NPORT-EX 2 NPORT_0BI3_27886821_0523.htm

 

Schedule of Investments (unaudited) iShares® MSCI Japan ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Industrial REITs — 0.3%          
GLP J-Reit   14,604   $15,491,231 
Nippon Prologis REIT Inc.   6,901    14,459,738 
         29,950,969 
Air Freight & Logistics — 0.4%          
Nippon Express Holdings Inc.   234,500    13,148,453 
SG Holdings Co. Ltd.   1,035,600    15,192,831 
Yamato Holdings Co. Ltd.   924,300    16,908,426 
         45,249,710 
Passenger Airlines — 0.2%          
ANA Holdings Inc.(a)   513,600    11,392,455 
Japan Airlines Co. Ltd.   466,900    8,922,562 
         20,315,017 
Automobile Components — 2.0%          
Aisin Corp.   475,000    13,629,780 
Bridgestone Corp.   1,847,100    75,091,761 
Denso Corp.   1,401,700    86,308,682 
Koito Manufacturing Co. Ltd.   679,600    12,740,412 
Sumitomo Electric Industries Ltd.   2,314,900    27,402,023 
         215,172,658 
Automobiles — 7.1%          
Honda Motor Co. Ltd.   4,982,800    141,784,161 
Isuzu Motors Ltd.   1,882,600    21,835,887 
Mazda Motor Corp.   1,863,200    15,806,213 
Nissan Motor Co. Ltd.   7,529,800    28,043,670 
Subaru Corp.   1,989,100    34,117,407 
Suzuki Motor Corp.   1,187,900    39,116,299 
Toyota Motor Corp.   34,306,500    467,316,508 
Yamaha Motor Co. Ltd.   960,700    23,635,598 
         771,655,743 
Banks — 6.1%          
Chiba Bank Ltd. (The)   1,735,100    10,825,481 
Concordia Financial Group Ltd.   3,432,300    13,269,368 
Japan Post Bank Co. Ltd.   4,775,800    35,654,127 
Mitsubishi UFJ Financial Group Inc.   36,951,480    245,719,490 
Mizuho Financial Group Inc.   7,804,358    114,723,109 
Resona Holdings Inc.   7,010,400    31,800,743 
Shizuoka Financial Group Inc., NVS   1,465,800    10,767,386 
Sumitomo Mitsui Financial Group Inc.   4,224,600    171,441,252 
Sumitomo Mitsui Trust Holdings Inc.   1,067,532    37,613,730 
         671,814,686 
Beverages — 1.0%          
Asahi Group Holdings Ltd.   1,557,700    60,422,598 
Kirin Holdings Co. Ltd.   2,514,400    37,527,524 
Suntory Beverage & Food Ltd.   451,000    16,588,524 
         114,538,646 
Building Products — 1.9%          
AGC Inc.   661,900    24,109,297 
Daikin Industries Ltd.   853,500    161,958,960 
Lixil Corp.   936,900    12,054,481 
TOTO Ltd.   429,800    13,016,231 
         211,138,969 
Capital Markets — 0.9%          
Daiwa Securities Group Inc.   4,355,200    19,750,680 
Japan Exchange Group Inc.   1,626,500    26,559,734 
Nomura Holdings Inc.   9,446,500    33,199,392 
Security  Shares   Value 
         
