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FEBRUARY 28, 2023 |
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2023 Semi-Annual Report (Unaudited)
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iShares, Inc.
· iShares MSCI Hong Kong ETF | EWH | NYSE Arca
· iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca
· iShares MSCI Malaysia ETF | EWM | NYSE Arca
· iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca
· iShares MSCI Singapore ETF | EWS | NYSE Arca
· iShares MSCI Taiwan ETF | EWT | NYSE Arca
· iShares MSCI Thailand ETF | THD | NYSE Arca
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||
6-Month |
12-Month | |||
U.S. large cap equities (S&P 500® Index) |
1.26% | (7.69)% | ||
U.S. small cap equities (Russell 2000® Index) |
3.63 | (6.02) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
12.58 | (3.14) | ||
Emerging market equities (MSCI Emerging Markets Index) |
(2.29) | (15.28) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
1.74 | 2.11 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(4.81) | (14.06) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(2.13) | (9.72) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
0.66 | (5.10) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
2.52 | (5.45) | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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T 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 |
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Semi-Annual Report: |
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Financial Statements |
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Fund Summary as of February 28, 2023 | iShares® MSCI Hong Kong ETF |
Investment Objective
The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
1.30 | % | (7.54 | )% | (1.88 | )% | 3.24 | % | (7.54 | )% | (9.05 | )% | 37.60 | % | ||||||||||||||||||
Fund Market |
1.01 | (7.58 | ) | (1.83 | ) | 3.19 | (7.58 | ) | (8.80 | ) | 36.84 | |||||||||||||||||||||
Index |
1.13 | (7.00 | ) | (1.37 | ) | 3.81 | (7.00 | ) | (6.69 | ) | 45.28 |
Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,013.00 | $ 2.55 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
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Percent of Total Investments |
(a) | |
Financials |
42.3 | % | ||
Real Estate |
24.2 | |||
Industrials |
14.2 | |||
Utilities |
8.9 | |||
Consumer Discretionary |
6.1 | |||
Consumer Staples |
2.9 | |||
Communication Services |
1.4 |
TEN LARGEST HOLDINGS
Security |
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Percent of Total Investments |
(a) | |
AIA Group Ltd. |
22.9 | % | ||
Hong Kong Exchanges & Clearing Ltd. |
11.8 | |||
Sun Hung Kai Properties Ltd. |
5.0 | |||
CK Hutchison Holdings Ltd. |
4.1 | |||
Galaxy Entertainment Group Ltd. |
3.8 | |||
Link REIT |
3.6 | |||
Techtronic Industries Co. Ltd. |
3.5 | |||
BOC Hong Kong Holdings Ltd. |
3.3 | |||
Hang Seng Bank Ltd. |
3.3 | |||
CK Asset Holdings Ltd. |
3.3 |
(a) |
Excludes money market funds. |
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2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Japan Small-Cap ETF |
Investment Objective
The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
5.31 | % | (8.64 | )% | (2.44 | )% | 5.49 | % | (8.64 | )% | (11.60 | )% | 70.67 | % | ||||||||||||||||||
Fund Market |
5.41 | (9.10 | ) | (2.24 | ) | 5.53 | (9.10 | ) | (10.73 | ) | 71.27 | |||||||||||||||||||||
Index |
4.57 | (7.79 | ) | (2.13 | ) | 5.85 | (7.79 | ) | (10.19 | ) | 76.54 |
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,053.10 | $ 2.60 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
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Percent of Total Investments |
(a) | |
Industrials |
23.6 | % | ||
Consumer Discretionary |
17.2 | |||
Information Technology |
10.9 | |||
Materials |
10.4 | |||
Real Estate |
10.3 | |||
Consumer Staples |
9.2 | |||
Financials |
7.5 | |||
Health Care |
5.5 | |||
Communication Services |
2.5 | |||
Utilities |
2.0 | |||
Energy |
0.9 |
TEN LARGEST HOLDINGS
Security |
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Percent of Total Investments |
(a) | |
Sojitz Corp. |
0.6 | % | ||
Asics Corp. |
0.5 | |||
Ebara Corp. |
0.5 | |||
Fukuoka Financial Group Inc. |
0.5 | |||
IHI Corp. |
0.5 | |||
Kawasaki Kisen Kaisha Ltd. |
0.5 | |||
Taiyo Yuden Co. Ltd. |
0.5 | |||
Isetan Mitsukoshi Holdings Ltd. |
0.5 | |||
Orix JREIT Inc. |
0.5 | |||
Rohto Pharmaceutical Co. Ltd. |
0.4 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
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Fund Summary as of February 28, 2023 | iShares® MSCI Malaysia ETF |
Investment Objective
The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
(1.81 | )% | (12.21 | )% | (5.74 | )% | (2.90 | )% | (12.21 | )% | (25.59 | )% | (25.48 | )% | ||||||||||||||||||
Fund Market |
(1.66 | ) | (13.62 | ) | (5.72 | ) | (2.99 | ) | (13.62 | ) | (25.50 | ) | (26.16 | ) | ||||||||||||||||||
Index |
(1.82 | ) | (11.61 | ) | (5.41 | ) | (2.60 | ) | (11.61 | ) | (24.28 | ) | (23.14 | ) |
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 981.90 | $ 2.51 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
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Percent of Total Investments |
(a) | |
Financials |
40.6 | % | ||
Consumer Staples |
12.7 | |||
Utilities |
8.7 | |||
Communication Services |
8.6 | |||
Materials |
8.5 | |||
Industrials |
7.5 | |||
Consumer Discretionary |
5.1 | |||
Energy |
3.4 | |||
Health Care |
3.3 | |||
Information Technology |
1.6 |
TEN LARGEST HOLDINGS
Security |
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Percent of Total Investments |
(a) | |
Public Bank Bhd |
14.0 | % | ||
Malayan Banking Bhd |
9.9 | |||
CIMB Group Holdings Bhd |
9.0 | |||
Tenaga Nasional Bhd |
5.6 | |||
Press Metal Aluminium Holdings Bhd |
4.5 | |||
Petronas Chemicals Group Bhd |
4.0 | |||
DiGi.Com Bhd |
3.1 | |||
Hong Leong Bank Bhd |
3.1 | |||
Petronas Gas Bhd |
3.1 | |||
PPB Group Bhd |
2.6 |
(a) |
Excludes money market funds. |
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2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Pacific ex Japan ETF |
Investment Objective
The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
5.42 | % | (2.62 | )% | 1.92 | % | 2.76 | % | (2.62 | )% | 9.99 | % | 31.33 | % | ||||||||||||||||||
Fund Market |
5.72 | (2.90 | ) | 2.10 | 2.79 | (2.90 | ) | 10.95 | 31.70 | |||||||||||||||||||||||
Index |
5.06 | (1.54 | ) | 2.41 | 3.22 | (1.54 | ) | 12.65 | 37.27 |
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,054.20 | $ 2.44 | $ 1,000.00 | $ 1,022.40 | $ 2.41 | 0.48 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
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Percent of Total Investments |
(a) | |
Financials |
37.7 | % | ||
Materials |
15.6 | |||
Real Estate |
10.3 | |||
Health Care |
7.6 | |||
Industrials |
7.4 | |||
Consumer Discretionary |
5.0 | |||
Consumer Staples |
4.1 | |||
Energy |
3.9 | |||
Communication Services |
3.8 | |||
Utilities |
3.2 | |||
Information Technology |
1.4 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
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Percent of Total Investments |
(a) | |
Australia |
63.5 | % | ||
Hong Kong |
22.7 | |||
Singapore |
12.0 | |||
New Zealand |
1.8 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
7 |
Fund Summary as of February 28, 2023 | iShares® MSCI Singapore ETF |
Investment Objective
The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
6.26 | % | (6.26 | )% | (2.76 | )% | 0.21 | % | (6.26 | )% | (13.08 | )% | 2.11 | % | ||||||||||||||||||
Fund Market |
6.46 | (6.51 | ) | (2.66 | ) | 0.26 | (6.51 | ) | (12.60 | ) | 2.64 | |||||||||||||||||||||
Index |
6.37 | (4.91 | ) | (2.24 | ) | 0.69 | (4.91 | ) | (10.72 | ) | 7.07 |
Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,062.60 | $ 2.61 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
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Percent of Total Investments |
(a) | |
Financials |
48.3 | % | ||
Real Estate |
18.2 | |||
Industrials |
15.6 | |||
Communication Services |
8.7 | |||
Consumer Staples |
3.5 | |||
Consumer Discretionary |
3.1 | |||
Information Technology |
2.6 |
TEN LARGEST HOLDINGS
Security |
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Percent of Total Investments |
(a) | |
DBS Group Holdings Ltd. |
20.1 | % | ||
Oversea-Chinese Banking Corp. Ltd. |
13.6 | |||
United Overseas Bank Ltd. |
11.1 | |||
Singapore Telecommunications Ltd. |
4.4 | |||
Sea Ltd. |
4.3 | |||
CapitaLand Ascendas REIT |
4.2 | |||
Singapore Airlines Ltd. |
3.6 | |||
Wilmar International Ltd. |
3.5 | |||
Singapore Exchange Ltd. |
3.5 | |||
Keppel Corp. Ltd. |
3.3 |
(a) |
Excludes money market funds. |
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2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Taiwan ETF |
Investment Objective
The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
2.86 | % | (18.94 | )% | 8.89 | % | 9.18 | % | (18.94 | )% | 53.12 | % | 140.67 | % | ||||||||||||||||||
Fund Market |
2.65 | (19.33 | ) | 9.27 | 9.06 | (19.33 | ) | 55.75 | 138.11 | |||||||||||||||||||||||
Index |
3.26 | (16.88 | ) | 9.71 | 9.95 | (16.88 | ) | 58.95 | 158.27 |
Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,028.60 | $ 2.97 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
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Percent of Total Investments |
(a) | |
Information Technology |
57.7 | % | ||
Financials |
19.3 | |||
Materials |
7.3 | |||
Industrials |
4.8 | |||
Consumer Discretionary |
4.1 | |||
Communication Services |
3.2 | |||
Consumer Staples |
2.1 | |||
Other (each representing less than 1%) |
1.5 |
TEN LARGEST HOLDINGS
Security |
|
Percent of Total Investments |
(a) | |
Taiwan Semiconductor Manufacturing Co. Ltd. |
21.8 | % | ||
Hon Hai Precision Industry Co. Ltd. |
4.6 | |||
MediaTek Inc. |
3.9 | |||
United Microelectronics Corp. |
2.3 | |||
Delta Electronics Inc. |
2.2 | |||
Fubon Financial Holding Co. Ltd. |
1.9 | |||
Chunghwa Telecom Co. Ltd. |
1.8 | |||
CTBC Financial Holding Co. Ltd. |
1.6 | |||
China Steel Corp. |
1.6 | |||
Cathay Financial Holding Co. Ltd. |
1.6 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
9 |
Fund Summary as of February 28, 2023 | iShares® MSCI Thailand ETF |
Investment Objective
The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
1.76 | % | (8.24 | )% | (4.33 | )% | 0.21 | % | (8.24 | )% | (19.85 | )% | 2.11 | % | ||||||||||||||||||
Fund Market |
2.59 | (8.85 | ) | (4.26 | ) | 0.25 | (8.85 | ) | (19.57 | ) | 2.52 | |||||||||||||||||||||
Index |
1.64 | (7.62 | ) | (4.10 | ) | 0.41 | (7.62 | ) | (18.88 | ) | 4.23 |
Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index.
