| Schedule of Investments (unaudited) | iShares® MSCI Japan Value ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Air Freight & Logistics — 0.2% | ||||||||
| Nippon Express Holdings Inc. | 8,100 | $ | 399,195 | |||||
| Automobile Components — 2.3% | ||||||||
| Aisin Corp. | 16,200 | 604,569 | ||||||
| Bridgestone Corp. | 81,000 | 3,550,348 | ||||||
| Koito Manufacturing Co. Ltd. | 24,300 | 344,622 | ||||||
| Sumitomo Electric Industries Ltd. | 99,400 | 1,613,205 | ||||||
| 6,112,744 | ||||||||
| Automobiles — 10.0% | ||||||||
| Honda Motor Co. Ltd. | 620,300 | 7,024,096 | ||||||
| Isuzu Motors Ltd. | 81,000 | 1,085,556 | ||||||
| Mazda Motor Corp. | 74,900 | 789,653 | ||||||
| Nissan Motor Co. Ltd. | 323,700 | 1,157,750 | ||||||
| Subaru Corp. | 81,000 | 1,810,730 | ||||||
| Suzuki Motor Corp. | 218,700 | 2,607,319 | ||||||
| Toyota Motor Corp. | 510,300 | 11,115,704 | ||||||
| Yamaha Motor Co. Ltd. | 81,000 | 793,130 | ||||||
| 26,383,938 | ||||||||
| Banks — 16.1% | ||||||||
| Chiba Bank Ltd. (The) | 72,900 | 696,738 | ||||||
| Concordia Financial Group Ltd. | 145,800 | 880,370 | ||||||
| Japan Post Bank Co. Ltd. | 202,500 | 2,005,929 | ||||||
| Mitsubishi UFJ Financial Group Inc. | 1,529,500 | 16,245,843 | ||||||
| Mizuho Financial Group Inc. | 332,150 | 6,803,873 | ||||||
| Resona Holdings Inc. | 291,600 | 2,024,110 | ||||||
| Shizuoka Financial Group Inc., NVS | 64,800 | 669,272 | ||||||
| Sumitomo Mitsui Financial Group Inc. | 172,100 | 11,263,787 | ||||||
| Sumitomo Mitsui Trust Holdings Inc. | 89,100 | 2,071,535 | ||||||
| 42,661,457 | ||||||||
| Beverages — 1.7% | ||||||||
| Asahi Group Holdings Ltd. | 64,800 | 2,377,281 | ||||||
| Kirin Holdings Co. Ltd. | 113,400 | 1,566,047 | ||||||
| Suntory Beverage & Food Ltd. | 16,200 | 595,038 | ||||||
| 4,538,366 | ||||||||
| Broadline Retail — 0.1% | ||||||||
| Rakuten Group Inc.(a) | 72,900 | 378,256 | ||||||
| Building Products — 0.5% | ||||||||
| AGC Inc. | 24,300 | 847,927 | ||||||
| TOTO Ltd. | 16,200 | 406,477 | ||||||
| 1,254,404 | ||||||||
| Capital Markets — 1.9% | ||||||||
| Daiwa Securities Group Inc. | 182,600 | 1,435,228 | ||||||
| Japan Exchange Group Inc. | 24,300 | 569,547 | ||||||
| Nomura Holdings Inc. | 413,100 | 2,508,848 | ||||||
| SBI Holdings Inc. | 24,300 | 629,353 | ||||||
| 5,142,976 | ||||||||
| Chemicals — 1.6% | ||||||||
| Asahi Kasei Corp. | 178,200 | 1,161,332 | ||||||
| Mitsubishi Chemical Group Corp. | 186,300 | 986,676 | ||||||
| Mitsui Chemicals Inc. | 24,300 | 736,221 | ||||||
| Nissan Chemical Corp. | 16,200 | 449,024 | ||||||
| Toray Industries Inc. | 194,400 | 973,879 | ||||||
| 4,307,132 | ||||||||
| Commercial Services & Supplies — 1.1% | ||||||||
| Dai Nippon Printing Co. Ltd. | 32,400 | 1,009,150 | ||||||
| Secom Co. Ltd. | 17,500 | 1,088,935 | ||||||
| Toppan Holdings Inc. | 32,400 | 839,248 | ||||||
| 2,937,333 | ||||||||
| Security | Shares | Value | ||||||
| Construction & Engineering — 1.1% | ||||||||
| Kajima Corp. | 56,800 | $ | 965,084 | |||||
