| Schedule of Investments (unaudited) | iShares® MSCI China Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Air Freight & Logistics — 0.2% | ||||||||
| Hangzhou SF Intra-City Industrial Co. Ltd.(a)(b)(c) | 70,400 | $ | 97,763 | |||||
| Automobile Components — 2.4% | ||||||||
| Huazhong In-Vehicle Holdings Co. Ltd.(c) | 264,000 | 76,293 | ||||||
| Minth Group Ltd.(c) | 352,000 | 700,272 | ||||||
| Nexteer Automotive Group Ltd. | 396,000 | 204,956 | ||||||
| Tianneng Power International Ltd.(c) | 316,000 | 238,947 | ||||||
| Weifu High-Technology Group Co. Ltd. | 68,500 | 108,088 | ||||||
| 1,328,556 | ||||||||
| Automobiles — 0.4% | ||||||||
| BAIC Motor Corp. Ltd., Class H(a) | 814,068 | 231,092 | ||||||
| Beverages — 0.5% | ||||||||
| China Foods Ltd. | 392,000 | 148,085 | ||||||
| China Huiyuan Juice Group Ltd.(d) | 81,000 | — | ||||||
| Yantai Changyu Pioneer Wine Co. Ltd. | 101,200 | 128,520 | ||||||
| 276,605 | ||||||||
| Biotechnology — 5.2% | ||||||||
| 3SBio Inc.(a) | 858,000 | 669,998 | ||||||
| AIM Vaccine Co. Ltd., NVS(b) | 123,200 | 103,974 | ||||||
| Alphamab Oncology(a)(b)(c) | 220,796 | 72,193 | ||||||
| Ascentage Pharma Group International(a)(b)(c) | 101,200 | 231,139 | ||||||
| CanSino Biologics Inc., Class H(a)(b)(c) | 44,000 | 114,723 | ||||||
| Everest Medicines Ltd.(a)(b)(c) | 83,386 | 235,804 | ||||||
| InnoCare Pharma Ltd.(a)(b) | 264,000 | 146,175 | ||||||
| Keymed Biosciences Inc.(a)(b)(c) | 78,500 | 325,203 | ||||||
| Lepu Biopharma Co. Ltd.(a)(b) | 264,000 | 174,190 | ||||||
| Shanghai Haohai Biological Technology Co. Ltd., | ||||||||
| Class H(a) | 13,200 | 71,959 | ||||||
| Untrade Cteg(d) | 600,000 | 1 | ||||||
| Zai Lab Ltd.(b) | 413,600 | 774,270 | ||||||
| 2,919,629 | ||||||||
| Building Products — 0.7% | ||||||||
| China Lesso Group Holdings Ltd. | 506,000 | 233,230 | ||||||
| China State Construction Development Holdings Ltd. | 352,000 | 107,125 | ||||||
| Triumph New Energy Co. Ltd., Class H (b)(c) | 128,000 | 82,229 | ||||||
| 422,584 | ||||||||
| Capital Markets — 1.5% | ||||||||
| Bairong Inc. (a)(b) | 110,000 | 127,916 | ||||||
| China Everbright Ltd.(c) | 440,000 | 242,403 | ||||||
| China Renaissance Holdings Ltd.(a)(b)(c)(d) | 162,800 | 96,505 | ||||||
| Noah Holdings Ltd., ADR | 18,260 | 188,443 | ||||||
| Up Fintech Holding Ltd., ADR(b) | 44,616 | 189,618 | ||||||
| 844,885 | ||||||||
| Chemicals — 4.2% | ||||||||
| China BlueChemical Ltd., Class H | 704,000 | 224,420 | ||||||
| China Risun Group Ltd. | 616,000 | 235,810 | ||||||
| China XLX Fertiliser Ltd. | 284,000 | 145,137 | ||||||
| Dongyue Group Ltd. | 630,000 | 752,294 | ||||||
| Fufeng Group Ltd.(c) | 660,600 | 516,951 | ||||||
| Global New Material International Holdings Ltd.(b)(c) | 264,000 | 129,817 | ||||||
| Huabao International Holdings Ltd.(c) | 440,000 | 145,817 | ||||||
| Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | 184,893 | 99,666 | ||||||
| Sinofert Holdings Ltd. | 1,056,000 | 130,980 | ||||||
| Untradelumena Newmat, NVS(d) | 21,700 | — | ||||||
| 2,380,892 | ||||||||
| Commercial Services & Supplies — 2.2% | ||||||||
| Binjiang Service Group Co. Ltd. | 44,359 | 103,637 | ||||||