Past performance is not an indication 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” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,017.60 | $ 2.95 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent of Total Investments |
(a) | |
Energy |
12.9 | % | ||
Consumer Staples |
11.3 | |||
Industrials |
9.7 | |||
Materials |
9.3 | |||
Utilities |
9.2 | |||
Health Care |
9.1 | |||
Financials |
8.6 | |||
Consumer Discretionary |
8.5 | |||
Communication Services |
7.8 | |||
Real Estate |
7.1 | |||
Information Technology |
6.5 |
TEN LARGEST HOLDINGS
Security |
|
Percent of Total Investments |
(a) | |
CP ALL PCL |
6.0 | % | ||
PTT Public Company Ltd. |
5.3 | |||
Airports of Thailand PCL |
5.2 | |||
Bangkok Dusit Medical Services PCL |
4.8 | |||
Delta Electronics Thailand PCL |
4.7 | |||
Siam Cement PCL (The) |
4.2 | |||
Advanced Info Service PCL |
4.0 | |||
PTT Exploration & Production PCL |
3.4 | |||
Gulf Energy Development PCL |
2.6 | |||
Central Pattana PCL |
2.4 |
(a) |
Excludes money market funds. |
10 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
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 the 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 the 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.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S |
11 |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Hong Kong ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Banks — 6.5% | ||||||||
BOC Hong Kong Holdings Ltd. |
8,149,000 | $ | 27,579,030 | |||||
Hang Seng Bank Ltd. |
1,687,100 | 27,443,247 | ||||||
|
|
|||||||
55,022,277 | ||||||||
Beverages — 1.5% | ||||||||
Budweiser Brewing Co. APAC Ltd.(a) |
4,179,900 | 12,533,855 | ||||||
|
|
|||||||
Building Products — 1.0% | ||||||||
Xinyi Glass Holdings Ltd. |
4,797,000 | 8,969,166 | ||||||
|
|
|||||||
Capital Markets — 12.6% | ||||||||
Futu Holdings Ltd., ADR(b)(c) |
161,628 | 7,953,714 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
2,470,126 | 98,935,075 | ||||||
|
|
|||||||
106,888,789 | ||||||||
Diversified Telecommunication Services — 1.4% | ||||||||
HKT Trust & HKT Ltd., Class SS |
9,228,500 | 11,997,952 | ||||||
|
|
|||||||
Electric Utilities — 6.1% | ||||||||
CK Infrastructure Holdings Ltd. |
1,652,000 | 8,714,100 | ||||||
CLP Holdings Ltd. |
3,627,200 | 25,650,887 | ||||||
Power Assets Holdings Ltd. |
3,192,500 | 17,075,963 | ||||||
|
|
|||||||
51,440,950 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 3.6% | ||||||||
Link REIT |
4,599,400 | 30,270,866 | ||||||
|
|
|||||||
Food Products — 1.4% | ||||||||
WH Group Ltd.(a) |
20,416,500 | 11,880,952 | ||||||
|
|
|||||||
Gas Utilities — 2.8% | ||||||||
Hong Kong & China Gas Co. Ltd. |
24,908,495 | 23,414,052 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure — 6.0% | ||||||||
Galaxy Entertainment Group Ltd. |
4,753,000 | 31,643,754 | ||||||
Sands China Ltd.(b) |
5,609,600 | 19,468,739 | ||||||
|
|
|||||||
51,112,493 | ||||||||
Industrial Conglomerates — 6.5% | ||||||||
CK Hutchison Holdings Ltd. |
5,803,767 | 34,655,732 | ||||||
Jardine Matheson Holdings Ltd. |
414,900 | 20,566,435 | ||||||
|
|
|||||||
55,222,167 | ||||||||
Insurance — 22.7% | ||||||||
AIA Group Ltd. |
18,096,200 | 192,326,575 | ||||||
|
|
|||||||
Machinery — 3.5% | ||||||||
Techtronic Industries Co. Ltd. |
2,954,647 | 29,426,113 | ||||||
|
|
|||||||
Marine — 0.9% | ||||||||
SITC International Holdings Co. Ltd. |
3,672,000 | 7,681,631 | ||||||
|
|
|||||||
Real Estate Management & Development — 20.4% | ||||||||
CK Asset Holdings Ltd. |
4,356,267 | 27,322,644 | ||||||
ESR Group Ltd.(a) |
5,150,000 | 8,760,353 |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Hang Lung Properties Ltd. |
5,152,000 | $ | 9,936,552 | |||||
Henderson Land Development Co. Ltd. |
3,540,762 | 12,428,725 | ||||||
Hongkong Land Holdings Ltd. |
2,700,700 | 12,354,528 | ||||||
New World Development Co. Ltd. |
3,785,266 | 10,304,116 | ||||||
Sino Land Co. Ltd. |
8,604,000 | 11,033,345 | ||||||
Sun Hung Kai Properties Ltd. |
3,097,500 | 42,331,702 | ||||||
Swire Pacific Ltd., Class A |
1,234,000 | 10,070,310 | ||||||
Swire Properties Ltd. |
3,139,600 | 8,261,859 | ||||||
Wharf Real Estate Investment Co. Ltd. |
3,765,150 | 20,643,662 | ||||||
|
|
|||||||
173,447,796 | ||||||||
Road & Rail — 2.1% | ||||||||
MTR Corp. Ltd. |
3,552,583 | 17,902,413 | ||||||
|
|
|||||||
Total
Common Stocks — 99.0% |
|
839,538,047 | ||||||
|
|
|||||||
Rights |
||||||||
Equity Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
Link REIT (Expires 03/28/23, Strike Price HKD 44.20)(b) |
910,900 | 858,748 | ||||||
|
|
|||||||
Total
Rights — 0.1% |
|
858,748 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.1% |
|
840,396,795 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) |
6,286,059 | 6,289,831 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) |
520,000 | 520,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.8% |
|
6,809,831 | ||||||
|
|
|||||||
Total
Investments — 99.9% |
|
847,206,626 | ||||||
Other Assets Less Liabilities — 0.1% |
|
1,114,712 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 848,321,338 | |||||
|
|
(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. |
12 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Hong Kong ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 6,288,690 | (a) | $ | — | $ | 418 | $ | 723 | $ | 6,289,831 | 6,286,059 | $ | 6,465 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,540,000 | — | (1,020,000 | )(a) | — | — | 520,000 | 520,000 | 22,413 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 418 | $ | 723 | $ | 6,809,831 | $ | 28,878 | $ | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
MSCI EAFE Index |
12 | 03/17/23 | $ | 1,228 | $ | 1,880 | ||||||||||
|
|
OTC Total Return Swaps
|
||||||||||||||||||||||||||
Reference Entity | Payment Frequency |
Counterparty(a) | Termination Date |
Net Notional |
Accrued Appreciation |
Net Value of Reference Entity |
Gross Notional Amount Net Asset Percentage |
|||||||||||||||||||
|
||||||||||||||||||||||||||
Equity Securities Long |
Monthly | Goldman Sachs Bank USA(b) | 08/19/26 | $ | 698,489 | $(1,573)(c) | $ | 696,916 | 0.1 | % | ||||||||||||||||
Monthly | HSBC Bank PLC(d) | 02/10/28 | 703,370 | (88,906)(e) | 656,863 | 0.1 | ||||||||||||||||||||
Monthly | JPMorgan Chase Bank NA(f) | 02/08/24 | 8,501 | 4,665(g) | 8,011 | 0.0 | (h) | |||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
$ | (85,814 | ) | $ | 1,361,790 | ||||||||||||||||||||||
|
|
|
|
(a) |
The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
(c) |
Amount includes $0 of net dividends and financing fees. |
(e) |
Amount includes $(42,399) of net dividends, payable for referenced securities purchased and financing fees. |
(g) |
Amount includes $5,155 of net dividends, payable for referenced securities purchased and financing fees. |
(h) |
Rounds to less than 0.1%. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
(b) | (d) | (f) | ||||
Range: | 55 basis points | 55 basis points | 55 basis points | |||
Benchmarks: | HKD - Overnight Index Average (HONIA) | HKD - Overnight Index Average (HONIA) |
HKD - Overnight Index Average (HONIA) |
S C H E D U L E O F I N V E S T M E N T S |
13 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Hong Kong ETF |
The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.
Shares | Value | %of Basket Value |
||||||||||
Reference Entity — Long |
||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & Clearing Ltd. |
17,400 | $ | 696,916 | 100.0 | % | |||||||
|
|
|||||||||||
Net Value of Reference Entity — Goldman Sachs Bank USA |
|
$ | 696,916 | |||||||||
|
|
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.
Shares | Value | %of Basket Value |
||||||||||
Reference Entity — Long |
||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & Clearing Ltd. |
16,400 | $ | 656,863 | 100.0 | % | |||||||
|
|
|||||||||||
Net Value of Reference Entity — HSBC Bank PLC |
|
$ | 656,863 | |||||||||
|
|
The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.
