Consolidated Schedule of Investments (unaudited)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 4.5%
3R Petroleum Oleo E Gas SA(a)		76,049	$	454,348
3R Petroleum Oleo E Gas SA		11,989		70,777
AES Brasil Energia SA		111,106		266,744
Aliansce Sonae Shopping Centers SA		183,553		784,025
Alliar Medicos A Frente SA(a)		16,936		76,747
Alupar Investimento SA		50,527		287,924
Ambipar Participacoes e Empreendimentos SA		27,448		112,750
Arezzo Industria e Comercio SA		25,988		377,887
Armac Locacao Logistica E Servicos SA		47,888		148,290
Auren Energia SA		106,519		295,624
Boa Vista Servicos SA		87,308		130,102
BrasilAgro - Co. Brasileira de Propriedades Agricolas		18,104		81,219
BRF SA(a)		226,227		362,530
Cia. Brasileira de Aluminio		58,984		60,457
Cia. Brasileira de Distribuicao(a)		60,663		194,665
Cia. de Saneamento de Minas Gerais Copasa MG		76,358		300,116
Cia. de Saneamento do Parana		64,678		258,161
Cielo SA		479,099		441,013
CM Hospitalar SA		47,377		160,155
Cogna Educacao(a)		670,724		382,077
Cury Construtora e Incorporadora SA		48,764		132,740
Cyrela Brazil Realty SA Empreendimentos e Participacoes		107,383		395,387
Dexco SA		144,139		251,440
EcoRodovias Infraestrutura e Logistica SA		100,886		127,268
EDP - Energias do Brasil SA		98,249		445,416
Embraer SA(a)		263,165		986,616
Enauta Participacoes SA		42,267		106,390
Ez Tec Empreendimentos e Participacoes SA		44,676		155,252
Fleury SA		91,908		282,429
GPS Participacoes e Empreendimentos SA(b)		120,742		354,137
Grendene SA		142,861		195,989
Grupo De Moda Soma SA		201,042		410,144
Grupo Mateus SA(a)		200,650		288,321
Grupo SBF SA		50,735		105,004
Iguatemi SA		91,177		391,069
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		29,492		146,434
Iochpe Maxion SA		51,223		130,246
IRB Brasil Resseguros S/A(a)		22,996		172,245
JHSF Participacoes SA		121,882		113,394
Locaweb Servicos de Internet SA(b)		143,153		216,142
LOG Commercial Properties e Participacoes SA		21,978		101,241
M. Dias Branco SA		25,258		192,125
Mahle-Metal Leve SA		18,469		150,059
Marfrig Global Foods SA		111,033		145,321
Mills Estruturas e Servicos de Engenharia SA		46,355		107,269
Minerva SA		101,762		204,996
Movida Participacoes SA		53,363		107,393
MRV Engenharia e Participacoes SA		110,230		219,013
Multiplan Empreendimentos Imobiliarios SA		106,814		558,566
Odontoprev SA		107,091		224,386
Omega Energia SA(a)		73,949		143,575
Oncoclinicas do Brasil Servicos Medicos SA(a)		53,728		115,964
Orizon Valorizacao de Residuos SA(a)		21,170		152,725
Pet Center Comercio e Participacoes SA		140,671		201,026
Petroreconcavo SA		49,421		167,844
Santos Brasil Participacoes SA		202,940		398,016
Sao Martinho SA		59,276		422,607

Security	Shares		Value
Brazil (continued)
SIMPAR SA		148,993	$	271,361
SLC Agricola SA		39,858		271,284
Smartfit Escola de Ginastica e Danca SA(a)		88,731		333,181
Transmissora Alianca de Energia Eletrica SA		72,665		528,806
Tres Tentos Agroindustrial SA		44,968		105,478
Tupy SA		29,200		146,538
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		130,451		330,929
Via S/A(a)		483,876		226,997
Vivara Participacoes SA		43,800		219,980
YDUQS Participacoes SA		96,652		268,049
				16,966,403
Chile — 0.7%
Aguas Andinas SA, Class A		1,211,262		394,779
Banco Itau Chile SA, NVS		21,641		225,228
CAP SA		33,361		234,761
Colbun SA		3,177,690		462,959
Empresa Nacional de Telecomunicaciones SA		63,760		239,295
Engie Energia Chile SA(a)		135,999		116,690
Parque Arauco SA		233,235		328,255
Plaza SA		166,659		210,894
SMU SA		1,286,844		217,650
Sociedad de Inversiones Oro Blanco SA		11,613,357		95,344
Vina Concha y Toro SA		228,860		259,938
				2,785,793
China — 8.4%
361 Degrees International Ltd.(a)(c)		365,000		165,141
Agora Inc., ADR(a)		25,623		70,207
AK Medical Holdings Ltd.(b)		292,000		260,489
Alibaba Pictures Group Ltd.(a)		4,380,000		224,026
A-Living Smart City Services Co. Ltd., Class A(b)		292,000		182,204
Alliance International Education Leasing Holdings Ltd. (a)(b)		292,200		208,596
Alphamab Oncology(a)(b)(c)		158,000		161,823
Angelalign Technology Inc.(a)(b)		14,600		135,364
Anhui Expressway Co. Ltd., Class H		146,000		149,161
Anxin-China Holdings Ltd.(d)		1,084,000		1
Ascentage Pharma Group International(a)(b)(c)		87,600		228,613
Asia Cement China Holdings Corp.		255,500		110,286
Ausnutria Dairy Corp. Ltd.		146,000		62,522
Bairong Inc. (a)(b)(c)		109,500		133,199
Baozun Inc., ADR(a)(c)		22,119		86,928
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		54,750		105,016
Beijing Jingneng Clean Energy Co. Ltd., Class H		584,000		137,248
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		146,000		272,489
Binjiang Service Group Co. Ltd.		44,000		111,679
BOE Varitronix Ltd.		146,000		194,399
Boshiwa International Holding Ltd.(d)		32,000		—
Brii Biosciences Ltd.(a)(c)		162,500		77,552
Canaan Inc., ADR(a)(c)		72,076		147,035
Canvest Environmental Protection Group Co. Ltd.		259,000		126,020
CARsgen Therapeutics Holdings Ltd., NVS(a)(b)		109,500		145,623
Central China New Life Ltd.		256,000		85,789
CGN Mining Co. Ltd.(a)		1,095,000		114,643
CGN New Energy Holdings Co. Ltd.		520,000		154,205
Chervon Holdings Ltd.		43,800		192,017
China Animal Healthcare Ltd.(d)		126,000		—
China Aoyuan Group Ltd.(a)(c)(d)		603,000		37,804
China BlueChemical Ltd., Class H		558,000		122,597

1

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Conch Environment Protection Holdings Ltd.(a)(c)		657,000	$	194,024
China Datang Corp. Renewable Power Co. Ltd., Class H		949,000		342,108
China East Education Holdings Ltd.(b)		219,000		90,102
China Education Group Holdings Ltd.(c)		418,000		339,178
China Everbright Greentech Ltd.(b)(c)		584,000		94,745
China Everbright Ltd.		438,000		280,261
China Foods Ltd.		518,000		165,465
China High Speed Transmission Equipment Group Co. Ltd.(a)		232,000		77,606
China Huiyuan Juice Group Ltd.(d)		379,000		—
China Lilang Ltd.		319,000		167,027
China Metal Recycling Holdings Ltd.(d)		12,000		—
China Modern Dairy Holdings Ltd.(c)		1,241,000		145,812
China New Higher Education Group Ltd.(b)		365,000		111,816
China Nonferrous Mining Corp Ltd.		620,000		297,727
China Oriental Group Co. Ltd.		876,000		118,699
China Overseas Grand Oceans Group Ltd.		669,000		299,866
China Renaissance Holdings Ltd.(b)(c)(d)		172,500		131,060
China Resources Medical Holdings Co. Ltd.		365,000		287,439
China Shineway Pharmaceutical Group Ltd.		146,000		160,472
China South City Holdings Ltd.(a)(c)		2,482,000		142,789
China Tobacco International HK Co. Ltd.		146,000		172,274
China Travel International Investment Hong Kong Ltd.(a)(c)		876,000		167,795
China Water Affairs Group Ltd.(c)		292,000		215,437
China XLX Fertiliser Ltd.		314,000		168,706
China Youran Dairy Group Ltd.(b)(c)		511,000		114,193
China Youzan Ltd.(a)(c)		5,712,000		97,114
Chindata Group Holdings Ltd., ADR(a)(c)		51,173		291,686
CIFI Ever Sunshine Services Group Ltd.(d)		64,000		18,268
CIFI Holdings Group Co. Ltd.(c)(d)		854,000		60,741
CIMC Enric Holdings Ltd.		292,000		240,709
Cloud Music Inc.(a)(b)		21,900		232,831
CMGE Technology Group Ltd.(a)(c)		584,000		148,455
COFCO Joycome Foods Ltd.(c)		1,022,000		239,015
Concord New Energy Group Ltd.		2,920,000		257,163
Cosmopolitan International Holdings Ltd.(a)		584,000		96,209
CStone Pharmaceuticals(a)(b)		297,500		107,917
Dada Nexus Ltd., ADR(a)(c)		27,156		126,547
Digital China Holdings Ltd.		502,000		204,549
DingDong Cayman Ltd.(a)(c)		37,157		86,576
Everest Medicines Ltd.(a)(b)(c)		73,000		101,395
Excellence Commercial Property & Facilities Management Group Ltd.(c)		304,000		91,728
FIH Mobile Ltd. (a)		1,460,000		141,588
FinVolution Group, ADR		50,078		193,301
Fu Shou Yuan International Group Ltd.		585,000		426,723
Fufeng Group Ltd.(c)		584,400		318,936
Gemdale Properties & Investment Corp. Ltd.		3,184,000		166,897
Genertec Universal Medical Group Co. Ltd.(b)		511,000		303,960
Global New Material International Holdings Ltd.		292,000		160,983
Golden Solar New Energy Technology Holdings Ltd. (a)(c)		292,800		227,068
GOME Retail Holdings Ltd.(a)(c)(d)		5,175,000		56,790
Grand Pharmaceutical Group Ltd., Class A		511,000		331,553
Greentown Management Holdings Co. Ltd.(b)		292,000		241,318
Guangzhou R&F Properties Co. Ltd., Class H(a)(c)		613,200		91,743
Guizhou Zhongyida Co. Ltd.(a)		226,400		97,980
Gushengtang Holdings Ltd.(a)		58,400		349,037
Haichang Ocean Park Holdings Ltd.(a)(b)(c)		1,168,000		235,770
Hainan Meilan International Airport Co. Ltd., Class H(a)		109,000		184,194

