LOGO

  FEBRUARY 28, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares, Inc.

 

·  

iShares MSCI Eurozone ETF | EZU | Cboe BZX

 

·  

iShares MSCI Germany ETF | EWG | NYSE Arca

 

·  

iShares MSCI Italy ETF | EWI | NYSE Arca

 

·  

iShares MSCI Spain ETF | EWP | NYSE Arca

 

·  

iShares MSCI Switzerland ETF | EWL | 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  

H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T


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

     24  

Statements of Operations

     26  

Statements of Changes in Net Assets

     28  

Financial Highlights

     31  

Notes to Financial Statements

     36  

Statement Regarding Liquidity Risk Management Program

     44  

Supplemental Information

     45  

General Information

     46  

Glossary of Terms Used in this Report

     47  

 

 

 


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

 

Investment Objective

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU 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

     (11.90 )%       0.60      7.14      6.16         0.60      41.18      81.73

Fund Market

     (12.37      0.41        7.09        6.13           0.41        40.84        81.38  

Index

     (11.15      1.15        7.23        6.25                 1.15        41.74        83.31  

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        $ 881.00        $ 2.38             $ 1,000.00        $ 1,022.30        $ 2.56          0.51

 

  (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

    16.6

Industrials

    15.4  

Financials

    15.0  

Information Technology

    13.4  

Consumer Staples

    8.1  

Health Care

    7.7  

Materials

    7.1  

Utilities

    6.5  

Communication Services

    4.3  

Energy

    4.3  

Real Estate

    1.6  

 

  (a)

 Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

France

    34.5

Germany

    26.0  

Netherlands

    16.2  

Spain

    7.3  

Italy

    6.2  

Finland

    3.0  

Belgium

    2.7  

Ireland

    2.0  

Austria

    0.7  

Liechtenstein

    0.5  

 

 

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

 

Investment Objective

The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany 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

     (15.40 )%       (6.55 )%       3.69      4.82         (6.55 )%       19.84      60.12

Fund Market

     (16.08      (6.81      3.59        4.78           (6.81      19.27        59.51  

Index

     (14.67      (5.69      4.03        5.07                 (5.69      21.84        63.96  

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        $ 846.00        $ 2.29             $ 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 Discretionary

    18.5

Industrials

    17.1  

Financials

    15.3  

Information Technology

    12.6  

Health Care

    11.6  

Materials

    8.1  

Communication Services

    5.1  

Utilities

    4.7  

Real Estate

    4.0  

Consumer Staples

    3.0  

 

  (a)

 Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

SAP SE

    8.7

Siemens AG

    7.9  

Allianz SE

    6.8  

Mercedes-Benz Group AG

    4.9  

BASF SE

    4.5  

Deutsche Telekom AG

    4.3  

Bayer AG

    4.2  

Deutsche Post AG

    3.7  

adidas AG

    3.3  

Infineon Technologies AG

    3.3  

 

 

U N D   S U M M A R Y

  5


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

 

Investment Objective

The iShares MSCI Italy ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 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

     (6.02 )%       4.01      8.37      4.20         4.01      49.45      50.83

Fund Market

     (6.89      3.79        8.26        4.14           3.79        48.72        50.04  

Index

     (5.34      4.75        8.63        4.31                 4.75        51.30        52.49  

Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 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        $ 939.80        $ 2.36             $ 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

    28.0

Utilities

    21.7  

Consumer Discretionary

    17.5  

Energy

    11.9  

Industrials

    9.3  

Health Care

    4.9  

Communication Services

    2.7  

Information Technology

    2.2  

Consumer Staples

    1.8  

 

  (a)

 Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Enel SpA

    15.1

Intesa Sanpaolo SpA

    10.7  

Eni SpA

    9.9  

Stellantis NV

    9.4  

Ferrari NV

    4.7  

Assicurazioni Generali SpA

    4.4  

CNH Industrial NV

    4.0  

UniCredit SpA

    3.5  

Moncler SpA

    3.5  

Terna - Rete Elettrica Nazionale

    3.4  

 

 

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

 

Investment Objective

The iShares MSCI Spain ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 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

     (6.92 )%       (2.43 )%       1.85      1.72         (2.43 )%       9.60      18.62

Fund Market

     (7.41      (2.33      1.84        1.71           (2.33      9.55        18.45  

Index

     (5.89      (1.61      2.29        2.13                 (1.61      11.98        23.51  

Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 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        $ 930.80        $ 2.35             $ 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

    30.6

Utilities

    29.5  

Industrials

    14.6  

Communication Services

    9.3  

Energy

    4.5  

Information Technology

    4.4  

Consumer Discretionary

    4.2  

Health Care

    2.9  

 

  (a) 

 Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Iberdrola SA

    17.9

Banco Santander SA

    15.6  

Banco Bilbao Vizcaya Argentaria SA

    10.9  

Cellnex Telecom SA

    4.8  

Telefonica SA

    4.5  

Repsol SA

    4.5  

Ferrovial SA

    4.5  

Aena SME SA

    4.4  

Amadeus IT Group SA

    4.4  

Industria de Diseno Textil SA

    4.3  

 

 

U N D   S U M M A R Y

  7


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

 

Investment Objective

The iShares MSCI Switzerland ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 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

     (4.84 )%       13.60      11.38      9.45         13.60      71.44      146.73

Fund Market

     (5.70      12.94        11.31        9.42           12.94        70.84        145.96  

Index

     (4.33      14.20        11.62        9.69                 14.20        73.29        152.18  

Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 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        $ 951.60        $ 2.37             $ 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) 

Health Care

    34.5

Consumer Staples

    23.2  

Financials

    16.3  

Industrials

    9.6  

Materials

    8.1  

Consumer Discretionary

    5.2  

Information Technology

    1.4  

Communication Services

    1.1  

Real Estate

    0.6  

 

  (a)

 Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Nestle SA

    20.8

Roche Holding AG

    14.8  

Novartis AG

    10.3  

Zurich Insurance Group AG

    4.3  

Cie. Financiere Richemont SA, Class A

    4.2  

UBS Group AG

    4.1  

ABB Ltd.

