Consolidated Schedule of Investments  (unaudited) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.8%
Adecoagro SA(a)		31,540	$	135,937
Arcos Dorados Holdings Inc., Class A		36,907		143,199
Banco BBVA Argentina SA, ADR(a)		21,781		69,046
Banco Macro SA, ADR		12,255		210,296
Central Puerto SA, ADR		30,855		83,926
Despegar.com Corp.(a)		14,577		103,497
Empresa Distribuidora y Comercializadora Norte SA, ADR(a)(b)		9,767		29,985
Grupo Financiero Galicia SA, ADR		30,400		243,504
Grupo Supervielle SA, ADR(b)		21,024		41,417
Loma Negra Cia Industrial Argentina SA, ADR(a)(b)		19,683		90,935
Pampa Energia SA, ADR(a)(b)		16,363		169,521
Transportadora de Gas del Sur SA, Class B		22,317		119,842
				1,441,105
Brazil — 5.9%
AES Tiete Energia SA		43,941		109,790
Aliansce Sonae Shopping Centers SA(a)		40,049		187,890
Alupar Investimento SA		43,308		198,315
Anima Holding SA(a)		22,900		92,467
Arezzo Industria e Comercio SA		14,500		112,399
Banco Inter SA		21,300		131,774
BK Brasil Operacao e Assessoria a Restaurantes SA		50,600		113,291
BR Properties SA		66,641		105,892
Camil Alimentos SA		9,500		17,369
Cia. de Locacao das Americas		99,700		271,504
Cia. de Saneamento de Minas Gerais-COPASA		18,800		199,731
Cia. de Saneamento do Parana		57,600		291,335
Cia. Hering		41,500		101,780
Construtora Tenda SA		21,800		100,709
Cosan Logistica SA(a)		42,122		140,068
CVC Brasil Operadora e Agencia de Viagens SA		38,700		102,609
Cyrela Brazil Realty SA Empreendimentos e Participacoes		85,500		266,838
Dommo Energia SA(a)		5,400		1,153
Duratex SA		95,900		189,995
EcoRodovias Infraestrutura e Logistica SA(a)		58,899		142,609
EDP — Energias do Brasil SA		86,400		281,101
Embraer SA(a)		218,500		287,653
Enauta Participacoes SA		25,900		48,165
Eneva SA(a)		57,000		400,808
Even Construtora e Incorporadora SA		38,600		50,177
Ez Tec Empreendimentos e Participacoes SA		27,477		164,980
Fleury SA		62,800		269,997
Grendene SA		89,100		119,104
Grupo SBF SA(a)		20,500		110,444
Guararapes Confeccoes SA		31,000		75,972
Iguatemi Empresa de Shopping Centers SA		26,600		159,617
Instituto Hermes Pardini SA		17,500		59,643
Iochpe Maxion SA		32,805		83,415
JHSF Participacoes SA		89,200		78,506
JSL SA		21,200		79,396
Light SA(a)		67,600		173,260
Linx SA		47,600		179,669
Locaweb Servicos de Internet SA(a)(c)		27,400		132,179
LOG Commercial Properties e Participacoes SA		60		258
M. Dias Branco SA		25,600		170,302
Mahle-Metal Leve SA		12,200		39,917
Marfrig Global Foods SA(a)		114,000		273,503

Security	Shares		Value
Brazil (continued)
Marisa Lojas SA(a)		40,700	$	56,879
Minerva SA(a)		79,100		195,016
Movida Participacoes SA		44,600		91,563
MRV Engenharia e Participacoes SA		89,900		251,106
Odontoprev SA		78,500		194,693
Omega Geracao SA(a)		28,500		168,027
Petro Rio SA(a)		27,200		155,154
Qualicorp Consultoria e Corretora de Seguros SA		68,100		297,423
Santos Brasil Participacoes SA		84,100		65,037
Sao Martinho SA		52,300		187,106
Ser Educacional SA(c)		19,535		52,371
SLC Agricola SA		29,600		135,762
Smiles Fidelidade SA		19,100		42,483
TOTVS SA		138,300		512,090
Transmissora Alianca de Energia Eletrica SA		62,300		327,382
Trisul SA		32,700		48,468
Tupy SA		19,100		53,350
Via Varejo SA(a)		289,600		661,199
Vivara Participacoes SA		28,500		100,648
Wiz Solucoes e Corretagem de Seguros SA		25,300		43,882
YDUQS Participacoes SA		79,200		415,315
				10,170,538
Chile — 0.9%
AES Gener SA		824,167		112,571
CAP SA		20,748		134,120
Cia. Sud Americana de Vapores SA(a)		3,267,206		75,878
Engie Energia Chile SA		149,258		175,172
Forus SA		32,587		34,805
Grupo Security SA		356,168		65,594
Inversiones Aguas Metropolitanas SA		120,610		98,861
Inversiones La Construccion SA		10,561		68,203
Parque Arauco SA		176,213		295,439
Ripley Corp. SA		248,793		64,577
SMU SA		727,461		121,966
SONDA SA		153,140		91,291
Vina Concha y Toro SA		113,588		162,228
				1,500,705
China — 11.9%
21Vianet Group Inc., ADR(a)		16,625		242,725
360 Finance Inc., ADR(a)(b)		19,190		192,860
361 Degrees International Ltd.		298,000		39,216
500.com Ltd., ADR(a)		973		2,763
AGTech Holdings Ltd.(a)(b)		1,256,000		67,248
Ajisen China Holdings Ltd.		93,000		14,758
Anxin-China Holdings Ltd.(d)		1,084,000		1
Aoyuan Healthy Life Group Co. Ltd.(b)		83,000		92,091
Ascletis Pharma Inc.(a)(b)(c)		113,000		41,695
Asia Cement China Holdings Corp.(b)		147,500		168,033
Atlas Crop.		26,710		189,374
Beijing Capital Land Ltd., Class H		430,000		77,113
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		25,500		162,850
Beijing Gas Blue Sky Holdings Ltd.(a)		2,888,000		32,789
Beijing Jingneng Clean Energy Co. Ltd., Class H		380,000		80,893
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(b)		84,000		100,787
Bitauto Holdings Ltd., ADR(a)		8,753		112,739
Boshiwa International Holding Ltd.(a)(b)(d)		32,000		0	(e)
C&D International Investment Group Ltd.		95,000		118,643
Camsing International Holding Ltd.(a)(b)(d)		164,000		19,370

1

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Canvest Environmental Protection Group Co. Ltd.(b)		297,000	$	124,532
CAR Inc.(a)(b)		248,000		57,593
Central China Real Estate Ltd.		290,000		144,046
CGN New Energy Holdings Co. Ltd.		434,000		86,229
Chaowei Power Holdings Ltd.		200,000		63,218
China Aircraft Leasing Group Holdings Ltd.		237,500		186,605
China Animal Healthcare Ltd.(a)(d)		126,000		0	(e)
China BlueChemical Ltd., Class H		622,000		96,297
China Datang Corp. Renewable Power Co. Ltd., Class H		870,000		72,958
China Dongxiang Group Co. Ltd.		2,280,000		179,435
China Everbright Greentech Ltd.(c)		153,000		53,691
China Foods Ltd.		284,000		95,632
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A		328,000		225,973
China Harmony New Energy Auto Holding Ltd.(b)		269,000		128,409
China High Speed Transmission Equipment Group Co. Ltd.		124,000		67,191
China Huiyuan Juice Group Ltd.(a)(d)		379,000		489
China Kepei Education Group Ltd.		190,000		153,941
China Lilang Ltd.		141,000		75,130
China LNG Group Ltd.(a)		656,000		14,472
China Logistics Property Holdings Co. Ltd.(a)(b)(c)		380,000		142,175
China Lumena New Materials Corp.(a)(b)(d)		5,249		0	(e)
China Maple Leaf Educational Systems Ltd.(b)		476,000		124,051
China Meidong Auto Holdings Ltd.		136,000		312,672
China Merchants Land Ltd.		380,000		53,929
China Metal Recycling Holdings Ltd.(a)(d)		12,000		0	(e)
China Metal Resources Utilization Ltd.(a)(b)(c)		312,000		116,331
China Modern Dairy Holdings Ltd.(a)		771,000		85,545
China New Higher Education Group Ltd.(b)(c)		224,000		128,314
China Oriental Group Co. Ltd.		376,000		103,326
China Overseas Grand Oceans Group Ltd.		462,000		245,573
China Resources Medical Holdings Co. Ltd.		291,000		131,402
China SCE Group Holdings Ltd.		570,000		235,324
China Shineway Pharmaceutical Group Ltd.		101,000		63,850
China South City Holdings Ltd.		2,090,000		191,446
China Suntien Green Energy Corp. Ltd., Class H		665,000		145,852
China Tian Lun Gas Holdings Ltd.		86,000		60,137
China Travel International Investment Hong Kong Ltd.		762,000		95,361
China Water Affairs Group Ltd.(b)		262,000		174,757
China Youzan Ltd.(a)(b)		3,420,000		348,574
China ZhengTong Auto Services Holdings Ltd.(b)		341,000		43,114
China Zhongwang Holdings Ltd.		532,000		100,209
Chinasoft International Ltd.(b)		622,000		309,756
CIMC Enric Holdings Ltd.		192,000		79,515
CITIC Resources Holdings Ltd.		1,140,000		35,299
COFCO Meat Holdings Ltd.(a)		406,000		105,808
Colour Life Services Group Co. Ltd.(b)		122,000		54,775
Concord New Energy Group Ltd.		3,800,000		139,724
Consun Pharmaceutical Group Ltd.		95,000		40,446
COSCO SHIPPING International Hong Kong Co. Ltd.		38,000		10,982
Cosmo Lady China Holdings Co. Ltd.(a)(c)		285,000		33,460
Cosmopolitan International Holdings Ltd.(a)		380,000		80,893
CPMC Holdings Ltd.		285,000		107,367
Daqo New Energy Corp., ADR(a)		2,850		145,835
Dawnrays Pharmaceutical Holdings Ltd.		256,000		30,716
Dexin China Holdings Co. Ltd.		380,000		147,568
Digital China Holdings Ltd.		226,000		121,295
Dongyue Group Ltd.(b)		475,000		188,750
E-House China Enterprise Holdings Ltd.		171,000		175,170

