| Schedule of Investments (unaudited) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| Kintetsu World Express Inc. | 3,000 | $ | 97,276 | |||||
| Konoike Transport Co. Ltd. | 2,000 | 18,089 | ||||||
| Maruwa Unyu Kikan Co. Ltd. | 3,000 | 36,901 | ||||||
| Mitsui-Soko Holdings Co. Ltd. | 2,000 | 45,346 | ||||||
| SBS Holdings Inc. | 2,000 | 46,485 | ||||||
| 244,097 | ||||||||
| Auto Components — 2.9% | ||||||||
| Exedy Corp. | 2,000 | 26,265 | ||||||
| FCC Co. Ltd. | 3,000 | 31,002 | ||||||
| G-Tekt Corp. | 2,000 | 19,830 | ||||||
| JTEKT Corp. | 17,000 | 129,515 | ||||||
| KYB Corp. | 1,000 | 22,764 | ||||||
| Musashi Seimitsu Industry Co. Ltd. | 4,000 | 43,409 | ||||||
| NGK Spark Plug Co. Ltd. | 12,000 | 227,352 | ||||||
| NHK Spring Co. Ltd. | 17,000 | 121,821 | ||||||
| Nifco Inc./Japan | 7,000 | 163,260 | ||||||
| Nippon Seiki Co. Ltd. | 4,000 | 27,408 | ||||||
| NOK Corp. | 7,000 | 62,605 | ||||||
| Pacific Industrial Co. Ltd. | 4,000 | 33,052 | ||||||
| Piolax Inc. | 2,000 | 28,521 | ||||||
| Shoei Co. Ltd. | 2,000 | 74,521 | ||||||
| Stanley Electric Co. Ltd. | 10,000 | 181,924 | ||||||
| Sumitomo Riko Co. Ltd. | 3,000 | 13,109 | ||||||
| Sumitomo Rubber Industries Ltd. | 14,000 | 127,553 | ||||||
| Tokai Rika Co. Ltd. | 4,000 | 43,425 | ||||||
| Topre Corp. | 3,000 | 23,825 | ||||||
| Toyo Tire Corp. | 9,000 | 120,205 | ||||||
| Toyoda Gosei Co. Ltd. | 5,000 | 79,080 | ||||||
| Toyota Boshoku Corp. | 6,000 | 96,945 | ||||||
| TS Tech Co. Ltd. | 7,000 | 71,193 | ||||||
| Yokohama Rubber Co. Ltd. (The) | 11,000 | 141,140 | ||||||
| 1,909,724 | ||||||||
| Automobiles — 0.3% | ||||||||
| Mitsubishi Motors Corp.(a) | 56,000 | 167,303 | ||||||
| Nissan Shatai Co. Ltd. | 6,000 | 27,632 | ||||||
| 194,935 | ||||||||
| Banks — 3.9% | ||||||||
| 77 Bank Ltd. (The) | 5,000 | 66,175 | ||||||
| Aozora Bank Ltd. | 9,000 | 186,672 | ||||||
| Awa Bank Ltd. (The) | 3,000 | 46,692 | ||||||
| Bank of Kyoto Ltd. (The) | 5,000 | 214,915 | ||||||
| Chugoku Bank Ltd. (The) | 12,000 | 86,059 | ||||||
| Daishi Hokuetsu Financial Group Inc. | 3,000 | 57,898 | ||||||
| Fukuoka Financial Group Inc. | 14,000 | 241,133 | ||||||
| Gunma Bank Ltd. (The) | 29,000 | 79,595 | ||||||
| Hachijuni Bank Ltd. (The) | 30,000 | 105,067 | ||||||
| Hirogin Holdings Inc. | 21,000 | 99,317 | ||||||
| Hokkoku Financial Holdings Inc. | 2,000 | 63,588 | ||||||
| Hokuhoku Financial Group Inc. | 10,000 | 61,150 | ||||||
| Hyakugo Bank Ltd. (The) | 18,000 | 44,706 | ||||||
| Iyo Bank Ltd. (The) | 19,000 | 93,129 | ||||||
| Juroku Financial Group Inc. | 3,000 | 52,118 | ||||||
| Keiyo Bank Ltd. (The) | 8,000 | 28,488 | ||||||
| Kiyo Bank Ltd.(The) | 5,000 | 53,758 | ||||||
| Kyushu Financial Group Inc. | 29,000 | 85,246 | ||||||
| Mebuki Financial Group Inc. | 83,000 | 157,968 | ||||||
| Musashino Bank Ltd. (The) | 2,000 | 26,810 | ||||||
| Nanto Bank Ltd. (The) | 2,000 | 30,022 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
| Nishi-Nippon Financial Holdings Inc. | 11,000 | $ | 64,887 | |||||
| North Pacific Bank Ltd. | 23,000 | 38,950 | ||||||
| Ogaki Kyoritsu Bank Ltd. (The) | 3,000 | 40,159 | ||||||
| Okinawa Financial Group Inc. | 2,000 | 33,300 | ||||||
| San-in Godo Bank Ltd. (The) | 12,000 | 59,815 | ||||||
| Seven Bank Ltd. | 49,000 | 92,530 | ||||||
| Shiga Bank Ltd. (The) | 3,000 | 64,734 | ||||||
| Shinsei Bank Ltd. | 5,000 | 74,926 | ||||||
| Suruga Bank Ltd. | 14,000 | 38,726 | ||||||
| Toho Bank Ltd. (The) | 17,000 | 26,342 | ||||||
| TOMONY Holdings Inc. | 12,000 | 28,278 | ||||||
| Yamaguchi Financial Group Inc. | 17,000 | 95,831 | ||||||
| 2,538,984 | ||||||||
| Beverages — 0.5% | ||||||||
| Coca-Cola Bottlers Japan Holdings Inc. | 11,000 | 117,166 | ||||||
| Sapporo Holdings Ltd. | 5,000 | 108,443 | ||||||
| Takara Holdings Inc. | 12,000 | 89,086 | ||||||
| 314,695 | ||||||||
| Biotechnology — 0.4% | ||||||||
| AnGes Inc.(a) | 13,000 | 37,861 | ||||||
| GNI Group Ltd.(a) | 3,097 | 29,663 | ||||||
| PeptiDream Inc.(a) | 8,000 | 99,513 | ||||||
| Pharma Foods International Co. Ltd. | 2,000 | 24,405 | ||||||
| SanBio Co. Ltd.(a) | 3,000 | 25,749 | ||||||
| Takara Bio Inc. | 4,000 | 56,588 | ||||||
| 273,779 | ||||||||
| Building Products — 1.0% | ||||||||
| Aica Kogyo Co. Ltd. | 4,000 | 86,684 | ||||||
| Bunka Shutter Co. Ltd. | 4,000 | 29,528 | ||||||
| Central Glass Co. Ltd. | 3,000 | 65,345 | ||||||
| Maeda Kosen Co. Ltd. | 2,000 | 40,531 | ||||||
| Nichias Corp. | 5,000 | 87,521 | ||||||
| Nichiha Corp. | 2,000 | 37,301 | ||||||
| Nitto Boseki Co. Ltd. | 2,000 | 40,809 | ||||||
| Noritz Corp. | 2,000 | 23,232 | ||||||
| Sanwa Holdings Corp. | 16,000 | 153,290 | ||||||
| Sekisui Jushi Corp. | 2,000 | 26,026 | ||||||
| Takara Standard Co. Ltd. | 3,000 | 28,563 | ||||||
| Takasago Thermal Engineering Co. Ltd. | 4,000 | 48,124 | ||||||
| 666,954 | ||||||||
| Capital Markets — 0.6% | ||||||||
| GMO Financial Holdings Inc. | 3,000 | 18,073 | ||||||
| JAFCO Group Co. Ltd. | 6,000 | 72,927 | ||||||
| M&A Capital Partners Co. Ltd.(a) | 1,000 | 26,639 | ||||||
| Matsui Securities Co. Ltd. | 10,000 | 63,574 | ||||||
| Monex Group Inc. | 14,000 | 54,202 | ||||||
| Okasan Securities Group Inc. | 13,000 | 34,598 | ||||||
| SPARX Group Co. Ltd. | 8,000 | 16,495 | ||||||
| Strike Co. Ltd. | 1,000 | 28,647 | ||||||
| Tokai Tokyo Financial Holdings Inc. | 17,000 | 48,993 | ||||||
| WealthNavi Inc.(a) | 2,000 | 28,769 | ||||||
| 392,917 | ||||||||
| Chemicals — 6.6% | ||||||||
| ADEKA Corp. | 7,000 | 136,741 | ||||||
| Air Water Inc. | 15,000 | 202,378 | ||||||
| C Uyemura & Co. Ltd. | 1,000 | 56,240 | ||||||
| C.I. Takiron Corp. | 4,000 | 16,278 | ||||||
| Chugoku Marine Paints Ltd. | 3,000 | 19,813 | ||||||
| Daicel Corp. | 20,000 | 128,910 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Chemicals (continued) | ||||||||
| Denka Co. Ltd. | 6,000 | $ | 148,868 | |||||
| DIC Corp. | 6,000 | 115,234 | ||||||
| Fujimi Inc. | 1,000 | 45,222 | ||||||
| Fujimori Kogyo Co. Ltd. | 1,000 | 27,616 | ||||||
| Fuso Chemical Co. Ltd. | 2,000 | 59,493 | ||||||
| JCU Corp. | 2,000 | 57,340 | ||||||