    3.5  

Lonza Group AG

    3.3  

Sika AG

    3.0  

Givaudan SA

    2.5  

 

 

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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.

 

 

B O U T  U N D  E R F O R M A N C E / S H A R E H O L D E R  X P E N S E S

  9


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Austria — 0.7%            

Erste Group Bank AG

    457,592     $ 16,265,940  

OMV AG

    196,030       9,331,710  

Raiffeisen Bank International AG

    199,539       3,251,472  

Verbund AG

    90,629       10,931,355  

voestalpine AG

    150,873       4,986,506  
   

 

 

 
          44,766,983  
Belgium — 2.6%            

Ageas SA/NV

    228,793       11,006,352  

Anheuser-Busch InBev SA/NV

    1,150,755       71,010,567  

Elia Group SA/NV

    40,283       5,799,262  

Etablissements Franz Colruyt NV

    68,403       2,735,906  

Groupe Bruxelles Lambert SA

    144,497       15,004,033  

KBC Group NV

    331,279       23,867,635  

Proximus SADP

    202,418       4,024,126  

Sofina SA

    20,504       7,962,839  

Solvay SA

    98,613       10,997,375  

UCB SA

    167,339       18,262,830  

Umicore SA

    259,405       10,612,174  
   

 

 

 
      181,283,099  
Finland — 3.0%            

Elisa Oyj

    189,289       10,487,962  

Fortum Oyj

    591,222       12,372,977  

Kesko Oyj, Class B

    363,479       10,697,077  

Kone Oyj, Class B

    450,853       26,308,893  

Neste Oyj

    560,421       21,853,405  

Nokia Oyj(a)

    7,136,734       38,590,739  

Orion Oyj, Class B

    141,270       6,633,879  

Sampo Oyj, Class A

    659,282       31,107,901  

Stora Enso Oyj, Class R

    774,206       14,744,020  

UPM-Kymmene Oyj

    707,363       24,441,664  

Wartsila OYJ Abp

    619,418       6,937,217  
   

 

 

 
      204,175,734  
France — 34.5%            

Accor SA(a)

    222,713       7,606,374  

Aeroports de Paris(a)

    38,692       5,470,644  

Air Liquide SA

    628,054       104,322,968  

Airbus SE(a)

    781,419       99,770,845  

Alstom SA

    421,255       10,716,687  

Amundi SA(b)

    79,425       5,508,591  

Arkema SA

    81,677       10,831,776  

AXA SA

    2,569,437       69,522,830  

BioMerieux

    55,114       6,057,651  

BNP Paribas SA

    1,490,746       86,499,822  

Bollore SA

    1,176,774       5,954,604  

Bouygues SA

    304,331       10,882,283  

Bureau Veritas SA

    391,304       11,188,488  

Capgemini SE

    212,242       44,428,517  

Carrefour SA

    819,797       16,481,402  

Cie. de Saint-Gobain

    669,817       41,532,055  

Cie. Generale des Etablissements Michelin SCA

    224,861       30,953,813  

CNP Assurances

    228,434       5,567,681  

Covivio

    67,817       5,548,136  

Credit Agricole SA

    1,637,814       20,863,038  

Danone SA

    865,480       52,655,136  

Dassault Aviation SA

    32,510       4,837,812  

Dassault Systemes SE

    882,532       42,570,046  

Edenred

    330,850       15,055,285  

Eiffage SA

    110,843       11,290,908  
Security   Shares     Value  

 

 
France (continued)            

Electricite de France SA

    630,150     $ 5,696,888  

Engie SA

    2,417,154       38,511,178  

EssilorLuxottica SA

    381,270       66,558,387  

Eurazeo SE

    52,718       4,071,970  

Eurofins Scientific SE

    177,915       18,054,431  

Faurecia SE

    156,125       5,878,733  

Gecina SA

    61,094       7,763,895  

Getlink SE

    585,548       9,549,897  

Hermes International

    41,966       57,872,651  

Ipsen SA

    50,183       5,839,274  

Kering SA

    99,309       68,884,051  

Klepierre SA

    270,477       7,731,461  

La Francaise des Jeux SAEM(b)

    127,111       5,269,041  

Legrand SA

    355,042       33,494,678  

L’Oreal SA

    332,578       131,476,135  

LVMH Moet Hennessy Louis Vuitton SE

    368,066       270,493,524  

Orange SA

    2,637,084       31,886,806  

Orpea SA

    69,573       2,881,034  

Pernod Ricard SA

    277,639       60,608,652  

Publicis Groupe SA

    301,805       20,029,505  

Remy Cointreau SA

    30,243       5,820,350  

Renault SA(a)

    255,814       8,016,697  

Safran SA

    452,868       57,580,868  

Sanofi

    1,507,756       157,609,507  

Sartorius Stedim Biotech

    36,827       14,122,066  

Schneider Electric SE

    716,064       110,944,160  

SEB SA

    36,799       5,351,891  

Societe Generale SA

    1,071,997       30,313,430  

Sodexo SA

    117,713       9,827,474  

Teleperformance

    77,928       28,916,125  

Thales SA

    141,960       16,229,273  

TotalEnergies SE

    3,324,985       169,392,026  

Ubisoft Entertainment SA(a)

    124,779       6,690,270  

Unibail-Rodamco-Westfield(a)

    166,000       12,653,485  

Valeo

    305,599       6,739,706  

Veolia Environnement SA

    866,226       30,202,428  

Vinci SA

    714,318       74,897,245  

Vivendi SE

    1,032,448       13,033,389  

Wendel SE

    36,281       3,683,192  

Worldline SA/France(a)(b)

    316,626       16,145,777  
   

 

 

