LOGO   FEBRUARY 28, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares, Inc.

 

·  

iShares MSCI Austria ETF | EWO | NYSE Arca

·  

iShares MSCI Belgium ETF | EWK | NYSE Arca

·  

iShares MSCI France ETF | EWQ | NYSE Arca

·  

iShares MSCI Netherlands ETF | EWN | NYSE Arca

·  

iShares MSCI Sweden ETF | EWD | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2022
     6-Month   12-Month

U.S. large cap equities
(S&P 500® Index)

  (2.62)%   16.39%

U.S. small cap equities
(Russell 2000® Index)

  (9.46)   (6.01)

International equities
(MSCI Europe, Australasia, Far East Index)

  (6.78)   2.83

Emerging market equities
(MSCI Emerging Markets Index)

  (9.81)   (10.69)

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)

  0.02   0.04

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)

  (3.94)   (1.67)

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

  (4.07)   (2.64)

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (3.09)   (0.66)

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

  (3.07)   0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

THIS PAGE IS NOT PART OF YOUR FUND REPORT


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     9  

Shareholder Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     26  

Statements of Operations

     28  

Statements of Changes in Net Assets

     30  

Financial Highlights

     33  

Notes to Financial Statements

     38  

Statement Regarding Liquidity Risk Management Program

     47  

Supplemental Information

     48  

General Information

     49  

Glossary of Terms Used in this Report

     50  

 

 

  3


Fund Summary  as of February 28, 2022    iShares® MSCI Austria ETF

 

Investment Objective

The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (9.93 )%       7.60      7.75      5.51        7.60      45.27      71.03

Fund Market

    (10.98      6.93        7.61        5.37          6.93        44.28        68.74  

Index

    (9.26      8.48        7.95        5.66                8.48        46.59        73.47  

Index performance through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
       Annualized
Expense
Ratio
 
$ 1,000.00        $ 900.70        $ 2.31             $ 1,000.00        $ 1,022.40        $ 2.46          0.49

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of
Total Investments 
(a)
 

Financials

    31.3

Utilities

    15.0  

Industrials

    13.6  

Energy

    12.4  

Materials

    12.1  

Real Estate

    9.2  

Information Technology

    2.8  

Communication Services

    2.7  

Consumer Staples

    0.9  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of
Total Investments 
(a)
 

Erste Group Bank AG

    19.6

Verbund AG

    12.8  

OMV AG

    11.1  

voestalpine AG

    4.9  

BAWAG Group AG

    4.5  

ANDRITZ AG

    4.4  

Wienerberger AG

    4.4  

IMMOFINANZ AG

    4.0  

Raiffeisen Bank International AG

    2.9  

Lenzing AG

    2.9  

 

 

4  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of February 28, 2022    iShares® MSCI Belgium ETF

 

Investment Objective

The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (7.64 )%       7.29      5.13      8.32        7.29      28.43      122.27

Fund Market

    (8.13      6.95        5.07        8.28          6.95        28.03        121.62  

Index

    (7.29      2.95        4.26        8.22                2.95        23.17        120.33  

Index performance through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
       Annualized
Expense
Ratio
 
$ 1,000.00        $ 923.60        $ 2.38             $ 1,000.00        $ 1,022.30        $ 2.51          0.50

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of
Total Investments 
(a)
 

Consumer Staples

    24.0

Financials

    22.1  

Health Care

    16.7  

Real Estate

    12.1  

Materials

    9.8  

Communication Services

    3.5  

Industrials

    3.5  

Utilities

    2.4  

Information Technology

    2.4  

Consumer Discretionary

    2.3  

Energy

    1.2  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of
Total Investments 
(a)
 

Anheuser-Busch InBev SA/NV

    22.5

KBC Group NV

    8.8  

UCB SA

    6.7  

Argenx SE

    6.5  

Groupe Bruxelles Lambert SA

    4.5  

Solvay SA

    4.0  

Ageas SA/NV

    4.0  

Umicore SA

    3.9  

Sofina SA

    3.2  

Warehouses De Pauw CVA

    2.9  

 

 

FUND SUMMARY

  5


Fund Summary  as of February 28, 2022    iShares® MSCI France ETF

 

Investment Objective

The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns
     6 Months     1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (5.81 )%(a)      8.34      9.93      7.59        8.34      60.51      107.77

Fund Market

    (6.11     8.39        9.89        7.58          8.39        60.22        107.69  

Index

    (5.78     7.96        9.84        7.52                7.96        59.87        106.54  

 

  (a) 

The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
       Annualized
Expense
Ratio
 
$ 1,000.00        $ 941.90        $ 3.56             $ 1,000.00        $ 1,021.10        $ 3.71          0.74

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of
Total Investments 
(a)
 

Consumer Discretionary

    22.3

Industrials

    21.7  

Consumer Staples

    11.0  

Financials

    9.7  

Health Care

    8.4  

Energy

    7.0  

Information Technology

    6.4  

Materials

    5.8  

Communication Services

    3.2  

Utilities

    3.1  

Real Estate

    1.4  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of
Total Investments 
(a)
 

LVMH Moet Hennessy Louis Vuitton SE

    11.1

TotalEnergies SE

    7.0  

Sanofi

    6.5  

L’Oreal SA

    5.4  

Schneider Electric SE

    4.6  

Air Liquide SA

    4.3  

Airbus SE

    4.1  

BNP Paribas SA

    3.6  

Vinci SA

    3.1  

AXA SA

    2.9  

 

 

6  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of February 28, 2022    iShares® MSCI Netherlands ETF

 

Investment Objective

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (17.83 )%       (0.83 )%       13.10      10.85        (0.83 )%       85.07      180.13

Fund Market

    (18.81      (1.69      12.90        10.78          (1.69      83.40        178.43  

Index

    (17.33      (0.06      13.71        11.26                (0.06      90.08        190.73  

Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
       Annualized
Expense
Ratio
 
$ 1,000.00        $ 821.70        $ 2.21             $ 1,000.00        $ 1,022.40        $ 2.46          0.49

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of
Total Investments 
(a)
 