| Kaneka Corp. | 4,000 | 102,657 | ||||||
| Kansai Paint Co. Ltd. | 15,000 | 186,779 | ||||||
| Kanto Denka Kogyo Co. Ltd. | 3,000 | 21,613 | ||||||
| KeePer Technical Laboratory Co. Ltd. | 1,000 | 25,086 | ||||||
| KH Neochem Co. Ltd. | 3,000 | 58,725 | ||||||
| Konishi Co.Ltd. | 3,000 | 37,348 | ||||||
| Kumiai Chemical Industry Co. Ltd. | 6,049 | 47,275 | ||||||
| Kuraray Co. Ltd. | 27,000 | 225,514 | ||||||
| Kureha Corp. | 1,400 | 110,986 | ||||||
| Lintec Corp. | 3,000 | 55,865 | ||||||
| Mitsubishi Gas Chemical Co. Inc. | 13,000 | 211,155 | ||||||
| Nihon Parkerizing Co. Ltd. | 7,000 | 49,851 | ||||||
| Nippon Kayaku Co. Ltd. | 8,000 | 69,149 | ||||||
| Nippon Shokubai Co. Ltd. | 2,000 | 82,050 | ||||||
| Nippon Soda Co. Ltd. | 2,000 | 62,131 | ||||||
| NOF Corp. | 6,000 | 228,469 | ||||||
| Okamoto Industries Inc. | 1,000 | 29,785 | ||||||
| Osaka Organic Chemical Industry Ltd. | 1,000 | 21,529 | ||||||
| Osaka Soda Co. Ltd. | 1,000 | 23,281 | ||||||
| Sakata INX Corp. | 4,000 | 28,432 | ||||||
| Sanyo Chemical Industries Ltd. | 1,000 | 35,905 | ||||||
| Shikoku Chemicals Corp. | 3,000 | 29,214 | ||||||
| Shin-Etsu Polymer Co. Ltd. | 3,000 | 25,779 | ||||||
| Showa Denko KK | 15,000 | 290,056 | ||||||
| Sumitomo Bakelite Co. Ltd. | 3,000 | 100,686 | ||||||
| T Hasegawa Co. Ltd. | 3,000 | 57,498 | ||||||
| Taiyo Holdings Co. Ltd. | 3,000 | 75,860 | ||||||
| Takasago International Corp. | 1,000 | 18,078 | ||||||
| Teijin Ltd. | 16,000 | 164,552 | ||||||
| Tenma Corp. | 1,000 | 17,946 | ||||||
| Toagosei Co. Ltd. | 5,000 | 39,685 | ||||||
| Tokai Carbon Co. Ltd. | 17,000 | 143,318 | ||||||
| Tokuyama Corp. | 5,000 | 64,954 | ||||||
| Tokyo Ohka Kogyo Co. Ltd. | 3,000 | 170,601 | ||||||
| Toyo Gosei Co. Ltd. | 400 | 28,003 | ||||||
| Toyo Ink SC Holdings Co. Ltd. | 3,000 | 44,428 | ||||||
| Toyobo Co. Ltd. | 7,000 | 55,926 | ||||||
| UBE Corp. | 8,000 | 123,311 | ||||||
| Zeon Corp. | 11,000 | 116,456 | ||||||
| 4,294,069 | ||||||||
| Commercial Services & Supplies — 1.9% | ||||||||
| Aeon Delight Co. Ltd. | 2,000 | 43,927 | ||||||
| Appier Group Inc.(a) | 1,000 | 6,727 | ||||||
| Bell System24 Holdings Inc. | 3,000 | 33,122 | ||||||
| Daiseki Co.Ltd. | 4,012 | 146,806 | ||||||
| Duskin Co. Ltd. | 3,000 | 62,682 | ||||||
| Japan Elevator Service Holdings Co. Ltd. | 5,000 | 58,986 | ||||||
| Kokuyo Co. Ltd. | 7,000 | 89,463 | ||||||
| Matsuda Sangyo Co. Ltd. | 1,060 | 16,756 | ||||||
| Midac Holdings Co. Ltd. | 1,000 | 22,012 | ||||||
| Mitsubishi Pencil Co. Ltd. | 3,000 | 31,332 | ||||||
| Nippon Kanzai Co. Ltd. | 2,000 | 40,058 | ||||||
| Nippon Parking Development Co. Ltd. | 16,000 | 19,973 | ||||||
| Okamura Corp. | 5,000 | 42,709 | ||||||
| Security | Shares | Value | ||||||
| Commercial Services & Supplies (continued) | ||||||||
| Park24 Co. Ltd.(a) | 11,000 | $ | 172,378 | |||||
| Pilot Corp. | 2,000 | 77,841 | ||||||
| Plaid Inc.(a) | 1,000 | 3,872 | ||||||
| Prestige International Inc. | 8,000 | 39,715 | ||||||
| Raksul Inc.(a) | 2,000 | 32,980 | ||||||
| Relia Inc. | 3,000 | 25,587 | ||||||
| Sato Holdings Corp. | 2,000 | 29,448 | ||||||
| Sohgo Security Services Co. Ltd. | 6,000 | 166,155 | ||||||
| TRE Holdings Corp. | 4,000 | 69,429 | ||||||
| 1,231,958 | ||||||||
| Construction & Engineering — 3.7% | ||||||||
| Chiyoda Corp.(a) | 14,000 | 48,054 | ||||||
| Chudenko Corp. | 2,000 | 32,174 | ||||||
| COMSYS Holdings Corp. | 9,000 | 169,175 | ||||||
| Daiho Corp. | 1,000 | 34,367 | ||||||
| EXEO Group Inc. | 8,000 | 128,099 | ||||||
| Hazama Ando Corp. | 14,000 | 85,626 | ||||||
| INFRONEER Holdings Inc. | 20,040 | 145,024 | ||||||
| JDC Corp. | 4,000 | 15,823 | ||||||
| JGC Holdings Corp. | 18,000 | 252,503 | ||||||
| JTOWER Inc.(a) | 1,000 | 47,796 | ||||||
| Kandenko Co. Ltd. | 9,000 | 55,995 | ||||||
| Kinden Corp. | 10,000 | 115,083 | ||||||
| Kumagai Gumi Co. Ltd. | 3,000 | 61,220 | ||||||
| Kyudenko Corp. | 4,000 | 82,857 | ||||||
| Mirait Holdings Corp. | 8,000 | 100,436 | ||||||
| Nippon Densetsu Kogyo Co. Ltd. | 3,000 | 36,956 | ||||||
| Nippon Road Co. Ltd. (The) | 400 | 19,837 | ||||||
| Nishimatsu Construction Co. Ltd. | 3,000 | 95,789 | ||||||
| Okumura Corp. | 3,000 | 66,201 | ||||||
| Penta-Ocean Construction Co. Ltd. | 23,000 | 113,119 | ||||||
| Raito Kogyo Co. Ltd. | 3,000 | 39,096 | ||||||
| Raiznext Corp. | 2,000 | 17,939 | ||||||
| Sanki Engineering Co. Ltd. | 3,000 | 33,731 | ||||||
| SHO-BOND Holdings Co. Ltd. | 3,000 | 134,238 | ||||||
| Sumitomo Densetsu Co.Ltd. | 1,000 | 18,114 | ||||||
| Sumitomo Mitsui Construction Co. Ltd. | 12,000 | 40,586 | ||||||
| Taihei Dengyo Kaisha Ltd. | 1,000 | 21,290 | ||||||
| Taikisha Ltd. | 2,000 | 46,965 | ||||||
| Takamatsu Construction Group Co. Ltd. | 1,000 | 16,042 | ||||||
| Toa Corp./Tokyo | 1,000 | 18,291 | ||||||
| Toda Corp. | 18,000 | 94,430 | ||||||
| Toenec Corp. | 1,000 | 26,433 | ||||||
| Tokyu Construction Co. Ltd. | 7,040 | 31,903 | ||||||
| Totetsu Kogyo Co. Ltd. | 2,000 | 33,579 | ||||||
| Toyo Construction Co. Ltd. | 6,000 | 38,764 | ||||||
| Yokogawa Bridge Holdings Corp. | 3,000 | 44,854 | ||||||
| Yurtec Corp. | 3,000 | 15,856 | ||||||
| 2,378,245 | ||||||||
| Construction Materials — 0.4% | ||||||||
| Mitani Sekisan Co. Ltd. | 1,000 | 39,331 | ||||||
| Sumitomo Osaka Cement Co. Ltd. | 3,000 | 74,601 | ||||||
| Taiheiyo Cement Corp. | 10,000 | 149,362 | ||||||
| 263,294 | ||||||||
| Consumer Finance — 0.6% | ||||||||
| AEON Financial Service Co. Ltd. | 9,000 | 84,192 | ||||||
| Aiful Corp. | 26,000 | 70,341 | ||||||
| Credit Saison Co. Ltd. | 12,000 | 139,938 | ||||||
| Jaccs Co. Ltd. | 2,000 | 52,022 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Consumer Finance (continued) | ||||||||
| Orient Corp. | 43,000 | $ | 41,108 | |||||
| 387,601 | ||||||||
| Containers & Packaging — 0.5% | ||||||||
| FP Corp. | 4,100 | 86,629 | ||||||
| Fuji Seal International Inc. | 4,000 | 48,345 | ||||||
| Rengo Co. Ltd. | 16,000 | 86,396 | ||||||
| Toyo Seikan Group Holdings Ltd. | 11,000 | 117,350 | ||||||
| 338,720 | ||||||||
| Distributors — 0.3% | ||||||||