Security	Shares		Value
China (continued)
Hangzhou Steam Turbine Power Group Co. Ltd., Class B		151,464	$	180,948
Harbin Electric Co. Ltd., Class H(a)		348,000		131,519
Helens International Holdings Co. Ltd. (a)(c)		177,500		197,083
Hello Group Inc., ADR		65,554		529,021
Hope Education Group Co. Ltd.(a)(b)		1,884,000		134,878
Hopson Development Holdings Ltd.		313,900		265,622
Hua Han Health Industry Holdings Ltd.(d)		1,112,400		1
Hua Medicine(a)(b)		365,000		86,513
Huabao International Holdings Ltd.(c)		365,000		143,993
HUTCHMED China Ltd.(a)		182,500		442,354
HUYA Inc., ADR(a)(c)		32,704		95,169
iDreamSky Technology Holdings Ltd.(a)(b)(c)		408,800		156,764
I-Mab, ADR(a)		31,420		97,402
Inspur Digital Enterprise Technology Ltd.(a)		292,000		111,914
Jinchuan Group International Resources Co. Ltd.		1,825,000		96,714
JinkoSolar Holding Co. Ltd., ADR(a)(c)		16,790		703,669
Jinxin Fertility Group Ltd.(b)		730,000		377,063
Joy Spreader Group Inc.(a)(c)		730,000		81,169
Kangji Medical Holdings Ltd.		182,500		198,024
Keymed Biosciences Inc.(a)(b)		73,000		380,330
Kingsoft Cloud Holdings Ltd., ADR(a)		40,953		182,650
Kintor Pharmaceutical Ltd. (a)(b)(c)		146,000		71,725
KWG Group Holdings Ltd.(a)(c)		547,500		43,389
Lee & Man Paper Manufacturing Ltd.		511,000		173,075
Lepu Biopharma Co. Ltd.		125,000		95,461
LexinFintech Holdings Ltd., ADR(a)		48,910		98,309
Lifetech Scientific Corp. (a)		1,606,000		477,652
LK Technology Holdings Ltd.		182,500		162,149
Lonking Holdings Ltd.		1,022,000		150,207
Luoyang Glass Co. Ltd., Class H (a)(c)		146,000		112,590
Luye Pharma Group Ltd. (a)(b)		803,000		358,106
Meitu Inc.(a)(b)(c)		898,500		206,641
MH Development Ltd.(d)		32,500		680
Midea Real Estate Holding Ltd.(b)(c)		153,600		134,059
Ming Yuan Cloud Group Holdings Ltd.		292,000		125,198
MMG Ltd.(a)		1,168,000		350,843
Mobvista Inc.(a)(b)		292,000		138,066
National Agricultural Holdings Ltd., NVS(d)		354,000		452
Nayuki Holdings Ltd.(a)(c)		182,500		136,913
NetDragon Websoft Holdings Ltd.		124,500		224,766
New Horizon Health Ltd.(a)(b)		102,500		368,218
Nexteer Automotive Group Ltd.(c)		365,000		163,164
Noah Holdings Ltd., ADR(a)(c)		14,527		225,459
Ocumension Therapeutics(a)(b)		143,000		127,029
Peijia Medical Ltd.(a)(b)		213,000		185,657
Pou Sheng International Holdings Ltd.		660,000		58,280
Powerlong Real Estate Holdings Ltd.(c)		438,000		49,884
Productive Technologies Co. Ltd.(a)		1,168,000		113,363
Radiance Holdings Group Co. Ltd.(a)(c)		367,000		167,320
Redco Properties Group Ltd.(a)(b)(c)(d)		570,000		72,640
RLX Technology Inc., ADR(a)(c)		207,831		355,391
Seazen Group Ltd.(a)		876,000		154,545
Shanghai Industrial Holdings Ltd.		219,000		307,074
Shenzhen Investment Ltd.		1,022,000		180,041
Shoucheng Holdings Ltd.		1,169,200		312,250
Shougang Fushan Resources Group Ltd.		730,000		223,816
Shui On Land Ltd.		1,720,000		206,500
Sihuan Pharmaceutical Holdings Group Ltd.		1,912,000		180,627
Sino-Ocean Group Holding Ltd.(a)(c)		1,387,000		84,208

2

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sinopec Engineering Group Co. Ltd., Class H		606,500	$	257,006
Sinopec Kantons Holdings Ltd.		438,000		158,887
Skyworth Group Ltd.(c)		438,000		218,924
SOHO China Ltd.(a)		1,131,500		167,793
SSY Group Ltd.		584,000		359,569
Sun King Technology Group Ltd.(a)		458,000		91,902
Sunac Services Holdings Ltd.(b)		365,000		99,873
Superb Summit International Group Ltd.(d)		11,913		—
SY Holdings Group Ltd.(c)		247,500		182,078
TCL Electronics Holdings Ltd.		365,000		149,686
Tiangong International Co. Ltd.		730,000		197,303
Tianjin Port Development Holdings Ltd.		878,000		63,907
Tianli International Holdings Ltd.		438,000		124,177
Tianneng Power International Ltd.(c)		292,000		335,700
Tong Ren Tang Technologies Co. Ltd., Class H		259,000		229,219
Tongdao Liepin Group(a)		116,800		127,995
Towngas Smart Energy Co. Ltd.(c)		438,000		194,678
Truly International Holdings Ltd.		876,000		91,681
Tuya Inc.(a)(c)		88,111		174,460
Untrade SMI Holdings(d)		468,800		1
Untradelumena Newmat, NVS(d)		5,249		—
Up Fintech Holding Ltd., ADR(a)(c)		50,643		153,448
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		123,000		114,882
Vnet Group Inc., ADR(a)(c)		37,240		95,707
Weimob Inc.(a)(b)(c)		861,000		399,760
West China Cement Ltd.		1,460,000		154,829
Wuling Motors Holdings Ltd.(c)		730,000		62,443
XD Inc.(a)(c)		116,800		305,421
Xiabuxiabu Catering Management China Holdings Co. Ltd.(b)		255,500		143,058
Yeahka Ltd.(a)		87,600		224,121
Yidu Tech Inc. (a)(b)		207,200		130,994
Youdao Inc., ADR(a)(c)		12,629		56,199
Yuexiu REIT(c)		1,095,000		264,510
Yuexiu Transport Infrastructure Ltd.		542,000		257,353
Zhou Hei Ya International Holdings Co. Ltd.(b)(c)		401,500		156,093
Zhuguang Holdings Group Co. Ltd.(a)(c)		1,022,000		86,157
				31,434,382
Colombia — 0.1%
Cementos Argos SA		150,599		107,619
Grupo Argos SA(d)		122,275		256,915
				364,534
Czech Republic — 0.1%
Colt CZ Group SE		3,181		85,277
Philip Morris CR AS		167		127,010
				212,287
Egypt — 0.2%
Abou Kir Fertilizers & Chemical Industries		49,650		76,115
Cairo Investment & Real Estate Development Co. SAE		134,772		49,272
Cleopatra Hospital(a)		470,267		69,703
E-Finance for Digital & Financial Investments, NVS		136,613		78,298
EISewedy Electric Co.		267,345		166,555
Ezz Steel Co. SAE		35,175		44,612
Fawry for Banking & Payment Technology Services SAE(a)		339,221		62,530
Misr Fertilizers Production Co. SAE		17,546		91,989
Talaat Moustafa Group		499,040		152,592
Telecom Egypt Co.		212,632		166,504
				958,170

Security	Shares		Value
Greece — 0.6%
Aegean Airlines SA(a)		24,236	$	258,956
Athens Water Supply & Sewage Co. SA		16,959		118,372
GEK Terna Holding Real Estate Construction SA		22,849		331,505
Hellenic Energy Holdings SA		14,673		125,278
Holding Co. ADMIE IPTO SA		31,841		65,357
LAMDA Development SA(a)		33,211		226,902
Piraeus Financial Holdings SA(a)		271,779		803,633
Sarantis SA		12,374		98,141
Titan Cement International SA(c)		17,897		317,866
				2,346,010
Hong Kong — 0.0%
China Zhongwang Holdings Ltd.		696,800		1
Hungary — 0.0%
Magyar Telekom Telecommunications PLC		124,392		149,999
India — 23.3%
360 ONE WAM Ltd.		61,904		312,772
3M India Ltd.		1,241		377,136
Aarti Drugs Ltd.		14,381		75,981
Aarti Industries Ltd.		71,905		444,697
Aarti Pharmalabs Ltd., NVS(a)		18,616		83,042
Aavas Financiers Ltd.(a)		18,402		310,694
Aditya Birla Capital Ltd.(a)		190,530		391,599
Aditya Birla Fashion and Retail Ltd.(a)		123,151		299,549
Advanced Enzyme Technologies Ltd.		23,506		78,252
Aegis Logistics Ltd.		57,524		248,957
Affle India Ltd.(a)		24,090		278,797
AIA Engineering Ltd.		16,571		613,697
Ajanta Pharma Ltd.		17,301		273,344
Alembic Pharmaceuticals Ltd.		17,374		114,703
Alkyl Amines Chemicals		5,256		157,293
Allcargo Logistics Ltd.		36,208		116,400
Allcargo Terminals Ltd.		44,331		21,857
Alok Industries Ltd.(a)		629,771		102,238
Amara Raja Batteries Ltd.		34,894		253,241
Amber Enterprises India Ltd.(a)		7,373		188,447
Angel One Ltd.		12,483		202,661
Apar Industries Ltd.		6,059		203,245
APL Apollo Tubes Ltd.		62,640		859,388
Apollo Tyres Ltd.		132,787		626,629
Aptus Value Housing Finance India Ltd.		33,808		107,065
Asahi India Glass Ltd.		31,463		171,570
Ashok Leyland Ltd.		576,116		1,017,338
Aster DM Healthcare Ltd.(a)(b)		62,634		204,063
Astral Ltd.		46,501		1,022,285
AstraZeneca Pharma India Ltd.		2,701		116,377
Atul Ltd.		5,913		480,924
Avanti Feeds Ltd.		18,749		88,484
Bajaj Electricals Ltd.		18,615		256,911
Balaji Amines Ltd.		4,088		103,841
Balrampur Chini Mills Ltd.		53,229		252,226
BASF India Ltd.		4,855		148,384
Bata India Ltd.		19,119		365,698
Bayer CropScience Ltd.		5,767		294,709
BEML Ltd., (Acquired 02/10/22, Cost: $200,469)(e)		8,833		153,244
BEML Ltd., NVS(a)		16,060		29,924
Bharat Dynamics Ltd.		17,978		239,145
Bharat Heavy Electricals Ltd.		383,031		378,631
Biocon Ltd.		155,928		461,897
Birla Corp. Ltd.		11,023		149,338

3

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Birlasoft Ltd.		68,255	$	282,708
BLS International Services Ltd.		56,940		125,768
Blue Dart Express Ltd.		2,263		170,244
Blue Star Ltd.		24,382		424,397
Borosil Renewables Ltd.(a)		20,075		132,209
Brigade Enterprises Ltd.		46,428		315,386
Brightcom Group Ltd.		381,790		86,025
Brookfield India Real Estate Trust(b)		54,354		180,552
BSE Ltd.		25,192		169,567
Campus Activewear Ltd.(a)		22,995		84,423
Can Fin Homes Ltd.		31,536		269,319
Carborundum Universal Ltd.		43,508		604,086
Castrol India Ltd.		175,800		238,471
CCL Products India Ltd.		37,829		289,967
CE Info Systems Ltd.(a)		8,182		106,995
Ceat Ltd.		8,979		209,085
Central Depository Services India Ltd.		19,783		247,977
Century Plyboards India Ltd.		19,345		130,083
Century Textiles & Industries Ltd.		24,820		239,222
Cera Sanitaryware Ltd.		1,533		139,367
CESC Ltd.		237,980		198,893
Chalet Hotel Ltd.(a)		24,236		126,814
Chambal Fertilisers and Chemicals Ltd.		72,124		243,933
Chemplast Sanmar Ltd.(a)		26,923		147,679
Cholamandalam Financial Holdings Ltd.		41,245		398,421
City Union Bank Ltd.		134,174		202,674
Clean Science and Technology		9,344		159,972
Coforge Ltd.		14,009		769,594
Computer Age Management Services Ltd.		11,169		298,868
Coromandel International Ltd.		44,019		510,367
CreditAccess Grameen Ltd.(a)		20,888		311,330
CRISIL Ltd.		6,758		310,071
Crompton Greaves Consumer Electricals Ltd.		225,644		748,752
Cummins India Ltd.		50,662		1,076,206
Cyient Ltd.		34,164		535,527
Dalmia Bharat Ltd.		29,127		749,475
Data Patterns India Ltd.(a)		8,468		172,649
Deepak Fertilisers & Petrochemicals Corp. Ltd.		27,375		176,428
Deepak Nitrite Ltd.		25,039		626,937
Delhivery Ltd.(a)		63,291		266,932
Delta Corp. Ltd.		46,193		135,238
Devyani International Ltd.(a)		98,185		218,732
Dixon Technologies India Ltd.		12,045		564,043
Dr Lal PathLabs Ltd.(b)		14,899		365,471
Easy Trip Planners Ltd., NVS(a)		203,816		113,097
eClerx Services Ltd.		9,867		194,161
EID Parry India Ltd.		39,990		227,436
Elecon Engineering Co. Ltd.		16,571		105,713
Elgi Equipments Ltd.		69,404		447,697
Emami Ltd.		66,746		315,761
Embassy Office Parks REIT		179,434		667,988
Endurance Technologies Ltd.(b)		12,775		221,318
Engineers India Ltd.		147,460		197,409
EPL Ltd.		60,298		131,944
Equitas Small Finance Bank Ltd.(a)(b)		154,760		161,622
Eris Lifesciences Ltd.(b)		17,885		138,634
Escorts Kubota Ltd.		11,461		301,000
Exide Industries Ltd.(a)		182,062		464,270
Federal Bank Ltd.		625,026		944,748
Fine Organic Industries Ltd.		3,212		174,410

