| Schedule of Investments (unaudited) | iShares® MSCI Japan ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| SG Holdings Co. Ltd. | 988,700 | $ | 21,997,467 | |||||
| Yamato Holdings Co. Ltd. | 899,900 | 24,587,593 | ||||||
| 46,585,060 | ||||||||
| Airlines — 0.2% | ||||||||
| ANA Holdings Inc.(a) | 493,500 | 11,868,995 | ||||||
| Japan Airlines Co. Ltd.(a) | 445,500 | 10,086,933 | ||||||
| 21,955,928 | ||||||||
| Auto Components — 2.4% | ||||||||
| Aisin Corp. | 454,800 | 19,768,423 | ||||||
| Bridgestone Corp. | 1,763,100 | 76,734,811 | ||||||
| Denso Corp. | 1,338,200 | 90,882,129 | ||||||
| Koito Manufacturing Co. Ltd. | 324,300 | 20,839,771 | ||||||
| Stanley Electric Co. Ltd. | 397,100 | 11,713,511 | ||||||
| Sumitomo Electric Industries Ltd. | 2,329,000 | 35,338,771 | ||||||
| Toyota Industries Corp. | 452,800 | 38,287,427 | ||||||
| 293,564,843 | ||||||||
| Automobiles — 7.2% | ||||||||
| Honda Motor Co. Ltd. | 5,034,200 | 152,109,771 | ||||||
| Isuzu Motors Ltd. | 1,702,900 | 22,280,068 | ||||||
| Mazda Motor Corp.(a) | 1,755,900 | 14,826,481 | ||||||
| Nissan Motor Co. Ltd.(a) | 7,168,200 | 35,131,189 | ||||||
| Subaru Corp. | 1,900,100 | 36,631,646 | ||||||
| Suzuki Motor Corp. | 1,137,300 | 48,786,167 | ||||||
| Toyota Motor Corp. | 6,549,300 | 542,328,681 | ||||||
| Yamaha Motor Co. Ltd. | 868,600 | 25,105,504 | ||||||
| 877,199,507 | ||||||||
| Banks — 4.7% | ||||||||
| Chiba Bank Ltd. (The) | 1,636,900 | 10,349,603 | ||||||
| Concordia Financial Group Ltd. | 3,361,700 | 12,247,266 | ||||||
| Japan Post Bank Co. Ltd. | 1,250,600 | 10,586,892 | ||||||
| Mitsubishi UFJ Financial Group Inc. | 37,745,880 | 212,899,506 | ||||||
| Mizuho Financial Group Inc. | 7,448,858 | 113,151,937 | ||||||
| Resona Holdings Inc. | 6,593,400 | 27,962,712 | ||||||
| Shizuoka Bank Ltd. (The) | 1,378,300 | 10,853,479 | ||||||
| Sumitomo Mitsui Financial Group Inc. | 4,030,800 | 144,587,322 | ||||||
| Sumitomo Mitsui Trust Holdings Inc. | 1,042,932 | 35,712,677 | ||||||
| 578,351,394 | ||||||||
| Beverages — 1.2% | ||||||||
| Asahi Group Holdings Ltd. | 1,409,000 | 66,691,972 | ||||||
| Ito En Ltd. | 165,700 | 9,125,254 | ||||||
| Kirin Holdings Co. Ltd. | 2,540,100 | 51,181,147 | ||||||
| Suntory Beverage & Food Ltd. | 429,400 | 15,788,827 | ||||||
| 142,787,200 | ||||||||
| Biotechnology — 0.1% | ||||||||
| PeptiDream Inc.(a) | 295,800 | 13,756,186 | ||||||
| Building Products — 1.8% | ||||||||
| AGC Inc. | 597,000 | 25,828,929 | ||||||
| Daikin Industries Ltd. | 769,800 | 150,596,235 | ||||||
| Lixil Corp. | 822,400 | 21,479,254 | ||||||
| TOTO Ltd. | 437,200 | 23,338,898 | ||||||
| 221,243,316 | ||||||||
| Capital Markets — 1.1% | ||||||||
| Daiwa Securities Group Inc. | 4,460,400 | 25,462,086 | ||||||
| Japan Exchange Group Inc. | 1,573,400 | 36,120,608 | ||||||
| Nomura Holdings Inc. | 9,457,900 | 51,490,185 | ||||||
| Security | Shares | Value | ||||||
| Capital Markets (continued) | ||||||||
| SBI Holdings Inc. | 751,810 | $ | 18,825,453 | |||||
| 131,898,332 | ||||||||
| Chemicals — 4.0% | ||||||||