| Changjiu Holdings Ltd.(b) | 13,400 | 116,087 | ||||||
| Security | Shares | Value | ||||||
| Commercial Services & Supplies (continued) | ||||||||
| China Everbright Environment Group Ltd. | 1,716,000 | $ | 801,140 | |||||
| Dynagreen Environmental Protection Group Co. Ltd., | ||||||||
| Class H | 176,000 | 58,879 | ||||||
| Zonqing Environmental Ltd., NVS(b)(c) | 40,000 | 144,238 | ||||||
| 1,223,981 | ||||||||
| Communications Equipment — 0.2% | ||||||||
| Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., | ||||||||
| Class H(a)(c) | 88,000 | 95,591 | ||||||
| Construction & Engineering — 2.6% | ||||||||
| China Conch Venture Holdings Ltd.(c) | 682,000 | 531,650 | ||||||
| Greentown Management Holdings Co. Ltd.(a) | 281,000 | 247,802 | ||||||
| Sinopec Engineering Group Co. Ltd., Class H | 682,000 | 458,888 | ||||||
| Xinte Energy Co. Ltd.(b)(c) | 176,000 | 212,508 | ||||||
| 1,450,848 | ||||||||
| Construction Materials — 1.1% | ||||||||
| Asia Cement China Holdings Corp. | 242,000 | 101,795 | ||||||
| China Resources Building Materials Technology | ||||||||
| Holdings Ltd. | 1,144,000 | 205,486 | ||||||
| CSG Holding Co. Ltd. | 510,447 | 172,969 | ||||||
| MH Development Ltd.(d) | 112,000 | — | ||||||
| West China Cement Ltd. | 880,000 | 119,473 | ||||||
| 599,723 | ||||||||
| Consumer Finance — 1.4% | ||||||||
| FinVolution Group, ADR | 60,544 | 289,400 | ||||||
| Lufax Holding Ltd., ADR | 93,500 | 418,880 | ||||||
| Yixin Group Ltd.(a) | 748,000 | 65,212 | ||||||
| 773,492 | ||||||||
| Consumer Staples Distribution & Retail — 2.4% | ||||||||
| Chongqing Hongjiu Fruit Co. Ltd.(b)(d) | 211,280 | 44,658 | ||||||
| Dada Nexus Ltd., ADR(b)(c) | 41,932 | 69,607 | ||||||
| East Buy Holding Ltd.(a)(b) | 198,000 | 464,340 | ||||||
| Ping An Healthcare and Technology Co. Ltd.(a)(b) | 259,600 | 372,843 | ||||||
| Shenzhen Pagoda Industrial Group Corp. Ltd., NVS | 198,000 | 79,500 | ||||||
| Sipai Health Technology Co. Ltd., NVS(b) | 123,200 | 99,721 | ||||||
| Sun Art Retail Group Ltd.(c) | 1,122,000 | 251,761 | ||||||
| 1,382,430 | ||||||||
| Containers & Packaging — 0.2% | ||||||||
| CPMC Holdings Ltd. | 132,000 | 114,777 | ||||||
| Distributors — 0.3% | ||||||||
| China Tobacco International HK Co. Ltd. | 97,000 | 169,908 | ||||||
| Diversified Consumer Services — 3.1% | ||||||||
| China Chunlai Education Group Co. Ltd.(c) | 123,000 | 75,469 | ||||||
| China East Education Holdings Ltd.(a) | 242,000 | 71,398 | ||||||
| China Education Group Holdings Ltd. | 484,000 | 315,023 | ||||||
| China New Higher Education Group Ltd.(a) | 396,000 | 115,931 | ||||||
| Fenbi Ltd., NVS(b) | 374,000 | 198,946 | ||||||
| Fu Shou Yuan International Group Ltd. | 660,000 | 434,235 | ||||||
| Gaotu Techedu Inc., ADR(b) | 20,372 | 116,121 | ||||||
| Tianli International Holdings Ltd. | 616,000 | 405,392 | ||||||
| 1,732,515 | ||||||||
| Diversified REITs — 0.3% | ||||||||
| Yuexiu REIT | 1,188,000 | 149,265 | ||||||
| Electrical Equipment — 0.5% | ||||||||
| China Fiber Optic Network System Group Ltd.(d) | 181,600 | — | ||||||
| Hangzhou Steam Turbine Power Group Co. Ltd., | ||||||||