Shares | Value | %of Basket Value |
||||||||||
Reference Entity — Long |
||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & Clearing Ltd. |
200 | $ | 8,011 | 100.0 | % | |||||||
|
|
|||||||||||
Net Value of Reference Entity — JPMorgan Chase Bank NA |
|
$ | 8,011 | |||||||||
|
|
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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 1,880 | $ | — | $ | — | $ | — | $ | 1,880 | ||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized appreciation on OTC swaps; Swap premiums paid |
$ | — | $ | — | $ | 4,665 | $ | — | $ | — | $ | — | $ | 4,665 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 6,545 | $ | — | $ | — | $ | — | $ | 6,545 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received |
$ | — | $ | — | $ | 90,479 | $ | — | $ | — | $ | — | $ | 90,479 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
14 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Hong Kong ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (106,095 | ) | $ | — | $ | — | $ | — | $ | (106,095 | ) | ||||||||||||
Swaps |
— | — | 1,187,999 | — | — | — | 1,187,999 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 1,081,904 | $ | — | $ | — | $ | — | $ | 1,081,904 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 114,832 | $ | — | $ | — | $ | — | $ | 114,832 | ||||||||||||||
Swaps |
— | — | (85,814 | ) | — | — | — | (85,814 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 29,018 | $ | — | $ | — | $ | — | $ | 29,018 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 1,801,860 | ||
Total return swaps |
||||
Average notional value |
$ | 705,180 |
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 |
$ | 1,880 | $ | — | ||||
Swaps—OTC(a) |
4,665 | 90,479 | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
6,545 | 90,479 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(1,880 | ) | — | |||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
4,665 | 90,479 | ||||||
|
|
|
|
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
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 |
|
|
Non-Cash Collateral Received |
|
|
Cash Collateral Received |
|
|
Net Amount of Derivative Assets |
(a) | |||||
|
||||||||||||||||||||
JPMorgan Chase Bank NA |
$ | 4,665 | $ | — | $ | — | $ | — | $ | 4,665 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
||||||||||||||||||||
Counterparty | |
Derivative Liabilities Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
|
|
Non-Cash Collateral Pledged |
|
|
Cash Collateral Pledged |
|
|
Net Amount of Derivative Liabilities |
(b) | |||||
|
||||||||||||||||||||
Goldman Sachs Bank USA |
$ | 1,573 | $ | — | $ | — | $ | — | $ | 1,573 | ||||||||||
HSBC Bank PLC |
88,906 | — | — | — | 88,906 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
$ | 90,479 | $ | — | $ | — | $ | — | $ | 90,479 | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(b) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Hong Kong 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 | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 7,953,714 | $ | 831,584,333 | $ | — | $ | 839,538,047 | ||||||||
Rights |
— | 858,748 | — | 858,748 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
6,809,831 | — | — | 6,809,831 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 14,763,545 | $ | 832,443,081 | $ | — | $ | 847,206,626 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 1,880 | $ | 4,665 | $ | — | $ | 6,545 | ||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
— | (90,479 | ) | — | (90,479 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,880 | $ | (85,814 | ) | $ | — | (83,934 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
16 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Air Freight & Logistics — 0.6% | ||||||||
AZ-COM MARUWA Holdings Inc. |
3,000 | $ | 39,264 | |||||
Hamakyorex Co. Ltd. |
1,000 | 23,163 | ||||||
Konoike Transport Co. Ltd. |
2,000 | 21,978 | ||||||
Mitsui-Soko Holdings Co. Ltd. |
2,000 | 57,910 | ||||||
Sankyu Inc. |
4,000 | 147,162 | ||||||
SBS Holdings Inc. |
1,000 | 23,504 | ||||||
Senko Group Holdings Co. Ltd. |
9,000 | 63,677 | ||||||
Trancom Co. Ltd. |
1,000 | 49,024 | ||||||
|
|
|||||||
425,682 | ||||||||
Auto Components — 3.4% | ||||||||
Exedy Corp. |
3,000 | 39,802 | ||||||
FCC Co. Ltd. |
3,000 | 32,887 | ||||||
G-Tekt Corp. |
2,000 | 20,901 | ||||||
JTEKT Corp. |
18,000 | 134,478 | ||||||
KYB Corp. |
1,000 | 27,628 | ||||||
Musashi Seimitsu Industry Co. Ltd. |
4,000 | 51,644 | ||||||
NGK Spark Plug Co. Ltd. |
13,000 | 261,419 | ||||||
NHK Spring Co. Ltd. |
17,000 | 113,220 | ||||||
Nifco Inc./Japan |
7,000 | 184,544 | ||||||
Nippon Seiki Co. Ltd. |
4,000 | 26,116 | ||||||
NOK Corp. |
7,000 | 68,640 | ||||||
Pacific Industrial Co. Ltd. |
4,000 | 34,154 | ||||||
Piolax Inc. |
2,000 | 29,511 | ||||||
Seiren Co. Ltd. |
4,000 | 70,302 | ||||||
Shoei Co. Ltd. |
2,000 | 79,304 | ||||||
Stanley Electric Co. Ltd. |
11,000 | 229,386 | ||||||
Sumitomo Riko Co. Ltd. |
3,000 | 15,532 | ||||||
Sumitomo Rubber Industries Ltd. |
15,000 | 135,054 | ||||||
Tokai Rika Co. Ltd. |
4,000 | 45,843 | ||||||
Topre Corp. |
3,000 | 26,351 | ||||||
Toyo Tire Corp. |
9,000 | 106,538 | ||||||
Toyoda Gosei Co. Ltd. |
6,000 | 97,737 | ||||||
Toyota Boshoku Corp. |
6,000 | 93,335 | ||||||
TS Tech Co. Ltd. |
8,000 | 101,486 | ||||||
Yokohama Rubber Co. Ltd. (The) |
10,000 | 189,770 | ||||||
|
|
|||||||
2,215,582 | ||||||||
Automobiles — 0.4% | ||||||||
Mitsubishi Motors Corp.(a) |
57,000 | 224,781 | ||||||
Nissan Shatai Co. Ltd. |
6,000 | 37,048 | ||||||
|
|
|||||||
261,829 | ||||||||
Banks — 4.8% | ||||||||
77 Bank Ltd. (The) |
5,000 | 89,078 | ||||||
Aichi Financial Group Inc., NVS |
3,000 | 55,396 | ||||||
Aozora Bank Ltd. |
10,000 | 193,659 | ||||||
Awa Bank Ltd. (The) |
3,000 | 48,979 | ||||||
Bank of Kyoto Ltd. (The) |
5,000 | 238,695 | ||||||
Chugin Financial Group Inc., NVS |
12,000 | 84,181 | ||||||
Daishi Hokuetsu Financial Group Inc. |
3,000 | 71,573 | ||||||
Fukuoka Financial Group Inc. |
15,000 | 334,851 | ||||||
Gunma Bank Ltd. (The) |
29,000 | 108,853 | ||||||
Hachijuni Bank Ltd. (The) |
29,000 | 131,234 | ||||||
Hirogin Holdings Inc. |
21,000 | 106,246 | ||||||
Hokkoku Financial Holdings Inc. |
2,000 | 61,322 | ||||||
Hokuhoku Financial Group Inc. |
10,000 | 77,163 | ||||||
Hyakugo Bank Ltd. (The) |
17,000 | 52,313 | ||||||
Iyogin Holdings Inc., NVS |
19,000 | 113,176 | ||||||
Juroku Financial Group Inc. |
3,000 | 70,835 | ||||||
Keiyo Bank Ltd. (The) |
8,000 | 38,045 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Kiyo Bank Ltd. (The) |
5,000 | $ | 59,844 | |||||
Kyushu Financial Group Inc. |
29,000 | 110,527 | ||||||
Mebuki Financial Group Inc. |
78,000 | 209,678 | ||||||
Musashino Bank Ltd. (The) |
2,000 | 37,250 | ||||||
Nanto Bank Ltd. (The) |
2,000 | 39,523 | ||||||
Nishi-Nippon Financial Holdings Inc. |
10,000 | 85,278 | ||||||
North Pacific Bank Ltd. |
23,000 | 53,543 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) |
3,000 | 44,288 | ||||||
Okinawa Financial Group Inc. |
2,000 | 35,091 | ||||||
San-in Godo Bank Ltd. (The) |
12,000 | 74,758 | ||||||
Seven Bank Ltd. |
50,000 | 100,586 | ||||||
Shiga Bank Ltd. (The) |
3,000 | 64,115 | ||||||
Shinsei Bank Ltd. |
5,000 | 91,027 | ||||||
Suruga Bank Ltd. |
14,000 | 44,010 | ||||||
Toho Bank Ltd. (The) |
15,000 | 26,669 | ||||||
Tokyo Kiraboshi Financial Group Inc. |
2,000 | 42,716 | ||||||
TOMONY Holdings Inc. |
12,000 | 34,717 | ||||||