Capital Markets (continued)          
SBI Holdings Inc.   795,910   $14,878,747 
         94,388,553 
Chemicals — 3.6%          
Asahi Kasei Corp.   4,081,500    27,680,461 
JSR Corp.   572,800    13,789,397 
Mitsubishi Chemical Group Corp.   4,166,500    23,352,734 
Mitsui Chemicals Inc.   552,400    13,923,869 
Nippon Paint Holdings Co. Ltd.   3,066,900    23,485,253 
Nippon Sanso Holdings Corp.   562,700    11,507,163 
Nissan Chemical Corp.   404,700    17,555,969 
Nitto Denko Corp.   484,500    34,450,511 
Shin-Etsu Chemical Co.Ltd.   5,893,400    181,436,100 
Sumitomo Chemical Co. Ltd.   4,558,900    13,575,200 
Toray Industries Inc.   4,501,300    23,744,298 
Tosoh Corp.   856,400    9,838,243 
         394,339,198 
Commercial Services & Supplies — 0.8%          
Dai Nippon Printing Co. Ltd.   715,600    20,375,695 
Secom Co. Ltd.   684,900    44,855,149 
Toppan Inc.   792,300    16,925,473 
         82,156,317 
Construction & Engineering — 0.6%          
Kajima Corp.   1,372,200    19,209,110 
Obayashi Corp.   2,117,700    17,042,074 
Shimizu Corp.   1,831,900    11,094,275 
Taisei Corp.   550,000    17,476,497 
         64,821,956 
Financial Services — 0.8%          
GMO Payment Gateway Inc.   133,848    10,555,509 
Mitsubishi HC Capital Inc.   2,845,800    15,437,133 
ORIX Corp.   3,795,900    64,523,713 
         90,516,355 
Diversified Telecommunication Services — 1.0%          
Nippon Telegraph & Telephone Corp.   3,866,500    109,850,011 
           
Electric Utilities — 0.6%          
Chubu Electric Power Co. Inc.   2,097,900    25,060,444 
Kansai Electric Power Co. Inc. (The)   2,285,000    26,212,083 
Tokyo Electric Power Co. Holdings Inc.(a)   5,006,800    17,289,492 
         68,562,019 
Electrical Equipment — 1.5%          
Fuji Electric Co. Ltd.   403,100    16,908,768 
Mitsubishi Electric Corp.   6,230,100    81,094,302 
Nidec Corp.   1,351,000    66,948,821 
         164,951,891 
Electronic Equipment, Instruments & Components — 6.0% 
Azbil Corp.   368,600    11,636,509 
Hamamatsu Photonics KK   453,700    23,062,326 
Hirose Electric Co. Ltd.   98,058    13,274,428 
Ibiden Co. Ltd.   362,600    19,740,449 
Keyence Corp.   629,404    305,121,154 
Kyocera Corp.   1,035,300    58,732,768 
Murata Manufacturing Co. Ltd.   1,858,300    108,610,470 
Omron Corp.   567,400    34,192,307 
Shimadzu Corp.   760,500    23,519,051 
TDK Corp.   1,257,600    47,976,672 
Yokogawa Electric Corp.   751,000    14,141,378 
         660,007,512 


 1

 

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Japan ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Entertainment — 2.2%          
Capcom Co. Ltd.   563,100   $21,950,559 
Koei Tecmo Holdings Co. Ltd.   376,420    6,329,311 
Konami Group Corp.   324,500    17,181,038 
Nexon Co. Ltd.   1,265,200    25,785,002 
Nintendo Co. Ltd.   3,362,300    142,776,603 
Square Enix Holdings Co. Ltd.   272,100    12,186,692 
Toho Co. Ltd./Tokyo   361,000    14,197,673 
         240,406,878 
Diversified REITs — 0.3%          
Daiwa House REIT Investment Corp.   7,108    14,914,518 
Nomura Real Estate Master Fund Inc.   13,804    16,226,785 
         31,141,303 
Consumer Staples Distribution & Retail — 1.7%          
Aeon Co. Ltd.   2,115,500    41,839,568 
Kobe Bussan Co. Ltd.   485,200    13,372,262 
MatsukiyoCocokara & Co.   368,500    19,725,596 
Seven & i Holdings Co. Ltd.   2,437,680    102,046,644 
Welcia Holdings Co. Ltd.   295,500    6,240,927 
         183,224,997 
Food Products — 1.4%          
Ajinomoto Co. Inc.   1,467,100    56,989,643 
Kikkoman Corp.   439,400    25,887,167 
MEIJI Holdings Co. Ltd.   719,312    16,141,072 
Nisshin Seifun Group Inc.   646,275    8,108,921 
Nissin Foods Holdings Co. Ltd.   202,500    17,279,214 
Yakult Honsha Co. Ltd.   407,900    26,496,946 
         150,902,963 
Gas Utilities — 0.4%          
Osaka Gas Co. Ltd.   1,225,000    19,420,840 
Tokyo Gas Co. Ltd.   1,268,600    27,027,478 
         46,448,318 
Health Care Equipment & Supplies — 2.9%          
Asahi Intecc Co. Ltd.   703,100    13,397,960 
Hoya Corp.   1,154,500    144,740,436 
Olympus Corp.   3,892,300    58,946,132 
Sysmex Corp.   542,400    35,499,049 
Terumo Corp.   2,176,400    66,210,291 
         318,793,868 
Health Care Technology — 0.3%          
M3 Inc.   1,423,400    31,593,969 
           