Information Technology

    33.6

Industrials

    14.1  

Financials

    12.0  

Consumer Staples

    11.3  

Consumer Discretionary

    10.0  

Materials

    8.5  

Health Care

    4.3  

Communication Services

    3.8  

Real Estate

    1.2  

Energy

    1.1  

Utilities

    0.1  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of
Total Investments 
(a)
 

ASML Holding NV

    24.4

Prosus NV

    7.7  

ING Groep NV

    6.1  

Adyen NV

    5.5  

Koninklijke DSM NV

    4.5  

Koninklijke Ahold Delhaize NV

    4.4  

Koninklijke Philips NV

    4.0  

Wolters Kluwer NV

    3.7  

Heineken NV

    3.3  

Akzo Nobel NV

    2.5  

 

 

FUND SUMMARY

  7


Fund Summary  as of February 28, 2022    iShares® MSCI Sweden ETF

 

Investment Objective

The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (18.25 )%       (5.03 )%       8.52      6.43        (5.03 )%       50.48      86.43

Fund Market

    (18.58      (5.00      8.51        6.45          (5.00      50.46        86.83  

Index

    (17.19      (4.47      8.27        6.06                (4.47      48.80        80.13  

Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
       Expenses
Paid During
the Period 
(a)
       Annualized
Expense
Ratio
 
$ 1,000.00        $ 817.50        $ 2.34             $ 1,000.00        $ 1,022.20        $ 2.61          0.52

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of
Total Investments 
(a)
 

Industrials

    37.4

Financials

    28.4  

Information Technology

    10.3  

Consumer Discretionary

    6.4  

Consumer Staples

    4.9  

Materials

    3.9  

Communication Services

    3.8  

Real Estate

    2.0  

Health Care

    1.6  

Energy

    1.3  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of
Total Investments 
(a)
 

Investor AB, Class B

    6.6

Nordea Bank Abp

    6.3  

Atlas Copco AB, Class A

    6.2  

Volvo AB, Class B

    4.9  

Telefonaktiebolaget LM Ericsson, Class B

    4.8  

Assa Abloy AB, Class B

    4.7  

Hexagon AB, Class B

    4.7  

Sandvik AB

    4.3  

Evolution AB

    3.5  

Skandinaviska Enskilda Banken AB, Class A

    3.3  

 

 

8  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES

  9


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Austria ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 0.9%

 

FACC AG(a)(b)

    62,356     $ 595,554  
   

 

 

 
Air Freight & Logistics — 2.7%  

Oesterreichische Post AG(b)

    47,597       1,934,476  
   

 

 

 
Banks — 26.7%  

BAWAG Group AG(c)

    58,692       3,168,772  

Erste Group Bank AG

    385,242       13,694,128  

Raiffeisen Bank International AG

    123,544       2,013,140  
   

 

 

 
      18,876,040  
Chemicals — 2.8%  

Lenzing AG(a)

    18,149       2,000,166  
   

 

 

 
Commercial Services & Supplies — 1.6%  

DO & CO AG(a)(b)

    11,633       1,150,903  
   

 

 

 
Construction & Engineering — 0.9%  

Poor AG.(a)

    44,881       602,918  
   

 

 

 
Construction Materials — 4.3%  

Wienerberger AG

    102,238       3,057,394  
   

 

 

 
Diversified Telecommunication Services — 2.7%  

Telekom Austria AG

    234,251       1,914,747  
   

 

 

 
Electric Utilities — 14.8%  

EVN AG

    54,643       1,516,670  

Verbund AG

    73,928       8,916,938  
   

 

 

 
      10,433,608  
Electrical Equipment — 0.9%  

Zumtobel Group AG

    69,492       626,460  
   

 

 

 
Electronic Equipment, Instruments & Components — 2.8%  

AT&S Austria Technologie & Systemtechnik AG

    35,851       1,967,125  
   

 

 

 
Energy Equipment & Services — 1.3%  

Schoeller-Bleckmann Oilfield Equipment AG(a)

    21,110       904,064  
   

 

 

 
Food Products — 0.9%  

Agrana Beteiligungs AG

    32,835       608,940  
   

 

 

 
Insurance — 4.2%  

UNIQA Insurance Group AG

    182,954       1,464,254  

Vienna Insurance Group AG Wiener Versicherung Gruppe

    57,097       1,495,031  
   

 

 

 
      2,959,285  
Security   Shares     Value  
Machinery — 6.5%  

ANDRITZ AG

    68,869     $ 3,087,341  

Palfinger AG

    26,395       785,309  

Semperit AG Holding

    22,973       722,971  
   

 

 

 
      4,595,621  
Metals & Mining — 4.8%  

voestalpine AG

    102,953       3,402,701  
   

 

 

 
Oil, Gas & Consumable Fuels — 10.9%  

OMV AG

    162,166       7,719,666  
   

 

 

 
Real Estate Management & Development — 9.1%  

CA Immobilien Anlagen AG

    57,375       1,962,994  

IMMOFINANZ AG

    107,502       2,769,931  

S IMMO AG

    66,366       1,701,064  
   

 

 

 
      6,433,989  

Total Common Stocks — 98.8%
(Cost: $74,939,601)

 

    69,783,657  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 3.0%

 

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)

    2,040,642       2,041,050  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)

    80,000       80,000  
   

 

 

 
      2,121,050  
   

 

 

 

Total Short-Term Investments — 3.0%
(Cost: $2,120,983)

 

    2,121,050  
   

 

 

 

Total Investments in Securities — 101.8%
(Cost: $77,060,584)

 

    71,904,707  

Other Assets, Less Liabilities — (1.8)%

 

    (1,271,748
   

 

 

 

Net Assets — 100.0%

 

  $ 70,632,959  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

10  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Austria ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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 Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 2,252,894      $      $ (210,992)(a)      $ (595    $ (257    $ 2,041,050        2,040,642      $ 22,798 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     30,000        50,000 (a)                            80,000        80,000        2         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (595    $ (257    $ 2,121,050         $ 22,800      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

                 

Euro STOXX 50 Index

     19          03/18/22        $ 831        $ (59,819
            

 

 

      

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 59,819  
  

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 45,780  
  

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:       

Futures contracts

   $ (74,658
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 1,035,402  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

SCHEDULES OF INVESTMENTS

  11


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Austria ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