 
          2,356,838,942  
Germany — 24.3%            

adidas AG

    252,334       59,662,271  

Allianz SE, Registered

    541,306       122,019,743  

Aroundtown SA

    1,307,751       8,063,777  

BASF SE

    1,216,320       80,990,181  

Bayer AG, Registered

    1,302,394       75,230,138  

Bayerische Motoren Werke AG

    438,353       42,216,538  

Bechtle AG

    108,395       5,560,249  

Beiersdorf AG

    134,132       13,596,691  

Brenntag SE

    205,595       17,235,539  

Carl Zeiss Meditec AG, Bearer

    53,546       8,403,223  

Commerzbank AG(a)

    1,333,351       11,142,967  

Continental AG(a)

    146,383       12,473,755  

Covestro AG(b)

    257,076       13,595,647  

Daimler Truck Holding AG(a)

    547,501       16,685,403  

Delivery Hero SE(a)(b)

    215,595       11,556,026  

Deutsche Bank AG, Registered(a)

    2,733,689       33,746,810  

Deutsche Boerse AG

    252,166       42,924,362  

Deutsche Lufthansa AG, Registered(a)

    792,095       6,015,994  

 

 

10  

2 0 2 2   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Germany (continued)

   

Deutsche Post AG, Registered

    1,313,791     $ 66,034,024  

Deutsche Telekom AG, Registered

    4,299,935       77,074,925  

E.ON SE

    2,980,300       40,536,678  

Evonik Industries AG

    279,077       8,400,670  

Fresenius Medical Care AG & Co. KGaA

    272,802       17,502,609  

Fresenius SE & Co. KGaA

    554,370       19,343,206  

GEA Group AG

    204,153       8,927,359  

Hannover Rueck SE

    80,204       14,765,698  

HeidelbergCement AG

    198,022       12,849,036  

HelloFresh SE(a)

    219,971       11,998,531  

Henkel AG & Co. KGaA

    138,292       10,632,873  

Infineon Technologies AG

    1,730,620       58,557,088  

KION Group AG

    96,002       7,696,118  

Knorr-Bremse AG

    96,531       8,510,174  

LANXESS AG

    106,923       5,208,401  

LEG Immobilien SE

    95,942       12,337,206  

Mercedes-Benz Group AG

    1,134,173       88,601,002  

Merck KGaA

    170,937       33,904,921  

MTU Aero Engines AG

    71,027       17,002,883  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    185,937       51,009,418  

Nemetschek SE

    76,838       6,817,941  

Puma SE

    140,486       12,883,185  

Rational AG

    6,778       4,988,347  

RWE AG

    849,930       39,354,212  

SAP SE

    1,384,503       156,177,462  

Scout24 SE(b)

    109,294       6,375,157  

Siemens AG, Registered

    1,014,035       142,859,624  

Siemens Healthineers AG(b)

    373,898       23,993,196  

Symrise AG

    175,809       20,911,873  

Telefonica Deutschland Holding AG

    1,385,510       3,780,842  

Uniper SE

    121,742       3,894,667  

United Internet AG, Registered

    128,016       4,353,610  

Volkswagen AG

    43,188       11,170,112  

Vonovia SE

    979,103       51,973,743  

Zalando SE(a)(b)

    295,846       19,581,057  
   

 

 

 
      1,661,127,162  
Ireland — 2.0%            

CRH PLC

    1,022,357       46,474,536  

Flutter Entertainment PLC, Class DI(a)

    220,940       31,817,142  

Kerry Group PLC, Class A

    210,881       25,124,175  

Kingspan Group PLC

    204,978       20,018,605  

Smurfit Kappa Group PLC

    327,478       16,354,981  
   

 

 

 
      139,789,439  
Italy — 6.2%            

Amplifon SpA

    165,680       7,110,069  

Assicurazioni Generali SpA

    1,462,505       28,923,726  

Atlantia SpA(a)

    659,656       12,134,540  

DiaSorin SpA

    33,487       5,011,476  

Enel SpA

    10,786,935       79,488,258  

Eni SpA

    3,343,804       52,011,891  

Ferrari NV

    166,764       35,835,639  

FinecoBank Banca Fineco SpA

    775,708       12,927,811  

Infrastrutture Wireless Italiane SpA(b)

    447,240       4,566,906  

Intesa Sanpaolo SpA

    21,888,787       55,954,875  

Mediobanca Banca di Credito Finanziario SpA

    826,576       8,608,149  

Moncler SpA

    271,584       16,308,642  

Nexi SpA(a)(b)

    697,251       9,523,027  

Poste Italiane SpA(b)

    685,013       7,856,767  
Security   Shares     Value  

Italy (continued)

   

Prysmian SpA

    335,053     $ 11,029,731  

Recordati Industria Chimica e Farmaceutica SpA

    139,132       6,805,152  

Snam SpA

    2,684,302       14,914,664  

Telecom Italia SpA/Milano

    13,174,980       5,535,411  

Terna - Rete Elettrica Nazionale

    1,872,494       15,340,952  

UniCredit SpA

    2,803,274       35,418,005  
   

 

 

 
      425,305,691  
Liechtenstein — 0.5%            

ArcelorMittal SA

    846,252       26,258,035  

Tenaris SA

    619,119       7,978,753  
   

 

 

 
      34,236,788  
Netherlands — 16.1%            

ABN AMRO Bank NV, CVA(b)

    562,943       7,491,206  

Adyen NV(a)(b)

    26,319       54,855,962  

Aegon NV

    2,378,569       11,749,637  

AerCap Holdings NV(a)

    178,661       9,724,518  

Akzo Nobel NV

    248,520       23,644,716  

Argenx SE(a)

    60,711       17,578,455  

ASM International NV

    62,096       20,054,984  

ASML Holding NV

    547,834       366,513,971  

CNH Industrial NV

    1,355,588       19,282,571  

Davide Campari-Milano NV

    695,635       7,570,487  

Euronext NV(b)

    114,016       10,292,383  

EXOR NV

    142,654       10,808,266  

Heineken Holding NV

    153,300       12,519,852  

Heineken NV

    342,909       34,784,163  

IMCD NV

    75,812       12,315,001  

ING Groep NV

    5,174,979       60,435,938  

InPost SA(a)

