Consolidated Schedule of Investments (unaudited) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.6%
Adecoagro SA(a)		30,544	$	188,762
Arcos Dorados Holdings Inc., Class A		29,412		145,001
Banco BBVA Argentina SA, ADR(a)(b)		17,127		54,806
Banco Macro SA, ADR(a)		11,408		182,186
Central Puerto SA, ADR		29,883		80,684
Despegar.com Corp.(a)(b)		14,118		155,863
Grupo Financiero Galicia SA, ADR		29,440		253,478
Loma Negra Cia Industrial Argentina SA, ADR		16,486		90,508
Pampa Energia SA, ADR(a)(b)		12,719		179,211
Transportadora de Gas del Sur SA, Class B(a)		18,763		102,634
				1,433,133
Brazil — 5.4%
AES Tiete Energia SA		42,741		128,632
Aliansce Sonae Shopping Centers SA(a)		29,649		144,498
Alupar Investimento SA		42,108		188,097
Anima Holding SA(a)		22,300		148,635
Arezzo Industria e Comercio SA		14,200		183,097
Banco Inter SA		20,745		280,701
BK Brasil Operacao e Assessoria a Restaurantes SA		58,300		115,817
BR Malls Participacoes SA(a)		198,900		361,526
BR Properties SA		55,341		107,987
C&A Modas Ltda		39,500		97,684
Cia. de Locacao das Americas		96,700		489,052
Cia. de Saneamento de Minas Gerais-COPASA		55,500		153,120
Cia. de Saneamento do Parana		68,700		318,873
Cia. Hering		40,300		130,115
Cielo SA		303,600		200,102
Cogna Educacao		496,800		432,590
Construtora Tenda SA		21,200		112,570
Cosan Logistica SA(a)		40,922		128,248
CVC Brasil Operadora e Agencia de Viagens SA		43,592		147,542
Cyrela Brazil Realty SA Empreendimentos e Participacoes		82,800		415,987
Duratex SA		83,700		291,839
EcoRodovias Infraestrutura e Logistica SA(a)		57,099		127,531
EDP - Energias do Brasil SA		74,500		256,579
Embraer SA(a)		184,000		276,710
Enauta Participacoes SA		25,300		48,616
Eneva SA(a)		46,000		497,394
Even Construtora e Incorporadora SA		37,400		86,519
Ez Tec Empreendimentos e Participacoes SA		26,877		204,341
Fleury SA		61,000		300,801
Grendene SA		112,600		173,097
GRUPO DE MODA SOMA SA(a)		55,200		132,308
Grupo SBF SA(a)		27,600		136,100
Guararapes Confeccoes SA		30,100		91,762
Iguatemi Empresa de Shopping Centers SA		16,800		112,787
Instituto Hermes Pardini SA		17,200		70,989
Iochpe Maxion SA		31,905		91,637
IRB Brasil Resseguros S/A		248,400		305,764
JHSF Participacoes SA		86,500		117,878
Light SA(a)		65,500		282,131
Linx SA		36,900		250,058
Locaweb Servicos de Internet SA(a)(c)		18,400		225,945
LOG Commercial Properties e Participacoes SA		9,260		59,090
Lojas Quero Quero S/A(a)		46,000		140,490
M. Dias Branco SA		25,000		150,664
Mahle-Metal Leve SA		11,900		42,376

Security	Shares		Value
Brazil (continued)
Marfrig Global Foods SA(a)		110,400	$	300,896
Marisa Lojas SA(a)		39,500		49,209
Minerva SA		67,500		125,697
Movida Participacoes SA		34,200		124,580
MRV Engenharia e Participacoes SA		78,000		274,136
Odontoprev SA		70,000		170,122
Omega Geracao SA(a)		10,300		70,373
Petro Rio SA(a)		27,600		257,084
Qualicorp Consultoria e Corretora de Seguros SA		66,000		406,454
Santos Brasil Participacoes SA		141,100		128,102
Sao Martinho SA		50,800		246,825
Ser Educacional SA(c)		18,935		50,623
SIMPAR SA(a)		21,200		116,664
SLC Agricola SA		28,700		143,389
Smiles Fidelidade SA		18,500		68,317
Transmissora Alianca de Energia Eletrica SA		52,800		324,575
Trisul SA		31,800		70,081
Tupy SA(a)		18,500		73,675
Vivara Participacoes SA		27,600		128,106
Wiz Solucoes e Corretagem de Seguros SA		24,700		40,447
YDUQS Participacoes SA		73,600		451,208
				12,378,842
Chile — 0.9%
AES Gener SA		798,142		140,476
Aguas Andinas SA, Class A		620,816		178,872
CAP SA		20,094		189,929
Cia. Sud Americana de Vapores SA(a)		4,453,535		135,865
Empresa Nacional de Telecomunicaciones SA		36,064		217,222
Engie Energia Chile SA		144,545		173,372
Forus SA		31,558		46,965
Grupo Security SA		344,921		62,506
Inversiones Aguas Metropolitanas SA		136,859		103,525
Inversiones La Construccion SA		10,228		63,338
Itau CorpBanca Chile SA		47,489,927		136,830
Parque Arauco SA		161,175		248,372
Ripley Corp. SA		240,939		75,389
SMU SA		704,490		106,542
Vina Concha y Toro SA		110,003		188,446
				2,067,649
China — 11.5%
21Vianet Group Inc., ADR(a)(b)		25,486		722,273
360 DigiTech Inc., ADR(a)		17,480		216,752
361 Degrees International Ltd.		473,000		59,182
AGTech Holdings Ltd.(a)		1,220,000		46,424
Anxin-China Holdings Ltd.(d)		1,084,000		1
Aoyuan Healthy Life Group Co. Ltd.		83,000		54,066
Ascletis Pharma Inc.(a)(c)		110,000		40,013
Asia Cement China Holdings Corp.		143,000		142,954
Beijing Capital Land Ltd., Class H		602,000		107,160
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		24,750		63,787
Beijing Energy International Holding Co. Ltd.(a)(b)		1,434,000		44,023
Beijing Enterprises Urban Resources Group Ltd.(a)		368,000		118,671
Beijing Gas Blue Sky Holdings Ltd.(a)		2,816,000		51,217
Beijing Jingneng Clean Energy Co. Ltd., Class H		552,000		180,143
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(b)		84,000		101,309
BEST Inc., ADR(a)		49,956		146,371
Boshiwa International Holding Ltd.(d)		32,000		0	(e)
C&D International Investment Group Ltd.		92,000		179,668

1

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Camsing International Holding Ltd.(a)(b)(d)		164,000	$	17,177
Canvest Environmental Protection Group Co. Ltd.		288,000		121,850
CAR Inc.(a)		242,000		117,683
Central China New Life Ltd.		92,000		80,815
Central China Real Estate Ltd.		281,000		152,235
CGN New Energy Holdings Co. Ltd.(a)		422,000		61,510
Changsha Broad Homes Industrial Group Co Ltd.(c)		27,600		78,145
Chaowei Power Holdings Ltd.		194,000		81,579
China Animal Healthcare Ltd.(a)(d)		126,000		0	(e)
China BlueChemical Ltd., Class H		788,000		138,237
China Datang Corp. Renewable Power Co. Ltd., Class H		659,000		94,355
China Dongxiang Group Co. Ltd.		1,135,000		131,764
China Everbright Greentech Ltd.(c)		242,000		98,954
China Foods Ltd.		462,000		165,670
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A		328,000		285,585
China Harmony Auto Holding Ltd.		261,500		139,309
China High Speed Transmission Equipment Group Co. Ltd.		121,000		86,780
China Huiyuan Juice Group Ltd.(a)(d)		379,000		489
China Isotope & Radiation Corp.		18,400		62,896
China Kepei Education Group Ltd.		184,000		142,406
China Lilang Ltd.		138,000		94,700
China Logistics Property Holdings Co. Ltd.(a)(b)(c)		368,000		189,874
China Lumena New Materials Corp.(a)(b)(d)		5,249		0	(e)
China Maple Leaf Educational Systems Ltd.		464,000		137,659
China Metal Recycling Holdings Ltd.(a)(d)		12,000		0	(e)
China Metal Resources Utilization Ltd.(a)(c)		312,000		5,473
China Modern Dairy Holdings Ltd.(a)		747,000		127,190
China New Higher Education Group Ltd.(c)		218,000		137,788
China Online Education Group		3,036		79,665
China Oriental Group Co. Ltd.		370,000		111,203
China Overseas Grand Oceans Group Ltd.		450,000		268,172
China Renaissance Holdings Ltd.(c)		64,500		128,126
China Resources Medical Holdings Co. Ltd.		282,000		211,705
China SCE Group Holdings Ltd.		552,000		252,770
China Shineway Pharmaceutical Group Ltd.		98,000		67,124
China South City Holdings Ltd.		2,024,000		219,305
China Tian Lun Gas Holdings Ltd.		130,500		112,110
China Travel International Investment Hong Kong Ltd.(a)		738,000		103,763
China Water Affairs Group Ltd.(b)		256,000		201,102
China ZhengTong Auto Services Holdings Ltd.(a)(b)(d)		330,500		43,740
China Zhongwang Holdings Ltd.(a)		441,600		96,266
Chinasoft International Ltd.(b)		604,000		641,202
CIMC Enric Holdings Ltd.		186,000		106,766
COFCO Joycome Foods Ltd.		737,000		248,123
Colour Life Services Group Co. Ltd.(b)		119,000		57,409
Concord New Energy Group Ltd.		2,760,000		151,306
Cosmopolitan International Holdings Ltd.(a)		552,000		106,804
CPMC Holdings Ltd.		276,000		124,605
CStone Pharmaceuticals(a)(c)		184,000		226,188
Daqo New Energy Corp., ADR(a)(b)		13,064		562,013
Dexin China Holdings Co. Ltd.		460,000		175,634
Digital China Holdings Ltd.		220,000		172,822
Dongyue Group Ltd.		368,000		191,773
Ebang International Holdings Inc.		8,280		40,406
E-House China Enterprise Holdings Ltd.		138,000		126,563
Ever Sunshine Lifestyle Services Group Ltd.		148,000		259,632
Fanhua Inc., ADR		13,340		189,962
Fantasia Holdings Group Co. Ltd.		372,000		72,457