   $ 5,920,078        $ 63,863,579        $        $ 69,783,657  

Money Market Funds

     2,121,050                            2,121,050  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 8,041,128        $ 63,863,579        $        $ 71,904,707  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (59,819      $        $ (59,819
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

12  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Belgium ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Air Freight & Logistics — 0.4%  

bpost SA(a)

    15,458     $ 104,129  
   

 

 

 
Banks — 9.7%  

KBC Ancora

    4,987       224,493  

KBC Group NV

    29,353       2,114,794  
   

 

 

 
      2,339,287  
Beverages — 22.4%  

Anheuser-Busch InBev SA/NV

    87,362       5,390,917  
   

 

 

 
Biotechnology — 8.2%  

Argenx SE(a)

    5,370       1,554,847  

Galapagos NV(a)

    6,146       405,976  
   

 

 

 
      1,960,823  
Capital Markets — 0.7%  

Gimv NV

    2,872       170,424  
   

 

 

 
Chemicals — 8.9%  

Recticel SA

    6,966       144,588  

Solvay SA

    8,605       959,634  

Tessenderlo Group SA(a)

    2,874       105,488  

Umicore SA

    22,682       927,913  
   

 

 

 
      2,137,623  
Construction & Engineering — 3.0%  

Ackermans & van Haaren NV

    3,045       568,425  

Cie d’Entreprises CFE

    1,231       163,621  
   

 

 

 
      732,046  
Distributors — 2.0%  

D’ieteren Group

    2,897       467,995  
   

 

 

 
Diversified Financial Services — 7.6%  

Groupe Bruxelles Lambert SA

    10,374       1,077,197  

Sofina SA

    1,952       758,070  
   

 

 

 
      1,835,267  
Diversified Telecommunication Services — 1.7%  

Proximus SADP

    20,118       399,951  
   

 

 

 
Electric Utilities — 2.4%  

Elia Group SA/NV

    4,022       579,019  
   

 

 

 
Electronic Equipment, Instruments & Components — 0.9%  

Barco NV

    9,727       221,961  
   

 

 

 
Entertainment — 0.6%  

Kinepolis Group NV(a)

    2,305       148,163  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 10.0%  

Aedifica SA

    4,258       481,895  

Befimmo SA

    3,541       188,166  

Cofinimmo SA

    3,410       445,911  

Intervest Offices & Warehouses NV

    3,632       106,900  

Montea NV

    1,500       186,822  

Retail Estates NV

    1,630       129,781  

Warehouses De Pauw CVA

    17,542       689,666  

Xior Student Housing NV

    3,128       170,278  
   

 

 

 
      2,399,419  
Food & Staples Retailing — 1.2%  

Etablissements Franz Colruyt NV

    7,207       288,257  
   

 

 

 
Health Care Equipment & Supplies — 0.4%  

Ion Beam Applications

    4,213       87,010  
   

 

 

 
Security   Shares     Value  
Health Care Providers & Services — 0.7%  

Fagron

    8,986     $ 156,311  
   

 

 

 
Health Care Technology — 0.4%  

AGFA-Gevaert NV(a)

    23,524       95,381  
   

 

 

 
Insurance — 4.0%  

Ageas SA/NV

    19,823       953,608  
   

 

 

 
IT Services — 0.4%  

Econocom Group SA/NV

    24,388       99,047  
   

 

 

 
Media — 0.9%  

Telenet Group Holding NV

    6,406       222,988  
   

 

 

 
Metals & Mining — 0.9%  

Bekaert SA

    5,105       222,111  
   

 

 

 
Oil, Gas & Consumable Fuels — 1.2%  

Euronav NV

    26,728       297,600  
   

 

 

 
Personal Products — 0.3%  

Ontex Group NV(a)

    10,943       78,051  
   

 

 

 
Pharmaceuticals — 7.0%  

Mithra Pharmaceuticals SA(a)

    3,736       75,571  

UCB SA

    14,805       1,615,769  
   

 

 

 
      1,691,340  
Real Estate Management & Development — 2.0%  

Immobel SA

    856       69,770  

Shurgard Self Storage SA

    2,762       158,222  

VGP NV

    1,022       260,964  
   

 

 

 
      488,956  
Semiconductors & Semiconductor Equipment — 1.0%  

Melexis NV

    2,747       250,752  
   

 

 

 
Textiles, Apparel & Luxury Goods — 0.3%  

Van de Velde NV

    1,837       71,643  
   

 

 

 
Wireless Telecommunication Services — 0.3%  

Orange Belgium SA

    3,195       69,754  
   

 

 

 

Total Common Stocks — 99.5%
(Cost: $29,911,177)

 

    23,959,833  
   

 

 

 
Short-Term Investments  
Money Market Funds — 0.3%        

BlackRock Cash Funds: Institutional, SL Agency Shares,
0.09%(b)(c)

    79,565       79,581  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $79,581)

 

    79,581  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $29,990,758)

 

    24,039,414  

Other Assets, Less Liabilities — 0.2%

 

    39,161  
   

 

 

 

Net Assets — 100.0%

 

  $ 24,078,575  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

 

SCHEDULES OF INVESTMENTS

  13


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Belgium ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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 Sales
    Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 125,177      $      $ (45,568 )(a)    $ 10      $ (38    $ 79,581        79,565      $ 5,984 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares(c)

     10,000               (10,000 )(a)                                         
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
           $ 10      $ (38    $ 79,581         $ 5,984     $  
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (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.

 
  (c) 

As of period end, the entity is no longer held.