Security	Shares		Value
China (continued)
Ever Sunshine Lifestyle Services Group Ltd.(b)		148,000	$	232,187
Fanhua Inc., ADR		13,775		258,832
Fantasia Holdings Group Co. Ltd.		381,000		65,868
FinVolution Group		32,255		49,028
Fu Shou Yuan International Group Ltd.		304,000		283,174
Fufeng Group Ltd.		492,400		155,007
GCL-Poly Energy Holdings Ltd.(a)		4,119,000		118,506
Gemdale Properties & Investment Corp. Ltd.		1,710,000		253,709
Genertec Universal Medical Group Co. Ltd.(b)(c)		322,500		178,912
Glory Sun Financial Group Ltd.(a)		4,200,000		149,013
Goodbaby International Holdings Ltd.(a)		170,000		13,818
Grand Baoxin Auto Group Ltd.(a)		258,500		28,681
Greenland Hong Kong Holdings Ltd.		295,000		95,910
Guorui Properties Ltd.		362,000		52,308
Haichang Ocean Park Holdings Ltd.(a)(c)		489,000		33,437
Hangzhou Steam Turbine Co. Ltd., Class B		87,280		85,917
Harbin Electric Co. Ltd., Class H(a)		210,000		54,458
HC Group Inc.(a)		120,500		18,656
Hebei Construction Group Corp. Ltd.		142,500		124,465
HengTen Networks Group Ltd.(a)(b)		6,840,000		133,252
Hi Sun Technology China Ltd.(a)		1,140,000		111,779
Honghua Group Ltd.(a)		333,000		8,421
Hope Education Group Co. Ltd.(c)		760,000		252,974
Hua Han Health Industry Holdings Ltd.(a)(d)		1,112,400		30,609
Huabao International Holdings Ltd.		293,000		102,442
Huami Corp., ADR(a)(b)		7,220		67,868
iDreamSky Technology Holdings Ltd.(a)(c)		152,000		82,952
IGG Inc.(b)		310,000		187,576
IMAX China Holding Inc.(c)		38,100		50,138
Jianpu Technology Inc., ADR(a)(b)		3,454		2,205
Jiayuan International Group Ltd.		354,000		141,125
Jinchuan Group International Resources Co. Ltd.		870,000		62,856
JinkoSolar Holding Co. Ltd., ADR(a)(b)		9,615		152,013
Jiumaojiu International Holdings Ltd.(a)(c)		95,000		151,490
JNBY Design Ltd.		68,500		58,681
Kasen International Holdings Ltd.(a)		70,000		7,315
Konka Group Co. Ltd., Class B		142,500		43,388
Lifetech Scientific Corp.(a)		888,000		195,908
Lonking Holdings Ltd.		606,000		204,059
Luthai Textile Co. Ltd., Class B		58,900		34,728
LVGEM China Real Estate Investment Co. Ltd.(b)		382,000		116,310
Maoyan Entertainment(a)(c)		133,000		202,820
Meitu Inc.(a)(b)(c)		609,500		113,234
MMG Ltd.(a)		680,000		117,559
Mobvista Inc.(c)		89,000		63,612
National Agricultural Holdings Ltd.(b)(d)		354,000		19,022
NetDragon Websoft Holdings Ltd.(b)		63,500		157,624
Nexteer Automotive Group Ltd		285,000		154,799
Niu Technologies, SP ADR(a)		9,975		106,234
NOVA Group Holdings Ltd.(b)		480,000		15,482
OneSmart International Education Group Ltd., ADR(a)(b)		21,850		80,408
Panda Green Energy Group Ltd.(a)		1,476,000		25,898
PAX Global Technology Ltd.		257,000		99,471
Phoenix Media Investment Holdings Ltd.		316,000		12,027
Poly Property Group Co. Ltd.		760,000		242,188
Pou Sheng International Holdings Ltd.		646,000		125,016
Powerlong Commercial Management Holdings Ltd.		47,500		94,988
Q Technology Group Co. Ltd.(a)(b)		120,000		150,948
Qudian Inc., ADR(a)(b)		57,711		86,567
Qutoutiao Inc., ADR(a)(b)		19,396		46,162

2

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Realord Group Holdings Ltd.(a)(b)		250,000	$	145,143
Redco Properties Group Ltd.(c)		280,000		124,268
Redsun Properties Group Ltd.		380,000		132,860
Road King Infrastructure Ltd.		69,000		89,555
Ronshine China Holdings Ltd.		181,500		162,041
Sany Heavy Equipment International Holdings Co. Ltd.		311,000		151,267
Shandong Airlines Co. Ltd., Class B		50,400		39,470
Shanghai Fudan Microelectronics Group Co. Ltd.,
Class H(a)(b)		92,000		60,534
Shanghai Haohai Biological Technology Co. Ltd., Class H(a)(c)		13,000		53,251
Shanghai Industrial Urban Development Group Ltd.		570,000		52,213
Shanghai Jin Jiang Capital Co. Ltd., Class H		570,000		104,425
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		23,800		15,446
Shanghai Kindly Medical Instruments Co. Ltd.		12,800		92,478
Sheng Ye Capital Ltd.(b)		124,000		108,786
Shougang Fushan Resources Group Ltd.		788,000		145,380
Sihuan Pharmaceutical Holdings Group Ltd.		1,425,000		139,724
Silver Grant International Holdings Group Ltd.(a)		380,000		49,026
Sinopec Kantons Holdings Ltd.		284,000		100,761
Skyfame Realty Holdings Ltd.		1,074,000		141,334
Skyworth Group Ltd.		574,000		148,110
SMI Holdings Group Ltd.(a)(d)		468,800		82,892
Sohu.com Ltd., ADR(a)		10,376		69,519
Superb Summit International Group Ltd.(a)(b)(d)		238,250		213
TCL Electronics Holdings Ltd.		380,000		160,805
Texhong Textile Group Ltd.		100,000		68,765
Tian Ge Interactive Holdings Ltd.(a)(c)		141,000		17,100
Tiangong International Co. Ltd.		316,000		90,099
Tianjin Development Holdings Ltd.		224,000		37,858
Tianjin Port Development Holdings Ltd.		286,000		17,527
Tianli Education International Holdings Ltd.		361,000		229,147
Tianneng Power International Ltd.(b)		226,000		228,595
Times Neighborhood Holdings Ltd		190,000		220,617
Tong Ren Tang Technologies Co. Ltd., Class H		179,000		133,944
Tongda Group Holdings Ltd.		1,190,000		65,250
Towngas China Co. Ltd.		380,000		175,023
Truly International Holdings Ltd.(a)		190,000		17,649
Wasion Holdings Ltd.		170,000		54,832
Weimob Inc.(a)(c)		380,000		373,578
West China Cement Ltd.		570,000		105,896
Wisdom Education International Holdings Co. Ltd.		236,000		86,471
Wise Talent Information Technology Co. Ltd.(a)		57,000		135,312
X Financial, ADR(a)		10,980		7,575
Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)		142,500		163,808
Xiamen International Port Co. Ltd., Class H		464,000		34,122
Xingda International Holdings Ltd.		475,000		106,019
Xtep International Holdings Ltd.		343,000		110,631
Yadea Group Holdings Ltd.(c)		342,000		173,405
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(c)		37,800		133,868
Yixin Group Ltd.(a)(c)		600,000		127,725
Yuexiu REIT		483,000		216,855
Yuexiu Transport Infrastructure Ltd.		318,000		211,699
Zhou Hei Ya International Holdings Co. Ltd.(c)		191,500		100,061
Zhuguang Holdings Group Co. Ltd.(a)(b)		898,000		122,807
				20,590,863

Security	Shares		Value
Colombia — 0.3%
Cementos Argos SA		128,924	$	121,530
Corp. Financiera Colombiana SA(a)		25,620		179,404
Grupo Argos SA		93,005		217,924
				518,858
Cyprus — 0.4%
TCS Group Holding PLC		35,055		621,788
Czech Republic — 0.1%
Central European Media Enterprises Ltd. , Class A(a)		38,165		156,123
Egypt — 0.4%
Cleopatra Hospital(a)		325,755		105,218
Egyptian Financial Group-Hermes Holding Co.		182,859		124,558
Heliopolis Housing		178,272		52,222
Juhayna Food Industries		183,976		87,194
Medinet Nasr Housing		284,527		44,950
Oriental Weavers		95		31
Palm Hills Developments SAE(a)		486,901		33,260
Six of October Development & Investment		76,514		46,149
Talaat Moustafa Group		296,414		95,740
Telecom Egypt Co		99,508		68,736
				658,058
Greece — 1.3%
Aegean Airlines SA		5,457		25,980
Alpha Bank AE(a)		420,375		259,520
Athens Water Supply & Sewage Co. SA		11,305		89,661
Eurobank Ergasias Services and Holdings SA, Series A(a) .		795,720		336,345
GEK Terna Holding Real Estate Construction SA(a)		19,570		129,524
Hellenic Exchanges-Athens Stock Exchange SA		33,630		130,368
Holding Co. ADMIE IPTO SA		20,520		53,411
LAMDA Development SA(a)		15,818		109,970
Mytilineos SA		30,717		243,276
National Bank of Greece SA(a)		167,485		225,239
Piraeus Bank SA(a)(b)		86,413		136,012
Public Power Corp. SA(a)(b)		34,109		128,241
Sarantis SA		7,410		66,682
Terna Energy SA		12,825		143,229
Titan Cement International SA		13,205		165,981
				2,243,439
Hong Kong — 0.0%
Shougang Concord International Enterprises Co. Ltd.		473,200		78,755
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		145,255		183,342
India — 11.1%
Aarti Industries Ltd.		14,100		182,021
Aarti Surfactants Ltd.(a)		853		5,425
Aavas Financiers Ltd.(a)		7,630		103,447
Adani Enterprises Ltd.		41,990		82,379
Adani Power Ltd.(a)		240,171		115,613
Adani Transmission Ltd.(a)		45,193		103,933
Aditya Birla Fashion and Retail Ltd.(a)		63,097		100,049
Aegis Logistics Ltd.		29,705		69,002
AIA Engineering Ltd.		12,952		284,994
Ajanta Pharma Ltd.		7,220		145,510
Alembic Pharmaceuticals Ltd.		13,680		157,603
Apollo Hospitals Enterprise Ltd.		25,557		458,626
Apollo Tyres Ltd.		144,685		185,792
Arvind Fashions Ltd.(a)		864		1,433
Ashok Leyland Ltd.		417,050		234,127