Hotels, Restaurants & Leisure — 1.3%          
McDonald’s Holdings Co. Japan Ltd.   273,500    11,248,197 
Oriental Land Co. Ltd./Japan   3,527,800    132,125,660 
         143,373,857 
Household Durables — 4.9%          
Iida Group Holdings Co. Ltd.   512,980    8,463,753 
Open House Group Co. Ltd.   252,000    9,664,107 
Panasonic Holdings Corp.   7,126,315    74,432,113 
Sekisui Chemical Co. Ltd.   1,195,100    16,472,377 
Sekisui House Ltd.   1,993,200    38,900,803 
Sharp Corp./Japan(a)   749,000    4,291,205 
Sony Group Corp.   4,079,600    382,586,263 
         534,810,621 
Household Products — 0.5%          
Unicharm Corp.   1,301,300    49,420,911 
           
Industrial Conglomerates — 2.1%          
Hikari Tsushin Inc.   65,900    9,510,196 
Security  Shares   Value 
         
Industrial Conglomerates (continued)          
Hitachi Ltd.   3,035,000   $174,671,766 
Toshiba Corp.   1,330,600    42,923,160 
         227,105,122 
Insurance — 3.2%          
Dai-ichi Life Holdings Inc.   3,043,100    52,048,371 
Japan Post Holdings Co. Ltd.   7,103,700    50,089,182 
Japan Post Insurance Co. Ltd.   652,400    9,778,927 
MS&AD Insurance Group Holdings Inc.   1,386,940    47,525,080 
Sompo Holdings Inc.   1,012,150    41,146,152 
T&D Holdings Inc.   1,620,900    22,010,030 
Tokio Marine Holdings Inc.   5,830,800    130,533,038 
         353,130,780 
Interactive Media & Services — 0.2%          
Z Holdings Corp.   8,704,600    21,634,612 
           
Retail REITs — 0.2%          
Japan Metropolitan Fund Invest   22,863    16,166,666 
           
IT Services — 2.3%          
Fujitsu Ltd.   569,500    72,246,807 
Itochu Techno-Solutions Corp.   315,100    8,194,430 
NEC Corp.   789,900    37,070,576 
Nomura Research Institute Ltd.   1,248,212    31,403,463 
NTT Data Corp.   2,050,700    29,314,627 
Obic Co. Ltd.   226,100    36,573,158 
Otsuka Corp.   367,200    13,829,949 
SCSK Corp.   503,600    7,964,395 
TIS Inc.   727,100    20,348,194 
         256,945,599 
Leisure Products — 0.9%          
Bandai Namco Holdings Inc.   1,933,494    45,278,677 
Shimano Inc.   250,600    39,282,562 
Yamaha Corp.   455,200    18,006,750 
         102,567,989 
Machinery — 5.0%          
Daifuku Co. Ltd.   985,100    19,902,625 
FANUC Corp.   3,102,500    106,117,422 
Hitachi Construction Machinery Co. Ltd.   348,300    8,587,251 
Hoshizaki Corp.   351,500    12,621,484 
Komatsu Ltd.   2,991,500    70,197,761 
Kubota Corp.   3,272,500    44,993,132 
Kurita Water Industries Ltd.   338,400    13,829,809 
Makita Corp.   720,200    19,471,767 
MINEBEA MITSUMI Inc.   1,174,200    22,570,600 
MISUMI Group Inc.   909,800    19,776,636 
Mitsubishi Heavy Industries Ltd.   1,036,500    43,689,878 
NGK Insulators Ltd.   775,500    9,344,683 
SMC Corp.   184,900    99,131,970 
Toyota Industries Corp.   473,100    29,173,976 
Yaskawa Electric Corp.   776,300    32,727,776 
         552,136,770 
Marine Transportation — 0.6%          
Kawasaki Kisen Kaisha Ltd.   443,600    9,981,597 
Mitsui OSK Lines Ltd.   1,107,300    25,182,395 
Nippon Yusen KK   1,563,300    33,269,869 
         68,433,861 
Media — 0.4%          
CyberAgent Inc.   1,406,100    9,953,684 
Dentsu Group Inc.   646,800    20,736,584 