| Asahi Kasei Corp. | 3,873,900 | 42,236,381 | ||||||
| JSR Corp. | 628,400 | 18,376,015 | ||||||
| Kansai Paint Co. Ltd. | 540,100 | 14,475,818 | ||||||
| Mitsubishi Chemical Holdings Corp. | 3,953,600 | 31,344,616 | ||||||
| Mitsubishi Gas Chemical Co. Inc. | 487,900 | 11,284,068 | ||||||
| Mitsui Chemicals Inc. | 571,600 | 18,972,904 | ||||||
| Nippon Paint Holdings Co. Ltd. | 2,197,900 | 31,539,960 | ||||||
| Nippon Sanso Holdings Corp. | 468,100 | 9,156,184 | ||||||
| Nissan Chemical Corp. | 380,600 | 19,540,651 | ||||||
| Nitto Denko Corp. | 465,600 | 35,815,252 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 1,094,200 | 186,583,956 | ||||||
| Sumitomo Chemical Co. Ltd. | 4,600,700 | 24,974,217 | ||||||
| Toray Industries Inc. | 4,282,200 | 27,516,178 | ||||||
| Tosoh Corp. | 803,100 | 13,901,569 | ||||||
| 485,717,769 | ||||||||
| Commercial Services & Supplies — 0.7% | ||||||||
| Dai Nippon Printing Co. Ltd. | 726,700 | 15,524,478 | ||||||
| Secom Co. Ltd. | 648,400 | 50,420,585 | ||||||
| Sohgo Security Services Co. Ltd. | 220,600 | 10,034,065 | ||||||
| Toppan Printing Co. Ltd. | 809,900 | 14,078,037 | ||||||
| 90,057,165 | ||||||||
| Construction & Engineering — 0.6% | ||||||||
| Kajima Corp. | 1,387,600 | 19,061,905 | ||||||
| Obayashi Corp. | 2,005,200 | 16,751,776 | ||||||
| Shimizu Corp. | 1,704,400 | 13,874,749 | ||||||
| Taisei Corp. | 589,400 | 20,417,499 | ||||||
| 70,105,929 | ||||||||
| Consumer Finance — 0.0% | ||||||||
| Acom Co. Ltd. | 1,183,400 | 5,255,224 | ||||||
| Diversified Financial Services — 0.7% | ||||||||
| Mitsubishi HC Capital Inc. | 2,038,400 | 11,276,594 | ||||||
| ORIX Corp. | 3,771,700 | 65,968,218 | ||||||
| Tokyo Century Corp. | 113,900 | 6,642,148 | ||||||
| 83,886,960 | ||||||||
| Diversified Telecommunication Services — 0.9% | ||||||||
| Nippon Telegraph & Telephone Corp. | 3,974,900 | 106,246,067 | ||||||
| Electric Utilities — 0.6% | ||||||||
| Chubu Electric Power Co. Inc. | 1,997,500 | 23,793,193 | ||||||
| Kansai Electric Power Co. Inc. (The) | 2,184,100 | 20,594,192 | ||||||
| Tohoku Electric Power Co. Inc. | 1,319,900 | 10,674,036 | ||||||
| Tokyo Electric Power Co. Holdings Inc.(a) | 4,714,200 | 14,499,905 | ||||||
| 69,561,326 | ||||||||
| Electrical Equipment — 2.1% | ||||||||
| Fuji Electric Co. Ltd. | 391,900 | 18,182,854 | ||||||
| Mitsubishi Electric Corp. | 5,635,800 | 86,358,765 | ||||||
| Nidec Corp. | 1,381,800 | 156,388,504 | ||||||
| 260,930,123 | ||||||||
| Electronic Equipment, Instruments & Components — 5.7% | ||||||||
| Azbil Corp. | 380,900 | 15,156,063 | ||||||
| Hamamatsu Photonics KK | 433,200 | 26,172,708 | ||||||
| Hirose Electric Co. Ltd. | 100,258 | 14,175,951 | ||||||
| Ibiden Co. Ltd. | 328,700 | 15,115,428 | ||||||
| Keyence Corp. | 600,804 | 293,123,316 | ||||||
| Kyocera Corp. | 991,100 | 60,377,853 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Electronic Equipment, Instruments & Components (continued) | ||||||||
| Murata Manufacturing Co. Ltd. | 1,775,100 | $ | 133,299,830 | |||||