    272,904       1,685,347  

JDE Peet’s NV

    135,248       4,440,090  

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

    238,918       9,669,528  

Koninklijke Ahold Delhaize NV

    1,388,193       42,703,928  

Koninklijke DSM NV

    231,399       43,448,409  

Koninklijke KPN NV

    4,471,591       15,302,377  

Koninklijke Philips NV

    1,217,846       41,599,997  

NN Group NV

    359,445       17,251,521  

Prosus NV

    1,235,880       76,725,431  

QIAGEN NV(a)

    303,971       15,272,228  

Randstad NV

    157,423       10,728,169  

Stellantis NV

    2,701,861       49,097,887  

STMicroelectronics NV

    903,810       37,940,137  

Universal Music Group NV

    961,602       21,955,803  

Wolters Kluwer NV

    347,146       35,370,615  
   

 

 

 
      1,102,813,577  
Portugal — 0.5%            

EDP - Energias de Portugal SA

    3,694,388       18,037,687  

Galp Energia SGPS SA

    656,624       7,268,372  

Jeronimo Martins SGPS SA

    371,332       8,095,663  
   

 

 

 
      33,401,722  
Spain — 7.3%            

ACS Actividades de Construccion y Servicios SA

    341,504       8,298,743  

Aena SME SA(a)(b)

    99,801       16,288,041  

Amadeus IT Group SA(a)

    599,520       39,554,289  

Banco Bilbao Vizcaya Argentaria SA

    8,897,796       52,797,066  

Banco Santander SA

    23,077,733       76,849,201  

CaixaBank SA

    5,900,107       19,379,393  

Cellnex Telecom SA(b)

    678,047       30,669,564  

EDP Renovaveis SA

    383,585       9,323,867  

Enagas SA

    213,004       4,501,538  

 

 

 

C H E D U L E   O F  N V E S T M E N T S

  11


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Spain (continued)            

Endesa SA

    422,746     $ 9,292,557  

Ferrovial SA

    646,170       17,604,387  

Grifols SA

    413,967       7,848,857  

Iberdrola SA

    7,842,046       88,972,598  

Industria de Diseno Textil SA

    1,467,501       38,280,887  

Naturgy Energy Group SA

    268,955       7,215,964  

Red Electrica Corp. SA

    392,304       7,771,721  

Repsol SA

    1,931,068       25,057,609  

Siemens Gamesa Renewable Energy SA(a)

    317,296       7,300,915  

Telefonica SA

    7,019,734       33,525,676  
   

 

 

 
      500,532,873  
Switzerland — 0.2%            

Siemens Energy AG(a)

    531,490       12,640,798  
   

 

 

 
United Kingdom — 0.2%            

Coca-Cola Europacific Partners PLC

    271,983       13,928,249  
   

 

 

 

Total Common Stocks — 98.1%
(Cost: $7,337,243,953)

      6,710,841,057  
   

 

 

 

Preferred Stocks

   
Germany — 1.7%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    76,175       6,160,121  

Fuchs Petrolub SE, Preference Shares, NVS

    91,426       3,612,304  

Henkel AG & Co. KGaA, Preference Shares, NVS

    235,771       18,712,600  

Porsche Automobil Holding SE, Preference Shares, NVS

    202,727       20,233,838  

Security   Shares     Value  
Germany (continued)            

Sartorius AG, Preference Shares, NVS

    34,900     $ 15,408,807  

Volkswagen AG, Preference Shares, NVS

    246,290       48,415,094  
   

 

 

 
      112,542,764  
   

 

 

 

Total Preferred Stocks — 1.7%
(Cost: $138,584,227)

      112,542,764  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.3%            

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

    20,330,000       20,330,000  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $20,330,000)

 

    20,330,000  
   

 

 

 

Total Investments in Securities — 100.1%
(Cost: $7,496,158,180)

 

    6,843,713,821  

Other Assets, Less Liabilities — (0.1)%

 

    (5,236,005
   

 

 

 

Net Assets — 100.0%

    $   6,838,477,816  
   

 

 

 

 

(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)

  $ 7,962,763     $     $ (7,961,296 )(b)    $ 4,167     $ (5,634   $           $ 150,765 (c)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    27,350,000             (7,020,000 )(b)                  20,330,000       20,330,000       1,012        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 4,167     $ (5,634   $ 20,330,000       $ 151,777     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

12  

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Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Eurozone ETF

 

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

    294       03/18/22     $ 12,968      $ (441,634
        

 

 

 

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)

  $ 441,634  
 

 

 

 

 

  (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

   $ 659,542  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (454,012
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 5,618,473    

 

 

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

   $ 40,338,170        $ 6,670,502,887        $        $ 6,710,841,057  

Preferred Stocks

              112,542,764                   112,542,764  

Money Market Funds

     20,330,000                            20,330,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 60,668,170        $ 6,783,045,651        $        $ 6,843,713,821  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (441,634      $                 —        $ (441,634
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

C H E D U L E   O F  N V E S T M E N T S

  13


Schedule of Investments  (unaudited) 

February 28, 2022

  

iShares® MSCI Germany ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 0.9%

   

MTU Aero Engines AG

    85,469     $ 20,460,098  
   

 

 

 
Air Freight & Logistics — 3.6%            

Deutsche Post AG, Registered

    1,583,128       79,571,494  
   

 

 

 
Airlines — 0.3%            

Deutsche Lufthansa AG, Registered(a)

    950,477       7,218,911  
   

 

 

 
Auto Components — 0.7%            

Continental AG(a)

    175,207       14,929,939  
   

 

 

 
Automobiles — 7.8%            

Bayerische Motoren Werke AG

    528,799       50,927,137  

Mercedes-Benz Group AG

    1,366,916       106,782,763  

Volkswagen AG

    51,701       13,371,908  
   

 

 

 
        171,081,808  
Banks — 0.6%            

Commerzbank AG(a)

    1,601,418       13,383,234  
   

 

 

 
Capital Markets — 4.2%            

Deutsche Bank AG, Registered(a)

    3,300,856       40,748,366  

Deutsche Boerse AG

    303,451       51,654,230  
   

 

 