2

 

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Japan ETF
May 31, 2023 (Percentages shown are based on Net Assets)

  

Security  Shares   Value 
         
Media (continued)          
Hakuhodo DY Holdings Inc.   762,300   $7,975,488 
         38,665,756 
Metals & Mining — 0.9%          
JFE Holdings Inc.   1,599,750    19,764,478 
Nippon Steel Corp.   2,600,370    50,627,464 
Sumitomo Metal Mining Co. Ltd.   788,700    23,911,408 
         94,303,350 
Broadline Retail — 0.3%          
Pan Pacific International Holdings Corp.   1,238,800    21,115,340 
Rakuten Group Inc.   3,071,400    12,665,789 
         33,781,129 
Oil, Gas & Consumable Fuels — 0.7%          
ENEOS Holdings Inc.   9,327,395    30,978,866 
Idemitsu Kosan Co. Ltd.   671,029    13,011,591 
Inpex Corp.   3,142,600    33,020,755 
         77,011,212 
Paper & Forest Products — 0.1%          
Oji Holdings Corp.   2,676,400    10,299,488 
           
Personal Care Products — 1.2%          
Kao Corp.   1,507,000    52,516,962 
Kobayashi Pharmaceutical Co. Ltd.   158,500    8,971,374 
Kose Corp.   108,600    10,885,191 
Shiseido Co. Ltd.   1,293,700    58,748,600 
         131,122,127 
Pharmaceuticals — 6.3%          
Astellas Pharma Inc.   5,855,350    92,644,204 
Chugai Pharmaceutical Co. Ltd.   2,162,900    58,212,505 
Daiichi Sankyo Co. Ltd.   5,982,007    194,529,924 
Eisai Co. Ltd.   814,800    51,827,631 
Kyowa Kirin Co. Ltd.   881,500    16,966,949 
Nippon Shinyaku Co. Ltd.   170,200    7,808,136 
Ono Pharmaceutical Co. Ltd.   1,242,800    23,239,221 
Otsuka Holdings Co. Ltd.   1,263,100    46,863,189 
Shionogi & Co. Ltd.   851,200    38,241,109 
Takeda Pharmaceutical Co. Ltd.   5,117,000    162,853,946 
         693,186,814 
Professional Services — 1.5%          
BayCurrent Consulting Inc.   418,500    15,296,700 
Persol Holdings Co. Ltd.   574,600    10,835,187 
Recruit Holdings Co. Ltd.   4,663,600    142,670,158 
         168,802,045 
Office REITs — 0.3%          
Japan Real Estate Investment Corp.   4,133    15,712,114 
Nippon Building Fund Inc.   4,928    19,724,641 
         35,436,755 
Real Estate Management & Development — 1.9%          
Daito Trust Construction Co. Ltd.   203,500    19,327,566 
Daiwa House Industry Co. Ltd.   1,930,500    50,345,549 
Hulic Co. Ltd.   1,268,800    10,570,356 
Mitsubishi Estate Co. Ltd.   3,632,000    41,593,062 
Mitsui Fudosan Co. Ltd.   2,916,300    55,606,198 
Nomura Real Estate Holdings Inc.   355,100    8,582,084 
Sumitomo Realty & Development Co. Ltd.   924,400    22,293,831 
         208,318,646 
Ground Transportation — 2.4%          
Central Japan Railway Co.   466,000    56,679,084 
East Japan Railway Co.   978,100    53,919,532 
Security  Shares   Value 
         