| Omron Corp. | 573,200 | 44,727,523 | ||||||
| Shimadzu Corp. | 731,400 | 25,423,340 | ||||||
| TDK Corp. | 400,200 | 50,469,911 | ||||||
| Yokogawa Electric Corp. | 705,100 | 11,063,929 | ||||||
| 689,105,852 | ||||||||
| Entertainment — 2.6% | ||||||||
| Capcom Co. Ltd. | 543,100 | 17,800,598 | ||||||
| Koei Tecmo Holdings Co. Ltd. | 179,960 | 8,473,535 | ||||||
| Konami Holdings Corp. | 285,600 | 18,172,186 | ||||||
| Nexon Co. Ltd. | 1,506,700 | 35,451,496 | ||||||
| Nintendo Co. Ltd. | 345,600 | 213,150,777 | ||||||
| Square Enix Holdings Co. Ltd. | 264,800 | 14,085,987 | ||||||
| Toho Co. Ltd. | 345,500 | 14,217,917 | ||||||
| 321,352,496 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.5% | ||||||||
| Daiwa House REIT Investment Corp. | 6,103 | 16,982,962 | ||||||
| GLP J-REIT | 12,803 | 21,786,140 | ||||||
| Japan Metropolitan Fund Invest | 21,582 | 21,705,911 | ||||||
| Japan Real Estate Investment Corp. | 3,848 | 23,082,682 | ||||||
| Nippon Building Fund Inc. | 4,592 | 28,984,257 | ||||||
| Nippon Prologis REIT Inc. | 6,354 | 19,642,002 | ||||||
| Nomura Real Estate Master Fund Inc. | 13,104 | 20,664,365 | ||||||
| Orix JREIT Inc. | 8,153 | 15,066,917 | ||||||
| United Urban Investment Corp. | 9,148 | 13,052,337 | ||||||
| 180,967,573 | ||||||||
| Food & Staples Retailing — 1.7% | ||||||||
| Aeon Co. Ltd. | 2,019,300 | 53,701,646 | ||||||
| Cosmos Pharmaceutical Corp. | 61,800 | 8,561,812 | ||||||
| Kobe Bussan Co. Ltd. | 426,200 | 10,693,392 | ||||||
| Lawson Inc. | 153,300 | 6,860,877 | ||||||
| Seven & i Holdings Co. Ltd. | 2,326,680 | 100,010,621 | ||||||
| Tsuruha Holdings Inc. | 122,100 | 14,776,262 | ||||||
| Welcia Holdings Co. Ltd. | 289,800 | 8,821,530 | ||||||
| 203,426,140 | ||||||||
| Food Products — 1.2% | ||||||||
| Ajinomoto Co. Inc. | 1,441,400 | 32,950,721 | ||||||
| Kikkoman Corp. | 449,000 | 28,906,454 | ||||||
| MEIJI Holdings Co. Ltd. | 378,756 | 23,402,025 | ||||||
| NH Foods Ltd. | 254,300 | 10,091,900 | ||||||
| Nisshin Seifun Group Inc. | 610,875 | 9,109,588 | ||||||
| Nissin Foods Holdings Co. Ltd. | 197,200 | 14,209,095 | ||||||
| Toyo Suisan Kaisha Ltd. | 268,700 | 10,732,991 | ||||||
| Yakult Honsha Co. Ltd. | 396,100 | 21,246,163 | ||||||
| 150,648,937 | ||||||||
| Gas Utilities — 0.5% | ||||||||
| Osaka Gas Co. Ltd. | 1,158,000 | 21,701,541 | ||||||
| Toho Gas Co. Ltd. | 228,300 | 12,449,572 | ||||||
| Tokyo Gas Co. Ltd. | 1,161,300 | 22,861,244 | ||||||
| 57,012,357 | ||||||||
| Health Care Equipment & Supplies — 3.0% | ||||||||
| Asahi Intecc Co. Ltd. | 644,100 | 15,825,334 | ||||||
| Hoya Corp. | 1,151,300 | 149,665,705 | ||||||
| Olympus Corp. | 3,598,300 | 76,626,129 | ||||||
| Sysmex Corp. | 517,300 | 52,329,168 | ||||||
| Terumo Corp. | 1,993,500 | 76,166,831 | ||||||
| 370,613,167 | ||||||||
| Security | Shares | Value | ||||||
| Health Care Providers & Services — 0.1% | ||||||||
| Medipal Holdings Corp. | 566,300 | $ | 10,760,859 | |||||
| Health Care Technology — 0.7% | ||||||||
| M3 Inc. | 1,362,400 | 91,471,516 | ||||||