 
      92,402,596  
Chemicals — 7.1%            

BASF SE

    1,466,908       97,675,894  

Covestro AG(b)

    307,718       16,273,885  

Evonik Industries AG

    335,265       10,092,020  

LANXESS AG

    131,727       6,416,646  

Symrise AG

    212,124       25,231,417  
   

 

 

 
      155,689,862  
Construction Materials — 0.7%            

HeidelbergCement AG

    237,020       15,379,496  
   

 

 

 
Diversified Telecommunication Services — 4.7%  

Deutsche Telekom AG, Registered

    5,175,363       92,766,685  

Telefonica Deutschland Holding AG

    1,677,290       4,577,064  

United Internet AG, Registered

    155,924       5,302,714  
   

 

 

 
      102,646,463  
Electrical Equipment — 0.7%            

Siemens Energy AG(a)

    636,544       15,139,371  
   

 

 

 
Food & Staples Retailing — 0.7%            

HelloFresh SE(a)

    263,075       14,349,681  
   

 

 

 
Health Care Equipment & Supplies — 1.8%  

Carl Zeiss Meditec AG, Bearer

    64,009       10,045,230  

Siemens Healthineers AG(b)

    450,755       28,925,143  
   

 

 

 
      38,970,373  
Health Care Providers & Services — 2.0%            

Fresenius Medical Care AG & Co. KGaA

    328,128       21,052,250  

Fresenius SE & Co. KGaA

    669,404       23,356,999  
   

 

 

 
      44,409,249  
Household Products — 0.6%            

Henkel AG & Co. KGaA

    166,365       12,791,325  
   

 

 

 
Independent Power and Renewable Electricity Producers — 0.2%  

Uniper SE

    145,720       4,661,751  
   

 

 

 
Industrial Conglomerates — 7.9%            

Siemens AG, Registered

    1,221,787       172,128,212  
   

 

 

 
Security   Shares     Value  
Insurance — 10.3%  

Allianz SE, Registered

    652,302     $ 147,040,162  

Hannover Rueck SE

    96,041       17,681,318  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    223,753       61,383,750  
   

 

 

 
      226,105,230  
Interactive Media & Services — 0.4%            

Scout24 SE(b)

    139,357       8,128,743  
   

 

 

 
Internet & Direct Marketing Retail — 1.7%            

Delivery Hero SE(a)(b)

    260,473       13,961,515  

Zalando SE(a)(b)

    355,671       23,540,673  
   

 

 

 
      37,502,188  
IT Services — 0.3%            

Bechtle AG

    130,058       6,671,478  
   

 

 

 
Life Sciences Tools & Services — 0.8%            

QIAGEN NV(a)

    368,689       18,523,814  
   

 

 

 
Machinery — 2.6%            

Daimler Truck Holding AG(a)

    658,165       20,057,951  

GEA Group AG

    244,255       10,680,970  

KION Group AG

    114,692       9,194,425  

Knorr-Bremse AG

    116,079       10,233,526  

Rational AG

    8,119       5,975,271  
   

 

 

 
      56,142,143  
Multi-Utilities — 4.4%            

E.ON SE

    3,585,698       48,771,024  

RWE AG

    1,025,996       47,506,577  
   

 

 

 
      96,277,601  
Personal Products — 0.7%            

Beiersdorf AG

    160,549       16,274,529  
   

 

 

 
Pharmaceuticals — 6.0%            

Bayer AG, Registered

    1,569,035       90,632,113  

Merck KGaA

    206,415       40,941,892  
   

 

 

 
      131,574,005  
Real Estate Management & Development — 4.0%  

Aroundtown SA

    1,586,373       9,781,800  

LEG Immobilien SE

    116,016       14,918,527  

Vonovia SE

    1,178,293       62,547,349  
   

 

 

 
      87,247,676  
Semiconductors & Semiconductor Equipment — 3.2%  

Infineon Technologies AG

    2,085,695       70,571,371  
   

 

 

 
Software — 9.0%            

Nemetschek SE

    92,458       8,203,926  

SAP SE

    1,667,744       188,128,177  
   

 

 

 
      196,332,103  
Textiles, Apparel & Luxury Goods — 4.0%            

adidas AG

    304,083       71,897,890  

Puma SE

    168,157       15,420,738  
   

 

 

 
      87,318,628  
Trading Companies & Distributors — 1.0%  

Brenntag SE

    247,199       20,723,306  
   

 

 

 

Total Common Stocks — 92.9%
(Cost: $2,538,789,975)

 

    2,034,606,678  
   

 

 

 

 

 

 

14  

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Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Germany ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Preferred Stocks

   
Automobiles — 4.1%            

Bayerische Motoren Werke AG, Preference Shares, NVS .

    92,332     $ 7,466,705  

Porsche Automobil Holding SE, Preference Shares, NVS .

    244,891       24,442,155  

Volkswagen AG, Preference Shares, NVS

    296,399       58,265,401  
   

 

 

 
      90,174,261  
Chemicals — 0.2%            

Fuchs Petrolub SE, Preference Shares, NVS

    110,819       4,378,535  
   

 

 

 
Health Care Equipment & Supplies — 0.9%            

Sartorius AG, Preference Shares, NVS

    41,744       18,430,522  
   

 

 

 
Household Products — 1.0%            

Henkel AG & Co. KGaA, Preference Shares, NVS

    283,767       22,521,932  
   

 

 

 

Total Preferred Stocks — 6.2%
(Cost: $162,136,666)

      135,505,250  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.1%            

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

    1,010,000       1,010,000  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $1,010,000)

 

    1,010,000  
   

 

 

 

Total Investments in Securities — 99.2%
(Cost: $2,701,936,641)

 

    2,171,121,928  

Other Assets, Less Liabilities — 0.8%

 

    17,967,443  
   

 

 

 

Net Assets — 100.0%

    $   2,189,089,371  
   

 

 

 

 

(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)

  $ 5,585,515     $     $ (5,585,452 )(b)    $ (63   $     $           $ 77,057 (c)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,620,000             (610,000 )(b)                   1,010,000       1,010,000       63        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (63   $     $ 1,010,000       $ 77,120     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