Security	Shares		Value
China (continued)
FinVolution Group		38,598	$	84,144
Fu Shou Yuan International Group Ltd.		295,000		296,807
Fufeng Group Ltd.		477,400		181,661
GCL-Poly Energy Holdings Ltd.(a)(b)		3,990,000		406,591
Gemdale Properties & Investment Corp. Ltd.		1,656,000		273,419
Genertec Universal Medical Group Co. Ltd.(c)		313,500		239,801
Glory Sun Financial Group Ltd.(a)		4,436,000		205,993
Grand Baoxin Auto Group Ltd.(a)		251,000		32,053
Greatview Aseptic Packaging Co. Ltd.		184,000		93,988
Greenland Hong Kong Holdings Ltd.		378,000		116,533
Guorui Properties Ltd.		353,000		42,802
Haichang Ocean Park Holdings Ltd.(a)(c)		474,000		26,597
Hainan Meilan International Airport Co. Ltd., Class H(a)		46,000		190,468
Hangzhou Steam Turbine Co. Ltd., Class B		130,580		149,066
Harbin Electric Co. Ltd., Class H(a)		210,000		68,262
Hebei Construction Group Corp. Ltd., Class H		138,000		391,616
HengTen Networks Group Ltd.(a)(b)		6,624,000		239,242
Hi Sun Technology China Ltd.(a)		1,380,000		156,646
Hope Education Group Co. Ltd.(c)		736,000		211,710
Hua Han Health Industry Holdings Ltd.(a)(d)		1,112,400		29,057
Huabao International Holdings Ltd.(b)		192,000		260,045
Huami Corp., ADR(a)(b)		8,188		102,022
iClick Interactive Asia Group Ltd., ADR, ADR(a)		16,008		115,098
iDreamSky Technology Holdings Ltd.(a)(b)(c)		184,000		90,665
IMAX China Holding Inc.(c)		46,100		80,277
Inner Mongolia Yitai Coal Co. Ltd., Class B		312,800		158,902
InnoCare Pharma Ltd.(a)(c)		92,000		151,899
Jiayuan International Group Ltd.		348,000		137,808
Jinchuan Group International Resources Co. Ltd.		1,027,000		111,278
JinkoSolar Holding Co. Ltd., ADR(a)(b)		9,680		668,307
Jiumaojiu International Holdings Ltd.(a)(c)		92,000		209,811
JNBY Design Ltd.		67,000		75,966
LexinFintech Holdings Ltd., ADR, ADR(a)		26,864		200,674
Lifetech Scientific Corp.(a)(b)		864,000		375,579
Lonking Holdings Ltd.		588,000		169,896
Lu Thai Textile Co. Ltd., Class B		93,900		47,722
LVGEM China Real Estate Investment Co. Ltd.		370,000		122,657
Maoyan Entertainment(a)(c)		128,800		220,302
Meitu Inc.(a)(c)		683,500		131,366
MMG Ltd.(a)		668,000		291,240
Mobvista Inc.(a)(c)		184,000		88,054
National Agricultural Holdings Ltd.(b)(d)		354,000		457
NetDragon Websoft Holdings Ltd.(b)		62,000		136,276
Nexteer Automotive Group Ltd.		276,000		293,000
Niu Technologies, ADR(a)(b)		8,556		255,140
NOVA Group Holdings Ltd.		465,000		6,058
OneSmart International Education Group Ltd., ADR(a)		21,160		85,698
PAX Global Technology Ltd.		251,000		156,055
Poly Property Group Co. Ltd.		736,000		227,849
Pou Sheng International Holdings Ltd.(a)		628,000		160,392
Powerlong Commercial Management Holdings Ltd.(b)		46,000		127,572
Puxin Ltd., ADR(a)		10,856		86,305
Q Technology Group Co. Ltd.		117,000		150,919
Qudian Inc., ADR(a)(b)		53,648		69,206
Qutoutiao Inc., ADR(a)(b)		18,692		52,338
Realord Group Holdings Ltd.(a)		80,000		52,938
Redco Properties Group Ltd.(c)		274,000		119,107
Road King Infrastructure Ltd.		69,000		92,564
Ronshine China Holdings Ltd.		177,000		133,792
Sany Heavy Equipment International Holdings Co. Ltd.		302,000		175,298

2

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Scholar Education Group(b)		54,000	$	112,423
Shandong Airlines Co. Ltd., Class B(a)		94,900		73,815
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a)		92,000		135,760
Shanghai Haohai Biological Technology Co. Ltd., Class H(c)		12,700		75,356
Shanghai Jin Jiang Capital Co. Ltd., Class H		552,000		90,428
Sheng Ye Capital Ltd.		121,000		86,311
Shoucheng Holdings Ltd.		461,200		148,131
Shougang Fushan Resources Group Ltd.		764,000		193,156
Shui On Land Ltd.		968,500		133,672
Sihuan Pharmaceutical Holdings Group Ltd.		1,196,000		137,303
Sinopec Engineering Group Co. Ltd., Class H		322,000		142,465
Sinopec Kantons Holdings Ltd.		278,000		103,275
Skyfame Realty Holdings Ltd.		1,228,000		161,569
Skyworth Group Ltd.(a)		556,000		152,044
SMI Holdings Group Ltd.(a)(d)		468,800		70,751
SOHO China Ltd.(a)		552,000		171,599
Sohu.com Ltd., ADR(a)(b)		8,176		150,111
So-Young International Inc., ADR(a)		6,440		82,110
Superb Summit International Group Ltd.(a)(d)		11,913		10
TCL Electronics Holdings Ltd.		226,000		177,826
Tiangong International Co. Ltd.		310,000		135,556
Tianli Education International Holdings Ltd.		368,000		366,457
Tianneng Power International Ltd.(b)		220,000		461,425
Times Neighborhood Holdings Ltd.		184,000		183,941
Tong Ren Tang Technologies Co. Ltd., Class H		268,000		189,787
Tongda Group Holdings Ltd.(a)		1,160,000		74,815
Tongdao Liepin Group(a)		55,200		138,846
Towngas China Co. Ltd.		368,000		168,513
Wasion Holdings Ltd.		170,000		48,242
Weimob Inc.(a)(b)(c)		276,000		379,511
West China Cement Ltd.		552,000		86,155
Wisdom Education International Holdings Co. Ltd.		230,000		111,254
XD Inc.(a)		18,400		89,004
Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)		92,000		180,618
Xtep International Holdings Ltd.		332,500		141,535
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(c)		73,800		96,147
Yixin Group Ltd.(a)(c)		674,000		165,185
Yuexiu REIT		468,000		225,775
Yuexiu Transport Infrastructure Ltd.		312,000		197,603
Yuzhou Group Holdings Co. Ltd.		460,000		182,754
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		55,200		58,173
Zhou Hei Ya International Holdings Co. Ltd.(b)(c)		185,500		169,887
Zhuguang Holdings Group Co. Ltd.(a)(b)		874,000		134,158
				26,383,297
Colombia — 0.3%
Cementos Argos SA		124,853		173,374
Corp. Financiera Colombiana SA(a)		24,813		200,647
Grupo Argos SA		80,224		268,437
				642,458
Cyprus — 0.4%
Cairo Mezz PLC(a)		66,310		7,781
TCS Group Holding PLC(f)		32,016		983,563
				991,344

Security	Shares		Value
Egypt — 0.4%
Cleopatra Hospital(a)		325,755	$	98,412
Egyptian Financial Group-Hermes Holding Co.(a)		165,563		145,936
Heliopolis Housing		145,244		63,596
Juhayna Food Industries		183,976		81,845
Medinet Nasr Housing		226,199		55,216
Palm Hills Developments SAE(a)		486,901		43,446
Six of October Development & Investment		76,514		71,735
Talaat Moustafa Group		296,414		133,755
Telecom Egypt Co.		99,508		80,291
				774,232
Greece — 1.3%
Aegean Airlines SA(a)		10,725		57,732
Alpha Bank AE(a)		379,067		327,383
Athens Water Supply & Sewage Co. SA		13,237		110,047
Eurobank Ergasias Services and Holdings SA, Series A(a)		722,120		423,003
GEK Terna Holding Real Estate Construction SA(a)		19,570		170,890
Hellenic Exchanges-Athens Stock Exchange SA		4,821		18,281
Holding Co. ADMIE IPTO SA		27,360		85,093
LAMDA Development SA(a)		21,090		153,890
Motor Oil Hellas Corinth Refineries SA		15,824		202,726
Mytilineos SA		26,832		349,851
National Bank of Greece SA(a)		152,765		277,213
Piraeus Bank SA(a)		86,413		115,771
Public Power Corp. SA(a)(b)		30,705		253,799
Sarantis SA		8,974		100,369
Terna Energy SA		12,825		199,130
Titan Cement International SA		13,205		214,823
				3,060,001
Hong Kong — 0.1%
FIH Mobile Ltd.(a)		920,000		98,497
KWG Living Group Holdings Ltd.(a)		276,000		213,609
				312,106
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		152,720		197,394
India — 14.9%
3M India Ltd.(a)		813		240,058
Aarti Industries Ltd.		18,710		291,882
Aavas Financiers Ltd.(a)		8,126		176,409
Adani Gas Ltd.		48,073		225,836
Adani Power Ltd.(a)		260,588		135,473
Aditya Birla Capital Ltd.(a)		61,332		73,253
Aditya Birla Fashion and Retail Ltd.(a)		83,477		183,341
Advanced Enzyme Technologies Ltd.		12,651		60,286
Aegis Logistics Ltd.		37,902		130,944
Affle India Ltd.(a)		978		45,145
AIA Engineering Ltd.		12,544		314,437
Ajanta Pharma Ltd.		6,992		145,030
Alembic Pharmaceuticals Ltd.		16,559		223,175
Amara Raja Batteries Ltd.		20,514		262,269
Amber Enterprises India Ltd.		5,520		178,861
APL Apollo Tubes Ltd.(a)		2,810		128,209
Apollo Tyres Ltd.		103,592		258,014
Ashok Leyland Ltd.		374,716		466,268
Aster DM Healthcare Ltd.(a)(c)		35,705		80,733
Astral Poly Technik Ltd.		19,412		385,180
AstraZeneca Pharma India Ltd.		1,659		101,680
Atul Ltd.		4,649		396,142
AU Small Finance Bank Ltd.(a)(c)		21,732		246,221