Security	Shares		Value
India (continued)
Finolex Cables Ltd.		30,806	$	297,706
Finolex Industries Ltd.		106,726		229,225
Firstsource Solutions Ltd.		116,980		189,996
Fortis Healthcare Ltd.(a)		187,318		620,324
GHCL Ltd.		23,447		137,117
GHCL Textiles Ltd.		24,089		12,809
GlaxoSmithKline Pharmaceuticals Ltd.		11,315		178,566
Glenmark Pharmaceuticals Ltd.		54,896		396,773
Global Health Ltd., NVS(a)		28,543		204,123
GMM Pfaudler Ltd.		13,140		233,111
GMR Airports Infrastructure Ltd.(a)		937,193		458,347
Go Fashion India Ltd.(a)		7,054		91,872
Godawari Power and Ispat Ltd.		23,287		101,123
Godfrey Phillips India Ltd.		5,475		115,203
Godrej Industries Ltd.(a)		17,994		104,306
Granules India Ltd.		57,159		194,842
Graphite India Ltd.		33,215		130,340
Great Eastern Shipping Co. Ltd. (The)		44,311		367,710
Greaves Cotton Ltd.		66,178		104,134
Greenpanel Industries Ltd.		20,294		79,661
Grindwell Norton Ltd.		17,009		428,504
Gujarat Ambuja Exports Ltd.		31,171		91,141
Gujarat Fluorochemicals Ltd.		9,885		406,957
Gujarat Gas Ltd.		66,284		405,259
Gujarat Mineral Development Corp. Ltd.		52,314		105,879
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		30,733		218,260
Gujarat State Fertilizers & Chemicals Ltd.		61,247		116,487
Gujarat State Petronet Ltd.		123,838		449,290
Happiest Minds Technologies Ltd.		27,158		301,503
HFCL Ltd.		293,752		229,310
HG Infra Engineering Ltd.		11,607		127,018
Hindustan Foods Ltd.(a)		15,622		106,987
Hitachi Energy India Ltd.		3,985		185,152
ICICI Securities Ltd.(b)		41,300		247,396
IDFC First Bank Ltd.(a)		1,227,933		1,061,065
IDFC Ltd.		484,939		580,360
IIFL Finance Ltd.		67,014		360,470
India Cements Ltd. (The)		62,853		153,487
Indiabulls Housing Finance Ltd.(a)		122,704		170,486
Indiabulls Real Estate Ltd.(a)		202,648		164,442
IndiaMART Intermesh Ltd.(b)		6,205		418,093
Indian Bank		106,580		347,097
Indian Energy Exchange Ltd.(b)		168,630		311,438
Indigo Paints Ltd.		4,891		86,038
Intellect Design Arena Ltd.		36,500		258,058
ION Exchange India Ltd.		3,285		151,397
Ipca Laboratories Ltd.		51,392		435,018
IRB Infrastructure Developers Ltd., NVS		528,590		182,334
Jaiprakash Power Ventures Ltd.(a)		1,500,368		108,637
JB Chemicals & Pharmaceuticals Ltd.		14,282		362,994
JBM Auto Ltd.		11,169		108,926
Jindal Stainless Ltd.		140,939		499,687
JK Cement Ltd.		14,381		557,373
JK Lakshmi Cement Ltd.		27,448		219,664
JK Paper Ltd.		42,095		167,082
JM Financial Ltd.		245,864		208,322
Jubilant Ingrevia Ltd.		29,576		140,122
Jubilant Pharmova Ltd.		33,507		133,528
Just Dial Ltd.(a)		12,037		101,443
Jyothy Labs Ltd.		47,523		120,129

4

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Kajaria Ceramics Ltd.		31,682	$	489,007
Kansai Nerolac Paints Ltd.		54,706		291,245
Karnataka Bank Ltd. (The)		69,131		126,343
Karur Vysya Bank Ltd. (The)		163,666		209,403
Kaveri Seed Co. Ltd.		16,936		102,823
KEC International Ltd.		52,980		334,174
KEI Industries Ltd.		24,747		596,584
Kirloskar Ferrous Industries Ltd.		29,857		158,156
Kirloskar Oil Engines Ltd.		37,270		182,222
KNR Constructions Ltd.		86,724		258,694
KPIT Technologies Ltd.		63,437		813,671
KPR Mill Ltd.		35,601		246,766
KRBL Ltd.		21,827		96,102
Krishna Institute Of Medical Sciences Ltd.(a)(b)		17,532		344,090
L&T Finance Holdings Ltd.		304,289		382,505
Lakshmi Machine Works Ltd.		1,961		271,412
Laurus Labs Ltd.(b)		132,591		529,734
Laxmi Organic Industries Ltd.		25,769		79,727
Lemon Tree Hotels Ltd.(a)(b)		215,250		249,309
LIC Housing Finance Ltd.		113,036		507,677
Linde India Ltd.		8,537		407,756
LT Foods Ltd.		69,934		96,754
Mahanagar Gas Ltd.		26,369		336,781
Mahindra & Mahindra Financial Services Ltd.		203,962		699,796
Mahindra CIE Automotive Ltd.		42,048		230,577
Mahindra Lifespace Developers Ltd.		36,415		197,906
Manappuram Finance Ltd.		216,294		287,844
Mastek Ltd.		6,716		166,668
Max Financial Services Ltd.(a)		86,067		734,251
Medplus Health Services Ltd.(a)		19,512		191,279
Metropolis Healthcare Ltd.(b)		11,023		173,408
Mindspace Business Parks REIT(b)		82,417		304,177
Motherson Sumi Wiring India Ltd.		751,024		524,401
Motilal Oswal Financial Services Ltd.		16,936		130,336
MTAR Technologies Ltd.(a)		6,935		158,924
Multi Commodity Exchange of India Ltd.		9,552		167,786
Narayana Hrudayalaya Ltd.		33,288		358,961
Natco Pharma Ltd.		29,981		224,237
National Aluminium Co. Ltd.		329,814		333,531
Navin Fluorine International Ltd.		12,848		723,943
Nazara Technologies Ltd.(a)		12,702		98,300
NCC Ltd./India		203,889		293,482
Network18 Media & Investments Ltd.(a)		65,262		48,280
NIIT Ltd.(a)		35,916		173,523
Nippon Life India Asset Management Ltd.(b)		48,545		146,442
Nuvoco Vistas Corp. Ltd.(a)		46,501		189,927
Oberoi Realty Ltd.		52,518		590,055
Oil India Ltd.		98,769		306,867
Olectra Greentech Ltd.		18,031		159,942
Oracle Financial Services Software Ltd.		8,468		371,517
Orient Electric Ltd.		56,648		163,378
Paisalo Digital Ltd.		123,370		81,047
PB Fintech Ltd.(a)		74,606		545,506
Persistent Systems Ltd.		18,615		1,153,100
Phoenix Mills Ltd. (The)		43,143		764,504
Piramal Enterprises Ltd.		44,916		418,288
Piramal Pharma Ltd., NVS(a)		197,843		194,387
PNB Housing Finance Ltd.(a)(b)		34,383		209,726
PNC Infratech Ltd.		47,961		181,935
Poly Medicure Ltd.		20,586		242,413

Security	Shares		Value
India (continued)
Polycab India Ltd.		221	$	9,135
Polyplex Corporation Ltd.		7,615		124,742
Poonawalla Fincorp Ltd.		99,791		416,211
Praj Industries Ltd.		47,231		224,446
Prestige Estates Projects Ltd.		64,817		378,167
Procter & Gamble Health Ltd.		3,358		212,461
PVR Inox Ltd.(a)		28,616		489,028
Quess Corp. Ltd.(b)		29,492		144,516
Radico Khaitan Ltd.		31,828		449,398
Rail Vikas Nigam Ltd.		98,819		143,334
Rain Industries Ltd.		86,279		158,877
Rainbow Children’s Medicare Ltd.		22,192		264,348
Rajesh Exports Ltd.		24,601		165,097
Rajratan Global Wire Ltd.		8,833		81,680
Ramco Cements Ltd. (The)		43,116		470,447
Ratnamani Metals & Tubes Ltd.		11,932		333,371
RattanIndia Enterprises Ltd.(a)		186,223		85,017
Raymond Ltd.		14,527		274,406
RBL Bank Ltd.(a)(b)		187,604		366,956
REC Ltd.		461,978		789,610
Redington Ltd.		230,912		485,658
Relaxo Footwears Ltd.		20,951		228,153
Reliance Infrastructure Ltd.(a)		89,000		144,548
Reliance Power Ltd.(a)		1,005,283		156,987
Rhi Magnesita India Ltd.		23,939		189,505
Route Mobile Ltd.		13,943		241,652
Safari Industries India Ltd.		4,891		160,409
Sanofi India Ltd.		3,066		251,648
Saregama India Ltd.		40,436		158,424
Sharda Cropchem Ltd.		7,884		45,810
Sheela Foam Ltd.(a)		10,950		133,470
Shoppers Stop Ltd.(a)		19,977		183,515
Shree Renuka Sugars Ltd.(a)		287,620		145,584
SKF India Ltd.		10,074		537,347
Sobha Ltd.		16,644		104,636
Solar Industries India Ltd.		11,315		512,611
Sonata Software Ltd.		32,799		384,767
South Indian Bank Ltd. (The)(a)		430,602		89,590
Sterlite Technologies Ltd.		78,840		141,678
Sumitomo Chemical India Ltd.		37,476		180,333
Sun TV Network Ltd.		30,806		165,225
Sundram Fasteners Ltd.		40,150		547,107
Suprajit Engineering Ltd.		35,770		163,186
Supreme Industries Ltd.		24,601		820,811
Supreme Petrochem Ltd., NVS		27,010		117,351
Suven Pharmaceuticals Ltd.		42,267		243,634
Suzlon Energy Ltd.(a)		2,673,406		378,897
Syngene International Ltd.(b)		61,101		535,037
Tanla Platforms Ltd.		25,842		245,660
Tata Chemicals Ltd.		54,074		633,575
Tata Communications Ltd.		40,442		633,802
Tata Investment Corp. Ltd.		4,599		122,893
Tata Teleservices Maharashtra Ltd.(a)		201,480		149,447
TCI Express Ltd.		5,767		110,536
TeamLease Services Ltd.(a)		5,548		148,943
Tejas Networks Ltd.(a)(b)		28,470		239,488
Thermax Ltd.		16,790		473,506
Timken India Ltd.		8,979		358,213
Torrent Power Ltd.		61,174		407,387
TransIndia Realty and Logistics Parks Ltd.		44,331		21,857