 

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

           

Euro STOXX 50 Index

     2        03/18/22      $ 88      $ (8,032
        

 

 

    

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 8,032  
  

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 4,269  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (10,828
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 124,642  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

 

 

14  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Belgium ETF

 

Fair Value Hierarchy as of Period End (continued)

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

   $ 277,178        $ 23,682,655        $        $ 23,959,833  

Money Market Funds

     79,581                            79,581  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 356,759        $ 23,682,655        $        $ 24,039,414  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (8,032      $        $ (8,032
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

SCHEDULES OF INVESTMENTS

  15


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI France ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 7.3%  

Airbus SE(a)

    250,280     $ 31,955,516  

Dassault Aviation SA

    10,638       1,583,040  

Safran SA

    145,267       18,470,283  

Thales SA

    45,140       5,160,534  
   

 

 

 
      57,169,373  
Auto Components — 1.8%  

Cie. Generale des Etablissements Michelin SCA

    71,926       9,901,156  

Faurecia SE

    51,488       1,938,730  

Valeo

    98,544       2,173,298  
   

 

 

 
      14,013,184  
Automobiles — 0.3%  

Renault SA(a)

    81,337       2,548,938  
   

 

 

 
Banks — 5.7%  

BNP Paribas SA

    477,617       27,713,498  

Credit Agricole SA

    526,119       6,701,885  

Societe Generale SA

    344,158       9,731,939  
   

 

 

 
      44,147,322  
Beverages — 2.7%  

Pernod Ricard SA

    88,845       19,394,882  

Remy Cointreau SA

    9,614       1,850,242  
   

 

 

 
      21,245,124  
Building Products — 1.7%  

Cie. de Saint-Gobain

    214,651       13,309,452  
   

 

 

 
Capital Markets — 0.7%  

Amundi SA(b)

    26,169       1,814,974  

Euronext NV(b)

    36,250       3,272,338  
   

 

 

 
      5,087,312  
Chemicals — 4.7%  

Air Liquide SA

    201,161       33,413,867  

Arkema SA

    25,976       3,444,864  
   

 

 

 
      36,858,731  
Construction & Engineering — 4.0%  

Bouygues SA

    97,888       3,500,284  

Eiffage SA

    35,244       3,590,094  

Vinci SA

    228,614       23,970,499  
   

 

 

 
      31,060,877  
Diversified Financial Services — 0.3%            

Eurazeo SE

    16,757       1,294,321  

Wendel SE

    11,596       1,177,208  
   

 

 

 
      2,471,529  
Diversified Telecommunication Services — 1.3%  

Orange SA

    847,793       10,251,251  
   

 

 

 
Electric Utilities — 0.2%            

Electricite de France SA

    200,448       1,812,156  
   

 

 

 
Electrical Equipment — 5.9%            

Legrand SA

    113,558       10,713,067  

Schneider Electric SE

    229,510       35,559,383  
   

 

 

 
      46,272,450  
Entertainment — 0.5%  

Bollore SA

    374,183       1,893,406  

Ubisoft Entertainment SA(a)

    40,014       2,145,429  
   

 

 

 
      4,038,835  
Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) — 1.4%  

Covivio

    22,012     $ 1,800,811  

Gecina SA

    19,421       2,468,042  

Klepierre SA

    85,997       2,458,185  

Unibail-Rodamco-Westfield(a)

    53,280       4,061,311  
   

 

 

 
      10,788,349  
Food & Staples Retailing — 0.7%            

Carrefour SA

    263,506       5,297,590  
   

 

 

 
Food Products — 2.2%            

Danone SA

    277,076       16,857,090  
   

 

 

 
Health Care Equipment & Supplies — 0.3%            

BioMerieux

    17,525       1,926,195  
   

 

 

 
Health Care Providers & Services — 0.1%            

Orpea SA

    21,866       905,476  
   

 

 

 
Hotels, Restaurants & Leisure — 0.9%            

Accor SA(a)

    72,012       2,459,444  

La Francaise des Jeux SAEM(b)

    40,408       1,675,004  

Sodexo SA

    37,435       3,125,326  
   

 

 

 
      7,259,774  
Household Durables — 0.2%            

SEB SA

    11,702       1,701,889  
   

 

 

 
Insurance — 3.1%            

AXA SA

    826,458       22,361,980  

CNP Assurances

    72,636       1,770,376  
   

 

 

 
      24,132,356  
IT Services — 3.1%            

Capgemini SE

    68,024       14,239,432  

Edenred

    105,619       4,806,178  

Worldline SA/France(a)(b)

    100,883       5,144,348  
   

 

 

 
      24,189,958  
Life Sciences Tools & Services — 1.3%            

Eurofins Scientific SE

    57,053       5,789,616  

Sartorius Stedim Biotech

    11,697       4,485,453  
   

 

 

 
      10,275,069  
Machinery — 0.4%            

Alstom SA

    134,268       3,415,765  
   

 

 

 
Media — 1.4%            

Publicis Groupe SA

    97,039       6,440,063  

Vivendi SE

    328,296       4,144,334  
   

 

 

 
      10,584,397  
Metals & Mining — 1.1%            

ArcelorMittal SA

    271,194       8,414,777  
   

 

 

 
Multi-Utilities — 2.8%            

Engie SA

    775,511       12,355,788  

Veolia Environnement SA

    278,506       9,710,580  
   

 

 

 
      22,066,368  
Oil, Gas & Consumable Fuels — 7.0%            

TotalEnergies SE

    1,064,866       54,249,811  
   

 

 

 
Personal Products — 5.4%            

L’Oreal SA

    106,534       42,115,469  
   

 

 

 
Pharmaceuticals — 6.7%            

Ipsen SA

    16,220       1,887,353  

 

 

16  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI France ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Pharmaceuticals (continued)  

Sanofi

    482,750     $ 50,463,065  
   

 

 

 
      52,350,418  
Professional Services — 1.6%  

Bureau Veritas SA

    124,429       3,557,777  

Teleperformance

    24,946       9,256,514  
   

 

 

 
      12,814,291  
Semiconductors & Semiconductor Equipment — 1.6%  

STMicroelectronics NV

    289,847       12,167,198  
   

 

 

 
Software — 1.8%  

Dassault Systemes SE

    282,129       13,608,849  
   

 

 

 
Textiles, Apparel & Luxury Goods — 19.0%  

EssilorLuxottica SA

    122,020       21,301,058  

Hermes International

    13,459       18,560,454  

Kering SA

    31,868       22,104,713  

LVMH Moet Hennessy Louis Vuitton SE

    117,853       86,610,753  
   

 

 

 
      148,576,978  
Transportation Infrastructure — 0.6%  

Aeroports de Paris(a)

    12,762       1,804,413  

Getlink SE

    186,190       3,036,635  
   

 

 

 
      4,841,048  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $810,589,725)

 

    778,825,649  
   

 

 

 
Security   Shares     Value  

Short-Term Investments

 