3

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Astral Poly Technik Ltd.		19,130	$	222,022
Atul Ltd.		5,274		314,736
AU Small Finance Bank Ltd.(c)		44,417		230,026
Avanti Feeds Ltd.		95		520
Bajaj Consumer Care Ltd.(a)		21,362		37,418
Balkrishna Industries Ltd.		24,727		352,807
Balrampur Chini Mills Ltd.		40,885		53,934
Bata India Ltd.		10,675		187,139
Bayer CropScience Ltd./India		3,610		256,606
Bharat Heavy Electricals Ltd.		286,615		106,131
Birla Corp. Ltd.		7,078		48,534
Blue Dart Express Ltd.		1,975		52,314
Can Fin Homes Ltd.		10,884		39,907
Century Textiles & Industries Ltd.		11,201		42,306
CESC Ltd.		19,570		142,952
Chalet Hotel Ltd.(a)		9,482		12,590
Cholamandalam Financial Holdings Ltd.(a)		25,435		82,528
Cholamandalam Investment and Finance Co. Ltd.		81,605		152,923
City Union Bank Ltd.		93,115		166,980
Coforge Ltd.		5,890		113,078
Coromandel International Ltd.		22,515		191,843
CRISIL Ltd.		6,246		114,506
Crompton Greaves Consumer Electricals Ltd.		173,755		515,523
Cummins India Ltd.		28,405		141,375
Dalmia Bharat Ltd.(a)		14,745		108,194
DCB Bank Ltd.		58,577		47,990
Dilip Buildcon Ltd.(c)		10,078		34,712
Dish TV India Ltd.(a)		91,797		5,159
Dr Lal PathLabs Ltd.(c)		8,972		181,852
eClerx Services Ltd.		4,408		23,114
Edelweiss Financial Services Ltd.		134,878		82,140
Emami Ltd.		37,905		97,675
Endurance Technologies Ltd.(c)		10,512		100,934
Engineers India Ltd.		95		80
Eris Lifesciences Ltd.(c)		13,631		90,124
Escorts Ltd.		17,769		212,254
Exide Industries Ltd.		87,875		189,309
Federal Bank Ltd.		494,095		293,388
Fortis Healthcare Ltd.(a)		143,885		220,062
Future Consumer Ltd.(a)		159,914		17,976
Future Lifestyle Fashions Ltd.		18,119		36,578
GE T&D India Ltd.		20,843		16,304
Gillette India Ltd.		2,755		175,692
Glenmark Pharmaceuticals Ltd.		43,900		206,129
GMR Infrastructure Ltd.(a)		95		24
Godrej Industries Ltd.		38,285		161,335
Godrej Properties Ltd.(a)		18,818		171,316
Granules India Ltd.		47,690		108,005
Gujarat Fluorochemicals Ltd.(a)		95		369
Gujarat Gas Ltd.		51,177		162,804
Gujarat State Petronet Ltd.		59,185		154,584
HEG Ltd.		95		957
Hemisphere Properties India Ltd.(a)		28,290		57,604
Hexaware Technologies Ltd.		39,652		133,063
ICICI Securities Ltd.(c)		19,344		97,492
IDFC First Bank Ltd.(a)		611,716		178,783
IDFC Ltd.		235,361		44,354
IIFL Finance Ltd.		39,997		33,297
IIFL Wealth Management Ltd.		8,273		92,406
India Cements Ltd. (The)		53,485		88,804

Security	Shares		Value
India (continued)
Indiabulls Housing Finance Ltd.		82,804	$	133,761
Indiabulls Real Estate Ltd.(a)		69,331		39,059
Indiabulls Ventures Ltd.		57,579		53,759
IndiaMART Intermesh Ltd.		2,370		77,648
Indian Hotels Co. Ltd. (The)		189,810		189,769
Ipca Laboratories Ltd.		4,485		88,649
IRB Infrastructure Developers Ltd.(a)		48,382		38,710
Jindal Steel & Power Ltd.(a)		130,544		209,844
JK Cement Ltd.		9,293		143,580
JM Financial Ltd.		73,913		62,461
JSW Energy Ltd.		113,064		59,884
Jubilant Life Sciences Ltd.		24,216		141,598
Just Dial Ltd.(a)		12,359		64,160
Kajaria Ceramics Ltd.		20,273		91,691
Karur Vysya Bank Ltd. (The)		109,857		33,633
Kaveri Seed Co. Ltd.		10,004		52,695
KEC International Ltd.		19,960		51,922
KEI Industries Ltd.		13,433		49,581
KRBL Ltd.		18,207		45,110
L&T Technology Services Ltd.(c)		6,761		104,728
Laurus Labs Ltd.(c)		13,487		83,553
Lemon Tree Hotels Ltd.(a)(c)		118,433		28,192
Mahanagar Gas Ltd.		13,585		174,735
Mahindra & Mahindra Financial Services Ltd.		83,505		154,274
Mahindra CIE Automotive Ltd.(a)		38,351		47,472
Manappuram Finance Ltd.		77,501		128,321
Max Financial Services Ltd.(a)		45,963		291,979
Minda Industries Ltd.		29,925		114,609
Mindtree Ltd.		12,635		149,482
Motilal Oswal Financial Services Ltd.		11,414		78,485
Mphasis Ltd.		25,270		287,719
Multi Commodity Exchange of India Ltd.		8,647		151,867
Natco Pharma Ltd.		26,803		205,499
National Aluminium Co. Ltd.		163,526		63,580
Navin Fluorine International Ltd.		2,094		43,355
NBCC India Ltd.		154,471		35,341
Nippon Life India Asset Management Ltd.(c)		28,277		95,433
Oberoi Realty Ltd.		18,745		79,277
Oil India Ltd.		68,069		76,291
Persistent Systems Ltd.		12,563		87,316
Pfizer Ltd.		1,787		95,442
Phoenix Mills Ltd. (The)		18,225		126,608
PI Industries Ltd.		17,785		362,021
PNB Housing Finance Ltd.(c)		19,404		45,164
Polycab India Ltd.(a)		12,002		107,836
Power Finance Corp. Ltd.		3,870		3,849
Prestige Estates Projects Ltd.		37,413		77,407
Procter & Gamble Health Ltd.(a)		1,403		76,264
PVR Ltd.		10,220		121,897
Quess Corp. Ltd.(a)(c)		18,493		53,951
Radico Khaitan Ltd.		21,850		95,429
Rain Industries Ltd.		11,425		10,931
Rajesh Exports Ltd.		24,189		156,011
Ramco Cements Ltd. (The)		20,710		165,316
Raymond Ltd.		4,998		14,816
RBL Bank Ltd.(c)		106,615		169,899
Redington India Ltd.		85,885		98,474
Relaxo Footwears Ltd.		8,315		74,396
Sadbhav Engineering Ltd.		24,723		12,964
Sanofi India Ltd.		1,888		193,069

4

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Schaeffler India Ltd.		3,325	$	140,576
Sobha Ltd.		14,901		38,279
Spandana Sphoorty Financial Ltd.(a)		5,989		38,017
SpiceJet Ltd.(a)		51,967		30,170
SRF Ltd.		4,427		204,157
Sterlite Technologies Ltd.		33,573		42,423
Strides Pharma Science Ltd.		13,644		71,895
Sundaram Finance Ltd.		9,982		167,275
Sunteck Realty Ltd.		19,285		40,207
Supreme Industries Ltd.		12,275		165,523
Syngene International Ltd.(c)		34,304		162,002
Tata Chemicals Ltd.		23,422		94,922
Tata Communications Ltd.		21,671		136,618
Tata Elxsi Ltd.		5,804		58,711
Tata Power Co. Ltd. (The)		348,270		168,340
TeamLease Services Ltd.(a)		3,390		66,505
Thermax Ltd.		9,183		86,315
Timken India Ltd.		5,225		58,824
Torrent Power Ltd.		39,082		164,590
TTK Prestige Ltd		2,755		170,232
Tube Investments of India Ltd.		24,060		116,933
Vakrangee Ltd.		140,874		49,090
Varun Beverages Ltd.		23,807		198,868
V-Guard Industries Ltd.		63,080		147,697
Vinati Organics Ltd.		9,648		129,710
VIP Industries Ltd.		13,017		37,467
V-Mart Retail Ltd.		2,959		62,398
Vodafone Idea Ltd.(a)		2,495,194		216,138
Voltas Ltd.		34,010		215,958
WABCO India Ltd.		1,805		165,354
Welspun Corp. Ltd.		6,723		5,330
Yes Bank Ltd.		100		35
Yes Bank Ltd., New		433,083		110,680
				19,165,520
Indonesia — 2.0%
AKR Corporindo Tbk PT		536,400		86,279
Alam Sutera Realty Tbk PT(a)		2,442,000		17,717
Aneka Tambang Tbk		2,591,000		94,879
Astra Agro Lestari Tbk PT		171,000		86,612
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		750,700		39,051
Bank Tabungan Negara Persero Tbk PT		1,729,000		89,941
Bank Tabungan Pensiunan Nasional Syariah Tbk PT		666,400		131,364
Bintang Oto Global Tbk PT(a)		648,800		69,942
Bukit Asam Tbk PT		1,130,500		150,501
Bumi Resources Tbk PT(a)		19,161,100		65,575
Bumi Serpong Damai Tbk PT(a)		2,983,000		129,651
Ciputra Development Tbk PT		3,068,763		120,776
Global Mediacom Tbk PT(a)		1,874,900		24,254
Hanson International Tbk PT(a)(d)		25,794,200		60,106
Indika Energy Tbk PT		432,700		18,955
Indo Tambangraya Megah Tbk PT		123,600		68,526
Indosat Tbk PT(a)		414,400		57,296
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		1,045,000		87,262
Inti Agri Resources Tbk PT(a)(d)		12,327,500		28,956
Japfa Comfeed Indonesia Tbk PT		1,114,300		68,643
Jasa Marga Persero Tbk PT		646,000		156,968
Kresna Graha Investama Tbk PT(a)		3,646,600		17,222
Lippo Karawaci Tbk PT(a)		9,105,400		114,674
Matahari Department Store Tbk PT(a)		726,300		72,083