| Hotels, Restaurants & Leisure — 0.8% | ||||||||
| McDonald’s Holdings Co. Japan Ltd.(b) | 248,500 | 11,198,201 | ||||||
| Oriental Land Co. Ltd. | 617,700 | 91,385,992 | ||||||
| 102,584,193 | ||||||||
| Household Durables — 4.6% | ||||||||
| Casio Computer Co. Ltd. | 599,900 | 10,362,718 | ||||||
| Iida Group Holdings Co. Ltd. | 454,580 | 12,005,282 | ||||||
| Panasonic Corp. | 6,818,715 | 76,859,093 | ||||||
| Rinnai Corp. | 111,600 | 10,809,087 | ||||||
| Sekisui Chemical Co. Ltd. | 1,182,800 | 19,968,660 | ||||||
| Sekisui House Ltd. | 1,902,800 | 39,287,338 | ||||||
| Sharp Corp. | 661,400 | 11,973,003 | ||||||
| Sony Group Corp. | 3,894,000 | 380,675,943 | ||||||
| 561,941,124 | ||||||||
| Household Products — 0.6% | ||||||||
| Lion Corp. | 692,700 | 12,075,366 | ||||||
| Pigeon Corp. | 356,900 | 9,995,549 | ||||||
| Unicharm Corp. | 1,246,100 | 48,909,589 | ||||||
| 70,980,504 | ||||||||
| Industrial Conglomerates — 1.7% | ||||||||
| Hitachi Ltd. | 2,988,700 | 155,305,986 | ||||||
| Toshiba Corp. | 1,265,300 | 52,679,343 | ||||||
| 207,985,329 | ||||||||
| Insurance — 2.6% | ||||||||
| Dai-ichi Life Holdings Inc. | 3,145,300 | 63,648,034 | ||||||
| Japan Post Holdings Co. Ltd. | 4,863,400 | 40,223,299 | ||||||
| Japan Post Insurance Co. Ltd. | 694,900 | 13,242,955 | ||||||
| MS&AD Insurance Group Holdings Inc. | 1,374,440 | 41,683,175 | ||||||
| Sompo Holdings Inc. | 979,550 | 39,168,956 | ||||||
| T&D Holdings Inc. | 1,661,400 | 22,433,829 | ||||||
| Tokio Marine Holdings Inc. | 1,950,900 | 91,578,893 | ||||||
| 311,979,141 | ||||||||
| Interactive Media & Services — 0.4% | ||||||||
| Kakaku.com Inc. | 407,300 | 12,325,716 | ||||||
| Z Holdings Corp. | 8,192,600 | 38,260,260 | ||||||
| 50,585,976 | ||||||||
| Internet & Direct Marketing Retail — 0.5% | ||||||||
| Mercari Inc.(a)(b) | 315,600 | 14,819,134 | ||||||
| Rakuten Group Inc. | 2,673,700 | 30,410,514 | ||||||
| ZOZO Inc.(b) | 388,000 | 13,007,541 | ||||||
| 58,237,189 | ||||||||
| IT Services — 2.5% | ||||||||
| Fujitsu Ltd. | 607,200 | 98,110,176 | ||||||
| GMO Payment Gateway Inc. | 127,448 | 15,174,400 | ||||||
| Itochu Techno-Solutions Corp. | 295,300 | 9,250,421 | ||||||
| NEC Corp. | 758,300 | 35,169,188 | ||||||
| Nomura Research Institute Ltd. | 1,088,312 | 34,476,816 | ||||||
| NTT Data Corp. | 1,948,900 | 31,476,388 | ||||||
| Obic Co. Ltd. | 215,300 | 40,078,003 | ||||||
| Otsuka Corp. | 353,900 | 18,831,108 | ||||||
| SCSK Corp. | 161,400 | 9,295,991 | ||||||
| TIS Inc. | 691,300 | 17,662,789 | ||||||
| 309,525,280 | ||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Leisure Products — 1.0% | ||||||||
| Bandai Namco Holdings Inc. | 616,998 | $ | 43,966,160 | |||||
| Shimano Inc. | 229,000 | 51,618,129 | ||||||
| Yamaha Corp. | 408,100 | 24,288,235 | ||||||
| 119,872,524 | ||||||||
| Machinery — 5.7% | ||||||||
| Daifuku Co. Ltd. | 312,800 | 26,040,905 | ||||||
| Fanuc Corp. | 592,700 | 140,968,490 | ||||||
| Harmonic Drive Systems Inc. | 131,700 | 7,051,960 | ||||||
| Hino Motors Ltd. | 887,100 | 8,195,861 | ||||||
