7,460,447
Balkrishna Industries Ltd.		196,275		5,271,996
Bandhan Bank Ltd.^(b)		1,800,847		4,240,857
Bank of Baroda		2,624,317		8,396,567
Berger Paints India Ltd.		764,319		5,592,673
Bharat Electronics Ltd.		9,273,590		22,906,671
Bharat Forge Ltd.		648,027		8,985,668
Bharat Heavy Electricals Ltd.		2,631,482		7,221,669
Bharat Petroleum Corp. Ltd.		1,923,908		13,981,752
Bharti Airtel Ltd.		5,665,971		76,711,572
Britannia Industries Ltd.		275,050		16,483,372
CG Power and Industrial Solutions Ltd.		1,550,046		8,283,159
Cholamandalam Investment and Finance Co. Ltd.		1,043,216		13,666,440
Cipla Ltd.		1,320,364		23,579,842
Coal India Ltd.		3,850,540		20,220,410
Colgate-Palmolive India Ltd.		315,159		9,584,345
Container Corp. of India Ltd.		692,811		8,161,767
Cummins India Ltd.		363,519		12,010,756


Security	Shares		Value

India (continued)
Dabur India Ltd.		1,583,655	$	10,283,931
Divi’s Laboratories Ltd.		303,606		12,770,586
DLF Ltd.		1,870,658		20,322,208
Dr. Reddy’s Laboratories Ltd.		288,336		22,357,548
Eicher Motors Ltd.		346,994		15,856,509
GAIL India Ltd.		5,839,138		12,813,357
GMR Airports Infrastructure Ltd.^(a)		6,063,220		6,142,469
Godrej Consumer Products Ltd.		1,038,091		15,716,743
Godrej Properties Ltd.^(a)		317,507		9,184,467
Grasim Industries Ltd.		668,363		17,641,342
Havells India Ltd.		635,974		11,733,991
HCL Technologies Ltd.		2,380,780		47,711,225
HDFC Asset Management Co. Ltd.^(b)		235,699		10,667,066
HDFC Bank Ltd.		7,059,123		119,221,197
HDFC Life Insurance Co. Ltd.^(b)		2,435,826		17,099,091
Hero MotoCorp Ltd.		295,623		15,754,793
Hindalco Industries Ltd.		3,340,859		20,265,399
Hindustan Aeronautics Ltd., NVS		500,385		18,578,422
Hindustan Petroleum Corp. Ltd.		1,439,870		8,851,820
Hindustan Unilever Ltd.		2,068,049		60,169,376
ICICI Bank Ltd.		13,063,076		165,911,031
ICICI Lombard General Insurance Co. Ltd.^(b)		607,598		12,552,419
ICICI Prudential Life Insurance Co. Ltd.^(b)		908,873		5,841,283
IDFC First Bank Ltd.^(a)		8,515,594		8,319,916
Indian Hotels Co. Ltd., Class A		2,176,498		15,405,285
Indian Oil Corp. Ltd.		7,116,765		14,192,146
Indian Railway Catering & Tourism Corp. Ltd.		608,951		6,809,001
Indraprastha Gas Ltd.		796,161		4,086,140
IndusInd Bank Ltd.		738,742		13,122,810
Info Edge India Ltd.		181,727		11,528,206
Infosys Ltd.		8,363,130		168,303,732
InterGlobe Aviation Ltd.^(a)(b)		370,884		14,083,196
ITC Ltd.		7,559,894		36,998,491
Jindal Steel & Power Ltd.		906,060		8,453,046
Jio Financial Services Ltd., NVS^(a)		7,884,443		29,434,184
JSW Steel Ltd.		1,533,455		14,784,253
Jubilant Foodworks Ltd.		1,008,475		5,640,937
Kotak Mahindra Bank Ltd.		2,763,368		56,220,663
Larsen & Toubro Ltd.		1,700,199		71,283,044
LTIMindtree Ltd.^(b)		225,320		14,406,287
Lupin Ltd.		543,786		10,636,917
Macrotech Developers Ltd.		570,022		7,987,112
Mahindra & Mahindra Ltd.		2,366,417		55,101,370
Marico Ltd.		1,304,281		8,217,616
Maruti Suzuki India Ltd.		353,934		48,168,465
Max Healthcare Institute Ltd.		1,981,604		18,965,281
Mphasis Ltd.		194,157		6,125,058
MRF Ltd.		5,876		10,359,013
Muthoot Finance Ltd.		305,734		4,795,577
Nestle India Ltd., NVS		853,726		26,736,590
NMDC Ltd.		2,575,867		7,017,784
NTPC Ltd.		10,972,042		44,336,443
Oil & Natural Gas Corp. Ltd.		7,872,032		25,043,960
One 97 Communications Ltd., NVS^(a)		618,033		2,991,444
Page Industries Ltd.		15,630		6,467,262
Persistent Systems Ltd.		127,943		13,314,143
Petronet LNG Ltd.		1,863,062		6,134,164
PI Industries Ltd.		208,362		9,229,289
Pidilite Industries Ltd.		390,068		12,879,113
Polycab India Ltd.		111,805		6,400,416
Power Finance Corp. Ltd.		3,727,622		18,033,135
Power Grid Corp. of India Ltd.		11,695,280		39,956,639


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Punjab National Bank		5,547,534	$	8,152,407
REC Ltd.		3,301,054		17,577,858
Reliance Industries Ltd.		7,670,187		269,954,107
Samvardhana Motherson International Ltd.		5,991,010		8,607,152
SBI Cards & Payment Services Ltd.		705,527		6,120,750
SBI Life Insurance Co. Ltd.^(b)		1,140,469		21,309,657
Shree Cement Ltd.		22,761		6,985,209
Shriram Finance Ltd.		712,469		20,928,937
Siemens Ltd.		224,671		12,667,206
Sona Blw Precision Forgings Ltd.^(b)		1,039,858		8,637,142
SRF Ltd.		377,698		10,888,288
State Bank of India		4,492,174		40,451,126
Sun Pharmaceutical Industries Ltd.		2,419,289		45,993,170
Supreme Industries Ltd.		164,564		8,230,189
Suzlon Energy Ltd.^(a)		22,084,529		12,032,009
Tata Communications Ltd.		305,243		7,068,995
Tata Consultancy Services Ltd.		2,293,306		113,131,304
Tata Consumer Products Ltd.		1,414,428		20,284,163
Tata Elxsi Ltd.		86,920		8,184,821
Tata Motors Ltd.		4,157,465		47,599,322
Tata Motors Ltd., Class A		1,196,730		9,112,542
Tata Power Co. Ltd. (The)		3,648,495		16,362,992
Tata Steel Ltd.		18,597,773		31,526,489
Tech Mahindra Ltd.		1,342,807		20,635,217
Titan Co. Ltd.		897,790		39,234,751
Torrent Pharmaceuticals Ltd.		257,671		8,301,782
Trent Ltd.		462,304		21,606,434
Tube Investments of India Ltd.		269,809		11,326,017
TVS Motor Co. Ltd.		602,352		15,522,059
UltraTech Cement Ltd.		291,586		34,788,042
Union Bank of India Ltd.		3,086,095		5,445,202
United Spirits Ltd.		738,255		10,377,413
UPL Ltd.		1,142,726		6,471,706
Varun Beverages Ltd.		1,153,816		19,608,402
Vedanta Ltd.		2,245,314		7,235,016
Wipro Ltd.		3,237,528		20,198,367
Yes Bank Ltd.^(a)		32,914,574		9,678,537
Zomato Ltd.^(a)		15,312,986		30,479,127


				3,184,826,630

Indonesia — 1.9%
Adaro Energy Indonesia Tbk PT		36,433,700		5,615,180
Amman Mineral Internasional PT^(a)		16,975,900		9,175,611
Aneka Tambang Tbk		23,124,300		2,147,681
Astra International Tbk PT		51,160,700		17,031,303
Bank Central Asia Tbk PT		139,193,600		87,589,788
Bank Mandiri Persero Tbk PT		93,768,000		41,883,680
Bank Negara Indonesia Persero Tbk PT		37,901,752		14,485,449
Bank Rakyat Indonesia Persero Tbk PT		171,336,908		66,767,198
Barito Pacific Tbk PT		71,670,622		4,454,927
Charoen Pokphand Indonesia Tbk PT		18,723,145		5,772,717
GoTo Gojek Tokopedia Tbk PT^(a)		2,121,524,100		9,602,815
Indah Kiat Pulp & Paper Tbk PT		6,444,700		3,581,810
Indofood CBP Sukses Makmur Tbk PT		5,970,500		4,401,949
Indofood Sukses Makmur Tbk PT		11,085,500		4,673,334
Kalbe Farma Tbk PT		53,367,415		5,052,250
Merdeka Copper Gold Tbk PT^(a)		26,675,563		3,836,679
Sarana Menara Nusantara Tbk PT		51,787,800		3,036,805
Semen Indonesia Persero Tbk PT		8,396,071		3,261,485
Sumber Alfaria Trijaya Tbk PT		43,810,700		7,666,524
Telkom Indonesia Persero Tbk PT		125,191,000		31,912,353
Unilever Indonesia Tbk PT		19,011,700		3,302,701


Security	Shares		Value

Indonesia (continued)
United Tractors Tbk PT		3,648,553	$	5,464,418


				340,716,657

Kazakhstan — 0.0%
Polymetal International PLC^(a)(d)		1,312,267		144


Kuwait — 0.8%
Agility Public Warehousing Co. KSC^(a)		4,060,890		7,941,016
Boubyan Bank KSCP		3,519,502		7,358,898
Gulf Bank KSCP		5,144,265		4,935,419
Kuwait Finance House KSCP		21,698,364		57,167,839
Mabanee Co. KPSC		1,669,829		4,438,408
Mobile Telecommunications Co. KSCP		4,940,662		8,080,419
National Bank of Kuwait SAKP		18,810,883		59,934,254


				149,856,253

Malaysia — 1.4%
AMMB Holdings Bhd		4,218,375		3,861,439
Axiata Group Bhd		7,060,900		4,139,025
CELCOMDIGI Bhd		9,096,300		8,352,728
CIMB Group Holdings Bhd		15,994,500		21,780,963
Gamuda Bhd		4,527,700		5,047,210
Genting Bhd		5,285,200		5,316,582
Genting Malaysia Bhd		7,346,900		4,449,633
Hong Leong Bank Bhd		1,649,600		6,859,360
IHH Healthcare Bhd		4,922,300		6,379,126
Inari Amertron Bhd		6,791,900		4,546,760
IOI Corp. Bhd		6,466,220		5,421,809
Kuala Lumpur Kepong Bhd		1,287,400		6,083,585
Malayan Banking Bhd		13,389,100		26,900,173
Malaysia Airports Holdings Bhd		1,930,900		3,450,433
Maxis Bhd^(c)		6,020,400		4,719,395
MISC Bhd		3,282,200		5,262,061
MR DIY Group M Bhd^(b)		7,866,300		2,585,438
Nestle Malaysia Bhd		195,100		5,134,968
Petronas Chemicals Group Bhd		7,065,600		10,428,684
Petronas Dagangan Bhd		772,500		3,718,028
Petronas Gas Bhd		2,027,400		7,664,431
PPB Group Bhd		1,640,860		5,387,124
Press Metal Aluminium Holdings Bhd		9,419,700		9,296,697
Public Bank Bhd		36,486,750		33,864,471
QL Resources Bhd		2,799,400		3,426,032
RHB Bank Bhd		3,701,325		4,371,409
Sime Darby Bhd		6,851,973		3,915,215
Sime Darby Plantation Bhd		5,407,373		4,941,702
Telekom Malaysia Bhd		3,116,100		3,974,761
Tenaga Nasional Bhd		6,466,250		15,342,951
YTL Corp. Bhd		7,990,700		4,495,874
YTL Power International Bhd		6,146,300		5,115,980


				246,234,047

Mexico — 2.6%
Alfa SAB de CV, Class A		7,603,947		5,670,309
America Movil SAB de CV		47,330,550		44,319,672
Arca Continental SAB de CV		1,284,936		13,842,035
Banco del Bajio SA^(b)		1,976,800		7,356,641
Cemex SAB de CV, NVS^(a)		38,463,415		29,404,538
Coca-Cola Femsa SAB de CV		1,332,569		13,006,508
Fibra Uno Administracion SA de CV		7,348,581		13,279,334
Fomento Economico Mexicano SAB de CV		4,898,472		61,166,774
Gruma SAB de CV, Class B		469,666		8,363,977
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		732,654		6,350,234


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mexico (continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		978,100	$	14,442,315
Grupo Aeroportuario del Sureste SAB de CV, Class B		469,542		13,776,685
Grupo Bimbo SAB de CV, Series A		3,345,946		13,996,858
Grupo Carso SAB de CV, Series A1		1,424,941		12,328,017
Grupo Financiero Banorte SAB de CV, Class O		6,542,712		67,644,907
Grupo Financiero Inbursa SAB de CV, Class O^(a)(c)		4,665,549		14,154,659
Grupo Mexico SAB de CV, Series B		7,917,388		38,434,351
Industrias Penoles SAB de CV^(a)(c)		511,563		6,410,351
Kimberly-Clark de Mexico SAB de CV, Class A		3,860,263		8,579,243
Operadora De Sites Mexicanos SAB de CV		3,277,721		3,809,593
Orbia Advance Corp. SAB de CV		2,629,934		4,863,548
Prologis Property Mexico SA de CV		1,871,642		8,412,602
Promotora y Operadora de Infraestructura SAB de CV		472,425		4,909,888
Wal-Mart de Mexico SAB de CV		13,121,200		52,540,998


				467,064,037

Netherlands — 0.1%
NEPI Rockcastle NV		1,300,516		9,279,229
Pepco Group NV^(a)		426,309		2,139,377


				11,418,606

Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		519,532		7,844,933
Credicorp Ltd.		170,216		29,086,510
Southern Copper Corp.		216,194		17,481,447


				54,412,890

Philippines — 0.7%
Aboitiz Equity Ventures Inc.		4,292,730		4,048,426
Ayala Corp.		629,516		7,597,183
Ayala Land Inc.		17,081,600		10,646,346
Bank of the Philippine Islands		4,758,008		10,593,819
BDO Unibank Inc.		6,012,243		16,379,175
International Container Terminal Services Inc.		2,578,040		13,230,065
JG Summit Holdings Inc.		7,205,293		5,255,128
Jollibee Foods Corp.		1,137,669		5,541,115
Manila Electric Co.		611,540		4,242,651
Metropolitan Bank & Trust Co.		4,718,245		5,203,881
PLDT Inc.		191,788		4,475,178
SM Investments Corp.		627,292		10,496,615
SM Prime Holdings Inc.		25,664,525		14,426,737
Universal Robina Corp.		2,211,270		4,603,391


				116,739,710

Poland — 1.0%
Allegro.eu SA ^(a)(b)(c)		1,309,987		10,586,547
Bank Polska Kasa Opieki SA		459,200		19,917,060
Budimex SA		33,610		6,144,424
CD Projekt SA		167,277		4,597,406
Dino Polska SA^(a)(b)(c)		123,622		14,384,862
KGHM Polska Miedz SA		355,241		9,601,317
LPP SA		2,834		12,732,454
mBank SA^(a)		38,255		6,665,856
ORLEN SA		1,434,072		22,275,904
PGE Polska Grupa Energetyczna SA^(a)		2,305,165		4,606,743
Powszechna Kasa Oszczednosci Bank Polski SA		2,191,623		30,541,146
Powszechny Zaklad Ubezpieczen SA		1,487,317		18,301,765
Santander Bank Polska SA		90,758		12,516,239


				172,871,723


Security	Shares		Value

Qatar — 0.9%
Barwa Real Estate Co.		4,970,504	$	4,170,409
Commercial Bank PSQC (The)		8,171,223		11,333,391
Dukhan Bank		4,740,904		5,414,959
Industries Qatar QSC		3,820,894		13,528,784
Masraf Al Rayan QSC		14,032,212		9,746,821
Mesaieed Petrochemical Holding Co. QSC		12,079,114		6,260,668
Ooredoo QPSC		2,043,632		6,372,164
Qatar Electricity & Water Co. QSC		1,116,569		5,294,775
Qatar Fuel QSC		1,702,137		6,979,579
Qatar Gas Transport Co. Ltd.		6,416,182		7,034,331
Qatar International Islamic Bank QSC		2,372,716		7,424,294
Qatar Islamic Bank SAQ		4,270,251		23,596,753
Qatar National Bank QPSC		11,598,657		48,443,040


				155,599,968

Russia — 0.0%
Alrosa PJSC^(a)(d)		9,805,890		1,072
Gazprom PJSC^(a)(d)		43,696,315		4,775
Inter RAO UES PJSC^(a)(d)		121,651,300		13,295
LUKOIL PJSC^(a)(d)		1,533,792		168
MMC Norilsk Nickel PJSC^(a)(d)		233,757		26
Mobile TeleSystems PJSC^(a)(d)		3,162,662		346
Moscow Exchange MICEX-RTS PJSC^(a)(d)		5,279,850		577
Novatek PJSC^(a)(d)		3,371,230		368
Novolipetsk Steel PJSC^(a)(d)		5,629,360		615
Ozon Holdings PLC, ADR^(a)(d)		197,078		21
PhosAgro PJSC^(a)(d)		174,249		19
PhosAgro PJSC, GDR^(a)(d)(e)		2		—
PhosAgro PJSC, New^(a)(d)		3,367		34
Polyus PJSC^(a)(d)		126,490		14
Rosneft Oil Co. PJSC^(a)(d)		4,281,715		468
Sberbank of Russia PJSC^(a)(d)		39,606,181		4,328
Severstal PAO^(a)(d)		805,849		88
Surgutneftegas PJSC^(a)(d)		26,192,370		2,863
Tatneft PJSC^(a)(d)		5,175,395		566
TCS Group Holding PLC, GDR^(a)(d)(e)		445,207		49
United Co. RUSAL International PJSC^(a)(d)		11,428,270		1,249
VK Co. Ltd.^(a)(d)		404,870		44
VTB Bank PJSC^(a)(d)		11,783,971,998		1,288
X5 Retail Group NV, GDR^(a)(d)		424,766		46
Yandex NV^(a)(d)		1,127,576		123


				32,442

Saudi Arabia — 4.5%
ACWA Power Co.		236,813		16,672,735
Ades Holding Co.^(a)		850,623		4,536,293
Advanced Petrochemical Co.		349,348		3,557,103
Al Rajhi Bank		4,951,900		117,598,776
Alinma Bank		2,461,101		28,886,501
Almarai Co. JSC		619,567		9,714,033
Anglogold Ashanti PLC, NVS		1,063,366		20,032,072
Arab National Bank		1,710,052		12,715,009
Arabian Internet & Communications Services Co.		58,718		5,750,703
Bank AlBilad		1,243,344		16,410,070
Bank Al-Jazira^(a)		1,024,571		5,322,018
Banque Saudi Fransi		1,489,402		15,143,642
Bupa Arabia for Cooperative Insurance Co.		202,331		12,379,679
Co. for Cooperative Insurance (The)		177,878		7,683,715
Dallah Healthcare Co.		86,860		4,344,969
Dar Al Arkan Real Estate Development Co.^(a)		1,342,821		5,004,518
Dr Sulaiman Al Habib Medical Services Group Co.		222,027		19,551,624


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Saudi Arabia (continued)
Elm Co.		60,921	$	17,183,292
Etihad Etisalat Co.		948,044		13,979,371
Jarir Marketing Co.		1,484,862		6,171,851
Mobile Telecommunications Co. Saudi Arabia		1,118,508		4,443,850
Mouwasat Medical Services Co.		248,815		8,199,650
Nahdi Medical Co.		96,674		3,660,429
Power & Water Utility Co. for Jubail & Yanbu		194,408		3,944,217
Rabigh Refining & Petrochemical Co.^(a)		49,082		108,277
Reinet Investments SCA		348,162		8,786,462
Riyad Bank		3,710,588		30,805,667
SABIC Agri-Nutrients Co.		589,751		19,716,458
Sahara International Petrochemical Co.		902,719		7,376,482
Saudi Arabian Mining Co.^(a)		3,299,171		43,779,593
Saudi Arabian Oil Co.^(b)		6,607,159		55,862,681
Saudi Aramco Base Oil Co.		131,224		5,886,577
Saudi Awwal Bank		2,542,490		27,996,362
Saudi Basic Industries Corp.		2,262,167		47,525,878
Saudi Electricity Co.		2,114,401		11,286,807
Saudi Industrial Investment Group		938,520		5,188,385
Saudi Investment Bank (The)		1,243,344		5,372,092
Saudi Kayan Petrochemical Co.^(a)		1,941,408		4,995,490
Saudi National Bank (The)		7,392,949		83,549,392
Saudi Research & Media Group^(a)		95,719		6,321,120
Saudi Tadawul Group Holding Co.		122,521		7,909,890
Saudi Telecom Co.		5,052,436		57,191,516
Savola Group (The)		654,303		9,246,743
Yanbu National Petrochemical Co.		666,466		6,651,115


				808,443,107

South Africa — 2.5%
Absa Group Ltd.		2,122,086		18,115,770
Anglo American Platinum Ltd.		169,546		6,522,208
Aspen Pharmacare Holdings Ltd.		957,728		9,786,502
Bid Corp. Ltd.		851,178		19,912,595
Bidvest Group Ltd. (The)		733,977		8,941,661
Capitec Bank Holdings Ltd.		219,147		23,088,820
Clicks Group Ltd.		606,490		9,489,134
Discovery Ltd.		1,375,181		9,752,954
Exxaro Resources Ltd.		620,527		5,757,936
FirstRand Ltd.		12,756,828		43,157,539
Gold Fields Ltd.		2,258,570		29,753,120
Harmony Gold Mining Co. Ltd.		1,422,088		8,266,658
Impala Platinum Holdings Ltd.		2,234,761		7,583,833
Kumba Iron Ore Ltd.		164,972		4,618,442
MTN Group Ltd.		4,303,004		18,733,099
Naspers Ltd., Class N		463,720		76,282,665
Nedbank Group Ltd.		1,106,385		12,657,377
Northam Platinum Holdings Ltd.		905,816		5,179,870
Old Mutual Ltd.		11,891,493		7,401,060
OUTsurance Group Ltd., NVS		2,052,639		4,456,303
Pepkor Holdings Ltd.^(b)(c)		5,127,253		4,990,918
Remgro Ltd.		1,334,698		10,122,272
Sanlam Ltd.		4,459,908		17,102,515
Sasol Ltd.		1,454,340		10,960,427
Shoprite Holdings Ltd.		1,268,247		17,074,387
Sibanye Stillwater Ltd.		7,181,979		7,402,397
Standard Bank Group Ltd.		3,375,813		35,521,719
Vodacom Group Ltd.		1,584,597		7,767,665
Woolworths Holdings Ltd./South Africa		2,383,292		7,973,715


			448,373,561

South Korea — 11.8%
Amorepacific Corp.		73,917		6,646,421


Security	Shares		Value

South Korea (continued)
Celltrion Inc.		385,778	$	52,171,226
Celltrion Pharm Inc.^(a)(c)		47,471		3,956,165
CJ CheilJedang Corp.		21,195		4,776,630
CosmoAM&T Co. Ltd.^(a)		61,451		8,213,326
Coway Co. Ltd.		140,566		5,721,354
DB Insurance Co. Ltd.^(a)		113,770		8,442,251
Doosan Bobcat Inc.		140,593		4,963,723
Doosan Enerbility Co. Ltd.^(a)		1,137,782		13,887,158
Ecopro BM Co. Ltd.^(a)(c)		123,619		24,846,499
Ecopro Co. Ltd.^(a)(c)		50,396		23,503,979
Ecopro Materials Co. Ltd.^(a)		34,648		5,024,428
GS Holdings Corp.		117,913		4,256,276
Hana Financial Group Inc.		733,525		31,209,941
Hanjin Kal Corp.		67,064		3,182,971
Hankook Tire & Technology Co. Ltd.		188,685		7,687,080
Hanmi Pharm Co. Ltd.^(a)		17,922		4,498,034
Hanmi Semiconductor Co. Ltd.^(a)		112,343		7,187,697
Hanon Systems		474,093		2,196,750
Hanwha Aerospace Co. Ltd.		89,968		12,677,771
Hanwha Ocean Co. Ltd.^(a)		182,505		3,239,327
Hanwha Solutions Corp.		277,889		5,802,652
HD Hyundai Co. Ltd.		112,172		5,962,887
HD Hyundai Heavy Industries Co. Ltd.^(a)		55,582		4,928,756
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		107,900		9,076,870
HLB Inc.^(a)		296,180		18,170,549
HMM Co. Ltd.^(a)		604,421		8,292,677
HYBE Co. Ltd.		52,940		7,928,901
Hyundai Engineering & Construction Co. Ltd.^(a)		198,197		5,169,780
Hyundai Glovis Co. Ltd.^(a)		46,306		6,629,385
Hyundai Mobis Co. Ltd.		153,734		28,040,722
Hyundai Motor Co.		346,494		65,233,531
Hyundai Steel Co.^(a)		224,629		6,072,891
Industrial Bank of Korea^(a)		685,697		7,216,241
Kakao Corp.		782,523		31,408,900
KakaoBank Corp.		420,335		9,007,488
Kakaopay Corp.^(a)(c)		68,142		2,258,507
Kangwon Land Inc.^(a)		253,393		3,310,680
KB Financial Group Inc.		963,578		45,957,076
Kia Corp.^(a)		657,016		61,528,179
Korea Aerospace Industries Ltd.^(a)		185,543		7,159,096
Korea Electric Power Corp.^(a)		657,195		12,237,352
Korea Investment Holdings Co. Ltd.^(a)		110,220		5,886,752
Korea Zinc Co. Ltd.^(c)		21,048		7,076,592
Korean Air Lines Co. Ltd.		456,657		7,889,346
Krafton Inc.^(a)		73,699		12,596,290
KT Corp.		169,279		4,965,409
KT&G Corp.		257,731		18,001,145
Kum Yang Co. Ltd.^(a)		86,812		6,298,533
Kumho Petrochemical Co. Ltd.^(a)		41,873		4,650,288
L&F Co. Ltd.^(a)		64,535		8,243,884
LG Chem Ltd.		124,122		42,394,624
LG Corp.		237,406		16,710,769
LG Display Co. Ltd.^(a)		590,244		5,037,591
LG Electronics Inc.		268,600		19,201,602
LG Energy Solution Ltd.^(a)(c)		118,291		35,748,742
LG H&H Co. Ltd.		23,566		5,660,160
LG Innotek Co. Ltd.		35,067		5,329,035
LG Uplus Corp.		548,145		4,251,398
Lotte Chemical Corp.		47,839		4,398,748
Meritz Financial Group Inc.		260,687		16,270,516
Mirae Asset Securities Co. Ltd.^(a)		657,130		4,459,381


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
NAVER Corp.		328,181	$	48,187,169
NCSoft Corp.		36,447		5,315,851
Netmarble Corp.^(a)(b)		62,741		2,913,332
NH Investment & Securities Co. Ltd.^(a)		357,284		3,154,706
Orion Corp./Republic of Korea		60,278		4,204,172
Pearl Abyss Corp.^(a)		6,815		155,781
Posco DX Co. Ltd.^(a)		134,738		5,498,268
POSCO Future M Co. Ltd.^(a)(c)		78,244		18,702,388
POSCO Holdings Inc.		181,129		58,865,797
Posco International Corp.^(a)		134,094		5,687,816
Samsung Biologics Co. Ltd.^(a)(b)		44,551		25,922,839
Samsung C&T Corp.		209,368		24,649,707
Samsung Electro-Mechanics Co. Ltd.		139,657		14,717,197
Samsung Electronics Co. Ltd.		12,025,628		663,728,987
Samsung Engineering Co. Ltd.^(a)		392,316		7,255,943
Samsung Fire & Marine Insurance Co. Ltd.^(a)		76,986		17,229,389
Samsung Heavy Industries Co. Ltd.^(a)		1,637,427		9,734,590
Samsung Life Insurance Co. Ltd.		200,614		14,602,878
Samsung SDI Co. Ltd.		139,104		39,518,213
Samsung SDS Co. Ltd.		95,539		11,492,449
Samsung Securities Co. Ltd.		158,691		4,959,568
Shinhan Financial Group Co. Ltd.		1,089,380		35,611,374
SK Biopharmaceuticals Co. Ltd.^(a)		79,570		5,798,968
SK Bioscience Co. Ltd.^(a)		68,348		3,158,553
SK Hynix Inc.		1,375,659		162,168,778
SK IE Technology Co. Ltd.^(a)(b)		69,801		3,850,047
SK Inc.		92,680		13,368,595
SK Innovation Co. Ltd.^(a)		151,712		13,385,237
SK Square Co. Ltd.^(a)		251,349		13,188,952
SK Telecom Co. Ltd.		147,168		5,825,534
SKC Co. Ltd.^(a)		48,799		3,040,528
S-Oil Corp.		111,473		6,404,070
Woori Financial Group Inc.		1,510,662		16,926,764
Yuhan Corp.		142,936		7,249,984


				2,101,227,356

Taiwan — 16.7%
Accton Technology Corp.		1,259,000		20,718,652
Acer Inc.^(c)		7,429,121		10,624,911
Advantech Co. Ltd.		1,229,213		15,170,900
Airtac International Group^(c)		348,526		13,353,160
Alchip Technologies Ltd.		187,000		24,531,118
ASE Technology Holding Co. Ltd.		7,781,110		34,350,809
Asia Cement Corp.		5,865,077		7,507,650
Asustek Computer Inc.		1,773,968		25,560,497
AUO Corp.		16,657,200		9,238,450
Catcher Technology Co. Ltd.		1,481,210		9,228,849
Cathay Financial Holding Co. Ltd.		23,712,000		33,833,142
Chailease Holding Co. Ltd.^(c)		3,884,081		21,474,502
Chang Hwa Commercial Bank Ltd.		13,872,047		7,816,277
Cheng Shin Rubber Industry Co. Ltd.		4,979,128		7,401,295
China Airlines Ltd.^(c)		7,453,000		4,720,000
China Development Financial Holding Corp.^(a)		40,604,588		16,140,108
China Steel Corp.^(c)		29,950,313		23,325,105
Chunghwa Telecom Co. Ltd.^(c)		9,536,410		36,330,475
Compal Electronics Inc.		10,573,908		12,210,387
CTBC Financial Holding Co. Ltd.		44,247,772		41,190,827
Delta Electronics Inc.		4,901,000		45,670,727
E Ink Holdings Inc.^(c)		2,147,000		16,714,996
E.Sun Financial Holding Co. Ltd.		35,202,378		28,143,002
Eclat Textile Co. Ltd.		451,427		7,715,681
eMemory Technology Inc.		164,000		14,081,406
Eva Airways Corp.		6,681,000		6,651,004