5

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Transport Corp. of India Ltd.		9,344	$	80,036
Trident Ltd.		487,494		192,058
Triveni Engineering & Industries Ltd.		41,172		136,674
Triveni Turbine Ltd.		40,150		193,878
TTK Prestige Ltd.		18,980		157,515
TV18 Broadcast Ltd.(a)		274,991		116,519
UNO Minda Ltd.		71,540		480,072
Usha Martin Ltd.		57,816		159,080
UTI Asset Management Co. Ltd.		17,593		150,501
Vardhman Textiles Ltd.(a)		44,268		172,053
V-Guard Industries Ltd.		68,036		206,472
Vijaya Diagnostic Centre Pvt Ltd.		18,994		88,142
Vinati Organics Ltd.		11,899		261,526
VIP Industries Ltd.		29,711		217,551
V-Mart Retail Ltd.		5,256		129,057
Vodafone Idea Ltd.(a)		3,684,039		320,188
Voltas Ltd.		72,051		714,310
Welspun Corp. Ltd.		47,596		145,094
West Coast Paper Mills Ltd.		13,724		90,128
Westlife Development Ltd.(a)		30,548		284,566
Whirlpool of India Ltd.		12,702		218,841
Zee Entertainment Enterprises Ltd.		324,109		762,661
Zensar Technologies Ltd.		44,092		196,626
ZF Commercial Vehicle Control Systems India Ltd.		1,606		206,667
				87,624,780
Indonesia — 2.3%
Ace Hardware Indonesia Tbk PT		1,781,200		74,822
AKR Corporindo Tbk PT		3,263,892		297,037
Astra Agro Lestari Tbk PT		138,700		65,211
Astrindo Nusantara Infrastructure Tbk PT(a)		19,526,800		183,674
Bank Aladin Syariah Tbk PT(a)		2,576,900		220,902
Bank BTPN Syariah Tbk PT		919,800		116,645
Bank Bukopin Tbk PT(a)		19,435,952		128,363
Bank Neo Commerce Tbk PT(a)		2,593,166		77,806
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,233,064		99,945
Bank Tabungan Negara Persero Tbk PT		1,839,600		157,014
Berkah Beton Sadaya Tbk PT		7,350,000		135,330
BFI Finance Indonesia Tbk PT		3,190,100		277,526
Bukalapak.com PT Tbk(a)		20,191,800		284,986
Bukit Asam Tbk PT		1,511,100		308,256
Bumi Resources Minerals Tbk PT(a)		15,687,700		121,331
Bumi Resources Tbk PT(a)		26,406,400		169,114
Bumi Serpong Damai Tbk PT(a)		3,146,300		220,388
Ciputra Development Tbk PT		3,628,163		258,982
Cisarua Mountain Dairy PT TBK		503,700		145,498
Digital Mediatama Maxima Tbk PT(a)		730,000		29,706
Energi Mega Persada Tbk PT, NVS(a)		2,883,500		41,522
Erajaya Swasembada Tbk PT		3,153,600		101,765
Hanson International Tbk PT(a)(d)		25,794,200		—
Harum Energy Tbk PT		1,022,000		96,009
Indika Energy Tbk PT		700,800		80,119
Indo Tambangraya Megah Tbk PT		160,700		236,937
Indocement Tunggal Prakarsa Tbk PT		481,800		317,821
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		2,257,057		109,164
Inti Agri Resources Tbk PT(a)(d)		12,327,500		—
Japfa Comfeed Indonesia Tbk PT		1,898,000		151,277
Jasa Marga Persero Tbk PT		795,700		176,660
Lippo Karawaci Tbk PT(a)		9,872,000		61,244
Map Aktif Adiperkasa PT(a)		277,400		116,586

Security	Shares		Value
Indonesia (continued)
Matahari Department Store Tbk PT		459,900	$	113,518
Medco Energi Internasional Tbk PT		3,287,712		198,113
Media Nusantara Citra Tbk PT(a)		2,774,300		118,376
Medikaloka Hermina Tbk PT		2,625,900		230,357
Metro Healthcare Indonesia TBK PT(a)		8,066,500		260,403
Mitra Adiperkasa Tbk PT(a)		3,420,000		404,742
Pabrik Kertas Tjiwi Kimia Tbk PT		584,000		222,937
Pacific Strategic Financial Tbk PT(a)		2,912,700		215,684
Pakuwon Jati Tbk PT		5,934,900		185,156
Panin Financial Tbk PT		4,550,400		77,681
Perusahaan Gas Negara Tbk PT		4,321,600		411,796
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,204,500		77,106
Sawit Sumbermas Sarana Tbk PT		985,500		100,259
Smartfren Telecom Tbk PT(a)		38,529,400		154,212
Sugih Energy Tbk PT(a)(d)		1,824,800		—
Summarecon Agung Tbk PT		3,832,550		163,577
Surya Citra Media Tbk PT		9,577,600		88,173
Surya Esa Perkasa Tbk PT		3,306,900		107,620
Temas Tbk PT		4,088,000		78,542
Timah Tbk PT		1,051,200		65,180
Transcoal Pacific Tbk PT		386,900		178,093
Waskita Karya Persero Tbk PT(a)(d)		3,225,094		43,460
XL Axiata Tbk PT		1,408,900		186,357
				8,542,982
Kuwait — 1.1%
Al Ahli Bank of Kuwait KSCP		306,600		304,615
Boubyan Petrochemicals Co. KSCP		187,683		491,323
Boursa Kuwait Securities Co. KPSC		41,829		247,628
Burgan Bank SAK		349,013		214,457
Gulf Cable & Electrical Industries Co. KSCP		38,033		142,078
Humansoft Holding Co. KSC		36,906		414,349
Jazeera Airways Co. KSCP		36,573		225,943
Kuwait International Bank KSCP		437,730		231,825
Kuwait Projects Co. Holding KSCP(a)		725,356		287,319
National Industries Group Holding SAK		891,766		561,730
National Investments Co. KSCP		161,915		99,870
National Real Estate Co. KPSC(a)		388,467		99,693
Salhia Real Estate Co. KSCP		136,510		230,119
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		239,511		143,274
Warba Bank KSCP		542,202		373,558
				4,067,781
Malaysia — 2.5%
AFFIN Bank Bhd(c)		167,900		72,004
Alliance Bank Malaysia Bhd		401,700		300,214
Axis Real Estate Investment Trust		613,200		245,785
Bank Islam Malaysia Bhd		203,200		81,476
Bermaz Auto Bhd		518,400		243,728
British American Tobacco Malaysia Bhd		65,844		146,254
Bumi Armada Bhd(a)		1,022,000		138,186
Bursa Malaysia Bhd		277,550		372,755
Carlsberg Brewery Malaysia Bhd		73,000		326,975
Chin Hin Group Bhd, NVS		292,000		262,311
D&O Green Technologies Bhd		219,000		172,511
Dagang NeXchange Bhd		905,200		82,223
DRB-Hicom Bhd		423,400		120,985
Fraser & Neave Holdings Bhd		45,900		251,524
Frontken Corp. Bhd		455,550		306,619
Genting Plantations Bhd		58,400		75,918

6

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Greatech Technology Bhd(a)		189,800	$	169,599
Hartalega Holdings Bhd		635,100		315,822
Heineken Malaysia Bhd		57,000		327,761
Hibiscus Petroleum Bhd(c)		775,500		152,582
IGB Real Estate Investment Trust		7,700		2,618
IJM Corp. Bhd		817,600		290,550
IOI Properties Group Bhd		540,200		127,515
Kossan Rubber Industries Bhd(c)		569,400		182,602
Lotte Chemical Titan Holding Bhd(b)		255,500		65,841
Magnum Bhd		151,950		33,251
Malaysia Building Society Bhd		1,306,800		175,426
Malaysian Pacific Industries Bhd(c)		36,500		213,112
My EG Services Bhd(c)		2,228,000		405,141
Padini Holdings Bhd		219,000		176,510
Pentamaster Corp. Bhd(c)		270,150		291,835
PMB Technology Bhd(a)(c)		109,500		87,973
Sam Engineering & Equipment M Bhd		94,900		96,029
Scientex Bhd		373,100		268,363
Sime Darby Property Bhd		1,307,200		131,572
SKP Resources Bhd(c)		481,800		106,455
SP Setia Bhd Group		737,400		84,596
Sports Toto Bhd		121,493		34,223
Sunway REIT		677,900		239,319
Supermax Corp. Bhd		763,816		159,513
Syarikat Takaful Malaysia Keluarga Bhd		36,644		26,826
TIME dotCom Bhd		472,600		549,429
TSH Resources Bhd		167,900		33,990
UMW Holdings Bhd(c)		153,400		127,958
Unisem M Bhd(c)		211,700		142,904
United Plantations Bhd		21,900		73,071
UWC Bhd(c)		211,700		136,801
ViTrox Corp. Bhd		140,100		236,650
VS Industry Bhd		1,226,650		212,569
Yinson Holdings Bhd		514,800		289,997
YTL Corp. Bhd		1,394,300		292,889
				9,460,760
Mexico — 2.4%
Alsea SAB de CV(a)		182,500		529,373
Bolsa Mexicana de Valores SAB de CV		151,500		319,718
Concentradora Fibra Danhos SA de CV(c)		77,000		96,506
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		343,100		473,268
Corp Inmobiliaria Vesta SAB de CV		241,400		765,864
FIBRA Macquarie Mexico(b)		321,300		545,097
GCC SAB de CV		67,420		515,645
Genomma Lab Internacional SAB de CV, Class B		224,400		188,385
Gentera SAB de CV		430,700		462,864
Grupo Aeroportuario del Centro Norte SAB de CV		113,808		1,178,678
Grupo Herdez SAB de CV		51,100		127,598
Grupo Rotoplas SAB de CV		85,067		133,403
Grupo Traxion SAB de CV(a)(b)(c)		94,951		193,241
La Comer SAB de CV		189,800		410,738
Megacable Holdings SAB de CV, CPO		65,700		152,281
Nemak SAB de CV(a)(b)		700,896		164,040
PLA Administradora Industrial S. de RL de CV(c)		268,400		488,124
Prologis Property Mexico SA de CV		222,831		750,916
Qualitas Controladora SAB de CV		65,700		443,769
Regional SAB de CV(c)		94,800		737,595
Sitios Latinoamerica SAB de CV(a)(c)		613,200		254,446
				8,931,549

Security	Shares		Value
Philippines — 1.0%
Alliance Global Group Inc.		1,102,300	$	260,211
AREIT Inc.		292,000		171,581
Bloomberry Resorts Corp.(a)		1,533,000		280,494
Century Pacific Food Inc.		536,500		223,064
Converge Information and Communications Technology Solutions Inc.(a)		730,000		141,402
D&L Industries Inc.		1,022,100		126,489
DMCI Holdings Inc.		1,124,200		189,424
GT Capital Holdings Inc.		26,220		240,859
LT Group Inc.		1,051,200		179,327
Manila Water Co. Inc.		528,200		169,671
Megaworld Corp.		4,015,000		145,794
Metro Pacific Investments Corp.		3,504,000		271,449
Puregold Price Club Inc.		379,600		204,667
RL Commercial REIT Inc.		2,250,000		233,974
Robinsons Land Corp.		744,600		184,236
Robinsons Retail Holdings Inc.		89,790		82,171
Security Bank Corp.		159,870		241,970
Semirara Mining & Power Corp.		284,700		141,871
Wilcon Depot Inc.		576,700		291,643
				3,780,297
Poland — 1.1%
Alior Bank SA(a)		35,916		342,875
AmRest Holdings SE(a)		30,076		158,013
Asseco Poland SA		21,973		427,537
Bank Millennium SA(a)		230,461		242,648
Budimex SA		5,037		401,284
CCC SA(a)		17,926		193,594
Ciech SA		11,388		124,516
Enea SA(a)		113,272		171,446
Grupa Azoty SA(a)(c)		21,442		129,189
Jastrzebska Spolka Weglowa SA(a)		22,324		202,913
KRUK SA		7,081		619,537
LiveChat Software SA		7,446		232,230
Orange Polska SA		241,776		412,573
Tauron Polska Energia SA(a)		423,298		221,953
Warsaw Stock Exchange		10,220		91,925
				3,972,233
Qatar — 0.9%
Aamal Co.		37,635		8,448
Al Meera Consumer Goods Co. QSC		36,233		140,635
Baladna(a)		352,955		147,043
Doha Bank QPSC		654,182		294,330
Estithmar Holding QPSC(a)		275,612		171,547
Gulf International Services QSC		276,656		143,224
Gulf Warehousing Co.		147,460		142,091
Mannai Corp. QSC		34,014		53,690
Medicare Group		83,163		158,998
Qatar Aluminum Manufacturing Co.		956,227		401,218
Qatar Insurance Co. SAQ(a)		539,449		301,856
Qatar National Cement Co. QSC		113,077		121,514
Qatar Navigation QSC		215,569		602,896
Qatari Investors Group QSC		139,042		65,809
United Development Co. QSC		682,016		221,212
Vodafone Qatar QSC		729,857		363,418
				3,337,929
Russia — 0.0%
Credit Bank of Moscow PJSC(a)(d)		4,743,600		582
Detsky Mir PJSC(a)(b)(d)		238,520		29
Federal Grid Co. Unified Energy System PJSC(a)(d)		142,040,000		17