| Hitachi Construction Machinery Co. Ltd. | 335,200 | 11,024,588 | ||||||
| Hoshizaki Corp. | 168,800 | 14,895,403 | ||||||
| Komatsu Ltd. | 2,703,800 | 78,563,765 | ||||||
| Kubota Corp. | 3,172,200 | 71,450,399 | ||||||
| Kurita Water Industries Ltd. | 305,000 | 13,928,059 | ||||||
| Makita Corp. | 691,700 | 33,163,959 | ||||||
| MinebeaMitsumi Inc. | 1,119,400 | 30,169,092 | ||||||
| Misumi Group Inc. | 876,100 | 27,952,400 | ||||||
| Mitsubishi Heavy Industries Ltd. | 989,700 | 29,777,031 | ||||||
| Miura Co. Ltd. | 267,300 | 12,189,481 | ||||||
| Nabtesco Corp. | 347,800 | 15,814,561 | ||||||
| NGK Insulators Ltd. | 796,000 | 13,811,082 | ||||||
| NSK Ltd. | 1,191,600 | 11,207,455 | ||||||
| SMC Corp. | 177,000 | 105,191,863 | ||||||
| THK Co. Ltd. | 366,600 | 11,807,414 | ||||||
| Yaskawa Electric Corp. | 741,200 | 35,586,173 | ||||||
| 698,789,941 | ||||||||
| Marine — 0.2% | ||||||||
| Nippon Yusen KK | 498,900 | 20,393,575 | ||||||
| Media — 0.5% | ||||||||
| CyberAgent Inc. | 1,249,300 | 24,924,334 | ||||||
| Dentsu Group Inc. | 657,500 | 22,346,878 | ||||||
| Hakuhodo DY Holdings Inc. | 721,500 | 11,837,468 | ||||||
| 59,108,680 | ||||||||
| Metals & Mining — 1.0% | ||||||||
| Hitachi Metals Ltd.(a) | 662,200 | 12,752,256 | ||||||
| JFE Holdings Inc. | 1,517,850 | 20,048,718 | ||||||
| Nippon Steel Corp. | 2,641,070 | 49,148,609 | ||||||
| Sumitomo Metal Mining Co. Ltd. | 763,300 | 33,927,754 | ||||||
| 115,877,337 | ||||||||
| Multiline Retail — 0.3% | ||||||||
| Pan Pacific International Holdings Corp. | 1,277,800 | 25,042,372 | ||||||
| Ryohin Keikaku Co. Ltd. | 785,300 | 14,810,940 | ||||||
| 39,853,312 | ||||||||
| Oil, Gas & Consumable Fuels — 0.6% | ||||||||
| ENEOS Holdings Inc. | 9,476,095 | 38,919,916 | ||||||
| Idemitsu Kosan Co. Ltd. | 647,929 | 15,202,848 | ||||||
| Inpex Corp. | 3,160,900 | 21,581,281 | ||||||
| 75,704,045 | ||||||||
| Paper & Forest Products — 0.1% | ||||||||
| Oji Holdings Corp. | 2,589,800 | 15,249,995 | ||||||
| Personal Products — 1.8% | ||||||||
| Kao Corp. | 1,488,400 | 90,472,582 | ||||||
| Kobayashi Pharmaceutical Co. Ltd. | 164,200 | 14,512,390 | ||||||
| Kose Corp. | 103,600 | 16,144,571 | ||||||
| Pola Orbis Holdings Inc. | 278,300 | 7,198,137 | ||||||
| Shiseido Co. Ltd. | 1,235,200 | 88,900,014 | ||||||
| 217,227,694 | ||||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals — 5.7% | ||||||||
| Astellas Pharma Inc. | 5,749,050 | $ | 93,659,717 | |||||
| Chugai Pharmaceutical Co. Ltd. | 2,073,900 | 78,833,512 | ||||||
| Daiichi Sankyo Co. Ltd. | 5,254,407 | 120,483,542 | ||||||
| Eisai Co. Ltd. | 732,500 | 48,889,144 | ||||||
| Hisamitsu Pharmaceutical Co. Inc. | 158,100 | 8,600,223 | ||||||
| Kyowa Kirin Co. Ltd. | 837,000 | 25,113,925 | ||||||
| Nippon Shinyaku Co. Ltd. | 151,800 | 10,796,662 | ||||||
| Ono Pharmaceutical Co. Ltd. | 1,142,000 | 25,659,027 | ||||||
| Otsuka Holdings Co. Ltd. | 1,205,800 | 49,568,468 | ||||||
| Santen Pharmaceutical Co. Ltd. | 1,112,500 | 14,777,386 | ||||||
| Shionogi & Co. Ltd. | 817,800 | 41,310,790 | ||||||