Security	Shares		Value

Taiwan (continued)
Evergreen Marine Corp. Taiwan Ltd.		2,537,324	$	13,292,305
Far Eastern New Century Corp.		7,621,038		7,860,774
Far EasTone Telecommunications Co. Ltd.		4,355,000		10,850,041
Feng TAY Enterprise Co. Ltd.^(c)		1,325,593		6,934,473
First Financial Holding Co. Ltd.^(c)		27,324,089		23,435,211
Formosa Chemicals & Fibre Corp.^(c)		8,987,090		16,276,656
Formosa Petrochemical Corp.^(c)		2,872,000		6,754,080
Formosa Plastics Corp.^(c)		9,791,280		22,221,162
Fubon Financial Holding Co. Ltd.		19,493,073		41,967,179
Gigabyte Technology Co. Ltd.^(c)		1,285,000		14,054,929
Global Unichip Corp.^(c)		235,000		11,843,982
Globalwafers Co. Ltd.		549,000		9,696,629
Hon Hai Precision Industry Co. Ltd.		31,316,873		102,107,903
Hotai Motor Co. Ltd.		780,380		16,573,152
Hua Nan Financial Holdings Co. Ltd.		22,174,407		15,442,576
Innolux Corp.		22,007,738		10,559,610
Inventec Corp.^(c)		6,812,281		11,865,926
Largan Precision Co. Ltd.		253,000		20,763,556
Lite-On Technology Corp.		5,078,246		17,619,769
MediaTek Inc.		3,826,338		138,078,432
Mega Financial Holding Co. Ltd.		29,023,100		35,557,344
Micro-Star International Co. Ltd.		1,830,000		11,074,382
momo.com Inc.		1,000		14,089
Nan Ya Plastics Corp.^(c)		12,198,160		23,067,291
Nan Ya Printed Circuit Board Corp.^(c)		585,000		3,919,429
Nanya Technology Corp.		3,207,000		6,827,704
Nien Made Enterprise Co. Ltd.		450,000		5,267,803
Novatek Microelectronics Corp.^(c)		1,458,000		27,750,623
Parade Technologies Ltd.^(c)		196,000		6,304,780
Pegatron Corp.		4,917,414		13,315,169
PharmaEssentia Corp.^(a)		591,000		6,141,935
Pou Chen Corp.		5,792,220		5,595,747
Powerchip Semiconductor Manufacturing Corp.^(c)		7,729,000		6,756,479
President Chain Store Corp.		1,447,000		12,337,225
Quanta Computer Inc.		6,814,000		50,071,514
Realtek Semiconductor Corp.		1,242,637		22,396,097
Ruentex Development Co. Ltd.		4,123,916		4,745,726
Shanghai Commercial & Savings Bank Ltd. (The)		9,794,229		13,944,959
Shin Kong Financial Holding Co. Ltd.^(a)(c)		33,092,149		8,687,843
Silergy Corp.		820,000		10,819,981
SinoPac Financial Holdings Co. Ltd.		26,851,521		17,086,289
Synnex Technology International Corp.		3,244,834		7,993,778
Taishin Financial Holding Co. Ltd.		28,445,523		15,663,469
Taiwan Business Bank		15,952,184		7,067,850
Taiwan Cement Corp.^(c)		16,073,748		16,341,634
Taiwan Cooperative Financial Holding Co. Ltd.		26,143,701		21,480,678
Taiwan High Speed Rail Corp.		5,042,000		4,818,160
Taiwan Mobile Co. Ltd.		4,455,600		13,963,164
Taiwan Semiconductor Manufacturing Co. Ltd.		62,072,000		1,360,277,791
Unimicron Technology Corp.^(c)		3,459,000		19,653,803
Uni-President Enterprises Corp.		12,129,839		29,454,161
United Microelectronics Corp.^(c)		28,157,000		43,413,261
Vanguard International Semiconductor Corp.^(c)		2,329,000		5,320,234
Voltronic Power Technology Corp.		169,000		8,588,768
Walsin Lihwa Corp.^(c)		7,098,406		8,314,402
Wan Hai Lines Ltd.		1,693,090		2,697,122
Winbond Electronics Corp.^(c)		8,061,863		7,127,554
Wistron Corp.^(c)		6,585,000		24,112,729
Wiwynn Corp.^(c)		241,000		17,792,504
WPG Holdings Ltd.		4,094,449		12,021,733


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Yageo Corp.^(c)		841,940	$	14,875,705
Yang Ming Marine Transport Corp.		4,246,000		6,698,851
Yuanta Financial Holding Co. Ltd.		25,287,004		21,974,964
Zhen Ding Technology Holding Ltd.^(c)		1,653,075		5,260,872


				2,978,497,871

Thailand — 1.6%
Advanced Info Service PCL, NVDR		3,005,600		16,862,457
Airports of Thailand PCL, NVDR^(c)		10,712,200		18,983,627
Asset World Corp. PCL, NVDR^(c)		20,308,300		2,181,940
Bangkok Dusit Medical Services PCL, NVDR		27,776,100		22,066,996
Bangkok Expressway & Metro PCL, NVDR		19,420,400		4,365,441
Berli Jucker PCL, NVDR		122,500		82,799
BTS Group Holdings PCL, NVDR^(c)		19,301,700		2,773,851
Bumrungrad Hospital PCL, NVDR		1,529,000		9,539,963
Central Pattana PCL, NVDR		5,126,700		9,255,148
Central Retail Corp. PCL, NVDR^(c)		4,604,634		4,469,659
Charoen Pokphand Foods PCL, NVDR^(c)		9,557,700		5,035,934
CP ALL PCL, NVDR		14,766,100		23,676,857
CP Axtra PCL, NVDR		5,384,500		5,000,000
Delta Electronics Thailand PCL, NVDR		7,867,300		15,661,551
Energy Absolute PCL, NVDR^(c)		4,262,100		4,194,930
Global Power Synergy PCL, NVDR^(c)		1,943,000		2,763,428
Gulf Energy Development PCL, NVDR		7,445,700		8,939,279
Home Product Center PCL, NVDR		15,030,314		4,694,403
Indorama Ventures PCL, NVDR		4,342,780		2,822,277
Intouch Holdings PCL, NVDR		2,552,425		4,823,271
Kasikornbank PCL, NVDR		1,476,000		5,065,065
Krung Thai Bank PCL, NVDR		8,754,500		3,929,080
Krungthai Card PCL, NVDR		2,660,400		3,172,487
Land & Houses PCL, NVDR^(c)		20,942,400		4,433,976
Minor International PCL, NVDR		8,203,020		7,263,554
Muangthai Capital PCL, NVDR^(c)		1,863,800		2,385,181
PTT Exploration & Production PCL, NVDR^(c)		3,483,039		14,626,468
PTT Global Chemical PCL, NVDR^(c)		5,703,430		6,036,470
PTT Oil & Retail Business PCL, NVDR		7,576,000		3,821,921
PTT PCL, NVDR		25,346,900		24,193,088
SCB X PCL, NVDR		2,054,300		6,452,403
SCG Packaging PCL, NVDR		3,189,500		2,490,488
Siam Cement PCL (The), NVDR		1,945,300		14,590,778
Thai Oil PCL, NVDR		3,088,200		4,821,481
TMBThanachart Bank PCL, NVDR^(c)		61,611,900		3,164,715
True Corp. PCL, NVDR^(a)(c)		26,581,520		5,235,451


				279,876,417

Turkey — 0.7%
Akbank TAS		7,901,900		10,520,180
Aselsan Elektronik Sanayi Ve Ticaret AS		3,519,912		6,754,769
BIM Birlesik Magazalar AS		1,146,195		14,225,522
Coca-Cola Icecek A/S		191,640		3,970,065
Enka Insaat ve Sanayi AS		2		2
Eregli Demir ve Celik Fabrikalari TAS^(a)(c)		3,562,125		5,189,512
Ford Otomotiv Sanayi AS		180,401		5,874,448
Haci Omer Sabanci Holding AS		2,510,135		6,389,566
KOC Holding AS		1,902,165		10,244,278
Pegasus Hava Tasimaciligi AS^(a)		115,187		3,162,379
Sasa Polyester Sanayi AS^(a)		3,323,056		4,209,215
Tofas Turk Otomobil Fabrikasi AS		320,399		2,739,597
Turk Hava Yollari AO^(a)		1,373,672		12,392,363
Turkcell Iletisim Hizmetleri AS		3,046,632		6,530,971
Turkiye Is Bankasi AS, Class C		22,187,846		7,868,300
Turkiye Petrol Rafinerileri AS		2,415,355		12,513,150
Turkiye Sise ve Cam Fabrikalari AS		3,519,613		5,761,254


Security	Shares		Value

Turkey (continued)
Yapi ve Kredi Bankasi AS		8,522,080	$	6,289,171


				124,634,742

United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		7,344,332		17,136,341
Abu Dhabi Islamic Bank PJSC		3,686,333		11,280,955
Abu Dhabi National Oil Co. for Distribution PJSC		7,808,155		7,440,488
Aldar Properties PJSC		9,710,395		14,619,988
Americana Restaurants International PLC		6,411,994		5,987,868
Dubai Islamic Bank PJSC		7,159,505		12,553,183
Emaar Properties PJSC		16,722,720		36,969,871
Emirates NBD Bank PJSC		4,775,352		23,792,576
Emirates Telecommunications Group Co. PJSC		8,801,007		43,370,649
First Abu Dhabi Bank PJSC		11,082,660		41,171,740
Multiply Group PJSC^(a)		9,808,613		6,066,145


				220,389,804


Total Common Stocks — 97.3% (Cost: $16,333,606,761)				17,306,052,676


Preferred Stocks

Brazil — 1.6%
Banco Bradesco SA, Preference Shares, NVS		13,477,734		37,279,242
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		639,364		6,162,002
Cia. Energetica de Minas Gerais, Preference Shares, NVS		3,473,474		8,363,840
Companhia Paranaense de Energia, Preference Shares, NVS		2,582,695		5,309,719
Gerdau SA, Preference Shares, NVS		2,945,569		12,739,581
Itau Unibanco Holding SA, Preference Shares, NVS		12,201,922		83,308,168
Itausa SA, Preference Shares, NVS		13,813,595		28,621,438
Petroleo Brasileiro SA, Preference Shares, NVS		11,994,149		96,848,814


				278,632,804

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA,
Class B, Preference Shares		362,493		17,976,969


Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		1,129,912		9,235,051


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(d)		25,014,400		2,734


South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		56,702		6,802,687
Series 2, Preference Shares, NVS		91,427		11,058,784
LG Chem Ltd., Preference Shares, NVS		20,267		4,581,932
Samsung Electronics Co. Ltd., Preference Shares, NVS		2,074,450		99,338,470


				121,781,873


Total Preferred Stocks — 2.4% (Cost: $231,678,968)				427,629,431


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Rights

China — 0.0%

Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)^(a)		255,006	$	—


South Korea — 0.0%

LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)^(a)		187,634		184,591


Total Rights — 0.0% (Cost: $—)				184,591


Total Long-Term Investments — 99.7% (Cost: $16,565,285,729)				17,733,866,698


Short-Term Securities

Money Market Funds — 2.6%

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		446,818,337		447,041,746
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(f)(g)		12,100,000		12,100,000


Total Short-Term Securities — 2.6% (Cost: $458,792,342)				459,141,746


Total Investments — 102.3% (Cost: $17,024,078,071)				18,193,008,444

Liabilities in Excess of Other Assets — (2.3)%				(408,834,113	)


Net Assets — 100.0%			$ 17,784,174,331

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institu-tional, SL Agency Shares	$	706,808,674	$	—		$	(259,894,350)	^(a)	$	136,479	$	(9,057	)	$	447,041,746		446,818,337	$	4,296,969	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		12,100,000	^(a)		—			—		—			12,100,000		12,100,000		1,250,603			—


									$	136,479	$	(9,057	)	$	459,141,746			$	5,547,572		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

MSCI Emerging Markets Index

1,176

03/15/24

59,788

459,969


S C H E D U L E O F I N V E S T M E N T S			25

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	459,969	$	—	$	—	$	—	$	459,969

^(a)

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(311,921	)	$	—	$	—	$	—	$	(311,921	)
Forward foreign currency exchange contracts		—		—		—			16,951		—		—		16,951


	$	—	$	—	$	(311,921	)	$	16,951	$	—	$	—	$	(294,970	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	553,273		$	—	$	—	$	—	$	553,273

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	35,446,358
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	241,108
Average amounts sold — in USD	$	481,817

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	2,691,568,489	$	14,614,451,598	$	32,589	$	17,306,052,676
Preferred Stocks		287,867,855		139,758,842		2,734		427,629,431
Rights		—		184,591		—		184,591
Short-Term Securities
Money Market Funds		459,141,746		—		—		459,141,746


	$	3,438,578,090	$	14,754,395,031	$	35,323	$	18,193,008,444


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	459,969	$	—	$	—	$	459,969

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares Currency Hedged MSCI Emerging Markets ETF				iShares MSCI Emerging Markets ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	—			$	17,733,866,698
Investments, at value — affiliated^(c)			159,486,724				459,141,746
Cash			1,944				59,212,510
Cash pledged for futures contracts			—				1,912,000
Foreign currency, at value^(d)			—				43,334,470
Receivables:
Investments sold			—				94,771,637
Securities lending income — affiliated			2,828				441,311
Capital shares sold			—				130,912
Dividends — unaffiliated			—				33,794,600
Dividends — affiliated			1,528				272,137
Tax reclaims			—				422,604
Variation margin on futures contracts			—				11,704
Unrealized appreciation on forward foreign currency exchange contracts			714,237				—


Total assets			160,207,261				18,427,312,329


LIABILITIES
Cash received as collateral for OTC derivatives			380,000				—
Collateral on securities loaned, at value			40,037,484				446,274,217
Payables:
Investments purchased			549,566				109,707,310
Capital shares redeemed			9,763				15
Deferred foreign capital gain tax			—				76,622,493
Foreign taxes			—				72,312
Investment advisory fees			—				10,017,988
Professional fees			—				443,663
Unrealized depreciation on forward foreign currency exchange contracts			149,245				—


Total liabilities			41,126,058				643,137,998


Commitments and contingent liabilities

NET ASSETS		$	119,081,203			$	17,784,174,331


NET ASSETS CONSIST OF
Paid-in capital		$	145,106,879			$	29,556,778,453
Accumulated loss			(26,025,676	)			(11,772,604,122	)


NET ASSETS		$	119,081,203			$	17,784,174,331


NET ASSET VALUE
Shares outstanding			4,790,000				442,800,000



Net asset value		$	24.86			$	40.16



Shares authorized			250 million				5 billion



Par value		$	0.001			$	0.001


^(a) Investments, at cost — unaffiliated		$	—			$	16,565,285,729

^(b) Securities loaned, at value		$	39,051,195			$	421,954,447

^(c) Investments, at cost — affiliated		$	174,823,471			$	458,792,342

^(d)Foreign currency, at cost		$	—			$	43,722,080

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares Currency Hedged MSCI Emerging Markets ETF				iShares MSCI Emerging Markets ETF


INVESTMENT INCOME
Dividends — unaffiliated		$	—			$	160,239,901
Dividends — affiliated			2,434,279				1,250,603
Securities lending income — affiliated — net^(a)			29,168				4,296,969
Other income — unaffiliated			—				4,914,480
Foreign taxes withheld			—				(18,785,717	)
Foreign withholding tax claims			—				82,898
Other foreign taxes			—				87,099


Total investment income			2,463,447				152,086,233


EXPENSES
Investment advisory			493,444				63,288,949
Interest expense			649				164,973
Commitment costs			633				19,473
Professional			—				499,750


Total expenses			494,726				63,973,145

Less:
Investment advisory fees waived			(494,726	)			—


Total expenses after fees waived			—				63,973,145


Net investment income			2,463,447				88,113,088


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(b)			—				214,659,645
Investments — affiliated			(1,456,220	)			136,479
Forward foreign currency exchange contracts			2,163,434				16,951
Foreign currency transactions			—				(1,716,632	)
Futures contracts			—				(311,921	)
In-kind redemptions — unaffiliated^(c)			—				(83,400,187	)
In-kind redemptions — affiliated^(c)			(473,864	)			—


			233,350				129,384,335

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(d)			—				349,079,953
Investments — affiliated			4,429,429				(9,057	)
Forward foreign currency exchange contracts			(1,498,901	)			—
Foreign currency translations			—				(940,902	)
Futures contracts			—				553,273


			2,930,528				348,683,267


Net realized and unrealized gain			3,163,878				478,067,602


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,627,325			$	566,180,690


^(a) Net of securities lending income tax paid of		$	—			$	465,842

^(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of		$	—			$	(41,498	)

^(c) See Note 2 of the Notes to Financial Statements.

^(d) Net of increase in deferred foreign capital gain tax of		$	—			$	(56,821,025	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		29

Statements of Changes in Net Assets


	iShares Currency Hedged MSCI Emerging Markets ETF										iShares MSCI Emerging Markets ETF


	Six Months Ended								Six Months Ended
		02/29/24					Year Ended			02/29/24					Year Ended	^(a)
	(unaudited)					08/31/23					(unaudited)			08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income			$	2,463,447		$	3,305,910				$	88,113,088		$	498,842,578
Net realized gain (loss)				233,350			(7,873,217	)				129,384,335			(723,710,832	)
Net change in unrealized appreciation (depreciation)				2,930,528			6,943,243					348,683,267			278,661,967


Net increase in net assets resulting from operations				5,627,325			2,375,936					566,180,690			53,793,713


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders				(2,496,446	)		(10,223,364	)				(325,507,865	)		(532,484,400	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions				(18,346,688	)		(11,848,604	)				(3,814,876,129	)		(4,033,313,036	)


NET ASSETS
Total decrease in net assets				(15,215,809	)		(19,696,032	)				(3,574,203,304	)		(4,512,003,723	)
Beginning of period				134,297,012			153,993,044					21,358,377,635			25,870,381,358


End of period			$	119,081,203		$	134,297,012				$	17,784,174,331		$	21,358,377,635

^(a)	Consolidated Statement of Changes in Net Assets.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Currency Hedged MSCI Emerging Markets ETF


	Six Months Ended
	02/29/24 (unaudited)				Year Ended 08/31/23				Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19


Net asset value, beginning of period		$	24.20			$	25.20			$	31.31			$	27.41			$	24.38			$	25.70

Net investment income^(a)			0.47				0.57				0.67				0.44				0.71				0.55
Net realized and unrealized gain (loss)^(b)			0.66				0.12				(6.12	)			3.92				3.03				(1.27	)


Net increase (decrease) from investment operations			1.13				0.69				(5.45	)			4.36				3.74				(0.72	)


Distributions^(c)
From net investment income			(0.47	)			(0.56	)			(0.66	)			(0.46	)			(0.71	)			(0.60	)
From net realized gain			—				(1.13	)			—				—				—				—


Total distributions			(0.47	)			(1.69	)			(0.66	)			(0.46	)			(0.71	)			(0.60	)


Net asset value, end of period		$	24.86			$	24.20			$	25.20			$	31.31			$	27.41			$	24.38


Total Return^(d)
Based on net asset value			4.71	%^(e)			2.93	%			(17.62	)%			15.96	%			15.49	%			(2.72	)%


Ratios to Average Net Assets^(f)
Total expenses			0.78	%^(g)			0.79	%			0.78	%			0.78	%			0.78	%			0.78	%


Total expenses after fees waived			0.00	%^(g)			0.00	%			0.00	%			0.00	%^(h)			0.00	%^(h)			0.00	%


Net investment income			3.89	%^(g)			2.36	%			2.38	%			1.41	%			2.84	%			2.22	%


Supplemental Data
Net assets, end of period (000)		$	119,081			$	134,297			$	153,993			$	203,180			$	183,626			$	180,376


Portfolio turnover rate⁽ⁱ⁾			4	%			11	%			4	%			6	%			9	%			7	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Rounds to less than 0.01%.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets ETF


	Six Months Ended
		02/29/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited)			08/31/23			08/31/22	^(a)		08/31/21	^(a)		08/31/20	^(a)		08/31/19	^(a)


Net asset value, beginning of period		$	39.26		$	39.68		$	52.56		$	44.56		$	40.22		$	43.24

Net investment income^(b)			0.19			0.82			1.09	^(c)		0.75			0.98			0.90
Net realized and unrealized gain (loss)^(d)			1.46			(0.35	)		(12.88	)		8.01			4.52			(3.02	)


Net increase (decrease) from investment operations			1.65			0.47			(11.79	)		8.76			5.50			(2.12	)


Distributions from net investment income^(e)			(0.75	)		(0.89	)		(1.09	)		(0.76	)		(1.16	)		(0.90	)


Net asset value, end of period		$	40.16		$	39.26		$	39.68		$	52.56		$	44.56		$	40.22


Total Return^(f)
Based on net asset value			4.29	%^(g)		1.23	%		(22.73	)%^(c)		19.72	%		13.82	%		(4.87	)%


Ratios to Average Net Assets^(h)
Total expenses			0.73	%⁽ⁱ⁾		0.70	%		0.69	%		0.69	%		0.70	%		0.68	%


Total expenses excluding professional fees for foreign withholding tax claims			0.72	%⁽ⁱ⁾		N/A			0.69	%		0.68	%		0.70	%		0.68	%


Net investment income			1.00	%⁽ⁱ⁾		2.12	%		2.38	%^(c)		1.45	%		2.38	%		2.16	%


Supplemental Data
Net assets, end of period (000)		$	17,784,174		$	21,358,378		$	25,870,381		$	30,983,302		$	24,024,571		$	24,631,575


Portfolio turnover rate^(j)			3	%		15	%		21	%		9	%		19	%		15	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

^(c)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2022:

• Net investment income per share by $—..

• Total return by 0.01%.

• Ratio of net investment income to average net assets by 0.01%.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

Currency Hedged MSCI Emerging Markets		Diversified
MSCI Emerging Markets		Diversified

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invested in Indian securities. On June 16, 2023, the Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

ForeignTaxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 2024, if any, are disclosed in the Statements of Assets and Liabilities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		33

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

•

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


Currency Hedged MSCI Emerging Markets
BofA Securities, Inc.	$	39,051,195	$	(39,051,195	)	$	—		$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		35

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Emerging Markets
Barclays Capital, Inc.	$	12,298,908	$	(12,298,908	)	$	—		$	—
BNP Paribas SA		5,933,574		(5,933,574	)		—			—
BofA Securities, Inc.		11,930,720		(11,930,720	)		—			—
Citigroup Global Markets Ltd		5,839,752		(5,839,752	)		—			—
Citigroup Global Markets, Inc.		3,936,632		(3,936,632	)		—			—
Goldman Sachs & Co. LLC		61,231,624		(61,231,624	)		—			—
Goldman Sachs International		25,533,020		(25,533,020	)		—			—
HSBC Bank PLC		14,958,336		(14,958,336	)		—			—
J.P. Morgan Securities LLC		21,531,154		(21,531,154	)		—			—
J.P. Morgan Securities PLC		30,814,345		(30,814,345	)		—			—
Jefferies LLC		153,099		(153,099	)		—			—
Macquarie Bank Ltd.		3,083,233		(3,083,233	)		—			—
Morgan Stanley		220,347,824		(220,347,824	)		—			—
Toronto-Dominion Bank (The)		78,192		(78,192	)		—			—
UBS AG		2,395,457		(2,395,457	)		—			—
UBS Europe SE		1,719,161		(1,719,161	)		—			—
Wells Fargo Bank N.A.		169,416		(169,416	)		—			—


	$	421,954,447	$	(421,954,447	)	$	—		$	—

^(a)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:



Aggregate Average Daily Net Assets	Investment Advisory Fees

First $14 billion		0.75%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts Waived

Currency Hedged MSCI Emerging Markets	$	494,726


N O T E S T O F I N A N C I A L S T A T E M E N T S		37

Notes to Financial Statements (unaudited) (continued)



iShares ETF	Amounts

Currency Hedged MSCI Emerging Markets	$	9,658
MSCI Emerging Markets		1,013,231

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Emerging Markets	$	6,754,059	$	39,915,088	$	(73,557,800	)

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Currency Hedged MSCI Emerging Markets	$	6,182,819	$	5,598,217
MSCI Emerging Markets		581,522,769		3,133,814,725


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 29, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Currency Hedged MSCI Emerging Markets	$	2,148,076	$	20,367,021
MSCI Emerging Markets		40,259,695		1,596,735,151

8.	*INCOME TAX INFORMATION*

As of August 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards			Qualified Late-Year Capital Losses

Currency Hedged MSCI Emerging Markets	$	—		$	(8,764,793)
MSCI Emerging Markets		(13,713,746,522	)		—



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Currency Hedged MSCI Emerging Markets	$	176,067,976	$	714,237	$	(16,730,497	)	$	(16,016,260)
MSCI Emerging Markets		16,307,041,573		5,378,265,402		(3,491,838,562	)		1,886,426,840

9.	*LINE OF CREDIT*

During the six months ended February 29, 2024, the iShares Currency Hedged MSCI Emerging Markets ETF did not borrow under the Syndicated Credit Agreement.



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

MSCI Emerging Markets	$	89,673,000	$	4,833,615		6.44%


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)

10.

PRINCIPAL RISKS

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFAgenerally does not attempt to take defensive positions under any market conditions, including declining markets.


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23

iShares ETF	Shares			Amount			Shares			Amount


Currency Hedged MSCI Emerging Markets
Shares sold		90,000		$	2,148,157			2,140,000		$	52,467,876
Shares redeemed		(850,000	)		(20,494,845	)		(2,700,000	)		(64,316,480	)


		(760,000	)	$	(18,346,688	)		(560,000	)	$	(11,848,604	)


MSCI Emerging Markets
Shares sold		15,300,000		$	611,440,069			59,400,000		$	2,379,728,785
Shares redeemed		(116,550,000	)		(4,426,316,198	)		(167,400,000	)		(6,413,041,821	)


		(101,250,000	)	$	(3,814,876,129	)		(108,000,000	)	$	(4,033,313,036	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI Emerging Markets ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.

SUBSEQUENT EVENTS


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		43

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		45

Glossary of Terms Used in this Report



Currency Abbreviation

BRL		Brazilian Real

CLP		Chilean Peso

CNH		Chinese Yuan

EUR		Euro

HKD		Hong Kong Dollar

IDR		Indonesian Rupiah

INR		Indian Rupee

KRW		South Korean Won

MXN		Mexican Peso

MYR		Malaysian Ringgit

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		United States Dollar

ZAR		South African Rand

Portfolio Abbreviation

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-805-0224


		FEBRUARY 29, 2024

2024 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares Emerging Markets Equity Factor ETF | EMGF | Cboe BZX

· iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ

· iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ

· iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX

· iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.


Total Returns as of February 29, 2024

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	13.93%	30.45%

U.S. small cap equities (Russell 2000^® Index)	8.97	10.05

International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41

Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	11.01

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page


The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		45
Statements of Operations		47
Statements of Changes in Net Assets		49
Financial Highlights		52
Notes to Financial Statements		57
Statement Regarding Liquidity Risk Management Program		66
Supplemental Information		67
General Information		68
Glossary of Terms Used in this Report		69


Fund Summary as of February 29, 2024		iShares^® Emerging Markets Equity Factor ETF

Investment Objective

The iShares Emerging Markets Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the STOXX Emerging Markets Equity Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		9.63	%		14.88	%		4.01	%		6.20	%		14.88	%		21.73	%		64.08	%
Fund Market		10.02			14.56			4.03			6.19			14.56			21.83			63.94
Index		10.31			16.27			4.88			6.78			16.27			26.88			71.60

The inception date of the Fund was December 8, 2015. The first day of secondary market trading was December 10, 2015.

Index performance through February 28, 2023 reflects the performance of the MSCI Emerging Markets Diversified Multiple Factor Index. Index performance beginning on March 1, 2023 reflects the performance of the STOXX Emerging Markets Equity Factor Index, which effective as of March 1, 2023, replaced the MSCI Emerging markets Diversified Multiple Factor Index as the underlying index of the fund.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,096.30	$ 1.36			$ 1,000.00	$ 1,023.60	$ 1.31		0.26	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Information Technology	23.7	%
Financials	21.9
Consumer Discretionary	12.5
Industrials	8.5
Communication Services	8.2
Consumer Staples	7.1
Materials	5.9
Energy	5.2
Utilities	3.5
Health Care	2.6
Real Estate	0.9


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

China	23.8	%
India	20.3
Taiwan	16.5
South Korea	13.4
Brazil	5.1
Saudi Arabia	2.9
Mexico	2.7
United Arab Emirates	2.2
Indonesia	2.0
South Africa	1.9
Turkey	1.3
Malaysia	1.3
Poland	1.2
Qatar	1.2
Other (each representing less than 1%)	4.2

^(a)

Excludes money market funds.


4		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 29, 2024		iShares^® ESG Aware MSCI EM ETF

Investment Objective

The iShares ESG Aware MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		3.08	%		6.96	%		1.17	%		5.26	%		6.96	%		5.98	%		48.21	%
Fund Market		3.06			6.53			1.08			5.20			6.53			5.52			47.60
Index		3.49			7.64			1.59			5.76			7.64			8.20			53.68

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period			Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period		Annualized Expense Ratio

	$ 1,000.00	$ 1,030.80	$ 1.31	^(a)		$ 1,000.00	$ 1,023.60	$ 1.31	^(a)	0.26	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Financials	26.5	%
Information Technology	22.9
Consumer Discretionary	13.9
Communication Services	9.3
Materials	5.2
Energy	5.1
Consumer Staples	5.1
Industrials	4.8
Health Care	3.9
Utilities	1.8
Real Estate	1.5


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

China	24.8	%
Taiwan	18.6
India	17.2
South Korea	12.6
Brazil	5.0
Saudi Arabia	3.7
South Africa	3.0
Thailand	2.5
Malaysia	2.3
Mexico	2.0
Indonesia	1.7
United Arab Emirates	1.3
Other (each representing less than 1%)	5.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5


Fund Summary as of February 29, 2024		iShares^® MSCI Emerging Markets ex China ETF

Investment Objective

The iShares MSCI Emerging Markets ex China ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		10.71	%		18.86	%		5.25	%		3.98	%		18.86	%		29.16	%		29.45	%
Fund Market		10.21			18.48			5.19			3.93			18.48			28.78			29.09
Index		11.21			19.71			5.76			4.48			19.71			32.34			33.66

The inception date of the Fund was July 18, 2017. The first day of secondary market trading was July 20, 2017.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,107.10	$ 1.31			$ 1,000.00	$ 1,023.60	$ 1.26		0.25	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Information Technology	28.2	%
Financials	24.9
Materials	8.5
Industrials	7.7
Consumer Discretionary	6.7
Energy	6.0
Consumer Staples	6.0
Communication Services	4.6
Health Care	3.2
Utilities	2.9
Real Estate	1.3


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

India	24.1	%
Taiwan	22.5
South Korea	16.8
Brazil	7.4
Saudi Arabia	6.1
Mexico	3.5
South Africa	3.4
Indonesia	2.6
Thailand	2.1
Malaysia	1.9
United Arab Emirates	1.7
Poland	1.3
Qatar	1.2
Kuwait	1.1
Other (each representing less than 1%)	4.3

^(a)

Excludes money market funds.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 29, 2024		iShares^® MSCI Emerging Markets Min Vol Factor ETF

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		6.03	%		9.78	%		1.60	%		2.66	%		9.78	%		8.29	%		30.07	%
Fund Market		5.71			9.75			1.59			2.67			9.75			8.22			30.13
Index		6.63			10.83			2.14			3.04			10.83			11.17			34.96

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,060.30	$ 1.33			$ 1,000.00	$ 1,023.60	$ 1.31		0.26	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Financials	23.5	%
Information Technology	16.9
Communication Services	14.6
Consumer Staples	10.3
Health Care	9.2
Consumer Discretionary	8.3
Industrials	4.9
Utilities	4.4
Materials	4.1
Energy	3.1
Real Estate	0.7


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

China	22.9	%
India	20.5
Taiwan	15.8
Saudi Arabia	9.2
South Korea	7.2
Thailand	4.3
Malaysia	4.0
United Arab Emirates	3.7
Qatar	2.5
Kuwait	2.4
Philippines	1.9
Indonesia	1.6
Peru	1.1
Other (each representing less than 1%)	2.9

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of February 29, 2024		iShares^® MSCI Global Min Vol Factor ETF

Investment Objective

The iShares MSCI Global MinVol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.34	%		13.48	%		5.66	%		7.33	%		13.48	%		31.67	%		102.91	%
Fund Market		7.33			13.59			5.61			7.33			13.59			31.35			102.87
Index		7.08			13.11			5.47			7.12			13.11			30.51			98.94

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,073.40	$ 1.03			$ 1,000.00	$ 1,023.90	$ 1.01		0.20	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Information Technology	18.0	%
Health Care	16.1
Financials	15.9
Communication Services	12.2
Consumer Staples	11.8
Industrials	8.9
Consumer Discretionary	6.4
Utilities	5.9
Materials	2.4
Energy	2.2
Real Estate	0.2


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	^(a)

United States	57.3	%
Japan	10.5
China	7.5
India	5.6
Taiwan	4.9
Switzerland	2.7
Hong Kong	1.6
Canada	1.3
Saudi Arabia	1.3
Other (each representing less than 1%)	7.3

^(a)

Excludes money market funds.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