Money Market Funds — 0.6%  

BlackRock Cash Funds: Treasury,
SL Agency Shares,

   

0.03%(c)(d)

    4,800,000     $ 4,800,000  
   

 

 

 

Total Short-Term Investments — 0.6%
(Cost: $4,800,000)

 

    4,800,000  
   

 

 

 

Total Investments in Securities — 100.4%
(Cost: $815,389,725)

 

    783,625,649  

Other Assets, Less Liabilities — (0.4)%

 

    (3,311,450
   

 

 

 

Net Assets — 100.0%

 

  $ 780,314,199  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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 Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares(a)

   $ 21,424      $      $ (21,363 )(b)     $ (61    $      $             $ 9,038 (c)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     350,000        4,450,000 (b)                            4,800,000        4,800,000        243         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (61    $      $ 4,800,000         $ 9,281      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

                 

CAC 40 10 Euro Index

     24          03/18/22        $ 1,777        $ (86,459
            

 

 

      

 

 

 

 

 

SCHEDULES OF INVESTMENTS

  17


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI France ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 86,459  
  

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (199,474
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (54,066
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 1,552,389  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

   $        $ 778,825,649        $        $ 778,825,649  

Money Market Funds

     4,800,000                            4,800,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 4,800,000        $ 778,825,649        $        $ 783,625,649  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (86,459      $        $ (86,459
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

18  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Air Freight & Logistics — 0.7%  

InPost SA(a)

    151,096     $ 933,109  

PostNL NV

    468,017       1,881,655  
   

 

 

 
      2,814,764  
Banks — 7.1%  

ABN AMRO Bank NV, CVA(b)

    271,274       3,609,903  

ING Groep NV

    1,969,195       22,997,223  
   

 

 

 
      26,607,126  
Beverages — 6.0%  

Coca-Cola Europacific Partners PLC

    117,139       5,998,688  

Heineken Holding NV

    50,690       4,139,800  

Heineken NV

    122,185       12,394,259  
   

 

 

 
      22,532,747  
Biotechnology — 0.3%  

Pharming Group NV(a)(c)

    1,186,867       1,061,668  
   

 

 

 
Capital Markets — 0.7%  

Flow Traders(b)

    40,411       1,387,070  

Van Lanschot Kempen NV

    51,836       1,311,434  
   

 

 

 
      2,698,504  
Chemicals — 8.1%  

Akzo Nobel NV

    100,462       9,558,166  

Corbion NV

    47,042       1,741,380  

Koninklijke DSM NV

    90,519       16,996,212  

OCI NV(a)

    78,713       2,231,217  
   

 

 

 
      30,526,975  
Construction & Engineering — 1.9%  

Arcadis NV

    56,833       2,597,463  

Boskalis Westminster

    69,299       2,001,290  

Fugro NV(a)

    160,464       1,544,722  

Koninklijke BAM Groep NV(a)

    385,789       1,085,375  
   

 

 

 
      7,228,850  
Distributors — 0.1%  

B&S Group Sarl(b)

    55,571       450,701  
   

 

 

 
Diversified Financial Services — 0.0%  

SNS REAAL NV(c)(d)

    63,320       1  
   

 

 

 
Diversified Telecommunication Services — 1.7%  

Koninklijke KPN NV

    1,914,076       6,550,222  
   

 

 

 
Electric Utilities — 0.1%            

Fastned BV(a)(c)

    7,875       303,568  
   

 

 

 
Electrical Equipment — 2.2%  

Alfen Beheer BV(a)(b)(c)

    19,855       1,934,967  

SIF Holding NV

    24,026       297,046  

Signify NV(b)

    80,502       4,117,982  

TKH Group NV

    35,814       1,983,800  
   

 

 

 
      8,333,795  
Energy Equipment & Services — 0.5%  

SBM Offshore NV

    131,381       2,001,236  
   

 

 

 
Entertainment — 2.1%  

Universal Music Group NV

    338,765       7,734,861  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 1.2%  

Eurocommercial Properties NV

    56,573       1,405,020  

NSI NV

    33,300       1,324,587  

Vastned Retail NV

    21,511       611,169  
Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) (continued)  

Wereldhave NV

    64,583     $ 1,179,072  
   

 

 

 
      4,519,848  
Food & Staples Retailing — 4.7%  

Koninklijke Ahold Delhaize NV

    542,325       16,683,133  

Sligro Food Group NV(a)

    45,883       1,170,279  
   

 

 

 
      17,853,412  
Food Products — 0.6%  

ForFarmers NV

    60,836       248,164  

JDE Peet’s NV

    65,178       2,139,745  
   

 

 

 
      2,387,909  
Health Care Equipment & Supplies — 4.0%  

Koninklijke Philips NV

    442,299       15,108,345  
   

 

 

 
Hotels, Restaurants & Leisure — 0.5%  

Basic-Fit NV(a)(b)(c)

    44,107       2,012,673  
   

 

 

 
Insurance — 4.3%  

Aegon NV

    1,046,145       5,167,739  

ASR Nederland NV

    87,271       3,771,938  

NN Group NV

    148,610       7,132,519  
   

 

 

 
      16,072,196  
Internet & Direct Marketing Retail — 8.9%  

Just Eat Takeaway.com NV(a)(b)

    107,601       4,354,845  

Prosus NV

    468,522       29,086,604  
   

 

 

 
      33,441,449  
IT Services — 5.5%  

Adyen NV(a)(b)

    9,926       20,688,487  
   

 

 

 
Leisure Products — 0.5%  

Accell Group NV(a)

    26,930       1,737,979  
   

 

 

 
Machinery — 1.0%  

Aalberts NV

    64,130       3,578,030  
   

 

 

 
Metals & Mining — 0.4%  

AMG Advanced Metallurgical Group NV

    38,677       1,532,107  
   

 

 

 
Oil, Gas & Consumable Fuels — 0.6%  

Koninklijke Vopak NV

    57,316       2,123,983  
   

 

 

 
Professional Services — 5.7%  

Brunel International NV

    38,155       453,982  

Intertrust NV(a)(b)

    87,327       1,900,915  

Randstad NV

    71,353       4,862,612  

Wolters Kluwer NV

    137,939       14,054,569  
   

 