C H E D U L E   O F  N V E S T M E N T S

  15


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Germany ETF

 

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

        

DAX Index

    46       03/18/22     $ 18,564      $ (1,536,160
        

 

 

 

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)

   $ 1,536,160  
  

 

 

 

 

  (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

   $ 155,775  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (1,661,265
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 18,432,854    

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

   $     20,057,951        $ 2,014,548,727        $        $ 2,034,606,678  

Preferred Stocks

              135,505,250                   135,505,250  

Money Market Funds

     1,010,000                            1,010,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 21,067,951        $ 2,150,053,977        $        $ 2,171,121,928  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (1,536,160      $                 —        $ (1,536,160
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

16  

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Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Italy ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Automobiles — 14.0%            

Ferrari NV

    115,178     $ 24,750,409  

Stellantis NV

    2,739,309       49,778,388  
   

 

 

 
      74,528,797  
Banks — 19.2%            

FinecoBank Banca Fineco SpA

    965,364       16,088,584  

Intesa Sanpaolo SpA

    22,201,361       56,753,916  

Mediobanca Banca di Credito Finanziario SpA

    1,022,618       10,649,775  

UniCredit SpA

    1,493,127       18,864,934  
   

 

 

 
      102,357,209  
Beverages — 1.8%            

Davide Campari-Milano NV

    889,188       9,676,894  
   

 

 

 
Diversified Financial Services — 2.5%            

EXOR NV

    171,924       13,025,926  
   

 

 

 
Diversified Telecommunication Services — 2.7%        

Infrastrutture Wireless Italiane SpA(a)

    673,007       6,872,283  

Telecom Italia SpA/Milano

    18,117,197       7,611,863  
   

 

 

 
      14,484,146  
Electric Utilities — 18.5%            

Enel SpA

    10,929,675       80,540,100  

Terna - Rete Elettrica Nazionale

    2,177,308       17,838,230  
   

 

 

 
      98,378,330  
Electrical Equipment — 2.5%            

Prysmian SpA

    409,136       13,468,497  
   

 

 

 
Energy Equipment & Services — 2.0%            

Tenaris SA

    825,071       10,632,912  
   

 

 

 
Gas Utilities — 3.3%            

Snam SpA

    3,112,843       17,295,747  
   

 

 

 
Health Care Equipment & Supplies — 1.4%            

DiaSorin SpA

    49,951       7,475,385  
   

 

 

 
Health Care Providers & Services — 1.8%            

Amplifon SpA

    222,226       9,536,710  
   

 

 

 
Insurance — 6.3%            

Assicurazioni Generali SpA

    1,188,830       23,511,299  
Security   Shares     Value  

 

 
Insurance (continued)            

Poste Italiane SpA(a)

    878,195     $ 10,072,470  
   

 

 

 
      33,583,769  
IT Services — 2.2%            

Nexi SpA(a)(b)

    854,412       11,669,526  
   

 

 

 
Machinery — 4.0%            

CNH Industrial NV

    1,510,477       21,485,790  
   

 

 

 
Oil, Gas & Consumable Fuels — 9.9%            

Eni SpA

    3,395,886       52,822,011  
   

 

 

 
Pharmaceuticals — 1.7%            

Recordati Industria Chimica e Farmaceutica SpA

    183,525       8,976,479  
   

 

 

 
Textiles, Apparel & Luxury Goods — 3.5%            

Moncler SpA

    310,516       18,646,512  
   

 

 

 
Transportation Infrastructure — 2.7%            

Atlantia SpA(b)

    782,884       14,401,350  
   

 

 

 

Total Common Stocks — 100.0%
(Cost: $594,745,250)

      532,445,990  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.0%  

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

    210,000       210,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $210,000)

 

    210,000  
   

 

 

 

Total Investments in Securities — 100.0%
(Cost: $594,955,250)

 

    532,655,990  

Other Assets, Less Liabilities — (0.0)%

 

    (98,355
   

 

 

 

Net Assets — 100.0%

 

  $   532,557,635  
   

 

 

 

 

(a) 

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.

(b) 

Non-income producing security.

(c) 

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

 

 

C H E D U L E   O F  N V E S T M E N T S

  17


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Italy 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(a)

  $     $ 713 (b)    $     $ (713   $     $           $ 1,604 (c)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    450,000             (240,000 )(b)                  210,000       210,000       16        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (713   $     $ 210,000       $ 1,620     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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 Categorized by Risk Exposure

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

   $ (61,242
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 1,238  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 1,186,818    

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

   $        $ 532,445,990        $        $ 532,445,990  

Money Market Funds

     210,000                            210,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     210,000        $ 532,445,990        $                 —        $ 532,655,990  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

18  

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Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Spain ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Banks — 30.6%            

Banco Bilbao Vizcaya Argentaria SA

    9,635,943     $ 57,177,027  

Banco Santander SA

    24,730,112       82,351,648  

CaixaBank SA

    6,655,667       21,861,093  
   

 

 

 
      161,389,768  
Biotechnology — 2.9%            

Grifols SA

    805,902       15,279,985  
   

 

 

 
Construction & Engineering — 7.2%            

ACS Actividades de Construccion y Servicios SA

    602,967       14,652,444  

Ferrovial SA

    867,455       23,633,120  
   

 

 

 
      38,285,564  
Diversified Telecommunication Services — 9.3%        

Cellnex Telecom SA(a)

    555,066       25,106,861  

Telefonica SA

    4,979,608       23,782,201  
   

 

 

 
      48,889,062  
Electric Utilities — 24.5%            

Endesa SA

    755,792       16,613,380  

Iberdrola SA

    8,329,523       94,503,310  

Red Electrica Corp. SA

    916,571       18,157,690  
   

 

 

 
      129,274,380  
Electrical Equipment — 2.9%            

Siemens Gamesa Renewable Energy SA(b)

    672,350       15,470,634  
   

 

 