| Arata Corp. | 1,000 | 31,073 | ||||||
| Doshisha Co. Ltd. | 2,000 | 23,819 | ||||||
| MARUKA FURUSATO Corp. | 2,000 | 58,570 | ||||||
| Paltac Corp. | 3,000 | 101,685 | ||||||
| 215,147 | ||||||||
| Diversified Consumer Services — 0.3% | ||||||||
| Benesse Holdings Inc. | 6,000 | 96,004 | ||||||
| LITALICO Inc. | 2,000 | 40,036 | ||||||
| Riso Kyoiku Co. Ltd. | 10,000 | 26,442 | ||||||
| 162,482 | ||||||||
| Diversified Financial Services — 0.8% | ||||||||
| eGuarantee Inc. | 3,000 | 50,451 | ||||||
| Financial Products Group Co. Ltd. | 5,000 | 36,765 | ||||||
| Fuyo General Lease Co. Ltd. | 1,500 | 85,764 | ||||||
| Japan Securities Finance Co. Ltd. | 8,000 | 53,277 | ||||||
| Mizuho Leasing Co. Ltd. | 2,000 | 47,499 | ||||||
| Ricoh Leasing Co.Ltd. | 1,000 | 26,448 | ||||||
| Tokyo Century Corp. | 3,000 | 100,555 | ||||||
| Zenkoku Hosho Co. Ltd. | 4,000 | 132,761 | ||||||
| 533,520 | ||||||||
| Diversified Telecommunication Services — 0.3% | ||||||||
| ARTERIA Networks Corp. | 2,000 | 19,520 | ||||||
| Internet Initiative Japan Inc. | 4,000 | 146,788 | ||||||
| Usen-Next Holdings Co. Ltd. | 1,000 | 15,708 | ||||||
| Vision Inc./Tokyo Japan(a) | 3,000 | 31,083 | ||||||
| 213,099 | ||||||||
| Electric Utilities — 1.2% | ||||||||
| Chugoku Electric Power Co. Inc. (The) | 23,000 | 152,622 | ||||||
| Hokkaido Electric Power Co. Inc. | 14,000 | 53,491 | ||||||
| Hokuriku Electric Power Co. | 14,000 | 57,200 | ||||||
| Kyushu Electric Power Co. Inc. | 34,000 | 221,420 | ||||||
| Okinawa Electric Power Co. Inc. (The) | 3,092 | 28,123 | ||||||
| Shikoku Electric Power Co. Inc. | 13,000 | 78,193 | ||||||
| Tohoku Electric Power Co. Inc. | 38,000 | 210,773 | ||||||
| 801,822 | ||||||||
| Electrical Equipment — 1.2% | ||||||||
| Daihen Corp. | 2,000 | 64,742 | ||||||
| Fujikura Ltd. | 20,000 | 122,000 | ||||||
| Furukawa Electric Co. Ltd. | 6,000 | 99,927 | ||||||
| GS Yuasa Corp. | 5,000 | 80,245 | ||||||
| Idec Corp./Japan | 2,000 | 41,165 | ||||||
| Mabuchi Motor Co. Ltd. | 4,000 | 109,843 | ||||||
| Nippon Carbon Co. Ltd. | 1,000 | 32,821 | ||||||
| Nissin Electric Co. Ltd. | 4,000 | 45,584 | ||||||
| Nitto Kogyo Corp. | 2,000 | 34,101 | ||||||
| Sanyo Denki Co. Ltd. | 1,000 | 42,756 | ||||||
| Toyo Tanso Co. Ltd. | 1,000 | 22,090 | ||||||
| Ushio Inc. | 8,000 | 110,168 | ||||||
| 805,442 | ||||||||
| Security | Shares | Value | ||||||
| Electronic Equipment, Instruments & Components — 4.1% | ||||||||
| Ai Holdings Corp. | 3,000 | $ | 37,994 | |||||
| Alps Alpine Co. Ltd. | 16,000 | 171,650 | ||||||
| Amano Corp. | 5,000 | 96,844 | ||||||
| Anritsu Corp. | 12,000 | 133,054 | ||||||
| Canon Electronics Inc. | 2,000 | 23,977 | ||||||
| Canon Marketing Japan Inc. | 4,000 | 93,571 | ||||||
| Citizen Watch Co. Ltd. | 20,000 | 85,195 | ||||||
| CONEXIO Corp. | 1,000 | 10,749 | ||||||
| Daiwabo Holdings Co. Ltd. | 6,000 | 80,111 | ||||||
| Dexerials Corp. | 5,000 | 167,165 | ||||||
| Hioki E.E. Corp. | 1,000 | 55,267 | ||||||
| Horiba Ltd. | 3,000 | 154,708 | ||||||
| Hosiden Corp. | 4,000 | 37,847 | ||||||
| Iriso Electronics Co. Ltd. | 2,000 | 53,065 | ||||||
| Japan Aviation Electronics Industry Ltd. | 3,000 | 45,838 | ||||||
| Japan Display Inc.(a) | 48,000 | 24,047 | ||||||
| Kaga Electronics Co. Ltd. | 1,000 | 24,066 | ||||||
| Koa Corp. | 3,000 | 39,468 | ||||||
| Macnica Fuji Electronics Holdings Inc. | 3,000 | 66,062 | ||||||
| Maruwa Co. Ltd./Aichi | 1,000 | 121,417 | ||||||
| Meiko Electronics Co. Ltd. | 2,000 | 70,916 | ||||||
| Nichicon Corp. | 4,000 | 41,217 | ||||||
| Nippon Ceramic Co. Ltd. | 2,000 | 32,474 | ||||||
| Nippon Electric Glass Co. Ltd. | 7,000 | 148,137 | ||||||
| Nippon Signal Company Ltd. | 3,000 | 20,830 | ||||||
| Nissha Co. Ltd. | 3,000 | 34,474 | ||||||
| Nohmi Bosai Ltd. | 2,000 | 26,225 | ||||||
| Oki Electric Industry Co. Ltd. | 6,000 | 34,862 | ||||||
| Optex Group Co. Ltd. | 3,000 | 46,938 | ||||||
| Restar Holdings Corp. | 1,000 | 15,879 | ||||||
| Riken Keiki Co. Ltd. | 1,000 | 32,468 | ||||||
| Ryosan Co. Ltd. | 2,000 | 38,413 | ||||||
| Ryoyo Electro Corp. | 1,000 | 16,351 | ||||||
| Siix Corp. | 2,000 | 16,473 | ||||||
| Taiyo Yuden Co. Ltd. | 10,000 | 407,667 | ||||||
| Topcon Corp. | 9,000 | 127,770 | ||||||
| Yokowo Co. Ltd. | 1,000 | 18,741 | ||||||
| 2,651,930 | ||||||||
| Energy Equipment & Services — 0.0% | ||||||||
| Modec Inc. | 2,000 | 20,283 | ||||||
| Entertainment — 0.9% | ||||||||
| Avex Inc. | 3,000 | 27,071 | ||||||
| Bushiroad Inc.(a) | 1,000 | 11,518 | ||||||
| COLOPL Inc. | 5,000 | 24,636 | ||||||
| Daiichikosho Co. Ltd. | 3,000 | 92,435 | ||||||
| DeNA Co. Ltd. | 7,000 | 100,999 | ||||||
| GungHo Online Entertainment Inc. | 4,000 | 75,345 | ||||||
| Shochiku Co. Ltd.(a) | 1,000 | 104,819 | ||||||
| Toei Animation Co. Ltd. | 700 | 76,288 | ||||||
| Toei Co. Ltd. | 500 | 71,524 | ||||||
| 584,635 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 9.4% | ||||||||
| Activia Properties Inc. | 60 | 191,016 | ||||||
| Advance Residence Investment Corp. | 110 | 308,036 | ||||||
| AEON REIT Investment Corp. | 140 | 167,468 | ||||||
| Comforia Residential REIT Inc. | 50 | 131,478 | ||||||
| CRE Logistics REIT Inc. | 50 | 80,383 | ||||||
| Daiwa Office Investment Corp. | 30 | 161,903 | ||||||
| Daiwa Securities Living Investments Corp. | 130 | 119,138 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
| Frontier Real Estate Investment Corp. | 40 | $ | 164,838 | |||||
| Fukuoka REIT Corp. | 50 | 65,193 | ||||||
| Global One Real Estate Investment Corp. | 80 | 68,560 | ||||||
| Hankyu Hanshin REIT Inc. | 50 | 58,074 | ||||||
| Heiwa Real Estate REIT Inc. | 80 | 90,587 | ||||||
| Hoshino Resorts REIT Inc. | 20 | 107,903 | ||||||
| Hulic Reit Inc. | 110 | 138,522 | ||||||
| Ichigo Office REIT Investment Corp. | 100 | 66,816 | ||||||
| Industrial & Infrastructure Fund Investment Corp. | 170 | 251,315 | ||||||
| Invincible Investment Corp. | 510 | 169,429 | ||||||
| Itochu Advance Logistics Investment Corp. | 50 | 63,616 | ||||||
| Japan Excellent Inc. | 100 | 100,104 | ||||||
| Japan Hotel REIT Investment Corp. | 380 | 196,640 | ||||||