| Class B | 198,012 | 190,934 | ||||||
| Harbin Electric Co. Ltd., Class H | 352,000 | 123,671 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI China Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Electrical Equipment (continued) | ||||||||
| Trony Solar Holdings Co. Ltd.(d) | 216,000 | $ | — | |||||
| 314,605 | ||||||||
| Electronic Equipment, Instruments & Components — 3.1% | ||||||||
| Anxin-China Holdings Ltd.(d) | 672,000 | 1 | ||||||
| BOE Varitronix Ltd. | 132,000 | 90,287 | ||||||
| FIH Mobile Ltd. (b)(c) | 1,452,000 | 139,797 | ||||||
| Kingboard Holdings Ltd. | 308,000 | 747,512 | ||||||
| Kingboard Laminates Holdings Ltd. | 440,000 | 476,207 | ||||||
| Q Technology Group Co. Ltd.(b) | 220,000 | 97,788 | ||||||
| Wasion Holdings Ltd. | 232,000 | 218,020 | ||||||
| 1,769,612 | ||||||||
| Energy Equipment & Services — 0.2% | ||||||||
| Dalipal Holdings Ltd. | 176,000 | 118,603 | ||||||
| Entertainment — 3.4% | ||||||||
| Alibaba Pictures Group Ltd.(b) | 5,490,000 | 317,032 | ||||||
| Cloud Music Inc.(a)(b) | 30,800 | 433,620 | ||||||
| HUYA Inc., ADR | 38,368 | 194,910 | ||||||
| iDreamSky Technology Holdings Ltd.(a)(b)(c) | 440,000 | 170,119 | ||||||
| Maoyan Entertainment(a)(b) | 158,400 | 180,897 | ||||||
| NetDragon Websoft Holdings Ltd.(c) | 132,000 | 198,343 | ||||||
| Untrade SMI Holdings(d) | 267,200 | — | ||||||
| XD Inc.(b)(c) | 132,000 | 332,291 | ||||||
| Zengame Technology Holding Ltd. | 144,000 | 64,411 | ||||||
| 1,891,623 | ||||||||
| Financial Services — 1.0% | ||||||||
| CSSC Hong Kong Shipping Co. Ltd. | 528,000 | 104,201 | ||||||
| Genertec Universal Medical Group Co. Ltd.(a) | 352,000 | 200,188 | ||||||
| Haitong UniTrust International Leasing Co. Ltd., | ||||||||
| Class H(a) | 704,000 | 67,516 | ||||||
| SY Holdings Group Ltd. | 198,000 | 108,869 | ||||||
| Yeahka Ltd.(b)(c) | 70,400 | 92,002 | ||||||
| 572,776 | ||||||||
| Food Products — 2.3% | ||||||||
| China Modern Dairy Holdings Ltd.(c) | 1,320,000 | 128,566 | ||||||
| COFCO Joycome Foods Ltd.(b) | 1,276,000 | 312,317 | ||||||
| Star Plus Legend Holdings Ltd., Class H, NVS | 74,500 | 108,601 | ||||||
| Weilong Delicious Global Holdings Ltd., NVS(c) | 220,000 | 159,208 | ||||||
| Yihai International Holding Ltd. | 241,820 | 449,764 | ||||||
| Zhou Hei Ya International Holdings Co. Ltd.(a) | 506,000 | 116,575 | ||||||
| 1,275,031 | ||||||||
| Gas Utilities — 0.8% | ||||||||
| Towngas Smart Energy Co. Ltd.(c) | 484,000 | 176,654 | ||||||
| Zhongyu Energy Holdings Ltd.(b) | 396,000 | 255,716 | ||||||
| 432,370 | ||||||||
| Ground Transportation — 0.6% | ||||||||
| ANE Cayman Inc.(b) | 308,000 | 245,363 | ||||||
| Canggang Railway Ltd., NVS | 616,000 | 89,585 | ||||||
| 334,948 | ||||||||
| Health Care Equipment & Supplies — 3.1% | ||||||||
| AK Medical Holdings Ltd.(a)(c) | 236,000 | 151,699 | ||||||
| Angelalign Technology Inc.(a)(c) | 19,800 | 155,444 | ||||||
| Beijing Chunlizhengda Medical Instruments Co. Ltd., | ||||||||
| Class H | 44,000 | 53,056 | ||||||
| Kangji Medical Holdings Ltd. | 176,000 | 135,968 | ||||||
| Lifetech Scientific Corp. (b) | 1,496,000 | 323,765 | ||||||