 
Gas Utilities — 5.0%            

Enagas SA

    583,681       12,335,271  

Naturgy Energy Group SA(c)

    518,502       13,911,218  
   

 

 

 
      26,246,489  
IT Services — 4.3%            

Amadeus IT Group SA(b)

    348,203       22,973,249  
   

 

 

 
Oil, Gas & Consumable Fuels — 4.5%            

Repsol SA

    1,829,286       23,736,882  
   

 

 

 
Security   Shares     Value  

 

 
Specialty Retail — 4.2%            

Industria de Diseno Textil SA

    858,539     $ 22,395,647  
   

 

 

 
Transportation Infrastructure — 4.4%            

Aena SME SA(a)(b)

    141,188       23,042,614  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $684,626,243)

      526,984,274  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.8%  

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

    965,169       965,362  

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

    3,100,000       3,100,000  
   

 

 

 
      4,065,362  
   

 

 

 

Total Short-Term Investments — 0.8%
(Cost: $4,065,454)

 

    4,065,362  
   

 

 

 

Total Investments in Securities — 100.6%
(Cost: $688,691,697)

 

    531,049,636  

Other Assets, Less Liabilities — (0.6)%

 

    (3,146,130
   

 

 

 

Net Assets — 100.0%

 

  $   527,903,506  
   

 

 

 

 

(a)

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.

(b) 

Non-income producing security.

(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.

 

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

  $     $ 966,407 (a)    $     $ (953   $ (92   $ 965,362       965,169     $ 229,310 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    3,290,000             (190,000 )(a)                  3,100,000       3,100,000       169        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (953   $ (92   $ 4,065,362       $ 229,479     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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 H E D U L E   O F  N V E S T M E N T S

  19


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Spain ETF

 

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

        

IBEX 35 Index

    9       03/18/22     $ 851      $ (23,957
        

 

 

 

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)

   $ 23,957  
  

 

 

 

 

  (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

   $ 1,833  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (21,853
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 1,028,428    

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

   $        $ 526,984,274        $        $ 526,984,274  

Money Market Funds

     4,065,362                            4,065,362  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 4,065,362        $ 526,984,274        $        $ 531,049,636  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (23,957      $                 —        $ (23,957
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

20  

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Schedule of Investments  (unaudited) 

February 28, 2022

  

iShares® MSCI Switzerland ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Building Products — 1.6%            

Geberit AG, Registered

    40,069     $ 26,212,222  
   

 

 

 
Capital Markets — 8.2%            

Credit Suisse Group AG, Registered

    2,696,516       22,588,998  

Julius Baer Group Ltd.

    266,629       15,612,837  

Partners Group Holding AG

    23,077       31,195,224  

UBS Group AG, Registered

    3,727,548       68,574,840  
   

 

 

 
      137,971,899  
Chemicals — 6.4%            

Clariant AG, Registered

    315,660       5,698,536  

EMS-Chemie Holding AG, Registered

    9,920       9,812,177  

Givaudan SA, Registered

    9,945       41,524,414  

Sika AG, Registered

    151,072       50,130,926  
   

 

 

 
      107,166,053  
Construction Materials — 1.7%            

Holcim Ltd.

    576,237       29,006,623  
   

 

 

 
Diversified Telecommunication Services — 1.1%        

Swisscom AG, Registered

    30,985       18,560,390  
   

 

 

 
Electrical Equipment — 3.5%            

ABB Ltd., Registered

    1,746,666       59,024,926  
   

 

 

 
Food Products — 23.1%            

Barry Callebaut AG, Registered

    4,764       10,988,928  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    1,308       13,874,861  

Chocoladefabriken Lindt & Spruengli AG, Registered

    129       14,479,586  

Nestle SA, Registered

    2,681,619       349,403,476  
   

 

 

 
      388,746,851  
Health Care Equipment & Supplies — 5.0%            

Alcon Inc.

    533,338       41,204,387  

Sonova Holding AG, Registered

    62,954       24,375,421  

Straumann Holding AG, Registered

    11,808       18,756,572  
   

 

 

 
      84,336,380  
Insurance — 8.0%            

Baloise Holding AG, Registered

    61,054       10,241,351  

Swiss Life Holding AG, Registered

    35,973       21,949,907  

Swiss Re AG

    316,735       30,265,818  

Zurich Insurance Group AG

    158,832       72,903,257  
   

 

 

 
      135,360,333  
Life Sciences Tools & Services — 3.5%            

Bachem Holding AG, Class B, Registered

    6,408       3,813,562  

Lonza Group AG, Registered

    79,117       54,741,197  
   

 

 

 
      58,554,759  
Machinery — 1.7%            

Schindler Holding AG, Participation Certificates, NVS

    50,009       11,474,331  

Schindler Holding AG, Registered

    29,185       6,541,858  

VAT Group AG(a)

    27,586       10,424,609  
   

 

 

 
      28,440,798  
Security   Shares     Value  

 

 
Marine — 1.1%            

Kuehne + Nagel International AG, Registered

    64,476     $ 17,583,581  
   

 

 

 
Pharmaceuticals — 25.9%            

Novartis AG, Registered

    1,969,674       173,117,403  

Roche Holding AG, NVS

    654,256       247,788,547  

Roche Holding AG, Bearer

    7,888       3,292,523  

Vifor Pharma AG

    64,644       11,346,914  
   

 

 

 
      435,545,387  
Professional Services — 1.7%            

Adecco Group AG, Registered

    194,999       9,209,535  

SGS SA, Registered

    6,950       19,886,380  
   

 

 

 
      29,095,915  
Real Estate Management & Development — 0.6%  

Swiss Prime Site AG, Registered

    102,529       10,047,173  
   

 

 

 
Software — 0.5%            

Temenos AG, Registered

    87,772       8,822,355  
   

 

 

 
Technology Hardware, Storage & Peripherals — 0.8%  

Logitech International SA, Registered

    187,498       14,030,266  
   

 

 

 
Textiles, Apparel & Luxury Goods — 5.2%        

Cie. Financiere Richemont SA, Class A, Registered

    530,099       70,983,710  

Swatch Group AG (The), Bearer

    37,579       11,556,155  

Swatch Group AG (The), Registered

    95,999       5,687,244  
   

 

 

 
      88,227,109  
   

 

 

 

Total Common Stocks — 99.6%
(Cost: $1,468,700,529)

      1,676,733,020  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.0%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c)

    840,000       840,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $840,000)

 

    840,000  
   

 

 

 

Total Investments in Securities — 99.6%
(Cost: $1,469,540,529)

 

    1,677,573,020  

Other Assets, Less Liabilities — 0.4%

 

    6,312,702  
   

 

 

 

Net Assets — 100.0%

 

  $ 1,683,885,722  
   

 

 

 

 

(a)

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.