3

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Avanti Feeds Ltd.		17,112	$	120,525
Bajaj Consumer Care Ltd.(a)		31,546		86,984
Balrampur Chini Mills Ltd.		39,595		88,005
Bata India Ltd.		17,147		364,190
Bayer CropScience Ltd./India		3,496		238,246
Bharat Heavy Electricals Ltd.(a)		277,564		123,122
Birla Corp. Ltd.		6,856		65,624
Birlasoft Ltd.(a)		35,301		94,192
Blue Dart Express Ltd.(a)		1,547		83,461
Blue Star Ltd.		7,064		77,440
Can Fin Homes Ltd.		17,166		111,714
Carborundum Universal Ltd.		27,416		128,443
Castrol India Ltd.		102,212		173,076
Century Textiles & Industries Ltd.		17,934		85,207
CESC Ltd.		18,952		148,788
Chambal Fertilizers and Chemicals Ltd.		52,256		143,842
Cholamandalam Financial Holdings Ltd.(a)		27,744		202,752
Cholamandalam Investment and Finance Co. Ltd.		109,664		575,595
City Union Bank Ltd.		90,175		226,545
Coforge Ltd.		5,704		184,904
Coromandel International Ltd.		26,369		294,948
CreditAccess Grameen Ltd.(a)		12,605		134,652
CRISIL Ltd.		6,051		161,390
Crompton Greaves Consumer Electricals Ltd.		148,396		611,769
Cummins India Ltd.		33,480		264,924
Cyient Ltd.		10,727		70,853
Dalmia Bharat Ltd.(a)		18,517		275,469
DCB Bank Ltd.(a)		56,729		82,463
Deepak Nitrite Ltd.		19,412		226,764
Dhani Services Ltd.		61,629		234,470
Dilip Buildcon Ltd.(c)		12,980		62,353
Dixon Technologies India Ltd.		1,564		250,891
Dr Lal PathLabs Ltd.(c)		8,690		268,775
Edelweiss Financial Services Ltd.(a)		130,621		123,467
EID Parry India Ltd.(a)		25,024		117,186
Emami Ltd.		50,618		300,982
Endurance Technologies Ltd.(c)		11,194		174,887
Engineers India Ltd.		89,505		89,679
Eris Lifesciences Ltd.(c)		13,202		92,941
Escorts Ltd.		17,208		326,204
Exide Industries Ltd.		129,352		322,872
Federal Bank Ltd.(a)		450,892		382,358
Finolex Industries Ltd.		14,352		122,258
Firstsource Solutions Ltd.		92,227		98,508
Fortis Healthcare Ltd.(a)		139,343		283,931
Future Lifestyle Fashions Ltd.(a)		34,684		44,142
Gillette India Ltd.		2,668		209,416
Glenmark Pharmaceuticals Ltd.		42,514		270,620
GMM Pfaudler Ltd.		1,904		98,073
GMR Infrastructure Ltd.(a)		609,509		220,573
Godrej Industries Ltd.(a)		28,336		155,232
Godrej Properties Ltd.(a)		19,512		307,067
Granules India Ltd.		41,400		230,630
Great Eastern Shipping Co. Ltd. (The)		34,588		117,930
Gujarat Fluorochemicals Ltd.(a)		9,016		69,930
Gujarat Gas Ltd.		49,563		233,472
Gujarat State Petronet Ltd.		82,708		245,199
Hemisphere Properties India Ltd.(a)		45,770		38,968
ICICI Securities Ltd.(c)		21,311		129,078
IDFC First Bank Ltd.(a)		657,962		326,510

Security	Shares		Value
India (continued)
IDFC Ltd.		325,957	$	183,982
IIFL Finance Ltd.		38,734		52,408
IIFL Wealth Management Ltd.		9,752		133,745
India Cements Ltd. (The)		51,796		110,927
Indiabulls Housing Finance Ltd.		74,027		186,976
Indiabulls Real Estate Ltd.(a)		67,144		58,706
IndiaMART Intermesh Ltd.(c)		3,306		227,334
Indian Hotels Co. Ltd. (The)		192,305		306,935
IRB Infrastructure Developers Ltd.		46,855		75,038
JB Chemicals & Pharmaceuticals Ltd.		11,040		148,286
Jindal Steel & Power Ltd.(a)		116,670		384,403
JK Cement Ltd.(a)		9,507		260,596
JM Financial Ltd.		152,999		170,237
Johnson Controls-Hitachi Air Conditioning India Ltd.(a)		2,852		88,052
JSW Energy Ltd.		109,494		91,521
Jubilant Life Sciences Ltd.		21,890		213,709
Just Dial Ltd.(a)		10,129		83,002
Kajaria Ceramics Ltd.		21,474		187,871
Karur Vysya Bank Ltd. (The)(a)		135,461		68,594
Kaveri Seed Co. Ltd.		9,689		64,213
KEC International Ltd.		29,020		140,875
KEI Industries Ltd.		19,511		111,945
KRBL Ltd.		17,634		61,386
L&T Finance Holdings Ltd.		156,124		183,096
L&T Technology Services Ltd.(c)		7,283		169,467
Laurus Labs Ltd.(c)		91,707		392,369
LIC Housing Finance Ltd.		80,868		359,262
Mahanagar Gas Ltd.		14,628		210,147
Mahindra & Mahindra Financial Services Ltd.(a)		171,120		395,126
Mahindra CIE Automotive Ltd.(a)		37,142		80,321
Manappuram Finance Ltd.		135,861		329,946
Max Financial Services Ltd.(a)		55,002		481,756
Metropolis Healthcare Ltd.(a)		8,744		263,821
Minda Industries Ltd.		26,036		135,917
Mindspace Business Parks REIT(a)(c)		36,800		152,266
Mindtree Ltd.		15,548		297,560
Motilal Oswal Financial Services Ltd.		12,894		106,086
Mphasis Ltd.		23,552		418,430
Multi Commodity Exchange of India Ltd.		8,374		182,612
Natco Pharma Ltd.		25,957		323,182
National Aluminium Co. Ltd.		260,943		138,124
Navin Fluorine International Ltd.		6,677		242,272
NBCC India Ltd.		192,189		67,475
Nippon Life India Asset Management Ltd.(c)		34,500		135,286
Oberoi Realty Ltd.(a)		31,737		198,591
Oil India Ltd.		65,921		85,588
Orient Electric Ltd.		38,468		123,472
Persistent Systems Ltd.		12,167		196,060
Phoenix Mills Ltd. (The)(a)		23,506		216,646
PNB Housing Finance Ltd.(a)(c)		19,044		97,321
Prestige Estates Projects Ltd.		36,234		130,784
Procter & Gamble Health Ltd.		1,782		165,266
PVR Ltd.		11,647		205,413
Quess Corp. Ltd.(a)(c)		18,463		124,855
Radico Khaitan Ltd.		24,380		149,626
Rajesh Exports Ltd.(a)		23,427		142,480
Ramco Cements Ltd. (The)		33,120		398,994
Ratnamani Metals & Tubes Ltd.		5,174		118,038
RBL Bank Ltd.(c)		98,281		297,008
Redington India Ltd.		83,173		147,576

4

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Relaxo Footwears Ltd.(a)		17,204	$	171,352
Sanofi India Ltd.		2,751		307,111
Schaeffler India Ltd.		3,220		173,233
Sobha Ltd.		14,433		60,602
Spandana Sphoorty Financial Ltd.(a)		5,800		58,735
SpiceJet Ltd.(a)		86,482		83,497
SRF Ltd.		7,651		530,375
Sterlite Technologies Ltd.		46,866		102,995
Strides Pharma Science Ltd.		16,619		171,472
Sundaram Finance Ltd.		13,840		326,451
Sundram Fasteners Ltd.		16,659		117,323
Supreme Industries Ltd.		16,230		357,435
Suven Pharmaceuticals Ltd.(a)		29,266		156,869
Syngene International Ltd.(a)(c)		35,245		275,059
Tanla Platforms Ltd.		2,344		19,391
Tata Chemicals Ltd.		50,008		264,774
Tata Communications Ltd.		20,240		290,128
Tata Elxsi Ltd.		9,903		212,385
Tata Power Co. Ltd. (The)		357,512		313,309
TeamLease Services Ltd.(a)		3,745		126,419
Thermax Ltd.		10,153		122,484
Thyrocare Technologies Ltd.(c)		5,704		84,590
Torrent Power Ltd.		46,221		197,226
TTK Prestige Ltd.		2,392		185,588
Tube Investments of India Ltd.		25,509		283,693
Vakrangee Ltd.		172,676		89,537
Varun Beverages Ltd.		28,059		330,163
Vinati Organics Ltd.		9,345		148,630
VIP Industries Ltd.		19,672		96,014
V-Mart Retail Ltd.(a)		3,418		103,953
Vodafone Idea Ltd.(a)		2,416,399		319,766
Voltas Ltd.		55,016		599,219
Yes Bank Ltd.(a)		100		20
Yes Bank Ltd., New		433,083		66,229
				34,162,342
Indonesia — 2.0%
Agung Semesta Sejahtera Tbk PT(a)		2,120,580		7,509
AKR Corporindo Tbk PT		519,600		107,085
Aneka Tambang Tbk		2,461,200		199,580
Astra Agro Lestari Tbk PT		138,000		120,457
Bank Brisyariah Tbk PT(a)		846,400		85,719
Bank BTPN Syariah Tbk PT		581,000		169,938
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		727,000		68,221
Bank Tabungan Negara Persero Tbk PT		1,251,200		145,767
Bintang Oto Global Tbk PT(a)		938,400		89,720
Bukit Asam Tbk PT		1,094,800		182,984
Bumi Serpong Damai Tbk PT(a)		2,235,600		166,245
Ciputra Development Tbk PT		2,732,663		179,017
Hanson International Tbk PT(a)(d)		25,794,200		65,269
Indo Tambangraya Megah Tbk PT		119,700		111,053
Indosat Tbk PT(a)		401,500		62,557
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		2,024,000		108,940
Inti Agri Resources Tbk PT(a)(d)		12,327,500		31,443
Japfa Comfeed Indonesia Tbk PT		1,272,400		120,301
Jasa Marga Persero Tbk PT		625,600		185,642
Lippo Karawaci Tbk PT(a)		10,041,600		166,412
Matahari Department Store Tbk PT(a)		291,300		26,097
Medco Energi Internasional Tbk PT(a)		2,647,912		93,390
Media Nusantara Citra Tbk PT(a)		1,350,400		97,072