| MicroPort NeuroTech Ltd., NVS(b) | 104,000 | 122,107 | ||||||
| Microport Scientific Corp.(b)(c) | 382,800 | 285,553 | ||||||
| Peijia Medical Ltd.(a)(b)(d) | 220,000 | 97,813 | ||||||
| Shanghai MicroPort MedBot Group Co. Ltd.(b) | 110,000 | 205,392 | ||||||
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
| Untrade Hosa International Ltd.(d) | 220,000 | $ | — | |||||
| Venus MedTech Hangzhou Inc., Class H(a)(b)(d) | 176,000 | 107,508 | ||||||
| Zylox-Tonbridge Medical Technology Co. Ltd.(a)(b) | 66,000 | 93,523 | ||||||
| 1,731,828 | ||||||||
| Health Care Providers & Services — 2.3% | ||||||||
| Adicon Holdings Ltd., NVS(b)(c) | 88,000 | 92,046 | ||||||
| Arrail Group Ltd., NVS(a)(b) | 110,000 | 84,395 | ||||||
| China Resources Medical Holdings Co. Ltd.(c) | 396,000 | 193,942 | ||||||
| Gushengtang Holdings Ltd.(c) | 61,600 | 332,009 | ||||||
| Jinxin Fertility Group Ltd.(a)(b)(c) | 968,000 | 390,033 | ||||||
| New Horizon Health Ltd.(a)(b)(c)(d) | 132,000 | 226,735 | ||||||
| 1,319,160 | ||||||||
| Health Care Technology — 0.4% | ||||||||
| Medlive Technology Co. Ltd.(a) | 101,500 | 99,258 | ||||||
| Yidu Tech Inc. (a)(b) | 264,000 | 135,672 | ||||||
| 234,930 | ||||||||
| Hotels, Restaurants & Leisure — 1.7% | ||||||||
| China Travel International Investment Hong Kong Ltd. | 880,000 | 136,544 | ||||||
| DPC Dash Ltd., NVS(b) | 23,400 | 170,206 | ||||||
| Haichang Ocean Park Holdings Ltd.(a)(b) | 1,496,000 | 141,558 | ||||||
| Helens International Holdings Co. Ltd. (c) | 198,000 | 71,178 | ||||||
| Huangshan Tourism Development Co. Ltd., Class B(b) | 92,400 | 72,072 | ||||||
| Jiumaojiu International Holdings Ltd.(a) | 440,000 | 270,919 | ||||||
| Nayuki Holdings Ltd.(b)(c) | 242,000 | 76,690 | ||||||
| 939,167 | ||||||||
| Household Durables — 1.2% | ||||||||
| Chervon Holdings Ltd. | 57,200 | 175,541 | ||||||
| Skyworth Group Ltd. | 552,000 | 197,397 | ||||||
| TCL Electronics Holdings Ltd. | 409,000 | 297,175 | ||||||
| 670,113 | ||||||||
| Household Products — 0.2% | ||||||||
| Blue Moon Group Holdings Ltd.(a) | 396,000 | 105,240 | ||||||
| Independent Power and Renewable Electricity Producers — 2.0% | ||||||||
| Beijing Jingneng Clean Energy Co. Ltd., Class H | 704,000 | 187,630 | ||||||
| Canvest Environmental Protection Group Co. Ltd. | 220,000 | 110,276 | ||||||
| CGN New Energy Holdings Co. Ltd. | 616,000 | 202,754 | ||||||
| China Datang Corp. Renewable Power Co. Ltd., | ||||||||
| Class H | 1,100,000 | 266,146 | ||||||
| Concord New Energy Group Ltd. | 2,460,000 | 201,797 | ||||||
| Xinyi Energy Holdings Ltd. | 968,000 | 137,726 | ||||||
| 1,106,329 | ||||||||
| Industrial Conglomerates — 0.7% | ||||||||
| CITIC Resources Holdings Ltd. | 1,320,000 | 86,083 | ||||||
| Shanghai Industrial Holdings Ltd. | 202,632 | 290,973 | ||||||
| 377,056 | ||||||||
| Insurance — 1.0% | ||||||||
| ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b) | 330,000 | 561,224 | ||||||
| Interactive Media & Services — 3.1% | ||||||||
| Hello Group Inc., ADR | 65,032 | 366,781 | ||||||
| JOYY Inc., ADR | 17,556 | 524,222 | ||||||
| Meitu Inc.(a)(c) | 1,364,000 | 490,190 | ||||||
| Weibo Corp., ADR | 39,512 | 349,681 | ||||||