| Japan Logistics Fund Inc. | 70 | 176,073 | ||||||
| Japan Prime Realty Investment Corp. | 70 | 223,307 | ||||||
| Kenedix Office Investment Corp. | 40 | 205,581 | ||||||
| Kenedix Residential Next Investment Corp. | 80 | 133,062 | ||||||
| Kenedix Retail REIT Corp. | 50 | 107,914 | ||||||
| LaSalle Logiport REIT | 150 | 212,990 | ||||||
| Mirai Corp. | 150 | 60,172 | ||||||
| Mitsubishi Estate Logistics REIT Investment Corp. | 40 | 145,921 | ||||||
| Mitsui Fudosan Logistics Park Inc. | 51 | 220,001 | ||||||
| Mori Hills REIT Investment Corp. | 110 | 129,932 | ||||||
| Mori Trust Hotel Reit Inc. | 30 | 30,561 | ||||||
| Mori Trust Sogo REIT Inc. | 80 | 89,471 | ||||||
| Nippon Accommodations Fund Inc. | 40 | 208,139 | ||||||
| NIPPON REIT Investment Corp. | 40 | 118,141 | ||||||
| NTT UD REIT Investment Corp. | 120 | 141,730 | ||||||
| One REIT Inc. | 20 | 43,597 | ||||||
| Orix JREIT Inc. | 210 | 303,740 | ||||||
| Samty Residential Investment Corp. | 30 | 31,897 | ||||||
| Sekisui House Reit Inc. | 350 | 216,271 | ||||||
| SOSiLA Logistics REIT Inc. | 50 | 59,631 | ||||||
| Star Asia Investment Corp. | 130 | 61,337 | ||||||
| Starts Proceed Investment Corp. | 20 | 37,762 | ||||||
| Takara Leben Real Estate Investment Corp. | 50 | 46,793 | ||||||
| Tokyu REIT Inc. | 70 | 104,357 | ||||||
| United Urban Investment Corp. | 230 | 256,761 | ||||||
| 6,066,160 | ||||||||
| Food & Staples Retailing — 3.1% | ||||||||
| Aeon Hokkaido Corp. | 2,000 | 16,508 | ||||||
| Ain Holdings Inc. | 2,200 | 98,707 | ||||||
| Arcs Co. Ltd. | 3,000 | 44,955 | ||||||
| Axial Retailing Inc. | 1,000 | 23,654 | ||||||
| Belc Co. Ltd. | 1,000 | 40,683 | ||||||
| Cawachi Ltd. | 1,000 | 15,805 | ||||||
| Cosmos Pharmaceutical Corp. | 2,000 | 189,537 | ||||||
| Create SD Holdings Co. Ltd. | 2,000 | 45,543 | ||||||
| Daikokutenbussan Co.Ltd. | 500 | 17,976 | ||||||
| G-7 Holdings Inc. | 2,000 | 21,985 | ||||||
| Genky DrugStores Co. Ltd. | 1,000 | 26,846 | ||||||
| Halows Co. Ltd. | 1,000 | 24,984 | ||||||
| Heiwado Co. Ltd. | 3,000 | 43,776 | ||||||
| Inageya Co. Ltd. | 2,000 | 18,599 | ||||||
| Kato Sangyo Co. Ltd. | 2,000 | 48,753 | ||||||
| Kusuri no Aoki Holdings Co. Ltd. | 1,400 | 59,416 | ||||||
| Lawson Inc. | 4,000 | 141,686 | ||||||
| Life Corp. | 1,000 | 20,197 | ||||||
| MatsukiyoCocokara & Co. | 9,000 | 346,027 | ||||||
| Maxvalu Tokai Co. Ltd. | 1,000 | 20,852 | ||||||
| Security | Shares | Value | ||||||
| Food & Staples Retailing (continued) | ||||||||
| Mitsubishi Shokuhin Co. Ltd. | 1,000 | $ | 24,131 | |||||
| Retail Partners Co. Ltd. | 2,000 | 17,371 | ||||||
| San-A Co. Ltd. | 2,000 | 61,010 | ||||||
| Shoei Foods Corp. | 1,000 | 31,304 | ||||||
| Sugi Holdings Co. Ltd. | 3,000 | 125,303 | ||||||
| Sundrug Co. Ltd. | 6,000 | 129,884 | ||||||
| Tsuruha Holdings Inc. | 3,000 | 164,058 | ||||||
| United Super Markets Holdings Inc. | 4,000 | 32,482 | ||||||
| Valor Holdings Co. Ltd. | 3,000 | 43,299 | ||||||
| Yaoko Co. Ltd. | 2,000 | 100,029 | ||||||
| Yokorei Co. Ltd. | 4,000 | 26,123 | ||||||
| 2,021,483 | ||||||||
| Food Products — 4.0% | ||||||||
| Ariake Japan Co. Ltd. | 2,000 | 75,942 | ||||||
| Calbee Inc. | 7,000 | 129,551 | ||||||
| DyDo Group Holdings Inc. | 1,000 | 37,359 | ||||||
| Ezaki Glico Co. Ltd. | 4,000 | 115,616 | ||||||
| Fuji Oil Holdings Inc. | 4,000 | 54,405 | ||||||
| Fujicco Co. Ltd. | 2,000 | 29,455 | ||||||
| Fujiya Co. Ltd. | 1,000 | 18,180 | ||||||
| Hokuto Corp. | 2,000 | 29,561 | ||||||
| House Foods Group Inc. | 5,000 | 104,613 | ||||||
| Itoham Yonekyu Holdings Inc. | 13,000 | 64,906 | ||||||
| J-Oil Mills Inc. | 2,000 | 23,608 | ||||||
| Kagome Co. Ltd. | 6,000 | 152,112 | ||||||
| Kameda Seika Co. Ltd. | 1,000 | 33,274 | ||||||
| Kewpie Corp. | 7,000 | 115,667 | ||||||
| Kotobuki Spirits Co. Ltd. | 2,000 | 110,127 | ||||||
| Maruha Nichiro Corp. | 4,000 | 69,535 | ||||||
| Megmilk Snow Brand Co. Ltd. | 4,000 | 53,689 | ||||||
| Mitsui DM Sugar Holdings Co. Ltd. | 1,000 | 14,424 | ||||||
| Morinaga & Co. Ltd./Japan | 3,000 | 91,353 | ||||||
| Morinaga Milk Industry Co. Ltd. | 3,000 | 107,833 | ||||||
| NH Foods Ltd. | 7,000 | 213,360 | ||||||
| Nichirei Corp. | 9,000 | 158,479 | ||||||
| Nippn Corp., New | 4,000 | 48,619 | ||||||
| Nippon Suisan Kaisha Ltd. | 24,000 | 97,127 | ||||||
| Nisshin Oillio Group Ltd. (The) | 2,000 | 46,140 | ||||||
| Prima Meat Packers Ltd. | 2,000 | 32,749 | ||||||
| Riken Vitamin Co. Ltd. | 2,000 | 25,070 | ||||||
| S Foods Inc. | 2,000 | 46,838 | ||||||
| Sakata Seed Corp. | 2,000 | 68,919 | ||||||
| Showa Sangyo Co. Ltd. | 1,000 | 18,625 | ||||||
| Toyo Suisan Kaisha Ltd. | 7,000 | 261,817 | ||||||
| Yamazaki Baking Co. Ltd. | 10,000 | 116,414 | ||||||
| 2,565,367 | ||||||||
| Gas Utilities — 0.5% | ||||||||
| Nippon Gas Co. Ltd. | 9,000 | 133,704 | ||||||
| Saibu Gas Holdings Co. Ltd. | 2,000 | 29,565 | ||||||
| Shizuoka Gas Co. Ltd. | 3,000 | 19,116 | ||||||
| Toho Gas Co. Ltd. | 6,000 | 129,330 | ||||||
| 311,715 | ||||||||
| Health Care Equipment & Supplies — 1.4% | ||||||||
| CYBERDYNE Inc.(a) | 10,000 | 23,878 | ||||||
| Eiken Chemical Co. Ltd. | 3,000 | 39,511 | ||||||
| Hogy Medical Co. Ltd. | 2,000 | 47,324 | ||||||
| Jeol Ltd. | 4,000 | 193,240 | ||||||
| Mani Inc. | 6,000 | 68,359 | ||||||
| Menicon Co.Ltd. | 5,000 | 103,924 | ||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies (continued) | ||||||||
| Nagaileben Co. Ltd. | 2,000 | $ | 29,700 | |||||
| Nakanishi Inc. | 6,000 | 118,344 | ||||||
| Nihon Kohden Corp. | 7,000 | 165,335 | ||||||
| Nipro Corp. | 12,000 | 95,051 | ||||||
| Paramount Bed Holdings Co. Ltd. | 3,000 | 46,676 | ||||||
| 931,342 | ||||||||
| Health Care Providers & Services — 1.7% | ||||||||
| Alfresa Holdings Corp. | 15,000 | 196,936 | ||||||
| Amvis Holdings Inc. | 1,000 | 33,013 | ||||||
| As One Corp. | 2,000 | 97,068 | ||||||
| BML Inc. | 2,000 | 53,592 | ||||||
| Elan Corp. | 3,000 | 24,607 | ||||||
| H.U. Group Holdings Inc. | 4,000 | 83,042 | ||||||
| Japan Lifeline Co. Ltd. | 5,000 | 35,527 | ||||||
| Medipal Holdings Corp. | 15,000 | 210,083 | ||||||