Security	Shares		Value
Indonesia (continued)
Metro Healthcare Indonesia TBK PT(a)		3,394,800	$	91,361
Mitra Adiperkasa Tbk PT(a)		2,557,000		145,778
Pabrik Kertas Tjiwi Kimia Tbk PT		322,000		161,342
Pacific Strategic Financial Tbk PT(a)		1,803,200		105,995
Pakuwon Jati Tbk PT(a)		4,894,400		173,314
Panin Financial Tbk PT(a)		5,120,700		81,235
Pelayaran Tamarin Samudra Tbk PT(a)		2,421,000		8,573
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		944,200		79,575
PP Persero Tbk PT		946,325		91,147
Smartfren Telecom Tbk PT(a)		17,222,400		81,721
Sugih Energy Tbk PT(a)(d)		1,824,800		1
Summarecon Agung Tbk PT(a)		2,535,300		147,234
Surya Citra Media Tbk PT		1,647,500		191,936
Tower Bersama Infrastructure Tbk PT		2,706,600		273,152
Waskita Karya Persero Tbk PT		1,285,500		94,683
Wijaya Karya Persero Tbk PT		825,648		94,727
XL Axiata Tbk PT		791,200		135,042
				4,547,234
Kuwait — 0.7%
Boubyan Petrochemicals Co. KSCP		149,868		280,283
Humansoft Holding Co. KSC(a)		24,656		274,170
Kuwait International Bank KSCP		219,972		151,035
National Industries Group Holding SAK		367,448		212,648
Qurain Petrochemical Industries Co.		220,892		226,778
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		192,188		207,363
Warba Bank KSCP(a)		271,216		216,370
				1,568,647
Malaysia — 3.2%
Alliance Bank Malaysia Bhd		294,600		190,181
Axis Real Estate Investment Trust		386,400		202,969
Berjaya Sports Toto Bhd		269,100		140,693
Bermaz Auto Bhd		325,700		108,727
BIMB Holdings Bhd		193,200		175,464
British American Tobacco Malaysia Bhd		41,244		116,625
Bursa Malaysia Bhd		173,250		348,711
Carlsberg Brewery Malaysia Bhd		46,000		217,241
Comfort Glove Bhd		101,200		99,113
DRB-Hicom Bhd(b)		309,300		151,082
FGV Holdings Bhd		484,900		144,018
Focus Dynamics Group Bhd(a)		1,205,200		198,204
Frontken Corp. Bhd		218,100		173,987
Globetronics Technology Bhd		189,066		138,296
Greatech Technology Bhd(a)		55,200		121,944
IGB REIT		487,600		198,678
IJM Corp. Bhd		841,700		334,697
Inari Amertron Bhd		733,250		482,354
Magnum Bhd		361,650		192,631
Mah Sing Group Bhd		344,757		74,892
Malaysia Building Society Bhd		822,500		118,106
Malaysian Pacific Industries Bhd		28,600		175,924
Malaysian Resources Corp. Bhd		738,900		85,244
My EG Services Bhd(b)		682,700		274,823
Padini Holdings Bhd		153,500		101,731
Pavilion REIT		195,000		75,147
Pentamaster Corp. Bhd		170,850		207,587
Sapura Energy Bhd(a)		2,778,400		78,428
Scientex Bhd(b)		87,300		255,000

5

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Serba Dinamik Holdings Bhd		450,920	$	180,412
Sime Darby Property Bhd		824,300		121,399
SKP Resources Bhd		245,600		122,981
SP Setia Bhd Group		462,200		91,895
Sunway Construction Group Bhd		184,020		83,112
Sunway REIT		513,100		188,918
Syarikat Takaful Malaysia Keluarga Bhd		90,100		104,166
TIME dotCom Bhd		110,400		371,252
UMW Holdings Bhd		95,600		70,163
UWC BHD		46,000		84,570
Velesto Energy Bhd(a)		1,452,100		48,118
ViTrox Corp. Bhd		58,700		219,008
VS Industry Bhd		436,325		251,685
Yinson Holdings Bhd(b)		188,000		240,884
				7,361,060
Mexico — 1.9%
Alsea SAB de CV(a)(b)		147,200		202,654
Axtel SAB de CV, CPO(a)		220,800		89,825
Banco del Bajio SA(a)(b)(c)		184,000		229,766
Bolsa Mexicana de Valores SAB de CV		127,700		289,656
Concentradora Fibra Danhos SA de CV		62,200		73,628
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		176,000		184,413
Corp Inmobiliaria Vesta SAB de CV		164,000		294,128
Genomma Lab Internacional SAB de CV, Class B(a)		202,500		198,416
Gentera SAB de CV(a)		286,200		123,814
Grupo Aeroportuario del Centro Norte SAB de CV(a)		86,500		503,684
Grupo Cementos de Chihuahua SAB de CV		47,220		248,604
Grupo Comercial Chedraui SA de CV		100,000		140,848
Grupo Herdez SAB de CV(b)		69,900		138,576
Grupo Rotoplas SAB de CV		36,800		39,910
La Comer SAB de CV(b)		139,900		289,913
Macquarie Mexico Real Estate Management SA de CV(c)		211,700		269,397
PLA Administradora Industrial S. de RL de CV(b)		233,000		334,071
Prologis Property Mexico SA de CV		138,031		298,914
Qualitas Controladora SAB de CV		46,000		224,837
Regional SAB de CV(a)(b)		55,200		236,284
				4,411,338
Pakistan — 0.5%
Bank Alfalah Ltd.		272,957		59,677
Engro Corp. Ltd./Pakistan		98,714		188,634
Fauji Fertilizer Co. Ltd.		155,918		101,151
Hub Power Co. Ltd. (The)(a)		233,299		115,186
Indus Motor Co. Ltd.		4,180		30,152
Lucky Cement Ltd.(a)		43,919		180,608
Millat Tractors Ltd.		9,218		59,233
Pakistan Oilfields Ltd.		32,735		81,339
Pakistan State Oil Co. Ltd.(a)		83,691		105,144
Searle Co. Ltd. (The)		49,347		72,751
United Bank Ltd./Pakistan		139,261		105,276
				1,099,151
Panama — 0.1%
Intercorp Financial Services Inc.		8,280		248,400
Philippines — 0.9%
AC Energy Corp.		662,400		85,969
Alliance Global Group Inc.(a)		1,077,300		219,583
Bloomberry Resorts Corp.		1,142,700		211,523
Cebu Air Inc.(a)		70,470		68,887

Security	Shares		Value
Philippines (continued)
Cosco Capital Inc.		680,600	$	81,678
D&L Industries Inc.		743,800		109,064
DMCI Holdings Inc.		1,288,000		150,017
DoubleDragon Properties Corp.(a)		239,310		73,167
First Gen Corp.		257,150		156,975
Manila Water Co. Inc.		305,900		94,162
Petron Corp.		987,200		87,673
Robinsons Land Corp.		450,800		155,830
Security Bank Corp.		59,800		154,848
Semirara Mining & Power Corp.		288,300		74,353
Vista Land & Lifescapes Inc.		1,012,100		99,989
Wilcon Depot Inc.		486,700		182,209
				2,005,927
Poland — 1.2%
Alior Bank SA(a)		25,852		114,672
AmRest Holdings SE(a)(b)		20,700		135,036
Asseco Poland SA		16,376		289,682
Bank Millennium SA(a)		169,372		126,441
Budimex SA		3,314		242,714
CCC SA(a)(b)		10,120		168,487
Ciech SA(a)		9,200		73,026
Enea SA(a)		64,600		93,763
Eurocash SA(a)(b)		24,057		91,658
Famur SA(a)(b)		43,275		19,074
Grupa Azoty SA(a)(b)		12,972		86,872
Grupa Lotos SA		22,264		205,948
Jastrzebska Spolka Weglowa SA(a)(b)		16,513		107,810
KRUK SA(a)		5,202		196,255
mBank SA(a)		3,404		137,504
Mercator Medical SA(a)		566		77,017
Neuca SA		644		107,047
Tauron Polska Energia SA(a)		290,905		165,633
TEN Square Games SA		1,012		153,636
Warsaw Stock Exchange		8,634		99,056
				2,691,331
Qatar — 1.0%
Aamal Co.		464,692		106,466
Al Meera Consumer Goods Co. QSC		18,952		107,275
Baladna		266,616		134,314
Doha Bank QPSC(a)		421,268		266,841
Gulf International Services QSC(a)		205,131		84,596
Gulf Warehousing Co.		92,920		126,106
Medicare Group		46,909		115,831
Qatar Aluminum Manufacturing Co.		777,032		200,437
Qatar Insurance Co. SAQ		420,624		289,108
Qatar National Cement Co. QSC		59,124		65,164
Qatar Navigation QSC		160,540		275,341
United Development Co. QSC		477,004		195,430
Vodafone Qatar QSC		513,176		186,597
				2,153,506
Russia — 0.9%
Aeroflot PJSC(a)		319,246		301,238
Credit Bank of Moscow PJSC(a)		3,256,800		255,026
Detsky Mir PJSC(c)		217,720		399,037
LSR Group PJSC, GDR(f)		72,333		171,791
Mechel PJSC, ADR(a)		32,060		49,372
Mosenergo PJSC		3,124,000		83,210
Rostelecom PJSC(a)		249,320		313,708
Sistema PJSFC, GDR(f)		47,012		369,514