 

 
      21,272,078  
Semiconductors & Semiconductor Equipment — 27.7%  

ASM International NV

    25,815       8,337,403  

ASML Holding NV

    137,683       92,113,201  

BE Semiconductor Industries NV

    43,805       3,741,872  
   

 

 

 
      104,192,476  
Software — 0.4%  

CM.Com NV(a)

    21,680       487,460  

TomTom NV(a)(c)

    124,853       1,042,325  
   

 

 

 
      1,529,785  
Trading Companies & Distributors — 2.6%  

AerCap Holdings NV(a)(c)

    80,121       4,360,986  

 

 

SCHEDULES OF INVESTMENTS

  19


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Trading Companies & Distributors (continued)  

IMCD NV

    33,720     $ 5,477,521  
   

 

 

 
      9,838,507  
   

 

 

 

Total Common Stocks — 100.1%
(Cost: $389,049,224)

 

    376,734,282  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 1.5%  

BlackRock Cash Funds: Institutional,
SL Agency Shares,

   

0.09%(e)(f)(g)

    5,594,376       5,595,494  

BlackRock Cash Funds: Treasury,
SL Agency Shares,

   

0.03%(e)(f)

    140,000       140,000  
   

 

 

 
      5,735,494  
   

 

 

 

Total Short-Term Investments — 1.5%
(Cost: $5,735,402)

 

    5,735,494  
   

 

 

 

Total Investments in Securities — 101.6%
(Cost: $394,784,626)

 

    382,469,776  

Other Assets, Less Liabilities — (1.6)%

 

    (5,966,698
   

 

 

 

Net Assets — 100.0%

 

  $ 376,503,078  
   

 

 

 
(a) 

Non-income producing security.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

All or a portion of this security is on loan.

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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 Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 3,087,917      $ 2,508,823 (a)     $      $ (936    $ (310    $ 5,595,494        5,594,376      $ 49,454 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     120,000        20,000 (a)                             140,000        140,000        6         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (936    $ (310    $ 5,735,494         $ 49,460      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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.

 

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (5,396
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (367
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 466,377  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

 

 

20  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Netherlands ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

   $ 10,359,674        $ 366,374,607        $ 1        $ 376,734,282  

Money Market Funds

     5,735,494                            5,735,494  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 16,095,168        $ 366,374,607        $ 1        $ 382,469,776  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

SCHEDULES OF INVESTMENTS

  21


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Sweden ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Banks — 14.6%  

Nordea Bank Abp

    3,445,785     $ 38,122,523  

Skandinaviska Enskilda Banken AB, Class A

    1,749,393       20,153,650  

Svenska Handelsbanken AB, Class A

    1,569,128       14,917,397  

Swedbank AB, Class A

    974,034       15,737,541  
   

 

 

 
      88,931,111  
   

 

 

 
Building Products — 6.9%  

Assa Abloy AB, Class B

    1,077,356       28,278,107  

Nibe Industrier AB, Class B

    1,534,982       13,664,049  
   

 

 

 
      41,942,156  
   

 

 

 
Capital Markets — 1.7%  

EQT AB

    317,683       10,632,860  
   

 

 

 
Commercial Services & Supplies — 0.7%  

Securitas AB, Class B

    338,109       4,093,444  
   

 

 

 
Communications Equipment — 4.7%  

Telefonaktiebolaget LM Ericsson, Class B

    3,137,354       28,869,601  
   

 

 

 
Construction & Engineering — 1.4%  

Skanska AB, Class B

    365,251       8,266,830  
   

 

 

 
Diversified Financial Services — 11.6%  

Industrivarden AB, Class A

    140,344       3,875,592  

Industrivarden AB, Class C

    174,661       4,734,143  

Investor AB

    535,465       11,840,462  

Investor AB, Class B

    1,958,376       39,877,377  

Kinnevik AB, Class B(a)

    259,981       6,619,199  

L E Lundbergforetagen AB, Class B

    82,048       3,961,876  
   

 

 

 
      70,908,649  
   

 

 

 
Diversified Telecommunication Services — 1.7%  

Telia Co. AB

    2,859,933       10,633,723  
   

 

 

 
Electronic Equipment, Instruments & Components — 4.6%  

Hexagon AB, Class B

    2,091,931       28,261,305  
   

 

 

 
Entertainment — 0.9%  

Embracer Group AB(a)

    601,382       5,162,344  
   

 

 

 
Health Care Equipment & Supplies — 1.6%  

Getinge AB, Class B

    246,085       9,551,674  
   

 

 

 
Hotels, Restaurants & Leisure — 3.5%  

Evolution AB(b)

    185,028       21,215,140  
   

 

 

 
Household Durables — 0.7%  

Electrolux AB, Class B

    241,978       4,332,654  
   

 

 

 
Household Products — 2.8%  

Essity AB, Class B

    654,156       16,835,310  
   

 

 

 
Industrial Conglomerates — 1.7%  

Investment AB Latour, Class B

    158,924       4,389,938  

Lifco AB, Class B

    250,280       5,689,252  
   

 

 

 
      10,079,190  
   

 

 

 
Machinery — 26.3%  

Alfa Laval AB

    337,773       10,954,287  

Atlas Copco AB, Class A

    721,801       37,016,919  

Atlas Copco AB, Class B

    419,602       18,959,795  

Epiroc AB, Class A

    709,025       13,323,042  
Security   Shares     Value  
Machinery (continued)  

Epiroc AB, Class B

    418,706     $ 6,787,381  

Husqvarna AB, Class B

    449,260       5,410,938  

Sandvik AB

    1,213,490       26,153,760  

SKF AB, Class B

    410,382       7,577,368  

Volvo AB, Class A

    214,605       4,193,712  

Volvo AB, Class B

    1,536,676       29,556,222  
   

 

 

 
      159,933,424  
   

 

 

 
Metals & Mining — 2.1%  

Boliden AB

    293,667       13,062,435  
   

 

 

 
Oil, Gas & Consumable Fuels — 1.3%  

Lundin Energy AB

    214,897       7,929,493  
   

 

 

 
Paper & Forest Products — 1.7%  

Svenska Cellulosa AB SCA, Class B

    652,010       10,637,893  
   

 