| Ship Healthcare Holdings Inc. | 6,000 | 106,527 | ||||||
| Solasto Corp. | 4,000 | 21,675 | ||||||
| Suzuken Co. Ltd. | 6,000 | 163,578 | ||||||
| Toho Holdings Co. Ltd. | 5,000 | 75,753 | ||||||
| Tokai Corp./Gifu | 2,000 | 26,400 | ||||||
| 1,127,801 | ||||||||
| Health Care Technology — 0.3% | ||||||||
| EM Systems Co. Ltd. | 3,000 | 20,813 | ||||||
| JMDC Inc. | 2,200 | 88,375 | ||||||
| Medley Inc.(a) | 2,000 | 41,566 | ||||||
| MedPeer Inc.(a) | 1,000 | 16,386 | ||||||
| 167,140 | ||||||||
| Hotels, Restaurants & Leisure — 3.2% | ||||||||
| Arcland Service Holdings Co. Ltd. | 1,000 | 15,980 | ||||||
| Atom Corp.(a) | 10,000 | 58,632 | ||||||
| Colowide Co.Ltd. | 6,000 | 80,345 | ||||||
| Create Restaurants Holdings Inc. | 10,000 | 68,487 | ||||||
| Curves Holdings Co. Ltd. | 4,000 | 21,809 | ||||||
| Doutor Nichires Holdings Co. Ltd. | 3,000 | 34,935 | ||||||
| Food & Life Companies Ltd. | 9,000 | 195,507 | ||||||
| Fuji Kyuko Co. Ltd. | 2,000 | 62,610 | ||||||
| Fujio Food Group Inc. | 1,000 | 10,511 | ||||||
| Hiday Hidaka Corp. | 2,084 | 31,687 | ||||||
| HIS Co. Ltd.(a) | 4,000 | 72,089 | ||||||
| Ichibanya Co. Ltd. | 1,000 | 37,815 | ||||||
| Kappa Create Co. Ltd.(a) | 2,000 | 21,563 | ||||||
| KFC Holdings Japan Ltd. | 1,000 | 21,774 | ||||||
| Kisoji Co. Ltd. | 2,000 | 32,300 | ||||||
| KOMEDA Holdings Co. Ltd. | 4,000 | 68,952 | ||||||
| Koshidaka Holdings Co. Ltd. | 4,000 | 23,554 | ||||||
| Kura Sushi Inc. | 2,000 | 46,046 | ||||||
| Kyoritsu Maintenance Co. Ltd. | 2,080 | 80,509 | ||||||
| Matsuyafoods Holdings Co. Ltd. | 1,000 | 29,160 | ||||||
| Monogatari Corp. (The) | 1,000 | 41,140 | ||||||
| MOS Food Services Inc. | 2,000 | 47,245 | ||||||
| Ohsho Food Service Corp. | 1,000 | 49,151 | ||||||
| Plenus Co. Ltd. | 2,000 | 30,187 | ||||||
| Resorttrust Inc. | 7,000 | 116,006 | ||||||
| Ringer Hut Co. Ltd. | 2,000 | 35,064 | ||||||
| Round One Corp. | 6,000 | 70,280 | ||||||
| Royal Holdings Co. Ltd.(a) | 2,000 | 34,839 | ||||||
| Saizeriya Co.Ltd. | 2,000 | 37,262 | ||||||
| Skylark Holdings Co. Ltd. | 19,000 | 227,853 | ||||||
| TKP Corp.(a) | 1,000 | 13,220 | ||||||
| Security | Shares | Value | ||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||
| Tokyotokeiba Co. Ltd. | 1,000 | $ | 28,744 | |||||
| Toridoll Holdings Corp. | 4,000 | 70,851 | ||||||
| Tosho Co.Ltd. | 1,000 | 10,371 | ||||||
| Yoshinoya Holdings Co. Ltd. | 5,000 | 92,559 | ||||||
| Zensho Holdings Co. Ltd. | 8,000 | 184,528 | ||||||
| 2,103,565 | ||||||||
| Household Durables — 2.4% | ||||||||
| Casio Computer Co. Ltd. | 16,000 | 146,039 | ||||||
| Chofu Seisakusho Co. Ltd. | 1,000 | 13,933 | ||||||
| ES-Con Japan Ltd. | 3,000 | 17,777 | ||||||
| Fujitsu General Ltd. | 5,000 | 95,889 | ||||||
| Haseko Corp. | 18,000 | 214,724 | ||||||
| Ki-Star Real Estate Co. Ltd. | 1,000 | 37,527 | ||||||
| Nagawa Co. Ltd. | 1,000 | 68,064 | ||||||
| Nikon Corp. | 24,000 | 297,799 | ||||||
| Pressance Corp. | 2,000 | 23,559 | ||||||
| Rinnai Corp. | 3,000 | 206,704 | ||||||
| Sangetsu Corp. | 4,000 | 47,593 | ||||||
| Starts Corp. Inc. | 3,000 | 56,628 | ||||||
| Sumitomo Forestry Co. Ltd. | 11,000 | 168,763 | ||||||
| Tama Home Co. Ltd. | 1,000 | 18,365 | ||||||
| Tamron Co. Ltd. | 1,000 | 18,975 | ||||||
| Token Corp. | 1,000 | 66,721 | ||||||
| Zojirushi Corp. | 3,000 | 31,747 | ||||||
| 1,530,807 | ||||||||
| Household Products — 0.6% | ||||||||
| Earth Corp. | 1,000 | 39,748 | ||||||
| Lion Corp. | 18,000 | 201,204 | ||||||
| Pigeon Corp. | 10,000 | 143,183 | ||||||
| 384,135 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
| Electric Power Development Co. Ltd. | 12,000 | 190,201 | ||||||
| eRex Co.Ltd. | 2,000 | 31,958 | ||||||
| RENOVA Inc.(a) | 3,000 | 44,155 | ||||||
| West Holdings Corp. | 2,080 | 74,625 | ||||||
| 340,939 | ||||||||
| Industrial Conglomerates — 0.6% | ||||||||
| Katakura Industries Co. Ltd. | 1,000 | 16,423 | ||||||
| Keihan Holdings Co. Ltd. | 8,000 | 184,404 | ||||||
| Mie Kotsu Group Holdings Inc. | 4,000 | 14,919 | ||||||
| Nisshinbo Holdings Inc. | 10,000 | 80,505 | ||||||
| Noritsu Koki Co. Ltd. | 2,000 | 36,413 | ||||||
| TOKAI Holdings Corp. | 8,000 | 54,596 | ||||||
| 387,260 | ||||||||
| Insurance — 0.1% | ||||||||
| Anicom Holdings Inc. | 6,000 | 31,005 | ||||||
| Interactive Media & Services — 0.3% | ||||||||
| Bengo4.com Inc.(a) | 1,000 | 28,159 | ||||||
| Dip Corp. | 3,000 | 87,325 | ||||||
| Gree Inc. | 2,000 | 13,646 | ||||||
| Mixi Inc. | 3,000 | 49,095 | ||||||
| 178,225 | ||||||||
| Internet & Direct Marketing Retail — 0.4% | ||||||||
| Airtrip Corp. | 1,000 | 23,101 | ||||||
| ASKUL Corp. | 3,000 | 33,748 | ||||||
| Belluna Co.Ltd. | 4,000 | 20,648 | ||||||
| Demae-Can Co. Ltd.(a) | 3,000 | 10,000 | ||||||
| Mercari Inc.(a) | 9,000 | 148,841 | ||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Internet & Direct Marketing Retail (continued) | ||||||||
| Oisix ra daichi Inc.(a) | 2,000 | $ | 29,459 | |||||
| Open Door Inc.(a) | 1,000 | 15,358 | ||||||
| 281,155 | ||||||||
| IT Services — 2.3% | ||||||||
| Argo Graphics Inc. | 1,000 | 24,227 | ||||||
| BIPROGY Inc. | 6,000 | 131,081 | ||||||
| Change Inc. | 3,000 | 41,014 | ||||||
| Comture Corp. | 2,000 | 43,906 | ||||||
| Digital Garage Inc. | 3,000 | 89,767 | ||||||
| DTS Corp. | 3,000 | 71,191 | ||||||
| Future Corp. | 4,000 | 51,077 | ||||||
| GMO GlobalSign Holdings KK | 400 | 17,398 | ||||||
| GMO internet Inc. | 6,000 | 116,513 | ||||||
| Infocom Corp. | 2,000 | 33,318 | ||||||
| Information Services International-Dentsu Ltd. | 2,000 | 63,586 | ||||||
| Kanematsu Electronics Ltd. | 1,000 | 30,680 | ||||||
| Mitsubishi Research Institute Inc. | 1,000 | 32,026 | ||||||
| NEC Networks & System Integration Corp. | 6,000 | 84,819 | ||||||
| NET One Systems Co. Ltd. | 6,000 | 128,798 | ||||||
| NS Solutions Corp. | 3,000 | 87,442 | ||||||
| NSD Co. Ltd. | 5,000 | 89,956 | ||||||
| SB Technology Corp. | 1,000 | 17,897 | ||||||
| SHIFT Inc.(a) | 1,000 | 153,625 | ||||||
| Simplex Holdings Inc. | 1,000 | 14,844 | ||||||
| TechMatrix Corp. | 3,000 | 37,506 | ||||||