7

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Globaltrans Investment PLC, GDR(a)(d)(f)		36,180	$	4
Lenta PJSC, GDR(a)(d)		58,692		7
LSR Group PJSC(a)(d)		16,818		2
Mosenergo PJSC(d)		4,900,000		601
QIWI PJSC, ADR(a)(d)		20,971		3
Rostelecom PJSC(d)		373,860		46
Segezha Group PJSC(b)(d)		1,675,000		205
Sistema PJSFC(a)(d)		1,865,280		229
Sovcomflot PJSC(a)(d)		338,350		42
Unipro PJSC(a)(d)		4,288,000		526
United Medical Group, GDR(a)(d)		11,658		1
				2,294
Saudi Arabia — 3.7%
Abdullah Al Othaim Markets Co.		17,260		625,541
Al Hammadi Holding		31,536		430,996
Al Jouf Agricultural Development Co.		9,135		131,886
Al Masane Al Kobra Mining Co.		5,621		116,688
Al Moammar Information Systems Co.		6,391		233,414
Al Rajhi Co. for Co-operative Insurance(a)		6,789		208,876
Alamar Foods, NVS		3,942		137,678
Al-Dawaa Medical Services Co.		9,488		217,952
Aldrees Petroleum and Transport Services Co.		15,038		431,016
AlKhorayef Water & Power Technologies Co.		5,658		227,584
Almunajem Foods Co.		6,935		120,128
Alujain Corp.		17,195		187,500
Arabian Cement Co./Saudi Arabia		23,214		232,443
Arabian Contracting Services Co.		6,170		235,197
Arriyadh Development Co.		39,639		213,972
Astra Industrial Group		15,946		306,948
City Cement Co.		33,315		210,507
Co. for Cooperative Insurance (The)(a)		23,048		699,281
Dur Hospitality Co.(a)		21,170		152,414
Eastern Province Cement Co.		18,469		216,554
Fawaz Abdulaziz Al Hokair & Co.(a)		19,543		81,866
Halwani Brothers Co.		5,913		95,788
Herfy Food Services Co.		7,373		68,576
Jadwa REIT Saudi Fund		66,511		244,563
Leejam Sports Co. JSC		10,074		316,881
Maharah Human Resources Co.		12,840		229,196
Methanol Chemicals Co.(a)		16,553		112,111
Middle East Healthcare Co.(a)		13,140		205,991
Middle East Paper Co.		11,718		106,172
National Agriculture Development Co. (The)(a)		22,703		203,342
National Co. for Learning & Education Ltd.		6,789		204,870
National Gas & Industrialization Co.		15,890		259,500
National Medical Care Co.		9,709		285,254
Perfect Presentation For Commercial Services Co., NVS		1,752		106,592
Qassim Cement Co. (The)		16,279		318,566
Riyadh Cables Group Co.(a)		9,052		147,214
Saudi Airlines Catering Co.		17,374		404,797
Saudi Arabia Refineries Co.		2,628		61,110
Saudi Cement Co.		28,515		446,154
Saudi Ceramic Co.		16,415		138,584
Saudi Chemical Co. Holding		20,367		190,745
Saudi Fisheries Co.(a)		23,602		200,901
Saudi Ground Services Co.(a)		41,318		357,120
Saudi Industrial Services Co.		20,221		158,029
Saudi Pharmaceutical Industries & Medical Appliances Corp.(a)		22,046		223,363
Saudi Public Transport Co.(a)		34,164		163,915

Security	Shares		Value
Saudi Arabia (continued)
Saudi Real Estate Co.(a)		71,029	$	264,620
Saudia Dairy & Foodstuff Co.		6,132		501,572
Seera Group Holding(a)		60,809		415,511
Sinad Holding Co.(a)		19,126		64,372
Southern Province Cement Co.		23,141		326,153
Tanmiah Food Co.		1,752		59,789
Theeb Rent A Car Co.		8,833		178,676
United Electronics Co.		15,501		299,622
United International Transportation Co.		17,301		304,314
Yamama Cement Co.		41,829		375,823
Yanbu Cement Co.		29,711		324,279
				13,782,506
South Africa — 2.6%
Adcock Ingram Holdings Ltd.		26,499		68,536
AECI Ltd.		41,537		177,091
Astral Foods Ltd.		14,249		102,857
AVI Ltd.		123,187		387,957
Barloworld Ltd.		61,758		260,640
Coronation Fund Managers Ltd.		91,834		146,562
Dis-Chem Pharmacies Ltd.(b)		138,408		154,023
DRDGOLD Ltd.		190,311		213,354
Equites Property Fund Ltd.		290,686		176,899
Fortress REIT Ltd., Series A(a)		454,425		295,640
Grindrod Ltd.		248,127		113,627
Hosken Consolidated Investments Ltd.		15,403		160,666
Hyprop Investments Ltd.		144,496		221,154
Investec Ltd.		100,813		507,880
Investec Property Fund Ltd.		192,547		73,626
JSE Ltd.		39,044		180,487
KAP Ltd.		986,851		111,103
Life Healthcare Group Holdings Ltd.		493,423		467,931
Momentum Metropolitan Holdings		435,768		373,476
Motus Holdings Ltd.		62,853		288,435
Netcare Ltd.		421,867		293,529
Ninety One Ltd.		67,225		136,231
Oceana Group Ltd.		43,751		160,482
Omnia Holdings Ltd.		72,812		211,286
Pick n Pay Stores Ltd.		142,354		228,344
PSG Konsult Ltd.		414,487		241,309
Redefine Properties Ltd.		2,618,257		413,745
Resilient REIT Ltd.		113,807		230,860
Reunert Ltd.		58,400		166,119
Royal Bafokeng Platinum Ltd.		31,317		215,993
Santam Ltd.		16,936		224,882
Sappi Ltd.		197,398		436,866
SPAR Group Ltd. (The)		71,175		382,164
Super Group Ltd./South Africa		157,972		244,424
Telkom SA SOC Ltd.(a)		112,347		156,332
Thungela Resources Ltd.		48,507		336,710
Tiger Brands Ltd.		62,576		477,093
Transaction Capital Ltd.		229,527		80,200
Truworths International Ltd.		142,715		344,868
Vukile Property Fund Ltd.		331,526		208,478
Wilson Bayly Holmes-Ovcon Ltd.(a)		21,356		103,126
				9,774,985
South Korea — 14.8%
ABLBio Inc.(a)(c)		12,848		226,083
Advanced Nano Products Co. Ltd.(c)		3,212		323,146
AfreecaTV Co. Ltd.		3,285		185,895
Ahnlab Inc.		2,881		136,749

8

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Alteogen Inc.(a)(c)		13,797	$	524,462
Amorepacific Group		10,585		231,591
Ananti Inc.(a)		41,596		192,302
Asiana Airlines Inc.(a)		16,624		154,078
BH Co. Ltd.(c)		11,023		207,956
Bioneer Corp.(a)(c)		8,760		352,960
BNK Financial Group Inc.(c)		100,589		508,371
Boryung		13,450		89,645
Bukwang Pharmaceutical Co. Ltd.(a)		30,806		178,414
Caregen Co. Ltd.		1,241		172,119
Cellivery Therapeutics Inc.(a)(d)		10,519		50,295
Chabiotech Co. Ltd.(a)(c)		20,452		235,074
Cheil Worldwide Inc.		9,271		128,036
Chong Kun Dang Pharmaceutical Corp.		3,526		233,880
Chunbo Co. Ltd.(c)		2,152		306,976
CJ CGV Co. Ltd.(a)		14,308		167,907
CJ ENM Co. Ltd.(a)		4,015		229,461
CJ Logistics Corp.		2,993		183,871
Com2uSCorp.		3,504		175,712
Cosmax Inc.(a)(c)		3,577		214,037
Cosmochemical Co. Ltd.(a)		9,563		355,360
Creative & Innovative System(a)(c)		19,272		173,727
CS Wind Corp.		10,366		616,649
Cuckoo Homesys Co. Ltd.		7,569		141,985
Daeduck Electronics Co. Ltd./New(c)		13,797		263,235
Daejoo Electronic Materials Co. Ltd.		4,526		322,278
Daesang Corp.		11,534		161,969
Daewoo Engineering & Construction Co. Ltd.(a)		84,590		273,294
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(c)		15,257		325,935
Daewoong Co. Ltd.		9,855		108,750
Daewoong Pharmaceutical Co. Ltd.		1,971		164,197
Daishin Securities Co. Ltd.		17,301		175,142
Danal Co. Ltd.(a)		27,667		89,043
Daou Technology Inc.		12,053		174,058
Dawonsys Co. Ltd.(a)		14,456		170,954
DB HiTek Co. Ltd.		12,556		569,468
Dentium Co. Ltd.		3,066		366,070
DGB Financial Group Inc.		57,791		305,151
DL E&C Co. Ltd.		13,067		356,983
DL Holdings Co. Ltd.		5,840		201,286
Dong-A Socio Holdings Co. Ltd.		1,825		114,653
Dong-A ST Co. Ltd.		3,501		144,498
Dongjin Semichem Co. Ltd.		13,905		400,807
DongKook Pharmaceutical Co. Ltd.(c)		12,220		142,954
Dongkuk Steel Mill Co. Ltd.		30,410		260,836
Dongsuh Companies Inc.		12,214		187,211
Dongwha Enterprise Co. Ltd.(a)		2,205		80,508
Dongwon F&B Co. Ltd.		4,113		97,352
Dongwon Industries Co. Ltd.		758		26,122
Doosan Co. Ltd.		2,847		208,378
Doosan Fuel Cell Co. Ltd.(a)		17,009		394,200
DoubleUGames Co. Ltd.		4,672		156,401
Douzone Bizon Co. Ltd.(c)		8,091		189,176
Duk San Neolux Co. Ltd.(a)		4,234		145,961
Ecopro Co. Ltd.(c)		7,155		3,026,721
Ecopro HN Co. Ltd.(c)		4,891		228,634
Enchem Co. Ltd.(a)(c)		3,577		195,381
Eo Technics Co. Ltd.		3,285		228,413
Eoflow Co. Ltd.(a)		6,490		139,849
ESR Kendall Square REIT Co. Ltd.		61,814		193,887