| 1,730,874 | ||||||||
| IT Services — 2.7% | ||||||||
| Chinasoft International Ltd. | 1,144,000 | 588,610 | ||||||
| Digital China Holdings Ltd.(c) | 264,000 | 117,352 | ||||||
| GDS Holdings Ltd.(b) | 479,600 | 477,349 | ||||||
| INESA Intelligent Tech Inc., Class B | 127,642 | 66,341 | ||||||
| Kingsoft Cloud Holdings Ltd.(b) | 968,980 | 188,578 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI China Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| IT Services (continued) | ||||||||
| National Agricultural Holdings Ltd., NVS(d) | 108,900 | $ | — | |||||
| Vnet Group Inc., ADR(b) | 46,640 | 90,482 | ||||||
| 1,528,712 | ||||||||
| Life Sciences Tools & Services — 0.1% | ||||||||
| Joinn Laboratories China Co. Ltd., Class H(a) | 48,400 | 52,610 | ||||||
| Machinery — 2.4% | ||||||||
| CIMC Enric Holdings Ltd. | 331,193 | 335,006 | ||||||
| First Tractor Co. Ltd., Class H | 184,000 | 202,342 | ||||||
| LK Technology Holdings Ltd.(c) | 282,991 | 132,372 | ||||||
| Lonking Holdings Ltd. | 880,000 | 163,102 | ||||||
| Sany Heavy Equipment International Holdings Co. Ltd. | 528,000 | 403,069 | ||||||
| Shanghai Mechanical and Electrical Industry Co. Ltd., | ||||||||
| Class B | 101,205 | 97,562 | ||||||
| 1,333,453 | ||||||||
| Media — 0.5% | ||||||||
| Mobvista Inc.(a)(b) | 220,000 | 82,639 | ||||||
| Xinhua Winshare Publishing and Media Co. Ltd., | ||||||||
| Class H | 176,000 | 211,730 | ||||||
| 294,369 | ||||||||
| Metals & Mining — 2.6% | ||||||||
| China Metal Recycling Holdings Ltd.(d) | 184,800 | — | ||||||
| China Nonferrous Mining Corp Ltd. | 636,000 | 611,073 | ||||||
| China Oriental Group Co. Ltd. | 528,000 | 73,859 | ||||||
| Jinchuan Group International Resources Co. Ltd. | 1,144,000 | 127,462 | ||||||
| Shougang Fushan Resources Group Ltd. | 918,000 | 419,388 | ||||||
| Tiangong International Co. Ltd.(c) | 616,000 | 141,562 | ||||||
| Untrade Real Gold Mining(d) | 126,000 | — | ||||||
| Wanguo International Mining Group Ltd. | 116,000 | 117,032 | ||||||
| Youyuan International Holdings Ltd.(d) | 120,000 | — | ||||||
| 1,490,376 | ||||||||
| Oil, Gas & Consumable Fuels — 1.5% | ||||||||
| CGN Mining Co. Ltd.(b) | 1,240,000 | 472,208 | ||||||
| Kinetic Development Group Ltd. | 1,144,000 | 146,284 | ||||||
| Sinopec Kantons Holdings Ltd. | 462,000 | 233,707 | ||||||
| 852,199 | ||||||||
| Paper & Forest Products — 1.0% | ||||||||
| China Forestry Holdings Co. Ltd.(d) | 306,000 | — | ||||||
| Lee & Man Paper Manufacturing Ltd.(c) | 616,000 | 189,933 | ||||||
| Nine Dragons Paper Holdings Ltd.(b) | 765,000 | 400,376 | ||||||
| Qunxing Paper Holdings Co. Ltd.(d) | 148,000 | — | ||||||
| Superb Summit International Group Ltd.(d) | 2,975 | — | ||||||
| 590,309 | ||||||||
| Personal Care Products — 0.3% | ||||||||
| Shanghai Chicmax Cosmetic Co. Ltd., NVS | 26,400 | 154,273 | ||||||
| Pharmaceuticals — 8.9% | ||||||||
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(c) | 117,000 | 143,417 | ||||||
| China Animal Healthcare Ltd.(d) | 140,000 | — | ||||||
| China Medical System Holdings Ltd. | 628,000 | 530,802 | ||||||
| China Shineway Pharmaceutical Group Ltd. | 135,000 | 144,441 | ||||||