Disclosure of Expenses


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		9

Schedule of Investments (unaudited)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.8%
Ambev SA		165,476	$	418,758
B3 SA - Brasil Bolsa Balcao		1,027,879		2,652,871
Banco do Brasil SA		128,098		1,490,968
Centrais Eletricas Brasileiras SA		6,688		58,524
Cia. de Saneamento Basico do Estado de Sao Paulo		19,686		313,481
Cia. Energetica de Minas Gerais		60,418		182,551
Cia. Siderurgica Nacional SA		155,076		524,708
CPFL Energia SA		52,801		375,898
CSN Mineracao SA		886,920		1,082,981
Hypera SA		64,078		423,827
JBS SA		507,589		2,354,610
Neoenergia SA		165,152		717,604
Petroleo Brasileiro SA		285,518		2,367,495
Raia Drogasil SA		41,188		220,725
Suzano SA		103,587		1,174,212
TIM SA/Brazil		345,345		1,262,280
Vale SA		319,549		4,306,207
Vibra Energia SA		154,150		801,899
WEG SA		148,569		1,096,537


				21,826,136

Chile — 0.4%
Banco de Chile		3,440,370		399,344
Cencosud SA		420,079		754,443
Colbun SA		3,177,925		436,691
Empresas CMPC SA		292,124		518,594
Quinenco SA		44,987		153,668


				2,262,740

China — 23.6%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		195,800		527,380
3SBio Inc.^(a)		458,000		302,182
Agricultural Bank of China Ltd., Class A		1,511,900		878,246
Agricultural Bank of China Ltd., Class H		905,000		371,272
AIMA Technology Group Co. Ltd.		75,700		345,950
Akeso Inc.^(a)(b)(c)		288,000		1,726,970
Alibaba Group Holding Ltd.		1,158,948		10,654,994
Anhui Guangxin Agrochemical Co. Ltd.		80,160		163,848
Anhui Gujing Distillery Co. Ltd., Class A		3,400		103,052
Anhui Jinhe Industrial Co. Ltd.		27,000		69,235
ANTA Sports Products Ltd.		86,600		844,268
Atour Lifestyle Holdings Ltd., ADR, ADR		3,480		67,442
Autohome Inc., ADR		11,530		299,665
AVIC Industry-Finance Holdings Co. Ltd., Class A		668,800		307,645
Baidu Inc.^(b)		170,000		2,151,077
Bank of China Ltd., Class A		594,300		368,257
Bank of China Ltd., Class H		8,534,000		3,347,899
Bank of Communications Co. Ltd., Class H		1,097,000		718,695
Beijing Tongrentang Co. Ltd., Class A		42,200		260,645
Biem.L.Fdlkk Garment Co. Ltd.		48,100		209,088
Bosideng International Holdings Ltd.		2,540,000		1,277,562
BYD Co. Ltd., Class A		52,800		1,394,587
BYD Co. Ltd., Class H		11,000		270,931
Caida Securities Co. Ltd.		69,600		74,898
China CITIC Bank Corp. Ltd., Class A		594,700		529,942
China Coal Energy Co. Ltd., Class H		639,000		688,151
China Construction Bank Corp., Class H		9,204,000		5,707,917
China International Capital Corp. Ltd., Class H^(a)		481,200		603,212
China Medical System Holdings Ltd.		360,000		591,795
China Merchants Bank Co. Ltd., Class H		433,000		1,674,419
China Merchants Securities Co. Ltd., Class H^(a)		589,000		468,043


Security	Shares		Value

China (continued)
China National Software & Service Co. Ltd., Class A		77,220	$	344,908
China Overseas Property Holdings Ltd.		420,000		353,107
China Pacific Insurance Group Co. Ltd., Class H		38,400		72,839
China Petroleum & Chemical Corp., Class A		522,800		452,402
China Petroleum & Chemical Corp., Class H		2,184,000		1,203,282
China Railway Group Ltd., Class H		357,000		173,891
China Resources Beer Holdings Co. Ltd.		108,000		465,367
China Resources Land Ltd.		52,000		158,826
China Resources Mixc Lifestyle Services Ltd.^(a)		44,200		133,211
China Resources Pharmaceutical Group Ltd.^(a)		944,000		638,462
China Resources Power Holdings Co. Ltd.		190,000		409,004
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		52,400		399,777
China Shenhua Energy Co. Ltd., Class A		79,700		425,807
China Shenhua Energy Co. Ltd., Class H		210,500		809,939
China World Trade Center Co. Ltd.		39,700		105,327
Chongqing Changan Automobile Co. Ltd., Class A		176,900		364,910
Chongqing Rural Commercial Bank Co. Ltd., Class H		641,000		258,501
Chow Tai Fook Jewellery Group Ltd.^(c)		374,400		557,883
CITIC Ltd.		68,000		68,406
CITIC Securities Co. Ltd., Class A		54,800		161,691
CMOC Group Ltd., Class H		435,000		268,355
CNPC Capital Co. Ltd., NVS		62,800		53,919
COFCO Capital Holdings Co. Ltd.		123,700		156,204
COSCO Shipping Holdings Co. Ltd., Class H		466,000		501,668
CSC Financial Co. Ltd., Class A		138,800		447,644
CSC Financial Co. Ltd., Class H^(a)		875,000		704,767
Daqo New Energy Corp., ADR^(b)(c)		8,497		180,816
DaShenLin Pharmaceutical Group Co. Ltd., Class A		46,020		151,721
Dong-E-E-Jiao Co. Ltd., Class A		45,300		365,621
East Buy Holding Ltd.^(a)(b)		59,000		181,866
Eastern Air Logistics Co. Ltd.		65,600		140,991
Ecovacs Robotics Co. Ltd., Class A		50,100		259,002
Focus Media Information Technology Co. Ltd., Class A		325,200		283,529
G-Bits Network Technology Xiamen Co. Ltd., Class A		6,400		192,664
GD Power Development Co. Ltd., Class A		1,126,900		731,835
GF Securities Co. Ltd., Class H		370,600		397,929
Giant Biogene Holding Co. Ltd.^(a)(b)(c)		153,000		700,026
Great Wall Motor Co. Ltd., Class H		236,500		266,927
Gree Electric Appliances Inc. of Zhuhai, Class A		40,600		219,715
Gree Real Estate Co. Ltd.^(b)		104,000		94,453
Greentown China Holdings Ltd.		203,000		162,318
Guangdong Zhongsheng Pharmaceutical Co. Ltd.		70,900		165,071
Guosen Securities Co. Ltd., Class A		232,200		277,451
Guosheng Financial Holding Inc.^(b)		88,000		123,692
H World Group Ltd.		185,800		685,458
Hainan Haide Capital Management Co. Ltd.		104,590		146,296
Hangzhou Binjiang Real Estate Group Co. Ltd.		259,800		271,869
Hangzhou Robam Appliances Co. Ltd., Class A		13,400		46,376
Heilongjiang Agriculture Co. Ltd., Class A		94,300		162,472
Hengdian Group DMEGC Magnetics Co. Ltd.		81,500		162,290
Hisense Home Appliances Group Co. Ltd.		79,800		330,654
Hisense Kelon Electrical Holdings Co. Ltd., Class H		267,000		845,404
Hopson Development Holdings Ltd.^(b)		856,368		409,247
Huatai Securities Co. Ltd., Class H^(a)		292,200		344,889
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		12,800		65,743
Hundsun Technologies Inc., Class A		41,500		140,336
Industrial & Commercial Bank of China Ltd., Class H		7,503,000		3,846,133
Inner Mongolia ERDOS Resources Co. Ltd., Class B		127,020		114,953
JD Health International Inc.^(a)(b)		136,100		513,311
JD.com Inc.		140,850		1,589,616
Jiangsu King’s Luck Brewery JSC Ltd., Class A		55,200		409,896


10		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Jiangsu Phoenix Publishing & Media Corp. Ltd.		197,700	$	285,279
Jiangxi Copper Co. Ltd., Class H		107,000		158,800
Jinneng Holding Shanxi Coal Industry Co. Ltd.		146,900		271,075
JiuGui Liquor Co. Ltd., Class A		25,500		215,054
Jizhong Energy Resources Co. Ltd.		235,300		265,379
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		159,400		266,338
Jointown Pharmaceutical Group Co. Ltd., Class A		145,240		164,056
Joyoung Co. Ltd., Class A		64,900		103,559
JOYY Inc., ADR		6,954		219,051
Kanzhun Ltd., ADR		12,043		188,473
KE Holdings Inc., ADR		37,579		510,699
Kehua Data Co. Ltd.		14,600		50,755
Kingboard Holdings Ltd.		198,500		389,351
Kingboard Laminates Holdings Ltd.^(c)		1,172,000		725,829
KingClean Electric Co. Ltd.		34,900		105,382
Kingnet Network Co. Ltd.		189,100		328,007
Kuaishou Technology^(a)(b)		246,300		1,390,834
Kunlun Energy Co. Ltd.		608,000		518,328
Kweichow Moutai Co. Ltd., Class A		4,200		985,274
Legend Holdings Corp., Class H^(a)		155,700		129,788
Lenovo Group Ltd.		1,044,000		1,153,337
Li Auto Inc.^(b)		105,000		2,396,306
Lufax Holding Ltd., Class A, ADR^(c)		22,040		68,765
Meihua Holdings Group Co. Ltd.		259,500		388,657
Meituan, Class B^(a)(b)		445,620		4,524,008
Metallurgical Corp. of China Ltd., Class H		2,746,000		553,470
Midea Group Co. Ltd., Class A		12,800		110,982
MINISO Group Holding Ltd.		20,400		93,760
NetEase Inc.		172,200		3,740,627
New Oriental Education & Technology Group Inc.^(b)		102,200		960,504
Newland Digital Technology Co. Ltd., Class A		91,100		243,913
Nongfu Spring Co. Ltd., Class H^(a)		417,000		2,358,052
Northeast Securities Co. Ltd., Class A		219,500		218,265
Opple Lighting Co. Ltd.		49,900		113,525
Orient Overseas International Ltd.		113,500		1,757,585
Orient Securities Co. Ltd.^(a)		1,267,600		536,861
PDD Holdings Inc., ADR^(b)		59,541		7,415,236
People’s Insurance Co. Group of China Ltd. (The), Class H		1,186,000		395,061
Perfect World Co. Ltd., Class A		155,700		252,462
PetroChina Co. Ltd., Class A		1,878,500		2,299,518
PetroChina Co. Ltd., Class H		356,000		279,215
PICC Property & Casualty Co. Ltd., Class H		379,000		518,138
Ping An Insurance Group Co. of China Ltd., Class H		485,000		2,156,876
Pingdingshan Tianan Coal Mining Co. Ltd.		52,900		101,682
Postal Savings Bank of China Co. Ltd., Class H^(a)		2,407,000		1,264,574
Qifu Technology Inc.		27,384		423,083
Radiance Holdings Group Co. Ltd.^(b)(c)		302,000		82,544
Sanquan Food Co. Ltd., Class A		81,800		140,673
Sealand Securities Co. Ltd., Class A		377,600		186,385
Shaanxi Coal Industry Co. Ltd., Class A		108,500		387,956
Shaanxi Energy Investment Co. Ltd., NVS		216,200		266,564
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		100,229		239,173
Shandong Publishing & Media Co. Ltd.		132,500		194,161
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		318,800		207,254
Shanghai Baosight Software Co. Ltd., Class B		125,328		281,596
Shanghai Flyco Electrical Appliance Co. Ltd.		13,800		91,305
Shanghai International Port Group Co. Ltd., Class A		145,381		109,521
Shanghai M&G Stationery Inc., Class A		9,300		45,919
Shanghai Stonehill Technology Co.Ltd., Class A		307,700		121,901


Security	Shares		Value

China (continued)
Shanghai Wanye Enterprises Co. Ltd.		58,900	$	111,356
Shanxi Coal International Energy Group Co. Ltd.		43,100		109,943
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		222,800		798,614
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		5,200		167,412
Shenwan Hongyuan Group Co. Ltd., Class A		562,600		357,204
Shenzhen CECport Technologies Co. Ltd., NVS		16,100		44,214
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		49,800		201,487
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		110,260		328,018
Simcere Pharmaceutical Group Ltd.^(a)(c)		366,000		260,158
Sino Biopharmaceutical Ltd.		1,018,000		404,614
Sinosoft Co. Ltd.		55,300		227,407
Sinotrans Ltd., Class H		2,398,000		1,020,397
Sinotruk Hong Kong Ltd.		363,500		961,038
Sun Art Retail Group Ltd.		541,000		93,283
TAL Education Group, ADR^(b)		62,484		920,389
Tencent Holdings Ltd.		435,200		15,245,324
Tianqi Lithium Corp.		22,000		111,783
Tingyi Cayman Islands Holding Corp.		884,000		983,057
Topsports International Holdings Ltd.^(a)		338,000		228,731
Trip.com Group Ltd.^(b)		36,050		1,636,319
Tsingtao Brewery Co. Ltd., Class H		74,000		473,505
Uni-President China Holdings Ltd.^(c)		408,000		244,920
Vipshop Holdings Ltd., ADR^(b)		37,387		719,700
Want Want China Holdings Ltd.		1,490,000		822,122
Weichai Power Co. Ltd., Class H		230,000		452,723
Xiamen Xiangyu Co. Ltd.		187,800		178,013
Yadea Group Holdings Ltd.^(a)		352,000		553,017
Yankuang Energy Group Co. Ltd., Class A		52,550		188,431
Yankuang Energy Group Co. Ltd., Class H^(b)		449,000		1,035,413
Yifeng Pharmacy Chain Co. Ltd., Class A		14,980		81,801
Yixintang Pharmaceutical Group Co. Ltd., Class A		53,300		144,594
Yongan Futures Co. Ltd.		53,400		108,775
Yutong Bus Co. Ltd., Class A		197,200		510,896
Zangge Mining Co. Ltd.		19,400		78,760
Zhejiang Publishing & Media Co. Ltd.		158,400		184,697
Zhejiang Semir Garment Co. Ltd., Class A		227,700		175,449
Zhongshan Broad Ocean Motor Co. Ltd.		198,000		134,792
ZTE Corp., Class H		106,000		238,763


				136,157,778

Colombia — 0.2%
Bancolombia SA		33,252		279,063
Interconexion Electrica SA ESP		168,357		717,179


				996,242

Czech Republic — 0.5%
CEZ AS		24,895		850,536
Komercni Banka AS		53,824		1,873,181


				2,723,717

Egypt — 0.2%
Eastern Co. S.A.E		1,973,210		1,395,768


Greece — 0.7%
Hellenic Telecommunications Organization SA		95,856		1,446,272
JUMBO SA		6,076		177,570
National Bank of Greece SA^(b)		87,353		685,892
OPAP SA		57,131		1,041,674
Piraeus Financial Holdings SA^(b)		125,641		555,071


				3,906,479

Hong Kong — 0.2%
BOC Hong Kong Holdings Ltd.		534,000		1,402,930


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		68,818	$	547,548
OTP Bank Nyrt		13,046		625,495
Richter Gedeon Nyrt		2,990		79,601


				1,252,644

India — 20.2%
3M India Ltd.		2,311		891,265
ABB India Ltd.		26,172		1,715,648
ACC Ltd.		25,136		796,578
Adani Enterprises Ltd.		38,481		1,524,164
AIA Engineering Ltd.		33,698		1,484,541
Ambuja Cements Ltd.		82,298		601,050
Apollo Hospitals Enterprise Ltd.		11,922		877,689
Asian Paints Ltd.		29,947		1,021,448
Axis Bank Ltd.		10,175		131,716
Bajaj Auto Ltd.		17,228		1,641,984
Bajaj Finance Ltd.		14,517		1,132,581
Bharat Electronics Ltd.		1,133,137		2,798,959
Bharti Airtel Ltd.		144,293		1,953,583
Britannia Industries Ltd.		5,058		303,119
CG Power and Industrial Solutions Ltd.		65,462		349,817
Cholamandalam Investment and Finance Co. Ltd.		12,812		167,841
Coal India Ltd.		302,594		1,589,017
Colgate-Palmolive India Ltd.		31,795		966,922
CRISIL Ltd.		17,495		1,056,530
Cummins India Ltd.		38,125		1,259,659
Dr. Reddy’s Laboratories Ltd.		8,340		646,683
Emami Ltd.		122,796		688,575
GAIL India Ltd.		324,030		711,049
General Insurance Corp. of India^(a)		130,995		599,584
GlaxoSmithKline Pharmaceuticals Ltd.		21,525		562,521
Godrej Properties Ltd.^(b)		17,563		508,042
Havells India Ltd.		50,674		934,957
HCL Technologies Ltd.		117,153		2,347,766
HDFC Bank Ltd.		336,838		5,688,841
Hero MotoCorp Ltd.		29,007		1,545,885
Hindalco Industries Ltd.		177,632		1,077,502
Hindustan Aeronautics Ltd., NVS		48,016		1,782,750
Hindustan Petroleum Corp. Ltd.		66,079		406,231
Hindustan Unilever Ltd.		19,058		554,488
Hindustan Zinc Ltd.		34,822		128,582
ICICI Bank Ltd.		389,018		4,940,825
Indian Hotels Co. Ltd., Class A		23,539		166,609
Indian Oil Corp. Ltd.		353,519		704,982
Indian Railway Finance Corp. Ltd.^(a)		1,001,590		1,769,279
Indraprastha Gas Ltd.		97,344		499,599
Indus Towers Ltd.^(b)		102,260		311,875
Info Edge India Ltd.		7,502		475,904
Infosys Ltd.		377,917		7,605,387
InterGlobe Aviation Ltd.^(a)(b)		22,085		838,611
Jindal Steel & Power Ltd.		13,521		126,144
JSW Energy Ltd.		50,727		310,058
JSW Steel Ltd.		7,887		76,040
Kalyan Jewellers India Ltd.		115,141		551,845
Kotak Mahindra Bank Ltd.		54,479		1,108,374
KPIT Technologies Ltd.		6,050		114,339
L&T Technology Services Ltd.^(a)		18,735		1,198,432
Larsen & Toubro Ltd.		58,435		2,449,963
Macrotech Developers Ltd.		11,029		154,538
Mahindra & Mahindra Ltd.		86,190		2,006,910
Marico Ltd.		43,864		276,365
Maruti Suzuki India Ltd.		1,033		140,586
Max Healthcare Institute Ltd.		7,534		72,105


Security	Shares		Value

India (continued)
Mazagon Dock Shipbuilders Ltd.		17,427	$	438,196
Mphasis Ltd.		33,697		1,063,037
Muthoot Finance Ltd.		23,297		365,424
Nestle India Ltd., NVS		50,885		1,593,593
NHPC Ltd., NVS		2,809,679		2,975,902
NMDC Ltd.		293,186		797,428
NTPC Ltd.		341,859		1,381,403
Oil & Natural Gas Corp. Ltd.		221,376		704,282
Oil India Ltd.		287,309		1,889,163
Oracle Financial Services Software Ltd.		17,454		1,613,371
Page Industries Ltd.		1,101		455,563
Pidilite Industries Ltd.		2,837		93,671
Polycab India Ltd.		2,308		132,124
Poonawalla Fincorp Ltd.		47,312		266,272
Power Finance Corp. Ltd.		608,325		2,942,897
Power Grid Corp. of India Ltd.		411,705		1,406,580
Procter & Gamble Hygiene & Health Care Ltd.		3,618		686,949
REC Ltd.		438,856		2,336,874
Reliance Industries Ltd.		174,523		6,142,380
SBI Cards & Payment Services Ltd.		20,594		178,662
SBI Life Insurance Co. Ltd.^(a)		30,635		572,415
Schaeffler India Ltd.		2,533		88,472
Siemens Ltd.		4,284		241,537
Solar Industries India Ltd.		2,766		223,796
SRF Ltd.		18,839		543,091
Sun Pharmaceutical Industries Ltd.		28,773		547,004
Supreme Industries Ltd.		11,897		594,994
Tata Consultancy Services Ltd.		144,136		7,110,387
Tata Elxsi Ltd.		4,504		424,119
Tata Motors Ltd., Class A		321,650		2,449,215
Tata Steel Ltd.		722,527		1,224,810
Tech Mahindra Ltd.		58,329		896,355
Tube Investments of India Ltd.		29,120		1,222,397
Union Bank of India Ltd.		153,529		270,416
Varun Beverages Ltd.		73,573		1,250,328
Vedant Fashions Ltd.		60,608		751,405
Vedanta Ltd.		36,939		119,028
Wipro Ltd.		468,113		2,920,474
WNS Holdings Ltd.^(b)		20,091		1,159,251


				116,419,602

Indonesia — 2.0%
Adaro Energy Indonesia Tbk PT		3,370,500		519,463
Aneka Tambang Tbk		433,400		40,252
Avia Avian Tbk PT		1,433,800		53,830
Bank Central Asia Tbk PT		5,025,900		3,162,628
Bank CIMB Niaga Tbk PT		2,767,300		351,305
Bank Mandiri Persero Tbk PT		2,276,900		1,017,031
Bank Negara Indonesia Persero Tbk PT		592,800		226,559
Bank Rakyat Indonesia Persero Tbk PT		2,375,800		925,810
Bukit Asam Tbk PT		2,663,000		433,584
GoTo Gojek Tokopedia Tbk PT^(b)		32,803,300		148,480
Hanjaya Mandala Sampoerna Tbk PT		10,895,700		599,732
Indo Tambangraya Megah Tbk PT		588,700		981,171
Kalbe Farma Tbk PT		688,300		65,161
Pertamina Geothermal Energy PT^(a)		6,146,700		472,871
Perusahaan Gas Negara Tbk PT		3,384,400		234,792
Sumber Alfaria Trijaya Tbk PT		7,204,100		1,260,660
Telkom Indonesia Persero Tbk PT		2,597,500		662,127
Unilever Indonesia Tbk PT		1,030,600		179,035
United Tractors Tbk PT		129,400		193,802

				11,528,293


12		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Kuwait — 0.2%
National Bank of Kuwait SAKP		399,572	$	1,273,095


Malaysia — 1.3%
Axiata Group Bhd		252,500		148,013
Fraser & Neave Holdings Bhd		55,100		342,524
Genting Bhd		296,800		298,562
Hong Leong Bank Bhd		159,800		664,480
Hong Leong Financial Group Bhd		96,400		345,338
IJM Corp. Bhd		145,300		65,613
Malaysia Airports Holdings Bhd		49,300		88,097
Nestle Malaysia Bhd		18,100		476,386
Petronas Chemicals Group Bhd		64,000		94,463
Petronas Dagangan Bhd		37,900		182,412
Petronas Gas Bhd		83,900		317,178
Public Bank Bhd		846,900		786,034
Sime Darby Bhd		775,900		443,349
Telekom Malaysia Bhd		124,400		158,679
Westports Holdings Bhd		201,300		159,920
YTL Corp. Bhd^(c)		3,275,300		1,846,826
YTL Power International Bhd		1,009,200		842,680


				7,260,554

Mexico — 2.7%
America Movil SAB de CV		1,708,830		1,600,125
Banco del Bajio SA^(a)		617,294		2,297,253
Cemex SAB de CV^(b)		114,721		876,468
Coca-Cola Femsa SAB de CV		152,920		1,492,572
Fomento Economico Mexicano SAB de CV		147,793		1,845,478
Gruma SAB de CV, Class B		59,086		1,052,224
Grupo Aeroportuario del Pacifico SAB de CV, Class B		103,134		1,522,844
Grupo Comercial Chedraui SA de CV		119,125		914,741
Grupo Financiero Banorte SAB de CV, Class O		129,579		1,339,714
Grupo Mexico SAB de CV, Series B		129,576		629,017
Orbia Advance Corp. SAB de CV		109,841		203,129
Wal-Mart de Mexico SAB de CV		417,925		1,673,490


				15,447,055

Netherlands — 0.1%
NEPI Rockcastle NV		36,214		258,388
Pepco Group NV^(b)		13,094		65,711


				324,099

Philippines — 0.6%
Bank of the Philippine Islands		650,138		1,447,548
DMCI Holdings Inc.		1,665,900		324,794
International Container Terminal Services Inc.		89,990		461,814
Manila Electric Co.		105,350		730,881
Metropolitan Bank & Trust Co.		54,130		59,701
Semirara Mining & Power Corp., Class A		795,000		456,791


				3,481,529

Poland — 1.2%
Bank Polska Kasa Opieki SA		11,244		487,690
Budimex SA		14,386		2,629,982
LPP SA		360		1,617,390
mBank SA^(b)(c)		3,533		615,618
Orange Polska SA		476,797		975,839
PGE Polska Grupa Energetyczna SA^(b)		137,761		275,308
Powszechna Kasa Oszczednosci Bank Polski SA		13,819		192,573


				6,794,400

Qatar — 1.1%
Ezdan Holding Group QSC^(b)		453,024		107,396
Industries Qatar QSC		533,372		1,888,530
Mesaieed Petrochemical Holding Co. QSC		1,288,797		667,990
Ooredoo QPSC		801,906		2,500,390


Security	Shares		Value

Qatar (continued)
Qatar Islamic Bank SAQ		27,844	$	153,862
Qatar National Bank QPSC		315,524		1,317,820


				6,635,988

Russia — 0.0%
Inter RAO UES PJSC^(b)(d)		41,455,000		4,531
PhosAgro PJSC^(b)(d)		51,000		5
PhosAgro PJSC, New^(b)(d)		986		10
TCS Group Holding PLC, GDR^(b)(d)(e)		135,475		15
United Co. RUSAL International PJSC^(b)(d)		3,441,260		376


				4,937

Saudi Arabia — 2.9%
Al Rajhi Bank		99,669		2,366,961
Alinma Bank		62,838		737,544
Arab National Bank		65,794		489,208
Arabian Internet & Communications Services Co.		4,251		416,333
Banque Saudi Fransi		40,831		415,153
Dar Al Arkan Real Estate Development Co.^(b)		72,286		269,400
Dr Sulaiman Al Habib Medical Services Group Co.		11,083		975,965
Elm Co.		11,435		3,225,340
Etihad Etisalat Co.		54,712		806,755
Nahdi Medical Co.		48,510		1,836,765
Riyad Bank		145,339		1,206,619
Riyadh Cables Group Co.		38,580		1,152,842
SABIC Agri-Nutrients Co.		39,313		1,314,306
Saudi Aramco Base Oil Co.		20,934		939,078
Saudi Electricity Co.		48,049		256,489
Saudi Telecom Co.		29,406		332,864


				16,741,622

South Africa — 1.9%
African Rainbow Minerals Ltd.		64,587		568,554
Anglo American Platinum Ltd.		38,016		1,462,425
Bidvest Group Ltd. (The)		33,033		402,424
Clicks Group Ltd.		40,376		631,722
Exxaro Resources Ltd.		75,520		700,758
FirstRand Ltd.		20,740		70,165
Foschini Group Ltd. (The)		18,064		98,654
Gold Fields Ltd.		33,339		439,189
Impala Platinum Holdings Ltd.		200,323		679,812
MTN Group Ltd.		226,719		987,020
MultiChoice Group^(b)		224,289		1,220,960
Naspers Ltd., Class N		1,100		180,952
Nedbank Group Ltd.		11,597		132,673
Northam Platinum Holdings Ltd.		91,221		521,643
Sasol Ltd.		39,792		299,887
Sibanye Stillwater Ltd.		236,730		243,995
Standard Bank Group Ltd.		70,089		737,506
Woolworths Holdings Ltd./South Africa		461,725		1,544,781


				10,923,120

South Korea — 13.2%
BGF retail Co. Ltd.		1,870		185,550
Celltrion Inc.		4,298		581,246
CJ CheilJedang Corp.		250		56,341
CJ Corp.^(b)		11,784		858,253
CJ Logistics Corp.^(b)		3,031		283,256
Coway Co. Ltd.		26,350		1,072,505
DB HiTek Co. Ltd.		20,946		732,102
DB Insurance Co. Ltd.^(b)		17,593		1,305,481
DL Holdings Co. Ltd.^(b)		16,976		606,884
Doosan Bobcat Inc.		25,906		914,627
Ecopro BM Co. Ltd.^(b)		246		49,444
Ecopro Co. Ltd.^(b)		644		300,352


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
E-MART Inc.^(b)		5,181	$	288,191
F&F Co. Ltd./New		6,200		337,533
Hana Financial Group Inc.		66,721		2,838,838
Hanmi Science Co. Ltd.^(b)		16,835		521,280
Hanmi Semiconductor Co. Ltd.^(b)		7,992		511,328
Hanwha Aerospace Co. Ltd.		7,107		1,001,477
HMM Co. Ltd.^(b)		3,648		50,051
Hyosung TNC Corp.		1,334		290,341
Hyundai Engineering & Construction Co. Ltd.^(b)		4,224		110,179
Hyundai Glovis Co. Ltd.^(b)		4,139		592,559
Hyundai Marine & Fire Insurance Co. Ltd.^(b)		16,644		393,659
Hyundai Mobis Co. Ltd.		3,966		723,389
Hyundai Motor Co.		14,169		2,667,561
Hyundai Rotem Co. Ltd.		8,319		209,479
KB Financial Group Inc.		63,781		3,041,983
KCC Corp.		5,503		1,098,571
KEPCO Engineering & Construction Co. Inc.^(b)		1,611		85,897
Kia Corp.^(b)		39,958		3,741,983
Korea Aerospace Industries Ltd.^(b)		4,741		182,929
Korea Investment Holdings Co. Ltd.^(b)		18,965		1,012,904
Krafton Inc.^(b)		757		129,383
KT Corp.		24,076		706,214
KT&G Corp.		13,357		932,916
Kumho Petrochemical Co. Ltd.^(b)		3,094		343,610
LG Chem Ltd.		2,367		808,463
LG Display Co. Ltd.^(b)		25,407		216,843
LG Electronics Inc.		12,342		882,301
LG Energy Solution Ltd.^(b)		1,510		456,337
LG H&H Co. Ltd.		703		168,849
LG Innotek Co. Ltd.		3,340		507,571
LG Uplus Corp.		66,464		515,493
LS Corp.		4,928		325,844
Meritz Financial Group Inc.		24,180		1,509,170
Mirae Asset Securities Co. Ltd.^(b)		10,417		70,691
NAVER Corp.		6,854		1,006,380
NCSoft Corp.		3,852		561,820
Orion Corp./Republic of Korea		6,454		450,143
POSCO Holdings Inc.		7,045		2,289,581
Posco International Corp.^(b)		3,964		168,140
Samsung Biologics Co. Ltd.^(a)(b)		2,441		1,420,342
Samsung C&T Corp.		793		93,363
Samsung Card Co. Ltd.^(b)		21,382		603,008
Samsung Electro-Mechanics Co. Ltd.		8,318		876,559
Samsung Electronics Co. Ltd.		416,342		22,979,112
Samsung Engineering Co. Ltd.^(b)		19,793		366,075
Samsung Fire & Marine Insurance Co. Ltd.^(b)		7,191		1,609,339
Samsung Life Insurance Co. Ltd.		1,297		94,410
Samsung SDI Co. Ltd.		2,397		680,966
Samsung SDS Co. Ltd.		5,205		626,113
Samsung Securities Co. Ltd.		18,599		581,274
SD Biosensor Inc.^(b)		43,055		405,847
Seegene Inc.		47,174		882,254
Shinhan Financial Group Co. Ltd.		74,604		2,438,773
SK Hynix Inc.		13,719		1,617,257
SK Telecom Co. Ltd.		12,036		476,436
Woori Financial Group Inc.		134,015		1,501,620


				75,948,670

Taiwan — 16.4%
Accton Technology Corp.		72,000		1,184,863
Acer Inc.		670,000		958,214
Advantech Co. Ltd.		53,291		657,716
ASE Technology Holding Co. Ltd.		195,000		860,855