Security	Shares		Value
South Korea (continued)
Eugene Technology Co. Ltd.		5,621	$	131,342
Fila Holdings Corp.		18,323		501,535
Foosung Co. Ltd.(c)		21,477		220,652
GC Cell Corp.		5,621		195,943
GemVax & Kael Co. Ltd.(a)(c)		12,702		150,437
Geneone Life Science Inc.(a)		30,222		113,739
Genexine Inc.(a)		18,287		172,175
GOLFZON Co. Ltd.		1,825		154,049
Grand Korea Leisure Co. Ltd.(a)		16,070		236,303
Green Cross Corp.		1,825		172,871
Green Cross Holdings Corp.		11,753		137,118
GS Engineering & Construction Corp.		20,075		313,346
GS Retail Co. Ltd.		16,425		307,568
HAESUNG DS Co. Ltd.		4,460		169,921
Hana Materials Inc.(c)		3,577		123,996
Hana Micron Inc.		11,680		149,163
Hana Tour Service Inc.(a)		5,092		209,387
Hanall Biopharma Co. Ltd.(a)		15,111		250,866
Handsome Co. Ltd.		7,156		124,533
Hanil Cement Co. Ltd./New		9,344		90,531
Hankook & Co. Co. Ltd.		12,264		110,887
Hanmi Semiconductor Co. Ltd.		16,936		337,477
Hansae Co. Ltd.		6,750		80,832
Hansol Chemical Co. Ltd.(c)		3,650		636,124
Hanssem Co. Ltd.		4,380		150,032
Hanwha Corp.		14,089		323,632
Hanwha Investment & Securities Co. Ltd.(a)		49,786		102,315
Hanwha Life Insurance Co. Ltd.(a)		124,538		236,722
Hanwha Systems Co. Ltd.(c)		25,769		272,953
HD Hyundai Construction Equipment Co. Ltd.		4,599		206,768
HD Hyundai Electric Co. Ltd.		9,125		335,614
HD Hyundai Infracore Co. Ltd.(c)		49,567		354,881
HDC Hyundai Development Co-Engineering & Construction, Class E		13,688		129,179
Helixmith Co. Ltd.(a)		17,744		110,754
Hite Jinro Co. Ltd.		13,140		226,544
HL Mando Co. Ltd.		12,778		463,607
HLB Life Science Co. Ltd.(a)		35,405		299,494
HPSP Co. Ltd.		2,023		41,611
Hugel Inc.(a)		2,774		227,431
Humasis Co. Ltd.(a)(c)		52,650		115,306
Hwaseung Enterprise Co. Ltd.		10,731		57,942
Hydro Lithium Inc.		2,186		57,398
Hyosung Advanced Materials Corp.		1,035		347,284
Hyosung Corp.		3,077		151,322
Hyosung Heavy Industries Corp.(a)		2,591		156,026
Hyosung TNC Corp.		1,095		313,642
Hyundai Autoever Corp.		2,701		256,095
Hyundai Bioscience Co. Ltd.(a)(c)		14,308		238,397
Hyundai Department Store Co. Ltd.		5,878		226,062
Hyundai Elevator Co. Ltd.(c)		10,001		315,185
Hyundai Feed Inc.(a)(c)		7,402		165,442
Hyundai Marine & Fire Insurance Co. Ltd.		20,424		505,019
Hyundai Rotem Co. Ltd.(a)		29,273		681,816
Hyundai Wia Corp.		6,244		288,242
Il Dong Pharmaceutical Co. Ltd.(a)		7,461		108,976
Iljin Hysolus Co. Ltd.(a)(c)		5,694		131,596
Innocean Worldwide Inc.		4,180		122,933
Innox Advanced Materials Co. Ltd.(c)		5,114		154,520
Intellian Technologies Inc.(c)		3,278		167,426

9

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
IS Dongseo Co. Ltd.(a)(c)		6,716	$	186,635
ISU Chemical Co. Ltd.		5,359		108,532
ISU Specialty Chemical		1,315		106,904
JB Financial Group Co. Ltd.		38,751		247,910
Jeisys Medical Inc.(a)		30,587		209,178
Jin Air Co. Ltd.(a)		14,016		159,297
JR REIT XXVII		36,427		124,740
Jusung Engineering Co. Ltd.(c)		14,381		180,881
JW Pharmaceutical Corp.		8,224		143,341
JYP Entertainment Corp.		10,658		978,285
K Car Co. Ltd., NVS		7,655		75,729
KCC Corp.(c)		1,825		286,365
KCC Glass Corp.		4,292		139,167
KEPCO Engineering & Construction Co. Inc.		5,374		269,825
KEPCO Plant Service & Engineering Co. Ltd.		9,490		242,811
KG Dongbu Steel Co. Ltd.(c)		14,224		95,099
KIWOOM Securities Co. Ltd.		7,435		525,422
KMW Co. Ltd.(a)		13,067		182,957
Koh Young Technology Inc.		22,448		233,480
Kolmar Korea Co. Ltd.		7,738		218,891
Kolon Industries Inc.		7,519		242,131
KoMiCo Ltd.		2,708		106,075
Korea Electric Terminal Co. Ltd.(c)		2,745		125,400
Korea Line Corp.(a)		93,075		131,112
Korean Reinsurance Co.		35,515		188,654
Kum Yang Co. Ltd.(a)(c)		12,418		451,424
Kumho Tire Co. Inc.(a)		47,450		168,178
Kyung Dong Navien Co. Ltd.		3,580		110,697
L&C Bio Co. Ltd.(c)		10,079		259,267
Lake Materials Co. Ltd.(a)		7,327		82,972
LEENO Industrial Inc.		3,956		386,128
LegoChem Biosciences Inc.(a)		11,023		342,571
LIG Nex1 Co. Ltd.		4,862		289,637
Lotte Fine Chemical Co. Ltd.		7,329		324,245
LOTTE Reit Co. Ltd.		57,743		170,209
Lotte Rental Co. Ltd.		7,665		160,680
Lotte Tour Development Co. Ltd.(a)		24,163		200,874
LS Corp.		6,824		421,815
LS Electric Co. Ltd.		6,643		318,697
Lutronic Corp.		11,315		229,800
LX International Corp.		11,607		263,813
LX Semicon Co. Ltd.		4,453		389,042
Mcnex Co. Ltd.		5,569		136,378
MedPacto Inc.(a)(c)		7,925		131,059
Medytox Inc.(c)		2,085		386,222
MegaStudyEdu Co. Ltd.		3,431		164,131
Myoung Shin Industrial Co. Ltd.(a)(c)		12,483		210,343
Namhae Chemical Corp.		16,863		110,268
Nanomedics Co. Ltd.(a)		7,452		67,039
Naturecell Co. Ltd.(a)(c)		21,138		163,713
Neowiz Games Corp.(a)		3,504		131,870
NEPES Corp.(a)(c)		8,687		130,257
Nexon Games Co. Ltd.(a)		10,147		156,479
NEXTIN Inc.(c)		3,212		181,109
NHN Corp.(a)		8,484		167,541
NICE Information Service Co. Ltd.		16,152		128,595
NKMax Co. Ltd.(a)		15,257		157,148
NongShim Co. Ltd.		1,261		416,983
OCI Co. Ltd.		2,338		254,542
OCI Holdings Co. Ltd.		5,161		334,520

Security	Shares		Value
South Korea (continued)
Orion Holdings Corp.(c)		8,614	$	98,848
Oscotec Inc.(a)		12,410		220,577
Ottogi Corp.		803		268,787
Paradise Co. Ltd.(a)(c)		20,294		219,357
Park Systems Corp.		2,190		271,069
Partron Co. Ltd.		16,133		110,613
People & Technology Inc.(c)		7,619		300,087
PharmaResearch Co. Ltd.		2,628		227,154
Pharmicell Co. Ltd.(a)		25,112		167,186
PI Advanced Materials Co. Ltd.		7,811		195,937
Poongsan Corp.		8,050		237,660
Posco DX Co. Ltd.(c)		22,995		198,465
PSK Inc.		12,307		198,348
Rainbow Robotics(a)		3,431		266,906
RFHIC Corp.		8,599		150,700
S&S Tech Corp.		4,380		182,823
Sam Chun Dang Pharm Co. Ltd.(a)		5,256		244,899
Sam Kang M&T Co. Ltd.(a)(c)		13,322		195,571
Samchully Co. Ltd.		876		80,668
Samyang Holdings Corp.		1,533		81,457
Sang-A Frontec Co. Ltd., NVS(c)		5,767		130,761
SD Biosensor Inc.		11,023		140,606
Sebang Co. Ltd.		5,840		64,598
Sebang Global Battery Co. Ltd.		2,701		98,915
Seegene Inc.		12,775		233,546
Seojin System Co. Ltd.(a)(c)		11,388		142,072
Seoul Semiconductor Co. Ltd.(c)		18,358		169,891
SFA Engineering Corp.(c)		8,541		253,898
SFA Semicon Co. Ltd.(a)(c)		32,412		138,449
Shin Poong Pharmaceutical Co. Ltd.(a)		13,974		176,706
Shinsegae Inc.		2,847		423,908
Shinsegae International Inc.		5,475		74,363
SIMMTECH Co. Ltd.		8,395		196,910
SK Chemicals Co. Ltd.		4,380		247,337
SK Networks Co. Ltd.(c)		52,925		192,929
SL Corp.		6,539		177,423
SM Entertainment Co. Ltd.		4,478		369,229
SNT Motiv Co. Ltd.		4,453		172,151
SOLUM Co. Ltd.(a)		17,690		336,665
Solus Advanced Materials Co. Ltd.		7,311		216,420
Soulbrain Co. Ltd.		1,801		312,629
ST Pharm Co. Ltd.		3,796		246,134
STCUBE(a)(c)		17,301		273,294
Studio Dragon Corp.(a)		4,672		227,769
Taekwang Industrial Co. Ltd.		146		71,593
Taihan Electric Wire Co. Ltd.(a)(c)		22,742		244,073
TCC Steel		2,451		64,172
TKG Huchems Co. Ltd.		8,933		151,493
Tokai Carbon Korea Co. Ltd.(c)		2,044		162,437
Tongyang Life Insurance Co. Ltd.(a)		22,803		64,443
TY Holdings Co. Ltd./Korea		11,907		92,991
Unid Co. Ltd.		1,568		71,597
Vaxcell-Bio Therapeutics Co. Ltd.(a)(c)		4,526		134,783
Webzen Inc.		12,118		136,160
Wemade Co. Ltd.(c)		7,155		255,450
WONIK IPS Co. Ltd.		11,973		289,887
Wonik QnC Corp.(c)		7,154		139,875
Wysiwyg Studious Co. Ltd.(a)(c)		44,032		119,424
YG Entertainment Inc.		4,830		341,389
Young Poong Paper Manufacturing Co. Ltd.		4,116		64,194

10

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Youngone Corp.		10,541	$	357,040
Zinus Inc.(c)		7,355		167,212
				55,788,452
Taiwan — 21.8%
AcBel Polytech Inc.		146,000		213,205
ADATA Technology Co. Ltd.		91,000		263,906
Adimmune Corp.(a)		131,000		165,054
Advanced Ceramic X Corp.		18,000		122,262
Advanced Energy Solution Holding Co. Ltd.		11,000		253,127
Advanced Wireless Semiconductor Co.		73,596		198,161
Alchip Technologies Ltd.		27,000		1,446,188
Andes Technology Corp.		8,000		129,931
AP Memory Technology Corp.		44,000		484,747
Arcadyan Technology Corp.		73,541		276,552
Ardentec Corp.		155,000		292,877
Asia Optical Co. Inc.		117,000		248,897
Asia Pacific Telecom Co. Ltd.(a)		803,910		173,275
Asia Vital Components Co. Ltd.		140,533		899,820
ASMedia Technology Inc.		8,000		304,569
ASPEED Technology Inc.		11,800		1,101,612
BES Engineering Corp.		949,000		353,321
Bizlink Holding Inc.		55,143		495,090
Bora Pharmaceuticals Co. Ltd.		14,000		346,725
Brighton-Best International Taiwan Inc.		146,000		168,103
Capital Securities Corp.		730,530		329,938
Career Technology MFG. Co. Ltd.(a)		147,000		111,717
Cathay Real Estate Development Co. Ltd.		219,300		117,698
Center Laboratories Inc.		181,968		297,364
Century Iron & Steel Industrial Co. Ltd.		73,000		258,630
Chang Wah Electromaterials Inc.		146,000		174,412
Chang Wah Technology Co. Ltd.		179,500		246,343
Charoen Pokphand Enterprise		86,300		251,858
Cheng Loong Corp.		292,000		301,502
Cheng Uei Precision Industry Co. Ltd.		146,000		197,738
Chicony Electronics Co. Ltd.		219,000		755,053
Chicony Power Technology Co. Ltd.		49,000		133,768
China General Plastics Corp.		152,700		117,064
China Man-Made Fiber Corp.(a)		605,031		158,718
China Motor Corp.		73,200		228,084
China Petrochemical Development Corp.		1,473,145		469,099
China Steel Chemical Corp.		73,000		269,191
Chin-Poon Industrial Co. Ltd.		146,000		149,800
Chipbond Technology Corp.		201,000		437,753
ChipMOS Technologies Inc.		219,000		280,766
Chong Hong Construction Co. Ltd.		73,424		189,460
Chroma ATE Inc.		146,000		1,103,863
Chung Hung Steel Corp.		365,000		273,923
Chung Hwa Pulp Corp.		146,000		121,394
Chung-Hsin Electric & Machinery Manufacturing Corp.		146,000		542,788
Cleanaway Co. Ltd.		40,000		267,932
Clevo Co.		146,000		155,749
Compeq Manufacturing Co. Ltd.		402,000		575,263
Coretronic Corp.		146,400		357,635
Co-Tech Development Corp.		73,000		136,368
CSBC Corp. Taiwan(a)		292,548		229,520
CTCI Corp.		219,000		290,963
Cub Elecparts Inc.		33,397		190,217
Darfon Electronics Corp.		146,000		222,936
Dynapack International Technology Corp.		58,000		148,283
EirGenix Inc.(a)		73,000		268,343