| Sumitomo Dainippon Pharma Co. Ltd. | 540,500 | 10,215,057 | ||||||
| Taisho Pharmaceutical Holdings Co. Ltd. | 102,000 | 5,754,940 | ||||||
| Takeda Pharmaceutical Co. Ltd. | 4,867,700 | 164,347,368 | ||||||
| 698,009,761 | ||||||||
| Professional Services — 2.0% | ||||||||
| Nihon M&A Center Inc. | 935,000 | 22,272,989 | ||||||
| Persol Holdings Co. Ltd. | 537,800 | 10,086,463 | ||||||
| Recruit Holdings Co. Ltd. | 4,189,600 | 210,870,257 | ||||||
| 243,229,709 | ||||||||
| Real Estate Management & Development — 2.0% | ||||||||
| Daito Trust Construction Co. Ltd. | 202,200 | 21,117,343 | ||||||
| Daiwa House Industry Co. Ltd. | 1,748,700 | 50,733,797 | ||||||
| Hulic Co. Ltd. | 832,100 | 9,291,457 | ||||||
| Mitsubishi Estate Co. Ltd. | 3,651,800 | 58,652,081 | ||||||
| Mitsui Fudosan Co. Ltd. | 2,831,700 | 65,376,710 | ||||||
| Nomura Real Estate Holdings Inc. | 348,300 | 8,869,361 | ||||||
| Sumitomo Realty & Development Co. Ltd. | 955,600 | 31,487,420 | ||||||
| 245,528,169 | ||||||||
| Road & Rail — 2.5% | ||||||||
| Central Japan Railway Co. | 445,300 | 65,677,172 | ||||||
| East Japan Railway Co. | 933,600 | 64,891,287 | ||||||
| Hankyu Hanshin Holdings Inc. | 706,700 | 21,931,786 | ||||||
| Keio Corp. | 317,600 | 19,590,904 | ||||||
| Keisei Electric Railway Co. Ltd. | 393,600 | 12,055,307 | ||||||
| Kintetsu Group Holdings Co. Ltd.(a) | 520,600 | 18,227,711 | ||||||
| Nippon Express Co. Ltd. | 237,200 | 18,877,407 | ||||||
| Odakyu Electric Railway Co. Ltd. | 910,300 | 23,342,930 | ||||||
| Tobu Railway Co. Ltd. | 583,100 | 14,742,888 | ||||||
| Tokyu Corp. | 1,551,100 | 20,623,943 | ||||||
| West Japan Railway Co. | 502,200 | 28,356,528 | ||||||
| 308,317,863 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.3% | ||||||||
| Advantest Corp. | 616,200 | 55,197,130 | ||||||
| Disco Corp. | 89,300 | 27,149,953 | ||||||
| Lasertec Corp. | 232,900 | 43,431,265 | ||||||
| Renesas Electronics Corp.(a) | 2,674,500 | 26,480,398 | ||||||
| Rohm Co. Ltd. | 270,300 | 25,394,792 | ||||||
| SUMCO Corp. | 854,200 | 19,653,448 | ||||||
| Tokyo Electron Ltd. | 461,352 | 203,968,436 | ||||||
| 401,275,422 | ||||||||
| Software — 0.3% | ||||||||
| Oracle Corp. Japan(a) | 118,800 | 10,743,800 | ||||||
| Trend Micro Inc. | 406,400 | 20,455,175 | ||||||
| 31,198,975 | ||||||||
| Specialty Retail — 1.9% | ||||||||
| ABC-Mart Inc. | 97,500 | 5,534,003 | ||||||
| Fast Retailing Co. Ltd. | 180,200 | 145,438,822 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
| Hikari Tsushin Inc. | 64,700 | $ | 12,805,276 | |||||
| Nitori Holdings Co. Ltd. | 247,400 | 42,575,536 | ||||||
| USS Co. Ltd. | 677,100 | 11,755,475 | ||||||
| Yamada Holdings Co. Ltd. | 2,161,600 | 10,446,305 | ||||||
| 228,555,417 | ||||||||
| Technology Hardware, Storage & Peripherals — 1.7% | ||||||||
| Brother Industries Ltd. | 733,800 | 15,173,189 | ||||||
| Canon Inc. | 3,088,850 | 71,921,673 | ||||||
| FUJIFILM Holdings Corp. | 1,112,400 | 76,931,821 | ||||||
| Ricoh Co. Ltd. | 2,070,200 | 24,319,001 | ||||||
| Seiko Epson Corp. | 863,800 | 15,126,395 | ||||||