| China Traditional Chinese Medicine Holdings Co. Ltd. | 1,408,000 | 759,776 | ||||||
| Consun Pharmaceutical Group Ltd. | 176,000 | 150,133 | ||||||
| Grand Pharmaceutical Group Ltd. | 484,000 | 306,001 | ||||||
| Hua Han Health Industry Holdings Ltd.(d) | 505,580 | 1 | ||||||
| HUTCHMED China Ltd.(b)(c) | 264,165 | 999,430 | ||||||
| Luye Pharma Group Ltd. (a)(b)(c) | 880,000 | 302,229 | ||||||
| Ocumension Therapeutics(a)(b) | 132,000 | 114,835 | ||||||
| SciClone Pharmaceuticals Holdings Ltd.(a) | 146,500 | 346,562 | ||||||
| Shandong Xinhua Pharmaceutical Co. Ltd., Class H | 88,000 | 62,915 | ||||||
| Shanghai Haixin Group Co., Class B | 31,363 | 6,335 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
| Sihuan Pharmaceutical Holdings Group Ltd. | 1,936,000 | $ | 134,054 | |||||
| Simcere Pharmaceutical Group Ltd.(a) | 364,000 | 273,495 | ||||||
| SSY Group Ltd. | 616,000 | 371,658 | ||||||
| Tong Ren Tang Technologies Co. Ltd., Class H | 278,000 | 190,194 | ||||||
| YiChang HEC ChangJiang Pharmaceutical Co. Ltd., | ||||||||
| Class H(a)(b) | 123,200 | 156,198 | ||||||
| 4,992,476 | ||||||||
| Real Estate Management & Development — 10.5% | ||||||||
| A-Living Smart City Services Co. Ltd.(a) | 297,000 | 118,680 | ||||||
| C&D Property Management Group Co. Ltd. | 220,000 | 90,072 | ||||||
| China Aoyuan Group Ltd.(b) | 896,000 | 19,706 | ||||||
| China Jinmao Holdings Group Ltd. | 2,816,000 | 249,573 | ||||||
| China Overseas Grand Oceans Group Ltd.(c) | 836,000 | 225,889 | ||||||
| China Overseas Property Holdings Ltd. | 610,000 | 412,626 | ||||||
| Country Garden Services Holdings Co. Ltd. | 1,012,000 | 736,315 | ||||||
| Gemdale Properties & Investment Corp. Ltd.(c) | 2,728,000 | 101,502 | ||||||
| Greentown China Holdings Ltd. | 528,000 | 517,376 | ||||||
| Greentown Service Group Co. Ltd. | 672,000 | 327,678 | ||||||
| Hopson Development Holdings Ltd.(b) | 528,024 | 255,989 | ||||||
| Jinke Smart Services Group Co. Ltd.(b) | 57,200 | 65,099 | ||||||
| Midea Real Estate Holding Ltd.(a) | 132,000 | 73,978 | ||||||
| Poly Property Group Co. Ltd. | 968,000 | 184,011 | ||||||
| Poly Property Services Co. Ltd., Class H | 70,400 | 294,469 | ||||||
| Radiance Holdings Group Co. Ltd.(b)(c) | 396,000 | 142,289 | ||||||
| Redco Properties Group Ltd.(a)(b)(c)(d) | 704,000 | 54,720 | ||||||
| Seazen Group Ltd.(b) | 1,144,000 | 211,294 | ||||||
| Shanghai Jinqiao Export Processing Zone | ||||||||
| Development Co. Ltd., Class B | 123,283 | 116,101 | ||||||
| Shenzhen Investment Ltd. | 1,232,000 | 167,540 | ||||||
| Shoucheng Holdings Ltd. | 1,057,600 | 176,334 | ||||||
| Shui On Land Ltd. | 1,716,000 | 166,764 | ||||||
| SOHO China Ltd.(b) | 990,000 | 96,504 | ||||||
| Sunac China Holdings Ltd.(b) | 1,630,000 | 306,391 | ||||||
| Sunac Services Holdings Ltd.(a) | 704,000 | 170,040 | ||||||
| Yuexiu Property Co. Ltd. | 748,000 | 542,320 | ||||||
| Yuexiu Services Group Ltd., NVS | 198,000 | 89,596 | ||||||
| 5,912,856 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.7% | ||||||||
| Daqo New Energy Corp., ADR(b) | 21,384 | 481,567 | ||||||