| Obayashi Corp. | 89,100 | 1,037,255 | ||||||
| Taisei Corp. | 24,300 | 922,632 | ||||||
| 2,924,971 | ||||||||
| Consumer Staples Distribution & Retail — 0.1% | ||||||||
| MatsukiyoCocokara & Co. | 24,300 | 342,717 | ||||||
| Diversified REITs — 0.2% | ||||||||
| Nomura Real Estate Master Fund Inc. | 567 | 532,782 | ||||||
| Diversified Telecommunication Services — 1.5% | ||||||||
| Nippon Telegraph & Telephone Corp. | 4,147,200 | 4,069,011 | ||||||
| Electric Utilities — 1.6% | ||||||||
| Chubu Electric Power Co. Inc. | 89,100 | 1,230,985 | ||||||
| Kansai Electric Power Co. Inc. (The) | 97,200 | 1,759,048 | ||||||
| Tokyo Electric Power Co. Holdings Inc.(a) | 210,600 | 1,264,329 | ||||||
| 4,254,362 | ||||||||
| Electrical Equipment — 1.8% | ||||||||
| Mitsubishi Electric Corp. | 267,300 | 4,644,963 | ||||||
| Electronic Equipment, Instruments & Components — 1.9% | ||||||||
| Kyocera Corp. | 181,900 | 2,061,996 | ||||||
| Murata Manufacturing Co. Ltd. | 121,500 | 2,298,223 | ||||||
| Omron Corp. | 24,300 | 793,736 | ||||||
| 5,153,955 | ||||||||
| Entertainment — 1.1% | ||||||||
| Nintendo Co. Ltd. | 48,600 | 2,643,773 | ||||||
| Toho Co. Ltd./Tokyo | 8,100 | 256,321 | ||||||
| 2,900,094 | ||||||||
| Financial Services — 1.5% | ||||||||
| Mitsubishi HC Capital Inc. | 105,300 | 698,932 | ||||||
| ORIX Corp. | 153,900 | 3,356,256 | ||||||
| 4,055,188 | ||||||||
| Food Products — 0.6% | ||||||||
| MEIJI Holdings Co. Ltd. | 32,400 | 725,669 | ||||||
| Yakult Honsha Co. Ltd. | 40,500 | 736,785 | ||||||
| 1,462,454 | ||||||||
| Gas Utilities — 0.6% | ||||||||
| Osaka Gas Co. Ltd. | 48,600 | 1,106,529 | ||||||
| Tokyo Gas Co. Ltd. | 16,200 | 363,113 | ||||||
| 1,469,642 | ||||||||
| Ground Transportation — 2.9% | ||||||||
| Central Japan Railway Co. | 107,500 | 2,397,707 | ||||||
| East Japan Railway Co. | 123,900 | 2,148,617 | ||||||
| Hankyu Hanshin Holdings Inc. | 32,400 | 850,311 | ||||||
| Keisei Electric Railway Co. Ltd. | 8,100 | 290,924 | ||||||
| Tokyu Corp. | 65,800 | 767,684 | ||||||
| West Japan Railway Co. | 60,900 | 1,214,990 | ||||||
| 7,670,233 | ||||||||
| Hotels, Restaurants & Leisure — 0.6% | ||||||||
| Oriental Land Co. Ltd./Japan | 56,700 | 1,581,680 | ||||||
| Household Durables — 2.1% | ||||||||
| Panasonic Holdings Corp. | 324,000 | 2,861,840 | ||||||
| Sekisui Chemical Co. Ltd. | 56,700 | 813,797 | ||||||
| Sekisui House Ltd. | 81,000 | 1,823,923 | ||||||
| 5,499,560 | ||||||||
| Industrial REITs — 0.2% | ||||||||
| Nippon Prologis REIT Inc. | 297 | 490,243 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Value ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance — 4.7% | ||||||||
| Dai-ichi Life Holdings Inc. | 64,800 | $ | 1,733,467 | |||||
| Japan Post Holdings Co. Ltd. | 290,300 | 2,803,277 | ||||||
| Japan Post Insurance Co. Ltd. | 24,300 | 468,294 | ||||||
| MS&AD Insurance Group Holdings Inc. | 176,100 | 3,662,864 | ||||||
| Sompo Holdings Inc. | 121,500 | 2,571,515 | ||||||