6

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Unipro PJSC		4,185,000	$	151,874
				2,094,770
Saudi Arabia — 2.5%
Al Hammadi Co. for Development and Investment(a)		14,634		116,858
Al Rajhi Co. for Co-operative Insurance(a)		5,312		117,129
Aldrees Petroleum and Transport Services Co.		8,706		154,362
Alujain Holding(a)		9,384		125,100
Arabian Cement Co./Saudi Arabia		14,503		124,319
Arriyadh Development Co.		30,101		141,572
City Cement Co.		23,719		147,350
Dallah Healthcare Co.		7,658		103,520
Dur Hospitality Co.		13,340		106,347
Eastern Province Cement Co.		13,681		143,719
Fawaz Abdulaziz Al Hokair & Co.(a)		21,743		126,147
Herfy Food Services Co.		6,674		104,098
Leejam Sports Co. JSC		8,214		156,150
Maharah Human Resources Co.		7,360		152,278
Mouwasat Medical Services Co.		13,616		468,315
National Agriculture Development Co. (The)(a)		17,167		142,807
National Gas & Industrialization Co.		11,040		88,453
Qassim Cement Co. (The)		12,996		262,997
Saudi Ceramic Co.(a)		9,384		113,966
Saudi Chemical Co. Holding(a)		15,860		152,654
Saudi Fisheries Co.(a)		5,152		83,106
Saudi Ground Services Co.(a)		26,036		215,891
Saudi Pharmaceutical Industries & Medical Appliances Corp.		20,222		225,911
Saudi Public Transport Co.(a)		24,548		113,099
Saudi Real Estate Co.(a)		29,900		130,742
Saudi Research & Marketing Group(a)		11,116		232,658
Saudia Dairy & Foodstuff Co.		4,692		220,176
Seera Group Holding(a)		45,540		238,956
Southern Province Cement Co.		19,057		381,587
United Electronics Co.		9,883		210,804
United International Transportation Co.		10,278		108,244
Yamama Cement Co.		32,675		247,419
Yanbu Cement Co.		24,493		229,218
				5,685,952
South Africa — 3.2%
Adcock Ingram Holdings Ltd.		16,574		45,461
AECI Ltd.		30,923		170,397
Alexander Forbes Group Holdings Ltd.		280,602		70,530
Allied Electronics Corp. Ltd.		61,732		122,856
Astral Foods Ltd.		11,318		98,303
Attacq Ltd.		33,266		8,061
AVI Ltd.		83,787		386,174
Barloworld Ltd.		52,627		238,409
Brait SE(a)		1		0	(e)
Coronation Fund Managers Ltd.		61,041		166,444
Dis-Chem Pharmacies Ltd.(a)(c)		78,936		102,519
DRDGOLD Ltd.		123,924		125,796
Equites Property Fund Ltd.		144,732		161,226
Fortress REIT Ltd., Series A		335,524		281,622
Foschini Group Ltd. (The)		89,056		565,079
Imperial Logistics Ltd.		45,773		114,756
Investec Ltd.		74,980		182,457
Investec Property Fund Ltd.		208,352		107,567
JSE Ltd.		24,188		189,190
KAP Industrial Holdings Ltd.(a)		730,733		134,095

Security	Shares		Value
South Africa (continued)
Liberty Holdings Ltd.		36,147	$	138,994
Life Healthcare Group Holdings Ltd.		312,340		319,479
Massmart Holdings Ltd.(a)		30,036		74,118
Momentum Metropolitan Holdings		217,212		218,528
Motus Holdings Ltd.		43,243		161,781
Netcare Ltd.		325,299		258,537
Ninety One Ltd.(a)		41,216		114,250
Oceana Group Ltd.		25,588		107,635
Pick n Pay Stores Ltd.		91,174		297,919
PSG Group Ltd.		40,264		147,931
Redefine Properties Ltd.		1,445,688		221,390
Resilient REIT Ltd.		83,793		205,094
Reunert Ltd.		49,330		118,191
Royal Bafokeng Platinum Ltd.(a)		39,308		161,944
Santam Ltd.		8,284		131,388
Sappi Ltd.(a)		150,291		281,621
Stor-Age Property REIT Ltd.		124,108		106,255
Super Group Ltd./South Africa(a)		112,122		174,599
Telkom SA SOC Ltd.		79,580		161,204
Transaction Capital Ltd.		149,040		232,185
Truworths International Ltd.		113,232		262,882
Vukile Property Fund Ltd.		227,916		102,499
Wilson Bayly Holmes-Ovcon Ltd.(a)		15,480		101,104
Zeder Investments Ltd.		307,794		54,096
				7,424,566
South Korea — 17.7%
ABLBio Inc.(a)		8,380		209,775
Ace Technologies Corp.(a)		8,556		187,891
Advanced Process Systems Corp.		3,901		83,375
Aekyung Industrial Co. Ltd.		2,870		64,322
AfreecaTV Co. Ltd.		2,587		135,130
Ahnlab Inc.		2,242		128,253
AK Holdings Inc.		365		6,910
Amicogen Inc.(a)(b)		4,415		131,666
Ananti Inc.(a)		15,916		122,115
Anterogen Co. Ltd.(a)		2,116		89,206
Aprogen KIC Inc.(a)		38,916		78,778
Aprogen pharmaceuticals Inc.(a)		63,848		81,069
Asiana Airlines Inc.(a)		30,419		141,573
BGF Co. Ltd.		14,076		59,532
BH Co. Ltd.(a)		6,942		139,900
Binex Co. Ltd.(a)		7,728		206,373
BNK Financial Group Inc.		69,092		351,532
Boditech Med Inc.(b)		4,416		106,354
Boryung Pharmaceutical Co. Ltd.		8,071		150,253
Bukwang Pharmaceutical Co. Ltd.		9,108		207,009
Cafe24 Corp.(a)		2,031		97,278
Cellivery Therapeutics Inc.(a)(b)		1,840		295,650
Chabiotech Co. Ltd.(a)		12,622		215,585
Chong Kun Dang Pharmaceutical Corp.		1,840		289,332
Chunbo Co. Ltd.		1,104		178,687
CJ CGV Co. Ltd.(a)		7,055		146,003
CMG Pharmaceutical Co. Ltd.(a)		36,803		158,314
Com2uSCorp		2,769		335,318
Cosmax Inc.		2,144		184,649
COWELL FASHION Co. Ltd.		15,732		80,327
CrystalGenomics Inc.(a)		11,104		162,062
CS Wind Corp.		1,762		203,819
Cuckoo Homesys Co. Ltd.		2,357		84,776
Daea TI Co. Ltd.		16,422		89,044

7

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Daeduck Co. Ltd.		244	$	1,409
Daeduck Electronics Co. Ltd./New(a)		9,160		87,747
Daejoo Electronic Materials Co. Ltd.(a)		3,036		130,598
Daesang Corp.		6,760		150,283
Daewoo Engineering & Construction Co. Ltd.(a)		57,738		182,624
Daewoong Co. Ltd.		7,176		166,341
Daewoong Pharmaceutical Co. Ltd.		1,447		135,344
Daishin Securities Co. Ltd.		13,152		163,427
Daou Technology Inc.		8,798		171,341
DB HiTek Co. Ltd.		10,966		351,312
Dentium Co. Ltd.(a)		2,456		93,330
DGB Financial Group Inc.		47,013		310,149
DIO Corp.(a)		3,561		101,210
Dong-A Socio Holdings Co. Ltd.		1,104		125,710
Dong-A ST Co. Ltd.		1,798		142,014
Dongjin Semichem Co. Ltd.		9,653		269,120
DongKook Pharmaceutical Co. Ltd.		8,175		189,498
Dongkuk Steel Mill Co. Ltd.(a)		18,196		122,507
Dongsuh Cos. Inc.		8,997		276,443
Dongsung Pharmaceutical Co. Ltd.(a)		7,493		74,486
Dongwon F&B Co. Ltd.		530		85,256
Doosan Fuel Cell Co. Ltd.(a)		6,172		278,327
Doosan Infracore Co. Ltd.(a)(b)		38,824		286,650
Doosan Solus Co. Ltd.(a)		3,680		170,273
DoubleUGames Co. Ltd.		2,874		151,680
Ecopro BM Co. Ltd.		2,484		339,865
Ecopro Co. Ltd.(b)		6,166		253,538
ENF Technology Co. Ltd.		2,668		97,408
Enzychem Lifesciences Corp.(a)		2,159		207,598
Eo Technics Co Ltd.		2,669		248,195
Eubiologics Co. Ltd.(a)		5,937		109,721
Eugene Technology Co. Ltd.		3,956		119,765
Eutilex Co. Ltd.(a)		3,034		86,094
F&F Co. Ltd.		1,832		141,057
Feelux Co. Ltd.(a)		18,441		88,326
Foosung Co. Ltd.		16,349		142,429
GemVax & Kael Co. Ltd.(a)		9,833		209,269
Geneone Life Science Inc.(a)		10,488		255,909
Genexine Co. Ltd.(a)		4,876		565,793
Grand Korea Leisure Co. Ltd.		9,609		131,993
Green Cross Cell Corp.		2,594		99,981
Green Cross Corp./South Korea		1,535		495,922
Green Cross Holdings Corp.		5,941		191,134
Green Cross LabCell Corp.		1,748		109,472
G-treeBNT Co. Ltd.(a)		7,506		186,539
Hana Tour Service Inc.		3,293		158,021
Hanall Biopharma Co. Ltd.(a)		9,016		283,138
Handsome Co. Ltd.		4,510		119,623
Hanil Cement Co. Ltd./New		932		77,656
Hanjin Heavy Industries & Construction Co. Ltd.(a)		9,200		72,998
Hanjin Transportation Co. Ltd.		2,328		102,878
Hankook Shell Oil Co. Ltd.		368		87,465
Hankook Technology Group Co. Ltd.		8,952		131,058
Hansol Chemical Co. Ltd.		2,484		350,191
Hanssem Co. Ltd.		3,043		267,849
Hanwha Aerospace Co. Ltd.(a)		10,844		258,715
Hanwha Life Insurance Co. Ltd.		85,652		159,840
HDC Holdings Co. Ltd.		14,812		140,550
HDC Hyundai Development Co-Engineering & Construction, Class E		11,776		213,374