Security	Shares		Value

Taiwan (continued)
Asia Vital Components Co. Ltd.		13,000	$	219,296
Asustek Computer Inc.		14,000		201,721
AUO Corp.		1,513,800		839,587
Cathay Financial Holding Co. Ltd.		1,355,000		1,933,363
Chicony Electronics Co. Ltd.		150,000		890,446
China Airlines Ltd.		183,000		115,894
China Development Financial Holding Corp.^(b)		841,000		334,293
Chunghwa Telecom Co. Ltd.		101,000		384,776
Compal Electronics Inc.		253,000		292,156
CTBC Financial Holding Co. Ltd.		1,873,000		1,743,600
Delta Electronics Inc.		134,000		1,248,700
Far EasTone Telecommunications Co. Ltd.		287,000		715,031
Feng TAY Enterprise Co. Ltd.		36,880		192,928
Formosa Sumco Technology Corp.		82,000		406,296
Fubon Financial Holding Co. Ltd.		1,476,950		3,179,767
Giant Manufacturing Co. Ltd.		12,000		77,550
Gigabyte Technology Co. Ltd.		113,000		1,235,959
Global Unichip Corp.		29,000		1,461,598
Hon Hai Precision Industry Co. Ltd.		771,000		2,513,827
Inventec Corp.		254,000		442,428
King Slide Works Co. Ltd.		23,000		988,172
Kinsus Interconnect Technology Corp.		15,000		45,924
Largan Precision Co. Ltd.		2,000		164,139
Lite-On Technology Corp.		433,718		1,504,852
MediaTek Inc.		138,000		4,979,911
Mega Financial Holding Co. Ltd.		177,134		217,014
Micro-Star International Co. Ltd.		177,000		1,071,129
Nan Ya Plastics Corp.		205,000		387,665
Nan Ya Printed Circuit Board Corp.		31,000		207,696
Nien Made Enterprise Co. Ltd.		24,000		280,949
Novatek Microelectronics Corp.		159,000		3,026,303
Pou Chen Corp.		418,000		403,821
President Chain Store Corp.		103,000		878,185
Quanta Computer Inc.		163,000		1,197,778
Realtek Semiconductor Corp.		144,000		2,595,318
Ruentex Industries Ltd.		496,000		929,726
Shanghai Commercial & Savings Bank Ltd. (The)		714,000		1,016,589
SinoPac Financial Holdings Co. Ltd.		2,083,840		1,325,999
Synnex Technology International Corp.		36,000		88,687
Taiwan Cooperative Financial Holding Co. Ltd.		1,891,550		1,554,171
Taiwan Semiconductor Manufacturing Co. Ltd.		1,784,000		39,095,495
Unimicron Technology Corp.		83,000		471,600
Uni-President Enterprises Corp.		829,000		2,013,011
United Microelectronics Corp.		1,465,000		2,258,779
Voltronic Power Technology Corp.		18,000		914,780
Winbond Electronics Corp.		64,979		57,448
Wistron Corp.		221,000		809,250
Wiwynn Corp.		19,000		1,402,729
Yang Ming Marine Transport Corp.		133,000		209,832
Yuanta Financial Holding Co. Ltd.		2,550,185		2,216,167
Yulon Nissan Motor Co. Ltd.		9,000		47,993


				94,451,976

Thailand — 0.8%
Advanced Info Service PCL, NVDR		137,700		772,545
Central Retail Corp. PCL, NVDR		70,500		68,433
Charoen Pokphand Foods PCL, NVDR^(c)		159,700		84,146
Delta Electronics Thailand PCL, NVDR		424,100		844,262
Kasikornbank PCL, NVDR		39,000		133,833
Krung Thai Bank PCL, NVDR		1,710,400		767,639
Krungthai Card PCL, NVDR		296,200		353,214
MK Restaurants Group PCL, NVDR		327,500		342,702
PTT Exploration & Production PCL, NVDR		87,800		368,702


14		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand (continued)
SCB X PCL, NVDR		124,800	$	391,988
Thai Life Insurance PCL, NVDR^(c)		1,497,000		376,640
TOA Paint Thailand PCL, NVDR		110,300		61,580


				4,565,684

Turkey — 1.3%
Akbank TAS		343,865		457,804
Anadolu Efes Biracilik Ve Malt Sanayii AS		217,651		1,085,067
BIM Birlesik Magazalar AS		72,018		893,822
Ford Otomotiv Sanayi AS		14,379		468,227
KOC Holding AS		195,323		1,051,929
Tofas Turk Otomobil Fabrikasi AS		101,365		866,729
Turk Telekomunikasyon AS^(b)		122,316		125,717
Turk Traktor ve Ziraat Makineleri AS		33,029		920,072
Turkcell Iletisim Hizmetleri AS		287,745		616,830
Turkiye Garanti Bankasi AS		308,475		623,242
Yapi ve Kredi Bankasi AS		386,658		285,348


				7,394,787

United Arab Emirates — 2.2%
Abu Dhabi Islamic Bank PJSC		877,522		2,685,402
Abu Dhabi National Oil Co. for Distribution PJSC		1,248,635		1,189,840
Dubai Electricity & Water Authority PJSC		2,259,409		1,482,640
Emaar Properties PJSC		617,361		1,364,835
Emirates NBD Bank PJSC		254,322		1,267,126
Emirates Telecommunications Group Co. PJSC		183,783		905,668
Fertiglobe PLC		1,711,783		1,193,091
First Abu Dhabi Bank PJSC		157,872		586,490
International Holding Co. PJSC^(b)		16,948		1,845,710


				12,520,802


Total Common Stocks — 97.9% (Cost: $506,847,224)				563,640,647


Preferred Stocks

Brazil — 1.3%
Cia. Energetica de Minas Gerais, Preference Shares, NVS		268,133		645,642
Gerdau SA, Preference Shares, NVS		317,235		1,372,041
Itau Unibanco Holding SA, Preference Shares, NVS		424,105		2,895,561
Petroleo Brasileiro SA, Preference Shares, NVS		316,394		2,554,778


				7,468,022

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		17,567		871,193


South Korea — 0.2%
Kumho Petrochemical Co. Ltd., Preference Shares, NVS		4,034		214,708


Security	Shares		Value

South Korea (continued)
Samsung C&T Corp., Preference Shares, NVS		2,544	$	225,954
Samsung Electronics Co. Ltd., Preference Shares, NVS		13,166		630,476


				1,071,138


Total Preferred Stocks — 1.6% (Cost: $7,941,148)				9,410,353


Rights

South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)^(b)		8,015		7,885


Total Rights — 0.0% (Cost: $—)				7,885


Total Long-Term Investments — 99.5% (Cost: $514,788,372)				573,058,885


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		2,614,588		2,615,895
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(f)(g)		3,480,000		3,480,000


Total Short-Term Securities — 1.1% (Cost: $6,094,105)				6,095,895


Total Investments — 100.6% (Cost: $520,882,477)				579,154,780

Liabilities in Excess of Other Assets — (0.6)%				(3,491,181	)


Net Assets — 100.0%			$	575,663,599

(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b)	Non-income producing security.

(c)	All or a portion of this security is on loan.

(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(f)	Affiliate of the Fund.

(g)	Annualized 7-day yield as of period end.

(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,390,096	$	—		$	(12,776,421	)^(a)	$	2,039	$	181	$	2,615,895		2,614,588	$	90,337	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		3,480,000	^(a)		—			—		—		3,480,000		3,480,000		72,728			—


									$	2,039	$	181	$	6,095,895			$	163,065		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets Index

03/15/24

1,525

1,068

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,068	$	—	$	—	$	—	$	1,068

^(a)

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	58,723		$	—	$	—	$	—	$	58,723

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(821	)	$	—	$	—	$	—	$	(821	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	762,600

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


16		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® Emerging Markets Equity Factor ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	104,108,600	$	459,527,110	$	4,937	$	563,640,647
Preferred Stocks		7,468,022		1,942,331		—		9,410,353
Rights		—		7,885		—		7,885
Short-Term Securities
Money Market Funds		6,095,895		—		—		6,095,895

	$	117,672,517	$	461,477,326	$	4,937	$	579,154,780

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,068	$	—	$	—	$	1,068

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited)

February 29, 2024

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.8%
Atacadao SA		1,840,256	$	4,475,608
B3 SA - Brasil Bolsa Balcao		4,442,710		11,466,269
Banco do Brasil SA		468,924		5,457,935
Banco Santander Brasil SA		1,110,257		6,387,590
CCR SA		3,410,843		9,454,933
Cosan SA		3,489,908		11,934,670
Engie Brasil Energia SA		1,610,750		13,615,440
Hapvida Participacoes e Investimentos SA^(a)(b)		5,712,469		4,217,328
Localiza Rent a Car SA		872,361		9,300,785
Localiza Rent a Car SA, NVS^(b)		3,177		32,338
Lojas Renner SA		2,650,517		8,424,326
Natura & Co. Holding SA^(b)		1,395,259		4,577,795
Petroleo Brasileiro SA		1,097,327		9,098,956
PRIO SA		449,081		3,948,690
Raia Drogasil SA		1,348,333		7,225,683
Rumo SA		853,780		3,902,131
TOTVS SA		1,788,752		11,043,189
Ultrapar Participacoes SA		2,381,143		14,063,358
Vibra Energia SA		2,863,373		14,895,461


				153,522,485

Chile — 0.5%
Empresas Copec SA		856,148		5,494,604
Enel Americas SA		140,132,285		14,287,964


				19,782,568

China — 24.7%
AAC Technologies Holdings Inc.		1,794,500		4,461,396
Agricultural Bank of China Ltd., Class A		11,753,000		6,827,191
Agricultural Bank of China Ltd., Class H		31,528,000		12,934,220
Alibaba Group Holding Ltd.		8,876,768		81,610,141
Alibaba Health Information Technology Ltd.^(b)(c)		12,556,000		5,486,383
Baidu Inc.^(b)		1,291,262		16,338,850
Bank of China Ltd., Class H		24,727,000		9,700,434
Bosideng International Holdings Ltd.		9,624,000		4,840,651
BYD Co. Ltd., Class A		184,855		4,882,507
BYD Co. Ltd., Class H		756,500		18,632,645
China Construction Bank Corp., Class A		6,727,200		6,527,931
China Construction Bank Corp., Class H		80,250,000		49,767,525
China International Capital Corp. Ltd., Class H^(a)		3,231,600		4,050,999
China Medical System Holdings Ltd.		5,538,000		9,103,784
China Mengniu Dairy Co. Ltd.		4,930,000		12,326,684
China Merchants Bank Co. Ltd., Class A		892,540		3,952,466
China Merchants Bank Co. Ltd., Class H		3,224,000		12,467,267
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		3,233,200		4,218,604
China Minsheng Banking Corp. Ltd., Class A		6,917,900		3,878,263
China Resources Gas Group Ltd.		2,238,100		6,753,960
China Resources Land Ltd.		1,423,500		4,347,873
China Resources Pharmaceutical Group Ltd.^(a)		6,470,500		4,376,241
China Ruyi Holdings Ltd.^(b)		18,760,000		3,682,409
Chow Tai Fook Jewellery Group Ltd.^(c)		2,823,400		4,207,066
CMOC Group Ltd., Class A		12,524,400		10,660,580
CMOC Group Ltd., Class H		13,470,000		8,309,737
Contemporary Amperex Technology Co. Ltd., Class A		493,985		11,172,679
CSC Financial Co. Ltd., Class A		1,256,100		4,051,051
CSPC Pharmaceutical Group Ltd.		5,131,520		3,996,683
ENN Energy Holdings Ltd.		1,295,100		10,516,000
ENN Natural Gas Co. Ltd., Class A		1,529,100		3,974,251
Far East Horizon Ltd.		5,845,000		4,695,708
Fosun International Ltd.		18,057,000		10,417,744


Security	Shares		Value

China (continued)
Ganfeng Lithium Group Co. Ltd., Class A		930,450	$	5,159,671
Geely Automobile Holdings Ltd.		6,983,000		7,599,402
Haier Smart Home Co. Ltd., Class A		1,264,200		4,210,938
Haier Smart Home Co. Ltd., Class H		2,438,200		7,384,432
Haitong Securities Co. Ltd., Class A		3,163,200		4,007,066
Hansoh Pharmaceutical Group Co. Ltd.^(a)		3,030,000		5,340,571
Huatai Securities Co. Ltd., Class A		4,706,802		9,478,336
Huatai Securities Co. Ltd., Class H^(a)		4,037,200		4,765,187
Industrial & Commercial Bank of China Ltd., Class A		12,185,000		9,004,631
Industrial & Commercial Bank of China Ltd., Class H		51,550,000		26,425,184
Industrial Bank Co. Ltd., Class A		3,629,900		8,386,689
Innovent Biologics Inc.^(a)(b)		1,336,000		7,226,464
JD.com Inc.		1,377,028		15,540,973
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		700,900		4,136,425
Kingboard Holdings Ltd.		1,947,000		3,818,978
Kingdee International Software Group Co. Ltd.^(b)		4,532,000		4,873,201
Kuaishou Technology^(a)(b)		1,483,800		8,378,886
Lenovo Group Ltd.		19,260,000		21,277,086
Li Auto Inc.^(b)		1,604,228		36,611,627
Longfor Group Holdings Ltd.^(a)		3,456,500		4,361,737
Meituan, Class B^(a)(b)		2,508,430		25,465,998
MINISO Group Holding Ltd.		854,600		3,978,564
NetEase Inc.		1,306,070		28,371,199
New Oriental Education & Technology Group Inc.^(b)		442,100		4,192,595
NIO Inc., ADR^(b)(c)		1,122,730		6,455,697
Nongfu Spring Co. Ltd., Class H^(a)		1,608,200		9,094,050
Orient Securities Co. Ltd., Class A		5,040,405		6,162,018
PDD Holdings Inc., ADR^(b)		286,389		35,666,886
Ping An Insurance Group Co. of China Ltd., Class H		4,487,000		19,954,438
Pop Mart International Group Ltd.^(a)		1,670,800		4,165,260
Shanghai Electric Group Co. Ltd., Class A^(b)		7,421,000		4,361,897
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,231,384		4,193,523
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,880,600		4,724,224
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,037,100		4,883,963
Shenzhen Inovance Technology Co. Ltd., Class A		467,900		4,097,385
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		312,900		12,511,081
Sino Biopharmaceutical Ltd.		12,058,000		4,792,569
Sinopharm Group Co. Ltd., Class H		1,589,200		4,447,271
Sungrow Power Supply Co. Ltd., Class A		348,867		4,211,965
Sunny Optical Technology Group Co. Ltd.		889,600		5,725,384
Tencent Holdings Ltd.		3,485,200		122,088,705
Tianqi Lithium Corp., Class A		635,300		4,716,255
Tongcheng Travel Holdings Ltd.^(b)		5,805,600		14,594,991
Trip.com Group Ltd.^(b)		137,521		6,242,116
Vipshop Holdings Ltd., ADR^(b)		638,974		12,300,249
WuXi AppTec Co. Ltd., Class A		1,211,700		9,131,679
Wuxi Biologics Cayman Inc.^(a)(b)		5,994,500		14,198,621
Xiaomi Corp., Class B^(a)(b)		3,793,600		6,374,854
XPeng Inc.^(b)		2,037,896		9,537,949
Yadea Group Holdings Ltd.^(a)		6,350,000		9,976,293
Yum China Holdings Inc.		449,564		19,281,800
Yunnan Baiyao Group Co. Ltd., Class A		1,180,120		8,147,316
Zhejiang Leapmotor Technology Co. Ltd.^(a)(b)		1,390,500		4,866,173


				1,000,070,375

Colombia — 0.1%
Bancolombia SA		577,346		4,845,294


18		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Egypt — 0.1%
Commercial International Bank - Egypt (CIB)		2,537,904	$	3,622,998


Greece — 0.8%
Motor Oil Hellas Corinth Refineries SA		179,193		5,119,779
Mytilineos SA		387,599		15,081,005
OPAP SA		719,594		13,120,420


				33,321,204

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		1,564,898		12,451,068


India — 17.2%
ABB India Ltd.		76,987		5,046,715
Adani Green Energy Ltd.^(b)		219,254		5,011,048
Asian Paints Ltd.		755,820		25,779,901
Astral Ltd.		308,599		7,700,886
AU Small Finance Bank Ltd.^(a)		921,851		6,319,304
Axis Bank Ltd.		1,387,497		17,961,184
Bajaj Finance Ltd.		168,506		13,146,434
Bandhan Bank Ltd.^(a)		1,631,999		3,843,233
Bharti Airtel Ltd.		1,263,717		17,109,462
Dabur India Ltd.		1,536,866		9,980,093
DLF Ltd.		1,025,996		11,146,080
Eicher Motors Ltd.		86,057		3,932,528
Havells India Ltd.		263,877		4,868,643
HCL Technologies Ltd.		1,541,526		30,892,436
HDFC Bank Ltd.		2,266,892		38,285,433
Hero MotoCorp Ltd.		277,440		14,785,757
Hindalco Industries Ltd.		797,291		4,836,307
Hindustan Unilever Ltd.		788,327		22,936,180
ICICI Bank Ltd.		4,003,612		50,848,927
ICICI Prudential Life Insurance Co. Ltd.^(a)		1,458,460		9,373,452
IDFC First Bank Ltd.^(b)		13,286,819		12,981,504
Indian Hotels Co. Ltd., Class A		1,429,519		10,118,157
Info Edge India Ltd.		123,034		7,804,901
Infosys Ltd.		2,791,073		56,168,923
Kotak Mahindra Bank Ltd.		1,206,163		24,539,361
Macrotech Developers Ltd.		395,669		5,560,470
Mahindra & Mahindra Ltd.		569,563		13,262,118
Mahindra & Mahindra Ltd., GDR		596,167		13,946,234
Marico Ltd.		4,110,963		25,901,102
PI Industries Ltd.		180,277		7,985,278
Power Grid Corp. of India Ltd.		4,190,675		14,317,339
Reliance Industries Ltd.		2,094,083		73,701,763
SBI Cards & Payment Services Ltd.		498,507		4,326,662
Supreme Industries Ltd.		219,956		11,000,458
Suzlon Energy Ltd.^(b)		2,359,022		1,287,392
Tata Consultancy Services Ltd.		297,589		14,680,392
Tata Consumer Products Ltd.		1,252,835		17,966,775
Tata Elxsi Ltd.		53,073		4,997,619
Tech Mahindra Ltd.		379,664		5,834,382
Titan Co. Ltd.		104,200		4,553,694
Trent Ltd.		240,457		11,238,099
TVS Motor Co. Ltd.		714,844		18,420,874
United Spirits Ltd.		317,826		4,467,578
Varun Beverages Ltd.		546,773		9,292,075
Zomato Ltd.^(b)		8,745,358		17,406,852


				695,564,005

Indonesia — 1.7%
Bank Central Asia Tbk PT		18,124,500		11,405,130
Bank Negara Indonesia Persero Tbk PT		12,497,600		4,776,385
Bank Rakyat Indonesia Persero Tbk PT		38,990,200		15,193,845
Barito Pacific Tbk PT		63,088,500		3,921,477


Security	Shares		Value

Indonesia (continued)
GoTo Gojek Tokopedia Tbk PT^(b)		752,494,027	$	3,406,070
Kalbe Farma Tbk PT		125,155,300		11,848,350
Merdeka Copper Gold Tbk PT^(b)		43,709,500		6,286,626
Sarana Menara Nusantara Tbk PT		59,794,000		3,500,508
Telkom Indonesia Persero Tbk PT		17,158,800		4,373,938
Unilever Indonesia Tbk PT		22,415,000		3,893,920


				68,606,249

Kazakhstan — 0.0%
Polymetal International PLC^(b)(d)		1,747,485		192


Kuwait — 0.3%
Kuwait Finance House KSCP		4,429,640		11,670,601


Malaysia — 2.3%
AMMB Holdings Bhd		11,900,600		10,893,637
Axiata Group Bhd		9,828,600		5,761,422
CIMB Group Holdings Bhd		7,544,500		10,273,936
Malayan Banking Bhd		9,364,100		18,813,506
Maxis Bhd^(c)		12,690,700		9,948,246
Press Metal Aluminium Holdings Bhd		5,436,800		5,365,806
Public Bank Bhd		25,180,500		23,370,794
Sime Darby Bhd		18,056,800		10,317,649


				94,744,996

Mexico — 2.0%
Arca Continental SAB de CV		1,143,496		12,318,365
Cemex SAB de CV, NVS^(b)		9,068,493		6,932,688
Fomento Economico Mexicano SAB de CV		1,686,161		21,054,939
Grupo Bimbo SAB de CV, Series A		1,336,217		5,589,702
Grupo Financiero Banorte SAB de CV, Class O		2,193,717		22,680,776
Wal-Mart de Mexico SAB de CV		3,507,986		14,046,968


				82,623,438

Netherlands — 0.7%
NEPI Rockcastle NV		3,653,334		26,066,671


Peru — 0.3%
Credicorp Ltd.		66,717		11,400,601


Poland — 0.8%
Allegro.eu SA ^(a)(b)		1,588,295		12,835,669
Budimex SA		37,596		6,873,126
KGHM Polska Miedz SA		147,450		3,985,222
ORLEN SA		252,201		3,917,520
Santander Bank Polska SA		32,410		4,469,593


				32,081,130

Qatar — 0.6%
Qatar Fuel QSC		474,481		1,945,600
Qatar National Bank QPSC		5,017,963		20,958,063


				22,903,663

Russia — 0.0%
Gazprom PJSC^(b)(d)		7,224,690		790
LUKOIL PJSC^(b)(d)		725,046		79
Novatek PJSC^(b)(d)		1,686,230		184
Novolipetsk Steel PJSC^(b)(d)		5,130,970		561
PhosAgro PJSC^(b)(d)		249,741		27
PhosAgro PJSC, New^(b)(d)		4,826		48
Polyus PJSC^(b)(d)		43,646		5
Rosneft Oil Co. PJSC^(b)(d)		759,129		83
Sberbank of Russia PJSC^(b)(d)		10,004,860		1,093
TCS Group Holding PLC, GDR^(b)(d)(e)		124,025		14
Yandex NV^(b)(d)		87,150		10


				2,894


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Saudi Arabia — 3.7%
Al Rajhi Bank		1,331,365	$	31,617,540
Alinma Bank		1,063,478		12,482,283
Bank AlBilad		621,252		8,199,492
Dr Sulaiman Al Habib Medical Services Group Co.		209,692		18,465,408
Etihad Etisalat Co.		1,343,072		19,804,251
Mobile Telecommunications Co. Saudi Arabia		1,712,402		6,803,400
Riyad Bank		1,384,191		11,491,690
Saudi Arabian Mining Co.^(b)		672,274		8,920,993
Saudi Basic Industries Corp.		1,068,136		22,440,474
Savola Group (The)		630,119		8,904,969


				149,130,500

South Africa — 3.0%
Absa Group Ltd.		433,515		3,700,820
Bidvest Group Ltd. (The)		446,711		5,442,049
FirstRand Ltd.		3,572,989		12,087,755
Gold Fields Ltd.		1,021,992		13,463,143
Kumba Iron Ore Ltd.		332,971		9,321,625
MTN Group Ltd.		1,056,311		4,598,643
Naspers Ltd., Class N		131,499		21,631,791
Nedbank Group Ltd.		809,288		9,258,498
Standard Bank Group Ltd.		576,301		6,064,081
Vodacom Group Ltd.		4,658,392		22,835,350
Woolworths Holdings Ltd./South Africa		3,871,627		12,953,196


				121,356,951

South Korea — 12.0%
CJ CheilJedang Corp.		30,200		6,806,049
DB Insurance Co. Ltd.^(b)		54,046		4,010,459
Ecopro Co. Ltd.^(b)		8,895		4,148,502
Hana Financial Group Inc.		339,098		14,427,904
Hanwha Aerospace Co. Ltd.		48,287		6,804,325
Hanwha Solutions Corp.		160,048		3,341,992
Kakao Corp.		301,921		12,118,502
KB Financial Group Inc.		584,195		27,862,710
LG Chem Ltd.		26,945		9,203,229
LG Corp.		1		70
LG Display Co. Ltd.^(b)		308,894		2,636,336
LG Electronics Inc.		54,113		3,868,415
NAVER Corp.		165,645		24,321,833
NCSoft Corp.		26,300		3,835,896
POSCO Future M Co. Ltd.^(b)		18,922		4,522,859
POSCO Holdings Inc.		53,164		17,277,969
Samsung C&T Corp.		50,045		5,891,992
Samsung Electro-Mechanics Co. Ltd.		80,390		8,471,580
Samsung Electronics Co. Ltd.		3,072,562		169,583,531
Samsung Engineering Co. Ltd.^(b)		219,458		4,058,909
Samsung Fire & Marine Insurance Co. Ltd.^(b)		21,349		4,777,884
Samsung SDI Co. Ltd.		31,832		9,043,189
Samsung Securities Co. Ltd.		269,741		8,430,212
Shinhan Financial Group Co. Ltd.		490,462		16,032,997
SK Biopharmaceuticals Co. Ltd.^(b)		120,314		8,755,202
SK Hynix Inc.		354,346		41,771,877
SK Inc.		198,469		28,628,094
SK Innovation Co. Ltd.^(b)		77,173		6,808,815
SKC Co. Ltd.^(b)		61,513		3,832,702
Woori Financial Group Inc.		2,227,067		24,953,985


				486,228,019

Taiwan — 18.5%
Accton Technology Corp.		230,000		3,784,980
Acer Inc.		11,804,000		16,881,734
ASE Technology Holding Co. Ltd.		1,474,000		6,507,181
Asustek Computer Inc.		425,000		6,123,679


Security	Shares		Value

Taiwan (continued)
Cathay Financial Holding Co. Ltd.		14,918,769	$	21,286,641
Chailease Holding Co. Ltd.		1,104,331		6,105,681
Chunghwa Telecom Co. Ltd.		2,891,000		11,013,726
Compal Electronics Inc.		4,055,000		4,682,575
CTBC Financial Holding Co. Ltd.		22,837,000		21,259,261
Delta Electronics Inc.		2,249,000		20,957,654
E.Sun Financial Holding Co. Ltd.		50,802,836		40,614,993
Evergreen Marine Corp. Taiwan Ltd.		831,000		4,350,923
Far EasTone Telecommunications Co. Ltd.		4,771,000		11,886,463
First Financial Holding Co. Ltd.		55,781,213		47,842,198
Fubon Financial Holding Co. Ltd.		12,061,136		25,966,755
Hotai Motor Co. Ltd.		187,000		3,971,372
Lite-On Technology Corp.		3,205,000		11,120,249
MediaTek Inc.		785,000		28,327,756
Mega Financial Holding Co. Ltd.		17,013,691		20,844,144
momo.com Inc.		5,000		70,443
Quanta Computer Inc.		896,000		6,584,103
SinoPac Financial Holdings Co. Ltd.		28,271,962		17,990,151
Taishin Financial Holding Co. Ltd.		21,240,438		11,696,004
Taiwan Semiconductor Manufacturing Co. Ltd.		16,701,000		365,994,319
United Microelectronics Corp.		8,219,000		12,672,287
Voltronic Power Technology Corp.		164,000		8,334,663
Wistron Corp.		2,443,000		8,945,694
WPG Holdings Ltd.		1,343,000		3,942,815


				749,758,444

Thailand — 2.6%
Advanced Info Service PCL, NVDR		3,055,200		17,140,730
Asset World Corp. PCL, NVDR^(c)		58,357,600		6,269,987
Bangkok Dusit Medical Services PCL, NVDR		15,764,700		12,524,421
BTS Group Holdings PCL, NVDR		54,001,500		7,760,566
Delta Electronics Thailand PCL, NVDR		3,801,000		7,566,707
PTT Exploration & Production PCL, NVDR		2,419,100		10,158,626
PTT Oil & Retail Business PCL, NVDR		19,387,500		9,780,557
PTT PCL, NVDR		22,338,300		21,321,442
Siam Cement PCL (The), NVDR		1,382,200		10,367,230


				102,890,266

Turkey — 0.7%
Akbank TAS		3,145,359		4,187,568
Aselsan Elektronik Sanayi Ve Ticaret AS		2,979,506		5,717,721
Haci Omer Sabanci Holding AS		4,692,744		11,945,412
Yapi ve Kredi Bankasi AS		10,693,770		7,891,847


				29,742,548

United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		4,984,181		11,629,462
Abu Dhabi Islamic Bank PJSC		2,829,423		8,658,630
Aldar Properties PJSC		2,908,205		4,378,598
Emirates Telecommunications Group Co. PJSC		2,802,026		13,808,157
First Abu Dhabi Bank PJSC		3,807,798		14,145,852


				52,620,699


Total Common Stocks — 98.0% (Cost: $3,849,679,413)				3,965,007,859


Preferred Stocks

Brazil — 1.2%
Banco Bradesco SA, Preference Shares, NVS		2,051,198		5,673,588
Cia. Energetica de Minas Gerais, Preference Shares, NVS		1,787,659		4,304,536
Gerdau SA, Preference Shares, NVS		1,277,194		5,523,862
Itau Unibanco Holding SA, Preference Shares, NVS		604,183		4,125,037


20		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Brazil (continued)
Petroleo Brasileiro SA, Preference Shares, NVS		3,511,253	$	28,352,215


				47,979,238

Colombia — 0.2%
Bancolombia SA, Preference Shares, NVS		874,406		7,146,737


South Korea — 0.5%
Samsung Electronics Co. Ltd., Preference Shares, NVS		431,789		20,676,931


Total Preferred Stocks — 1.9% (Cost: $61,456,300)				75,802,906


Rights

South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)^(b)		134,439		132,258


Total Rights — 0.0% (Cost: $—)				132,258


Total Long-Term Investments — 99.9% (Cost: $3,911,135,713)				4,040,943,023


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		12,725,181		12,731,543


Total Short-Term Securities — 0.3% (Cost: $12,727,216)				12,731,543


Total Investments — 100.2% (Cost: $3,923,862,929)				4,053,674,566

Liabilities in Excess of Other Assets — (0.2)%				(8,209,586	)


Net Assets — 100.0%			$	4,045,464,980

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	35,144,856	$	—	$	(22,418,962	)^(a)	$	6,122	$	(473	)	$	12,731,543		12,725,181	$	91,748	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		—		0	^(a)		—		—			—		—		186,647			—


								$	6,122	$	(473	)	$	12,731,543			$	278,395		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

As of period end, the entity is no longer held.