 

 
Real Estate Management & Development — 1.9%  

Fastighets AB Balder, Class B(a)(c)

    113,034       7,046,440  

Sagax AB, Class B

    172,782       4,698,188  
   

 

 

 
      11,744,628  
   

 

 

 
Software — 0.8%  

Sinch AB(a)(b)

    560,803       4,730,597  
   

 

 

 
Specialty Retail — 2.2%  

H & M Hennes & Mauritz AB, Class B

    784,167       13,087,042  
   

 

 

 
Tobacco — 2.0%  

Swedish Match AB

    1,700,643       12,363,238  
   

 

 

 
Wireless Telecommunication Services — 1.2%  

Tele2 AB, Class B

    537,742       7,125,706  
   

 

 

 

Total Common Stocks — 98.6%
(Cost: $680,180,187)

 

    600,330,447  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 1.6%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)

    901,732       901,912  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)

    9,120,000       9,120,000  
   

 

 

 
      10,021,912  
   

 

 

 

Total Short-Term Investments — 1.6%
(Cost: $10,021,912)

 

    10,021,912  
   

 

 

 

Total Investments in Securities — 100.2%
(Cost: $690,202,099)

 

    610,352,359  

Other Assets, Less Liabilities — (0.2)%

 

    (1,412,979
   

 

 

 

Net Assets — 100.0%

 

  $ 608,939,380  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

All or a portion of this security is on loan.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

22  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Sweden ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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 Sales
     Net
Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $      $ 901,912 (a)     $      $      $      $ 901,912        901,732      $ 81 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     260,000        8,860,000 (a)                            9,120,000        9,120,000        328         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $      $      $ 10,021,912         $ 409      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

           

OMXS30 Index

     386        03/18/22      $ 8,620      $ (549,191
        

 

 

    

 

 

 

Forward Foreign Currency Exchange Contracts

 

Currency
Purchased
      

Currency

Sold

       Counterparty      Settlement Date        Unrealized
Appreciation
(Depreciation)
 
USD     1,495,243        EUR     1,323,593        SCB        03/18/22        $ 10,208  
USD     7,211,573        SEK     65,533,800        SCB        03/18/22          290,082  
                       

 

 

 
                          300,290  
                       

 

 

 
EUR     164,384        USD     186,027        SCB        03/18/22          (1,592
SEK     76,679,016        USD     8,467,665        SCB        03/18/22          (369,049
                       

 

 

 
                          (370,641
                       

 

 

 
    Net unrealized depreciation        $ (70,351
                       

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
       Foreign
Currency
Exchange
Contracts
       Total  

Assets — Derivative Financial Instruments

            

Forward foreign currency exchange contracts

            

Unrealized appreciation on forward foreign currency exchange contracts

   $        $ 300,290        $ 300,290  
  

 

 

      

 

 

      

 

 

 

 

 

SCHEDULES OF INVESTMENTS

  23


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Sweden ETF

 

Derivative Financial Instruments Categorized by Risk Exposure (continued)

 

      Equity
Contracts
       Foreign
Currency
Exchange
Contracts
       Total  

Liabilities — Derivative Financial Instruments

            

Futures contracts

            

Unrealized depreciation on futures contracts(a)

   $ 549,191        $        $ 549,191  

Forward foreign currency exchange contracts

            

Unrealized depreciation on forward foreign currency exchange contracts

   $        $ 370,641        $ 370,641  
  

 

 

      

 

 

      

 

 

 
   $ 549,191        $ 370,641        $ 919,832  
  

 

 

      

 

 

      

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
       Foreign
Currency
Exchange
Contracts
       Total  

Net Realized Gain (Loss) from:

            

Futures contracts

   $ (301,910      $        $ (301,910

Forward foreign currency exchange contracts

              865,231          865,231  
  

 

 

      

 

 

      

 

 

 
   $ (301,910      $ 865,231        $ 563,321  
  

 

 

      

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

            

Futures contracts

   $ (476,464      $        $ (476,464

Forward foreign currency exchange contracts

              (447,881        (447,881
  

 

 

      

 

 

      

 

 

 
   $ (476,464      $ (447,881      $ (924,345
  

 

 

      

 

 

      

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 9,291,651  

Forward foreign currency exchange contracts:

  

Average amounts purchased — in USD

   $ 4,151,075  

Average amounts sold — in USD

   $ 10,150,222  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

      Assets        Liabilities  

Derivative Financial Instruments:

       

Futures contracts

   $        $ 549,191  

Forward foreign currency exchange contracts

     300,290          370,641  
  

 

 

      

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     300,290          919,832  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

              (549,191
  

 

 

      

 

 

 

Total derivative assets and liabilities subject to an MNA

     300,290          370,641  
  

 

 

      

 

 

 

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

 

Counterparty    Derivative
Assets
Subject to
an MNA by
Counterparty
       Derivatives
Available
for Offset
 (a)
       Non-Cash
Collateral
Received
       Cash
Collateral
Received
       Net Amount
of Derivative
Assets
  (b)
 

Standard Chartered Bank

   $ 300,290        $ (300,290      $        $        $  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

 

24  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Sweden ETF

 

Counterparty    Derivative
Liabilities
Subject to
an MNA by
Counterparty
       Derivatives
Available
for Offset
 (a)
       Non-Cash
Collateral
Pledged
       Cash
Collateral
Pledged
       Net Amount
of Derivative
Liabilities
 (c)
 

Standard Chartered Bank

   $ 370,641        $ (300,290      $        $        $ 70,351  

 

  (a) 

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

 
  (b) 

Net amount represents the net amount receivable from the counterparty in the event of default.

 
  (c) 

Net amount represents the net amount payable due to the counterparty in the event of default.