Security	Shares		Value
South Korea (continued)
Helixmith Co. Ltd.(a)		6,659	$	163,684
HFR Inc.(a)		2,576		69,489
Hite Jinro Co. Ltd.		9,108		262,980
HLB Life Science Co. Ltd.(a)		10,735		256,600
HMM Co. Ltd.(a)		65,964		795,824
HS Industries Co. Ltd.		14,168		92,187
Huchems Fine Chemical Corp.		5,639		124,088
Hugel Inc.(a)		1,748		312,146
Hwaseung Enterprise Co. Ltd.		7,551		96,217
Hyosung Advanced Materials Corp.(a)		891		119,170
Hyosung Chemical Corp.		703		84,814
Hyosung Corp.		2,729		198,038
Hyosung Heavy Industries Corp.(a)		1,288		72,167
Hyosung TNC Co. Ltd.		835		139,223
Hyundai Autoever Corp.		1,380		100,268
Hyundai Bioscience Co. Ltd.(a)		10,259		104,764
Hyundai Construction Equipment Co. Ltd.(a)		3,866		118,438
Hyundai Department Store Co. Ltd.		4,412		282,690
Hyundai Electric & Energy System Co. Ltd.(a)		5,750		84,181
Hyundai Elevator Co. Ltd.		7,192		259,654
Hyundai Mipo Dockyard Co. Ltd.		6,484		278,334
Hyundai Rotem Co. Ltd.(a)		16,940		241,880
Hyundai Wia Corp.		4,915		209,206
Iljin Diamond Co. Ltd.		2,210		102,856
Iljin Materials Co. Ltd.		6,707		283,663
Ilyang Pharmaceutical Co. Ltd.		4,048		235,223
Innocean Worldwide Inc.		2,645		139,355
iNtRON Biotechnology Inc.(a)		9,219		126,219
IS Dongseo Co. Ltd.		4,876		197,851
ITM Semiconductor Co. Ltd.(a)		2,024		96,211
JB Financial Group Co. Ltd.		39,946		197,465
Jeil Pharmaceutical Co. Ltd.		1,196		91,115
Jejuair Co. Ltd.(a)		3,530		51,839
Jin Air Co. Ltd.(a)		6,261		61,391
JW Pharmaceutical Corp.		4,749		145,275
JYP Entertainment Corp.		7,335		251,560
KCC Corp.		1,564		237,452
KEPCO Engineering & Construction Co. Inc.		4,437		66,161
KEPCO Plant Service & Engineering Co. Ltd.		6,441		169,094
KIWOOM Securities Co. Ltd.		3,486		390,641
Koh Young Technology Inc.		3,059		259,029
Kolmar BNH Co. Ltd.		2,650		119,981
Kolmar Korea Co. Ltd.		4,876		198,292
Kolmar Korea Holdings Co. Ltd.		616		13,639
Kolon Industries Inc.		5,704		214,438
Komipharm International Co. Ltd.(a)		11,635		138,794
Korea Electric Terminal Co. Ltd.		2,068		107,834
Korea Line Corp.(a)		37,076		100,518
Korea Petrochemical Ind. Co Ltd.		894		197,536
Korea REIT & Trust Co. Ltd.		66,476		110,838
Korea United Pharm Inc.		2,569		121,421
Korean Reinsurance Co.		28,238		197,772
Kuk-Il Paper Manufacturing Co. Ltd.(a)		25,917		117,576
Kyung Dong Navien Co. Ltd.		2,487		119,568
L&C Bio Co. Ltd.		3,404		118,589
L&F Co. Ltd.		4,576		208,009
LEENO Industrial Inc.		2,852		314,956
LegoChem Biosciences Inc.(a)		4,686		244,770
LEMON Co. Ltd./Korea(a)		4,324		52,362
LG Hausys Ltd.		1,932		131,821

8

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
LG International Corp.		8,740	$	150,860
LIG Nex1 Co. Ltd.		3,448		94,415
LOTTE Fine Chemical Co. Ltd.		5,507		273,720
LOTTE Reit Co. Ltd.		27,416		132,552
Lotte Tour Development Co. Ltd.(a)		10,304		155,973
LS Corp.		5,053		288,599
LS Electric Co. Ltd.		4,301		214,166
Maeil Dairies Co. Ltd.		1,842		116,358
Mando Corp.		9,019		395,302
Mcnex Co. Ltd.		3,935		129,620
Medipost Co. Ltd.(a)		5,612		161,531
MedPacto Inc.(a)		2,944		285,474
Medy-Tox Inc.		1,288		260,615
MegaStudyEdu Co. Ltd.		3,093		106,496
Meritz Financial Group Inc.		14,144		126,670
Meritz Fire & Marine Insurance Co. Ltd.		14,556		190,081
Mezzion Pharma Co. Ltd.(a)		1,932		306,068
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		31,028		113,423
Namhae Chemical Corp.		9,962		77,874
Naturecell Co. Ltd.(a)		13,353		116,570
NEPES Corp.		5,246		152,182
NHN Corp.(a)		2,852		188,149
NHN KCP Corp.		3,680		221,821
NICE Information Service Co. Ltd.		10,524		203,528
NKMax Co. Ltd.(a)		11,000		143,645
NongShim Co. Ltd.		828		214,754
OCI Co. Ltd.(a)		5,336		334,178
OptoElectronics Solutions Co. Ltd.		2,208		104,758
Orion Holdings Corp.		13,340		159,132
Oscotec Inc.(a)		5,842		323,104
Osstem Implant Co. Ltd.(a)		3,314		157,531
Paradise Co. Ltd.		14,815		198,149
Partron Co. Ltd.		11,667		105,436
Pharmicell Co. Ltd.(a)		15,548		287,340
PI Advanced Materials Co. Ltd.		4,730		139,564
Poongsan Corp.		6,000		148,570
Posco ICT Co. Ltd.		16,580		105,634
Posco International Corp.		13,708		164,761
RFHIC Corp.(b)		3,958		134,670
Rsupport Co. Ltd.		6,532		90,021
S&S Tech Corp.		4,324		176,235
S&T Motiv Co. Ltd.		2,769		124,118
Sam Chun Dang Pharm Co. Ltd.		4,272		224,304
SAM KANG M&T Co. Ltd.(a)		6,348		110,719
Samwha Capacitor Co. Ltd.		2,763		146,321
Sang-A Frontec Co. Ltd.		2,484		99,558
Seojin System Co. Ltd.		3,866		167,525
Seoul Semiconductor Co. Ltd.		11,585		196,303
SFA Engineering Corp.		6,164		208,893
SFA Semicon Co. Ltd.(a)		25,116		120,978
Shinsegae International Inc.		742		106,618
Shinsung E&G Co. Ltd.(a)		35,236		128,805
Silicon Works Co. Ltd.		3,630		154,182
SillaJen Inc.(a)(d)		19,774		183,793
SIMMTECH Co. Ltd.		5,612		100,925
SK Discovery Co. Ltd.		3,047		185,593
SK Materials Co. Ltd.		1,362		319,652
SK Networks Co. Ltd.		43,325		188,523
SKC Co. Ltd.		5,788		469,191
SL Corp.		5,378		80,192

Security	Shares		Value
South Korea (continued)
SM Entertainment Co. Ltd.(a)		5,811	$	155,968
S-MAC Co. Ltd.(a)		54,832		93,654
Solid Inc.(a)		13,064		126,915
Soulbrain Co. Ltd./New(a)		1,153		264,975
Soulbrain Holdings Co. Ltd.		1,425		55,504
SPC Samlip Co. Ltd.		54		3,440
ST Pharm Co. Ltd.(a)		2,668		190,236
STCUBE(a)		5,146		38,599
Taekwang Industrial Co. Ltd.		184		127,705
Taeyoung Engineering & Construction Co. Ltd.		6,204		57,187
Telcon RF Pharmaceutical Inc.(a)		21,147		127,469
TES Co. Ltd./Korea		4,048		106,271
Tesna Inc.		3,128		129,892
Theragen Etex Co. Ltd.(a)		9,151		83,939
Tokai Carbon Korea Co. Ltd.		1,495		138,752
Tongyang Life Insurance Co. Ltd.		19,985		66,102
Toptec Co. Ltd.		5,980		69,444
TY Holdings Co. Ltd./Korea(a)		5,981		128,101
Unison Co. Ltd.(a)		29,900		151,858
UniTest Inc.		4,600		103,095
Vieworks Co. Ltd.		3,202		84,640
Webzen Inc.(a)		5,063		155,566
Wemade Co. Ltd.		3,008		111,453
WONIK IPS Co. Ltd.(a)		8,097		291,596
YG Entertainment Inc.(a)		3,048		120,647
Youngone Corp.		7,647		206,629
Yungjin Pharmaceutical Co. Ltd.(a)		26,296		190,112
Yuyang DNU Co. Ltd.(a)(d)		17,648		16,539
Zinus Inc.		2,668		249,549
				40,731,018
Taiwan — 21.3%
AcBel Polytech Inc.		157,000		162,770
A-DATA Technology Co. Ltd.		66,000		141,251
Advanced Ceramic X Corp.		13,000		200,684
Advanced Wireless Semiconductor Co.		44,596		190,103
Alchip Technologies Ltd.		16,000		374,985
AmTRAN Technology Co. Ltd.(a)		184,312		74,365
Arcadyan Technology Corp.		38,541		130,893
Ardentec Corp.		131,000		171,664
Asia Optical Co. Inc.		69,000		177,205
Asia Pacific Telecom Co. Ltd.(a)		442,910		150,110
Asia Vital Components Co. Ltd.		98,000		254,090
ASPEED Technology Inc.		9,000		445,224
AURAS Technology Co. Ltd.		19,000		155,320
BES Engineering Corp.		422,000		133,103
Bizlink Holding Inc.		36,770		316,065
Brighton-Best International Taiwan Inc.		171,000		158,686
Capital Securities Corp.		460,530		193,890
Career Technology MFG. Co. Ltd.		118,369		154,697
Casetek Holdings Ltd.		43,816		132,820
Cathay Real Estate Development Co. Ltd.		166,300		122,818
Center Laboratories Inc.		93,871		219,342
Century Iron & Steel Industrial Co. Ltd.		42,000		192,299
Charoen Pokphand Enterprise		55,000		137,777
Cheng Loong Corp.		184,000		205,287
Cheng Uei Precision Industry Co. Ltd.		109,000		164,059
Chicony Power Technology Co. Ltd.		58,000		136,949
Chief Telecom Inc.		9,000		119,989
Chilisin Electronics Corp.		59,459		275,365
China Airlines Ltd.(a)		833,000		285,825

