| Schedule of Investments (unaudited) | iShares® MSCI United Kingdom Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 1.4% | ||||||||
| Babcock International Group PLC | 25,467 | $ | 183,854 | |||||
| Chemring Group PLC | 27,445 | 134,991 | ||||||
| QinetiQ Group PLC | 51,826 | 298,132 | ||||||
| 616,977 | ||||||||
| Air Freight & Logistics — 0.7% | ||||||||
| International Distributions Services PLC(a) | 67,578 | 291,531 | ||||||
| Automobile Components — 0.5% | ||||||||
| AB Dynamics PLC | 1,791 | 51,349 | ||||||
| Dowlais Group PLC | 140,132 | 124,498 | ||||||
| TI Fluid Systems PLC(b) | 34,101 | 59,819 | ||||||
| 235,666 | ||||||||
| Automobiles — 0.1% | ||||||||
| Aston Martin Lagonda Global Holdings PLC(a)(b) | 20,980 | 39,115 | ||||||
| Banks — 1.6% | ||||||||
| Bank of Georgia Group PLC | 3,435 | 163,292 | ||||||
| Close Brothers Group PLC | 15,160 | 92,493 | ||||||
| TBC Bank Group PLC | 4,185 | 135,985 | ||||||
| Virgin Money U.K. PLC | 111,018 | 302,619 | ||||||
| 694,389 | ||||||||
| Beverages — 1.4% | ||||||||
| AG Barr PLC | 10,157 | 80,924 | ||||||
| Britvic PLC | 23,876 | 295,984 | ||||||
| C&C Group PLC | 39,338 | 85,114 | ||||||
| Fevertree Drinks PLC | 10,580 | 145,736 | ||||||
| 607,758 | ||||||||
| Biotechnology — 0.4% | ||||||||
| Genus PLC | 6,652 | 152,743 | ||||||
| Broadline Retail — 1.8% | ||||||||
| B&M European Value Retail SA | 101,023 | 706,272 | ||||||
| THG PLC, Class B(a) | 73,713 | 65,606 | ||||||
| 771,878 | ||||||||
| Building Products — 0.8% | ||||||||
| Genuit Group PLC | 25,102 | 146,017 | ||||||
| Tyman PLC | 19,808 | 91,875 | ||||||
| Volution Group PLC | 19,927 | 115,849 | ||||||
| 353,741 | ||||||||
| Capital Markets — 11.3% | ||||||||
| abrdn PLC | 185,440 | 366,379 | ||||||
| AJ Bell PLC | 31,206 | 153,092 | ||||||
| Alpha Group International PLC | 3,471 | 102,612 | ||||||
| Ashmore Group PLC | 46,672 | 115,970 | ||||||
| Bridgepoint Group PLC(b) | 24,359 | 70,919 | ||||||
| CMC Markets PLC(b) | 11,276 | 40,447 | ||||||
| IG Group Holdings PLC | 37,736 | 390,374 | ||||||
| Impax Asset Management Group PLC | 9,351 | 51,773 | ||||||
| IntegraFin Holdings PLC | 29,130 | 130,287 | ||||||
| Intermediate Capital Group PLC | 29,277 | 872,287 | ||||||
| Investec PLC | 64,995 | 434,915 | ||||||
| IP Group PLC | 103,548 | 71,515 | ||||||
| JTC PLC(b) | 15,888 | 182,410 | ||||||
| Jupiter Fund Management PLC | 45,336 | 48,705 | ||||||
| Liontrust Asset Management PLC | 6,542 | 68,782 | ||||||
| Man Group PLC/Jersey | 120,998 | 408,973 | ||||||
| Molten Ventures PLC(a) | 16,438 | 69,436 | ||||||
| Ninety One PLC | 28,581 | 62,674 | ||||||
| Plus500 Ltd. | 7,847 | 223,514 | ||||||
| Polar Capital Holdings PLC | 8,764 | 61,167 | ||||||
| Security | Shares | Value | ||||||
| Capital Markets (continued) | ||||||||
| Quilter PLC(b) | 141,453 | $ | 212,330 | |||||
| Rathbones Group PLC | 6,397 | 141,972 | ||||||
| St. James’s Place PLC | 55,268 | 351,845 | ||||||
| TP ICAP Group PLC | 77,972 | 217,589 | ||||||
| 4,849,967 | ||||||||
| Chemicals — 1.7% | ||||||||