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® ESG Aware MSCI EM ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI Emerging Markets Index		135		03/15/24	$	6,863	$	(89,798	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	89,798	$	—	$	—	$	—	$	89,798

^(a)

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(803,111	)	$	—	$	—	$	—	$	(803,111	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	175,614		$	—	$	—	$	—	$	175,614

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	3,949,928

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	642,286,046	$	3,322,718,727	$	3,086	$	3,965,007,859
Preferred Stocks		55,125,975		20,676,931		—		75,802,906
Rights		—		132,258		—		132,258
Short-Term Securities
Money Market Funds		12,731,543		—		—		12,731,543


	$	710,143,564	$	3,343,527,916	$	3,086	$	4,053,674,566


22		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® ESG Aware MSCI EM ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(89,798	)	$	—	$	—	$	(89,798	)

^(a) Derivative financial instruments are options written. Options written are shown at value.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $53,009,437 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 5.3%
Ambev SA		9,812,634	$	24,832,117
Atacadao SA		1,310,872		3,188,116
B3 SA - Brasil Bolsa Balcao		11,803,244		30,463,201
Banco Bradesco SA		3,370,624		8,339,940
Banco BTG Pactual SA		2,472,480		18,099,324
Banco do Brasil SA		1,785,672		20,783,927
Banco Santander Brasil SA		792,579		4,559,908
BB Seguridade Participacoes SA		1,451,211		9,732,931
Caixa Seguridade Participacoes S/A		1,237,364		3,576,858
CCR SA		2,146,251		5,949,456
Centrais Eletricas Brasileiras SA		2,464,562		21,566,343
Cia. de Saneamento Basico do Estado de Sao Paulo		710,113		11,307,868
Cia. Siderurgica Nacional SA		1,379,409		4,667,309
Cosan SA		2,526,665		8,640,604
CPFL Energia SA		502,553		3,577,750
Energisa SA		466,540		4,771,357
Eneva SA^(a)		1,162,199		2,999,540
Engie Brasil Energia SA		433,516		3,664,449
Equatorial Energia SA		2,163,728		14,877,235
Hapvida Participacoes e Investimentos SA^(a)(b)		10,250,005		7,567,242
Hypera SA		784,150		5,186,549
JBS SA		1,635,152		7,585,163
Klabin SA		1,557,665		7,072,177
Localiza Rent a Car SA		1,902,904		20,288,047
Localiza Rent a Car SA, NVS^(a)		5,652		57,531
Lojas Renner SA		2,013,730		6,400,381
Magazine Luiza SA^(a)		6,565,760		2,813,274
Magazine Luiza SA, NVS		547,221		234,471
Natura & Co. Holding SA^(a)		1,881,266		6,172,366
Petroleo Brasileiro SA		7,736,572		64,151,093
PRIO SA		1,647,262		14,484,082
Raia Drogasil SA		2,702,148		14,480,743
Rede D’Or Sao Luiz SA^(b)		1,214,628		6,186,635
Rumo SA		2,695,050		12,317,502
Sendas Distribuidora SA		2,814,776		8,040,438
Suzano SA		1,659,161		18,807,452
Telefonica Brasil SA		850,443		9,320,298
TIM SA/Brazil		1,759,505		6,431,214
TOTVS SA		1,141,038		7,044,408
Ultrapar Participacoes SA		1,507,699		8,904,678
Vale SA		7,073,536		95,322,199
Vibra Energia SA		2,422,825		12,603,700
WEG SA		3,459,211		25,531,261


				572,601,137

Chile — 0.5%
Banco de Chile		93,799,156		10,876,622
Banco de Credito e Inversiones SA		156,889		4,352,344
Banco Santander Chile		138,449,751		6,732,883
Cencosud SA		2,615,982		4,698,185
Cia. Sud Americana de Vapores SA		31,466,998		2,197,016
Empresas CMPC SA		2,370,476		4,208,192
Empresas Copec SA		835,855		5,364,368
Enel Americas SA		43,469,519		4,432,176
Enel Chile SA		57,865,754		3,475,922
Falabella SA^(a)		1,767,294		4,482,388
Latam Airlines Group SA^(a)		359,940,660		4,526,923


				55,347,019

Colombia — 0.1%
Bancolombia SA		541,414		4,543,739


Security	Shares		Value

Colombia (continued)
Interconexion Electrica SA ESP		943,665	$	4,019,893


				8,563,632

Czech Republic — 0.2%
CEZ AS		336,854		11,508,590
Komercni Banka AS		160,305		5,578,929
Moneta Money Bank AS^(b)		686,352		3,012,850


				20,100,369

Egypt — 0.0%
Commercial International Bank - Egypt (CIB)		1,773,810		2,532,212
Eastern Co. S.A.E		790,715		559,319
EFG Holding S.A.E.^(a)		822,113		301,736


				3,393,267

Greece — 0.7%
Alpha Services and Holdings SA^(a)		4,413,752		8,314,349
Eurobank Ergasias Services and Holdings SA, Class A^(a)		5,397,330		11,150,604
Hellenic Telecommunications Organization SA		360,064		5,432,632
JUMBO SA		239,937		7,012,115
Motor Oil Hellas Corinth Refineries SA		117,838		3,366,786
Mytilineos SA		207,516		8,074,195
National Bank of Greece SA^(a)		1,613,073		12,665,786
OPAP SA		383,879		6,999,299
Piraeus Financial Holdings SA^(a)		1,426,755		6,303,275
Public Power Corp. SA^(a)		435,888		5,693,727


				75,012,768

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		937,300		7,457,602
OTP Bank Nyrt		465,861		22,335,853
Richter Gedeon Nyrt		297,622		7,923,448


				37,716,903

India — 24.0%
ABB India Ltd.		112,752		7,391,212
Adani Enterprises Ltd.		357,018		14,140,846
Adani Green Energy Ltd.^(a)		661,986		15,129,683
Adani Ports & Special Economic Zone Ltd.		1,106,205		17,561,956
Adani Power Ltd.^(a)		1,623,897		10,747,162
Ambuja Cements Ltd.		1,217,348		8,890,697
APL Apollo Tubes Ltd.		331,141		6,167,392
Apollo Hospitals Enterprise Ltd.		210,901		15,526,383
Ashok Leyland Ltd.		3,049,562		6,246,266
Asian Paints Ltd.		797,626		27,205,842
Astral Ltd.		263,976		6,587,348
AU Small Finance Bank Ltd.^(b)		358,955		2,460,643
Aurobindo Pharma Ltd.		546,906		6,779,737
Avenue Supermarts Ltd.^(a)(b)		341,959		16,149,038
Axis Bank Ltd.		4,717,144		61,063,549
Bajaj Auto Ltd.		142,830		13,612,987
Bajaj Finance Ltd.		570,285		44,492,268
Bajaj Finserv Ltd.		797,366		15,305,295
Bajaj Holdings & Investment Ltd.		57,255		6,315,766
Balkrishna Industries Ltd.		165,632		4,448,917
Bandhan Bank Ltd.^(b)		1,631,280		3,841,539
Bank of Baroda		2,145,276		6,863,864
Berger Paints India Ltd.		626,254		4,582,424
Bharat Electronics Ltd.		7,609,592		18,796,434
Bharat Forge Ltd.		546,657		7,580,052
Bharat Heavy Electricals Ltd.		2,150,673		5,902,168
Bharat Petroleum Corp. Ltd.		1,600,392		11,630,642
Bharti Airtel Ltd.		4,679,321		63,353,319
Britannia Industries Ltd.		228,117		13,670,741
CG Power and Industrial Solutions Ltd.		1,310,667		7,003,962


24		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
Cholamandalam Investment and Finance Co. Ltd.		885,022	$	11,594,052
Cipla Ltd.		1,099,319		19,632,289
Coal India Ltd.		3,184,779		16,724,287
Colgate-Palmolive India Ltd.		273,666		8,322,495
Container Corp. of India Ltd.		508,068		5,985,374
Cummins India Ltd.		290,174		9,587,419
Dabur India Ltd.		1,287,219		8,358,936
Divi’s Laboratories Ltd.		248,562		10,455,269
DLF Ltd.		1,539,232		16,721,706
Dr. Reddy’s Laboratories Ltd.		242,642		18,814,439
Eicher Motors Ltd.		287,760		13,149,706
GAIL India Ltd.		4,848,127		10,638,690
GMR Airports Infrastructure Ltd.^(a)		4,979,106		5,044,185
Godrej Consumer Products Ltd.		852,122		12,901,164
Godrej Properties Ltd.^(a)		260,674		7,540,469
Grasim Industries Ltd.		553,985		14,622,352
Havells India Ltd.		527,670		9,735,736
HCL Technologies Ltd.		1,965,451		39,387,964
HDFC Asset Management Co. Ltd.^(b)		183,640		8,311,024
HDFC Bank Ltd.		5,835,502		98,555,519
HDFC Life Insurance Co. Ltd.^(b)		2,015,523		14,148,634
Hero MotoCorp Ltd.		234,455		12,494,935
Hindalco Industries Ltd.		2,802,055		16,997,055
Hindustan Aeronautics Ltd., NVS		421,829		15,661,775
Hindustan Petroleum Corp. Ltd.		1,200,669		7,381,296
Hindustan Unilever Ltd.		1,705,723		49,627,590
ICICI Bank Ltd.		10,720,472		136,158,173
ICICI Lombard General Insurance Co. Ltd.^(b)		501,924		10,369,291
ICICI Prudential Life Insurance Co. Ltd.^(b)		744,014		4,781,742
IDFC First Bank Ltd.^(a)		7,209,972		7,044,295
Indian Hotels Co. Ltd., Class A		1,798,512		12,729,895
Indian Oil Corp. Ltd.		5,950,254		11,865,908
Indian Railway Catering & Tourism Corp. Ltd.		499,463		5,584,758
Indraprastha Gas Ltd.		661,496		3,394,999
IndusInd Bank Ltd.		594,416		10,559,043
Info Edge India Ltd.		147,821		9,377,313
Infosys Ltd.		6,878,176		138,419,789
InterGlobe Aviation Ltd.^(a)(b)		320,862		12,183,762
ITC Ltd.		6,251,110		30,593,238
Jindal Steel & Power Ltd.		740,549		6,908,918
Jio Financial Services Ltd., NVS^(a)		6,565,769		24,511,313
JSW Steel Ltd.		1,285,104		12,389,867
Jubilant Foodworks Ltd.		850,911		4,759,598
Kotak Mahindra Bank Ltd.		2,267,521		46,132,666
Larsen & Toubro Ltd.		1,397,525		58,593,045
LTIMindtree Ltd.^(b)		184,836		11,817,861
Lupin Ltd.		440,322		8,613,073
Macrotech Developers Ltd.		453,326		6,351,975
Mahindra & Mahindra Ltd.		1,935,659		45,071,288
Marico Ltd.		1,089,416		6,863,860
Maruti Suzuki India Ltd.		293,939		40,003,476
Max Healthcare Institute Ltd.		1,599,953		15,312,625
Mphasis Ltd.		158,797		5,009,558
MRF Ltd.		4,821		8,499,116
Muthoot Finance Ltd.		253,576		3,977,455
Nestle India Ltd., NVS		702,487		22,000,158
NMDC Ltd.		2,088,043		5,688,739
NTPC Ltd.		9,081,163		36,695,673
Oil & Natural Gas Corp. Ltd.		6,562,236		20,876,996
One 97 Communications Ltd., NVS^(a)		466,192		2,256,493
Page Industries Ltd.		13,059		5,403,453


Security	Shares		Value

India (continued)
Persistent Systems Ltd.		103,656	$	10,786,763
Petronet LNG Ltd.		1,612,276		5,308,447
PI Industries Ltd.		175,654		7,780,504
Pidilite Industries Ltd.		316,955		10,465,096
Polycab India Ltd.		89,980		5,151,017
Power Finance Corp. Ltd.		3,115,471		15,071,729
Power Grid Corp. of India Ltd.		9,645,604		32,953,971
Punjab National Bank		4,541,543		6,674,048
REC Ltd.		2,763,345		14,714,599
Reliance Industries Ltd.		6,304,598		221,891,868
Samvardhana Motherson International Ltd.		5,036,084		7,235,231
SBI Cards & Payment Services Ltd.		601,877		5,221,541
SBI Life Insurance Co. Ltd.^(b)		938,115		17,528,673
Shree Cement Ltd.		19,099		5,861,364
Shriram Finance Ltd.		589,430		17,314,638
Siemens Ltd.		186,051		10,489,767
Sona Blw Precision Forgings Ltd.^(b)		868,850		7,216,737
SRF Ltd.		311,963		8,993,278
State Bank of India		3,727,538		33,565,732
Sun Pharmaceutical Industries Ltd.		1,996,712		37,959,547
Supreme Industries Ltd.		132,156		6,609,397
Suzlon Energy Ltd.^(a)		18,439,796		10,046,299
Tata Communications Ltd.		215,615		4,993,338
Tata Consultancy Services Ltd.		1,882,835		92,882,319
Tata Consumer Products Ltd.		1,186,535		17,015,973
Tata Elxsi Ltd.		73,447		6,916,137
Tata Motors Ltd.		3,444,957		39,441,731
Tata Motors Ltd., Class A		862,400		6,566,775
Tata Power Co. Ltd. (The)		3,021,813		13,552,411
Tata Steel Ltd.		15,331,728		25,989,970
Tech Mahindra Ltd.		1,117,526		17,173,273
Titan Co. Ltd.		736,036		32,165,862
Torrent Pharmaceuticals Ltd.		213,844		6,889,741
Trent Ltd.		374,723		17,513,212
Tube Investments of India Ltd.		217,889		9,146,524
TVS Motor Co. Ltd.		499,201		12,863,952
UltraTech Cement Ltd.		240,266		28,665,244
Union Bank of India Ltd.		3,075,390		5,426,313
United Spirits Ltd.		604,361		8,495,308
UPL Ltd.		933,884		5,288,952
Varun Beverages Ltd.		939,381		15,964,209
Vedanta Ltd.		1,891,283		6,094,231
Wipro Ltd.		2,736,765		17,074,194
Yes Bank Ltd.^(a)		27,419,723		8,062,775
Zomato Ltd.^(a)		10,715,493		21,328,229


				2,620,992,823

Indonesia — 2.6%
Adaro Energy Indonesia Tbk PT		30,357,800		4,678,759
Amman Mineral Internasional PT^(a)		12,953,000		7,001,201
Aneka Tambang Tbk		16,264,500		1,510,574
Astra International Tbk PT		41,114,500		13,686,942
Bank Central Asia Tbk PT		115,223,800		72,506,410
Bank Mandiri Persero Tbk PT		77,925,700		34,807,345
Bank Negara Indonesia Persero Tbk PT		31,278,600		11,954,185
Bank Rakyat Indonesia Persero Tbk PT		141,950,471		55,315,783
Barito Pacific Tbk PT		60,256,876		3,745,468
Charoen Pokphand Indonesia Tbk PT		15,840,300		4,883,879
GoTo Gojek Tokopedia Tbk PT^(a)		1,747,602,663		7,910,306
Indah Kiat Pulp & Paper Tbk PT		5,106,500		2,838,071
Indofood CBP Sukses Makmur Tbk PT		4,840,700		3,568,967
Indofood Sukses Makmur Tbk PT		9,351,400		3,942,286
Kalbe Farma Tbk PT		43,462,300		4,114,540


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Indonesia (continued)
Merdeka Copper Gold Tbk PT^(a)		20,212,859	$	2,907,164
Sarana Menara Nusantara Tbk PT		41,425,200		2,429,148
Semen Indonesia Persero Tbk PT		7,129,323		2,769,412
Sumber Alfaria Trijaya Tbk PT		38,731,200		6,777,652
Telkom Indonesia Persero Tbk PT		102,135,200		26,035,214
Unilever Indonesia Tbk PT		16,212,900		2,816,495
United Tractors Tbk PT		3,106,900		4,653,187


				280,852,988

Kazakhstan — 0.0%
Polymetal International PLC^(a)(c)		137,561		15


Kuwait — 1.1%
Agility Public Warehousing Co. KSC^(a)		3,237,519		6,330,925
Boubyan Bank KSCP		2,917,921		6,101,058
Gulf Bank KSCP		3,755,765		3,603,289
Kuwait Finance House KSCP		17,937,379		47,258,917
Mabanee Co. KPSC		1,367,034		3,633,579
Mobile Telecommunications Co. KSCP		3,952,857		6,464,870
National Bank of Kuwait SAKP		15,648,992		49,860,002


				123,252,640

Malaysia — 1.9%
AMMB Holdings Bhd		3,801,300		3,479,655
Axiata Group Bhd		5,720,200		3,353,121
CELCOMDIGI Bhd		7,331,100		6,731,824
CIMB Group Holdings Bhd		13,425,500		18,282,555
Gamuda Bhd		3,969,600		4,425,073
Genting Bhd		4,532,700		4,559,613
Genting Malaysia Bhd		6,426,500		3,892,195
Hong Leong Bank Bhd		1,348,900		5,608,990
IHH Healthcare Bhd		4,593,500		5,953,013
Inari Amertron Bhd		5,627,200		3,767,065
IOI Corp. Bhd		5,238,600		4,392,471
Kuala Lumpur Kepong Bhd		1,023,200		4,835,113
Malayan Banking Bhd		11,366,500		22,836,548
Malaysia Airports Holdings Bhd		1,511,544		2,701,063
Maxis Bhd		4,880,800		3,826,062
MISC Bhd		2,788,700		4,470,876
MR DIY Group M Bhd^(b)		6,721,150		2,209,058
Nestle Malaysia Bhd		145,400		3,826,880
Petronas Chemicals Group Bhd		5,748,000		8,483,933
Petronas Dagangan Bhd		588,200		2,830,995
Petronas Gas Bhd		1,647,600		6,228,626
PPB Group Bhd		1,346,740		4,421,496
Press Metal Aluminium Holdings Bhd		7,722,400		7,621,560
Public Bank Bhd		30,085,900		27,923,646
QL Resources Bhd		2,281,800		2,792,570
RHB Bank Bhd		3,111,700		3,675,039
Sime Darby Bhd		5,990,200		3,422,798
Sime Darby Plantation Bhd		4,322,500		3,950,256
Telekom Malaysia Bhd		2,563,900		3,270,399
Tenaga Nasional Bhd		5,421,200		12,863,283
YTL Corp. Bhd		6,550,900		3,685,787
YTL Power International Bhd		5,038,900		4,194,217


				204,515,780

Mexico — 3.5%
Alfa SAB de CV, Class A		6,261,200		4,669,015
America Movil SAB de CV		38,550,671		36,098,315
Arca Continental SAB de CV		1,086,108		11,700,150
Banco del Bajio SA^(b)		1,604,606		5,971,525
Cemex SAB de CV, NVS^(a)		31,262,154		23,899,313
Coca-Cola Femsa SAB de CV		1,107,300		10,807,775


Security	Shares		Value

Mexico (continued)
Fibra Uno Administracion SA de CV		5,827,200	$	10,530,106
Fomento Economico Mexicano SAB de CV		4,043,483		50,490,605
Gruma SAB de CV, Class B^(d)		390,975		6,962,620
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		502,200		4,352,788
Grupo Aeroportuario del Pacifico SAB de CV, Class B		799,301		11,802,226
Grupo Aeroportuario del Sureste SAB de CV, Class B		379,839		11,144,737
Grupo Bimbo SAB de CV, Series A^(d)		2,765,781		11,569,895
Grupo Carso SAB de CV, Series A1		1,185,163		10,253,554
Grupo Financiero Banorte SAB de CV, Class O		5,392,386		55,751,720
Grupo Financiero Inbursa SAB de CV, Class O^(a)		3,802,171		11,535,284
Grupo Mexico SAB de CV, Series B		6,433,986		31,233,290
Industrias Penoles SAB de CV^(a)(d)		425,825		5,335,976
Kimberly-Clark de Mexico SAB de CV, Class A		3,154,222		7,010,102
Operadora De Sites Mexicanos SAB de CV		2,649,275		3,079,170
Orbia Advance Corp. SAB de CV		2,085,111		3,856,004
Prologis Property Mexico SA de CV		1,457,466		6,550,976
Promotora y Operadora de Infraestructura SABde CV		409,068		4,251,422
Wal-Mart de Mexico SAB de CV		10,826,551		43,352,574


				382,209,142

Netherlands — 0.1%
NEPI Rockcastle NV		1,166,189		8,320,801
Pepco Group NV^(a)		344,526		1,728,959


				10,049,760

Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR		429,734		6,488,983
Credicorp Ltd.		139,405		23,821,526
Southern Copper Corp.		175,568		14,196,429


				44,506,938

Philippines — 0.9%
Aboitiz Equity Ventures Inc.		3,382,980		3,190,451
Ayala Corp.		530,820		6,406,091
Ayala Land Inc.		13,982,300		8,714,664
Bank of the Philippine Islands		3,835,448		8,539,717
BDO Unibank Inc.		4,987,092		13,586,353
International Container Terminal Services Inc.		2,118,270		10,870,603
JG Summit Holdings Inc.		5,797,280		4,228,204
Jollibee Foods Corp.		932,810		4,543,332
Manila Electric Co.		586,770		4,070,805
Metropolitan Bank & Trust Co.		3,747,057		4,132,731
PLDT Inc.		159,545		3,722,820
SM Investments Corp.		518,695		8,679,438
SM Prime Holdings Inc.		21,016,800		11,814,122
Universal Robina Corp.		1,852,530		3,856,571


				96,355,902

Poland — 1.3%
Allegro.eu SA ^(a)(b)(d)		1,063,485		8,594,462
Bank Polska Kasa Opieki SA		385,774		16,732,326
Budimex SA		26,571		4,857,587
CD Projekt SA		134,655		3,700,830
Dino Polska SA^(a)(b)(d)		103,107		11,997,702
KGHM Polska Miedz SA		290,563		7,853,225
LPP SA		2,186		9,821,152
mBank SA^(a)		32,021		5,579,594
ORLEN SA		1,216,694		18,899,301
PGE Polska Grupa Energetyczna SA^(a)		1,960,338		3,917,626
Powszechna Kasa Oszczednosci Bank Polski SA		1,832,215		25,532,651


26		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Poland (continued)
Powszechny Zaklad Ubezpieczen SA		1,269,854	$	15,625,834
Santander Bank Polska SA		75,149		10,363,636


				143,475,926

Qatar — 1.2%
Barwa Real Estate Co.		4,445,739		3,730,115
Commercial Bank PSQC (The)		6,844,482		9,493,217
Dukhan Bank		3,954,035		4,516,214
Industries Qatar QSC		3,176,792		11,248,187
Masraf Al Rayan QSC		11,813,521		8,205,711
Mesaieed Petrochemical Holding Co. QSC		11,734,487		6,082,046
Ooredoo QPSC		1,665,900		5,194,373
Qatar Electricity & Water Co. QSC		915,526		4,341,429
Qatar Fuel QSC		260,481		1,068,097
Qatar Gas Transport Co. Ltd.		5,375,092		5,892,940
Qatar International Islamic Bank QSC		2,046,331		6,403,027
Qatar Islamic Bank SAQ		3,680,324		20,336,906
Qatar National Bank QPSC		9,605,634		40,118,965


				126,631,227

Russia — 0.0%
Alrosa PJSC^(a)(c)		1,271,273		139
Gazprom PJSC^(a)(c)		5,613,440		614
Inter RAO UES PJSC^(a)(c)		19,580,300		2,140
LUKOIL PJSC^(a)(c)		197,285		22
MMC Norilsk Nickel PJSC^(a)(c)		29,789		3
Mobile TeleSystems PJSC^(a)(c)		418,880		46
Moscow Exchange MICEX-RTS PJSC^(a)(c)		631,870		69
Novatek PJSC^(a)(c)		433,150		47
Novolipetsk Steel PJSC^(a)(c)		785,210		86
Ozon Holdings PLC, ADR^(a)(c)		534		—
PhosAgro PJSC^(a)(c)		22,411		3
PhosAgro PJSC, GDR^(a)(c)(e)		1		—
PhosAgro PJSC, New^(a)(c)		433		4
Polyus PJSC^(a)(c)		13,397		2
Rosneft Oil Co. PJSC^(a)(c)		532,936		58
Sberbank of Russia PJSC^(a)(c)		4,933,827		539
Severstal PAO^(a)(c)		109,143		12
Surgutneftegas PJSC^(a)(c)		3,671,000		401
Tatneft PJSC^(a)(c)		685,605		75
TCS Group Holding PLC, GDR^(a)(c)(e)		58,085		6
United Co. RUSAL International PJSC^(a)(c)		1,500,930		164
VK Co. Ltd.^(a)(c)		873		—
VTB Bank PJSC^(a)(c)		1,160,968,000		127
X5 Retail Group NV, GDR^(a)(c)		67,732		7
Yandex NV^(a)(c)		149,219		16


				4,580

Saudi Arabia — 6.1%
ACWA Power Co.		198,812		13,997,289
Ades Holding Co.^(a)		698,530		3,725,195
Advanced Petrochemical Co.		275,306		2,803,199
Al Rajhi Bank		4,057,984		96,369,868
Alinma Bank		2,050,992		24,072,958
Almarai Co. JSC		526,529		8,255,314
Anglogold Ashanti PLC, NVS		862,636		16,250,648
Arab National Bank		1,405,398		10,449,769
Arabian Internet & Communications Services Co.		50,702		4,965,634
Bank AlBilad		1,030,371		13,599,181
Bank Al-Jazira^(a)		834,646		4,335,474
Banque Saudi Fransi		1,242,206		12,630,252
Bupa Arabia for Cooperative Insurance Co.		171,375		10,485,628
Co. for Cooperative Insurance (The)		155,659		6,723,931


Security	Shares		Value

Saudi Arabia (continued)
Dallah Healthcare Co.		73,641	$	3,683,719
Dar Al Arkan Real Estate Development Co.^(a)		1,099,092		4,096,172
Dr Sulaiman Al Habib Medical Services Group Co.		181,886		16,016,821
Elm Co.		49,971		14,094,750
Etihad Etisalat Co.		795,398		11,728,531
Jarir Marketing Co.		1,249,565		5,193,836
Mobile Telecommunications Co. Saudi Arabia		942,871		3,746,041
Mouwasat Medical Services Co.		204,814		6,749,606
Nahdi Medical Co.		82,708		3,131,626
Power & Water Utility Co. for Jubail & Yanbu		156,429		3,173,686
Rabigh Refining & Petrochemical Co.^(a)		36,998		81,619
Reinet Investments SCA		285,247		7,198,694
Riyad Bank		3,053,584		25,351,155
SABIC Agri-Nutrients Co.		485,325		16,225,305
Sahara International Petrochemical Co.		753,393		6,156,279
Saudi Arabian Mining Co.^(a)		2,693,283		35,739,534
Saudi Arabian Oil Co.^(b)		5,524,841		46,711,821
Saudi Aramco Base Oil Co.		105,070		4,713,335
Saudi Awwal Bank		2,107,617		23,207,804
Saudi Basic Industries Corp.		1,875,455		39,401,443
Saudi Electricity Co.		1,731,893		9,244,955
Saudi Industrial Investment Group		765,686		4,232,913
Saudi Investment Bank (The)		1,016,352		4,391,333
Saudi Kayan Petrochemical Co.^(a)		1,504,172		3,870,426
Saudi National Bank (The)		6,107,168		69,018,489
Saudi Research & Media Group^(a)		76,295		5,038,392
Saudi Tadawul Group Holding Co.		101,031		6,522,508
Saudi Telecom Co.		4,166,630		47,164,553
Savola Group (The)		551,339		7,791,635
Yanbu National Petrochemical Co.		545,943		5,448,335


				667,789,656

South Africa — 3.4%
Absa Group Ltd.		1,762,948		15,049,890
Anglo American Platinum Ltd.		138,716		5,336,219
Aspen Pharmacare Holdings Ltd.		808,988		8,266,609
Bid Corp. Ltd.		699,654		16,367,818
Bidvest Group Ltd. (The)		577,645		7,037,150
Capitec Bank Holdings Ltd.		182,431		19,220,507
Clicks Group Ltd.		496,088		7,761,786
Discovery Ltd.		1,140,212		8,086,524
Exxaro Resources Ltd.		507,167		4,706,056
FirstRand Ltd.		10,366,833		35,071,963
Gold Fields Ltd.		1,869,683		24,630,143
Harmony Gold Mining Co. Ltd.		1,176,116		6,836,813
Impala Platinum Holdings Ltd.		1,861,535		6,317,262
Kumba Iron Ore Ltd.		139,593		3,907,949
MTN Group Ltd.		3,525,680		15,349,024
Naspers Ltd., Class N		379,505		62,429,166
Nedbank Group Ltd.		896,616		10,257,557
Northam Platinum Holdings Ltd.		751,576		4,297,855
Old Mutual Ltd.		9,968,713		6,204,355
OUTsurance Group Ltd., NVS		1,756,031		3,812,363
Pepkor Holdings Ltd.^(b)(d)		4,276,880		4,163,157
Remgro Ltd.		1,006,689		7,634,670
Sanlam Ltd.		3,671,511		14,079,230
Sasol Ltd.		1,169,601		8,814,532
Shoprite Holdings Ltd.		1,035,244		13,937,472
Sibanye Stillwater Ltd.		5,832,719		6,011,728
Standard Bank Group Ltd.		2,775,797		29,208,100
Vodacom Group Ltd.		1,237,422		6,065,819


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Africa (continued)
Woolworths Holdings Ltd./South Africa		1,952,992	$	6,534,072


				367,395,789

South Korea — 15.9%
Amorepacific Corp.^(d)		63,039		5,668,300
Celltrion Inc.		316,685		42,827,338
Celltrion Pharm Inc.^(a)		39,154		3,263,038
CJ CheilJedang Corp		17,209		3,878,321
CosmoAM&T Co. Ltd.^(a)		50,629		6,766,895
Coway Co. Ltd.		114,806		4,672,864
DB Insurance Co. Ltd.^(a)		96,960		7,194,872
Doosan Bobcat Inc.		120,307		4,247,513
Doosan Enerbility Co. Ltd.^(a)		920,529		11,235,484
Ecopro BM Co. Ltd.^(a)		101,725		20,445,968
Ecopro Co. Ltd.^(a)		41,612		19,407,246
Ecopro Materials Co. Ltd.^(a)		28,405		4,119,109
GS Holdings Corp.		97,429		3,516,870
Hana Financial Group Inc.		609,513		25,933,492
Hanjin Kal Corp.		55,189		2,620,040
Hankook Tire & Technology Co. Ltd.		156,311		6,368,154
Hanmi Pharm Co. Ltd.^(a)		14,544		3,650,229
Hanmi Semiconductor Co. Ltd.^(a)		89,905		5,752,116
Hanon Systems		345,170		1,599,374
Hanwha Aerospace Co. Ltd.		74,467		10,493,459
Hanwha Ocean Co. Ltd.^(a)		124,492		2,209,640
Hanwha Solutions Corp		222,206		4,639,925
HD Hyundai Co. Ltd.		90,116		4,790,425
HD Hyundai Heavy Industries Co. Ltd.^(a)		48,436		4,295,081
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		90,751		7,634,245
HLB Inc.^(a)		247,553		15,187,298
HMM Co. Ltd.^(a)		511,938		7,023,807
HYBE Co. Ltd.		43,584		6,527,640
Hyundai Engineering & Construction Co. Ltd.^(a)		170,775		4,454,504
Hyundai Glovis Co. Ltd.^(a)		38,949		5,576,122
Hyundai Mobis Co. Ltd.		125,486		22,888,353
Hyundai Motor Co		285,810		53,808,711
Hyundai Steel Co.^(a)		186,185		5,033,550
Industrial Bank of Korea^(a)		588,530		6,193,660
Kakao Corp		650,166		26,096,356
KakaoBank Corp		346,707		7,429,691
Kakaopay Corp.^(a)		56,477		1,871,880
Kangwon Land Inc.^(a)		191,949		2,507,890
KB Financial Group Inc.		797,004		38,012,463
Kia Corp.^(a)		542,343		50,789,292
Korea Aerospace Industries Ltd.^(a)		154,450		5,959,386
Korea Electric Power Corp.^(a)		525,718		9,789,174
Korea Investment Holdings Co. Ltd.^(a)		86,058		4,596,281
Korea Zinc Co. Ltd.		17,556		5,902,540
Korean Air Lines Co. Ltd.		382,447		6,607,271
Krafton Inc.^(a)		60,940		10,415,581
KT Corp.		133,225		3,907,848
KT&G Corp.		205,855		14,377,882
Kum Yang Co. Ltd.^(a)		68,294		4,954,983
Kumho Petrochemical Co. Ltd.^(a)		32,984		3,663,102
L&F Co. Ltd.^(a)		53,301		6,808,821
LG Chem Ltd.		102,410		34,978,758
LG Corp.		195,059		13,730,007
LG Display Co. Ltd.^(a)		491,076		4,191,216
LG Electronics Inc.		221,505		15,834,888
LG Energy Solution Ltd.^(a)		96,373		29,124,900
LG H&H Co. Ltd.		19,705		4,732,813
LG Innotek Co. Ltd.		30,857		4,689,253


Security	Shares		Value

South Korea (continued)
LG Uplus Corp		392,782	$	3,046,407
Lotte Chemical Corp.		41,560		3,821,400
Meritz Financial Group Inc.		212,496		13,262,723
Mirae Asset Securities Co. Ltd.^(a)		492,415		3,341,601
NAVER Corp.		270,983		39,788,725
NCSoft Corp.		29,694		4,330,916
Netmarble Corp.^(a)(b)		51,486		2,390,714
NH Investment & Securities Co. Ltd.^(a)		290,325		2,563,479
Orion Corp./Republic of Korea		50,499		3,522,122
Pearl Abyss Corp.^(a)		726		16,595
Posco DX Co. Ltd.^(a)		111,628		4,555,216
POSCO Future M Co. Ltd.^(a)(d)		64,594		15,439,676
POSCO Holdings Inc.		149,505		48,588,194
Posco International Corp.^(a)		109,861		4,659,933
Samsung Biologics Co. Ltd.^(a)(b)		37,013		21,536,712
Samsung C&T Corp.		172,323		20,288,255
Samsung Electro-Mechanics Co. Ltd.		117,973		12,432,114
Samsung Electronics Co. Ltd.		9,905,964		546,738,636
Samsung Engineering Co. Ltd.^(a)		325,716		6,024,166
Samsung Fire & Marine Insurance Co. Ltd.^(a)		64,634		14,465,024
Samsung Heavy Industries Co. Ltd.^(a)		1,368,965		8,138,569
Samsung Life Insurance Co. Ltd.		166,511		12,120,489
Samsung SDI Co. Ltd.		113,270		32,179,002
Samsung SDS Co. Ltd.		81,456		9,798,396
Samsung Securities Co. Ltd.		129,348		4,042,512
Shinhan Financial Group Co. Ltd.		905,368		29,596,099
SK Biopharmaceuticals Co. Ltd.^(a)		65,071		4,742,298
SK Bioscience Co. Ltd.^(a)		59,189		2,735,290
SK Hynix Inc.		1,132,035		133,449,302
SK IE Technology Co. Ltd.^(a)(b)		60,810		3,354,126
SK Inc.		74,836		10,794,694
SK Innovation Co. Ltd.^(a)		126,574		11,167,363
SK Square Co. Ltd.^(a)		202,077		10,603,518
SK Telecom Co. Ltd.		113,642		4,498,433
SKC Co. Ltd.^(a)		39,517		2,462,193
S-Oil Corp.		93,546		5,374,173
Woori Financial Group Inc.		1,249,601		14,001,610
Yuhan Corp.		116,909		5,929,846