Yamaguchi Financial Group Inc. |
17,000 | 114,799 | ||||||
|
|
|||||||
3,144,018 | ||||||||
Beverages — 0.8% | ||||||||
Coca-Cola Bottlers Japan Holdings Inc. |
11,000 | 115,795 | ||||||
Ito En Ltd. |
5,000 | 168,558 | ||||||
Sapporo Holdings Ltd. |
5,000 | 117,489 | ||||||
Takara Holdings Inc. |
12,000 | 94,696 | ||||||
|
|
|||||||
496,538 | ||||||||
Biotechnology — 0.3% | ||||||||
GNI Group Ltd.(a) |
3,997 | 31,620 | ||||||
PeptiDream Inc.(a) |
8,000 | 108,563 | ||||||
Pharma Foods International Co. Ltd. |
2,000 | 22,953 | ||||||
SanBio Co. Ltd.(a) |
3,000 | 15,149 | ||||||
Takara Bio Inc. |
4,000 | 50,954 | ||||||
|
|
|||||||
229,239 | ||||||||
Building Products — 0.8% | ||||||||
Bunka Shutter Co. Ltd. |
4,000 | 32,775 | ||||||
Central Glass Co. Ltd. |
2,000 | 49,149 | ||||||
Nichias Corp. |
5,000 | 98,597 | ||||||
Nichiha Corp. |
2,000 | 38,632 | ||||||
Nitto Boseki Co. Ltd. |
2,000 | 30,568 | ||||||
Noritz Corp. |
2,000 | 24,183 | ||||||
Sanwa Holdings Corp. |
16,000 | 168,659 | ||||||
Sekisui Jushi Corp. |
2,000 | 29,017 | ||||||
Takara Standard Co. Ltd. |
2,000 | 21,133 | ||||||
Takasago Thermal Engineering Co. Ltd. |
4,000 | 61,518 | ||||||
|
|
|||||||
554,231 | ||||||||
Capital Markets — 0.6% | ||||||||
GMO Financial Holdings Inc. |
3,000 | 12,842 | ||||||
JAFCO Group Co. Ltd. |
5,000 | 80,881 | ||||||
M&A Capital Partners Co. Ltd.(a) |
1,000 | 28,906 | ||||||
Matsui Securities Co. Ltd. |
10,000 | 59,535 | ||||||
Monex Group Inc. |
15,000 | 54,960 | ||||||
Okasan Securities Group Inc. |
14,000 | 44,926 | ||||||
SPARX Group Co. Ltd. |
2,000 | 23,447 | ||||||
Strike Co. Ltd. |
1,000 | 27,843 | ||||||
Tokai Tokyo Financial Holdings Inc. |
17,000 | 47,563 | ||||||
WealthNavi Inc.(a)(b) |
2,000 | 18,745 | ||||||
|
|
|||||||
399,648 | ||||||||
Chemicals — 6.7% | ||||||||
ADEKA Corp. |
8,000 | 129,806 | ||||||
Aica Kogyo Co. Ltd. |
4,000 | 90,899 |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chemicals (continued) |
||||||||
Air Water Inc. |
16,000 | $ | 192,366 | |||||
C Uyemura & Co. Ltd. |
1,000 | 45,527 | ||||||
C.I. Takiron Corp. |
4,000 | 14,924 | ||||||
Chugoku Marine Paints Ltd. |
3,000 | 24,694 | ||||||
Daicel Corp. |
22,000 | 152,747 | ||||||
Denka Co. Ltd. |
6,000 | 126,705 | ||||||
DIC Corp. |
6,000 | 107,111 | ||||||
Fujimi Inc. |
1,000 | 47,934 | ||||||
Fujimori Kogyo Co. Ltd. |
1,000 | 23,121 | ||||||
Fuso Chemical Co. Ltd. |
2,000 | 54,487 | ||||||
JCU Corp. |
2,000 | 46,949 | ||||||
Kaneka Corp. |
4,000 | 100,511 | ||||||
Kansai Paint Co. Ltd. |
15,000 | 201,219 | ||||||
Kanto Denka Kogyo Co. Ltd. |
3,000 | 22,278 | ||||||
KeePer Technical Laboratory Co. Ltd. |
1,000 | 28,674 | ||||||
KH Neochem Co. Ltd. |
3,000 | 56,348 | ||||||
Konishi Co. Ltd. |
3,000 | 40,953 | ||||||
Kumiai Chemical Industry Co. Ltd. |
6,049 | 38,346 | ||||||
Kuraray Co. Ltd. |
27,000 | 242,176 | ||||||
Kureha Corp. |
1,400 | 86,750 | ||||||
Lintec Corp. |
3,000 | 49,166 | ||||||
Mitsubishi Gas Chemical Co. Inc. |
13,000 | 184,165 | ||||||
Nihon Parkerizing Co. Ltd. |
7,000 | 52,358 | ||||||
Nippon Kayaku Co. Ltd. |
11,000 | 96,597 | ||||||
Nippon Pillar Packing Co. Ltd. |
1,000 | 25,302 | ||||||
Nippon Shokubai Co. Ltd. |
2,000 | 83,011 | ||||||
Nippon Soda Co. Ltd. |
2,000 | 67,842 | ||||||
NOF Corp. |
6,000 | 255,235 | ||||||
Okamoto Industries Inc. |
1,000 | 28,636 | ||||||
Osaka Organic Chemical Industry Ltd. |
1,000 | 14,689 | ||||||
Osaka Soda Co. Ltd. |
1,000 | 31,606 | ||||||
Sakata INX Corp. |
3,000 | 22,776 | ||||||
Sanyo Chemical Industries Ltd. |
1,000 | 31,532 | ||||||
Shikoku Chemicals Corp. |
2,000 | 18,710 | ||||||
Shin-Etsu Polymer Co. Ltd. |
4,000 | 39,730 | ||||||
Showa Denko KK |
15,000 | 246,337 | ||||||
Sumitomo Bakelite Co. Ltd. |
3,000 | 104,770 | ||||||
T Hasegawa Co. Ltd. |
3,000 | 64,647 | ||||||
Taiyo Holdings Co. Ltd. |
3,000 | 52,084 | ||||||
Takasago International Corp. |
1,000 | 18,619 | ||||||
Teijin Ltd. |
15,000 | 155,859 | ||||||
Tenma Corp. |
1,000 | 17,258 | ||||||
Toagosei Co. Ltd. |
8,000 | 73,619 | ||||||
Tokai Carbon Co. Ltd. |
17,000 | 165,992 | ||||||
Tokuyama Corp. |
5,000 | 79,706 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
3,000 | 158,353 | ||||||
Toyo Gosei Co. Ltd. |
400 | 26,926 | ||||||
Toyo Ink SC Holdings Co. Ltd. |
3,000 | 42,608 | ||||||
Toyobo Co. Ltd. |
7,000 | 55,065 | ||||||
UBE Corp. |
8,000 | 119,980 | ||||||
W-Scope Corp.(a)(b) |
4,000 | 37,634 | ||||||
Zeon Corp. |
11,000 | 104,042 | ||||||
|
|
|||||||
4,399,379 | ||||||||
Commercial Services & Supplies — 1.8% | ||||||||
Aeon Delight Co. Ltd. |
2,000 | 43,634 | ||||||
Daiseki Co. Ltd. |
4,012 | 120,535 | ||||||
Duskin Co. Ltd. |
4,000 | 91,062 | ||||||
Japan Elevator Service Holdings Co. Ltd. |
5,000 | 73,220 | ||||||
Kokuyo Co. Ltd. |
7,000 | 96,320 | ||||||
Matsuda Sangyo Co. Ltd. |
1,060 | 17,868 |
Security | Shares | Value | ||||||
Commercial Services & Supplies (continued) |
| |||||||
Midac Holdings Co. Ltd. |
1,000 | $ | 20,253 | |||||
Mitsubishi Pencil Co. Ltd. |
3,000 | 32,463 | ||||||
Nippon Kanzai Co. Ltd. |
2,000 | 38,029 | ||||||
Nippon Parking Development Co. Ltd. |
16,000 | 30,177 | ||||||
Okamura Corp. |
5,000 | 50,348 | ||||||
Park24 Co. Ltd.(a) |
11,000 | 161,167 | ||||||
Pilot Corp. |
2,000 | 64,273 | ||||||
Prestige International Inc. |
8,000 | 37,240 | ||||||
Raksul Inc.(a)(b) |
4,000 | 39,980 | ||||||
Sato Holdings Corp. |
2,000 | 33,199 | ||||||
Sohgo Security Services Co. Ltd. |
6,000 | 157,484 | ||||||
TRE Holdings Corp. |
4,000 | 44,555 | ||||||
|
|
|||||||
1,151,807 | ||||||||
Construction & Engineering — 3.5% | ||||||||
Chiyoda Corp.(a) |
13,000 | 39,667 | ||||||
Chudenko Corp. |
2,000 | 31,672 | ||||||
COMSYS Holdings Corp. |
9,000 | 163,728 | ||||||
Daiho Corp. |
1,000 | 28,216 | ||||||
EXEO Group Inc. |
8,000 | 140,374 | ||||||
Hazama Ando Corp. |
14,000 | 90,242 | ||||||
INFRONEER Holdings Inc. |
21,040 | 159,523 | ||||||
JDC Corp. |
4,000 | 16,419 | ||||||
JGC Holdings Corp. |
19,000 | 244,533 | ||||||
Kandenko Co. Ltd. |
8,000 | 52,491 | ||||||
Kinden Corp. |
10,000 | 112,279 | ||||||
Kumagai Gumi Co. Ltd. |
3,000 | 61,275 | ||||||
Kyudenko Corp. |
4,000 | 101,032 | ||||||
MIRAIT ONE corp. |
8,000 | 89,520 | ||||||
Nippon Densetsu Kogyo Co. Ltd. |
3,000 | 33,547 | ||||||
Nippon Road Co. Ltd. (The) |
400 | 20,610 | ||||||
Nishimatsu Construction Co. Ltd. |
3,000 | 80,147 | ||||||
Okumura Corp. |
3,000 | 72,368 | ||||||
Penta-Ocean Construction Co. Ltd. |
23,000 | 109,611 | ||||||
Raito Kogyo Co. Ltd. |
3,000 | 43,114 | ||||||
Raiznext Corp. |
2,000 | 20,241 | ||||||
Sanki Engineering Co. Ltd. |
3,000 | 33,659 | ||||||
SHO-BOND Holdings Co. Ltd. |
3,000 | 118,331 | ||||||
Sumitomo Densetsu Co. Ltd. |
1,000 | 17,805 | ||||||
Sumitomo Mitsui Construction Co. Ltd. |
12,000 | 37,609 | ||||||
Taihei Dengyo Kaisha Ltd. |
1,000 | 28,506 | ||||||
Taikisha Ltd. |
2,000 | 52,627 | ||||||
Takamatsu Construction Group Co. Ltd. |
1,000 | 14,728 | ||||||
Toa Corp./Tokyo |
1,000 | 19,488 | ||||||
Toda Corp. |
18,000 | 93,813 | ||||||
Toenec Corp. |
1,000 | 25,046 | ||||||
Tokyu Construction Co. Ltd. |
7,040 | 35,755 | ||||||
Totetsu Kogyo Co. Ltd. |
2,000 | 40,276 | ||||||
Toyo Construction Co. Ltd. |
5,000 | 32,549 | ||||||
Yokogawa Bridge Holdings Corp. |
3,000 | 45,238 | ||||||
Yurtec Corp. |
3,000 | 16,650 | ||||||
|
|
|||||||
2,322,689 | ||||||||
Construction Materials — 0.5% | ||||||||
Maeda Kosen Co. Ltd. |
1,000 | 24,189 | ||||||
Mitani Sekisan Co. Ltd. |
1,000 | 32,170 | ||||||