Ground Transportation (continued)          
Hankyu Hanshin Holdings Inc.   735,100   $23,356,121 
Keio Corp.   333,400    11,732,403 
Keisei Electric Railway Co. Ltd.   409,800    15,711,363 
Kintetsu Group Holdings Co. Ltd.   585,400    19,364,180 
Odakyu Electric Railway Co. Ltd.   967,800    14,090,124 
Tobu Railway Co. Ltd.   607,300    15,886,563 
Tokyu Corp.   1,727,400    22,307,977 
West Japan Railway Co.   708,300    29,664,763 
         262,712,110 
Semiconductors & Semiconductor Equipment — 4.2% 
Advantest Corp.   619,600    79,346,934 
Disco Corp.   297,600    43,291,253 
Lasertec Corp.   242,700    38,107,084 
Renesas Electronics Corp.(a)   4,116,500    66,626,344 
Rohm Co. Ltd.   283,000    23,882,581 
SUMCO Corp.   1,143,200    16,272,680 
Tokyo Electron Ltd.   1,449,656    197,161,139 
         464,688,015 
Software — 0.3%          
Oracle Corp. Japan(a)   122,900    9,402,905 
Trend Micro Inc./Japan.   432,400    20,562,403 
         29,965,308 
Specialty Retail — 1.7%          
Fast Retailing Co. Ltd.   567,400    132,645,998 
Nitori Holdings Co. Ltd.   259,100    31,569,179 
USS Co. Ltd.   669,800    10,884,597 
ZOZO Inc.   397,200    8,085,256 
         183,185,030 
Technology Hardware, Storage & Peripherals — 1.8% 
Brother Industries Ltd.   762,200    11,043,876 
Canon Inc.   3,235,950    80,209,155 
FUJIFILM Holdings Corp.   1,206,600    73,740,424 
Ricoh Co. Ltd.   1,800,500    15,020,085 
Seiko Epson Corp.   911,900    13,829,211 
         193,842,751 
Tobacco — 0.8%          
Japan Tobacco Inc.   3,877,000    84,536,119 
           
Trading Companies & Distributors — 5.5%          
ITOCHU Corp.   3,845,200    129,806,150 
Marubeni Corp.   4,980,100    70,972,667 
Mitsubishi Corp.   4,012,900    160,435,755 
Mitsui & Co. Ltd.   4,249,300    133,895,475 
MonotaRO Co. Ltd.   827,300    11,471,680 
Sumitomo Corp.   3,628,100    68,474,254 
Toyota Tsusho Corp.   687,700    30,207,212 
         605,263,193 
Wireless Telecommunication Services — 3.5%          
KDDI Corp.   4,844,000    149,347,828 
SoftBank Corp.   9,292,400    99,022,201 
SoftBank Group Corp.   3,352,500    131,914,067 
         380,284,096 
Total Long-Term Investments — 99.0%          
(Cost: $12,375,649,158)       10,833,073,238 


 3

 

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Japan ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Short-Term Securities          
           
Money Market Funds — 0.1%          
BlackRock Cash Funds: Institutional, SL Agency Shares,  5.29%(b)(c)(d)   7,662,925   $7,664,457 
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(b)(c)   5,720,000    5,720,000 
           
Total Short-Term Securities — 0.1%          
(Cost: $13,384,457)       13,384,457 
           
Total Investments — 99.1%          
(Cost: $12,389,033,615)       10,846,457,695 
           
Other Assets Less Liabilities — 0.9%       102,726,291 
           
Net Assets — 100.0%      $10,949,183,986 

 

 

 

(a)Non-income producing security.

(b)Affiliate of the Fund.

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

(d)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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at 08/31/22   Purchases at Cost   Proceeds from Sale   Net Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value at 05/31/23   Shares Held at 05/31/23   Income   Capital Gain Distributions from Underlying Funds 
BlackRock Cash Funds: Institutional, SL Agency Shares  $1,575,176   $6,092,983(a)  $—   $(3,184)  $(518)  $7,664,457    7,662,925   $186,133(b)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   1,910,000    3,810,000(a)   —    —    —    5,720,000    5,720,000    127,398    3 
                  $(3,184)  $(518)  $13,384,457        $313,531   $3 

 

(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                  
TOPIX Index   760   06/08/23  $115,559   $6,684,304 

 

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

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Japan ETF
May 31, 2023

  

Fair Value Hierarchy as of Period End (continued)

 

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  $11,248,197   $10,821,825,041   $—   $10,833,073,238 
Short-Term Securities                    
Money Market Funds   13,384,457    —    —    13,384,457 
   $24,632,654   $10,821,825,041   $—   $10,846,457,695 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $—   $6,684,304   $—   $6,684,304 

 

(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

 

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