| T&D Holdings Inc. | 64,800 | 1,171,477 | ||||||
| 12,410,894 | ||||||||
| Interactive Media & Services — 0.3% | ||||||||
| LY Corp. | 372,600 | 885,490 | ||||||
| IT Services — 0.8% | ||||||||
| Fujitsu Ltd. | 89,100 | 1,290,254 | ||||||
| Otsuka Corp. | 16,200 | 307,075 | ||||||
| SCSK Corp. | 8,100 | 153,332 | ||||||
| TIS Inc. | 16,200 | 295,590 | ||||||
| 2,046,251 | ||||||||
| Leisure Products — 0.3% | ||||||||
| Bandai Namco Holdings Inc. | 40,500 | 737,043 | ||||||
| Machinery — 3.1% | ||||||||
| FANUC Corp. | 64,800 | 1,812,579 | ||||||
| Hitachi Construction Machinery Co. Ltd. | 16,200 | 441,426 | ||||||
| Komatsu Ltd. | 129,600 | 3,809,075 | ||||||
| Makita Corp. | 8,100 | 238,625 | ||||||
| Mitsubishi Heavy Industries Ltd. | 219,400 | 1,919,257 | ||||||
| 8,220,962 | ||||||||
| Marine Transportation — 1.7% | ||||||||
| Kawasaki Kisen Kaisha Ltd. | 57,900 | 860,528 | ||||||
| Mitsui OSK Lines Ltd. | 48,600 | 1,601,972 | ||||||
| Nippon Yusen KK | 64,800 | 2,054,036 | ||||||
| 4,516,536 | ||||||||
| Media — 0.1% | ||||||||
| Dentsu Group Inc. | 8,100 | 214,421 | ||||||
| Metals & Mining — 1.6% | ||||||||
| JFE Holdings Inc. | 81,000 | 1,226,299 | ||||||
| Nippon Steel Corp. | 113,400 | 2,482,578 | ||||||
| Sumitomo Metal Mining Co. Ltd. | 16,200 | 527,387 | ||||||
| 4,236,264 | ||||||||
| Office REITs — 0.5% | ||||||||
| Japan Real Estate Investment Corp. | 162 | 534,203 | ||||||
| Nippon Building Fund Inc. | 202 | 754,360 | ||||||
| 1,288,563 | ||||||||
| Oil, Gas & Consumable Fuels — 1.9% | ||||||||
| ENEOS Holdings Inc. | 397,600 | 2,055,687 | ||||||
| Idemitsu Kosan Co. Ltd. | 121,560 | 832,392 | ||||||
| Inpex Corp. | 131,600 | 2,030,556 | ||||||
| 4,918,635 | ||||||||
| Passenger Airlines — 0.3% | ||||||||
| ANA Holdings Inc. | 24,300 | 462,870 | ||||||
| Japan Airlines Co. Ltd. | 24,300 | 408,362 | ||||||
| 871,232 | ||||||||
| Personal Care Products — 0.9% | ||||||||
| Kao Corp. | 32,400 | 1,419,141 | ||||||
| Shiseido Co. Ltd. | 32,400 | 1,028,285 | ||||||
| 2,447,426 | ||||||||
| Pharmaceuticals — 3.1% | ||||||||
| Astellas Pharma Inc. | 251,100 | 2,472,440 | ||||||
| Eisai Co. Ltd. | 32,400 | 1,390,915 | ||||||
| Ono Pharmaceutical Co. Ltd. | 56,700 | 820,224 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
| Shionogi & Co. Ltd. | 32,400 | $ | 1,450,393 | |||||
| Takeda Pharmaceutical Co. Ltd. | 78,100 | 2,079,410 | ||||||
| 8,213,382 | ||||||||
| Real Estate Management & Development — 3.9% | ||||||||
| Daito Trust Construction Co. Ltd. | 8,100 | 855,485 | ||||||
| Daiwa House Industry Co. Ltd. | 81,000 | 2,155,138 | ||||||
| Hulic Co. Ltd. | 58,100 | 538,199 | ||||||
| Mitsubishi Estate Co. Ltd. | 97,200 | 1,639,159 | ||||||
| Mitsui Fudosan Co. Ltd. | 364,500 | 3,348,683 | ||||||
| Nomura Real Estate Holdings Inc. | 16,200 | 417,673 | ||||||
| Sumitomo Realty & Development Co. Ltd. | 40,500 | 1,268,169 | ||||||
| 10,222,506 | ||||||||
| Semiconductors & Semiconductor Equipment — 0.5% | ||||||||