| Elementis PLC | 59,219 | 114,080 | ||||||
| Essentra PLC | 28,896 | 60,754 | ||||||
| Johnson Matthey PLC | 18,482 | 414,027 | ||||||
| Victrex PLC | 8,330 | 136,715 | ||||||
| 725,576 | ||||||||
| Commercial Services & Supplies — 1.4% | ||||||||
| Finablr PLC(a)(b)(c) | 61,710 | 1 | ||||||
| Johnson Service Group PLC(d) | 42,714 | 91,113 | ||||||
| Mitie Group PLC | 127,801 | 197,375 | ||||||
| Renewi PLC(a) | 7,303 | 61,418 | ||||||
| Serco Group PLC | 110,032 | 249,571 | ||||||
| 599,478 | ||||||||
| Communications Equipment — 0.3% | ||||||||
| Spirent Communications PLC | 58,294 | 137,117 | ||||||
| Construction & Engineering — 1.7% | ||||||||
| Balfour Beatty PLC | 53,613 | 253,727 | ||||||
| Keller Group PLC | 7,352 | 120,851 | ||||||
| Kier Group PLC | 43,241 | 81,145 | ||||||
| Morgan Sindall Group PLC | 4,533 | 146,534 | ||||||
| Renew Holdings PLC | 8,132 | 110,668 | ||||||
| 712,925 | ||||||||
| Construction Materials — 1.0% | ||||||||
| Breedon Group PLC | 28,028 | 139,003 | ||||||
| Forterra PLC(b) | 20,539 | 43,759 | ||||||
| Ibstock PLC(b) | 39,576 | 81,013 | ||||||
| Marshalls PLC | 23,470 | 95,147 | ||||||
| RHI Magnesita NV | 1,899 | 83,180 | ||||||
| 442,102 | ||||||||
| Consumer Staples Distribution & Retail — 2.5% | ||||||||
| Marks & Spencer Group PLC | 205,550 | 795,217 | ||||||
| Ocado Group PLC(a) | 54,347 | 258,724 | ||||||
| 1,053,941 | ||||||||
| Containers & Packaging — 1.6% | ||||||||
| DS Smith PLC | 138,768 | 680,579 | ||||||
| Distributors — 0.9% | ||||||||
| Inchcape PLC | 37,447 | 382,094 | ||||||
| Diversified Consumer Services — 0.3% | ||||||||
| Auction Technology Group PLC(a)(d) | 10,018 | 67,209 | ||||||
| Me Group International PLC | 21,110 | 49,172 | ||||||
| 116,381 | ||||||||
| Diversified REITs — 2.8% | ||||||||
| Balanced Commercial Property Trust Ltd. | 70,676 | 70,426 | ||||||
| British Land Co. PLC (The) | 88,766 | 499,256 | ||||||
| Custodian Property Income REIT PLC | 43,107 | 40,058 | ||||||
| LondonMetric Property PLC | 205,571 | 540,845 | ||||||
| Picton Property Income Ltd. | 56,589 | 48,959 | ||||||
| 1,199,544 | ||||||||
| Diversified Telecommunication Services — 0.7% | ||||||||
| Gamma Communications PLC | 9,305 | 172,162 | ||||||
| Helios Towers PLC(a) | 74,236 | 120,152 | ||||||
| 292,314 | ||||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI United Kingdom Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Electrical Equipment — 0.4% | ||||||||
| DiscoverIE Group PLC | 9,616 | $ | 90,237 | |||||
| ITM Power PLC(a)(d) | 47,564 | 37,941 | ||||||
| Volex PLC | 12,953 | 58,016 | ||||||
| 186,194 | ||||||||
| Electronic Equipment, Instruments & Components — 1.8% | ||||||||
| Oxford Instruments PLC | 5,251 | 167,277 | ||||||
| Renishaw PLC | 3,666 | 189,782 | ||||||
| Spectris PLC | 10,140 | 425,946 | ||||||
| 783,005 | ||||||||
| Energy Equipment & Services — 0.5% | ||||||||
| Hunting PLC | 14,955 | 79,560 | ||||||
| John Wood Group PLC(a) | 66,213 | 150,374 | ||||||
| 229,934 | ||||||||
| Entertainment — 0.1% | ||||||||
| Team17 Group PLC(a) | 11,958 | 47,541 | ||||||