Security	Shares		Value
Indonesia (continued)
Medco Energi Internasional Tbk PT(a)		1,620,366	$	48,799
Media Nusantara Citra Tbk PT		1,612,700		93,826
Mitra Adiperkasa Tbk PT		2,640,100		131,011
Pabrik Kertas Tjiwi Kimia Tbk PT		370,500		100,677
Pacific Strategic Financial Tbk PT(a)		1,486,600		105,313
Pakuwon Jati Tbk PT		5,548,000		137,466
Panin Financial Tbk PT(a)		4,299,500		49,440
Pelayaran Tamarin Samudra Tbk PT(a)		2,499,900		10,609
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		974,800		46,038
PP Persero Tbk PT		976,925		48,478
PP Properti Tbk PT		7,401,569		25,330
Ramayana Lestari Sentosa Tbk PT		952,100		37,146
Sawit Sumbermas Sarana Tbk PT		1,444,000		82,528
Sentul City Tbk PT(a)		7,844,000		26,845
Sitara Propertindo Tbk PT(a)(d)		2,167,400		20,000
Sri Rejeki Isman Tbk PT		293,200		2,850
Sugih Energy Tbk PT(a)(d)		1,824,800		500
Summarecon Agung Tbk PT		2,617,800		83,139
Surya Citra Media Tbk PT		1,853,200		126,845
Timah Tbk PT		299,296		9,096
Tower Bersama Infrastructure Tbk PT		2,794,800		202,771
Tunas Baru Lampung Tbk PT		319,100		10,877
Waskita Karya Persero Tbk PT		1,536,200		64,140
Wijaya Karya Persero Tbk PT		1,004,348		74,587
				3,395,544
Malaysia — 3.6%
Aeon Co. M Bhd		243,000		56,453
AEON Credit Service M Bhd(b)		47,500		98,114
AirAsia Group Bhd		617,500		98,005
Alliance Bank Malaysia Bhd		275,700		133,173
Axis Real Estate Investment Trust		265,500		126,414
Berjaya Sports Toto Bhd		237,500		120,184
Bermaz Auto Bhd		260,200		74,813
BIMB Holdings Bhd		161,500		132,989
British American Tobacco Malaysia Bhd		42,444		107,977
Bursa Malaysia Bhd		169,150		297,642
Cahya Mata Sarawak Bhd		171,000		66,866
DRB-Hicom Bhd(b)		262,200		99,512
Ekovest Bhd(b)		443,800		61,249
FGV Holdings Bhd(a)		500,500		117,426
Frontken Corp. Bhd		225,000		125,762
Globetronics Technology Bhd		195,066		87,942
Hibiscus Petroleum Bhd(a)		21,400		2,756
IGB REIT		503,500		202,674
Inari Amertron Bhd		756,950		259,426
IOI Properties Group Bhd		380,000		94,399
Kossan Rubber Industries		161,500		323,186
KPJ Healthcare Bhd		713,700		146,926
Magnum Bhd		285,000		147,499
Mah Sing Group Bhd		279,857		29,933
Malakoff Corp. Bhd		475,000		96,147
Malaysia Building Society Bhd		478,700		72,672
Malaysian Pacific Industries Bhd		29,500		74,641
Malaysian Resources Corp. Bhd		610,900		78,690
Mega First Corp Bhd		85,500		131,372
My EG Services Bhd(b)		581,400		180,538
Padini Holdings Bhd(b)		110,800		62,440
Pavilion REIT		201,300		77,325
Pentamaster Corp. Bhd(a)		117,500		138,649

5

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Pos Malaysia Bhd		70,200	$	17,762
Sapura Energy Bhd(a)		2,318,000		50,652
Scientex Bhd(b)		90,000		171,409
Serba Dinamik Holdings Bhd		427,620		158,360
Sime Darby Property Bhd		737,000		115,275
SKP Resources Bhd		253,400		62,949
SP Setia Bhd Group		477,200		104,825
Sunway Bhd		90,000		27,740
Sunway Construction Group Bhd		190,020		82,171
Sunway REIT		482,100		177,426
Supermax Corp. Bhd(a)		218,592		387,155
Syarikat Takaful Malaysia Keluarga Bhd		73,800		72,994
TIME dotCom Bhd		114,000		280,575
UMW Holdings Bhd		98,600		47,401
Velesto Energy Bhd(a)		862,700		30,758
ViTrox Corp. Bhd		60,500		119,678
VS Industry Bhd(b)		450,425		91,691
WCT Holdings Bhd(a)		147,715		18,178
Yinson Holdings Bhd(b)		175,000		225,417
				6,166,210
Mexico — 2.2%
Alpek SAB de CV		47,500		33,291
Alsea SAB de CV(a)		152,000		128,786
Banco del Bajio SA(c)		223,500		204,212
Bolsa Mexicana de Valores SAB de CV		131,600		252,677
Concentradora Fibra Danhos SA de CV		83,000		76,850
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		200,700		99,217
Corp Inmobiliaria Vesta SAB de CV		178,600		244,458
Genomma Lab Internacional SAB de CV, Class B(a)		209,100		190,961
Gentera SAB de CV		324,000		134,111
Grupo Aeromexico SAB de CV(a)		5,400		1,547
Grupo Aeroportuario del Centro Norte SAB de CV		98,700		435,302
Grupo Cementos de Chihuahua SAB de CV		52,300		192,399
Grupo Comercial Chedraui SA de CV		103,000		128,647
Grupo Herdez SAB de CV(b)		72,000		114,232
La Comer SAB de CV(b)		153,900		189,300
Macquarie Mexico Real Estate Management SA de CV(c)		237,600		254,137
PLA Administradora Industrial S. de RL de CV(b)		240,500		300,927
Prologis Property Mexico SA de CV		138,131		263,220
Qualitas Controladora SAB de CV		47,500		189,229
Regional SAB de CV(a)		57,000		158,613
Telesites SAB de CV(a)(b)		402,400		259,663
				3,851,779
Pakistan — 0.6%
Bank Alfalah Ltd.		207,850		36,796
Engro Corp. Ltd./Pakistan		101,930		182,806
Engro Fertilizers Ltd.		181,000		66,534
Fauji Fertilizer Co. Ltd.		161,000		108,426
Hub Power Co. Ltd. (The)(a)		240,904		115,782
Indus Motor Co. Ltd.		4,180		25,038
Lucky Cement Ltd.		45,350		128,369
Millat Tractors Ltd.		9,518		43,570
Nishat Mills Ltd.		14,888		6,807
Pakistan Oilfields Ltd.		33,800		65,889
Pakistan Petroleum Ltd.		114,049		65,740
Pakistan State Oil Co. Ltd.		60,008		58,434
Searle Co. Ltd. (The)		31,847		39,335

Security	Shares		Value
Pakistan (continued)
United Bank Ltd./Pakistan		143,800	$	84,914
				1,028,440
Philippines — 0.8%
Alliance Global Group Inc.(a)		1,197,900		141,987
Bloomberry Resorts Corp.		1,179,900		144,516
Cebu Air Inc.		72,570		51,682
Cosco Capital Inc.		500		48
D&L Industries Inc.		1,024,300		92,070
DMCI Holdings Inc.		1,330,000		103,520
DoubleDragon Properties Corp.(a)		247,110		78,204
First Gen Corp.		375,000		151,126
Manila Water Co. Inc.		372,800		82,632
Petron Corp.		1,017,200		56,667
Pilipinas Shell Petroleum Corp.		126,700		42,851
Security Bank Corp.		79,800		128,796
Semirara Mining & Power Corp.		297,600		64,788
Vista Land & Lifescapes Inc.		1,330,100		85,397
Wilcon Depot Inc.		502,300		150,829
				1,375,113
Poland — 1.3%
Alior Bank SA(a)(b)		30,115		107,661
Asseco Poland SA		15,960		290,964
Bank Handlowy w Warszawie SA		8,930		82,404
Bank Millennium SA(a)		194,940		121,028
Budimex SA		3,422		193,140
CCC SA		9,215		111,408
Ciech SA(a)		9,500		89,681
Enea SA(a)		66,706		97,538
Eurocash SA(b)		24,840		113,524
Famur SA		84,530		52,143
Grupa Azoty SA(a)		13,395		104,037
Jastrzebska Spolka Weglowa SA		14,485		59,815
KRUK SA		5,370		134,042
Neuca SA		665		84,865
PLAY Communications SA(c)		36,195		257,076
Tauron Polska Energia SA(a)(b)		330,981		102,083
TEN Square Games SA		1,045		132,576
Warsaw Stock Exchange		8,913		90,929
				2,224,914
Qatar — 1.1%
Aamal Co.		479,845		86,094
Al Meera Consumer Goods Co. QSC		19,570		94,061
Baladna		275,310		90,221
Doha Bank QPSC(a)		458,280		252,806
Gulf International Services QSC(a)		281,755		103,644
Gulf Warehousing Co.		95,950		133,347
Medicare Group		48,436		88,914
Qatar Aluminum Manufacturing Co.		873,810		152,722
Qatar Insurance Co. SAQ		434,340		239,719
Qatar National Cement Co. QSC		61,050		63,521
Qatar Navigation QSC		165,775		260,175
United Development Co. QSC		528,751		168,511
Vodafone Qatar QSC		529,910		148,620
				1,882,355
Russia — 0.9%
Aeroflot PJSC		150,706		166,533
Credit Bank of Moscow PJSC		3,363,000		257,791
Detsky Mir PJSC(c)		135,500		189,934
LSR Group PJSC, GDR(f)		74,691		120,701