Security	Shares		Value
Taiwan (continued)
Elan Microelectronics Corp.		102,000	$	338,064
Elite Material Co. Ltd.		73,000		499,241
Elite Semiconductor Microelectronics Technology Inc.		97,000		277,953
ENNOSTAR Inc.		233,184		387,714
Episil Technologies Inc.		114,425		295,852
Eternal Materials Co. Ltd.		328,129		349,888
Etron Technology Inc.		99,342		145,913
Evergreen International Storage & Transport Corp.		219,000		194,690
Everlight Electronics Co. Ltd.		146,000		224,233
Far Eastern Department Stores Ltd.		511,000		402,917
Far Eastern International Bank		847,102		308,440
Faraday Technology Corp.		81,000		449,820
Farglory Land Development Co. Ltd.		105,000		214,118
Feng Hsin Steel Co. Ltd.		199,000		439,883
Fitipower Integrated Technology Inc.		73,512		378,865
FLEXium Interconnect Inc.		130,418		418,053
FocalTech Systems Co. Ltd.		73,000		201,936
Formosa International Hotels Corp.		27,000		251,255
Formosa Sumco Technology Corp.		29,000		156,030
Formosa Taffeta Co. Ltd.		281,000		254,972
Fortune Electric Co. Ltd.		73,000		344,480
Foxconn Technology Co. Ltd.		365,000		643,502
Foxsemicon Integrated Technology Inc.		51,200		325,572
Fulgent Sun International Holding Co. Ltd.		73,330		299,805
Fusheng Precision Co. Ltd.		54,000		368,503
General Interface Solution Holding Ltd.		92,000		219,781
Genius Electronic Optical Co. Ltd.		30,585		404,568
Getac Holdings Corp.		146,000		327,952
Gigabyte Technology Co. Ltd.		205,000		1,240,302
Global Mixed Mode Technology Inc.		24,000		149,851
Gloria Material Technology Corp.(a)		146,000		264,019
Gold Circuit Electronics Ltd.		151,600		599,637
Goldsun Building Materials Co. Ltd.		328,426		305,239
Gourmet Master Co. Ltd.		49,821		241,158
Grand Pacific Petrochemical		365,000		225,455
Grape King Bio Ltd.		62,000		353,947
Great Tree Pharmacy Co. Ltd.		13,000		149,314
Great Wall Enterprise Co. Ltd.		306,284		522,343
Greatek Electronics Inc.		76,000		141,986
Hannstar Board Corp.		146,481		200,657
HannStar Display Corp.(a)		876,320		351,622
Highwealth Construction Corp.		398,554		551,988
Hiwin Technologies Corp.		119,044		926,870
Holtek Semiconductor Inc.		73,000		166,717
Holy Stone Enterprise Co. Ltd.		62,050		210,844
Hota Industrial Manufacturing Co. Ltd.		73,773		172,760
Hotai Finance Co. Ltd.		73,000		308,550
Hsin Kuang Steel Co. Ltd.		143,000		222,490
HTC Corp.(a)		219,000		438,478
Huaku Development Co. Ltd.		102,080		299,197
IBF Financial Holdings Co. Ltd.		984,172		398,254
Innodisk Corp.		28,000		304,870
International CSRC Investment Holdings Co.		365,945		241,567
International Games System Co. Ltd.		52,000		958,136
ITE Technology Inc.		73,000		265,379
ITEQ Corp.		104,559		244,568
Jentech Precision Industrial Co. Ltd.		33,399		647,630
Johnson Health Tech Co. Ltd.		55,000		109,733
Kaori Heat Treatment Co. Ltd.		25,047		200,055
Kenda Rubber Industrial Co. Ltd.		226,675		227,035

11

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Kindom Development Co. Ltd.		159,400	$	153,014
King Slide Works Co. Ltd.		24,000		330,511
King Yuan Electronics Co. Ltd.		438,000		767,606
King’s Town Bank Co. Ltd.		292,000		341,588
Kinpo Electronics		511,000		226,533
Kinsus Interconnect Technology Corp.		116,000		438,369
KMC Kuei Meng International Inc.		27,000		128,503
Lien Hwa Industrial Holdings Corp.		382,301		773,777
Longchen Paper & Packaging Co. Ltd.		301,775		163,289
Lotes Co. Ltd.		31,181		880,460
Lotus Pharmaceutical Co. Ltd.		57,000		605,086
Lung Yen Life Service Corp.		51,000		62,198
Macronix International Co. Ltd.		657,000		710,880
Makalot Industrial Co. Ltd.		82,391		583,282
Medigen Vaccine Biologics Corp.(a)		96,071		193,984
Mercuries & Associates Holding Ltd.		147,924		72,139
Mercuries Life Insurance Co. Ltd.(a)		730,349		124,659
Merida Industry Co. Ltd.		87,000		549,457
Merry Electronics Co. Ltd.		74,616		217,092
Microbio Co. Ltd.		153,127		294,496
Mitac Holdings Corp.		317,383		329,704
Nan Kang Rubber Tire Co. Ltd.(a)		186,000		231,868
Nantex Industry Co. Ltd.		121,000		147,805
Nuvoton Technology Corp.		73,000		305,059
OBI Pharma Inc.(a)		80,769		225,583
Oneness Biotech Co. Ltd.(a)		89,000		666,577
Oriental Union Chemical Corp.		292,000		200,747
Pan Jit International Inc.		128,000		290,610
Pan-International Industrial Corp.		146,722		194,524
PharmaEngine Inc.		36,000		108,733
Pharmally International Holding Co. Ltd.(d)		21,603		—
Phihong Technology Co. Ltd.(a)		73,000		186,257
Phison Electronics Corp.		65,000		902,276
Pixart Imaging Inc.		73,635		263,150
Polaris Group/Tw(a)		73,000		218,596
Powertech Technology Inc.		219,000		710,418
Poya International Co. Ltd.		25,155		435,846
President Securities Corp.		378,623		209,721
Primax Electronics Ltd.		146,000		306,487
Prince Housing & Development Corp.		657,917		258,957
Qisda Corp.		584,000		799,316
Radiant Opto-Electronics Corp.		161,000		617,652
Raydium Semiconductor Corp.		20,000		227,419
RichWave Technology Corp.(a)		34,490		194,438
Ruentex Industries Ltd.		260,735		483,017
Run Long Construction Co. Ltd.		78,220		195,769
Sanyang Motor Co. Ltd.		219,820		568,703
ScinoPharm Taiwan Ltd.		146,708		124,179
SDI Corp.		58,000		232,170
Sercomm Corp.		105,000		325,442
Shihlin Electric & Engineering Corp.		73,000		353,983
Shin Zu Shing Co. Ltd.		73,856		224,073
Shinkong Synthetic Fibers Corp.		511,135		284,999
Sigurd Microelectronics Corp.		146,124		263,417
Simplo Technology Co. Ltd.		71,600		721,497
Sinbon Electronics Co. Ltd.		87,000		1,018,354
Sincere Navigation Corp.		161,000		108,538
Sino-American Silicon Products Inc.		201,000		1,037,470
Sinyi Realty Inc.		146,778		142,229
Sitronix Technology Corp.		47,000		342,782

Security	Shares		Value
Taiwan (continued)
Solar Applied Materials Technology Corp.		219,943	$	265,899
Sporton International Inc.		26,000		204,142
Standard Foods Corp.		219,000		292,406
Sunny Friend Environmental Technology Co. Ltd.		33,000		167,380
Sunplus Technology Co. Ltd.		219,000		179,426
Supreme Electronics Co. Ltd.		164,705		247,624
Synmosa Biopharma Corp.		73,000		105,658
Systex Corp.		73,000		238,417
TA Chen Stainless Pipe		514,527		754,272
Ta Ya Electric Wire & Cable		292,060		295,002
Taichung Commercial Bank Co. Ltd.		1,258,994		599,662
TaiMed Biologics Inc.(a)		73,000		267,269
Tainan Spinning Co. Ltd.		438,190		230,551
Taiwan Cogeneration Corp.		235,656		386,928
Taiwan Fertilizer Co. Ltd.		219,000		431,677
Taiwan Glass Industry Corp.		470,000		280,146
Taiwan Hon Chuan Enterprise Co. Ltd.		122,004		412,241
Taiwan Mask Corp.		81,000		212,855
Taiwan Paiho Ltd.		119,050		211,960
Taiwan Secom Co. Ltd.		93,450		357,261
Taiwan Semiconductor Co. Ltd.		86,000		264,179
Taiwan Shin Kong Security Co. Ltd.		122,366		165,450
Taiwan Surface Mounting Technology Corp.		114,000		373,877
Taiwan TEA Corp.(a)		366,000		264,735
Taiwan Union Technology Corp.		146,000		355,901
Taiwan-Asia Semiconductor Corp.		146,000		174,614
Tatung Co. Ltd.(a)		584,000		803,300
TCI Co. Ltd.		37,528		215,554
Teco Electric and Machinery Co. Ltd.		438,000		729,170
Test Research Inc.		73,000		152,486
Ton Yi Industrial Corp.		292,000		182,084
Tong Hsing Electronic Industries Ltd.		62,676		372,541
Tong Yang Industry Co. Ltd.		146,133		234,770
Topco Scientific Co. Ltd.		59,000		383,040
TPK Holding Co. Ltd.		146,000		201,212
Transcend Information Inc.		73,000		182,737
Tripod Technology Corp.		146,000		610,034
TSEC Corp.(a)		165,931		192,909
TSRC Corp.		236,000		195,526
TTY Biopharm Co. Ltd.		100,450		247,259
Tung Ho Steel Enterprise Corp.		210,750		383,170
TXC Corp.		73,000		214,019
U-Ming Marine Transport Corp.		157,000		246,873
Union Bank of Taiwan.		757,974		410,658
United Integrated Services Co. Ltd.		73,400		545,565
United Renewable Energy Co. Ltd.(a)		522,059		341,777
UPC Technology Corp.		438,741		204,490
UPI Semiconductor Corp.(a)		18,000		177,322
USI Corp.		292,070		218,279
Via Technologies Inc.		81,000		211,738
VisEra Technologies Co. Ltd.		73,000		540,843
Visual Photonics Epitaxy Co. Ltd.		73,425		248,927
Wafer Works Corp.		228,918		333,954
Waffer Technology Corp.		73,000		295,777
Wah Lee Industrial Corp.		74,340		209,259
Walsin Technology Corp.		146,000		493,089
Wisdom Marine Lines Co. Ltd.		168,000		277,988
Wistron NeWeb Corp.		121,481		345,581
WT Microelectronics Co. Ltd.		146,757		314,302
XinTec Inc.		73,000		248,676