| JinkoSolar Holding Co. Ltd., ADR | 15,532 | 461,922 | ||||||
| 943,489 | ||||||||
| Software — 1.3% | ||||||||
| AsiaInfo Technologies Ltd.(a) | 105,600 | 93,712 | ||||||
| Linklogis Inc.(a) | 374,000 | 98,992 | ||||||
| Ming Yuan Cloud Group Holdings Ltd.(c) | 440,000 | 139,789 | ||||||
| Tuya Inc.(b) | 105,028 | 212,157 | ||||||
| Weimob Inc.(a)(b)(c) | 1,012,000 | 191,433 | ||||||
| 736,083 | ||||||||
| Specialty Retail — 0.2% | ||||||||
| Boshiwa International Holding Ltd.(d) | 67,000 | — | ||||||
| China Meidong Auto Holdings Ltd. | 352,000 | 113,287 | ||||||
| 113,287 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.4% | ||||||||
| Canaan Inc., ADR(b)(c) | 21,010 | 21,220 | ||||||
| Legend Holdings Corp., Class H(a)(c) | 268,400 | 234,949 | ||||||
| 256,169 | ||||||||
| Textiles, Apparel & Luxury Goods — 2.3% | ||||||||
| 361 Degrees International Ltd. | 396,000 | 226,630 | ||||||
| China Lilang Ltd. | 195,000 | 113,655 | ||||||
| China Longevity Group Co. Ltd.(b)(d) | 96,000 | — | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI China Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Textiles, Apparel & Luxury Goods (continued) | ||||||||
| Fuguiniao Co. Ltd.(d) | 43,200 | $ | — | |||||
| Golden Solar New Energy Technology Holdings | ||||||||
| Ltd. (b)(c) | 529,200 | 332,932 | ||||||
| JNBY Design Ltd.(c) | 88,000 | 165,150 | ||||||
| Xtep International Holdings Ltd.(c) | 682,000 | 474,769 | ||||||
| 1,313,136 | ||||||||
| Tobacco — 1.0% | ||||||||
| RLX Technology Inc., ADR | 293,964 | 555,592 | ||||||
| Trading Companies & Distributors — 0.5% | ||||||||
| China Aircraft Leasing Group Holdings Ltd. | 123,500 | 48,166 | ||||||
| Huitongda Network Co. Ltd.(a)(b) | 39,600 | 142,796 | ||||||
| Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd. | 92,400 | 71,517 | ||||||
| 262,479 | ||||||||
| Transportation Infrastructure — 3.7% | ||||||||
| Anhui Expressway Co. Ltd., Class H | 196,000 | 247,118 | ||||||
| Beijing Capital International Airport Co. Ltd., Class H(b) | 880,000 | 298,961 | ||||||
| COSCO Shipping International Hong Kong Co. Ltd. | 204,000 | 103,293 | ||||||
| COSCO Shipping Ports Ltd. | 582,000 | 403,360 | ||||||
| Hainan Meilan International Airport Co. Ltd., Class H(b) | 111,000 | 139,262 | ||||||
| Shenzhen International Holdings Ltd.(c) | 660,000 | 548,565 | ||||||
| Sichuan Expressway Co. Ltd., Class H | 292,000 | 128,621 | ||||||
| Yuexiu Transport Infrastructure Ltd. | 389,601 | 202,083 | ||||||
| 2,071,263 | ||||||||
| Water Utilities — 0.5% | ||||||||
| China Water Affairs Group Ltd. | 380,000 | 274,559 | ||||||
| Total Long-Term Investments — 98.6% | ||||||||
| (Cost: $63,761,425) | 55,407,715 | |||||||
| Security | Shares | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 19.6% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency | ||||||||
| Shares, 5.49%(e)(f)(g) | 10,966,953 | $ | 10,970,244 | |||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 5.28%(e)(f) | 40,000 | 40,000 | ||||||
| Total Short-Term Securities — 19.6% | ||||||||
| (Cost: $11,008,991) | 11,010,244 | |||||||
| Total Investments — 118.2% | ||||||||
| (Cost: $74,770,416) | 66,417,959 | |||||||