9

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
China General Plastics Corp.		143,064	$	119,460
China Man-Made Fiber Corp.(a)		300,223		98,696
China Motor Corp.(a)		92,200		155,918
China Petrochemical Development Corp.		867,600		276,999
China Steel Chemical Corp.		69,000		248,136
Chin-Poon Industrial Co. Ltd.		102,000		110,938
Chipbond Technology Corp.		124,000		279,737
ChipMOS Technologies Inc.		78,000		87,161
Chlitina Holding Ltd.		13,000		93,957
Chong Hong Construction Co. Ltd.		56,424		164,308
Chroma ATE Inc.		101,000		531,532
Chung Hung Steel Corp.(a)		365,000		154,311
Chung-Hsin Electric & Machinery Manufacturing Corp.		92,000		188,826
Chunghwa Precision Test Tech Co. Ltd.		6,000		163,144
Cleanaway Co. Ltd.		31,000		177,283
Clevo Co.		130,000		139,567
CMC Magnetics Corp.		313,238		93,963
Compeq Manufacturing Co. Ltd.		293,000		493,944
Concraft Holding Co. Ltd.		22,849		78,642
Coretronic Corp.		115,400		142,112
CSBC Corp. Taiwan(a)		81,455		71,160
CTCI Corp.		151,000		207,408
Cub Elecparts Inc.		18,361		138,823
Darfon Electronics Corp.		66,000		100,381
Darwin Precisions Corp.(a)		111,000		53,353
E Ink Holdings Inc.		252,000		362,494
Egis Technology Inc.		18,000		112,095
Elan Microelectronics Corp.		85,000		393,650
Elite Material Co. Ltd.		81,000		443,330
Elite Semiconductor Microelectronics Technology Inc.		4,000		7,087
eMemory Technology Inc.		17,000		341,759
Ennoconn Corp.		16,883		136,237
Epistar Corp.(a)		201,000		267,976
Eternal Materials Co. Ltd.		229,399		280,084
Eva Airways Corp.		460,000		204,158
Everlight Electronics Co. Ltd.		115,000		149,285
Far Eastern Department Stores Ltd.		300,000		256,820
Far Eastern International Bank		674,122		253,069
Faraday Technology Corp.		67,000		112,715
Farglory Land Development Co. Ltd.		77,000		141,019
Feng Hsin Steel Co. Ltd.		157,000		322,786
Firich Enterprises Co. Ltd.		184,376		184,360
FLEXium Interconnect Inc.		89,418		376,464
Formosa Sumco Technology Corp.		24,000		122,937
Formosa Taffeta Co. Ltd.		98,000		105,384
Foxsemicon Integrated Technology Inc.		19,200		137,756
Fulgent Sun International Holding Co. Ltd.		32,330		137,249
Fusheng Precision Co. Ltd.		37,000		221,981
General Interface Solution Holding Ltd.		71,000		282,730
Genius Electronic Optical Co. Ltd.		21,585		481,644
Getac Technology Corp.		115,000		194,272
Gigabyte Technology Co. Ltd.		153,000		421,384
Ginko International Co. Ltd.		10,500		54,890
Global Lighting Technologies Inc.		28,000		111,499
Global Unichip Corp.		24,000		277,870
Gold Circuit Electronics Ltd.(a)		92,000		166,554
Goldsun Building Materials Co. Ltd.		276,426		262,339
Gourmet Master Co. Ltd.		23,821		119,512
Grand Pacific Petrochemical(a)		184,000		151,060
Grape King Bio Ltd.		37,000		234,962

Security	Shares		Value
Taiwan (continued)
Great Wall Enterprise Co. Ltd.		191,789	$	311,882
Greatek Electronics Inc.		105,000		202,614
Hannstar Board Corp.		93,481		147,097
HannStar Display Corp.(a)		747,320		263,505
Holtek Semiconductor Inc.		53,000		133,511
Holy Stone Enterprise Co. Ltd.		41,050		167,786
Hota Industrial Manufacturing Co. Ltd.		62,192		214,271
Hotai Finance Co. Ltd.		64,000		185,022
HTC Corp.(a)		206,000		226,219
Huaku Development Co. Ltd.		76,080		235,427
Hung Sheng Construction Ltd.		160,520		107,004
IBF Financial Holdings Co. Ltd.		562,607		236,866
International CSRC Investment Holdings Co.		197,945		161,120
International Games System Co. Ltd.		19,000		451,960
ITEQ Corp.		59,559		286,276
Jentech Precision Industrial Co. Ltd.		19,000		185,984
Jih Sun Financial Holdings Co. Ltd.		476,341		172,136
Johnson Health Tech Co. Ltd.		30,000		86,519
Kenda Rubber Industrial Co. Ltd.		184,675		239,732
Kindom Development Co. Ltd.		94,000		124,003
King Slide Works Co. Ltd.		18,000		189,457
King Yuan Electronics Co. Ltd.		216,000		268,271
King’s Town Bank Co. Ltd.		250,000		335,058
Kinsus Interconnect Technology Corp.		79,000		251,392
KMC Kuei Meng International Inc.		27,000		179,984
Kuoyang Construction Co. Ltd.		92,000		84,891
LandMark Optoelectronics Corp.		21,400		207,224
Lealea Enterprise Co. Ltd.(a)		184,590		79,334
Lien Hwa Industrial Holdings Corp.		214,478		310,025
Longchen Paper & Packaging Co. Ltd.		200,456		133,977
Lotes Co. Ltd.		21,968		342,979
Lotus Pharmaceutical Co. Ltd.(a)		27,000		80,235
Lung Yen Life Service Corp.		79,000		148,840
Machvision Inc.		10,398		110,720
Macronix International		439,000		592,983
Makalot Industrial Co. Ltd.		58,036		375,674
Mercuries & Associates Holding Ltd.		35,579		26,776
Mercuries Life Insurance Co. Ltd.(a)		356,696		108,877
Merida Industry Co. Ltd.		66,000		578,897
Merry Electronics Co. Ltd.		54,224		269,194
Microbio Co. Ltd.(a)		80,000		210,508
Mitac Holdings Corp.		268,383		277,776
momo.com Inc.		14,000		304,535
Motech Industries Inc.(a)		92,000		122,979
Nan Kang Rubber Tire Co. Ltd.		130,000		197,948
Nan Liu Enterprise Co. Ltd.		15,000		101,570
Nan Ya Printed Circuit Board Corp.		68,000		431,822
Nantex Industry Co. Ltd.		92,000		198,186
OBI Pharma Inc.(a)		43,184		178,781
Pan Jit International Inc.		1,900		2,973
Pan-International Industrial Corp.		148,722		110,619
Parade Technologies Ltd.		21,000		762,565
PChome Online Inc.		29,305		90,478
PharmaEngine Inc.		32,756		69,873
PharmaEssentia Corp.(a)		53,648		163,753
Pharmally International Holding Co. Ltd.(d)		21,603		38,181
Pixart Imaging Inc.		39,635		274,639
Poya International Co. Ltd.		17,453		366,175
President Securities Corp.		178,215		98,791
Primax Electronics Ltd.		106,000		173,676

10

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Prince Housing & Development Corp.		368,917	$	155,320
Qisda Corp.		442,000		364,424
Radiant Opto-Electronics Corp.		128,000		520,937
Radium Life Tech Co. Ltd.		241,341		113,463
Rexon Industrial Corp. Ltd.		40,000		108,762
RichWave Technology Corp.		15,000		176,300
Ritek Corp.(a)		205,387		79,265
Roo Hsing Co. Ltd.(a)		168,000		69,846
Ruentex Industries Ltd.		92,000		224,654
Run Long Construction Co. Ltd.		78,000		167,754
Sanyang Motor Co. Ltd.		128,820		167,451
ScinoPharm Taiwan Ltd.		92,708		96,278
SDI Corp.		33,000		92,276
Sercomm Corp.		67,000		185,703
Shin Zu Shing Co. Ltd.		46,856		237,547
Shinkong Synthetic Fibers Corp.		299,135		131,713
Sigurd Microelectronics Corp.		119,124		188,701
Simplo Technology Co. Ltd.		49,600		576,876
Sinbon Electronics Co. Ltd.		66,000		451,539
Sino-American Silicon Products Inc.		146,000		735,058
Sinyi Realty Inc.		89,778		96,385
Sitronix Technology Corp.		33,000		162,091
Soft-World International Corp.		18,140		57,406
Solar Applied Materials Technology Co.		92,000		153,320
Sporton International Inc.		22,330		188,026
St. Shine Optical Co. Ltd.		14,000		142,444
Sunny Friend Environmental Technology Co. Ltd.		20,000		156,828
Sunonwealth Electric Machine Industry Co. Ltd.		54,000		106,664
Supreme Electronics Co. Ltd.		130,000		148,689
Systex Corp.		44,000		130,445
TA Chen Stainless Pipe		318,866		314,363
Taichung Commercial Bank Co. Ltd.		775,684		296,639
TaiDoc Technology Corp.		17,000		136,584
TaiMed Biologics Inc.(a)		55,000		166,915
Tainan Spinning Co. Ltd.		276,190		144,866
Taiwan Cogeneration Corp.		134,000		184,293
Taiwan Fertilizer Co. Ltd.		229,000		434,660
Taiwan Glass Industry Corp.(a)		368,000		231,755
Taiwan Hon Chuan Enterprise Co. Ltd.		90,004		190,097
Taiwan Paiho Ltd.		75,050		197,483
Taiwan Secom Co. Ltd.		88,450		275,257
Taiwan Semiconductor Co. Ltd.		66,000		131,525
Taiwan Shin Kong Security Co. Ltd.		73,366		95,625
Taiwan Styrene Monomer		190,000		117,656
Taiwan Surface Mounting Technology Corp.		76,000		325,305
Taiwan TEA Corp.(a)		282,000		188,973
Taiwan Union Technology Corp.		68,000		279,133
TCI Co. Ltd.		26,528		207,086
Teco Electric and Machinery Co. Ltd.		460,000		476,906
Test Research Inc.		52,000		103,444
Tong Hsing Electronic Industries Ltd.		53,641		373,572
Tong Yang Industry Co. Ltd.		110,133		154,173
Topco Scientific Co. Ltd.		56,000		238,716
TPK Holding Co. Ltd.(a)		92,000		151,060
Transcend Information Inc.		62,000		140,521
Tripod Technology Corp.		120,000		515,744
TSEC Corp.(a)		92,000		143,637
TSRC Corp.		124,000		98,756
TTY Biopharm Co. Ltd.		68,450		166,907
Tung Ho Steel Enterprise Corp.		184,000		215,939