| TKC Corp. | 2,000 | 52,207 | ||||||
| Transcosmos Inc. | 2,000 | 53,630 | ||||||
| Zuken Inc. | 1,000 | 22,096 | ||||||
| 1,488,604 | ||||||||
| Leisure Products — 1.2% | ||||||||
| GLOBERIDE Inc. | 1,000 | 18,019 | ||||||
| Heiwa Corp. | 5,016 | 75,372 | ||||||
| Mizuno Corp. | 2,000 | 34,951 | ||||||
| Roland Corp. | 1,000 | 36,283 | ||||||
| Sankyo Co. Ltd. | 4,000 | 133,115 | ||||||
| Sega Sammy Holdings Inc. | 15,000 | 278,090 | ||||||
| Snow Peak Inc. | 2,000 | 42,306 | ||||||
| Tomy Co. Ltd. | 7,000 | 69,818 | ||||||
| Universal Entertainment Corp.(a) | 2,000 | 28,814 | ||||||
| Yonex Co. Ltd. | 5,000 | 42,056 | ||||||
| 758,824 | ||||||||
| Machinery — 7.0% | �� | |||||||
| Aichi Corp. | 2,000 | 13,677 | ||||||
| Aida Engineering Ltd. | 4,000 | 28,013 | ||||||
| Amada Co. Ltd. | 27,000 | 216,325 | ||||||
| CKD Corp. | 4,000 | 57,452 | ||||||
| Daiwa Industries Ltd. | 3,000 | 23,629 | ||||||
| DMG Mori Co. Ltd. | 10,000 | 146,860 | ||||||
| Ebara Corp. | 8,000 | 343,602 | ||||||
| Fuji Corp./Aichi. | 6,000 | 102,763 | ||||||
| Fujitec Co. Ltd. | 5,000 | 101,319 | ||||||
| Fukushima Galilei Co. Ltd. | 1,000 | 26,335 | ||||||
| Furukawa Co. Ltd. | 2,000 | 19,120 | ||||||
| Giken Ltd. | 1,000 | 27,313 | ||||||
| Glory Ltd. | 4,000 | 61,873 | ||||||
| Harmonic Drive Systems Inc. | 4,000 | 102,395 | ||||||
| Hino Motors Ltd. | 24,000 | 133,856 | ||||||
| Hirata Corp. | 1,000 | 33,194 | ||||||
| Hitachi Zosen Corp. | 14,000 | 85,149 | ||||||
| Security | Shares | Value | ||||||
| Machinery (continued) | ||||||||
| IHI Corp. | 12,000 | $ | 336,723 | |||||
| Japan Steel Works Ltd. (The) | 5,000 | 125,005 | ||||||
| Kawasaki Heavy Industries Ltd. | 13,000 | 254,944 | ||||||
| Kitz Corp. | 5,000 | 26,254 | ||||||
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,000 | 32,003 | ||||||
| Makino Milling Machine Co. Ltd. | 2,000 | 65,825 | ||||||
| Max Co. Ltd. | 2,000 | 24,170 | ||||||
| Meidensha Corp. | 3,000 | 48,050 | ||||||
| METAWATER Co. Ltd. | 2,000 | 31,228 | ||||||
| Mitsubishi Logisnext Co. Ltd. | 2,000 | 13,267 | ||||||
| Mitsuboshi Belting Ltd. | 2,000 | 43,376 | ||||||
| Miura Co. Ltd. | 7,000 | 157,851 | ||||||
| Morita Holdings Corp. | 3,000 | 30,239 | ||||||
| Nabtesco Corp. | 9,000 | 213,189 | ||||||
| Nachi-Fujikoshi Corp. | 1,000 | 28,346 | ||||||
| Nikkiso Co. Ltd. | 4,000 | 24,737 | ||||||
| Nitta Corp. | 2,000 | 43,638 | ||||||
| Noritake Co. Ltd./Nagoya Japan | 1,000 | 32,777 | ||||||
| NSK Ltd. | 32,000 | 182,091 | ||||||
| NTN Corp.(a) | 34,000 | 69,340 | ||||||
| Obara Group Inc. | 1,000 | 22,628 | ||||||
| Oiles Corp. | 2,096 | 25,257 | ||||||
| OKUMA Corp. | 2,000 | 80,430 | ||||||
| Organo Corp. | 600 | 45,534 | ||||||
| OSG Corp. | 7,000 | 89,818 | ||||||
| Shibaura Machine Co. Ltd. | 2,000 | 50,484 | ||||||
| Shibuya Corp. | 1,000 | 17,982 | ||||||
| Shima Seiki Manufacturing Ltd. | 2,000 | 31,464 | ||||||
| Shinmaywa Industries Ltd. | 4,000 | 30,026 | ||||||
| Star Micronics Co. Ltd. | 3,000 | 39,145 | ||||||
| Sumitomo Heavy Industries Ltd. | 9,000 | 212,161 | ||||||
| Tadano Ltd. | 8,000 | 58,708 | ||||||
| Takeuchi Manufacturing Co. Ltd. | 3,000 | 54,458 | ||||||
| Takuma Co. Ltd. | 5,000 | 55,121 | ||||||
| THK Co. Ltd. | 10,000 | 204,227 | ||||||
| Tocalo Co. Ltd. | 5,000 | 52,846 | ||||||
| Tsubakimoto Chain Co. | 2,000 | 49,085 | ||||||
| Tsugami Corp. | 3,000 | 27,889 | ||||||
| Union Tool Co. | 1,000 | 28,311 | ||||||
| YAMABIKO Corp. | 3,000 | 27,536 | ||||||
| 4,509,038 | ||||||||
| Marine — 0.6% | ||||||||
| Iino Kaiun Kaisha Ltd. | 6,000 | 30,791 | ||||||
| Kawasaki Kisen Kaisha Ltd. | 4,000 | 316,576 | ||||||
| NS United Kaiun Kaisha Ltd. | 1,000 | 32,615 | ||||||
| 379,982 | ||||||||
| Media — 0.7% | ||||||||
| Direct Marketing MiX Inc. | 2,000 | 28,058 | ||||||
| Fuji Media Holdings Inc. | 4,000 | 34,014 | ||||||
| Kadokawa Corp. | 8,016 | 186,428 | ||||||
| Nippon Television Holdings Inc. | 4,000 | 37,809 | ||||||
| Septeni Holdings Co. Ltd. | 5,000 | 21,294 | ||||||
| SKY Perfect JSAT Holdings Inc. | 13,000 | 46,797 | ||||||
| TBS Holdings Inc. | 3,000 | 39,420 | ||||||
| TV Asahi Holdings Corp. | 2,000 | 22,524 | ||||||
| ValueCommerce Co. Ltd. | 1,000 | 24,479 | ||||||
| Vector Inc. | 2,000 | 17,485 | ||||||
| Zenrin Co. Ltd. | 3,000 | 21,224 | ||||||
| 479,532 | ||||||||
6
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Metals & Mining — 2.0% | ||||||||
| Asahi Holdings Inc. | 6,000 | $ | 96,379 | |||||
| Daido Steel Co. Ltd. | 2,000 | 56,219 | ||||||
| Daiki Aluminium Industry Co. Ltd. | 2,000 | 20,676 | ||||||
| Dowa Holdings Co. Ltd. | 4,000 | 146,343 | ||||||
| Kobe Steel Ltd. | 28,000 | 147,363 | ||||||
| Kyoei Steel Ltd. | 2,000 | 20,279 | ||||||
| Maruichi Steel Tube Ltd. | 5,000 | 115,381 | ||||||
| Mitsubishi Materials Corp. | 10,000 | 153,782 | ||||||
| Mitsui Mining & Smelting Co. Ltd. | 5,000 | 131,866 | ||||||
| Nippon Light Metal Holdings Co. Ltd. | 5,000 | 61,159 | ||||||
| Pacific Metals Co. Ltd. | 1,000 | 21,703 | ||||||
| Sanyo Special Steel Co. Ltd. | 2,000 | 32,564 | ||||||
| Toho Titanium Co.Ltd. | 3,000 | 50,689 | ||||||
| Tokyo Steel Manufacturing Co. Ltd. | 5,000 | 58,339 | ||||||
| UACJ Corp. | 3,014 | 51,575 | ||||||
| Yamato Kogyo Co. Ltd. | 3,000 | 99,962 | ||||||
| Yodogawa Steel Works Ltd. | 2,000 | 34,983 | ||||||
| 1,299,262 | ||||||||
| Multiline Retail — 1.9% | ||||||||
| Fuji Co. Ltd./Ehime | 2,000 | 35,051 | ||||||
| H2O Retailing Corp. | 3,035 | 22,191 | ||||||
| Isetan Mitsukoshi Holdings Ltd. | 26,000 | 217,230 | ||||||
| Izumi Co. Ltd. | 3,000 | 64,255 | ||||||
| J Front Retailing Co. Ltd. | 19,000 | 153,539 | ||||||
| Kintetsu Department Store Co. Ltd.(a) | 1,000 | 19,192 | ||||||
| Marui Group Co. Ltd. | 15,000 | 284,541 | ||||||
| Ryohin Keikaku Co. Ltd. | 21,000 | 223,645 | ||||||
| Seria Co. Ltd. | 4,000 | 70,730 | ||||||
| Takashimaya Co. Ltd. | 12,000 | 119,274 | ||||||
| 1,209,648 | ||||||||
| Oil, Gas & Consumable Fuels — 0.8% | ||||||||
| Cosmo Energy Holdings Co. Ltd. | 6,000 | 163,389 | ||||||
| Itochu Enex Co. Ltd. | 4,000 | 32,358 | ||||||