Sumitomo Osaka Cement Co. Ltd. |
3,000 | 83,806 | ||||||
Taiheiyo Cement Corp. |
10,000 | 183,857 | ||||||
|
|
|||||||
324,022 | ||||||||
Consumer Finance — 1.0% | ||||||||
AEON Financial Service Co. Ltd. |
9,000 | 85,440 |
18 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Consumer Finance (continued) |
||||||||
Aiful Corp. |
27,000 | $ | 73,771 | |||||
Credit Saison Co. Ltd. |
13,000 | 177,181 | ||||||
J Trust Co. Ltd. |
6,000 | 21,416 | ||||||
Jaccs Co. Ltd. |
2,000 | 65,132 | ||||||
Marui Group Co. Ltd. |
15,000 | 228,454 | ||||||
Orient Corp. |
4,300 | 36,880 | ||||||
|
|
|||||||
688,274 | ||||||||
Containers & Packaging — 0.6% | ||||||||
FP Corp. |
4,100 | 103,924 | ||||||
Fuji Seal International Inc. |
4,000 | 48,562 | ||||||
Rengo Co. Ltd. |
16,000 | 103,962 | ||||||
Toyo Seikan Group Holdings Ltd. |
11,000 | 143,141 | ||||||
|
|
|||||||
399,589 | ||||||||
Distributors — 0.3% | ||||||||
Arata Corp. |
1,000 | 29,654 | ||||||
Doshisha Co. Ltd. |
2,000 | 26,887 | ||||||
PALTAC Corp. |
3,000 | 109,115 | ||||||
|
|
|||||||
165,656 | ||||||||
Diversified Consumer Services — 0.2% | ||||||||
Benesse Holdings Inc. |
6,000 | 88,794 | ||||||
LITALICO Inc. |
2,000 | 37,733 | ||||||
Riso Kyoiku Co. Ltd. |
9,000 | 22,143 | ||||||
|
|
|||||||
148,670 | ||||||||
Diversified Financial Services — 1.0% | ||||||||
eGuarantee Inc. |
3,000 | 50,078 | ||||||
Financial Products Group Co. Ltd. |
5,000 | 43,119 | ||||||
Fuyo General Lease Co. Ltd. |
1,500 | 103,328 | ||||||
Japan Securities Finance Co. Ltd. |
8,000 | 61,614 | ||||||
Mizuho Leasing Co. Ltd. |
2,000 | 53,817 | ||||||
Ricoh Leasing Co. Ltd. |
1,000 | 29,553 | ||||||
Tokyo Century Corp. |
3,000 | 100,337 | ||||||
Zenkoku Hosho Co. Ltd. |
5,000 | 190,492 | ||||||
|
|
|||||||
632,338 | ||||||||
Diversified Telecommunication Services — 0.4% | ||||||||
ARTERIA Networks Corp. |
2,000 | 19,006 | ||||||
Internet Initiative Japan Inc. |
9,000 | 180,278 | ||||||
JTOWER Inc.(a)(b) |
1,000 | 40,372 | ||||||
Usen-Next Holdings Co. Ltd. |
1,000 | 18,381 | ||||||
Vision Inc./Tokyo Japan(a) |
3,000 | 35,861 | ||||||
|
|
|||||||
293,898 | ||||||||
Electric Utilities — 1.0% | ||||||||
Chugoku Electric Power Co. Inc. (The) |
23,000 | 113,119 | ||||||
Hokkaido Electric Power Co. Inc. |
15,000 | 51,944 | ||||||
Hokuriku Electric Power Co. |
14,000 | 55,667 | ||||||
Kyushu Electric Power Co. Inc. |
35,000 | 185,831 | ||||||
Okinawa Electric Power Co. Inc. (The) |
4,092 | 30,946 | ||||||
Shikoku Electric Power Co. Inc. |
13,000 | 69,674 | ||||||
Tohoku Electric Power Co. Inc. |
38,000 | 180,871 | ||||||
|
|
|||||||
688,052 | ||||||||
Electrical Equipment — 1.3% | ||||||||
Daihen Corp. |
2,000 | 62,794 | ||||||
Fujikura Ltd. |
20,000 | 141,797 | ||||||
Furukawa Electric Co. Ltd. |
6,000 | 104,880 | ||||||
GS Yuasa Corp. |
5,000 | 90,108 | ||||||
Idec Corp./Japan |
2,000 | 47,927 | ||||||
Mabuchi Motor Co. Ltd. |
4,000 | 110,744 | ||||||
Nippon Carbon Co. Ltd. |
1,000 | 30,590 | ||||||
Nissin Electric Co. Ltd. |
4,000 | 49,784 |
Security | Shares | Value | ||||||
Electrical Equipment (continued) |
||||||||
Nitto Kogyo Corp. |
2,000 | $ | 38,912 | |||||
Sanyo Denki Co. Ltd. |
1,000 | 41,534 | ||||||
Toyo Tanso Co. Ltd. |
1,000 | 32,847 | ||||||
Ushio Inc. |
8,000 | 91,405 | ||||||
|
|
|||||||
843,322 | ||||||||
Electronic Equipment, Instruments & Components — 4.0% | ||||||||
Ai Holdings Corp. |
3,000 | 49,794 | ||||||
Alps Alpine Co. Ltd. |
17,000 | 161,481 | ||||||
Amano Corp. |
4,000 | 73,973 | ||||||
Anritsu Corp. |
11,000 | 100,409 | ||||||
Canon Electronics Inc. |
2,000 | 25,948 | ||||||
Canon Marketing Japan Inc. |
4,000 | 88,396 | ||||||
Citizen Watch Co. Ltd. |
20,000 | 121,062 | ||||||
Daiwabo Holdings Co. Ltd. |
7,000 | 108,175 | ||||||
Dexerials Corp. |
5,000 | 97,964 | ||||||
Hakuto Co. Ltd. |
1,000 | 37,457 | ||||||
Hioki E.E. Corp. |
1,000 | 58,592 | ||||||
Horiba Ltd. |
3,000 | 159,952 | ||||||
Hosiden Corp. |
4,000 | 48,963 | ||||||
Iriso Electronics Co. Ltd. |
2,000 | 69,954 | ||||||
Japan Aviation Electronics Industry Ltd. |
4,000 | 66,403 | ||||||
Japan Display Inc.(a) |
64,000 | 19,313 | ||||||
Kaga Electronics Co. Ltd. |
1,000 | 35,870 | ||||||
Koa Corp. |
2,000 | 27,188 | ||||||
Macnica Holdings Inc. |
4,000 | 110,659 | ||||||
Maruwa Co. Ltd./Aichi |
1,000 | 128,577 | ||||||
Maxell Ltd. |
4,000 | 42,667 | ||||||
Meiko Electronics Co. Ltd. |
2,000 | 40,606 | ||||||
Nichicon Corp. |
4,000 | 39,628 | ||||||
Nippon Ceramic Co. Ltd. |
1,600 | 31,152 | ||||||
Nippon Electric Glass Co. Ltd. |
7,000 | 130,282 | ||||||
Nippon Signal Company Ltd. |
3,000 | 22,801 | ||||||
Nissha Co. Ltd. |
3,000 | 39,909 | ||||||
Nohmi Bosai Ltd. |
2,000 | 24,212 | ||||||
Oki Electric Industry Co. Ltd. |
6,000 | 31,307 | ||||||
Optex Group Co. Ltd. |
3,000 | 45,169 | ||||||
Restar Holdings Corp. |
1,000 | 17,033 | ||||||
Riken Keiki Co. Ltd. |
1,000 | 36,948 | ||||||
Ryosan Co. Ltd. |
1,300 | 29,596 | ||||||
Ryoyo Electro Corp. |
1,000 | 18,538 | ||||||
Siix Corp. |
2,000 | 21,881 | ||||||
Taiyo Yuden Co. Ltd. |
10,000 | 302,820 | ||||||
Topcon Corp. |
9,000 | 118,373 | ||||||
Yokowo Co. Ltd. |
1,000 | 14,588 | ||||||
|
|
|||||||
2,597,640 | ||||||||
Energy Equipment & Services — 0.0% | ||||||||
Modec Inc.(a) |
2,000 | 22,123 | ||||||
|
|
|||||||
Entertainment — 0.9% | ||||||||
Avex Inc. |
3,000 | 35,500 | ||||||
Bushiroad Inc. |
2,000 | 10,647 | ||||||
COLOPL Inc. |
5,000 | 21,841 | ||||||
Daiichikosho Co. Ltd. |
3,000 | 95,360 | ||||||
DeNA Co. Ltd. |
7,000 | 89,903 | ||||||
GungHo Online Entertainment Inc. |
4,000 | 72,043 | ||||||
Mixi Inc. |
3,000 | 58,957 | ||||||
Shochiku Co. Ltd. |
1,000 | 80,515 | ||||||
Toei Animation Co. Ltd.(b) |
700 | 70,014 | ||||||
Toei Co. Ltd. |
500 | 63,535 | ||||||
|
|
|||||||
598,315 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) — 8.4% |
| |||||||
Activia Properties Inc. |
60 | $ | 172,930 | |||||
Advance Logistics Investment Corp. |
50 | 50,089 | ||||||
Advance Residence Investment Corp. |
110 | 270,229 | ||||||
AEON REIT Investment Corp. |
140 | 152,992 | ||||||
Comforia Residential REIT Inc. |
50 | 115,120 | ||||||
CRE Logistics REIT Inc. |
50 | 64,923 | ||||||
Daiwa Office Investment Corp. |
30 | 134,795 | ||||||
Daiwa Securities Living Investments Corp. |
160 | 133,100 | ||||||
Frontier Real Estate Investment Corp. |
40 | 147,454 | ||||||
Fukuoka REIT Corp. |
50 | 60,433 | ||||||
Global One Real Estate Investment Corp. |
80 | 63,957 | ||||||
Hankyu Hanshin REIT Inc. |
50 | 52,749 | ||||||
Heiwa Real Estate REIT Inc. |
80 | 92,308 | ||||||
Hoshino Resorts REIT Inc. |
20 | 110,906 | ||||||
Hulic Reit Inc. |
110 | 123,174 | ||||||
Ichigo Office REIT Investment Corp. |
100 | 65,088 | ||||||
Industrial & Infrastructure Fund Investment Corp. |
170 | 179,218 | ||||||
Invincible Investment Corp. |
520 | 209,566 | ||||||
Japan Excellent Inc. |
100 | 89,284 | ||||||
Japan Hotel REIT Investment Corp. |
380 | 214,775 | ||||||
Japan Logistics Fund Inc. |
70 | 151,307 | ||||||
Japan Prime Realty Investment Corp. |
70 | 184,748 | ||||||
Kenedix Office Investment Corp. |
80 | 187,708 | ||||||
Kenedix Residential Next Investment Corp. |
80 | 120,843 | ||||||
Kenedix Retail REIT Corp. |
50 | 90,964 | ||||||
LaSalle Logiport REIT |
150 | 170,527 | ||||||
Mirai Corp. |
150 | 49,294 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. |
40 | 118,383 | ||||||
Mitsui Fudosan Logistics Park Inc. |
51 | 170,023 | ||||||
Mori Hills REIT Investment Corp. |
130 | 146,232 | ||||||