				1,730,696,440

Taiwan — 22.5%
Accton Technology Corp.		1,044,000		17,180,518
Acer Inc.		5,920,000		8,466,610
Advantech Co. Ltd.		977,280		12,061,552
Airtac International Group		289,439		11,089,346
Alchip Technologies Ltd.		153,976		20,198,949
ASE Technology Holding Co. Ltd.		6,299,000		27,807,825
Asia Cement Corp.		4,574,000		5,854,994
Asustek Computer Inc.		1,460,000		21,036,640
AUO Corp.		13,619,800		7,553,841
Catcher Technology Co. Ltd.		1,143,000		7,121,593
Cathay Financial Holding Co. Ltd.		19,898,379		28,391,729
Chailease Holding Co. Ltd.		3,185,595		17,612,678
Chang Hwa Commercial Bank Ltd.		11,480,431		6,468,709
Cheng Shin Rubber Industry Co. Ltd.		3,976,000		5,910,181
China Airlines Ltd.		6,021,000		3,813,111
China Development Financial Holding Corp.^(a)		33,468,920		13,303,718
China Steel Corp.		24,741,000		19,268,127
Chunghwa Telecom Co. Ltd.		7,895,000		30,077,262
Compal Electronics Inc.		9,102,000		10,510,678
CTBC Financial Holding Co. Ltd.		36,731,000		34,193,366
Delta Electronics Inc.		4,028,000		37,535,541
E Ink Holdings Inc.		1,772,000		13,795,516


28		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
E.Sun Financial Holding Co. Ltd.		29,406,336	$	23,509,281
Eclat Textile Co. Ltd.		352,000		6,016,299
eMemory Technology Inc.		128,000		10,990,366
Eva Airways Corp.		5,248,000		5,224,438
Evergreen Marine Corp. Taiwan Ltd.		2,092,400		10,961,477
Far Eastern New Century Corp.		5,929,000		6,115,510
Far EasTone Telecommunications Co. Ltd.		3,589,000		8,941,629
Feng TAY Enterprise Co. Ltd.		1,124,760		5,883,870
First Financial Holding Co. Ltd.		22,702,849		19,471,685
Formosa Chemicals & Fibre Corp.		7,311,000		13,241,064
Formosa Petrochemical Corp.		2,273,000		5,345,412
Formosa Plastics Corp.		7,906,000		17,942,548
Fubon Financial Holding Co. Ltd.		16,164,663		34,801,353
Gigabyte Technology Co. Ltd.		1,053,000		11,517,386
Global Unichip Corp.		194,000		9,777,585
Globalwafers Co. Ltd.		451,000		7,965,719
Hon Hai Precision Industry Co. Ltd.		25,880,200		84,381,763
Hotai Motor Co. Ltd.		634,572		13,476,586
Hua Nan Financial Holdings Co. Ltd.		19,109,078		13,307,837
Innolux Corp.		18,656,042		8,951,421
Inventec Corp.		5,591,000		9,738,646
Largan Precision Co. Ltd.		207,000		16,988,364
Lite-On Technology Corp.		4,135,000		14,347,029
MediaTek Inc.		3,154,000		113,816,232
Mega Financial Holding Co. Ltd.		23,942,133		29,332,451
Micro-Star International Co. Ltd.		1,487,000		8,998,692
momo.com Inc.		1,000		14,089
Nan Ya Plastics Corp.		9,816,000		18,562,515
Nan Ya Printed Circuit Board Corp.		468,000		3,135,543
Nanya Technology Corp.		2,418,000		5,147,923
Nien Made Enterprise Co. Ltd.		347,000		4,062,061
Novatek Microelectronics Corp.		1,196,000		22,763,886
Parade Technologies Ltd.		153,000		4,921,588
Pegatron Corp.		4,115,000		11,142,425
PharmaEssentia Corp.^(a)		470,000		4,884,449
Pou Chen Corp.		4,392,000		4,243,023
Powerchip Semiconductor Manufacturing Corp.		6,228,000		5,444,346
President Chain Store Corp.		1,184,000		10,094,868
Quanta Computer Inc.		5,618,000		41,282,913
Realtek Semiconductor Corp.		1,009,000		18,185,248
Ruentex Development Co. Ltd.		3,090,640		3,556,651
Shanghai Commercial & Savings Bank Ltd. (The)		7,901,678		11,250,358
Shin Kong Financial Holding Co. Ltd.^(a)		28,559,897		7,497,969
Silergy Corp.		676,000		8,919,887
SinoPac Financial Holdings Co. Ltd.		23,270,201		14,807,406
Synnex Technology International Corp.		2,600,000		6,405,204
Taishin Financial Holding Co. Ltd.		24,036,336		13,235,560
Taiwan Business Bank		13,229,064		5,861,331
Taiwan Cement Corp.		14,441,671		14,682,356
Taiwan Cooperative Financial Holding Co. Ltd.		21,408,961		17,590,432
Taiwan High Speed Rail Corp.		4,057,000		3,876,889
Taiwan Mobile Co. Ltd.		3,787,000		11,867,874
Taiwan Semiconductor Manufacturing Co. Ltd.		51,068,000		1,119,130,464
Unimicron Technology Corp.		2,852,000		16,204,870
Uni-President Enterprises Corp.		10,024,000		24,340,678
United Microelectronics Corp.		23,399,000		36,077,241
Vanguard International Semiconductor Corp.		1,866,000		4,262,584
Voltronic Power Technology Corp.		130,000		6,606,745
Walsin Lihwa Corp.		5,878,473		6,885,488
Wan Hai Lines Ltd.		1,453,015		2,314,678
Winbond Electronics Corp.		6,355,899		5,619,298


Security	Shares		Value

Taiwan (continued)
Wistron Corp.		5,352,000	$	19,597,772
Wiwynn Corp.		190,000		14,027,286
WPG Holdings Ltd.		3,312,520		9,725,907
Yageo Corp.		700,858		12,383,016
Yang Ming Marine Transport Corp.		3,421,000		5,397,261
Yuanta Financial Holding Co. Ltd.		21,139,412		18,370,615
Zhen Ding Technology Holding Ltd.		1,373,000		4,369,540


				2,449,047,364

Thailand — 2.1%
Advanced Info Service PCL, NVDR		2,470,700		13,861,483
Airports of Thailand PCL, NVDR^(d)		8,756,000		15,516,947
Asset World Corp. PCL, NVDR^(d)		16,450,400		1,767,444
Bangkok Dusit Medical Services PCL, NVDR		23,265,200		18,483,267
Bangkok Expressway & Metro PCL, NVDR^(d)		15,937,000		3,582,420
Banpu PCL, NVDR		18,857,520		2,943,197
Berli Jucker PCL, NVDR		98,300		66,442
BTS Group Holdings PCL, NVDR		16,740,500		2,405,780
Bumrungrad Hospital PCL, NVDR		1,229,800		7,673,150
Central Pattana PCL, NVDR		4,147,400		7,487,234
Central Retail Corp. PCL, NVDR		3,755,100		3,645,027
Charoen Pokphand Foods PCL, NVDR^(d)		7,861,200		4,142,052
CP ALL PCL, NVDR		12,107,000		19,413,095
CP Axtra PCL, NVDR^(d)		4,528,300		4,204,940
Delta Electronics Thailand PCL, NVDR^(d)		6,504,100		12,947,808
Energy Absolute PCL, NVDR^(d)		3,563,700		3,507,537
Global Power Synergy PCL, NVDR^(d)		1,358,400		1,931,982
Gulf Energy Development PCL, NVDR		6,233,400		7,483,796
Home Product Center PCL, NVDR		12,468,200		3,894,181
Indorama Ventures PCL, NVDR		3,427,000		2,227,132
Intouch Holdings PCL, NVDR		1,922,850		3,633,575
Kasikornbank PCL, NVDR		1,235,600		4,240,105
Krung Thai Bank PCL, NVDR		7,795,500		3,498,674
Krungthai Card PCL, NVDR		2,122,200		2,530,691
Land & Houses PCL, NVDR^(d)		14,959,400		3,167,241
Minor International PCL, NVDR		6,939,800		6,145,006
Muangthai Capital PCL, NVDR^(d)		1,488,500		1,904,894
Osotspa PCL, NVDR		1,247,600		707,689
PTT Exploration & Production PCL, NVDR		2,852,300		11,977,780
PTT Global Chemical PCL, NVDR^(d)		4,602,600		4,871,360
PTT Oil & Retail Business PCL, NVDR		6,414,300		3,235,870
PTT PCL, NVDR		20,914,000		19,961,977
SCB X PCL, NVDR		1,794,300		5,635,762
SCG Packaging PCL, NVDR		2,857,400		2,231,171
Siam Cement PCL (The), NVDR		1,618,800		12,141,856
Thai Oil PCL, NVDR		2,688,200		4,196,977
TMBThanachart Bank PCL, NVDR^(d)		50,383,300		2,587,954
True Corp. PCL, NVDR^(a)		20,972,882		4,130,783


				233,984,279

Turkey — 0.9%
Akbank TAS		6,565,009		8,740,313
Aselsan Elektronik Sanayi Ve Ticaret AS		2,829,044		5,428,982
BIM Birlesik Magazalar AS		957,727		11,886,430
Coca-Cola Icecek A/S		157,375		3,260,222
Eregli Demir ve Celik Fabrikalari TAS^(a)		2,794,626		4,071,375
Ford Otomotiv Sanayi AS		140,187		4,564,948
Haci Omer Sabanci Holding AS		2,116,091		5,386,524
KOC Holding AS		1,592,765		8,577,976
Pegasus Hava Tasimaciligi AS^(a)		96,005		2,635,751
Sasa Polyester Sanayi AS^(a)		2,725,650		3,452,499
Tofas Turk Otomobil Fabrikasi AS		252,928		2,162,681
Turk Hava Yollari AO^(a)		1,157,995		10,446,667


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Turkey (continued)
Turkcell Iletisim Hizmetleri AS		2,498,266	$	5,355,455
Turkiye Is Bankasi AS, Class C		17,659,616		6,262,490
Turkiye Petrol Rafinerileri AS		2,016,269		10,445,618
Turkiye Sise ve Cam Fabrikalari AS		2,804,759		4,591,110
Yapi ve Kredi Bankasi AS		7,114,187		5,250,167


				102,519,208

United Arab Emirates — 1.7%
Abu Dhabi Commercial Bank PJSC		6,177,693		14,414,252
Abu Dhabi Islamic Bank PJSC		3,057,658		9,357,077
Abu Dhabi National Oil Co. for Distribution PJSC		6,675,552		6,361,217
Aldar Properties PJSC		8,145,780		12,264,301
Americana Restaurants International PLC		5,295,147		4,944,895
Dubai Islamic Bank PJSC		6,103,727		10,702,025
Emaar Properties PJSC		13,758,333		30,416,331
Emirates NBD Bank PJSC		3,932,930		19,595,317
Emirates Telecommunications Group Co. PJSC		7,125,597		35,114,365
First Abu Dhabi Bank PJSC		9,169,283		34,063,604
Multiply Group PJSC^(a)		8,256,187		5,106,046


				182,339,430


Total Common Stocks — 96.7% (Cost: $9,800,839,066)				10,539,354,982


Preferred Stocks

Brazil — 2.1%
Banco Bradesco SA, Preference Shares, NVS		11,025,257		30,495,722
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		526,750		5,076,662
Cia. Energetica de Minas Gerais, Preference Shares, NVS		2,872,128		6,915,848
Companhia Paranaense de Energia, Preference Shares, NVS		2,266,453		4,659,562
Gerdau SA, Preference Shares, NVS		2,392,983		10,349,648
Itau Unibanco Holding SA, Preference Shares, NVS		10,072,456		68,769,318
Itausa SA, Preference Shares, NVS		11,307,426		23,428,716
Petroleo Brasileiro SA, Preference Shares, NVS		9,881,742		79,791,821


				229,487,297

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		294,492		14,604,623


Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		940,278		7,685,126


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(c)		3,036,700		332


Security	Shares		Value

South Korea — 0.9%
Hyundai Motor Co. Preference Shares, NVS		48,523	$	5,821,430
Series 2, Preference Shares, NVS		73,691		8,913,481
LG Chem Ltd., Preference Shares, NVS		15,226		3,442,271
Samsung Electronics Co. Ltd., Preference Shares, NVS		1,704,264		81,611,501


				99,788,683


Total Preferred Stocks — 3.2% (Cost: $321,365,170)				351,566,061


Rights

South Korea — 0.0%
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)^(a)		129,977		127,868


Total Rights — 0.0% (Cost: $—)				127,868


Total Long-Term Investments — 99.9% (Cost: $10,122,204,236)				10,891,048,911


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		20,863,996		20,874,428


Total Short-Term Securities — 0.2% (Cost: $20,873,109)				20,874,428


Total Investments — 100.1% (Cost: $10,143,077,345)				10,911,923,339

Liabilities in Excess of Other Assets — (0.1)%				(10,673,578	)


Net Assets — 100.0%			$	10,901,249,761

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	All or a portion of this security is on loan.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.


30		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	40,022,334	$	—	$	(19,153,981	)^(a)	$	6,612	$	(537	)	$	20,874,428		20,863,996	$	329,588	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		—		0	^(a)		—		—			—		—		243,237			—


								$	6,612	$	(537	)	$	20,874,428			$	572,825		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI Emerging Markets Index

03/15/24

1,932

59,932

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	59,932	$	—	$	—	$	—	$	59,932

^(a)

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	546,810	$	—	$	—	$	—	$	546,810

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	5,841	$	—	$	—	$	—	$	5,841

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	8,517,275


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets ex China ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	1,836,383,359	$	8,702,967,028	$	4,595	$	10,539,354,982
Preferred Stocks		237,172,423		114,393,306		332		351,566,061
Rights		—		127,868		—		127,868
Short-Term Securities
Money Market Funds		20,874,428		—		—		20,874,428


	$	2,094,430,210	$	8,817,488,202	$	4,927	$	10,911,923,339

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	59,932	$	—	$	—	$	59,932

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $42,507,567 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.


32		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 0.5%
Energisa SA		204,946	$	2,096,006
Equatorial Energia SA		593,649		4,081,777
Raia Drogasil SA		1,049,151		5,622,374
Telefonica Brasil SA		679,449		7,446,316
TIM SA/Brazil		1,439,785		5,262,596


				24,509,069

Chile — 0.0%
Enel Americas SA		22,316,594		2,275,412


China — 22.8%
360 Security Technology Inc., Class A^(a)		4,386,000		5,332,362
Agricultural Bank of China Ltd., Class H		161,951,000		66,439,666
Anhui Gujing Distillery Co. Ltd., Class B		1,345,773		19,027,067
Anjoy Foods Group Co. Ltd., Class A		155,200		1,876,318
Anker Innovations Technology Co. Ltd.		304,000		3,453,361
Asia - Potash International Investment Guangzhou Co. Ltd.^(a)		691,071		2,161,202
Bank of China Ltd., Class H		156,822,000		61,521,474
Bank of Communications Co. Ltd., Class A		3,661,974		3,182,217
Bank of Communications Co. Ltd., Class H		10,973,000		7,188,913
Bank of Shanghai Co. Ltd., Class A		4,272,011		3,870,412
Beijing Kingsoft Office Software Inc., Class A		44,800		1,685,291
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,229,000		4,826,363
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		28,242,000		19,788,537
BOE Technology Group Co. Ltd., Class A		25,580,800		14,151,396
Brilliance China Automotive Holdings Ltd.		12,314,000		7,167,880
BYD Electronic International Co. Ltd.		522,500		1,972,890
Cambricon Technologies Corp. Ltd.^(a)		91,870		2,150,174
CGN Power Co. Ltd., Class H^(b)		94,456,000		28,684,621
Changchun High & New Technology Industry Group Inc., Class A		94,300		1,683,659
China CITIC Bank Corp. Ltd., Class H		42,802,000		22,757,314
China Construction Bank Corp., Class A		7,128,984		6,917,814
China Construction Bank Corp., Class H		44,307,000		27,477,255
China Eastern Airlines Corp. Ltd., Class A^(a)		4,004,600		2,114,000
China Huishan Dairy Holdings Co. Ltd.^(c)		5,944,807		8
China Life Insurance Co. Ltd., Class H		1,321,000		1,619,268
China Mengniu Dairy Co. Ltd.		617,000		1,542,711
China Minsheng Banking Corp. Ltd., Class A		15,975,954		8,950,689
China Petroleum & Chemical Corp., Class H		10,846,000		5,975,638
China Railway Signal & Communication Corp. Ltd., Class A		5,379,000		3,640,431
China Resources Microelectronics Ltd.		986,078		5,852,873
China Resources Pharmaceutical Group Ltd.^(b)		3,310,500		2,239,015
China Shenhua Energy Co. Ltd., Class H		3,207,000		12,339,543
China Three Gorges Renewables Group Co. Ltd., Class A		8,314,130		5,326,692
China Tower Corp. Ltd., Class H^(b)		246,246,000		29,846,984
China United Network Communications Ltd., Class A		7,639,835		5,083,530
China Yangtze Power Co. Ltd., Class A		10,643,083		36,996,174
China Zhenhua Group Science & Technology Co. Ltd., Class A		203,878		1,621,283
Chongqing Rural Commercial Bank Co. Ltd., Class A		6,425,200		3,991,491
Chongqing Zhifei Biological Products Co. Ltd., Class A		756,800		5,611,653
COSCO Shipping Holdings Co. Ltd., Class H		5,014,500		5,398,312


Security	Shares		Value

China (continued)
CSPC Pharmaceutical Group Ltd.		3,194,000	$	2,487,646
Everdisplay Optronics Shanghai Co. Ltd.^(a)		8,611,000		2,855,835
Fangda Carbon New Material Co. Ltd., Class A^(a)		2,962,700		2,022,757
First Capital Securities Co. Ltd., Class A		2,284,500		1,813,763
Founder Securities Co. Ltd., Class A		1,420,000		1,501,281
Fuyao Glass Industry Group Co. Ltd., Class A		478,103		2,870,884
Gree Electric Appliances Inc. of Zhuhai, Class A		964,906		5,221,778
GRG Banking Equipment Co. Ltd., Class A		1,807,700		2,890,446
Guangdong Haid Group Co. Ltd., Class A		1,241,272		7,415,882
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,094,994		4,496,681
Guangzhou Haige Communications Group Inc. Co., Class A		1,852,200		2,968,528
Hainan Airlines Holding Co. Ltd., Class A^(a)		30,409,600		6,036,262
Hainan Airport Infrastructure Co. Ltd., NVS^(a)		3,778,570		1,964,143
Hengan International Group Co. Ltd.		3,269,000		10,075,716
Hengtong Optic-Electric Co. Ltd., Class A		1,170,700		1,985,800
Hualan Biological Engineering Inc., Class A		1,120,810		3,062,843
Huaxia Bank Co. Ltd., Class A		6,982,003		6,139,104
Hundsun Technologies Inc., Class A		943,671		3,191,101
Iflytek Co. Ltd., Class A		937,467		6,432,678
Industrial & Commercial Bank of China Ltd., Class H		87,209,000		44,704,439
Ingenic Semiconductor Co. Ltd., Class A		199,600		1,807,301
Inner Mongolia Yitai Coal Co. Ltd., Class B		13,214,928		26,544,099
JA Solar Technology Co. Ltd., Class A		663,600		1,723,729
Jiangsu Expressway Co. Ltd., Class H		15,094,000		15,504,359
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		1,821,779		10,751,393
Jiangsu Yangnong Chemical Co. Ltd., Class A		295,900		2,243,234
Jointown Pharmaceutical Group Co. Ltd., Class A		2,954,608		3,337,382
Kweichow Moutai Co. Ltd., Class A		39,190		9,193,543
Legend Biotech Corp., ADR^(a)		179,015		11,664,617
Lenovo Group Ltd.		6,850,000		7,567,396
Liaoning Port Co. Ltd., Class A		15,553,200		3,191,740
Lingyi iTech Guangdong Co., Class A		5,187,700		3,948,871
LONGi Green Energy Technology Co. Ltd., Class A		650,840		1,915,961
Muyuan Foods Co. Ltd., Class A		652,200		3,474,699
National Silicon Industry Group Co. Ltd., Class A^(a)		1,606,600		3,434,785
Nongfu Spring Co. Ltd., Class H^(b)		5,748,200		32,504,923
People’s Insurance Co. Group of China Ltd. (The), Class H		89,934,000		29,957,332
PetroChina Co. Ltd., Class H		13,974,000		10,959,967
PICC Property & Casualty Co. Ltd., Class H		10,296,000		14,075,853
Postal Savings Bank of China Co. Ltd., Class H^(b)		36,989,000		19,433,046
Qi An Xin Technology Group Inc.^(a)		505,342		2,453,857
Sangfor Technologies Inc., Class A^(a)		179,300		1,577,737
SDIC Power Holdings Co. Ltd., Class A		1,711,100		3,421,535
SF Holding Co. Ltd., Class A		859,900		4,560,078
Shandong Gold Mining Co. Ltd., Class A		1,178,673		3,537,325
Shandong Gold Mining Co. Ltd., Class H^(b)		6,646,750		10,502,308
Shandong Sun Paper Industry JSC Ltd., Class A		1,271,300		2,508,504
Shanghai Aiko Solar Energy Co. Ltd.		789,560		1,654,715
Shanghai Baosight Software Co. Ltd., Class B		7,492,141		16,833,897
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		79,935		3,120,021
Shanghai International Airport Co. Ltd., Class A^(a)		404,800		1,971,428
Shanghai M&G Stationery Inc., Class A		450,421		2,223,983
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,566,400		5,735,131
Shanghai Pudong Development Bank Co. Ltd., Class A		4,127,986		4,090,092
Shanghai RAAS Blood Products Co. Ltd., Class A		4,986,700		4,974,599


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		189,800	$	6,110,550
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		136,400		5,453,856
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		651,772		2,637,026
Sichuan Chuantou Energy Co. Ltd., Class A		2,704,510		5,877,085
Sinopharm Group Co. Ltd., Class H		6,263,600		17,528,269
Songcheng Performance Development Co. Ltd., Class A		1,358,485		2,031,728
TCL Technology Group Corp., Class A^(a)		8,020,150		5,032,242
Thunder Software Technology Co. Ltd., Class A		171,600		1,440,998
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		563,594		2,244,317
Tianma Microelectronics Co. Ltd., Class A^(a)		1,766,200		2,242,071
Tianshui Huatian Technology Co. Ltd., Class A		2,415,400		2,739,039
Tingyi Cayman Islands Holding Corp		7,622,000		8,476,087
Tongwei Co. Ltd., Class A		1,046,400		3,841,164
TravelSky Technology Ltd., Class H		1,779,000		2,126,738
Walvax Biotechnology Co. Ltd., Class A		632,091		1,611,635
Want Want China Holdings Ltd.		36,248,000		20,000,174
Western Securities Co. Ltd., Class A		3,273,000		3,618,809
Wintime Energy Group Co. Ltd., NVS^(a)		23,404,500		4,473,016
Wuliangye Yibin Co. Ltd., Class A		195,549		3,847,293
Xiaomi Corp., Class B^(a)(b)		1,860,800		3,126,932
Xinjiang Daqo New Energy Co. Ltd.		1,335,835		5,408,157
Yealink Network Technology Corp. Ltd., Class A		854,924		3,478,274
Yonyou Network Technology Co. Ltd., Class A		789,200		1,387,793
Yum China Holdings Inc.		204,241		8,759,896
Yunnan Baiyao Group Co. Ltd., Class A		328,858		2,270,371
Zhejiang Dahua Technology Co. Ltd., Class A		1,136,400		2,912,441
Zhejiang Expressway Co. Ltd., Class H		7,645,160		5,830,353
Zhejiang Supor Co. Ltd., Class A		323,004		2,482,139
Zhejiang Zheneng Electric Power Co. Ltd., Class A^(a)		3,362,600		2,510,378
Zhongji Innolight Co. Ltd., Class A		410,100		8,833,056
ZTE Corp, Class A		2,941,720		12,171,238


				1,014,506,613

Czech Republic — 0.2%
CEZ AS		228,633		7,811,229


Egypt — 0.2%
Commercial International Bank - Egypt (CIB)		7,098,707		10,133,797


Greece — 0.6%
Hellenic Telecommunications Organization SA		1,100,937		16,610,895
JUMBO SA		271,296		7,928,576


				24,539,471

Hungary — 0.1%
Richter Gedeon Nyrt		86,277		2,296,911


India — 20.4%
ABB India Ltd.		102,658		6,729,522
Apollo Hospitals Enterprise Ltd.		91,166		6,711,577
Asian Paints Ltd.		572,822		19,538,110
Aurobindo Pharma Ltd.		178,680		2,215,012
Bajaj Auto Ltd.		356,505		33,978,143
Balkrishna Industries Ltd.		146,546		3,936,262
Berger Paints India Ltd.		273,365		2,000,266
Bharti Airtel Ltd.		4,425,605		59,918,259
Britannia Industries Ltd.		328,886		19,709,690
Cipla Ltd.		1,786,387		31,902,356


Security	Shares		Value

India (continued)
Colgate-Palmolive India Ltd.		563,307	$	17,130,809
Dabur India Ltd.		3,577,610		23,232,266
Divi’s Laboratories Ltd.		248,758		10,463,513
Dr. Reddy’s Laboratories Ltd.		383,972		29,773,155
Eicher Motors Ltd.		97,909		4,474,126
Godrej Consumer Products Ltd.		177,572		2,688,448
HCL Technologies Ltd.		2,906,265		58,242,032
HDFC Bank Ltd.		130,380		2,201,982
Hero MotoCorp Ltd.		161,553		8,609,730
Hindustan Unilever Ltd.		1,209,066		35,177,477
ICICI Lombard General Insurance Co. Ltd.^(b)		111,725		2,308,136
Indian Hotels Co. Ltd., Class A		1,286,206		9,103,785
Infosys Ltd.		1,820,129		36,629,169
Kotak Mahindra Bank Ltd.		620,673		12,627,579
LTIMindtree Ltd.^(b)		175,829		11,241,981
Lupin Ltd.		960,623		18,790,603
Marico Ltd.		3,519,276		22,173,181
Maruti Suzuki India Ltd.		162,861		22,164,484
Max Healthcare Institute Ltd.		1,987,902		19,025,557
Mphasis Ltd.		143,121		4,515,029
MRF Ltd.		19,633		34,611,728
Nestle India Ltd., NVS		729,853		22,857,194
Page Industries Ltd.		31,653		13,097,136
Persistent Systems Ltd.		125,778		13,088,846
Petronet LNG Ltd.		1,124,010		3,700,822
Pidilite Industries Ltd.		841,898		27,797,459
Power Grid Corp. of India Ltd.		779,732		2,663,935
Reliance Industries Ltd.		517,657		18,219,065
Siemens Ltd.		177,147		9,987,749
Sun Pharmaceutical Industries Ltd.		1,776,852		33,779,783
Tata Consultancy Services Ltd.		1,253,278		61,825,580
Tata Elxsi Ltd.		57,661		5,429,648
Tech Mahindra Ltd.		1,196,815		18,391,725
Titan Co. Ltd.		593,964		25,957,105
Torrent Pharmaceuticals Ltd.		831,301		26,783,301
Trent Ltd.		317,095		14,819,885
Tube Investments of India Ltd.		71,548		3,003,435
TVS Motor Co. Ltd.		150,449		3,876,933
UltraTech Cement Ltd.		30,834		3,678,690
Wipro Ltd.		4,335,761		27,050,049


				907,832,307

Indonesia — 1.6%
Bank Central Asia Tbk PT		77,513,200		48,776,415
Telkom Indonesia Persero Tbk PT		84,300,100		21,488,881


				70,265,296

Kazakhstan — 0.0%
Polymetal International PLC^(a)(c)		244,417		27


Kuwait — 2.4%
Boubyan Bank KSCP		943,824		1,973,434
Kuwait Finance House KSCP		11,979,361		31,561,558
Mobile Telecommunications Co. KSCP		11,563,939		18,912,743
National Bank of Kuwait SAKP		16,999,052		54,161,493


				106,609,228

Malaysia — 4.0%
CELCOMDIGI Bhd		11,797,400		10,833,029
Genting Malaysia Bhd		3,450,000		2,089,484
Hong Leong Bank Bhd		4,348,700		18,082,747
IHH Healthcare Bhd		19,494,500		25,264,182
IOI Corp. Bhd		2,627,200		2,202,860
Malayan Banking Bhd		20,697,000		41,582,548


34		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
Malaysia Airports Holdings Bhd		5,220,500	$	9,328,804
MISC Bhd		2,331,400		3,737,727
MR DIY Group M Bhd^(b)		18,702,550		6,147,016
Nestle Malaysia Bhd		896,500		23,595,585
Petronas Dagangan Bhd		1,665,900		8,017,945
PPB Group Bhd		2,652,000		8,706,809
Public Bank Bhd		3,849,500		3,572,839
Telekom Malaysia Bhd		3,604,500		4,597,742
Tenaga Nasional Bhd		4,432,400		10,517,084


				178,276,401

Mexico — 0.8%
America Movil SAB de CV		15,226,133		14,257,540
Wal-Mart de Mexico SAB de CV		5,629,733		22,543,044


				36,800,584

Peru — 1.1%
Cia. de Minas Buenaventura SAA, ADR		1,654,328		24,980,353
Credicorp Ltd.		127,686		21,818,983


				46,799,336

Philippines — 1.9%
Bank of the Philippine Islands		10,119,015		22,530,231
BDO Unibank Inc.		4,252,755		11,585,796
International Container Terminal Services Inc.		4,422,500		22,695,522
Jollibee Foods Corp.		3,008,130		14,651,356
Manila Electric Co.		1,714,560		11,895,017
SM Investments Corp.		179,315		3,000,517


				86,358,439

Qatar — 2.5%
Dukhan Bank		4,323,806		4,938,558
Masraf Al Rayan QSC		17,214,289		11,957,102
Ooredoo QPSC		7,326,963		22,845,899
Qatar Electricity & Water Co. QSC		5,185,107		24,587,801
Qatar Fuel QSC		1,666,797		6,834,668
Qatar Islamic Bank SAQ		1,905,338		10,528,606
Qatar National Bank QPSC		6,981,956		29,160,891


				110,853,525

Russia — 0.0%
Polyus PJSC^(a)(c)		95,932		11
Rosneft Oil Co. PJSC^(a)(c)		759,070		83
Yandex NV^(a)(c)		49,681		5


				99

Saudi Arabia — 9.2%
ACWA Power Co.		37,186		2,618,067
Advanced Petrochemical Co.		470,453		4,790,209
Al Rajhi Bank		1,783,891		42,364,223
Alinma Bank		624,906		7,334,663
Arabian Internet & Communications Services Co.		159,286		15,600,096
Bupa Arabia for Cooperative Insurance Co.		261,251		15,984,716
Co. for Cooperative Insurance (The)		353,071		15,251,447
Dallah Healthcare Co.		116,761		5,840,696
Dar Al Arkan Real Estate Development Co.^(a)		2,436,158		9,079,242
Dr Sulaiman Al Habib Medical Services Group Co.		123,641		10,887,786
Elm Co.		60,735		17,130,829
Etihad Etisalat Co.		2,605,817		38,424,041
Jarir Marketing Co.		7,298,627		30,336,854
Mobile Telecommunications Co. Saudi Arabia		5,473,551		21,746,503
Nahdi Medical Co.		58,302		2,207,526
Rabigh Refining & Petrochemical Co.^(a)		171,623		378,608
SABIC Agri-Nutrients Co.		703,836		23,530,529
Saudi Arabian Oil Co.^(b)		4,067,794		34,392,676
Saudi Basic Industries Corp.		1,203,572		25,285,850