6

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
M.Video PJSC		1,093	$	5,261
Mechel PJSC, ADR(a)		33,104		59,918
Mosenergo PJSC		3,124,000		89,707
Rostelecom PJSC(a)		257,450		302,200
Safmar Financial Investment		3,710		20,818
Sistema PJSFC, GDR(f)		51,300		216,999
TMK PJSC, GDR(f)		26,410		86,757
Unipro PJSC		3,530,000		136,770
				1,653,389
Saudi Arabia — 2.6%
Al Hammadi Co. for Development and Investment(a)		21,096		114,803
Al Rajhi Co for Cooperative Insurance(a)		5,483		80,264
Aldrees Petroleum and Transport Services Co.		8,988		137,443
Arabian Cement Co./Saudi Arabia		14,974		96,562
Arriyadh Development Co.		31,082		107,408
City Cement Co.		33,099		123,023
Dallah Healthcare Co.		9,170		111,532
Dur Hospitality Co.		13,775		78,786
Eastern Province Cement Co.		14,125		99,927
Fawaz Abdulaziz Al Hokair & Co.(a)		22,451		108,981
Herfy Food Services Co.		6,890		80,520
Leejam Sports Co. JSC		8,481		127,844
Maharah Human Resources Co.		7,600		128,832
Middle East Healthcare Co.(a)		11,210		77,780
Mobile Telecommunications Co.(a)		81,605		238,475
Mouwasat Medical Services Co.		14,060		323,651
National Agriculture Development Co. (The)(a)		17,725		109,576
National Gas & Industrialization Co.		11,400		86,698
National Medical Care Co.		6,365		65,465
Qassim Cement Co. (The)		14,274		189,534
Saudi Ceramic Co.(a)		9,690		73,298
Saudi Chemical Co. Holding(a)		16,376		92,414
Saudi Ground Services Co.		26,885		207,754
Saudi Pharmaceutical Industries & Medical Appliances Corp.		20,879		155,094
Saudi Public Transport Co.(a)		21,831		81,380
Saudi Real Estate Co.(a)		25,556		78,438
Saudi Research & Marketing Group(a)		11,476		183,607
Saudia Dairy & Foodstuff Co.		4,845		216,729
Seera Group Holding		47,025		198,071
Southern Province Cement Co.		19,678		243,621
United Electronics Co.		10,204		132,160
United International Transportation Co.		10,611		79,398
Yamama Cement Co.		33,740		169,472
Yanbu Cement Co.		25,291		181,674
				4,580,214
South Africa — 3.4%
Adcock Ingram Holdings Ltd.		17,114		42,179
AECI Ltd.		34,781		143,034
African Rainbow Minerals Ltd.		31,624		302,706
Alexander Forbes Group Holdings Ltd.		289,752		65,578
Allied Electronics Corp. Ltd.		63,745		75,137
Astral Foods Ltd.		11,687		102,209
Attacq Ltd.		187,060		50,931
AVI Ltd.		95,475		389,872
Barloworld Ltd.		60,708		231,716
Brait SE(a)(b)		268,376		39,732
City Lodge Hotels Ltd.		14,168		18,066
Coronation Fund Managers Ltd.(b)		63,030		136,968

Security	Shares		Value
South Africa (continued)
Curro Holdings Ltd.		7,705	$	3,225
Dis-Chem Pharmacies Ltd.(c)		93,290		97,791
DRDGOLD Ltd.		127,965		128,477
Equites Property Fund Ltd.		149,451		138,096
Fortress REIT Ltd., Series A		346,465		218,143
Foschini Group Ltd. (The)		70,300		249,068
Harmony Gold Mining Co. Ltd.(a)		137,690		448,306
Imperial Logistics Ltd.		47,264		104,128
Investec Ltd.		77,425		133,554
Investec Property Fund Ltd.		101,705		50,364
JSE Ltd.		26,969		182,807
KAP Industrial Holdings Ltd.		839,964		102,914
Liberty Holdings Ltd.		30,305		106,578
Massmart Holdings Ltd.(a)(b)		31,014		37,594
Motus Holdings Ltd.(a)		49,308		77,167
Murray & Roberts Holdings Ltd.		29,061		6,791
Nampak Ltd.(a)		76,040		4,960
Netcare Ltd.		354,334		286,008
Ninety One Ltd.(a)		42,560		105,015
Oceana Group Ltd.		25,588		84,183
Redefine Properties Ltd.		1,666,965		181,546
Resilient REIT Ltd.		84,115		177,730
Reunert Ltd.		50,938		126,063
Royal Bafokeng Platinum Ltd.(a)		36,599		72,494
Sappi Ltd.(a)		164,595		236,489
Steinhoff International Holdings NV(a)(b)		1,251,150		71,679
Stor-Age Property REIT Ltd.		128,155		94,502
Sun International Ltd./South Africa(a)		812		384
Super Group Ltd./South Africa(a)		115,776		111,314
Telkom SA SOC Ltd.		91,295		92,696
Tongaat Hulett Ltd.(a)		45,086		15,472
Transaction Capital Ltd.		153,900		149,365
Truworths International Ltd.		122,623		217,918
Vukile Property Fund Ltd.		235,347		82,367
Wilson Bayly Holmes-Ovcon Ltd.		15,984		86,858
Zeder Investments Ltd.		317,829		33,893
				5,914,067
South Korea — 17.6%
ABLBio Inc.(a)		7,893		116,631
Advanced Process Systems Corp.		4,027		81,616
Aekyung Industrial Co. Ltd.		2,203		44,471
AfreecaTV Co. Ltd.		2,671		127,031
Ahnlab Inc.		2,314		103,326
AK Holdings Inc.		1,824		31,960
Alteogen Inc.(a)		2,756		537,870
Amicogen Inc.(a)		5,126		117,342
Ananti Inc.(a)		16,435		137,351
Anterogen Co. Ltd.(a)		1,805		92,403
Aprogen KIC Inc.(a)		20,586		50,615
Asiana Airlines Inc.(a)		36,018		117,641
BGF Co. Ltd.		95		344
BH Co. Ltd.(a)		7,167		100,984
Binex Co. Ltd.(a)		9,035		90,828
Binggrae Co. Ltd.		1,900		96,807
Boditech Med Inc.		4,352		77,485
Boryung Pharmaceutical Co. Ltd.		7,287		86,789
Bukwang Pharmaceutical Co. Ltd.		9,405		200,486
Cafe24 Corp.(a)		2,097		96,007
Cellivery Therapeutics Inc.(a)		1,550		109,512
Chabiotech Co. Ltd.(a)		13,033		213,104

7

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Chong Kun Dang Pharmaceutical Corp.		2,660	$	202,757
Chongkundang Holdings Corp.		771		74,395
Chunbo Co. Ltd.		1,330		100,734
CJ CGV Co. Ltd.(a)		4,272		79,855
CMG Pharmaceutical Co. Ltd.(a)		34,203		112,542
Com2uSCorp.		3,144		269,098
Cosmax Inc.		2,213		157,963
CrystalGenomics Inc.(a)(b)		12,889		129,051
Cuckoo Homesys Co. Ltd.		2,432		79,434
Dae Hwa Pharmaceutical Co. Ltd.		1,770		15,578
Daea TI Co. Ltd.		19,901		94,005
Daeduck Co. Ltd.		6,461		34,850
Daeduck Electronics Co. Ltd./New(a)		11,167		83,497
Daesang Corp.		6,979		141,445
Daewoong Co. Ltd.		7,410		103,212
Daewoong Pharmaceutical Co. Ltd.		1,492		123,485
Daishin Securities Co. Ltd.		12,343		98,668
Daou Technology Inc.		9,083		134,215
DB HiTek Co. Ltd.		11,323		261,486
Dentium Co. Ltd.(a)		2,534		83,583
DGB Financial Group Inc.		48,546		206,187
DIO Corp.(a)		3,675		81,011
Dong-A Socio Holdings Co. Ltd.		1,615		117,234
Dong-A ST Co. Ltd.		1,855		130,013
Dongjin Semichem Co. Ltd.		10,535		152,268
DongKook Pharmaceutical Co. Ltd.		1,635		127,267
Dongkuk Steel Mill Co. Ltd.(a)		20,972		72,224
Dongsuh Cos. Inc.		10,523		141,898
Dongsung Pharmaceutical Co. Ltd.(a)		6,216		64,747
Dongwon F&B Co. Ltd.		355		56,183
Dongwon Industries Co. Ltd.		570		104,017
Doosan Heavy Industries & Construction Co. Ltd.(a)		37,408		129,280
Doosan Infracore Co. Ltd.(a)		42,085		176,706
Doosan Solus Co. Ltd.(a)		2,674		89,281
DoubleUGames Co. Ltd.		2,967		160,514
Duk San Neolux Co. Ltd.(a)		3,515		90,397
Easy Bio Inc.(b)(d)		15,519		53,382
Ecopro BM Co. Ltd.		2,755		266,724
Ecopro Co. Ltd.		6,367		125,443
Enzychem Lifesciences Corp.(a)		2,228		134,027
Eo Technics Co Ltd.		2,756		195,609
Eone Diagnomics Genome Center Co. Ltd.(a)		5,300		63,123
Eugene Corp.		95		305
Eutilex Co. Ltd.(a)		1,090		57,121
F&F Co. Ltd.		1,889		151,767
Feelux Co. Ltd.(a)(b)		17,996		71,348
Foosung Co. Ltd.		16,880		108,903
GemVax & Kael Co. Ltd.(a)		10,151		186,061
Geneone Life Science Inc.		11,096		94,972
Genexine Co. Ltd.(a)		4,286		259,904
Grand Korea Leisure Co. Ltd.		9,921		119,361
Green Cross Cell Corp.		1,918		64,814
Green Cross Corp./South Korea		1,868		213,430
Green Cross Holdings Corp.		7,273		125,675
Green Cross LabCell Corp.		95		3,578
GS Home Shopping Inc.		1,330		128,119
G-treeBNT Co. Ltd.(a)(b)		6,704		139,120
Hana Tour Service Inc.		3,398		111,396
Hanall Biopharma Co. Ltd.(a)		8,692		188,445
Handsome Co. Ltd.		4,657		113,750