Mori Trust Hotel Reit Inc.(a) |
30 | 30,734 | ||||||
Mori Trust Sogo REIT Inc. |
160 | 89,064 | ||||||
Nippon Accommodations Fund Inc. |
43 | 191,613 | ||||||
NIPPON REIT Investment Corp. |
40 | 97,803 | ||||||
NTT UD REIT Investment Corp. |
120 | 119,749 | ||||||
One REIT Inc. |
20 | 35,245 | ||||||
Orix JREIT Inc. |
220 | 294,567 | ||||||
Samty Residential Investment Corp. |
30 | 24,878 | ||||||
Sekisui House Reit Inc. |
360 | 190,604 | ||||||
SOSiLA Logistics REIT Inc. |
60 | 57,923 | ||||||
Star Asia Investment Corp. |
150 | 60,456 | ||||||
Starts Proceed Investment Corp. |
20 | 34,557 | ||||||
Takara Leben Real Estate Investment Corp. |
50 | 33,181 | ||||||
Tokyu REIT Inc. |
80 | 114,733 | ||||||
United Urban Investment Corp. |
250 | 276,136 | ||||||
|
|
|||||||
5,544,362 | ||||||||
Food & Staples Retailing — 2.8% | ||||||||
Aeon Hokkaido Corp. |
4,000 | 25,057 | ||||||
Ain Holdings Inc. |
2,000 | 83,138 | ||||||
Arcs Co. Ltd. |
3,000 | 47,752 | ||||||
Axial Retailing Inc. |
1,000 | 25,464 | ||||||
Belc Co. Ltd. |
1,000 | 39,416 | ||||||
Cawachi Ltd. |
1,000 | 17,140 | ||||||
Cosmos Pharmaceutical Corp. |
2,000 | 183,328 | ||||||
Create SD Holdings Co. Ltd. |
2,000 | 49,573 | ||||||
Daikokutenbussan Co. Ltd. |
500 | 18,760 | ||||||
Fuji Co. Ltd./Ehime |
2,000 | 26,080 | ||||||
G-7 Holdings Inc. |
2,000 | 21,096 | ||||||
Genky DrugStores Co. Ltd. |
1,000 | 29,779 | ||||||
Halows Co. Ltd. |
1,000 | 23,768 |
Security | Shares | Value | ||||||
Food & Staples Retailing (continued) |
||||||||
Heiwado Co. Ltd. |
2,000 | $ | 31,307 | |||||
Inageya Co. Ltd. |
2,000 | 20,105 | ||||||
Kato Sangyo Co. Ltd. |
2,000 | 52,836 | ||||||
Kusuri no Aoki Holdings Co. Ltd. |
1,400 | 71,854 | ||||||
Lawson Inc. |
4,000 | 157,316 | ||||||
Life Corp. |
1,000 | 20,295 | ||||||
Maxvalu Tokai Co. Ltd. |
1,000 | 20,021 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
1,000 | 23,804 | ||||||
Oisix ra daichi Inc.(a) |
2,000 | 35,029 | ||||||
Retail Partners Co. Ltd. |
2,000 | 18,856 | ||||||
San-A Co. Ltd. |
2,000 | 61,644 | ||||||
Shoei Foods Corp. |
1,000 | 31,090 | ||||||
Sugi Holdings Co. Ltd. |
3,000 | 125,582 | ||||||
Sundrug Co. Ltd. |
6,000 | 162,448 | ||||||
Tsuruha Holdings Inc. |
3,000 | 211,271 | ||||||
United Super Markets Holdings Inc. |
4,000 | 32,913 | ||||||
Valor Holdings Co. Ltd. |
3,000 | 43,219 | ||||||
Yaoko Co. Ltd. |
2,000 | 100,743 | ||||||
Yokorei Co. Ltd. |
4,000 | 29,455 | ||||||
|
|
|||||||
1,840,139 | ||||||||
Food Products — 3.9% | ||||||||
Ariake Japan Co. Ltd. |
2,000 | 70,052 | ||||||
Calbee Inc. |
7,000 | 138,800 | ||||||
DyDo Group Holdings Inc. |
1,000 | 34,945 | ||||||
Ezaki Glico Co. Ltd. |
4,000 | 100,429 | ||||||
Fuji Oil Holdings Inc. |
4,000 | 57,393 | ||||||
Fujicco Co. Ltd. |
2,000 | 27,181 | ||||||
Fujiya Co. Ltd.(b) |
1,000 | 17,753 | ||||||
Hokuto Corp. |
2,000 | 27,673 | ||||||
House Foods Group Inc. |
5,000 | 99,125 | ||||||
Itoham Yonekyu Holdings Inc. |
13,000 | 68,161 | ||||||
J-Oil Mills Inc. |
2,000 | 23,202 | ||||||
Kagome Co. Ltd. |
6,000 | 132,577 | ||||||
Kameda Seika Co. Ltd. |
1,000 | 30,908 | ||||||
Kewpie Corp. |
8,000 | 129,297 | ||||||
Kotobuki Spirits Co. Ltd. |
2,000 | 128,553 | ||||||
Maruha Nichiro Corp. |
4,000 | 71,209 | ||||||
Megmilk Snow Brand Co. Ltd. |
4,000 | 51,900 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
1,000 | 15,288 | ||||||
Morinaga & Co. Ltd./Japan |
3,000 | 86,530 | ||||||
Morinaga Milk Industry Co. Ltd. |
3,000 | 101,762 | ||||||
NH Foods Ltd. |
7,000 | 193,286 | ||||||
Nichirei Corp. |
9,000 | 177,680 | ||||||
Nippn Corp., New |
4,000 | 47,557 | ||||||
Nippon Suisan Kaisha Ltd. |
24,000 | 96,195 | ||||||
Nisshin Oillio Group Ltd. (The) |
2,000 | 48,905 | ||||||
Prima Meat Packers Ltd. |
2,000 | 31,444 | ||||||
Riken Vitamin Co. Ltd. |
2,000 | 30,491 | ||||||
S Foods Inc. |
1,000 | 20,467 | ||||||
Sakata Seed Corp. |
2,000 | 59,689 | ||||||
Showa Sangyo Co. Ltd. |
1,000 | 18,915 | ||||||
Toyo Suisan Kaisha Ltd. |
7,000 | 283,192 | ||||||
Yamazaki Baking Co. Ltd. |
10,000 | 116,092 | ||||||
|
|
|||||||
2,536,651 | ||||||||
Gas Utilities — 0.4% | ||||||||
Nippon Gas Co. Ltd. |
9,000 | 125,728 | ||||||
Saibu Gas Holdings Co. Ltd. |
2,000 | 26,888 | ||||||
Shizuoka Gas Co. Ltd. |
3,000 | 24,863 |
20 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Gas Utilities (continued) |
||||||||
Toho Gas Co. Ltd. |
6,000 | $ | 112,557 | |||||
|
|
|||||||
290,036 | ||||||||
Health Care Equipment & Supplies — 1.4% | ||||||||
CYBERDYNE Inc.(a)(b) |
9,000 | 19,615 | ||||||
Eiken Chemical Co. Ltd. |
3,000 | 34,383 | ||||||
Hogy Medical Co. Ltd. |
2,000 | 47,256 | ||||||
Japan Lifeline Co. Ltd. |
5,000 | 33,942 | ||||||
Jeol Ltd. |
4,000 | 124,509 | ||||||
Mani Inc. |
6,000 | 81,491 | ||||||
Menicon Co. Ltd. |
5,000 | 107,128 | ||||||
Nagaileben Co. Ltd. |
2,000 | 28,813 | ||||||
Nakanishi Inc. |
6,000 | 124,206 | ||||||
Nihon Kohden Corp. |
7,000 | 175,354 | ||||||
Nipro Corp. |
12,000 | 91,271 | ||||||
Paramount Bed Holdings Co. Ltd. |
3,000 | 52,472 | ||||||
PHC Holdings Corp. |
2,000 | 21,137 | ||||||
|
|
|||||||
941,577 | ||||||||
Health Care Providers & Services — 1.6% | ||||||||
Alfresa Holdings Corp. |
14,000 | 169,074 | ||||||
Amvis Holdings Inc.(b) |
2,000 | 48,140 | ||||||
As One Corp. |
2,000 | 83,366 | ||||||
BML Inc. |
2,000 | 46,485 | ||||||
Elan Corp. |
3,000 | 23,745 | ||||||
H.U. Group Holdings Inc. |
4,000 | 78,718 | ||||||
Medipal Holdings Corp. |
16,000 | 209,701 | ||||||
Ship Healthcare Holdings Inc. |
7,000 | 126,342 | ||||||
Solasto Corp. |
4,000 | 19,906 | ||||||
Suzuken Co. Ltd. |
5,000 | 126,263 | ||||||
Toho Holdings Co. Ltd. |
5,000 | 80,849 | ||||||
Tokai Corp./Gifu |
2,000 | 27,996 | ||||||
|
|
|||||||
1,040,585 | ||||||||
Health Care Technology — 0.2% | ||||||||
EM Systems Co. Ltd. |
3,000 | 18,821 | ||||||
JMDC Inc. |
2,200 | 69,462 | ||||||
Medley Inc.(a) |
2,000 | 58,668 | ||||||
|
|
|||||||
146,951 | ||||||||
Hotels, Restaurants & Leisure — 3.5% | ||||||||
Airtrip Corp. |
1,000 | 18,008 | ||||||
Arcland Service Holdings Co. Ltd. |
1,000 | 16,193 | ||||||
Atom Corp.(a)(b) |
10,000 | 59,778 | ||||||
Colowide Co. Ltd. |
6,000 | 84,649 | ||||||
Create Restaurants Holdings Inc. |
10,000 | 72,512 | ||||||
Curves Holdings Co. Ltd. |
4,000 | 22,556 | ||||||
Doutor Nichires Holdings Co. Ltd. |
3,000 | 41,135 | ||||||
Food & Life Companies Ltd. |
9,000 | 227,760 | ||||||
Fuji Kyuko Co. Ltd. |
2,000 | 61,624 | ||||||
Fujio Food Group Inc.(a) |
1,000 | 9,809 | ||||||
Heiwa Corp. |
5,016 | 94,129 | ||||||
Hiday Hidaka Corp. |
2,084 | 30,549 | ||||||
HIS Co. Ltd.(a)(b) |
4,000 | 59,845 | ||||||
Ichibanya Co. Ltd. |
1,000 | 34,297 | ||||||
Kappa Create Co. Ltd.(a) |
2,000 | 21,281 | ||||||
KFC Holdings Japan Ltd. |
1,000 | 20,582 | ||||||
Kisoji Co. Ltd. |
2,000 | 32,233 | ||||||
KOMEDA Holdings Co. Ltd. |
4,000 | 69,096 | ||||||
Koshidaka Holdings Co. Ltd. |
4,000 | 27,474 | ||||||
Kura Sushi Inc.(b) |
2,000 | 46,982 | ||||||
Kyoritsu Maintenance Co. Ltd. |
2,480 | 98,194 | ||||||
Matsuyafoods Holdings Co. Ltd. |
1,000 | 28,970 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) |
|
|||||||
Monogatari Corp. (The) |
3,000 | $ | 55,384 | |||||
MOS Food Services Inc. |
2,000 | 45,300 | ||||||
Ohsho Food Service Corp. |
1,000 | 44,722 | ||||||
Open Door Inc.(a)(b) |
1,000 | 11,641 | ||||||
Resorttrust Inc. |
7,000 | 109,438 | ||||||
Ringer Hut Co. Ltd.(a)(b) |
2,000 | 32,375 | ||||||
Round One Corp. |
18,000 | 68,381 | ||||||