| Iwatani Corp. | 4,200 | 174,586 | ||||||
| Japan Petroleum Exploration Co. Ltd. | 3,000 | 72,928 | ||||||
| Mitsuuroko Group Holdings Co. Ltd. | 2,000 | 14,675 | ||||||
| San-Ai Obbli Co.Ltd. | 4,000 | 29,695 | ||||||
| 487,631 | ||||||||
| Paper & Forest Products — 0.3% | ||||||||
| Daiken Corp. | 1,000 | 14,688 | ||||||
| Daio Paper Corp. | 7,000 | 77,008 | ||||||
| Hokuetsu Corp. | 10,000 | 47,222 | ||||||
| Nippon Paper Industries Co. Ltd. | 8,000 | 58,624 | ||||||
| Tokushu Tokai Paper Co. Ltd. | 1,000 | 25,102 | ||||||
| 222,644 | ||||||||
| Personal Products — 1.0% | ||||||||
| Euglena Co. Ltd.(a) | 5,000 | 33,084 | ||||||
| Fancl Corp. | 7,000 | 117,950 | ||||||
| Mandom Corp. | 3,000 | 33,032 | ||||||
| Milbon Co. Ltd. | 2,000 | 79,299 | ||||||
| Noevir Holdings Co. Ltd. | 1,000 | 42,720 | ||||||
| Pola Orbis Holdings Inc. | 8,000 | 98,062 | ||||||
| Rohto Pharmaceutical Co. Ltd. | 8,000 | 204,821 | ||||||
| YA-MAN Ltd. | 2,000 | 18,693 | ||||||
| 627,661 | ||||||||
| Pharmaceuticals — 1.9% | ||||||||
| Hisamitsu Pharmaceutical Co. Inc. | 4,000 | 104,954 | ||||||
| JCR Pharmaceuticals Co. Ltd. | 5,000 | 91,399 | ||||||
| Kaken Pharmaceutical Co. Ltd. | 3,000 | 83,960 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
| Kissei Pharmaceutical Co. Ltd. | 2,000 | $ | 39,133 | |||||
| KYORIN Holdings Inc. | 3,000 | 38,834 | ||||||
| Mochida Pharmaceutical Co. Ltd. | 2,000 | 48,224 | ||||||
| Nichi-Iko Pharmaceutical Co. Ltd.(a) | 5,050 | 13,116 | ||||||
| Santen Pharmaceutical Co. Ltd. | 30,000 | 242,824 | ||||||
| Sawai Group Holdings Co. Ltd. | 3,000 | 88,500 | ||||||
| Sosei Group Corp.(a) | 6,000 | 53,486 | ||||||
| Sumitomo Pharma Co., Ltd. | 15,000 | 128,520 | ||||||
| Taisho Pharmaceutical Holdings Co. Ltd. | 3,000 | 115,586 | ||||||
| Torii Pharmaceutical Co. Ltd. | 1,000 | 23,430 | ||||||
| Towa Pharmaceutical Co.Ltd. | 2,000 | 37,232 | ||||||
| Tsumura & Co. | 5,000 | 113,954 | ||||||
| ZERIA Pharmaceutical Co. Ltd. | 2,000 | 30,818 | ||||||
| 1,253,970 | ||||||||
| Professional Services — 2.5% | ||||||||
| BayCurrent Consulting Inc. | 1,200 | 377,019 | ||||||
| Benefit One Inc. | 6,000 | 93,961 | ||||||
| BeNext-Yumeshin Group Co. | 5,016 | 55,821 | ||||||
| en Japan Inc. | 3,000 | 46,354 | ||||||
| Fullcast Holdings Co. Ltd. | 2,000 | 35,352 | ||||||
| Funai Soken Holdings Inc. | 3,000 | 49,725 | ||||||
| Insource Co. Ltd. | 2,000 | 34,869 | ||||||
| IR Japan Holdings Ltd. | 1,000 | 34,148 | ||||||
| JAC Recruitment Co. Ltd. | 1,000 | 14,015 | ||||||
| Link And Motivation Inc. | 3,000 | 10,566 | ||||||
| Management Solutions Co. Ltd.(a) | 1,000 | 38,762 | ||||||
| Meitec Corp. | 2,000 | 106,915 | ||||||
| Nomura Co. Ltd. | 7,000 | 49,218 | ||||||
| Outsourcing Inc. | 10,000 | 85,343 | ||||||
| Pasona Group Inc. | 2,000 | 32,334 | ||||||
| SMS Co. Ltd. | 6,000 | 138,621 | ||||||
| S-Pool Inc. | 6,000 | 56,726 | ||||||
| TechnoPro Holdings Inc. | 9,000 | 206,362 | ||||||
| UT Group Co. Ltd. | 2,000 | 37,660 | ||||||
| Visional Inc.(a) | 1,000 | 46,544 | ||||||
| WDB Holdings Co. Ltd. | 1,000 | 17,678 | ||||||
| Weathernews Inc. | 400 | 20,762 | ||||||
| 1,588,755 | ||||||||
| Real Estate Management & Development — 1.7% | ||||||||
| Aeon Mall Co. Ltd. | 9,000 | 108,657 | ||||||
| Goldcrest Co. Ltd. | 1,000 | 13,094 | ||||||
| Heiwa Real Estate Co. Ltd. | 3,000 | 87,803 | ||||||
| Ichigo Inc. | 22,000 | 50,361 | ||||||
| Katitas Co. Ltd. | 4,000 | 90,350 | ||||||
| Keihanshin Building Co. Ltd. | 2,000 | 19,241 | ||||||
| Leopalace21 Corp.(a) | 14,000 | 31,881 | ||||||
| Relo Group Inc. | 9,000 | 147,932 | ||||||
| SAMTY Co. Ltd. | 2,000 | 30,985 | ||||||
| SRE Holdings Corp.(a) | 1,000 | 14,920 | ||||||
| Sun Frontier Fudousan Co. Ltd. | 2,000 | 16,346 | ||||||
| TOC Co. Ltd. | 3,000 | 14,348 | ||||||
| Tokyo Tatemono Co. Ltd. | 16,000 | 212,855 | ||||||
| Tokyu Fudosan Holdings Corp. | 52,000 | 268,291 | ||||||
| Tosei Corp. | 2,000 | 17,437 | ||||||
| 1,124,501 | ||||||||
| Road & Rail — 3.1% | ||||||||
| Fukuyama Transporting Co. Ltd. | 2,000 | 50,333 | ||||||
| Hamakyorex Co. Ltd. | 1,000 | 22,762 | ||||||
| Hitachi Transport System Ltd. | 4,000 | 264,411 | ||||||
7
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Road & Rail (continued) | ||||||||
| Keikyu Corp. | 17,000 | $ | 177,859 | |||||
| Kyushu Railway Co. | 11,000 | 220,782 | ||||||
| Maruzen Showa Unyu Co. Ltd. | 1,000 | 23,779 | ||||||
| Nagoya Railroad Co. Ltd. | 15,000 | 246,786 | ||||||
| Nankai Electric Railway Co.Ltd. | 9,000 | 167,625 | ||||||
| Nikkon Holdings Co. Ltd. | 5,000 | 78,169 | ||||||
| Nishi-Nippon Railroad Co. Ltd. | 5,000 | 106,276 | ||||||
| Sakai Moving Service Co. Ltd. | 1,000 | 33,779 | ||||||
| Sankyu Inc. | 4,000 | 119,722 | ||||||
| Seibu Holdings Inc. | 19,000 | 198,230 | ||||||
| Seino Holdings Co. Ltd. | 10,000 | 79,787 | ||||||
| Senko Group Holdings Co. Ltd. | 10,000 | 65,475 | ||||||
| Sotetsu Holdings Inc. | 7,000 | 120,888 | ||||||
| Trancom Co. Ltd. | 1,000 | 49,922 | ||||||
| 2,026,585 | ||||||||
| Semiconductors & Semiconductor Equipment — 2.2% | ||||||||
| Ferrotec Holdings Corp. | 4,000 | 93,650 | ||||||
| Japan Material Co. Ltd. | 6,000 | 83,031 | ||||||
| Megachips Corp. | 1,000 | 27,587 | ||||||
| Micronics Japan Co. Ltd. | 2,000 | 22,705 | ||||||
| Mimasu Semiconductor Industry Co. Ltd. | 1,000 | 18,495 | ||||||
| Mitsui High-Tec Inc. | 1,600 | 136,058 | ||||||
| Optorun Co. Ltd. | 2,000 | 30,720 | ||||||
| Rorze Corp. | 1,000 | 83,440 | ||||||
| RS Technologies Co. Ltd. | 1,000 | 46,835 | ||||||
| Sanken Electric Co. Ltd. | 2,000 | 84,294 | ||||||
| SCREEN Holdings Co.Ltd. | 3,008 | 273,658 | ||||||
| Shinko Electric Industries Co. Ltd. | 6,000 | 218,219 | ||||||
| Tokyo Seimitsu Co. Ltd. | 3,000 | 115,415 | ||||||
| Tri Chemical Laboratories Inc. | 2,000 | 39,719 | ||||||
| Ulvac Inc. | 4,000 | 168,514 | ||||||
| 1,442,340 | ||||||||
| Software — 1.4% | ||||||||
| Alpha Systems Inc. | 1,000 | 32,138 | ||||||
| Cybozu Inc. | 2,000 | 16,151 | ||||||
| Digital Arts Inc. | 1,000 | 54,287 | ||||||
| Freee KK(a) | 3,000 | 66,619 | ||||||