| Rohm Co. Ltd. | 48,600 | 629,928 | ||||||
| SUMCO Corp. | 48,600 | 730,620 | ||||||
| 1,360,548 | ||||||||
| Technology Hardware, Storage & Peripherals — 3.5% | ||||||||
| Brother Industries Ltd. | 32,400 | 623,587 | ||||||
| Canon Inc. | 137,700 | 4,007,362 | ||||||
| FUJIFILM Holdings Corp. | 151,200 | 3,452,766 | ||||||
| Ricoh Co. Ltd. | 72,900 | 654,645 | ||||||
| Seiko Epson Corp. | 40,500 | 654,394 | ||||||
| 9,392,754 | ||||||||
| Tobacco — 1.7% | ||||||||
| Japan Tobacco Inc. | 162,000 | 4,596,380 | ||||||
| Trading Companies & Distributors — 10.8% | ||||||||
| ITOCHU Corp. | 162,000 | 7,647,469 | ||||||
| Marubeni Corp. | 129,600 | 2,538,285 | ||||||
| Mitsubishi Corp. | 459,300 | 9,694,167 | ||||||
| Mitsui & Co. Ltd. | 64,800 | 3,299,240 | ||||||
| Sumitomo Corp. | 145,800 | 3,794,079 | ||||||
| Toyota Tsusho Corp. | 28,300 | 1,728,251 | ||||||
| 28,701,491 | ||||||||
| Wireless Telecommunication Services — 5.5% | ||||||||
| KDDI Corp. | 210,600 | 5,803,034 | ||||||
| SoftBank Corp. | 388,800 | 4,661,795 | ||||||
| SoftBank Group Corp. | 72,900 | 4,218,539 | ||||||
| 14,683,368 | ||||||||
| Total Long-Term Investments — 98.5% | ||||||||
| (Cost: $237,294,546) | 261,131,802 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.0% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 5.28%(b)(c) | 30,000 | 30,000 | ||||||
| Total Short-Term Securities — 0.0% | ||||||||
| (Cost: $30,000) | 30,000 | |||||||
| Total Investments — 98.5% | ||||||||
| (Cost: $237,324,546) | 261,161,802 | |||||||
| Other Assets Less Liabilities — 1.5% | 4,056,618 | |||||||
| Net Assets — 100.0% | $ | 265,218,420 | ||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. |
| (c) | Annualized 7-day yield as of period end. |
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Value ETF |
| May 31, 2024 |
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(a) | $ | — | $ | 10 | (b) | $ | — | $ | (10 | ) | $ | — | $ | — | — | $ | 30 | (c) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 60,000 | — | (30,000 | )(b) | — | — | 30,000 | 30,000 | 7,062 | — | ||||||||||||||||||||||||||
| $ | (10 | ) | $ | — | $ | 30,000 | $ | 7,092 | $ | — | ||||||||||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
| (c) | All or a portion of this security was purchased with the cash collateral from loaned 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 | ||||||||||||||
| Mini TOPIX Index | 225 | 06/13/24 | $ | 3,976 | $ | 60,841 | ||||||||
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 | $ | 2,054,036 | $ | 259,077,766 | $ | — | $ | 261,131,802 | ||||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Value ETF |
| May 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | $ | 30,000 | $ | — | $ | — | $ | 30,000 | ||||||||
| $ | 2,084,036 | $ | 259,077,766 | $ | — | $ | 261,161,802 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Equity Contracts | $ | — | $ | 60,841 | $ | — | $ | 60,841 | ||||||||
| (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 |
4