| Liabilities in Excess of Other Assets — (18.2)% | (10,247,308 | ) | ||||||
| Net Assets — 100.0% | $ | 56,170,651 | ||||||
| (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) | 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 period ended May 31, 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 Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 11,772,234 | $ | — | $ | (801,275 | )(a) | $ | 1,306 | $ | (2,021 | ) | $ | 10,970,244 | 10,966,953 | $ | 374,340 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 80,000 | — | (40,000 | )(a) | — | — | 40,000 | 40,000 | 2,207 | — | ||||||||||||||||||||||||||
| $ | 1,306 | $ | (2,021 | ) | $ | 11,010,244 | $ | 376,547 | $ | — | ||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| MSCI China Index | 31 | 06/21/24 | $ | 710 | $ | (2,327 | ) | |||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI China Small-Cap ETF |
| May 31, 2024 |
Fair Value Hierarchy as of Period End
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). |
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. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Common Stocks | $ | 12,690,700 | $ | 42,089,073 | $ | 627,942 | $ | 55,407,715 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 11,010,244 | — | — | 11,010,244 | ||||||||||||
| $ | 23,700,944 | $ | 42,089,073 | $ | 627,942 | $ | 66,417,959 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | — | $ | (2,327 | ) | $ | — | $ | (2,327 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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 | ||||
| Assets: | ||||
| Opening balance, as of August 31, 2023 | $ | 760,951 | ||
| Transfers into Level 3(a) | 778,297 | |||
| Transfers out of Level 3(a) | (52,888 | ) | ||
| Accrued discounts/premiums | — | |||
| Net realized gain (loss) | (1,544,182 | ) | ||
| Net change in unrealized appreciation (depreciation)(b) | 972,354 | |||
| Purchases | 252,778 | |||
| Sales | (539,368 | ) | ||
| Closing balance, as of May 31, 2024 | $ | 627,942 | ||
| Net change in unrealized appreciation (depreciation) on investment still held at May 31, 2024(b) | $ | (88,883 | ) | |
| (a) | As of August 31, 2023, the Fund used observable inputs in determining the value of certain investments. As of May 31, 2024, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 1 or Level 2 to Level 3 in the fair value hierarchy. |
| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
5
| Schedule of Investments (unaudited) (continued) | iShares® MSCI China Small-Cap ETF |
| May 31, 2024 |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 instruments as of period end. The table does not include Level 3 instruments with values based upon unadjusted third party pricing information in the amount of $2. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 instruments.
| Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value | ||||||||||
| Assets: | ||||||||||||||
| Common Stocks | $ | 627,940 | Market | Discount Rate | 5% - 25% | 12 | % | |||||||
| (a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
Portfolio Abbreviation
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
6