12

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Xxentria Technology Materials Corp.		111,000	$	251,886
YFY Inc.		438,000		451,164
Yieh Phui Enterprise Co. Ltd.		382,586		191,878
Yulon Finance Corp.		98,896		626,100
Yulon Motor Co. Ltd.		213,026		606,077
YungShin Global Holding Corp.		73,200		109,116
				82,079,156
Thailand — 3.5%
AEON Thana Sinsap Thailand PCL, NVDR(c)		56,100		321,414
Amata Corp. PCL, NVDR		474,576		301,232
AP Thailand PCL, NVDR.		1,259,600		419,743
Bangchak Corp. PCL, NVDR		432,300		397,074
Bangkok Chain Hospital PCL, NVDR(c)		686,200		364,409
Bangkok Commercial Asset Management PCL, NVDR(c)		591,300		186,747
Bangkok Land PCL, NVDR		7,369,800		179,941
Bangkok Life Assurance PCL, NVDR		238,100		184,733
Betagro PCL, NVDR		240,900		190,366
Central Plaza Hotel PCL, NVDR(a)(c)		234,200		337,805
CH Karnchang PCL, NVDR(c)		624,300		344,436
Chularat Hospital PCL, NVDR(c)		2,817,800		265,156
CK Power PCL, NVDR(c)		1,334,100		127,205
Dhipaya Group Holdings PCL, NVDR(c)		144,100		180,062
Ditto Thailand PCL, NVDR(c)		89,400		85,337
Eastern Polymer Group PCL, NVDR(c)		585,900		117,847
Erawan Group PCL (The), NVDR(a)		1,520,300		180,806
Esso Thailand PCL, NVDR(c)		489,100		121,462
GFPT PCL, NVDR		275,900		97,358
Gunkul Engineering PCL, NVDR(c)		1,928,599		186,011
Hana Microelectronics PCL, NVDR(c)		244,800		309,209
IRPC PCL, NVDR(c)		3,514,500		224,004
Jasmine International PCL, NVDR(a)(c)		2,284,900		110,920
Jay Mart PCL, NVDR(c)		299,300		175,222
JMT Network Services PCL, NVDR		219,000		270,603
KCE Electronics PCL, NVDR		310,700		347,785
Khon Kaen Sugar Industry PCL, NVDR		1,293,130		127,655
Kiatnakin Phatra Bank PCL, NVDR		131,432		237,800
Major Cineplex Group PCL, NVDR(c)		327,700		145,871
MBK PCL, NVDR		548,500		254,953
Mega Lifesciences PCL, NVDR		189,800		212,429
MK Restaurants Group PCL, NVDR		94,900		141,083
Ngern Tid Lor PCL, NVDR		445,300		355,088
Plan B Media PCL, NVDR		1,197,280		309,431
Pruksa Holding PCL, NVDR(c)		365,000		130,013
PTG Energy PCL, NVDR(c)		436,800		150,479
Quality Houses PCL, NVDR		3,067,467		202,655
Ramkhamhaeng Hospital PCL, NVDR		174,800		233,341
Sabuy Technology PCL, NVDR(c)		408,800		140,846
Sansiri PCL, NVDR		6,928,400		346,263
Sappe PCL, NVDR		29,200		71,112
Siam Global House PCL, NVDR		1		1
Siamgas & Petrochemicals PCL, NVDR		460,000		112,316
Sino-Thai Engineering & Construction PCL, NVDR		566,228		151,919
SISB PCL, NVDR		65,700		75,045
Sri Trang Agro-Industry PCL, NVDR		408,880		223,082
Star Petroleum Refining PCL, NVDR(c)		759,200		179,750
Supalai PCL, NVDR		627,800		364,343
Super Energy Corp. PCL, NVDR(c)		8,263,600		137,641
Thai Union Group PCL, NVDR		868,700		366,951
Thai Vegetable Oil PCL, NVDR(c)		299,560		221,560
Thanachart Capital PCL, NVDR		153,300		227,881

Security	Shares		Value
Thailand (continued)
Thonburi Healthcare Group PCL, NVDR(c)		149,400	$	292,876
Thoresen Thai Agencies PCL, NVDR		632,100		129,818
Tipco Asphalt PCL, NVDR(c)		410,000		214,425
TOA Paint Thailand PCL, NVDR(c)		316,700		302,384
TPI Polene Power PCL, NVDR(c)		1,816,100		171,173
TTW PCL, NVDR(c)		956,300		233,491
VGI PCL, NVDR		2,732,350		252,634
WHA Corp. PCL, NVDR		4,105,800		521,183
				13,264,379
Turkey — 1.6%
Aksa Akrilik Kimya Sanayii AS		61,612		189,706
Alarko Holding AS		80,301		262,541
Anadolu Efes Biracilik Ve Malt Sanayii AS		91,177		256,237
Cimsa Cimento Sanayi VE Ticaret AS		23,579		122,915
Dogan Sirketler Grubu Holding AS		586,701		235,818
Dogus Otomotiv Servis ve Ticaret AS		20,148		138,841
EGE Endustri VE Ticaret AS		584		131,426
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,000,100		342,914
Enerjisa Enerji AS(b)		119,501		178,461
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS		45,771		88,642
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a)		42,998		124,202
Hektas Ticaret TAS(a)		1		1
Is Gayrimenkul Yatirim Ortakligi AS(a)		174,470		74,880
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		316,966		268,850
Kimteks Poliuretan Sanayi VE Ticaret AS, NVS		18,980		75,052
Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS(a)		1		—
Kontrolmatik Enerji Ve Muhendislik AS, NVS		32,923		227,033
Koza Anadolu Metal Madencilik Isletmeleri AS(a)		86,359		188,276
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)		93,951		244,757
Migros Ticaret AS		41,285		343,428
MLP Saglik Hizmetleri AS(a)(b)		53,947		174,300
Nuh Cimento Sanayi AS		26,444		161,824
ODAS Elektrik Uretim ve Sanayi Ticaret AS(a)		382,012		121,952
Otokar Otomotiv Ve Savunma Sanayi AS(a)		22,265		179,305
Oyak Cimento Fabrikalari AS(a)		141,620		282,325
Petkim Petrokimya Holding AS(a)		461,652		311,927
Qua Granite Hayal(a)		26,134		105,862
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		119,866		179,305
Selcuk Ecza Deposu Ticaret ve Sanayi AS		57,013		92,158
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a)		28,658		105,790
TAV Havalimanlari Holding AS(a)		93,878		351,893
Turk Traktor ve Ziraat Makineleri AS		6,643		211,876
Turkiye Sinai Kalkinma Bankasi AS(a)		565,896		112,064
Ulker Biskuvi Sanayi AS(a)		72,124		117,558
Vestel Elektronik Sanayi ve Ticaret AS(a)		62,123		134,690
Zorlu Enerji Elektrik Uretim AS(a)		377,483		89,743
				6,226,552
United Arab Emirates — 1.0%
Agthia Group PJSC		138,907		184,473
Air Arabia PJSC		906,441		557,741
Ajman Bank PJSC(a)		326,164		191,833
Al Waha Capital PJSC		528,687		168,263
Al Yah Satellite Communications Co.		382,958		266,917
Amanat Holdings PJSC		461,783		122,079
Aramex PJSC		299,530		238,127
Dana Gas PJSC		1,287,647		287,747
Drake & Scull International PJSC(a)(d)		241,185		1,215
Dubai Financial Market PJSC		553,267		218,109

13

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Arab Emirates (continued)
Dubai Investments PJSC		821,104	$	491,497
Emirates Central Cooling Systems Corp.		633,348		294,865
National Central Cooling Co. PJSC		268,932		213,801
Ras Al Khaimah Ceramics		212,146		150,173
Sharjah Islamic Bank		476,304		265,642
Taaleem Holdings PSC, NVS(a)		47,231		35,877
				3,688,359
Total Common Stocks — 98.2%
(Cost: $369,242,924)				369,542,573
Preferred Stocks
Brazil — 0.8%
Alpargatas SA, Preference Shares, NVS(a)		83,293		171,403
Azul SA, Preference Shares, NVS(a)		104,317		346,469
Banco ABC Brasil SA, Preference Shares, NVS		35,857		117,608
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		76,470		187,508
Banco Pan SA, Preference Shares, NVS		126,071		162,270
Bradespar SA, Preference Shares, NVS		97,966		411,112
Cia de Saneamento do Parana, Preference Shares, NVS		140,963		112,530
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		72,562		118,999
Marcopolo SA, Preference Shares, NVS		213,087		194,048
Metalurgica Gerdau SA, Preference Shares, NVS		276,451		610,848
Randon SA Implementos e Participacoes, Preference Shares, NVS		76,650		162,568
Unipar Carbocloro SA, Class B, Preference Shares, NVS		20,504		276,402
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		150,964		208,891
				3,080,656
Chile — 0.2%
Embotelladora Andina SA, Class B, Preference Shares, NVS		188,267		481,124
Total Preferred Stocks — 1.0%
(Cost: $3,108,989)				3,561,780
Rights
Kuwait — 0.0%
Kuwait International Bank KSCP, (Expires 06/20/23)		170,083		11,005

Security	Shares		Value
South Korea — 0.0%
Intellian Technologies Inc.,
(Expires 07/13/23, Strike Price KRW 58,300.00)		546	$	3,949
Total Rights — 0.0%
(Cost: $—)				14,954
Total Long-Term Investments — 99.2%
(Cost: $372,351,913)				373,119,307
Short-Term Securities
Money Market Funds — 6.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(g)(h)(i)		24,708,585		24,713,527
Total Short-Term Securities — 6.6%
(Cost: $24,708,509)				24,713,527
Total Investments — 105.8%
(Cost: $397,060,422)				397,832,834
Liabilities in Excess of Other Assets — (5.8)%				(21,651,818	)
Net Assets — 100.0%			$	376,181,016

^(a) Non-income producing security.

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

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

^(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $153,244, representing less than 0.05% of its net assets as of period end, and an original cost of $200,469.

^(f) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(g) Affiliate of the Fund.

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

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

14

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

																			Capital
																			Gain
										Change in									Distributions
										Unrealized					Shares				from
	Value at		Purchases		Proceeds			Net Realized		Appreciation			Value at		Held at				Underlying
Affiliated Issuer	08/31/22		at Cost		from Sale			Gain (Loss)		(Depreciation)			05/31/23		05/31/23	Income			Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	25,516,997	$	—	$	(797,597	)(a)	$	221	$	(6,094	)	$	24,713,527	24,708,585	$	797,562	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		490,000		—		(490,000	)(a)		—		—			—	—		16,475			1
								$	221	$	(6,094	)	$	24,713,527		$	814,037		$	1

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

							Value/
				Notional			Unrealized
	Number of		Expiration	Amount			Appreciation
Description		Contracts	Date		(000)		(Depreciation)
Long Contracts
MSCI Emerging Markets Index		47	06/16/23	$	2,248	$	(36,465	)

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	60,820,144	$	307,989,812	$	732,617	$	369,542,573
Preferred Stocks		3,561,780		—		—		3,561,780
Rights		11,005		3,949		—		14,954
Short-Term Securities
Money Market Funds		24,713,527		—		—		24,713,527
	$	89,106,456	$	307,993,761	$	732,617	$	397,832,834

15

Consolidated Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets Small-Cap ETF
May 31, 2023

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(36,465	)	$	—	$	—	$	(36,465	)

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

Portfolio Abbreviation
		NVS	Non-Voting Shares
ADR	American Depositary Receipt	PJSC	Public Joint Stock Company
CPO	Certificates of Participation (Ordinary)	REIT	Real Estate Investment Trust
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt

16