| Financial Services — 2.3% | ||||||||
| Burford Capital Ltd. | 19,873 | 283,113 | ||||||
| Network International Holdings PLC(a)(b) | 48,303 | 241,892 | ||||||
| OSB Group PLC | 39,406 | 234,343 | ||||||
| Paragon Banking Group PLC | 21,265 | 207,702 | ||||||
| 967,050 | ||||||||
| Food Products — 2.3% | ||||||||
| Cranswick PLC | 5,442 | 308,237 | ||||||
| Greencore Group PLC(a) | 47,150 | 105,382 | ||||||
| Hilton Food Group PLC | 7,673 | 87,409 | ||||||
| Premier Foods PLC | 65,643 | 143,202 | ||||||
| Tate & Lyle PLC | 40,468 | 359,993 | ||||||
| 1,004,223 | ||||||||
| Ground Transportation — 0.7% | ||||||||
| Firstgroup PLC | 64,238 | 140,056 | ||||||
| Mobico Group PLC | 46,398 | 31,808 | ||||||
| Zigup PLC | 22,696 | 126,797 | ||||||
| 298,661 | ||||||||
| Health Care Equipment & Supplies — 1.4% | ||||||||
| Advanced Medical Solutions Group PLC | 22,068 | 61,021 | ||||||
| ConvaTec Group PLC(b) | 165,200 | 526,676 | ||||||
| 587,697 | ||||||||
| Health Care Providers & Services — 0.5% | ||||||||
| CVS Group PLC(d) | 7,337 | 108,264 | ||||||
| Spire Healthcare Group PLC(b) | 29,037 | 93,611 | ||||||
| 201,875 | ||||||||
| Health Care REITs — 1.0% | ||||||||
| Assura PLC | 301,164 | 159,714 | ||||||
| Impact Healthcare REIT PLC, Class B | 34,320 | 38,761 | ||||||
| Primary Health Properties PLC | 134,641 | 160,898 | ||||||
| Target Healthcare REIT PLC | 62,373 | 62,526 | ||||||
| 421,899 | ||||||||
| Health Care Technology — 0.2% | ||||||||
| Craneware PLC | 2,848 | 89,275 | ||||||
| Hotels, Restaurants & Leisure — 4.9% | ||||||||
| Carnival PLC(a) | 13,858 | 190,317 | ||||||
| Deliveroo PLC, Class A(a)(b) | 106,518 | 185,815 | ||||||
| Domino’s Pizza Group PLC | 36,591 | 156,811 | ||||||
| Evoke PLC(a) | 36,338 | 41,673 | ||||||
| Greggs PLC | 10,301 | 387,393 | ||||||
| Hollywood Bowl Group PLC | 17,496 | 74,017 | ||||||
| J D Wetherspoon PLC(a) | 8,718 | 85,094 | ||||||
| Mitchells & Butlers PLC(a) | 27,098 | 106,974 | ||||||
| Security | Shares | Value | ||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||
| Playtech PLC(a) | 24,927 | $ | 151,828 | |||||
| Rank Group PLC(a) | 22,178 | 23,675 | ||||||
| SSP Group PLC | 80,399 | 171,842 | ||||||
| Trainline PLC(a)(b) | 44,866 | 183,746 | ||||||
| TUI AG(a) | 46,008 | 318,456 | ||||||
| Young & Co’s Brewery PLC, Series A, Class A | 2,299 | 29,588 | ||||||
| 2,107,229 | ||||||||
| Household Durables — 3.0% | ||||||||
| Bellway PLC | 11,985 | 412,685 | ||||||
| Crest Nicholson Holdings PLC | 24,589 | 74,979 | ||||||
| Redrow PLC | 26,658 | 243,430 | ||||||
| Vistry Group PLC(a) | 32,614 | 540,346 | ||||||
| 1,271,440 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.6% | ||||||||
| Drax Group PLC | 38,952 | 257,355 | ||||||
| Industrial REITs — 1.3% | ||||||||
| Tritax Big Box REIT PLC | 224,918 | 455,089 | ||||||
| Urban Logistics REIT PLC | 48,013 | 72,682 | ||||||
| Warehouse REIT PLC | 40,802 | 42,385 | ||||||
| 570,156 | ||||||||
| Insurance — 4.2% | ||||||||
| Beazley PLC | 67,330 | 595,343 | ||||||