| Fuji Soft Inc. | 2,000 | 113,267 | ||||||
| Fukui Computer Holdings Inc. | 1,000 | 25,528 | ||||||
| Infomart Corp. | 17,000 | 64,680 | ||||||
| Justsystems Corp. | 3,000 | 109,161 | ||||||
| Money Forward Inc.(a) | 4,000 | 111,247 | ||||||
| OBIC Business Consultants Co. Ltd. | 3,000 | 103,738 | ||||||
| PKSHA Technology Inc.(a) | 1,000 | 16,914 | ||||||
| Plus Alpha Consulting Co. Ltd. | 1,000 | 16,641 | ||||||
| Rakus Co. Ltd. | 7,000 | 86,178 | ||||||
| Sansan Inc.(a) | 6,000 | 47,149 | ||||||
| Systena Corp. | 23,000 | 74,437 | ||||||
| 938,135 | ||||||||
| Specialty Retail — 2.7% | ||||||||
| ABC-Mart Inc. | 3,000 | 127,901 | ||||||
| Adastria Co. Ltd. | 2,000 | 33,062 | ||||||
| Alpen Co. Ltd. | 1,000 | 14,947 | ||||||
| AOKI Holdings Inc. | 3,000 | 15,606 | ||||||
| Arcland Sakamoto Co. Ltd. | 2,000 | 22,979 | ||||||
| Autobacs Seven Co. Ltd. | 6,000 | 63,445 | ||||||
| Bic Camera Inc. | 8,000 | 70,368 | ||||||
| DCM Holdings Co. Ltd. | 7,000 | 57,478 | ||||||
| EDION Corp. | 7,000 | 65,709 | ||||||
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
| Geo Holdings Corp. | 2,000 | $ | 18,873 | |||||
| IDOM Inc. | 5,000 | 26,143 | ||||||
| JINS Holdings Inc. | 1,000 | 31,869 | ||||||
| Joshin Denki Co. Ltd. | 1,000 | 14,578 | ||||||
| Joyful Honda Co. Ltd. | 4,000 | 49,467 | ||||||
| Keiyo Co. Ltd. | 3,000 | 22,626 | ||||||
| Kohnan Shoji Co. Ltd. | 2,000 | 56,769 | ||||||
| Komeri Co. Ltd. | 3,000 | 64,092 | ||||||
| K’s Holdings Corp. | 12,000 | 119,976 | ||||||
| Nafco Co. Ltd. | 1,000 | 12,352 | ||||||
| Nextage Co. Ltd. | 4,000 | 63,200 | ||||||
| Nishimatsuya Chain Co. Ltd. | 3,000 | 34,100 | ||||||
| Nojima Corp. | 3,000 | 68,400 | ||||||
| PAL GROUP Holdings Co. Ltd. | 2,000 | 24,995 | ||||||
| Sanrio Co. Ltd. | 4,000 | 81,118 | ||||||
| Shimamura Co. Ltd. | 2,000 | 168,983 | ||||||
| T-Gaia Corp. | 2,000 | 25,362 | ||||||
| United Arrows Ltd. | 2,000 | 31,530 | ||||||
| VT Holdings Co. Ltd. | 6,000 | 21,323 | ||||||
| Workman Co. Ltd. | 2,000 | 71,620 | ||||||
| Yamada Holdings Co. Ltd. | 61,000 | 215,377 | ||||||
| Yellow Hat Ltd. | 3,000 | 37,580 | ||||||
| 1,731,828 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.7% | ||||||||
| Eizo Corp. | 1,000 | 26,859 | ||||||
| Elecom Co. Ltd. | 4,000 | 46,989 | ||||||
| Konica Minolta Inc. | 38,000 | 126,954 | ||||||
| Maxell Ltd. | 4,000 | 39,051 | ||||||
| MCJ Co. Ltd. | 6,000 | 40,430 | ||||||
| Riso Kagaku Corp. | 2,000 | 33,920 | ||||||
| Toshiba TEC Corp. | 2,000 | 62,713 | ||||||
| Wacom Co. Ltd. | 13,000 | 97,533 | ||||||
| 474,449 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.9% | ||||||||
| Asics Corp. | 14,000 | 240,394 | ||||||
| Descente Ltd. | 2,000 | 39,368 | ||||||
| Goldwin Inc. | 2,000 | 122,864 | ||||||
| Gunze Ltd. | 1,000 | 28,443 | ||||||
| Japan Wool Textile Co. Ltd. (The) | 4,000 | 28,602 | ||||||
| Seiko Holdings Corp. | 2,000 | 40,300 | ||||||
| Seiren Co. Ltd. | 4,000 | 63,093 | ||||||
| Wacoal Holdings Corp. | 3,000 | 46,373 | ||||||
| 609,437 | ||||||||
| Trading Companies & Distributors — 1.6% | ||||||||
| Hanwa Co. Ltd. | 3,000 | 69,344 | ||||||
| Inaba Denki Sangyo Co. Ltd. | 4,000 | 80,422 | ||||||
| Inabata & Co. Ltd. | 4,000 | 68,744 | ||||||
| Japan Pulp & Paper Co. Ltd. | 1,000 | 27,905 | ||||||
| Kanamoto Co. Ltd. | 3,000 | 44,065 | ||||||
| Kanematsu Corp. | 6,000 | 60,815 | ||||||
| Nagase & Co. Ltd. | 8,000 | 112,621 | ||||||
| Nichiden Corp. | 1,000 | 15,649 | ||||||
| Nippon Steel Trading Corp. | 1,044 | 43,486 | ||||||
| Nishio Rent All Co. Ltd. | 2,000 | 42,022 | ||||||
| Sojitz Corp. | 20,000 | 317,159 | ||||||
| Trusco Nakayama Corp. | 4,000 | 56,964 | ||||||
| Wakita & Co. Ltd. | 3,000 | 25,624 | ||||||
| Yamazen Corp. | 4,000 | 29,261 | ||||||
8
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Trading Companies & Distributors (continued) | ||||||||
| Yuasa Trading Co. Ltd. | 1,000 | $ | 24,822 | |||||
| 1,018,903 | ||||||||
| Transportation Infrastructure — 0.9% | ||||||||
| Japan Airport Terminal Co. Ltd.(a) | 5,000 | 204,578 | ||||||
| Kamigumi Co. Ltd. | 9,000 | 178,441 | ||||||
| Mitsubishi Logistics Corp. | 4,000 | 94,371 | ||||||
| Sumitomo Warehouse Co. Ltd. (The) | 5,000 | 83,188 | ||||||
| 560,578 | ||||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
| Okinawa Cellular Telephone Co. | 1,000 | 39,840 | ||||||
| Total Common Stocks — 98.8% | ||||||||
| (Cost: $82,919,555) | 64,118,578 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.0% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(b)(c) | 20,000 | 20,000 | ||||||
| Total Short-Term Securities — 0.0% | ||||||||
| (Cost: $20,000) | 20,000 | |||||||
| Total Investments in Securities — 98.8% | ||||||||
| (Cost: $82,939,555) | 64,138,578 | |||||||
| Other Assets Less Liabilities — 1.2%. | 770,264 | |||||||
| Net Assets — 100.0% | $ | 64,908,842 | ||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. |
| (c) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/22 | Shares Held at 05/31/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | 3 | (b) | $ | — | $ | (3 | ) | $ | — | $ | — | — | $ | 70 | (c) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30,000 | — | (10,000 | )(b) | — | — | 20,000 | 20,000 | 23 | — | ||||||||||||||||||||||||||
| $ | (3 | ) | $ | — | $ | 20,000 | $ | 93 | $ | — | ||||||||||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
| (c) | 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 | ||||||||||||||
| Mini TOPIX index | 56 | 06/09/22 | $ | 829 | $ | (7,752 | ) | |||||||
9
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Japan Small-Cap ETF |
| May 31, 2022 |
Fair Value Measurements
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 614,183 | $ | 63,504,395 | $ | — | $ | 64,118,578 | ||||||||
| Money Market Funds | 20,000 | — | — | 20,000 | ||||||||||||
| $ | 634,183 | $ | 63,504,395 | $ | — | $ | 64,138,578 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | �� | |||||||||||||||
| Futures Contracts | $ | — | $ | (7,752 | ) | $ | — | $ | (7,752 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
10