| 203,472,079 | ||||||||
| Tobacco — 0.6% | ||||||||
| Japan Tobacco Inc. | 3,705,500 | 72,752,867 | ||||||
| Trading Companies & Distributors — 3.7% | ||||||||
| Itochu Corp. | 3,670,500 | 108,125,279 | ||||||
| Marubeni Corp. | 4,828,300 | 42,208,369 | ||||||
| Mitsubishi Corp. | 3,899,600 | 105,493,212 | ||||||
| Mitsui & Co. Ltd. | 4,772,000 | 104,275,028 | ||||||
| MonotaRO Co. Ltd. | 778,200 | 17,932,975 | ||||||
| Sumitomo Corp. | 3,476,200 | 48,060,286 | ||||||
| Toyota Tsusho Corp. | 656,000 | 29,110,637 | ||||||
| 455,205,786 | ||||||||
| Wireless Telecommunication Services — 4.7% | ||||||||
| KDDI Corp. | 4,980,600 | 168,333,049 | ||||||
| Softbank Corp. | 8,869,300 | 113,239,365 | ||||||
| SoftBank Group Corp. | 3,871,900 | 290,291,990 | ||||||
| 571,864,404 | ||||||||
| Total Common Stocks — 99.0% | ||||||||
| (Cost: $11,640,224,627) | 12,069,767,517 | |||||||
| Security | Shares | Value | ||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(c)(d)(e) | 9,679,819 | $ | 9,685,627 | |||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) | 4,400,000 | 4,400,000 | ||||||
| 14,085,627 | ||||||||
| Total Short-Term Investments — 0.1% | ||||||||
| (Cost: $14,084,659) | 14,085,627 | |||||||
| Total Investments in Securities — 99.1% | ||||||||
| (Cost: $11,654,309,286) | 12,083,853,144 | |||||||
| Other Assets, Less Liabilities — 0.9% | 110,287,690 | |||||||
| Net Assets—100.0% | $ | 12,194,140,834 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period-end. |
| (e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2021 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 | 08/31/20 | at Cost | from Sales | Gain (Loss) | (Depreciation) | 05/31/21 | 05/31/21 | Income | Funds | ||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 9,684,539 | (a) | $ | — | $ | 120 | $ | 968 | $ | 9,685,627 | 9,679,819 | $ | 15,584 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 4,320,000 | 80,000 | (a) | — | — | — | 4,400,000 | 4,400,000 | 2,727 | — | |||||||||||||||||||||||||
| $ | 120 | $ | 968 | $ | 14,085,627 | $ | 18,311 | $ | — | ||||||||||||||||||||||||||
| (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. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan ETF | ||||
| May 31, 2021 | |||||
Futures Contracts
| Value/ | ||||||||||||||||
| Notional | Unrealized | |||||||||||||||
| Number of | Expiration | Amount | Appreciation | |||||||||||||
| Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| Mini TOPIX Index | 726 | 06/10/21 | $ | 127,472 | $ | (1,534,076 | ) | |||||||||
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of May 31, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 21,786,140 | $ | 12,047,981,377 | $ | — | $ | 12,069,767,517 | ||||||||
| Money Market Funds | 14,085,627 | — | — | 14,085,627 | ||||||||||||
| $ | 35,871,767 | $ | 12,047,981,377 | $ | — | $ | 12,083,853,144 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (1,534,076 | ) | $ | — | $ | — | $ | (1,534,076 | ) | ||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
5