| Direct Line Insurance Group PLC | 132,112 | 362,844 | ||||||
| Hiscox Ltd. | 34,901 | 511,483 | ||||||
| Just Group PLC | 104,641 | 139,371 | ||||||
| Lancashire Holdings Ltd. | 24,582 | 198,279 | ||||||
| 1,807,320 | ||||||||
| Interactive Media & Services — 1.8% | ||||||||
| MONY Group PLC | 48,684 | 140,950 | ||||||
| Rightmove PLC | 80,199 | 550,561 | ||||||
| Trustpilot Group PLC(a)(b) | 35,462 | 93,312 | ||||||
| 784,823 | ||||||||
| IT Services — 2.4% | ||||||||
| Computacenter PLC | 8,652 | 312,587 | ||||||
| FDM Group Holdings PLC | 9,727 | 55,838 | ||||||
| Kainos Group PLC | 9,004 | 132,173 | ||||||
| Keywords Studios PLC(d) | 7,743 | 220,418 | ||||||
| NCC Group PLC | 31,063 | 55,257 | ||||||
| Softcat PLC | 13,080 | 276,675 | ||||||
| 1,052,948 | ||||||||
| Leisure Products — 1.0% | ||||||||
| Games Workshop Group PLC | 3,320 | 424,740 | ||||||
| Life Sciences Tools & Services — 0.2% | ||||||||
| Oxford Nanopore Technologies PLC(a)(d) | 56,902 | 77,800 | ||||||
| Machinery — 5.2% | ||||||||
| Bodycote PLC | 19,159 | 186,296 | ||||||
| IMI PLC | 26,341 | 629,588 | ||||||
| Judges Scientific PLC | 600 | 85,630 | ||||||
| Morgan Advanced Materials PLC | 28,749 | 113,806 | ||||||
| Rotork PLC | 86,561 | 375,704 | ||||||
| Vesuvius PLC | 21,562 | 134,217 | ||||||
| Weir Group PLC (The) | 26,154 | 714,740 | ||||||
| 2,239,981 | ||||||||
| Marine Transportation — 0.4% | ||||||||
| Clarkson PLC | 2,942 | 154,265 | ||||||
| Media — 2.5% | ||||||||
| 4imprint Group PLC | 2,838 | 240,049 | ||||||
| Ascential PLC | 21,049 | 87,716 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI United Kingdom Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Media (continued) | ||||||||
| Future PLC | 10,445 | $ | 142,176 | |||||
| ITV PLC | 364,122 | 370,878 | ||||||
| Next 15 Group PLC(d) | 8,512 | 111,284 | ||||||
| YouGov PLC | 10,619 | 132,877 | ||||||
| 1,084,980 | ||||||||
| Metals & Mining — 1.6% | ||||||||
| Atalaya Mining PLC | 9,866 | 54,436 | ||||||
| Centamin PLC | 116,970 | 178,923 | ||||||
| Central Asia Metals PLC | 17,409 | 49,984 | ||||||
| Greatland Gold PLC(a) | 471,196 | 49,234 | ||||||
| Hill & Smith PLC | 8,095 | 212,208 | ||||||
| Hochschild Mining PLC(a) | 33,688 | 80,853 | ||||||
| Pan African Resources PLC | 193,073 | 62,859 | ||||||
| 688,497 | ||||||||
| Multi-Utilities — 0.4% | ||||||||
| Telecom Plus PLC | 7,152 | 171,342 | ||||||
| Office REITs — 1.1% | ||||||||
| CLS Holdings PLC | 16,099 | 18,230 | ||||||
| Derwent London PLC | 9,616 | 285,254 | ||||||
| Great Portland Estates PLC | 20,177 | 88,830 | ||||||
| Workspace Group PLC | 14,765 | 101,502 | ||||||
| 493,816 | ||||||||
| Oil, Gas & Consumable Fuels — 1.6% | ||||||||
| Diversified Energy Co. PLC | 4,791 | 72,464 | ||||||
| Energean PLC | 15,712 | 238,851 | ||||||
| Harbour Energy PLC | 58,207 | 247,656 | ||||||
| Serica Energy PLC | 26,341 | 59,011 | ||||||
| Tullow Oil PLC(a) | 120,870 | 60,751 | ||||||
| 678,733 | ||||||||
| Passenger Airlines — 1.1% | ||||||||
| easyJet PLC | 30,545 | 180,667 | ||||||
| JET2 PLC | 17,302 | 295,064 | ||||||