Security	Shares		Value

Saudi Arabia (continued)
Saudi Electricity Co.		2,816,874	$	15,036,653
Saudi National Bank (The)		205,579		2,323,295
Saudi Telecom Co.		5,531,776		62,617,449
Yanbu National Petrochemical Co.		540,115		5,390,173


				408,552,131

South Korea — 6.6%
Celltrion Inc.		56,085		7,584,733
Coway Co. Ltd.		183,140		7,454,212
Hyundai Mobis Co. Ltd.		20,732		3,781,468
Kangwon Land Inc.^(a)		858,499		11,216,631
Kia Corp.^(a)		41,983		3,931,620
Korea Electric Power Corp.^(a)		837,854		15,601,327
KT Corp.		242,037		7,099,597
KT&G Corp.		480,615		33,568,413
LG Electronics Inc.		35,105		2,509,577
LG Uplus Corp.		1,141,291		8,851,822
Orion Corp./Republic of Korea		164,892		11,500,619
Samsung Biologics Co. Ltd.^(a)(b)		49,900		29,035,256
Samsung C&T Corp.		83,214		9,797,107
Samsung Electronics Co. Ltd.		799,700		44,137,742
Samsung Fire & Marine Insurance Co. Ltd.^(a)		25,095		5,616,236
Samsung SDS Co. Ltd.		247,823		29,810,792
SK Hynix Inc.		187,058		22,051,226
SK Telecom Co. Ltd.		580,121		22,963,652
Yuhan Corp.		312,264		15,838,621


				292,350,651

Taiwan — 15.8%
Accton Technology Corp.		478,000		7,866,176
Advantech Co. Ltd.		2,365,940		29,200,341
Asustek Computer Inc.		1,274,000		18,356,629
Catcher Technology Co. Ltd.		2,974,000		18,529,848
Cathay Financial Holding Co. Ltd.		3,391,020		4,838,430
Chang Hwa Commercial Bank Ltd.		6,008,525		3,385,535
China Steel Corp.		7,366,000		5,736,592
Chunghwa Telecom Co. Ltd.		17,086,000		65,091,843
Compal Electronics Inc.		25,997,000		30,020,446
Delta Electronics Inc.		549,000		5,115,941
E.Sun Financial Holding Co. Ltd.		27,723,250		22,163,716
Far EasTone Telecommunications Co. Ltd.		19,855,000		49,466,719
First Financial Holding Co. Ltd.		68,300,399		58,579,601
Formosa Petrochemical Corp.		3,498,000		8,226,244
Formosa Plastics Corp.		3,045,840		6,912,488
Hon Hai Precision Industry Co. Ltd.		3,097,000		10,097,693
Hua Nan Financial Holdings Co. Ltd.		53,854,906		37,505,330
Mega Financial Holding Co. Ltd.		16,486,810		20,198,641
Pegatron Corp.		1,183,000		3,203,278
PharmaEssentia Corp.^(a)		314,000		3,263,228
Pou Chen Corp.		4,025,000		3,888,471
President Chain Store Corp.		6,938,000		59,153,883
Quanta Computer Inc.		526,000		3,865,221
Synnex Technology International Corp.		6,947,000		17,114,212
Taiwan Business Bank		18,221,448		8,073,281
Taiwan Cement Corp.		6,265,000		6,369,413
Taiwan Cooperative Financial Holding Co. Ltd.		56,336,884		46,288,567
Taiwan High Speed Rail Corp.		12,304,000		11,757,762
Taiwan Mobile Co. Ltd.		20,590,000		64,525,886
Taiwan Semiconductor Manufacturing Co. Ltd.		1,198,000		26,253,589
Uni-President Enterprises Corp.		8,163,000		19,821,724
WPG Holdings Ltd.		8,523,440		25,025,716


				699,896,444


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand — 4.3%
Advanced Info Service PCL, NVDR		8,518,300	$	47,790,613
Airports of Thailand PCL, NVDR^(d)		29,203,800		51,753,519
Bangkok Dusit Medical Services PCL, NVDR		22,996,400		18,269,716
Bangkok Expressway & Metro PCL, NVDR^(d)		8,941,500		2,009,927
Bumrungrad Hospital PCL, NVDR		3,395,900		21,188,201
Central Retail Corp. PCL, NVDR^(d)		7,519,600		7,299,179
Home Product Center PCL, NVDR		31,658,500		9,887,868
Intouch Holdings PCL, NVDR		10,558,800		19,952,773
PTT Oil & Retail Business PCL, NVDR		17,162,000		8,657,843
Siam Cement PCL (The), NVDR		543,800		4,078,788


				190,888,427

Turkey — 0.4%
Aselsan Elektronik Sanayi Ve Ticaret AS		3,419,248		6,561,593
BIM Birlesik Magazalar AS		309,305		3,838,810
Sasa Polyester Sanayi AS^(a)		1,375,822		1,742,712
Turkiye Sise ve Cam Fabrikalari AS		3,591,853		5,879,504


				18,022,619

United Arab Emirates — 3.7%
Abu Dhabi National Oil Co. for Distribution PJSC		40,206,506		38,313,283
Aldar Properties PJSC		14,797,333		22,278,891
Dubai Islamic Bank PJSC		23,646,476		41,460,762
Emirates NBD Bank PJSC		3,273,527		16,309,926
Emirates Telecommunications Group Co. PJSC		4,105,603		20,232,079
First Abu Dhabi Bank PJSC		4,770,251		17,721,335
Multiply Group PJSC^(a)		10,864,570		6,719,202


				163,035,478


Total Common Stocks — 99.1% (Cost: $3,761,379,328)				4,402,613,494


Preferred Stocks

Brazil — 0.2%
Companhia Paranaense de Energia, Preference Shares, NVS		3,691,157		7,588,587


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(c)		40,815,200		4,461


South Korea — 0.6%
Samsung Electronics Co. Ltd., Preference Shares, NVS		588,039		28,159,220


Total Preferred Stocks — 0.8% (Cost: $53,718,246)				35,752,268


Security	Shares		Value

Rights

China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)^(a)		155,535	$	—

Total Rights — 0.0% (Cost: $—)				—


Total Long-Term Investments — 99.9% (Cost: $3,815,097,574)				4,438,365,762


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(e)(f)(g)		2,779,134		2,780,524
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(e)(f)		16,640,000		16,640,000


Total Short-Term Securities — 0.4% (Cost: $19,418,775)				19,420,524


Total Investments — 100.3% (Cost: $3,834,516,349)				4,457,786,286

Liabilities in Excess of Other Assets — (0.3)%				(14,905,472	)


Net Assets — 100.0%			$	4,442,880,814

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	All or a portion of this security is on loan.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.


36		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Min Vol Factor ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	40,433,121	$	—		$	(37,661,414	)^(a)	$	18,891	$	(10,074	)	$	2,780,524		2,779,134	$	68,785	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,290,000		15,350,000	^(a)		—			—		—			16,640,000		16,640,000		301,339			—


									$	18,891	$	(10,074	)	$	19,420,524			$	370,124		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI Emerging Markets Index		149		03/15/24	$	7,575	$	669
2-Year U.S. Treasury Note		5		06/28/24		1,024		1,048


							$	1,717

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	669	$	—	$	1,048	$	—	$	1,717

^(a)

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	389,104		$	—	$	933		$	—	$	390,037

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(57,451	)	$	—	$	(7,936	)	$	—	$	(65,387	)


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Emerging Markets Min Vol Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	5,861,382

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	649,984,744	$	3,752,628,616	$	134	$	4,402,613,494
Preferred Stocks		7,588,587		28,159,220		4,461		35,752,268
Rights		—		—		—		—
Short-Term Securities
Money Market Funds		19,420,524		—		—		19,420,524

	$	676,993,855	$	3,780,787,836	$	4,595	$	4,457,786,286


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	669	$	—	$	—	$	669
Interest Rate Contracts		1,048		—		—		1,048

	$	1,717	$	—	$	—		1,717

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 29, 2024

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 0.1%
Telefonica Brasil SA		534,833	$	5,861,419


Canada — 1.3%
CGI Inc.^(a)		194,301		22,308,501
Franco-Nevada Corp.		46,887		4,908,944
Loblaw Companies Ltd.		76,842		8,189,535
Thomson Reuters Corp.		21,844		3,448,299
Waste Connections Inc.		97,721		16,264,683


				55,119,962

China — 7.5%
Agricultural Bank of China Ltd., Class A		6,335,299		3,680,107
Agricultural Bank of China Ltd., Class H		34,864,000		14,302,799
Anhui Gujing Distillery Co. Ltd., Class B		136,000		1,922,821
Bank of China Ltd., Class H		99,974,000		39,219,930
Bank of Communications Co. Ltd., Class A		2,953,700		2,566,735
Bank of Communications Co. Ltd., Class H		11,099,000		7,271,462
Beijing Enterprises Holdings Ltd.		671,500		2,526,061
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		3,648,300		2,556,282
Brilliance China Automotive Holdings Ltd.		3,798,000		2,210,785
BYD Co. Ltd., Class A		135,800		3,586,835
BYD Electronic International Co. Ltd.		728,500		2,750,719
CGN Power Co. Ltd., Class H^(b)		13,560,000		4,117,933
China CITIC Bank Corp. Ltd., Class H		11,157,000		5,932,044
China Coal Energy Co. Ltd., Class H		2,650,000		2,853,833
China Construction Bank Corp., Class H		47,863,000		29,682,530
China Galaxy Securities Co. Ltd., Class H		4,457,000		2,341,862
China Merchants Port Holdings Co. Ltd.		1,792,000		2,224,323
China Minsheng Banking Corp. Ltd., Class H		8,430,500		2,967,057
China Shenhua Energy Co. Ltd., Class A		518,800		2,771,749
China Shenhua Energy Co. Ltd., Class H		3,366,500		12,953,249
China State Construction Engineering Corp. Ltd., Class A		3,219,100		2,385,654
China Tower Corp. Ltd., Class H^(b)		56,192,000		6,810,920
China Yangtze Power Co. Ltd., Class A		1,860,500		6,467,241
Chow Tai Fook Jewellery Group Ltd.		2,555,000		3,807,131
CITIC Securities Co. Ltd., Class A		821,508		2,423,911
COSCO Shipping Holdings Co. Ltd., Class H		3,830,500		4,123,688
East Money Information Co. Ltd., Class A		1,147,812		2,229,600
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		420,800		2,109,228
GCL Technology Holdings Ltd.		13,075,000		1,818,718
Guangdong Investment Ltd.		2,791,147		1,656,316
Haitian International Holdings Ltd.		783,000		1,982,609
Industrial & Commercial Bank of China Ltd., Class A		4,749,451		3,509,812
Industrial & Commercial Bank of China Ltd., Class H		44,733,000		22,930,703
Industrial Bank Co. Ltd., Class A		1,546,200		3,566,896
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		316,500		1,867,853
Kingboard Holdings Ltd.		820,000		1,608,404
Kunlun Energy Co. Ltd.		4,890,000		4,168,790
Kweichow Moutai Co. Ltd., Class A		18,700		4,386,814
Lenovo Group Ltd.		3,532,000		3,901,904
Luxshare Precision Industry Co. Ltd., Class A		549,000		2,100,798
Luzhou Laojiao Co. Ltd., Class A		69,800		1,692,536
Muyuan Foods Co. Ltd., Class A		407,720		2,172,193
Nongfu Spring Co. Ltd., Class H^(b)		1,297,400		7,336,538
People’s Insurance Co. Group of China Ltd. (The), Class H		11,384,000		3,792,050
PetroChina Co. Ltd., Class H		22,264,000		17,461,909
PICC Property & Casualty Co. Ltd., Class H		8,640,000		11,811,905
Ping An Bank Co. Ltd., Class A		1,445,300		2,119,090


Security	Shares		Value

China (continued)
Postal Savings Bank of China Co. Ltd., Class H^(b)		9,859,000	$	5,179,659
SF Holding Co. Ltd., Class A		359,500		1,906,440
Shanghai Pudong Development Bank Co. Ltd., Class A		2,210,700		2,190,406
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		90,800		3,630,573
Sinopharm Group Co. Ltd., Class H		1,685,600		4,717,040
Tingyi Cayman Islands Holding Corp.		1,866,000		2,075,096
Topsports International Holdings Ltd.^(b)		2,360,000		1,597,058
Wanhua Chemical Group Co. Ltd., Class A		232,800		2,560,974
Want Want China Holdings Ltd.		5,928,000		3,270,830
Xiaomi Corp., Class B^(a)(b)		3,993,800		6,711,274
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		727,400		1,145,452
ZTE Corp., Class H		929,400		2,093,459
ZTO Express Cayman Inc., ADR		104,299		2,001,498


				317,762,086

Finland — 0.2%
Elisa OYJ		176,508		7,949,590


France — 0.8%
Bollore SE		938,349		6,434,950
Orange SA		2,331,766		26,728,939


				33,163,889

Germany — 0.9%
Deutsche Telekom AG, Registered		1,462,315		34,757,736
SAP SE		24,692		4,627,115


				39,384,851

Greece — 0.1%
Hellenic Telecommunications Organization SA		194,548		2,935,333


Hong Kong — 1.6%
BOC Hong Kong Holdings Ltd.		1,437,000		3,775,299
CLP Holdings Ltd.		1,330,254		11,070,538
Galaxy Entertainment Group Ltd.		1,285,000		6,996,523
Hang Seng Bank Ltd.		958,400		10,920,172
HKT Trust & HKT Ltd., Class SS		4,748,000		5,789,013
Hong Kong & China Gas Co. Ltd.		11,053,579		8,522,433
Jardine Matheson Holdings Ltd.		183,500		7,704,197
MTR Corp. Ltd.		1,969,000		6,513,986
Power Assets Holdings Ltd.		1,153,000		6,919,328


				68,211,489

India — 5.6%
Asian Paints Ltd.		381,152		13,000,531
Bajaj Auto Ltd.		60,903		5,804,605
Bajaj Holdings & Investment Ltd.		27,474		3,030,641
Berger Paints India Ltd.		378,749		2,771,381
Bharat Petroleum Corp. Ltd.		591,906		4,301,600
Bharti Airtel Ltd.		1,306,670		17,691,003
Cipla Ltd.		167,769		2,996,118
Divi’s Laboratories Ltd.		109,388		4,601,190
Dr. Reddy’s Laboratories Ltd.		55,128		4,274,620
Eicher Motors Ltd.		159,857		7,304,951
Havells India Ltd.		135,093		2,492,523
HCL Technologies Ltd.		1,018,665		20,414,215
Hero MotoCorp Ltd.		68,163		3,632,647
Hindustan Petroleum Corp. Ltd.		554,304		3,407,668
Hindustan Unilever Ltd.		67,414		1,961,394
Indian Hotels Co. Ltd., Class A		868,820		6,149,521
Indian Oil Corp. Ltd.		3,577,140		7,133,479
Infosys Ltd.		451,948		9,095,223
Larsen & Toubro Ltd.		178,385		7,479,022


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

India (continued)
LTIMindtree Ltd.^(b)		43,866	$	2,804,661
Maruti Suzuki India Ltd.		34,115		4,642,863
MRF Ltd.		2,179		3,841,438
Nestle India Ltd., NVS		272,330		8,528,703
Petronet LNG Ltd.		994,896		3,275,712
PI Industries Ltd.		103,461		4,582,752
Pidilite Industries Ltd.		195,607		6,458,476
Shree Cement Ltd.		9,436		2,895,850
Sun Pharmaceutical Industries Ltd.		360,875		6,860,605
Tata Consultancy Services Ltd.		675,734		33,334,701
Tata Elxsi Ltd.		19,795		1,863,996
Tech Mahindra Ltd.		323,960		4,978,366
Torrent Pharmaceuticals Ltd.		132,326		4,263,350
UltraTech Cement Ltd.		66,203		7,898,434
Wipro Ltd.		763,067		4,760,641
Wipro Ltd., ADR		624,211		3,863,866
Yes Bank Ltd.^(a)		12,874,567		3,785,769


				236,182,515

Indonesia — 0.6%
Bank Central Asia Tbk PT		28,795,900		18,120,279
Telkom Indonesia Persero Tbk PT		32,586,600		8,306,628


				26,426,907

Israel — 0.5%
Bank Hapoalim BM		374,226		3,584,614
Check Point Software Technologies Ltd.^(a)		113,263		18,169,650
Isracard Ltd.		—		1


				21,754,265

Italy — 0.1%
Infrastrutture Wireless Italiane SpA^(b)		428,870		4,750,310


Japan — 10.5%
Brother Industries Ltd.		253,800		4,258,311
Canon Inc.		867,700		25,375,734
Central Japan Railway Co.		902,000		22,685,191
Chiba Bank Ltd. (The)		366,900		2,988,046
Chubu Electric Power Co. Inc.		583,400		7,261,143
East Japan Railway Co.		332,600		19,677,101
ENEOS Holdings Inc.		1,181,300		5,096,822
FUJIFILM Holdings Corp.		152,500		9,713,745
Hamamatsu Photonics KK		177,400		6,377,907
Hankyu Hanshin Holdings Inc.		75,800		2,185,892
Hirose Electric Co. Ltd.		39,800		4,235,634
Japan Post Bank Co. Ltd.		575,500		6,136,387
KDDI Corp.		947,000		28,629,478
Keisei Electric Railway Co. Ltd.		55,500		2,593,017
Kintetsu Group Holdings Co. Ltd.		228,100		7,015,139
Kirin Holdings Co. Ltd.		134,200		1,865,667
Kyocera Corp.		700,100		10,332,418
McDonald’s Holdings Co. Japan Ltd.^(c)		110,700		5,148,633
MEIJI Holdings Co. Ltd.		133,400		3,002,123
Mizuho Financial Group Inc.		425,200		7,943,622
NEC Corp.		193,300		13,047,209
Nintendo Co. Ltd.		318,000		17,769,912
Nippon Telegraph & Telephone Corp.		31,037,000		37,746,128
Nissin Foods Holdings Co. Ltd.		92,500		2,696,223
Nitori Holdings Co. Ltd.		19,200		2,824,132
Nomura Research Institute Ltd.		120,290		3,380,153
NTT Data Group Corp.		393,300		6,405,717
Obic Co. Ltd.		79,200		12,403,042
Odakyu Electric Railway Co. Ltd.		158,400		2,227,044
Ono Pharmaceutical Co. Ltd.		417,500		6,913,635


Security	Shares		Value

Japan (continued)
Oracle Corp. Japan		48,900	$	3,749,341
Oriental Land Co. Ltd./Japan		177,300		6,354,468
Osaka Gas Co. Ltd.		470,600		9,391,572
Otsuka Corp.		99,700		4,383,966
Otsuka Holdings Co. Ltd.		358,700		14,554,790
Pan Pacific International Holdings Corp.		326,100		7,687,658
SCSK Corp.		201,500		3,716,593
Secom Co. Ltd.		247,400		18,053,308
Seiko Epson Corp.		139,000		2,250,076
SG Holdings Co. Ltd.		139,500		1,750,001
Shizuoka Financial Group Inc., NVS		590,100		5,776,119
SoftBank Corp.		3,426,600		45,071,662
Suntory Beverage & Food Ltd.		175,400		5,759,664
TIS Inc.		277,300		6,258,304
Tobu Railway Co. Ltd.		239,700		6,127,694
Toho Co. Ltd./Tokyo		132,700		4,306,626
Tokyu Corp.		166,000		2,065,509
USS Co. Ltd.		256,900		4,471,913
West Japan Railway Co.		93,100		3,871,256


				443,535,725

Kazakhstan — 0.0%
Polymetal International PLC^(a)(d)		250,942		28


Kuwait — 0.3%
Mobile Telecommunications Co. KSCP		2,303,321		3,767,066
National Bank of Kuwait SAKP		2,214,683		7,056,307


				10,823,373

Malaysia — 0.4%
CELCOMDIGI Bhd		3,208,700		2,946,407
Hong Leong Bank Bhd		820,400		3,411,384
IHH Healthcare Bhd		2,376,200		3,079,471
Malayan Banking Bhd		2,245,200		4,510,853
Petronas Gas Bhd		1,009,700		3,817,094


				17,765,209

Netherlands — 0.7%
Koninklijke Ahold Delhaize NV		437,871		13,040,609
Koninklijke KPN NV		4,206,707		15,377,447


				28,418,056

New Zealand — 0.1%
Spark New Zealand Ltd.		1,464,231		4,519,889


Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		269,662		4,071,896


Philippines — 0.2%
BDO Unibank Inc.		2,419,368		6,591,093
Jollibee Foods Corp.		565,840		2,755,972


				9,347,065

Qatar — 0.2%
Industries Qatar QSC		708,916		2,510,085
Qatar National Bank QPSC		1,576,985		6,586,448


				9,096,533

Russia — 0.0%
PhosAgro PJSC^(a)(d)		41,863		5
PhosAgro PJSC, GDR^(a)(d)(e)		2		—
PhosAgro PJSC, New^(a)(d)		809		8
Polyus PJSC^(a)(d)		53,523		6


				19

Saudi Arabia — 1.2%
Arabian Internet & Communications Services Co.		26,531		2,598,384
Bupa Arabia for Cooperative Insurance Co.		42,311		2,588,810


40		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Saudi Arabia (continued)
Jarir Marketing Co.		523,810	$	2,177,224
SABIC Agri-Nutrients Co.		214,882		7,183,900
Saudi Arabian Oil Co.^(b)		1,767,078		14,940,418
Saudi Basic Industries Corp.		188,602		3,962,340
Saudi Telecom Co.		1,728,569		19,566,696


				53,017,772

Singapore — 0.9%
DBS Group Holdings Ltd.		155,500		3,855,663
Genting Singapore Ltd.		5,978,400		4,045,762
Singapore Exchange Ltd.		1,104,300		7,758,131
Singapore Technologies Engineering Ltd.		1,512,200		4,477,125
Singapore Telecommunications Ltd.		10,126,400		17,673,738


				37,810,419

Switzerland — 2.7%
Banque Cantonale Vaudoise, Registered		37,886		4,540,829
BKW AG		26,711		3,742,444
Kuehne + Nagel International AG, Registered		6,958		2,342,661
Nestle SA, Registered		161,342		16,733,937
Novartis AG, Registered		388,985		39,247,607
Roche Holding AG, NVS		76,296		19,948,431
Swiss Prime Site AG, Registered		94,882		9,068,008
Swisscom AG, Registered		32,569		18,615,679


				114,239,596

Taiwan — 4.9%
Accton Technology Corp.		114,000		1,876,034
Acer Inc.		3,621,000		5,178,648
Advantech Co. Ltd.		592,959		7,318,277
Asia Cement Corp.		2,880,000		3,686,573
Asustek Computer Inc.		885,000		12,751,662
Catcher Technology Co. Ltd.		745,000		4,641,808
Chang Hwa Commercial Bank Ltd.		6,674,250		3,760,641
Cheng Shin Rubber Industry Co. Ltd.		2,398,000		3,564,541
China Steel Corp.		6,482,000		5,048,139
Chunghwa Telecom Co. Ltd.		4,787,000		18,236,840
Compal Electronics Inc.		5,277,000		6,093,699
E.Sun Financial Holding Co. Ltd.		13,588,621		10,863,601
Far EasTone Telecommunications Co. Ltd.		2,023,000		5,040,099
First Financial Holding Co. Ltd.		13,702,798		11,752,559
Formosa Chemicals & Fibre Corp.		4,465,000		8,086,630
Formosa Petrochemical Corp.		1,561,000		3,671,002
Formosa Plastics Corp.		1,458,000		3,308,909
Hon Hai Precision Industry Co. Ltd.		1,614,000		5,262,408
Hua Nan Financial Holdings Co. Ltd.		11,118,905		7,743,365
Innolux Corp.		4,977,000		2,388,032
Lite-On Technology Corp.		588,000		2,040,158
Mega Financial Holding Co. Ltd.		5,696,860		6,979,448
Nan Ya Plastics Corp.		899,000		1,700,051
Pegatron Corp.		2,530,000		6,850,629
Powerchip Semiconductor Manufacturing Corp.		3,752,000		3,279,895
President Chain Store Corp.		528,000		4,501,766
Quanta Computer Inc.		304,000		2,233,892
Synnex Technology International Corp.		1,605,250		3,954,597
Taishin Financial Holding Co. Ltd.		8,733,593		4,809,135
Taiwan Business Bank		7,546,000		3,343,366
Taiwan Cooperative Financial Holding Co. Ltd.		12,958,766		10,647,424
Taiwan High Speed Rail Corp.		2,532,000		2,419,591
Taiwan Mobile Co. Ltd.		2,190,000		6,863,122
Taiwan Semiconductor Manufacturing Co. Ltd.		462,000		10,124,506
WPG Holdings Ltd.		2,004,760		5,886,186


				205,907,233


Security	Shares		Value

Thailand — 0.5%
Advanced Info Service PCL, NVDR		1,500,800	$	8,420,008
Airports of Thailand PCL, NVDR^(c)		5,438,400		9,637,662
Bumrungrad Hospital PCL, NVDR		467,100		2,914,399


				20,972,069

Turkey — 0.2%
Aselsan Elektronik Sanayi Ve Ticaret AS		1,264,653		2,426,890
Turkcell Iletisim Hizmetleri AS		988,828		2,119,720
Turkiye Petrol Rafinerileri AS		389,238		2,016,512
Turkiye Sise ve Cam Fabrikalari AS		1,467,216		2,401,686


				8,964,808

United Arab Emirates — 0.4%
Abu Dhabi National Oil Co. for Distribution PJSC		4,279,975		4,078,442
Emirates Telecommunications Group Co. PJSC		1,793,136		8,836,429
Multiply Group PJSC^(a)		3,302,451		2,042,403


				14,957,274

United States — 57.2%
Abbott Laboratories		40,575		4,813,818
AbbVie Inc.		133,162		23,443,170
Accenture PLC, Class A		33,164		12,429,204
Akamai Technologies Inc.^(a)		139,855		15,512,717
Albertsons Companies Inc., Class A		119,016		2,413,644
Ameren Corp.		54,742		3,897,083
American Electric Power Co. Inc.		157,865		13,448,519
AmerisourceBergen Corp.		172,611		40,667,152
Amgen Inc.		75,064		20,554,775
Amphenol Corp., Class A		170,856		18,664,309
Aon PLC, Class A		43,303		13,683,315
Arch Capital Group Ltd.^(a)		58,099		5,088,891
Arthur J Gallagher & Co.		51,646		12,598,009
Aspen Technology Inc.^(a)		20,060		3,889,433
Assurant Inc.		27,124		4,921,650
AT&T Inc.		534,098		9,042,279
AutoZone Inc.^(a)		11,247		33,808,707
Becton Dickinson and Co.		51,370		12,100,203
Berkshire Hathaway Inc., Class B^(a)		89,834		36,778,040
BioMarin Pharmaceutical Inc.^(a)		133,156		11,488,700
Booz Allen Hamilton Holding Corp., Class A		111,211		16,426,977
Bristol-Myers Squibb Co.		467,212		23,711,009
Brown & Brown Inc.		123,521		10,401,703
Campbell Soup Co.		245,007		10,447,098
Cboe Global Markets Inc.		132,252		25,392,384
CF Industries Holdings Inc.		135,243		10,916,815
CH Robinson Worldwide Inc.		145,712		10,794,345
Cheniere Energy Inc.		34,453		5,347,106
Chubb Ltd.		66,102		16,635,890
Church & Dwight Co. Inc.		196,924		19,716,031
Cigna Group (The)		19,484		6,549,352
Cisco Systems Inc.		1,251,255		60,523,203
Clorox Co. (The)		20,812		3,190,688
CME Group Inc.		47,845		10,542,646
CMS Energy Corp.		110,447		6,336,344
Coca-Cola Co. (The)		36,431		2,186,589
Cognizant Technology Solutions Corp., Class A		118,060		9,329,101
Colgate-Palmolive Co.		175,399		15,175,521
Conagra Brands Inc.		74,494		2,091,792
Consolidated Edison Inc.		434,986		37,935,129
Corteva Inc.		95,547		5,113,675
Domino’s Pizza Inc.		30,427		13,641,945
Duke Energy Corp.		335,664		30,824,025
Electronic Arts Inc.		175,966		24,543,738
Elevance Health Inc.		8,191		4,105,739


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Min Vol Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Eli Lilly & Co.		30,487	$	22,977,442
Erie Indemnity Co., Class A, NVS		31,818		12,946,108
Everest Group Ltd.		12,229		4,511,034
Evergy Inc.		46,959		2,326,349
Expeditors International of Washington Inc.		186,299		22,281,360
F5 Inc.^(a)		74,605		13,967,548
Fair Isaac Corp.^(a)		2,462		3,126,518
Fiserv Inc.^(a)		105,154		15,696,338
Gen Digital Inc.		550,780		11,836,262
General Mills Inc.		436,490		28,013,928
Genuine Parts Co.		17,323		2,585,631
Gilead Sciences Inc.		443,127		31,949,457
GoDaddy Inc., Class A^(a)		41,148		4,697,044
Henry Schein Inc.^(a)		39,442		3,016,130
Hershey Co. (The)		166,768		31,339,043
Hologic Inc.^(a)		27,183		2,006,105
Home Depot Inc. (The)		52,900		20,134,269
Hormel Foods Corp.		377,959		13,349,512
Humana Inc.		51,089		17,897,498
Incyte Corp.^(a)		238,505		13,919,152
International Business Machines Corp.		161,246		29,835,347
Jack Henry & Associates Inc.		51,804		9,001,981
JM Smucker Co. (The)		133,711		16,068,051
Johnson & Johnson		316,841		51,131,801
Juniper Networks Inc.		403,889		14,956,010
Kellanova		345,380		19,047,707
Keurig Dr Pepper Inc.		492,374		14,726,906
Keysight Technologies Inc.^(a)		174,924		26,990,773
Kimberly-Clark Corp.		105,776		12,816,878
Kraft Heinz Co. (The)		470,782		16,609,189
Kroger Co. (The)		649,302		32,211,872
Lockheed Martin Corp.		19,675		8,425,622
Loews Corp.		242,619		18,227,965
Marathon Petroleum Corp.		43,626		7,382,828
Markel Group Inc.^(a)(c)		11,679		17,430,674
Marsh & McLennan Companies Inc.		183,695		37,155,988
Mastercard Inc., Class A		16,584		7,873,420
McCormick & Co. Inc./MD, NVS		89,657		6,173,781
McDonald’s Corp.		157,141		45,929,171
McKesson Corp.		97,733		50,958,964
Merck & Co. Inc.		539,546		68,603,274
Microsoft Corp.		61,481		25,431,001
Mondelez International Inc., Class A		172,149		12,578,927
Monster Beverage Corp.^(a)		103,260		6,102,666
Motorola Solutions Inc.		177,861		58,763,496
Neurocrine Biosciences Inc.^(a)		123,073		16,048,719
Newmont Corp.		118,274		3,696,062
Northrop Grumman Corp.		27,526		12,690,037
Old Dominion Freight Line Inc.		9,322		4,124,799
Oracle Corp.		134,237		14,991,588
O’Reilly Automotive Inc.^(a)		22,777		24,768,165
PepsiCo Inc.		300,902		49,751,137
Pfizer Inc.		203,412		5,402,623
PG&E Corp.		226,555		3,781,203
Procter & Gamble Co. (The)		225,627		35,861,155
Progressive Corp. (The)		143,341		27,171,720
PTC Inc.^(a)		49,019		8,970,967


Security	Shares		Value

United States (continued)
Quest Diagnostics Inc.		43,603	$	5,445,579
Regeneron Pharmaceuticals Inc.^(a)(c)		35,851		34,635,293
Republic Services Inc., Class A		278,538		51,139,577
Rollins Inc.		194,538		8,573,290
Roper Technologies Inc.		110,395		60,135,468
Southern Co. (The)		425,301		28,601,492
Teledyne Technologies Inc.^(a)		10,491		4,482,490
TJX Companies Inc. (The)		140,389		13,918,165
T-Mobile USA Inc.		328,264		53,605,511
Travelers Companies Inc. (The)		49,759		10,994,749
Ulta Beauty Inc.^(a)(c)		19,422		10,654,132
United Therapeutics Corp.^(a)		41,484		9,360,450
UnitedHealth Group Inc.		63,949		31,565,226
VeriSign Inc.^(a)		81,331		15,883,131
Verizon Communications Inc.		852,040		34,098,641
Vertex Pharmaceuticals Inc.^(a)		113,751		47,859,596
Visa Inc., Class A^(c)		88,308		24,959,373
W R Berkley Corp.		109,441		9,149,268
Walmart Inc.		996,290		58,392,557
Waste Management Inc.		312,207		64,205,370
WEC Energy Group Inc.		346,285		27,179,910
Xcel Energy Inc.		482,754		25,436,308
Yum! Brands Inc.		79,167		10,958,296


				2,422,625,530


Total Long-Term Investments — 99.8% (Cost: $3,651,677,189)				4,225,575,110


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%^(f)(g)(h)		37,082,167		37,100,709
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%^(f)(g)		7,770,000		7,770,000


Total Short-Term Securities — 1.1% (Cost: $44,865,877)				44,870,709


Total Investments — 100.9% (Cost: $3,696,543,066)				4,270,445,819

Liabilities in Excess of Other Assets — (0.9)%				(38,530,114	)


Net Assets — 100.0%			$	4,231,915,705

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.