Security	Shares		Value
South Korea (continued)
Hanil Cement Co. Ltd./New		772	$	50,492
Hanjin Kal Corp.		1,260		87,802
Hanjin Transportation Co. Ltd.		1,995		86,505
Hankook Technology Group Co. Ltd.		95		775
Hansae Co. Ltd.		6,410		68,838
Hansol Chemical Co. Ltd.		2,755		216,894
Hanssem Co. Ltd.		3,332		227,613
Hanwha Aerospace Co. Ltd.(a)		11,195		219,660
Hanwha General Insurance Co. Ltd.(a)		16,159		30,075
Hanwha Investment & Securities Co. Ltd.(a)		1,104		1,533
Hanwha Life Insurance Co. Ltd.		88,445		108,909
HDC Holdings Co. Ltd.		15,295		117,326
HDC Hyundai Development Co-Engineering & Construction, Class E		12,160		195,884
HFR Inc.(a)		2,212		65,371
Hite Jinro Co. Ltd.		9,405		273,390
HLB Life Science Co. Ltd.(a)		11,748		175,492
HMM Co. Ltd.(a)		80,465		306,994
HS Industries Co. Ltd.		14,630		99,939
Huchems Fine Chemical Corp.		6,582		89,819
Hugel Inc.(a)		665		198,300
Huons Co. Ltd.		2,470		96,929
Huons Global Co. Ltd.		95		2,386
Hwaseung Enterprise Co. Ltd.		6,562		79,478
Hyosung Advanced Materials Corp.(a)		918		61,672
Hyosung Chemical Corp.		724		65,768
Hyosung Corp.(b)		2,816		153,027
Hyosung Heavy Industries Corp.(a)		1,195		16,645
Hyosung TNC Co. Ltd.		862		91,528
Hyundai Bioscience Co. Ltd.(a)		10,592		93,651
Hyundai Construction Equipment Co. Ltd.(a)(b)		3,992		62,534
Hyundai Electric & Energy System Co. Ltd.(a)		5,936		39,639
Hyundai Elevator Co. Ltd.		4,951		253,057
Hyundai Greenfood Co. Ltd.		15,770		105,689
Hyundai Home Shopping Network Corp.		2,280		123,348
Hyundai Livart Furniture Co. Ltd.		3,514		39,724
Hyundai Mipo Dockyard Co. Ltd.		7,074		194,207
Hyundai Rotem Co. Ltd.(a)		14,167		180,169
Hyundai Wia Corp.		5,074		153,230
Iljin Materials Co. Ltd.		6,923		260,776
Ilyang Pharmaceutical Co. Ltd.(b)		4,180		162,009
InBody Co. Ltd.		2,632		37,617
Innocean Worldwide Inc.		2,729		113,924
Inscobee Inc.(a)		18,544		35,712
iNtRON Biotechnology Inc.(a)		9,219		111,288
IS Dongseo Co. Ltd.		6,175		153,571
ITM Semiconductor Co. Ltd.(a)		2,090		117,963
JB Financial Group Co. Ltd.		41,248		158,204
Jejuair Co. Ltd.(a)		2,661		40,824
Jin Air Co. Ltd.(a)		4,543		39,251
JW Pharmaceutical Corp.		4,902		137,151
JYP Entertainment Corp.		8,142		150,224
KCC Corp.		1,615		187,131
KEPCO Engineering & Construction Co. Inc.		4,581		61,218
KEPCO Plant Service & Engineering Co. Ltd.		6,651		165,678
Kginicis Co. Ltd.		5,225		98,302
KIWOOM Securities Co. Ltd.		3,597		229,160
Koh Young Technology Inc.		3,348		252,225
Kolmar Korea Co. Ltd.		5,035		176,039
Kolmar Korea Holdings Co. Ltd.		2,396		43,530

8

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Kolon Corp.		1,441	$	20,246
Kolon Industries Inc.		6,365		170,631
Komipharm International Co. Ltd.(a)		12,013		179,451
Korea Electric Terminal Co. Ltd.		1,754		49,924
Korea Line Corp.(a)		4,370		61,045
Korea Petrochemical Ind. Co Ltd.		1,111		116,622
Korea REIT Co. Ltd.		68,642		102,815
Korean Reinsurance Co.		29,156		173,978
Kuk-Il Paper Manufacturing Co. Ltd.(a)(b)		26,760		131,158
Kyung Dong Navien Co. Ltd.		2,188		68,196
L&C Bio Co. Ltd.		532		49,529
L&F Co. Ltd.		4,472		85,219
LEENO Industrial Inc.		2,945		229,950
LegoChem Biosciences Inc.(a)		2,703		112,402
LG Hausys Ltd.		1,995		109,862
LG International Corp.		9,975		126,052
LIG Nex1 Co. Ltd.(b)		2,894		83,774
Lotte Chilsung Beverage Co. Ltd.		1,425		119,090
LOTTE Fine Chemical Co. Ltd.		6,159		188,234
LOTTE Himart Co. Ltd.		3,800		84,380
LOTTE Reit Co. Ltd.		28,310		134,869
Lotte Tour Development Co. Ltd.(a)		10,640		117,702
LS Corp.		5,595		168,964
LS Electric Co. Ltd.		4,439		163,266
Maeil Dairies Co. Ltd.		1,522		99,423
Mando Corp.		9,788		210,626
Mcnex Co. Ltd.		4,061		104,931
Medipost Co. Ltd.(a)		6,365		144,934
MedPacto Inc.(a)		2,634		145,264
Medy-Tox Inc.		1,330		181,493
MeereCo. Inc.		1,473		36,455
MegaStudyEdu Co. Ltd.		2,717		85,890
Meritz Financial Group Inc.		14,603		118,503
Meritz Fire & Marine Insurance Co. Ltd.		15,030		176,581
Mezzion Pharma Co. Ltd.(a)(b)		1,900		276,612
Mirae Asset Life Insurance Co. Ltd.		13,871		34,161
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		27,764		95,278
Modetour Network Inc.		2,974		29,417
Muhak Co. Ltd.(a)		6,796		33,638
Namhae Chemical Corp.		8,291		52,553
Namsun Aluminum Co. Ltd.(a)		17,860		91,431
Naturecell Co. Ltd.(a)		15,593		124,774
NEPES Corp.		5,417		142,374
Nexen Tire Corp.		95		452
NHN Corp.(a)		2,945		207,597
NHN KCP Corp.		3,800		161,702
NICE Holdings Co. Ltd.		9,500		167,225
NICE Information Service Co. Ltd.		10,866		159,684
NKMax Co. Ltd.(a)		11,357		123,800
NongShim Co. Ltd.		855		217,815
OCI Co. Ltd.(a)		6,745		214,585
OptoElectronics Solutions Co. Ltd.		2,660		92,465
Orion Holdings Corp.		13,775		156,275
Oscotec Inc.(a)		6,506		114,786
Osstem Implant Co. Ltd.(a)(b)		3,802		95,783
Paradise Co. Ltd.		15,298		179,112
Partron Co. Ltd.		12,045		83,156
Pharmicell Co. Ltd.(a)(b)		17,005		330,914
Poongsan Corp.		6,195		99,044
Posco ICT Co. Ltd.		22,820		87,801

Security	Shares		Value
South Korea (continued)
RFHIC Corp.(b)		4,087	$	118,968
S&T Motiv Co. Ltd.		2,859		92,341
Sam Chun Dang Pharm Co. Ltd.		4,410		147,956
Samwha Capacitor Co. Ltd.		2,473		107,231
Samyang Foods Co. Ltd.		950		90,900
Sangsangin Co. Ltd.		95		585
Seegene Inc.		5,415		511,134
Seojin System Co. Ltd.		4,467		97,387
Seoul Semiconductor Co. Ltd.(b)		11,960		134,236
SFA Engineering Corp.		6,365		181,938
SFA Semicon Co. Ltd.(a)		19,760		88,234
Shin Poong Pharmaceutical Co. Ltd.(a)		8,455		148,148
Shinsegae International Inc.(b)		766		120,610
Silicon Works Co. Ltd.		3,747		111,794
SillaJen Inc.(a)(b)		19,774		193,197
SK Chemicals Co. Ltd.		2,414		179,132
SK Discovery Co. Ltd.		3,811		87,240
SK Materials Co. Ltd.		1,499		196,203
SK Networks Co. Ltd.		44,735		187,472
SKC Co. Ltd.		6,354		292,958
SKCKOLONPI Inc.		4,883		124,199
SL Corp.(a)(d)		4,412		49,163
SM Entertainment Co. Ltd.(a)		6,000		125,964
Songwon Industrial Co. Ltd.		5,225		60,964
Soulbrain Co. Ltd.		2,660		173,331
SPC Samlip Co. Ltd.		760		43,080
ST Pharm Co. Ltd.(a)		3,135		93,408
STCUBE(a)		7,362		63,012
Suheung Co. Ltd.		1,615		70,027
Taekwang Industrial Co. Ltd.		95		56,765
Taeyoung Engineering & Construction Co. Ltd.		12,186		152,516
Taihan Fiberoptics Co. Ltd.(a)		14,461		44,313
Telcon RF Pharmaceutical Inc.(a)		24,399		86,882
TES Co. Ltd./Korea		4,161		75,765
Theragen Etex Co. Ltd.(a)		9,448		87,732
Tokai Carbon Korea Co. Ltd.		1,733		116,844
Tongyang Inc.		38,732		44,723
Tongyang Life Insurance Co. Ltd.		15,987		37,888
Toptec Co. Ltd.		6,175		115,178
Ubiquoss Holdings Inc.		1,788		51,036
Vieworks Co. Ltd.		2,639		71,278
Webzen Inc.(a)		6,083		90,131
Wemade Co. Ltd.		3,104		78,449
WONIK IPS Co. Ltd.(a)		8,836		231,879
YG Entertainment Inc.(a)		3,147		75,216
Young Poong Corp.		285		117,364
Youngone Corp.		7,896		195,416
Yungjin Pharmaceutical Co. Ltd.(a)		30,951		131,706
Yuyang DNU Co. Ltd.(a)(d)		17,648		16,516
Zinus Inc.		2,552		173,094
				30,517,545
Spain — 0.1%
AmRest Holdings SE(a)		23,845		156,616
Taiwan — 23.7%
AcBel Polytech Inc.		160,000		108,709
A-DATA Technology Co. Ltd.		66,000		119,800
Advanced Ceramic X Corp.		13,000		135,304
Advanced Wireless Semiconductor Co.		44,596		134,865
AmTRAN Technology Co. Ltd.(a)		95,312		22,951