Security	Shares		Value
Taiwan (continued)
TXC Corp.		89,000	$	249,803
U-Ming Marine Transport Corp.		143,000		157,537
Union Bank of Taiwan		395,167		144,189
Unitech Printed Circuit Board Corp.		161,420		132,806
United Integrated Services Co. Ltd.		45,400		363,965
United Renewable Energy Co. Ltd.(a)		637,879		332,339
UPC Technology Corp.		193,741		118,953
USI Corp.		188,070		131,308
Visual Photonics Epitaxy Co. Ltd.		47,425		151,248
Voltronic Power Technology Corp.		17,934		549,928
Wafer Works Corp.		142,681		188,973
Wah Lee Industrial Corp.		85,000		230,524
Walsin Lihwa Corp.		672,000		457,391
Wan Hai Lines Ltd.		60,000		91,992
Wistron NeWeb Corp.		85,481		248,023
WT Microelectronics Co. Ltd.		93,757		131,906
XinTec Inc.(a)		52,000		327,480
Xxentria Technology Materials Corp.		67,000		145,742
Yang Ming Marine Transport Corp.(a)		276,820		128,686
YFY Inc.		368,000		307,285
Yieh Phui Enterprise Co. Ltd.(a)		263,797		113,376
Yulon Finance Corp.		47,080		167,656
Yulon Motor Co. Ltd.(a)		164,026		224,437
YungShin Global Holding Corp.		85,200		137,055
Yungtay Engineering Co. Ltd.		62,000		133,343
				49,016,055
Thailand — 3.5%
AEON Thana Sinsap Thailand PCL, NVDR		27,700		146,055
Amata Corp. PCL, NVDR(b)		281,576		156,379
AP Thailand PCL, NVDR		797,000		184,430
Bangchak Corp. PCL, NVDR		367,100		237,857
Bangkok Chain Hospital PCL, NVDR		524,600		242,790
Bangkok Land PCL, NVDR		4,995,600		168,447
Bangkok Life Assurance PCL, NVDR(a)(b)		195,000		128,926
Banpu PCL, NVDR		1,168,400		330,242
Central Plaza Hotel PCL, NVDR(a)(b)		165,600		133,027
CH Karnchang PCL, NVDR(a)		358,100		216,636
Chularat Hospital PCL, NVDR		2,116,800		177,741
CK Power PCL, NVDR(a)		772,900		130,307
Com7 PCL, NVDR		184,000		249,388
Eastern Polymer Group PCL, NVDR		400,000		76,694
Eastern Water Resources Development and Management PCL, NVDR		542,800		168,672
Esso Thailand PCL, NVDR(a)(b)		340,900		81,703
GFPT PCL, NVDR		260,900		120,747
Gunkul Engineering PCL, NVDR		1,712,599		141,537
Hana Microelectronics PCL, NVDR		165,700		234,171
IRPC PCL, NVDR		1,710,800		153,831
Jasmine International PCL, NVDR(b)		1,276,800		140,976
KCE Electronics PCL, NVDR(b)		226,100		300,844
Khon Kaen Sugar Industry PCL, NVDR		904,530		69,372
Kiatnakin Phatra Bank PCL, NVDR		82,832		135,543
Major Cineplex Group PCL, NVDR(b)		272,800		171,345
MBK PCL, NVDR		575,100		250,953
Mega Lifesciences PCL, NVDR		130,500		156,384
Plan B Media PCL, NVDR		718,100		148,368
Pruksa Holding PCL, NVDR		406,200		167,851
PTG Energy PCL, NVDR		252,900		150,486
Quality Houses PCL, NVDR		3,017,867		231,453
Sansiri PCL, NVDR		4,403,000		114,987

11

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Siam Global House PCL, NVDR		1	$	1
Siamgas & Petrochemicals PCL, NVDR		287,500		97,893
Sino-Thai Engineering & Construction PCL, NVDR		304,628		133,936
Sri Trang Agro-Industry PCL, NVDR		266,880		236,001
Star Petroleum Refining PCL, NVS(b)		542,800		136,373
Supalai PCL, NVDR		495,800		293,382
Super Energy Corp. PCL, NVDR		5,676,400		172,638
Taokaenoi Food & Marketing PCL, Class R, NVDR(b)		191,900		69,147
Thai Airways International PCL, NVDR(a)		21,900		2,128
Thai Vegetable Oil PCL, NVDR		186,400		200,264
Thanachart Capital PCL, NVDR		107,000		120,264
Thonburi Healthcare Group PCL, NVDR		287,300		224,142
Tipco Asphalt PCL, NVDR		214,100		129,522
TPI Polene Power PCL, NVDR		920,000		135,035
TTW PCL, NVDR(b)		533,600		224,024
VGI PCL, NVDR		459,100		116,862
WHA Corp. PCL, NVDR		2,750,100		285,465
				8,095,219
Turkey — 1.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS		62,192		166,487
Bera Holding AS(a)		50,023		84,925
Coca-Cola Icecek AS(a)		24,095		172,652
Dogan Sirketler Grubu Holding AS		331,276		101,641
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		535,164		147,778
Enerjisa Enerji AS(c)		72,128		99,585
Gubre Fabrikalari TAS(a)		3,440		22,736
Izmir Demir Celik Sanayi AS(a)		26,680		70,467
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(b)		280,232		175,542
Koza Altin Isletmeleri AS(a)(b)		12,144		115,583
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		62,984		102,018
Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(c)		15,744		92,585
Migros Ticaret AS(a)(b)		23,736		127,992
MLP Saglik Hizmetleri AS(a)(c)		27,510		74,347
Nuh Cimento Sanayi AS		13,085		67,179
Oyak Cimento Fabrikalari AS(a)		67,620		69,589
Pegasus Hava Tasimaciligi AS(a)(b)		11,427		83,560
Petkim Petrokimya Holding AS(a)		358,402		191,979
Sasa Polyester Sanayi AS(a)		52,584		109,642
TAV Havalimanlari Holding AS		65,890		159,960
Tekfen Holding AS(b)		63,340		117,817
Tofas Turk Otomobil Fabrikasi AS		31,464		114,638
Turkiye Halk Bankasi AS(a)		156,584		107,095
Turkiye Sinai Kalkinma Bankasi AS(a)		212,551		62,225
Ulker Biskuvi Sanayi AS(a)		56,631		160,722
				2,798,744
United Arab Emirates — 0.6%
Air Arabia PJSC		782,258		264,079
Amanat Holdings PJSC		512,355		115,634
Aramex PJSC		170,370		185,994
DAMAC Properties Dubai Co. PJSC(a)		492,105		158,089
Dana Gas PJSC		1,161,883		216,045
Drake & Scull International PJSC(a)(d)		241,185		11,648
Dubai Financial Market PJSC		693,009		164,708
Dubai Investments PJSC		671,001		228,347
				1,344,544
Total Common Stocks — 98.3% (Cost: $197,285,657)				225,680,260

Security	Shares		Value
Preferred Stocks
Brazil — 1.0%
Azul SA, Preference Shares, NVS		71,900	$	507,531
Banco ABC Brasil SA, Preference Shares, NVS		24,669		66,503
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		58,000		142,142
Banco Pan SA, Preference Shares, NVS		82,800		146,963
Cia. de Saneamento do Parana, Preference Shares, NVS		9,200		8,523
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		46,000		238,363
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS		46,000		200,871
Marcopolo SA, Preference Shares, NVS		156,469		80,760
Metalurgica Gerdau SA, Preference Shares, NVS		211,600		403,074
Randon SA Implemetos e Participacoes, Preference Shares, NVS		52,225		142,534
Unipar Carbocloro SA, Preference Shares, NVS		15,183		110,811
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		101,200		256,469
				2,304,544
Total Preferred Stocks — 1.0% (Cost: $2,045,788)				2,304,544
Rights
China — 0.0%
Jiayuan International Group Ltd. (Expires 12/01/20)(a)		4,243		0	(e)
Pakistan — 0.0%
Searle Co. Ltd. (The) (Expires 12/31/20)(a)		4,023		1,640
South Korea — 0.0%
Doosan Fuel Cell Co. Ltd. (Expires 12/08/20)(a)		949		13,979
Helixmith Co. Ltd. (Expires 12/21/20)(a)		2,049		24,161
HFR Inc. (Expires 12/18/20)(a)		174		912
				39,052
Total Rights — 0.0% (Cost: $0)				40,692
Warrants
Brazil — 0.0%
CVC Brasil Operadora e Agencia de Viagens SA (Expires 01/28/21)(a)		6,092		8,030
Thailand — 0.0%
MBK PCL (Expires 11/15/23)(a)		23,004		7,757
Total Warrants — 0.0% (Cost: $0)				15,787

12

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.19%(g)(h)(i)		9,891,799	$	9,897,734
Total Short-Term Investments — 4.3% (Cost: $9,892,720)				9,897,734
Total Investments in Securities — 103.6% (Cost: $209,224,165)				237,939,017
Other Assets, Less Liabilities — (3.6)%				(8,195,133	)
Net Assets — 100.0%			$	229,743,884

^(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 affiliate(s) of the Fund during the period ended November 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 11/30/20		Shares Held at 11/30/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,452,869	$	448,503	(a)	$	—	$	(551	)	$	(3,087	)	$	9,897,734		9,891,799	$	94,162	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—		—			—			—		—		48			—
								$	(551	)	$	(3,087	)	$	9,897,734			$	94,210		$	—

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

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

^(c)  As of period end, the entity is no longer held.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		17		12/18/20	$	1,022	$	13,528

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) November 30, 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 November 30, 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	$	225,105,475	$	66,229	$	508,556	$	225,680,260
Preferred Stocks		2,304,544		—		—		2,304,544
Rights		—		40,692		—		40,692
Warrants		8,030		7,757		—		15,787
Money Market Funds		9,897,734		—		—		9,897,734
	$	237,315,783	$	114,678	$	508,556	$	237,939,017
Derivative financial instruments(a)
Assets
Futures Contracts	$	13,528	$	—	$	—	$	13,528

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

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

14