42		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Min Vol Factor ETF

Affiliates




Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	51,597,548	$	—		$	(14,498,389	)^(a)	$	7,330	$	(5,780	)	$	37,100,709		37,082,167	$	44,692	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,270,000		500,000	^(a)		—			—		—			7,770,000		7,770,000		265,605			—


									$	7,330	$	(5,780	)	$	44,870,709			$	310,297		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI EAFE Index		16		03/15/24	$	1,830	$	43,963
MSCI Emerging Markets Index		17		03/15/24		864		1,549
S&P 500 E-Mini Index		13		03/15/24		3,317		116,743
2-Year U.S. Treasury Note		4		06/28/24		819		715


							$	162,970

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	162,255	$	—	$	715	$	—	$	162,970

^(a)

For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	365,659	$	—	$	23,580		$	—	$	389,239

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	66,182	$	—	$	(6,023	)	$	—	$	60,159


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

February 29, 2024

iShares^® MSCI Global Min Vol Factor ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	10,120,887

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	2,562,197,202	$	1,663,377,861	$	47	$	4,225,575,110
Short-Term Securities
Money Market Funds		44,870,709		—		—		44,870,709


	$	2,607,067,911	$	1,663,377,861	$	47	$	4,270,445,819

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	162,255	$	—	$	—	$	162,255
Interest Rate Contracts		715		—		—		715


	$	162,970	$	—	$	—		162,970

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


44		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 29, 2024


	iShares Emerging Markets Equity Factor ETF			iShares ESG Aware MSCI EM ETF			iShares MSCI Emerging Markets ex China ETF		iShares MSCI Emerging Markets Min Vol Factor ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	573,058,885		$	4,040,943,023		$	10,891,048,911	$	4,438,365,762
Investments, at value — affiliated^(c)		6,095,895			12,731,543			20,874,428		19,420,524
Cash		7,359			62,861,494			67,091,276		9,519,444
Cash pledged for futures contracts		27,000			595,000			57,000		439,000
Foreign currency, at value^(d)		1,889,645			38,614,094			71,506,026		18,205,358
Receivables:
Investments sold		—			160,958,079			131,190,920		24,220,909
Securities lending income — affiliated		14,152			5,862			17,782		521
Capital shares sold		3,819,406			91,128			37,769,615		—
Dividends — unaffiliated		1,271,066			8,473,240			23,260,319		6,548,087
Dividends — affiliated		14,193			29,154			60,327		99,970
Tax reclaims		135,179			322,701			100,056		—
Variation margin on futures contracts		—			23,223			379		12,050


Total assets		586,332,780			4,325,648,541			11,242,977,039		4,516,831,625


LIABILITIES
Bank borrowings		—			53,009,437			42,507,567		—
Collateral on securities loaned, at value		2,614,254			12,742,864			20,863,780		2,738,141
Payables:
Investments purchased		3,475,008			199,676,399			221,402,066		45,454,439
Deferred foreign capital gain tax		4,468,315			13,965,838			54,988,229		24,858,390
Investment advisory fees		111,457			788,427			1,965,636		867,202
Professional fees		—			596			—		32,639
Variation margin on futures contracts		147			—			—		—


Total liabilities		10,669,181			280,183,561			341,727,278		73,950,811

Commitments and contingent liabilities

NET ASSETS	$	575,663,599		$	4,045,464,980		$	10,901,249,761	$	4,442,880,814


NET ASSETS CONSIST OF
Paid-in capital	$	659,426,410		$	4,945,877,949		$	10,464,298,734	$	4,943,713,141
Accumulated earnings (loss)		(83,762,811	)		(900,412,969	)		436,951,027		(500,832,327	)


NET ASSETS	$	575,663,599		$	4,045,464,980		$	10,901,249,761	$	4,442,880,814


NET ASSETVALUE
Shares outstanding		13,200,000			127,700,000			194,800,000		78,400,000


Net asset value	$	43.61		$	31.68		$	55.96	$	56.67


Shares authorized		525 million			1.5 billion			2 billion		800 million


Par value	$	0.001		$	0.001		$	0.001	$	0.001


^(a)Investments, at cost — unaffiliated	$	514,788,372		$	3,911,135,713		$	10,122,204,236	$	3,815,097,574
^(b)Securities loaned, at value	$	2,470,293		$	12,236,878		$	19,438,335	$	2,586,314
^(c)Investments, at cost — affiliated	$	6,094,105		$	12,727,216		$	20,873,109	$	19,418,775
^(d)Foreign currency, at cost	$	1,992,772		$	38,652,879		$	71,546,354	$	18,261,842

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		45

Statements of Assets and Liabilities (unaudited) (continued)

February 29, 2024


	iShares MSCI Global Min Vol Factor ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	4,225,575,110
Investments, at value — affiliated^(c)		44,870,709
Cash		212,085
Cash pledged for futures contracts		241,000
Foreign currency, at value^(d)		3,010,049
Receivables:
Investments sold		4,090,938
Securities lending income — affiliated		6,878
Dividends — unaffiliated		6,215,879
Dividends — affiliated		29,346
Tax reclaims		2,792,137
Variation margin on futures contracts		19,055


Total assets		4,287,063,186


LIABILITIES
Collateral on securities loaned, at value		36,996,549
Payables:
Investments purchased		8,389,722
Deferred foreign capital gain tax		9,077,162
Investment advisory fees		666,030
Professional fees		18,018


Total liabilities		55,147,481

Commitments and contingent liabilities

NET ASSETS	$	4,231,915,705


NET ASSETS CONSIST OF
Paid-in capital	$	3,796,921,544
Accumulated earnings		434,994,161


NET ASSETS	$	4,231,915,705


NET ASSETVALUE
Shares outstanding		41,000,000


Net asset value	$	103.22


Shares authorized		500 million


Par value	$	0.001


^(a) Investments, at cost — unaffiliated	$	3,651,677,189
^(b) Securities loaned, at value	$	35,881,746
^(c) Investments, at cost — affiliated	$	44,865,877
^(d) Foreign currency, at cost	$	3,062,346

See notes to financial statements.


46		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 29, 2024


	iShares Emerging Markets Equity Factor ETF			iShares ESG Aware MSCI EM ETF			iShares MSCI Emerging Markets ex China ETF			iShares MSCI Emerging Markets Min Vol Factor ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	6,194,229		$	35,628,153		$	79,282,593		$	31,769,647
Dividends — affiliated		72,728			186,647			243,237			301,339
Interest — unaffiliated		—			49,902			268,122			28,000
Securities lending income — affiliated — net		90,337			91,748			329,588			68,785
Other income — unaffiliated		—			5,956			421			325,599
Foreign taxes withheld		(795,299	)		(4,014,766	)		(10,365,059	)		(3,133,843	)
Foreign withholding tax claims		—			14,606			—			6,935
Other foreign taxes		(6,943	)		(163,271	)		(80,063	)		(196,349	)


Total investment income		5,555,052			31,798,975			69,678,839			29,170,113


EXPENSES
Investment advisory		712,092			4,995,892			9,390,836			5,390,244
Interest expense		13,651			163,150			114,115			93,132
Commitment costs		4,660			19,473			19,473			19,473
Professional		—			2,056			—			33,251


Total expenses		730,403			5,180,571			9,524,424			5,536,100


Net investment income		4,824,649			26,618,404			60,154,415			23,634,013


REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:
Investments — unaffiliated^(a)		7,925,241			(124,915,427	)		(67,743,175	)		17,853,949
Investments — affiliated		2,039			6,122			6,612			18,891
Foreign currency transactions		(23,650	)		(650,095	)		(1,845,384	)		(161,686	)
Futures contracts		58,723			(803,111	)		546,810			390,037
In-kind redemptions — unaffiliated^(b)		(491,414	)		10,705,910			—			1,212,540

		7,470,939			(115,656,601	)		(69,035,137	)		19,313,731


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		39,168,787			196,323,371			932,071,610			203,198,378
Investments — affiliated		181			(473	)		(537	)		(10,074	)
Foreign currency translations		(77,186	)		(236,655	)		(401,250	)		(126,286	)
Futures contracts		(821	)		175,614			5,841			(65,387	)

		39,090,961			196,261,857			931,675,664			202,996,631


Net realized and unrealized gain		46,561,900			80,605,256			862,640,527			222,310,362


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	51,386,549		$	107,223,660		$	922,794,942		$	245,944,375


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(1,418,760	)	$	(2,284,288	)	$	(1,326,082	)	$	(696,314	)
^(b) See Note 2 of the Notes to Financial Statements.
^(c) Net of increase in deferred foreign capital gain tax of	$	(2,041,513	)	$	(6,903,690	)	$	(45,928,081	)	$	(16,604,976	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		47

Statements of Operations (unaudited) (continued)

Six Months Ended February 29, 2024


	iShares MSCI Global Min Vol Factor ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	38,390,070
Dividends — affiliated		265,605
Interest — unaffiliated		36,850
Securities lending income — affiliated — net		44,692
Foreign taxes withheld		(1,289,287	)
Foreign withholding tax claims		179,268
Other foreign taxes		(43,927	)


Total investment income		37,583,271


EXPENSES
Investment advisory		4,270,119
Professional		22,795
Commitment costs		19,473
Interest expense		9,043


Total expenses		4,321,430


Net investment income		33,261,841


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		24,002,812
Investments — affiliated		7,330
Foreign currency transactions		314,309
Futures contracts		389,239
In-kind redemptions — unaffiliated^(b)		122,758,729

		147,472,419


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		102,935,985
Investments — affiliated		(5,780	)
Foreign currency translations		(57,707	)
Futures contracts		60,159

		102,932,657


Net realized and unrealized gain		250,405,076


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	283,666,917


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(1,477,864	)
^(b) See Note 2 of the Notes to Financial Statements.
^(c) Net of increase in deferred foreign capital gain tax of	$	(4,015,735	)

See notes to financial statements.


48		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Emerging Markets Equity Factor ETF						iShares ESG Aware MSCI EM ETF


	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,824,649		$	27,730,324		$	26,618,404		$	105,334,569
Net realized gain (loss)		7,470,939			(48,484,319	)		(115,656,601	)		(205,570,429	)
Net change in unrealized appreciation (depreciation)		39,090,961			18,392,212			196,261,857			123,112,315


Net increase (decrease) in net assets resulting from operations		51,386,549			(2,361,783	)		107,223,660			22,876,455


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(27,634,476	)^(b)		(30,828,923	)		(78,657,007	)		(98,049,319	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(54,522,535	)		(193,183,181	)		(306,856,209	)		147,402,728


NET ASSETS
Total increase (decrease) in net assets		(30,770,462	)		(226,373,887	)		(278,289,556	)		72,229,864
Beginning of period		606,434,061			832,807,948			4,323,754,536			4,251,524,672


End of period	$	575,663,599		$	606,434,061		$	4,045,464,980		$	4,323,754,536

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		49

Statements of Changes in Net Assets (continued)


	iShares MSCI Emerging Markets ex China ETF						iShares MSCI Emerging Markets Min Vol Factor ETF


	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23			Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	60,154,415		$	98,950,659		$	23,634,013		$	136,247,693
Net realized gain (loss)		(69,035,137	)		(100,189,911	)		19,313,731			(509,938,429	)
Net change in unrealized appreciation (depreciation)		931,675,664			197,614,657			202,996,631			615,545,652


Net increase in net assets resulting from operations		922,794,942			196,375,405			245,944,375			241,854,916


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(96,909,298	)		(83,177,048	)		(82,945,789	)		(153,732,586	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		4,928,263,379			2,726,740,408			(216,631,854	)		(1,768,751,802	)


NET ASSETS
Total increase (decrease) in net assets		5,754,149,023			2,839,938,765			(53,633,268	)		(1,680,629,472	)
Beginning of period		5,147,100,738			2,307,161,973			4,496,514,082			6,177,143,554


End of period	$	10,901,249,761		$	5,147,100,738		$	4,442,880,814		$	4,496,514,082

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


50		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Min Vol Factor ETF


	Six Months Ended 02/29/24 (unaudited)			Year Ended 08/31/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	33,261,841		$	110,109,543
Net realized gain (loss)		147,472,419			(9,271,159	)
Net change in unrealized appreciation (depreciation)		102,932,657			121,412,544


Net increase in net assets resulting from operations		283,666,917			222,250,928


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(64,829,447	)^(b)		(98,968,869	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(705,465,190	)		118,692,307


NET ASSETS
Total increase (decrease) in net assets		(486,627,720	)		241,974,366
Beginning of period		4,718,543,425			4,476,569,059


End of period	$	4,231,915,705		$	4,718,543,425

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		51

Financial Highlights

(For a share outstanding throughout each period)


	iShares Emerging Markets Equity Factor ETF


	Six Months Ended
		02/29/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited	)		08/31/23			08/31/22			08/31/21			08/31/20			08/31/19


Net asset value, beginning of period		$	41.82		$	43.38		$	53.61		$	44.03		$	40.35		$	44.78


Net investment income^(a)			0.35			1.46			1.64			1.23			1.11			1.47
Net realized and unrealized gain (loss)^(b)			3.55			(1.38	)		(10.49	)		9.24			3.73			(4.72	)


Net increase (decrease) from investment operations			3.90			0.08			(8.85	)		10.47			4.84			(3.25	)

Distributions from net investment income^(c)			(2.11	)^(d)		(1.64	)		(1.38	)		(0.89	)		(1.16	)		(1.18	)


Net asset value, end of period		$	43.61		$	41.82		$	43.38		$	53.61		$	44.03		$	40.35


Total Return^(e)
Based on net asset value			9.63	%^(f)		0.30	%		(16.80	)%		23.97	%		12.17	%		(7.16	)%


Ratios to Average Net Assets^(g)
Total expenses			0.26	%^(h)		0.33	%		0.45	%		0.45	%		0.45	%		0.45	%


Total expenses after fees waived			0.26	%^(h)		0.33	%		0.45	%		0.45	%		0.45	%		0.45	%


Net investment income			1.69	%^(h)		3.51	%		3.41	%		2.44	%		2.71	%		3.55	%


Supplemental Data
Net assets, end of period (000)		$	575,664		$	606,434		$	832,808		$	761,199		$	541,608		$	411,575


Portfolio turnover rate⁽ⁱ⁾			11	%		121	%		54	%		49	%		45	%		53	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


52		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares ESG Aware MSCI EM ETF


	Six Months Ended
		02/29/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited	)		08/31/23			08/31/22			08/31/21			08/31/20			08/31/19


Net asset value, beginning of period		$	31.35		$	31.56		$	43.35		$	35.93		$	32.03		$	33.65


Net investment income^(a)			0.21			0.78			0.83			0.75			0.89			0.91
Net realized and unrealized gain (loss)^(b)			0.74			(0.23	)		(11.51	)		7.23			3.89			(1.85	)


Net increase (decrease) from investment operations			0.95			0.55			(10.68	)		7.98			4.78			(0.94	)

Distributions from net investment income^(c)			(0.62	)		(0.76	)		(1.11	)		(0.56	)		(0.88	)		(0.68	)


Net asset value, end of period		$	31.68		$	31.35		$	31.56		$	43.35		$	35.93		$	32.03


Total Return^(d)
Based on net asset value			3.08	%^(e)(f)		1.81	%		(25.08	)%		22.30	%		15.11	%		(2.76	)%


Ratios to Average Net Assets^(g)
Total expenses			0.26	%^(h)		0.26	%		0.25	%		0.25	%		0.25	%		0.25	%

Total expenses excluding professional fees for foreign withholding tax claims			0.26	%^(h)		N/A			N/A			N/A			N/A			N/A

Net investment income			1.33	%^(h)		2.53	%		2.20	%		1.76	%		2.75	%		2.76	%


Supplemental Data
Net assets, end of period (000)		$	4,045,465		$	4,323,755		$	4,251,525		$	7,105,443		$	3,654,480		$	672,543


Portfolio turnover rate⁽ⁱ⁾			15	%		38	%		41	%		41	%		46	%		34	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 29, 2024:

•

Total return by 0.01%.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets ex China ETF


	Six Months Ended
		02/29/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited	)		08/31/23			08/31/22			08/31/21			08/31/20			08/31/19


Net asset value, beginning of period		$	51.16		$	49.62		$	62.82		$	46.00		$	46.25		$	49.59


Net investment income^(a)			0.42			1.45			1.86			1.58			1.46			1.62
Net realized and unrealized gain (loss)^(b)			5.02			1.31			(13.73	)		16.09			(0.05	)		(3.83	)


Net increase (decrease) from investment operations			5.44			2.76			(11.87	)		17.67			1.41			(2.21	)

Distributions from net investment income^(c)			(0.64	)		(1.22	)		(1.33	)		(0.85	)		(1.66	)		(1.13	)


Net asset value, end of period		$	55.96		$	51.16		$	49.62		$	62.82		$	46.00		$	46.25


Total Return^(d)
Based on net asset value			10.71	%^(e)		5.69	%		(19.17	)%		38.66	%		2.87	%		(4.42	)%


Ratios to Average Net Assets^(f)
Total expenses			0.25	%^(g)		0.25	%		0.25	%		0.25	%		0.36	%		0.49	%


Total expenses after fees waived			0.25	%^(g)		0.25	%		0.25	%		0.22	%		0.16	%		0.26	%


Net investment income			1.60	%^(g)		2.89	%		3.34	%		2.65	%		3.24	%		3.38	%


Supplemental Data
Net assets, end of period (000)		$	10,901,250		$	5,147,101		$	2,307,162		$	1,281,467		$	73,606		$	27,748


Portfolio turnover rate^(h)			6	%		13	%		21	%		51	%		18	%		10	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


54		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Emerging Markets Min Vol Factor ETF


	Six Months Ended
		02/29/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited	)		08/31/23			08/31/22			08/31/21	^(a)		08/31/20	^(a)		08/31/19	^(a)


Net asset value, beginning of period		$	54.50		$	54.86		$	63.94		$	55.97		$	56.84		$	59.22


Net investment income^(b)			0.30			1.25			1.87			1.32	^(c)		1.42			1.57
Net realized and unrealized gain (loss)^(d)			2.93			(0.38	)		(9.86	)		8.12			(0.82	)		(2.46	)


Net increase (decrease) from investment operations			3.23			0.87			(7.99	)		9.44			0.60			(0.89	)

Distributions from net investment income^(e)			(1.06	)		(1.23	)		(1.09	)		(1.47	)		(1.47	)		(1.49	)


Net asset value, end of period		$	56.67		$	54.50		$	54.86		$	63.94		$	55.97		$	56.84


Total Return^(f)
Based on net asset value			6.03	%^(g)		1.62	%		(12.68	)%		17.04	%^(c)		1.07	%		(1.44	)%^(h)


Ratios to Average Net Assets⁽ⁱ⁾
Total expenses			0.26	%^(j)		0.64	%		0.69	%		0.69	%		0.70	%		0.68	%


Total expenses after fees waived			0.26	%^(j)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%


Total expenses excluding professional fees for foreign withholding tax claims			0.26	%^(j)		N/A			0.69	%		0.69	%		N/A			N/A


Net investment income			1.10	%^(j)		2.32	%		3.14	%		2.15	%^(c)		2.59	%		2.71	%


Supplemental Data
Net assets, end of period (000)		$	4,442,881		$	4,496,514		$	6,177,144		$	3,874,514		$	4,248,258		$	5,417,265


Portfolio turnover rate^(k)			11	%		58	%		26	%		38	%		23	%		24	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

^(c)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:

•

Net investment income per share by $0.01.

•

Total return by 0.02%.

•

Ratio of net investment income to average net assets by 0.01%.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

⁽ⁱ⁾	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(j)	Annualized.

^(k)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Min Vol Factor ETF


	Six Months Ended
		02/29/24			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited	)		08/31/23			08/31/22			08/31/21			08/31/20			08/31/19


Net asset value, beginning of period		$	97.69		$	95.04		$	106.77		$	93.16		$	93.54		$	87.04


Net investment income^(a)			0.76			2.32			2.18			1.97			2.13			2.16
Net realized and unrealized gain (loss)^(b)			6.32			2.40			(11.91	)		13.38			(0.18	)		6.36


Net increase (decrease) from investment operations			7.08			4.72			(9.73	)		15.35			1.95			8.52

Distributions from net investment income^(c)			(1.55	)^(d)		(2.07	)		(2.00	)		(1.74	)		(2.33	)		(2.02	)


Net asset value, end of period		$	103.22		$	97.69		$	95.04		$	106.77		$	93.16		$	93.54


Total Return^(e)
Based on net asset value			7.34	%^(f)(g)		5.00	%^(g)		(9.21	)%		16.63	%		2.13	%		9.99	%


Ratios to Average Net Assets^(h)
Total expenses			0.20	%⁽ⁱ⁾		0.30	%		0.32	%		0.32	%		0.32	%		0.32	%

Total expenses after fees waived			0.20	%⁽ⁱ⁾		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Total expenses excluding professional fees for foreign withholding tax claims			0.20	%⁽ⁱ⁾		0.30	%		N/A			N/A			N/A			N/A

Net investment income			1.56	%^(g)(i)		2.42	%		2.13	%		2.00	%		2.33	%		2.45	%


Supplemental Data
Net assets, end of period (000)		$	4,231,916		$	4,718,543		$	4,476,569		$	5,306,261		$	5,924,818		$	5,275,720


Portfolio turnover rate^(j)			14	%		22	%		23	%		25	%		22	%		21	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 29, 2024 and the year ended August 31, 2023 respectively:

•

Total return by 0.00% and 0.01%.

•

Ratio of net investment income to average net assets by 0.01% and 0.00%.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.


56		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF	Diversification Classification

Emerging Markets Equity Factor		Diversified
ESG Aware MSCI EM		Diversified
MSCI Emerging Markets ex China		Diversified
MSCI Emerging Markets Min Vol Factor		Diversified
MSCI Global Min Vol Factor		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*


N O T E S T O F I N A N C I A L S T A T E M E N T S		57

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


58		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


Emerging Markets Equity Factor
Barclays Bank PLC	$	103,889	$	(103,889	)	$	—		$	—
Barclays Capital, Inc.		245,231		(245,231	)		—			—
Citigroup Global Markets Ltd.		294,676		(294,676	)		—			—
Citigroup Global Markets, Inc.		108,839		(108,839	)		—			—
HSBC Bank PLC		728,197		(728,197	)		—			—
J.P. Morgan Securities LLC		963,338		(963,338	)		—			—
Morgan Stanley		26,123		(26,123	)		—			—


	$	2,470,293	$	(2,470,293	)	$	—		$	—

ESG Aware MSCI EM
Barclays Bank PLC	$	37,346	$	(37,318	)	$	—		$	28	^(b)
BNP Paribas SA		5,152,863		(5,148,932	)		—			3,931	^(b)
HSBC Bank PLC		3,419,177		(3,419,177	)		—			—
J.P. Morgan Securities LLC		966,732		(966,732	)		—			—
Morgan Stanley		2,516,871		(2,516,871	)		—			—
State Street Bank & Trust Co.		143,889		(134,910	)		—			8,979	^(b)


	$	12,236,878	$	(12,223,940	)	$	—		$	12,938

MSCI Emerging Markets ex China
Barclays Capital, Inc.	$	165,492	$	(165,492	)	$	—		$	—
BofA Securities, Inc.		3,090,434		(3,090,434	)		—			—
Citigroup Global Markets, Inc.		115,795		(115,795	)		—			—
J.P. Morgan Securities LLC		2,091,907		(2,091,907	)		—			—
Morgan Stanley		13,520,887		(13,520,887	)		—			—
UBS AG		453,820		(453,820	)		—			—


	$	19,438,335	$	(19,438,335	)	$	—		$	—

MSCI Emerging Markets Min Vol Factor
J.P. Morgan Securities LLC	$	886,075	$	(886,075	)	$	—		$	—
Morgan Stanley		1,700,239		(1,700,239	)		—			—


	$	2,586,314	$	(2,586,314	)	$	—		$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		59

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

MSCI Global Min Vol Factor
Barclays Capital, Inc.	$	3,890,824	$	(3,890,824	)	$	—		$	—
Citigroup Global Markets, Inc.		1,303,221		(1,303,221	)		—			—
Goldman Sachs & Co. LLC		998,607		(998,607	)		—			—
State Street Bank & Trust Co.		5,096,588		(5,096,588	)		—			—
Toronto-Dominion Bank (The)		24,592,506		(24,592,506	)		—			—


	$	35,881,746	$	(35,881,746	)	$	—		$	—

^(a)

^(b)

The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*



iShares ETF	Investment Advisory Fees

Emerging Markets Equity Factor		0.25	%
ESG Aware MSCI EM		0.25
MSCI Emerging Markets ex China		0.25
MSCI Emerging Markets Min Vol Factor		0.25
MSCI Global Min Vol Factor		0.20


60		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For each of the iShares Emerging Markets Equity Factor and iShares MSCI Emerging Markets ex China ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2026 and December 31, 2027, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For the six months ended February 29, 2024, there were no fees waived by BFA pursuant to these arangements.

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.



iShares ETF	Amounts

Emerging Markets Equity Factor	$	18,789
ESG Aware MSCI EM		22,883
MSCI Emerging Markets ex China		66,477
MSCI Emerging Markets Min Vol Factor		17,400
MSCI Global Min Vol Factor		15,448

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Emerging Markets Equity Factor	$	5,830,377	$	3,789,880	$	(196,143	)
ESG Aware MSCI EM		27,166,161		37,308,672		(22,887,904	)
MSCI Emerging Markets ex China		2,867,194		17,558,978		(2,502,453	)
MSCI Emerging Markets Min Vol Factor		14,119,544		14,233,043		(2,997,947	)
MSCI Global Min Vol Factor		86,614,997		82,167,869		(20,918,893	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		61

Notes to Financial Statements (unaudited) (continued)

7.	*PURCHASES AND SALES*

For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Emerging Markets Equity Factor	$	63,978,095	$	128,579,761
ESG Aware MSCI EM		621,762,681		895,952,766
MSCI Emerging Markets ex China		4,432,913,304		472,318,649
MSCI Emerging Markets Min Vol Factor		492,292,996		727,571,768
MSCI Global Min Vol Factor		588,012,039		735,189,375

For the six months ended February 29, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Emerging Markets Equity Factor	$	544,331	$	18,769,173
ESG Aware MSCI EM		4,536,709		89,228,137
MSCI Emerging Markets ex China		886,723,581		—
MSCI Emerging Markets Min Vol Factor		—		49,197,411
MSCI Global Min Vol Factor		—		583,707,836

8.	*INCOME TAX INFORMATION*

As of August 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards

Emerging Markets Equity Factor	$	(127,984,851	)
ESG Aware MSCI EM		(829,882,107	)
MSCI Emerging Markets ex China		(134,221,201	)
MSCI Emerging Markets Min Vol Factor		(1,234,300,856	)
MSCI Global Min Vol Factor		(263,839,039	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Emerging Markets Equity Factor	$	536,526,524	$	122,471,859	$	(79,842,535	)	$	42,629,324
ESG Aware MSCI EM		3,999,265,772		856,885,545		(802,566,549	)		54,318,996
MSCI Emerging Markets ex China		10,230,693,271		1,241,733,915		(560,443,915	)		681,290,000
MSCI Emerging Markets Min Vol Factor		3,728,296,740		823,719,844		(94,228,581	)		729,491,263
MSCI Global Min Vol Factor		3,718,897,651		798,188,811		(246,477,673	)		551,711,138


62		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

9.	*LINE OF CREDIT*



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

Emerging Markets Equity Factor	$	7,600,000	$	303,654		6.41	%
ESG Aware MSCI EM		29,766,000		4,582,396		6.44
MSCI Emerging Markets ex China		54,220,000		2,487,099		6.44
MSCI Emerging Markets Min Vol Factor		94,250,000		2,071,429		6.48
MSCI Global Min Vol Factor		3,050,000		67,033		6.48

10.

PRINCIPAL RISKS


N O T E S T O F I N A N C I A L S T A T E M E N T S		63

Notes to Financial Statements (unaudited) (continued)

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:




	Six Months Ended 02/29/24						Year Ended 08/31/23


iShares ETF	Shares			Amount			Shares			Amount


Emerging Markets Equity Factor
Shares sold		100,000		$	4,434,759			3,800,000		$	159,623,754
Shares redeemed		(1,400,000	)		(58,957,294	)		(8,500,000	)		(352,806,935	)


		(1,300,000	)	$	(54,522,535	)		(4,700,000	)	$	(193,183,181	)


64		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 02/29/24						Year Ended 08/31/23


iShares ETF	Shares			Amount			Shares			Amount


ESG Aware MSCI EM
Shares sold		1,000,000		$	31,757,327			15,800,000		$	512,788,131
Shares redeemed		(11,200,000	)		(338,613,536	)		(12,600,000	)		(365,385,403	)


		(10,200,000	)	$	(306,856,209	)		3,200,000		$	147,402,728


MSCI Emerging Markets ex China
Shares sold		94,200,000		$	4,928,263,379			55,100,000		$	2,772,309,487
Shares redeemed		—			—			(1,000,000	)		(45,569,079	)


		94,200,000		$	4,928,263,379			54,100,000		$	2,726,740,408


MSCI Emerging Markets Min Vol Factor
Shares sold		—		$	429,679			43,000,000		$	2,217,098,360
Shares redeemed		(4,100,000	)		(217,061,533	)		(73,100,000	)		(3,985,850,162	)


		(4,100,000	)	$	(216,631,854	)		(30,100,000	)	$	(1,768,751,802	)


MSCI Global Min Vol Factor
Shares sold		—		$	110,932			4,400,000		$	432,126,269
Shares redeemed		(7,300,000	)		(705,576,122	)		(3,200,000	)		(313,433,962	)


		(7,300,000	)	$	(705,465,190	)		1,200,000		$	118,692,307

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets Min Vol Factor ETF and iShares MSCI Global Min Vol Factor ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		65

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF and iShares MSCI Global Min Vol Factor ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:


66		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Supplemental Information (unaudited)

Section 19(a) Notices

February 29, 2024



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Emerging Markets Equity Factor^(a)	$	1.953266	$	—	$	0.156236	$	2.109502		93	%		—	%		7	%		100	%
MSCI Global Min Vol Factor^(a)		1.520219		—		0.034444		1.554663		98			—			2			100

^(a)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs


S U P P L E M E N T A L I N F O R M A T I O N		67

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


68		2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		69

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. or STOXX Ltd., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-816-0224

(b) Not Applicable

Item 2.

Code of Ethics.

Not applicable to this semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.

Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

Item 11.

Controls and Procedures.

(a)

The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.

Recovery of Erroneously Awarded Compensation.

Not applicable

Item 14.

Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

By: /s/ Jessica Tan

Jessica Tan, President (Principal Executive Officer)

Date: April 19, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Jessica Tan

Jessica Tan, President (Principal Executive Officer)

Date: April 19, 2024

By: /s/ Trent Walker

Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: April 19, 2024