9

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShare^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Arcadyan Technology Corp.		38,541	$	108,082
Ardentec Corp.		134,000		125,632
Asia Optical Co. Inc.		69,000		157,419
Asia Pacific Telecom Co. Ltd.(a)		549,910		120,147
Asia Vital Components Co. Ltd.		101,000		134,386
ASMedia Technology Inc.		8,000		302,415
ASPEED Technology Inc.		9,000		464,613
AURAS Technology Co. Ltd.		19,000		107,261
BES Engineering Corp.		532,000		119,778
Bizlink Holding Inc.		36,770		240,643
Brighton-Best International Taiwan Inc.		174,000		150,964
Capital Securities Corp.		475,530		157,903
Career Technology MFG. Co. Ltd.		118,990		105,020
Casetek Holdings Ltd.		43,816		65,669
Cathay Real Estate Development Co. Ltd.		169,300		112,491
Center Laboratories Inc.		92,474		178,018
Century Iron & Steel Industrial Co. Ltd.		42,000		125,196
Charoen Pokphand Enterprise		55,000		132,623
Cheng Loong Corp.		190,000		149,342
Cheng Uei Precision Industry Co. Ltd.		112,000		135,594
Chicony Power Technology Co. Ltd.		58,000		129,425
Chilisin Electronics Corp.		59,459		189,318
China Bills Finance Corp.		193,000		93,848
China General Plastics Corp.		141,966		89,837
China Man-Made Fiber Corp.		570,223		117,368
China Metal Products		95,000		88,118
China Motor Corp.		92,200		111,316
China Petrochemical Development Corp.		1,047,600		288,548
China Steel Chemical Corp.		69,000		229,808
Chin-Poon Industrial Co. Ltd.		105,000		83,406
Chipbond Technology Corp.		185,000		378,318
ChipMOS Technologies Inc.		173,000		178,042
Chlitina Holding Ltd.		13,000		85,296
Chong Hong Construction Co. Ltd.		56,424		157,104
Chroma ATE Inc.		104,000		453,755
Chung Hung Steel Corp.		475,000		123,397
Chunghwa Precision Test Tech Co. Ltd.		6,000		119,500
Cleanaway Co. Ltd.		31,000		159,517
Clevo Co.		133,000		128,460
CMC Magnetics Corp.(a)		322,238		77,702
Compeq Manufacturing Co. Ltd.		305,000		426,644
Concraft Holding Co. Ltd.		19,869		77,094
Coretronic Corp.		118,400		122,245
CSBC Corp. Taiwan(a)		81,455		67,280
CTCI Corp.		154,000		173,875
Cub Elecparts Inc.		17,992		90,185
Darfon Electronics Corp.		66,000		78,914
Darwin Precisions Corp.		114,000		37,968
E Ink Holdings Inc.		258,000		348,869
Egis Technology Inc.		18,000		110,908
Elan Microelectronics Corp.		85,000		283,097
Elite Material Co. Ltd.		81,000		397,918
Elite Semiconductor Memory Technology Inc.		102,000		138,774
eMemory Technology Inc.		21,000		255,287
Ennoconn Corp.		15,372		98,811
Epistar Corp.		313,000		375,287
Eternal Materials Co. Ltd.		288,399		307,369
Everlight Electronics Co. Ltd.		118,000		121,832
Far Eastern Department Stores Ltd.		309,000		246,994
Far Eastern International Bank		676,518		238,837

Security	Shares		Value
Taiwan (continued)
Faraday Technology Corp.		67,000	$	97,292
Farglory Land Development Co. Ltd.		77,000		112,070
Feng Hsin Steel Co. Ltd.		160,000		277,635
Firich Enterprises Co. Ltd.		177,155		174,942
FLEXium Interconnect Inc.		89,418		323,126
Formosa Sumco Technology Corp.		24,000		126,295
Foxsemicon Integrated Technology Inc.		19,200		104,873
Fulgent Sun International Holding Co. Ltd.		31,000		103,144
General Interface Solution Holding Ltd.		71,000		268,393
Genius Electronic Optical Co. Ltd.		21,585		346,870
Getac Technology Corp.		118,000		172,137
Gigabyte Technology Co. Ltd.		156,000		306,545
Ginko International Co. Ltd.		10,000		50,458
Global Unichip Corp.		24,000		184,646
Gold Circuit Electronics Ltd.(a)		95,000		117,860
Goldsun Building Materials Co. Ltd.		332,000		154,251
Gourmet Master Co. Ltd.		23,821		87,668
Grand Pacific Petrochemical(a)		285,000		133,838
Grape King Bio Ltd.		37,000		232,906
Great Wall Enterprise Co. Ltd.		197,789		283,262
Greatek Electronics Inc.		108,000		161,865
Hannstar Board Corp.		96,481		124,518
HannStar Display Corp.		771,320		151,567
Holtek Semiconductor Inc.		53,000		113,679
Holy Stone Enterprise Co. Ltd.		41,050		169,532
Hota Industrial Manufacturing Co. Ltd.		62,192		192,013
Hotai Finance Co. Ltd.		95,000		261,032
HTC Corp.		212,000		215,354
Huaku Development Co. Ltd.		76,080		240,466
Hung Sheng Construction Ltd.		163,520		93,129
IBF Financial Holdings Co. Ltd.		589,869		221,999
International CSRC Investment Holdings Co.		203,945		136,869
International Games System Co. Ltd.		19,000		354,371
ITEQ Corp.		59,559		267,792
Jentech Precision Industrial Co. Ltd.		24,000		199,434
Jih Sun Financial Holdings Co. Ltd.		483,444		149,260
Johnson Health Tech Co. Ltd.		30,000		72,240
Kenda Rubber Industrial Co. Ltd.		183,341		176,471
Kindom Development Co. Ltd.		97,000		95,304
King Slide Works Co. Ltd.		18,000		194,838
King Yuan Electronics Co. Ltd.		317,000		317,792
King’s Town Bank Co. Ltd.		256,000		265,166
Kinpo Electronics		285,000		108,210
Kinsus Interconnect Technology Corp.		79,000		126,689
LandMark Optoelectronics Corp.		21,400		187,450
Lealea Enterprise Co. Ltd.		590		144
Lien Hwa Industrial Holdings Corp.		194,068		266,944
Lite-On Semiconductor Corp.		95,000		130,674
Longchen Paper & Packaging Co. Ltd.		206,456		90,765
Lotes Co. Ltd.		21,968		294,858
Lotus Pharmaceutical Co. Ltd.(a)		27,000		69,962
Lung Yen Life Service Corp.		79,000		149,712
Machvision Inc.		10,398		113,244
Macronix International		546,000		583,734
Makalot Industrial Co. Ltd.		58,036		278,341
Mercuries & Associates Holding Ltd.		121,436		89,383
Mercuries Life Insurance Co. Ltd.(a)		358,246		109,771
Merida Industry Co. Ltd.		67,000		401,665
Merry Electronics Co. Ltd.		54,224		244,708
Mitac Holdings Corp.		244,985		263,548

10

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
momo.com Inc.		14,000	$	265,779
Nan Kang Rubber Tire Co. Ltd.		133,000		173,642
Nan Ya Printed Circuit Board Corp.		68,000		126,828
Nantex Industry Co. Ltd.		90,000		112,107
OBI Pharma Inc.(a)		43,184		173,311
Oneness Biotech Co. Ltd.		2,000		9,292
Oriental Union Chemical Corp.		190,000		105,679
Pan Jit International Inc.		93,900		74,119
Pan-International Industrial Corp.		151,722		89,189
Parade Technologies Ltd.		21,000		601,499
PChome Online Inc.(a)		29,305		113,218
PharmaEngine Inc.		32,756		78,876
PharmaEssentia Corp.(a)		50,000		170,691
Pharmally International Holding Co. Ltd.		21,603		109,004
Pixart Imaging Inc.		39,635		215,831
Poya International Co. Ltd.		17,453		335,981
President Securities Corp.		273,741		119,434
Primax Electronics Ltd.		109,000		168,265
Prince Housing & Development Corp.		380,917		122,426
Qisda Corp.		537,000		296,893
Quanta Storage Inc.		71,000		87,021
Radiant Opto-Electronics Corp.		131,000		449,392
Radium Life Tech Co. Ltd.		247,341		80,813
Rexon Industrial Corp. Ltd.		40,000		107,111
RichWave Technology Corp.		15,000		78,435
Ritek Corp.(a)		475,218		90,058
Roo Hsing Co. Ltd.(a)		174,000		50,128
Ruentex Industries Ltd.		95,000		206,611
Run Long Construction Co. Ltd.		65,000		132,923
Sanyang Motor Co. Ltd.		226,820		157,886
ScinoPharm Taiwan Ltd.		92,708		92,940
SDI Corp.		33,000		49,404
Sercomm Corp.		67,000		160,220
Shin Zu Shing Co. Ltd.		45,000		203,081
Shinkong Synthetic Fibers Corp.		419,135		150,763
Sigurd Microelectronics Corp.		125,124		155,858
Simplo Technology Co. Ltd.		49,600		528,626
Sinbon Electronics Co. Ltd.		66,000		330,824
Sino-American Silicon Products Inc.		149,000		435,710
Sinyi Realty Inc.		89,778		80,135
Sitronix Technology Corp.		33,000		167,061
Soft-World International Corp.		32,140		114,537
Sporton International Inc.		22,330		145,024
St. Shine Optical Co. Ltd.		14,000		166,694
Sunny Friend Environmental Technology Co. Ltd.		20,000		173,189
Sunonwealth Electric Machine Industry Co. Ltd.		95,000		169,592
Supreme Electronics Co. Ltd.		133,000		130,674
TA Chen Stainless Pipe		257,188		229,992
Taichung Commercial Bank Co. Ltd.		767,156		291,277
TaiDoc Technology Corp.		17,000		165,895
TaiMed Biologics Inc.(a)		55,000		173,106
Tainan Spinning Co. Ltd.		285,190		87,385
Taiwan Cogeneration Corp.		137,000		172,476
Taiwan Fertilizer Co. Ltd.		235,000		382,731
Taiwan Glass Industry Corp.		475,000		139,217
Taiwan Hon Chuan Enterprise Co. Ltd.		90,004		160,373
Taiwan Paiho Ltd.		75,050		171,221
Taiwan Secom Co. Ltd.		88,450		252,167
Taiwan Semiconductor Co. Ltd.		66,000		83,970
Taiwan Shin Kong Security Co. Ltd.		72,640		87,337