Royal Holdings Co. Ltd. |
3,000 | 57,349 | ||||||
Saizeriya Co. Ltd. |
2,000 | 45,013 | ||||||
Skylark Holdings Co. Ltd.(a) |
19,000 | 222,386 | ||||||
Tokyotokeiba Co. Ltd. |
1,000 | 27,748 | ||||||
Toridoll Holdings Corp. |
4,000 | 80,046 | ||||||
Yoshinoya Holdings Co. Ltd. |
6,000 | 103,168 | ||||||
Zensho Holdings Co. Ltd. |
8,000 | 225,239 | ||||||
|
|
|||||||
2,305,846 | ||||||||
Household Durables — 2.4% | ||||||||
Casio Computer Co. Ltd. |
16,000 | 156,821 | ||||||
Chofu Seisakusho Co. Ltd. |
1,000 | 15,530 | ||||||
ES-Con Japan Ltd. |
3,000 | 18,744 | ||||||
Fujitsu General Ltd. |
5,000 | 140,027 | ||||||
Haseko Corp. |
20,000 | 229,505 | ||||||
Ki-Star Real Estate Co. Ltd. |
1,000 | 31,329 | ||||||
Nagawa Co. Ltd.(b) |
1,000 | 55,924 | ||||||
Nikon Corp. |
25,000 | 247,617 | ||||||
Pressance Corp. |
2,000 | 25,112 | ||||||
Rinnai Corp. |
3,000 | 210,428 | ||||||
Sangetsu Corp. |
3,000 | 54,485 | ||||||
Sumitomo Forestry Co. Ltd. |
12,000 | 230,268 | ||||||
Tama Home Co. Ltd. |
1,000 | 24,941 | ||||||
Tamron Co. Ltd. |
1,000 | 23,818 | ||||||
Token Corp. |
1,000 | 56,786 | ||||||
Zojirushi Corp. |
3,000 | 36,264 | ||||||
|
|
|||||||
1,557,599 | ||||||||
Household Products — 0.6% | ||||||||
Earth Corp. |
1,000 | 35,215 | ||||||
Lion Corp. |
20,000 | 215,766 | ||||||
Pigeon Corp. |
10,000 | 154,254 | ||||||
|
|
|||||||
405,235 | ||||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
Electric Power Development Co. Ltd. |
12,000 | 191,257 | ||||||
eRex Co. Ltd. |
3,000 | 41,872 | ||||||
RENOVA Inc.(a) |
3,000 | 46,238 | ||||||
West Holdings Corp. |
2,080 | 51,195 | ||||||
|
|
|||||||
330,562 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
Katakura Industries Co. Ltd. |
1,000 | 12,942 | ||||||
Keihan Holdings Co. Ltd. |
8,000 | 196,856 | ||||||
Mie Kotsu Group Holdings Inc. |
4,000 | 14,976 | ||||||
Nisshinbo Holdings Inc. |
11,000 | 81,615 | ||||||
Noritsu Koki Co. Ltd. |
2,000 | 32,681 | ||||||
TOKAI Holdings Corp. |
8,000 | 51,524 | ||||||
|
|
|||||||
390,594 | ||||||||
Insurance — 0.1% | ||||||||
Anicom Holdings Inc. |
6,000 | 24,197 | ||||||
LIFENET INSURANCE Co.(a) |
4,000 | 34,255 | ||||||
|
|
|||||||
58,452 | ||||||||
Interactive Media & Services — 0.4% | ||||||||
Bengo4.com Inc.(a)(b) |
1,000 | 17,773 | ||||||
Gree Inc. |
5,000 | 26,763 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Interactive Media & Services (continued) |
||||||||
Infocom Corp. |
2,000 | $ | 35,257 | |||||
Kakaku.com Inc. |
11,000 | 164,166 | ||||||
|
|
|||||||
243,959 | ||||||||
Internet & Direct Marketing Retail — 0.4% | ||||||||
ASKUL Corp. |
3,000 | 37,926 | ||||||
Belluna Co. Ltd. |
4,000 | 20,389 | ||||||
Demae-Can Co. Ltd.(a)(b) |
4,000 | 14,113 | ||||||
Mercari Inc.(a) |
9,000 | 159,520 | ||||||
|
|
|||||||
231,948 | ||||||||
IT Services — 2.5% | ||||||||
Argo Graphics Inc. |
1,000 | 27,563 | ||||||
Bell System24 Holdings Inc. |
3,000 | 31,826 | ||||||
BIPROGY Inc. |
6,000 | 132,955 | ||||||
Change Inc. |
3,000 | 55,099 | ||||||
Comture Corp. |
2,000 | 32,715 | ||||||
Digital Garage Inc. |
3,000 | 99,049 | ||||||
DTS Corp. |
3,000 | 69,719 | ||||||
Future Corp. |
4,000 | 51,586 | ||||||
GMO GlobalSign Holdings KK(b) |
1,000 | 29,669 | ||||||
GMO internet group Inc. |
6,000 | 111,341 | ||||||
Infomart Corp. |
17,000 | 37,737 | ||||||
Information Services International-Dentsu Ltd. |
2,000 | 69,135 | ||||||
Kanematsu Electronics Ltd. |
1,000 | 45,442 | ||||||
Mitsubishi Research Institute Inc. |
1,000 | 38,054 | ||||||
NEC Networks & System Integration Corp. |
6,000 | 73,571 | ||||||
NET One Systems Co. Ltd. |
7,000 | 159,756 | ||||||
NS Solutions Corp. |
3,000 | 78,182 | ||||||
NSD Co. Ltd. |
5,000 | 86,281 | ||||||
Relia Inc. |
3,000 | 32,113 | ||||||
SB Technology Corp. |
1,000 | 14,761 | ||||||
SHIFT Inc.(a) |
1,000 | 165,556 | ||||||
Simplex Holdings Inc. |
2,000 | 33,525 | ||||||
TechMatrix Corp. |
3,000 | 32,554 | ||||||
TKC Corp. |
2,000 | 53,957 | ||||||
Transcosmos Inc. |
2,000 | 49,183 | ||||||
Zuken Inc. |
1,000 | 25,751 | ||||||
|
|
|||||||
1,637,080 | ||||||||
Leisure Products — 1.0% | ||||||||
Fields Corp. |
1,000 | 30,627 | ||||||
GLOBERIDE Inc. |
2,000 | 37,676 | ||||||
Mizuno Corp. |
2,000 | 46,209 | ||||||
Roland Corp. |
1,000 | 28,760 | ||||||
Sankyo Co. Ltd. |
3,000 | 122,260 | ||||||
Sega Sammy Holdings Inc. |
13,000 | 222,251 | ||||||
Snow Peak Inc.(b) |
2,000 | 32,396 | ||||||
Tomy Co. Ltd. |
7,000 | 68,407 | ||||||
Universal Entertainment Corp.(a) |
2,000 | 34,630 | ||||||
Yonex Co. Ltd. |
5,000 | 48,504 | ||||||
|
|
|||||||
671,720 | ||||||||
Life Sciences Tools & Services — 0.1% | ||||||||
Shin Nippon Biomedical Laboratories Ltd. |
2,000 | 41,446 | ||||||
|
|
|||||||
Machinery — 7.2% | ||||||||
Aichi Corp. |
2,000 | 11,585 | ||||||
Aida Engineering Ltd. |
4,000 | 23,561 | ||||||
Amada Co. Ltd. |
29,000 | 263,904 | ||||||
CKD Corp. |
4,000 | 61,795 | ||||||
Daiwa Industries Ltd. |
2,000 | 19,827 | ||||||
DMG Mori Co. Ltd. |
10,000 | 160,857 | ||||||
Ebara Corp. |
8,000 | 339,977 |
Security | Shares | Value | ||||||
Machinery (continued) |
||||||||
Fuji Corp./Aichi |
6,000 | $ | 90,871 | |||||
Fujitec Co. Ltd.(b) |
5,000 | 115,598 | ||||||
Fukushima Galilei Co. Ltd. |
1,000 | 31,932 | ||||||
Furukawa Co. Ltd. |
2,000 | 20,376 | ||||||
Giken Ltd. |
2,000 | 41,139 | ||||||
Glory Ltd. |
4,000 | 81,372 | ||||||
Harmonic Drive Systems Inc. |
4,000 | 141,931 | ||||||
Hino Motors Ltd.(a) |
24,000 | 97,603 | ||||||
Hirata Corp. |
1,000 | 49,330 | ||||||
Hitachi Zosen Corp. |
14,000 | 93,067 | ||||||
IHI Corp. |
12,000 | 311,627 | ||||||
Japan Steel Works Ltd. (The) |
5,000 | 94,007 | ||||||
Kawasaki Heavy Industries Ltd. |
13,000 | 284,078 | ||||||
Kitz Corp. |
5,000 | 32,500 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
3,000 | 32,230 | ||||||
Makino Milling Machine Co. Ltd. |
2,000 | 72,419 | ||||||
Max Co. Ltd. |
2,000 | 31,806 | ||||||
Meidensha Corp. |
3,000 | 43,224 | ||||||
METAWATER Co. Ltd. |
2,000 | 24,484 | ||||||
Mitsubishi Logisnext Co. Ltd. |
2,000 | 11,834 | ||||||
Mitsuboshi Belting Ltd. |
2,000 | 58,305 | ||||||
Miura Co. Ltd. |
7,000 | 168,917 | ||||||
Morita Holdings Corp. |
3,000 | 26,800 | ||||||
Nabtesco Corp. |
9,000 | 232,603 | ||||||
Nachi-Fujikoshi Corp. |
1,000 | 28,912 | ||||||
Nikkiso Co. Ltd. |
4,000 | 28,401 | ||||||
Nitta Corp. |
2,000 | 44,001 | ||||||
Noritake Co. Ltd./Nagoya Japan |
1,000 | 33,260 | ||||||
NSK Ltd. |
33,000 | 182,783 | ||||||
NTN Corp. |
34,000 | 84,087 | ||||||
Obara Group Inc. |
1,000 | 28,672 | ||||||
Oiles Corp. |
2,096 | 25,354 | ||||||
OKUMA Corp. |
2,000 | 80,516 | ||||||
Organo Corp. |
2,400 | 59,882 | ||||||
OSG Corp. |
7,000 | 99,723 | ||||||
Shibaura Machine Co. Ltd. |
2,000 | 46,492 | ||||||
Shibuya Corp. |
1,000 | 17,601 | ||||||
Shima Seiki Manufacturing Ltd. |
2,000 | 27,265 | ||||||
Shinmaywa Industries Ltd. |
4,000 | 33,011 | ||||||
Star Micronics Co. Ltd. |
3,000 | 38,054 | ||||||
Sumitomo Heavy Industries Ltd. |
9,000 | 211,887 | ||||||
Tadano Ltd. |
8,000 | 60,891 | ||||||
Takeuchi Manufacturing Co. Ltd. |
3,000 | 64,082 | ||||||
Takuma Co. Ltd. |
5,000 | 50,346 | ||||||
THK Co. Ltd. |
10,000 | 223,957 | ||||||
Tocalo Co. Ltd. |
5,000 | 46,350 | ||||||
Tsubakimoto Chain Co. |
2,000 | 46,851 | ||||||
Tsugami Corp. |
3,000 | 32,381 | ||||||
Union Tool Co. |
1,000 | 23,733 | ||||||
YAMABIKO Corp. |
3,000 | 27,820 | ||||||
|
|
|||||||
4,715,871 | ||||||||
Marine — 0.6% | ||||||||
Iino Kaiun Kaisha Ltd. |
7,000 | 55,687 | ||||||