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

   $        $ 600,330,447        $        $ 600,330,447  

Money Market Funds

     10,021,912                            10,021,912  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 10,021,912        $ 600,330,447        $        $ 610,352,359  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Forward Foreign Currency Exchange Contracts

   $        $ 300,290        $        $ 300,290  

Liabilities

                 

Forward Foreign Currency Exchange Contracts

              (370,641                 (370,641

Futures Contracts

              (549,191                 (549,191
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ (619,542      $        $ (619,542
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

SCHEDULES OF INVESTMENTS

  25


 

Statements of Assets and Liabilities  (unaudited)

February 28, 2022

 

     iShares
MSCI Austria
ETF
    iShares
MSCI Belgium
ETF
    iShares
MSCI France
ETF
    iShares
MSCI
Netherlands
ETF
 

ASSETS

       

Investments in securities, at value (including securities on loan)(a):

       

Unaffiliated(b)

  $ 69,783,657     $ 23,959,833     $ 778,825,649     $ 376,734,282  

Affiliated(c)

    2,121,050       79,581       4,800,000       5,735,494  

Cash

          9,297       6,675       3,214  

Foreign currency, at value(d)

    86,566       9,635       1,578,101       309,536  

Foreign currency collateral pledged:

       

Futures contracts(e)

    74,002       7,848       230,977       28,031  

Receivables:

       

Investments sold

    687,529       271,047       503,033       12,951,829  

Securities lending income — Affiliated

    2,812       360             10,582  

Dividends

          14,562       142       3  

Tax reclaims

    687,797       77,930       1,040,272        
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    73,443,413       24,430,093       786,984,849       395,772,971  
 

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES

       

Bank overdraft

    46,624                    

Collateral on securities loaned, at value

    2,044,324       79,581             5,599,651  

Payables:

       

Investments purchased

    677,713       261,085       1,430,503       13,513,331  

Variation margin on futures contracts

    12,466       1,307       53,287       6,746  

Investment advisory fees

    29,327       9,545       314,987       150,165  

Professional fees

                990        

IRS compliance fee for foreign withholding tax claims

                4,870,883        
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    2,810,454       351,518       6,670,650       19,269,893  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 70,632,959     $ 24,078,575     $ 780,314,199     $ 376,503,078  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF:

       

Paid-in capital

  $ 116,449,364     $ 47,910,237     $ 883,008,696     $ 399,058,314  

Accumulated loss

    (45,816,405     (23,831,662     (102,694,497     (22,555,236
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 70,632,959     $ 24,078,575     $ 780,314,199     $ 376,503,078  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares outstanding

    3,150,000       1,200,000       22,000,000       8,700,000  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value

  $ 22.42     $ 20.07     $ 35.47     $ 43.28  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares authorized

    100 million       136.2 million       340.2 million       255 million  
 

 

 

   

 

 

   

 

 

   

 

 

 

Par value

  $ 0.001     $ 0.001     $ 0.001     $ 0.001  
 

 

 

   

 

 

   

 

 

   

 

 

 

(a) Securities loaned, at value

  $ 1,935,108     $     $     $ 5,309,647  

(b) Investments, at cost — Unaffiliated

  $ 74,939,601     $ 29,911,177     $ 810,589,725     $ 389,049,224  

(c)  Investments, at cost — Affiliated

  $ 2,120,983     $ 79,581     $ 4,800,000     $ 5,735,402  

(d) Foreign currency, at cost

  $ 79,025     $ 9,773     $ 1,601,278     $ 310,707  

(e) Foreign currency collateral pledged, at cost

  $ 82,607     $ 8,015     $ 239,731     $ 28,296  

See notes to financial statements.

 

 

26  

2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


 

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2022

 

      iShares
MSCI Sweden
ETF
 

ASSETS

  

Investments in securities, at value (including securities on loan)(a):

  

Unaffiliated(b)

   $ 600,330,447  

Affiliated(c)

     10,021,912  

Cash

     9,846  

Foreign currency, at value(d)

     142,631  

Foreign currency collateral pledged:

  

Futures contracts(e)

     664,896  

Receivables:

  

Investments sold

     867,178  

Securities lending income — Affiliated

     28  

Variation margin on futures contracts

     130,239  

Dividends

     275  

Tax reclaims

     3,284,354  

Foreign withholding tax claims

     5,411,649  

Unrealized appreciation on:

  

Forward foreign currency exchange contracts

     300,290  
  

 

 

 

Total assets

     621,163,745  
  

 

 

 

LIABILITIES

  

Collateral on securities loaned, at value

     901,912  

Payables:

  

Investments purchased

     93,360  

Investment advisory fees

     249,200  

Professional fees

     1,739,234  

IRS compliance fee for foreign withholding tax claims

     8,870,018  

Unrealized depreciation on:

  

Forward foreign currency exchange contracts

     370,641  
  

 

 

 

Total liabilities

     12,224,365  
  

 

 

 

NET ASSETS

   $ 608,939,380  
  

 

 

 

NET ASSETS CONSIST OF:

  

Paid-in capital

   $ 711,751,336  

Accumulated loss

     (102,811,956
  

 

 

 

NET ASSETS

   $ 608,939,380  
  

 

 

 

Shares outstanding

     16,050,000  
  

 

 

 

Net asset value

   $ 37.94  
  

 

 

 

Shares authorized

     63.6 million  
  

 

 

 

Par value

   $ 0.001  
  

 

 

 

(a) Securities loaned, at value

   $ 870,753  

(b) Investments, at cost — Unaffiliated

   $ 680,180,187  

(c)  Investments, at cost — Affiliated

   $ 10,021,912  

(d) Foreign currency, at cost

   $ 92,154  

(e) Foreign currency collateral pledged, at cost

   $ 783,428  

See notes to financial statements.

 

 

FINANCIAL STATEMENTS

  27


 

Statements of Operations  (unaudited))

Six Months Ended February 28, 2022

 

     iShares
MSCI Austria
ETF
    iShares
MSCI Belgium
ETF
    iShares
MSCI France
ETF
    iShares
MSCI
Netherlands
ETF
 

INVESTMENT INCOME

       

Dividends — Unaffiliated

  $ 1,367,449     $ 218,908 (a)    $ 3,371,168     $ 1,766,111  

Dividends — Affiliated

    166       8       248       537  

Interest — Unaffiliated

    492                    

Securities lending income — Affiliated — net

    22,634       5,976       9,033       48,923  

Other income — Unaffiliated

                1,041,223        

Foreign taxes withheld

    (131,730     (33,469     (1,618,755     (231,741

Foreign withholding tax claims

                8,161,260        

IRS Compliance fee for foreign withholding tax claims