Security	Shares		Value
Taiwan (continued)
Taiwan Styrene Monomer		196,000	$	105,752
Taiwan Surface Mounting Technology Corp.		76,000		289,825
Taiwan TEA Corp.		291,000		144,410
Taiwan Union Technology Corp.		68,000		312,540
TCI Co. Ltd.		26,528		233,252
Teco Electric and Machinery Co. Ltd.		475,000		446,128
Test Research Inc.		52,000		94,908
Ton Yi Industrial Corp.		380,000		111,121
Tong Hsing Electronic Industries Ltd.		45,000		198,585
Tong Yang Industry Co. Ltd.		113,133		137,531
Topco Scientific Co. Ltd.		56,000		193,972
TPK Holding Co. Ltd.(a)		95,000		134,155
Transcend Information Inc.		62,000		145,166
Tripod Technology Corp.		123,000		460,866
TSRC Corp.		222,000		120,150
TTY Biopharm Co. Ltd.		68,450		169,159
Tung Ho Steel Enterprise Corp.		190,000		151,557
TXC Corp.		89,000		173,998
U-Ming Marine Transport Corp.		146,000		141,259
Unimicron Technology Corp.		384,000		512,853
Union Bank of Taiwan(a)		380,530		137,510
Unitech Printed Circuit Board Corp.		164,420		124,034
United Integrated Services Co. Ltd.		45,400		317,535
United Renewable Energy Co. Ltd.(a)		655,879		130,848
UPC Technology Corp.		349,741		105,417
USI Corp.		380,070		150,003
Visual Photonics Epitaxy Co. Ltd.		47,425		132,679
Voltronic Power Technology Corp.		17,080		435,746
Wafer Works Corp.		145,681		158,903
Wah Lee Industrial Corp.		85,000		156,270
Walsin Lihwa Corp.		788,000		364,803
Wan Hai Lines Ltd.		190,000		103,147
Wistron NeWeb Corp.		85,481		179,930
WT Microelectronics Co. Ltd.		96,757		120,523
XinTec Inc.(a)		52,000		141,495
Xxentria Technology Materials Corp.		67,000		120,053
Yang Ming Marine Transport Corp.(a)		380,820		82,442
YFY Inc.		395,000		173,655
Yieh Phui Enterprise Co. Ltd.		459,797		127,411
Yulon Finance Corp.		42,800		142,263
Yulon Motor Co. Ltd.		264,000		174,095
YungShin Global Holding Corp.		85,200		135,639
Yungtay Engineering Co. Ltd.		62,000		113,159
				40,996,468
Thailand — 3.7%
AEON Thana Sinsap Thailand PCL, NVDR		25,800		114,766
Amata Corp. PCL, NVDR		270,600		123,348
AP Thailand PCL, NVDR		822,800		143,557
Bangchak Corp. PCL, NVDR		340,800		236,771
Bangkok Chain Hospital PCL, NVDR		437,200		199,289
Bangkok Land PCL, NVDR(b)		5,158,500		170,274
Bangkok Life Assurance PCL, NVDR		174,200		82,144
Banpu PCL, NVDR		1,273,000		250,118
Central Plaza Hotel PCL, NVDR(a)(b)		142,500		111,545
CH Karnchang PCL, NVDR		369,500		192,823
Chularat Hospital PCL, NVDR		1,995,800		161,872
CK Power PCL, NVDR(a)(b)		798,100		108,889
Com7 PCL, NVDR		190,000		146,338
Eastern Polymer Group PCL, NVDR		412,900		66,199

11

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging  Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Eastern Water Resources Development and Management PCL, NVDR		374,600	$	122,472
Esso Thailand PCL, NVDR		352,000		61,415
GFPT PCL, NVDR		212,300		79,421
Gunkul Engineering PCL, NVDR(b)		1,568,899		140,071
Hana Microelectronics PCL, NVDR(b)		190,100		179,283
Jasmine International PCL, NVDR		1,147,200		134,880
KCE Electronics PCL, NVDR(b)		233,300		137,149
Khon Kaen Sugar Industry PCL, NVDR(b)		933,930		59,894
Kiatnakin Bank PCL, NVDR		85,532		114,276
Major Cineplex Group PCL, NVDR(b)		234,000		125,791
MBK PCL, NVDR		405,900		193,954
Mega Lifesciences PCL, NVDR(b)		134,700		145,032
Plan B Media PCL, NVDR		741,500		128,207
Pruksa Holding PCL, NVDR		236,600		88,511
PTG Energy PCL, NVDR		232,500		107,443
Quality Houses PCL, NVDR		3,116,267		211,604
Sansiri PCL, NVDR		5,135,400		125,923
Siamgas & Petrochemicals PCL, NVDR(b)		296,800		77,442
Sino-Thai Engineering & Construction PCL, NVDR		314,528		151,282
Sri Trang Agro-Industry PCL, NVDR(a)		275,580		229,578
Star Petroleum Refining PCL, NVS(b)		484,500		102,810
Supalai PCL, NVDR		519,800		241,843
Super Energy Corp. PCL, NVDR		5,861,500		149,255
Taokaenoi Food & Marketing PCL, Class R, NVDR		197,900		58,169
Thai Airways International PCL, NVDR(a)(b)		329,100		42,418
Thai Vegetable Oil PCL, NVDR		211,400		176,111
Thanachart Capital PCL, NVDR		110,300		126,562
Thonburi Healthcare Group PCL, NVDR		186,600		123,774
Tipco Asphalt PCL, NVDR		221,000		152,845
TTW PCL, NVDR(b)		550,700		237,177
WHA Corp. PCL, NVDR(b)		2,839,500		283,861
				6,416,386
Turkey — 1.3%
Coca-Cola Icecek AS		24,878		147,776
Dogan Sirketler Grubu Holding AS		342,076		95,780
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)(b)		552,615		119,086
Enerjisa Enerji AS(c)		62,225		74,070
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(b)		289,370		106,475
Koza Altin Isletmeleri AS(a)		12,540		136,218
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		65,036		114,980
Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(c)		13,692		90,725
Migros Ticaret AS(a)		21,375		104,783
MLP Saglik Hizmetleri AS(a)(b)(c)		28,407		69,669
Pegasus Hava Tasimaciligi AS(a)(b)		11,799		103,867
Petkim Petrokimya Holding AS(a)(b)		341,228		176,579
Sasa Polyester Sanayi AS		54,297		81,189
Soda Sanayii AS		143,450		118,604
Sok Marketler Ticaret AS(a)		56,430		96,787
Tekfen Holding AS		65,404		134,327
Trakya Cam Sanayii AS		190,670		90,003
Turkiye Halk Bankasi AS(a)		207,005		161,441
Ulker Biskuvi Sanayi AS(a)		52,966		183,244
				2,205,603
United Arab Emirates — 0.6%
Air Arabia PJSC		854,789		246,676
Amanat Holdings PJSC		529,062		108,314
Arabtec Holding PJSC		1		0	(e)

Security	Shares		Value
United Arab Emirates (continued)
DAMAC Properties Dubai Co. PJSC(a)		139,840	$	24,708
Dana Gas PJSC		1,199,770		212,638
Drake & Scull International PJSC(a)(d)		241,185		11,162
Dubai Financial Market PJSC		715,605		145,336
Dubai Investments PJSC		692,880		220,702
				969,536
Total Common Stocks — 98.7% (Cost: $195,281,096)				170,663,273
Preferred Stocks
Brazil — 1.2%
Alpargatas SA, Preference Shares, NVS		15,488		70,808
Azul SA, Preference Shares, NVS		83,500		219,547
Banco ABC Brasil SA, Preference Shares, NVS		25,269		65,137
Banco do Estado do Rio Grande do Sul SA, Class B,
Preference Shares, NVS		59,800		138,074
Banco Pan SA, Preference Shares, NVS		104,500		107,750
Bradespar SA, Preference Shares, NVS		66,600		432,260
Cia. de Saneamento do Parana, Preference Shares, NVS		9,500		9,306
Cia. Energetica de Sao Paulo, Class B, Preference
Shares, NVS		57,000		299,845
Gol Linhas Aereas Inteligentes SA, Preference
Shares, NVS		47,500		105,213
Marcopolo SA, Preference Shares, NVS		161,569		78,537
Metalurgica Gerdau SA, Preference Shares, NVS		237,500		269,812
Randon SA Implemetos e Participacoes, Preference
Shares, NVS		53,725		87,051
Unipar Carbocloro SA, Preference Shares, NVS		15,483		64,685
Usinas Siderurgicas de Minas Gerais SA, Class A,
Preference Shares, NVS		123,500		139,847
				2,087,872
Total Preferred Stocks — 1.2% (Cost: $2,681,182)				2,087,872
Rights
India — 0.0%
Arvind Fashions Ltd., (Expires 07/22/20)(a)		3,356		0	(e)
Total Rights — 0.0% (Cost: $0)				0	(e)
Short-Term Investments
Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.69%(g)(h)(i)		8,659,334		8,672,323
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.16%(g)(h)		700,000		700,000
				9,372,323
Total Short-Term Investments — 5.4% (Cost: $9,359,527)				9,372,323
Total Investments in Securities — 105.3% (Cost: $207,321,805)				182,123,468
Other Assets, Less Liabilities — (5.3)%				(9,214,811	)
Net Assets — 100.0%			$	172,908,657

12

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF

^(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)  Rounds to less than $1.

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended May 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 05/31/20		Value at 05/31/20		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		17,922,363		(9,263,029	)		8,659,334	$	8,672,323	$	465,456	(b)	$	732	$	4,879
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		590,000			700,000		700,000		3,304			—		—
								$	9,372,323	$	468,760		$	732	$	4,879

^(a)  Includes realized capital gain distributions from an affiliated fund, if any.

^(b)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		18		06/19/20	$	840	$	56,115

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

13

Consolidated Schedule of Investments  (unaudited) (continued) May 31, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of May 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	164,665,714	$	5,605,178		$	392,381	$	170,663,273
Preferred Stocks		2,087,872		—			—		2,087,872
Rights		—		0	(a)		—		—
Money Market Funds		9,372,323		—			—		9,372,323
	$	176,125,909	$	5,605,178		$	392,381	$	182,123,468
Derivative financial instruments(b)
Assets
Futures Contracts	$	56,115	$	—		$	—	$	56,115

^(a)  Rounds to less than $1.

^(b)  Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations — Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares

14