(b)

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

 

C H E D U L E   O F  N V E S T M E N T S

  21


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Switzerland 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: Treasury,
SL Agency Shares

   $ 730,000          $110,000 (a)     $        $        $        $ 840,000          840,000        $ 37        $  
               

 

 

      

 

 

      

 

 

           

 

 

      

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 

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

        

Swiss Market Index

    54       03/18/22     $ 6,958      $ (385,880
        

 

 

 

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)

   $ 385,880  
  

 

 

 

 

  (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

   $ 292,053  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (563,312
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 10,760,642    

 

 

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.

 

 

22  

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Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Switzerland 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

   $        $ 1,676,733,020        $        $ 1,676,733,020  

Money Market Funds

     840,000                            840,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $         840,000        $ 1,676,733,020        $        $ 1,677,573,020  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (385,880      $                 —        $ (385,880
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

C H E D U L E   O F  N V E S T M E N T S

  23


 

Statement of Assets and Liabilities  (unaudited) 

February 28, 2022

 

   

iShares

MSCI Eurozone
ETF

          

iShares

MSCI Germany
ETF

    

iShares

MSCI Italy

ETF

          

iShares

MSCI Spain ETF

 

 

 

ASSETS

              

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

              

Unaffiliated(b)

  $ 6,823,383,821        $ 2,170,111,928      $ 532,445,990        $ 526,984,274  

Affiliated(c)

    20,330,000          1,010,000        210,000          4,065,362  

Cash

    2,040          2,622        9,063          9,609  

Foreign currency, at value(d)

    1,246,138          5,788,059        1,024,627          818,411  

Foreign currency collateral pledged:

              

Futures contracts(e)

    605,475          1,797,588        143,520          102,034  

Receivables:

              

Investments sold

    28,772,255          3,390,697        15,668,700          16,215,254  

Securities lending income — Affiliated

             9        566          227  

Dividends

    51,214          60,697        6          91  

Tax reclaims

    6,536,605          13,917,988                 58,372  
 

 

 

      

 

 

    

 

 

      

 

 

 

Total assets

    6,880,927,548          2,196,079,588        549,502,472          548,253,634  
 

 

 

      

 

 

    

 

 

      

 

 

 

LIABILITIES

              

Collateral on securities loaned, at value

                             965,580  

Payables:

              

Investments purchased

    19,762,157          5,885,583        15,983,669          15,829,363  

Variation margin on futures contracts

    117,387          203,878        19,401          6,445  

Capital shares redeemed

                    709,177          449,770  

Investment advisory fees

    2,752,565          900,756        232,590          213,024  

IRS compliance fee for foreign withholding tax claims

    19,817,623                          2,885,946  
 

 

 

      

 

 

    

 

 

      

 

 

 

Total liabilities

    42,449,732          6,990,217        16,944,837          20,350,128  
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSETS

  $ 6,838,477,816        $ 2,189,089,371      $ 532,557,635        $ 527,903,506  
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSETS CONSIST OF:

              

Paid-in capital

  $ 8,175,908,352        $ 3,053,930,897      $ 804,416,353        $ 1,061,232,507  

Accumulated loss

    (1,337,430,536        (864,841,526      (271,858,718        (533,329,001
 

 

 

      

 

 

    

 

 

      

 

 

 

NET ASSETS

  $ 6,838,477,816        $ 2,189,089,371      $ 532,557,635        $ 527,903,506  
 

 

 

      

 

 

    

 

 

      

 

 

 

Shares outstanding

    155,000,000          74,700,000        17,475,000          20,550,000  
 

 

 

      

 

 

    

 

 

      

 

 

 

Net asset value

  $ 44.12        $ 29.31      $ 30.48        $ 25.69  
 

 

 

      

 

 

    

 

 

      

 

 

 

Shares authorized

    1 billion          482.2 million        295.4 million          127.8 million  
 

 

 

      

 

 

    

 

 

      

 

 

 

Par value

  $ 0.001        $ 0.001      $ 0.001        $ 0.001  
 

 

 

      

 

 

    

 

 

      

 

 

 

(a) Securities loaned, at value

  $        $      $        $ 892,085  

(b) Investments, at cost — Unaffiliated

  $ 7,475,828,180        $ 2,700,926,641      $ 594,745,250        $ 684,626,243  

(c)  Investments, at cost — Affiliated

  $ 20,330,000        $ 1,010,000      $ 210,000        $ 4,065,454  

(d) Foreign currency, at cost

  $ 1,220,879        $ 5,785,390      $ 1,034,222        $ 826,401  

(e) Foreign currency collateral pledged, at cost

  $ 625,732        $ 1,885,172      $ 145,241        $ 103,754  

See notes to financial statements.

 

 

24  

2 0 2 2   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


 

Statement of Assets and Liabilities  (unaudited) (continued)

February 28, 2022

 

   

iShares

MSCI Switzerland

ETF

 

 

 

ASSETS

 

Investments in securities, at value:

 

Unaffiliated(a)

  $ 1,676,733,020  

Affiliated(b)

    840,000  

Cash

    2,674  

Foreign currency, at value(c)

    861,789  

Foreign currency collateral pledged:

 

Futures contracts(d)

    427,196  

Receivables:

 

Investments sold

    12,882,383  

Variation margin on futures contracts

    149,037  

Dividends

    21