| 475,731 | ||||||||
| Personal Care Products — 0.1% | ||||||||
| PZ Cussons PLC | 24,298 | 34,453 | ||||||
| Pharmaceuticals — 0.5% | ||||||||
| Indivior PLC, NVS(a)(d) | 11,611 | 214,997 | ||||||
| Professional Services — 1.7% | ||||||||
| Alpha Financial Markets Consulting PLC | 11,062 | 57,652 | ||||||
| Hays PLC | 159,648 | 220,875 | ||||||
| Learning Technologies Group PLC(d) | 60,651 | 65,692 | ||||||
| Marlowe PLC(a)(d) | 8,290 | 58,945 | ||||||
| Pagegroup PLC | 31,451 | 184,534 | ||||||
| RWS Holdings PLC | 30,320 | 67,183 | ||||||
| SThree PLC | 13,562 | 76,341 | ||||||
| 731,222 | ||||||||
| Real Estate Management & Development — 1.8% | ||||||||
| Grainger PLC | 70,971 | 226,087 | ||||||
| International Workplace Group PLC | 76,062 | 178,411 | ||||||
| Savills PLC | 14,165 | 205,767 | ||||||
| Sirius Real Estate Ltd. | 135,815 | 170,157 | ||||||
| 780,422 | ||||||||
| Residential REITs — 1.4% | ||||||||
| Empiric Student Property PLC | 60,792 | 70,316 | ||||||
| Home REIT PLC(a)(c) | 103,572 | 35,152 | ||||||
| PRS REIT PLC (The) | 53,162 | 52,420 | ||||||
| UNITE Group PLC (The) | 37,324 | 445,194 | ||||||
| 603,082 | ||||||||
| Security | Shares | Value | ||||||
| Retail REITs — 1.3% | ||||||||
| Hammerson PLC | 411,637 | $ | 146,449 | |||||
| Shaftesbury Capital PLC | 157,413 | 295,226 | ||||||
| Supermarket Income REIT PLC | 125,549 | 119,730 | ||||||
| 561,405 | ||||||||
| Semiconductors & Semiconductor Equipment — 0.1% | ||||||||
| Alphawave IP Group PLC(a) | 33,089 | 56,582 | ||||||
| Software — 1.6% | ||||||||
| Alfa Financial Software Holdings PLC(b) | 12,032 | 28,425 | ||||||
| Bytes Technology Group PLC | 23,003 | 164,735 | ||||||
| Darktrace PLC(a) | 42,333 | 320,227 | ||||||
| FD Technologies PLC(a) | 2,415 | 42,098 | ||||||
| GB Group PLC | 25,447 | 111,739 | ||||||
| 667,224 | ||||||||
| Specialized REITs — 1.3% | ||||||||
| Big Yellow Group PLC | 18,777 | 300,502 | ||||||
| Safestore Holdings PLC | 22,009 | 254,381 | ||||||
| 554,883 | ||||||||
| Specialty Retail — 2.6% | ||||||||
| AO World PLC(a) | 32,058 | 46,558 | ||||||
| ASOS PLC(a)(d) | 4,860 | 23,124 | ||||||
| boohoo Group PLC(a)(d) | 64,617 | 28,819 | ||||||
| Currys PLC(a)(d) | 91,353 | 90,157 | ||||||
| Dunelm Group PLC | 12,220 | 172,993 | ||||||
| Frasers Group PLC(a) | 11,356 | 128,112 | ||||||
| Halfords Group PLC | 22,239 | 43,874 | ||||||
| Moonpig Group PLC(a) | 29,623 | 60,817 | ||||||
| Pets at Home Group PLC | 44,782 | 169,022 | ||||||
| Watches of Switzerland Group PLC(a)(b) | 24,135 | 127,508 | ||||||
| WH Smith PLC | 13,188 | 193,256 | ||||||
| Wickes Group PLC | 25,403 | 45,223 | ||||||
| 1,129,463 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.6% | ||||||||
| Coats Group PLC | 160,967 | 175,781 | ||||||
| Dr. Martens PLC | 58,650 | 65,675 | ||||||
| 241,456 | ||||||||
| Trading Companies & Distributors — 5.9% | ||||||||
| Ashtead Technology Holdings PLC | 8,146 | 85,532 | ||||||
| Diploma PLC | 13,509 | 708,136 | ||||||
| Grafton Group PLC | 18,213 | 232,641 | ||||||
| Howden Joinery Group PLC | 55,359 | 645,642 | ||||||
| RS GROUP PLC | 47,753 | 432,795 | ||||||
| SIG PLC(a) | 72,432 | 25,335 | ||||||
| Travis Perkins PLC | 21,409 | 236,196 | ||||||
| Yellow Cake PLC(a)(b) | 21,847 | 178,540 | ||||||
| 2,544,817 | ||||||||
| Water Utilities — 0.5% | ||||||||
| Penno Group PLC | 28,816 | 229,072 | ||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| Airtel Africa PLC(b) | 94,354 | 147,326 | ||||||
| Total Common Stocks — 99.1% | ||||||||
| (Cost: $52,499,690) | 42,610,730 | |||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI United Kingdom Small-Cap ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Rights | ||||||||
| Diversified REITs — 0.1% | ||||||||
| Great Portland Estates PLC (Expires 06/25/24, Strike Price | ||||||||
| GBP 2.30)(a) | 12,559 | $ | 17,123 | |||||
| Total Rights — 0.1% | ||||||||
| (Cost: $34,567) | 17,123 | |||||||
| Total Long-Term Investments — 99.2% | ||||||||
| (Cost: $52,534,257) | 42,627,853 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 1.6% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, | ||||||||
| 5.49%(e)(f)(g) | 691,456 | 691,664 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 5.28%(e)(f) | 20,000 | 20,000 | ||||||
| Total Short-Term Securities — 1.6% | ||||||||
| (Cost: $711,418) | 711,664 | |||||||
| Total Investments — 100.8% | ||||||||
| (Cost: $53,245,675) | 43,339,517 | |||||||
| Liabilities in Excess of Other Assets — (0.8)% | (350,916 | ) | ||||||
| Net Assets — 100.0% | $ | 42,988,601 | ||||||
| (a) | Non-income producing security. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) | All or a portion of this security is on loan. |
| (e) | Affiliate of the Fund. |
| (f) | Annualized 7-day yield as of period end. |
| (g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 621,984 | $ | 69,805 | (a) | $ | — | $ | 94 | $ | (219 | ) | $ | 691,664 | 691,456 | $ | 11,468 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 20,000 | 0 | (a) | — | — | — | 20,000 | 20,000 | 1,026 | — | ||||||||||||||||||||||||||
| $ | 94 | $ | (219 | ) | $ | 711,664 | $ | 12,494 | $ | — | ||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| FTSE 250 Index | 6 | 06/21/24 | $ | 319 | $ | 7,063 | ||||||||
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; |
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI United Kingdom Small-Cap ETF |
| May 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
| ● | 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 | $ | 11,446,044 | $ | 31,129,533 | $ | 35,153 | $ | 42,610,730 | ||||||||
| Rights | 17,123 | — | — | 17,123 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 711,664 | — | — | 711,664 | ||||||||||||
| $ | 12,174,831 | $ | 31,129,533 | $ | 35,153 | $ | 43,339,517 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Equity Contracts | $ | — | $ | 7,063 | $ | — | $ | 7,063 | ||||||||
| (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 |
| REIT | Real Estate Investment Trust |
Currency Abbreviation
| GBP | British Pound |
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