Kawasaki Kisen Kaisha Ltd. |
13,000 | 311,326 | ||||||
NS United Kaiun Kaisha Ltd. |
1,000 | 32,428 | ||||||
|
|
|||||||
399,441 | ||||||||
Media — 0.7% | ||||||||
Direct Marketing MiX Inc. |
2,000 | 21,612 | ||||||
Fuji Media Holdings Inc. |
4,000 | 33,568 | ||||||
Kadokawa Corp. |
8,016 | 159,651 |
22 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Media (continued) |
||||||||
Nippon Television Holdings Inc. |
5,000 | $ | 41,159 | |||||
Septeni Holdings Co. Ltd. |
5,000 | 12,284 | ||||||
SKY Perfect JSAT Holdings Inc. |
14,000 | 53,134 | ||||||
TBS Holdings Inc. |
3,000 | 39,408 | ||||||
TV Asahi Holdings Corp. |
2,000 | 21,336 | ||||||
ValueCommerce Co. Ltd. |
1,000 | 12,310 | ||||||
Vector Inc. |
2,000 | 20,427 | ||||||
Zenrin Co. Ltd. |
3,000 | 18,531 | ||||||
|
|
|||||||
433,420 | ||||||||
Metals & Mining — 2.2% | ||||||||
Asahi Holdings Inc. |
6,000 | 87,783 | ||||||
Daido Steel Co. Ltd. |
2,000 | 78,569 | ||||||
Daiki Aluminium Industry Co. Ltd. |
2,000 | 21,247 | ||||||
Dowa Holdings Co. Ltd. |
5,000 | 163,129 | ||||||
Kobe Steel Ltd. |
29,000 | 196,669 | ||||||
Kyoei Steel Ltd. |
2,000 | 23,924 | ||||||
Maruichi Steel Tube Ltd. |
5,000 | 108,635 | ||||||
Mitsubishi Materials Corp. |
10,000 | 155,670 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
5,000 | 123,373 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
5,000 | 54,485 | ||||||
Nittetsu Mining Co. Ltd. |
1,000 | 26,935 | ||||||
OSAKA Titanium Technologies Co. Ltd.(b) |
2,000 | 40,132 | ||||||
Pacific Metals Co. Ltd. |
1,000 | 14,267 | ||||||
Sanyo Special Steel Co. Ltd. |
2,000 | 38,509 | ||||||
Toho Titanium Co. Ltd. |
3,000 | 43,564 | ||||||
Tokyo Steel Manufacturing Co. Ltd. |
5,000 | 55,262 | ||||||
UACJ Corp. |
3,014 | 59,085 | ||||||
Yamato Kogyo Co. Ltd. |
3,000 | 120,257 | ||||||
Yodogawa Steel Works Ltd. |
2,000 | 39,753 | ||||||
|
|
|||||||
1,451,248 | ||||||||
Multiline Retail — 1.7% | ||||||||
H2O Retailing Corp. |
7,035 | 71,709 | ||||||
Isetan Mitsukoshi Holdings Ltd. |
29,000 | 296,229 | ||||||
Izumi Co. Ltd. |
3,000 | 65,576 | ||||||
J Front Retailing Co. Ltd. |
21,000 | 194,927 | ||||||
Kintetsu Department Store Co. Ltd.(a) |
1,000 | 17,402 | ||||||
Ryohin Keikaku Co. Ltd. |
21,000 | 211,407 | ||||||
Seria Co. Ltd. |
4,000 | 77,607 | ||||||
Takashimaya Co. Ltd. |
12,000 | 167,124 | ||||||
|
|
|||||||
1,101,981 | ||||||||
Oil, Gas & Consumable Fuels — 0.8% | ||||||||
Cosmo Energy Holdings Co. Ltd. |
6,000 | 179,344 | ||||||
Itochu Enex Co. Ltd. |
4,000 | 32,638 | ||||||
Iwatani Corp. |
4,000 | 165,359 | ||||||
Japan Petroleum Exploration Co. Ltd. |
3,000 | 108,092 | ||||||
Mitsuuroko Group Holdings Co. Ltd. |
2,000 | 19,176 | ||||||
San-Ai Obbli Co. Ltd. |
4,000 | 41,009 | ||||||
|
|
|||||||
545,618 | ||||||||
Paper & Forest Products — 0.3% | ||||||||
Daiken Corp. |
1,000 | 16,258 | ||||||
Daio Paper Corp. |
7,000 | 55,527 | ||||||
Hokuetsu Corp. |
10,000 | 60,194 | ||||||
Nippon Paper Industries Co. Ltd. |
8,000 | 63,983 | ||||||
Tokushu Tokai Paper Co. Ltd. |
1,000 | 22,202 | ||||||
|
|
|||||||
218,164 | ||||||||
Personal Products — 1.2% | ||||||||
Euglena Co. Ltd.(a)(b) |
8,000 | 55,820 | ||||||
Fancl Corp. |
7,000 | 129,819 | ||||||
Mandom Corp. |
3,000 | 31,639 |
Security | Shares | Value | ||||||
Personal Products (continued) |
||||||||
Milbon Co. Ltd. |
2,000 | $ | 83,841 | |||||
Noevir Holdings Co. Ltd. |
1,000 | 39,677 | ||||||
Pola Orbis Holdings Inc. |
8,000 | 102,137 | ||||||
Rohto Pharmaceutical Co. Ltd. |
16,000 | 290,862 | ||||||
YA-MAN Ltd. |
3,000 | 34,588 | ||||||
|
|
|||||||
768,383 | ||||||||
Pharmaceuticals — 1.8% | ||||||||
Hisamitsu Pharmaceutical Co. Inc. |
4,000 | 112,192 | ||||||
JCR Pharmaceuticals Co. Ltd. |
6,000 | 64,647 | ||||||
Kaken Pharmaceutical Co. Ltd. |
3,000 | 79,834 | ||||||
Kissei Pharmaceutical Co. Ltd. |
2,000 | 35,967 | ||||||
KYORIN Holdings Inc. |
3,000 | 37,175 | ||||||
Mochida Pharmaceutical Co. Ltd. |
2,000 | 49,903 | ||||||
Santen Pharmaceutical Co. Ltd. |
31,000 | 236,661 | ||||||
Sawai Group Holdings Co. Ltd. |
3,000 | 83,061 | ||||||
Sosei Group Corp.(a) |
6,000 | 97,181 | ||||||
Sumitomo Pharma Co., Ltd. |
15,000 | 93,916 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. |
3,000 | 118,269 | ||||||
Torii Pharmaceutical Co. Ltd. |
1,000 | 23,053 | ||||||
Towa Pharmaceutical Co. Ltd. |
2,000 | 28,109 | ||||||
Tsumura & Co. |
5,000 | 95,079 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
2,000 | 32,180 | ||||||
|
|
|||||||
1,187,227 | ||||||||
Professional Services — 2.0% | ||||||||
Benefit One Inc. |
7,000 | 107,318 | ||||||
BeNext-Yumeshin Group Co. |
5,016 | 68,567 | ||||||
Dip Corp. |
3,000 | 77,511 | ||||||
en Japan Inc. |
3,000 | 52,239 | ||||||
Fullcast Holdings Co. Ltd. |
2,000 | 37,051 | ||||||
Funai Soken Holdings Inc. |
3,000 | 62,265 | ||||||
Insource Co. Ltd. |
4,000 | 36,328 | ||||||
JAC Recruitment Co. Ltd. |
1,000 | 17,752 | ||||||
Link And Motivation Inc. |
3,000 | 12,661 | ||||||
Management Solutions Co. Ltd. |
1,000 | 24,481 | ||||||
Meitec Corp. |
6,000 | 107,472 | ||||||
Nomura Co. Ltd. |
7,000 | 45,773 | ||||||
Outsourcing Inc. |
10,000 | 96,894 | ||||||
Pasona Group Inc. |
2,000 | 28,069 | ||||||
SMS Co. Ltd. |
6,000 | 143,681 | ||||||
S-Pool Inc. |
6,000 | 28,341 | ||||||
TechnoPro Holdings Inc. |
9,000 | 228,367 | ||||||
UT Group Co. Ltd. |
2,000 | 36,384 | ||||||
Visional Inc.(a)(b) |
1,000 | 66,999 | ||||||
WDB Holdings Co. Ltd. |
1,000 | 15,116 | ||||||
Weathernews Inc. |
1,000 | 49,191 | ||||||
|
|
|||||||
1,342,460 | ||||||||
Real Estate Management & Development — 1.8% | ||||||||
Aeon Mall Co. Ltd. |
9,000 | 117,514 | ||||||
Goldcrest Co. Ltd. |
1,000 | 12,341 | ||||||
Heiwa Real Estate Co. Ltd. |
3,000 | 82,506 | ||||||
Ichigo Inc. |
22,000 | 46,853 | ||||||
Katitas Co. Ltd. |
4,000 | 79,286 | ||||||
Keihanshin Building Co. Ltd. |
2,000 | 17,682 | ||||||
Leopalace21 Corp.(a) |
14,000 | 32,984 | ||||||
Relo Group Inc. |
9,000 | 143,729 | ||||||
SAMTY Co. Ltd. |
2,000 | 30,740 | ||||||
SRE Holdings Corp.(a) |
1,000 | 25,510 | ||||||
Starts Corp. Inc. |
3,000 | 56,636 | ||||||
Sun Frontier Fudousan Co. Ltd. |
2,000 | 18,144 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) |
| |||||||
TKP Corp.(a)(b) |
1,000 | $ | 22,311 | |||||
TOC Co. Ltd. |
3,000 | 14,846 | ||||||
Tokyo Tatemono Co. Ltd. |
16,000 | 195,934 | ||||||
Tokyu Fudosan Holdings Corp. |
52,000 | 251,190 | ||||||
Tosei Corp. |
2,000 | 21,645 | ||||||
|
|
|||||||
1,169,851 | ||||||||
Road & Rail — 2.3% | ||||||||
Fukuyama Transporting Co. Ltd. |
2,000 | 50,212 | ||||||
Keikyu Corp. |
19,000 | 177,070 | ||||||
Kyushu Railway Co. |
11,000 | 240,683 | ||||||
Maruzen Showa Unyu Co. Ltd. |
1,000 | 22,909 | ||||||
Nagoya Railroad Co. Ltd. |
16,000 | 242,843 | ||||||
Nankai Electric Railway Co. Ltd. |
9,000 | 182,482 | ||||||
Nikkon Holdings Co. Ltd. |
5,000 | 90,954 | ||||||
Nishi-Nippon Railroad Co. Ltd. |
5,000 | 87,145 | ||||||
Sakai Moving Service Co. Ltd. |
1,000 | 32,857 | ||||||
Seibu Holdings Inc. |
19,000 | 191,258 | ||||||
Seino Holdings Co. Ltd. |
10,000 | 103,222 | ||||||
Sotetsu Holdings Inc. |
7,000 | 119,068 | ||||||
|
|
|||||||
1,540,703 | ||||||||
Semiconductors & Semiconductor Equipment — 2.3% | ||||||||
Ferrotec Holdings Corp. |
4,000 | 95,006 | ||||||
Japan Material Co. Ltd. |
6,000 | 106,121 | ||||||
Megachips Corp. |
1,000 | 21,035 | ||||||
Micronics Japan Co. Ltd. |
2,000 | 19,264 | ||||||
Mimasu Semiconductor Industry Co. Ltd. |
1,000 | 19,024 | ||||||
Mitsui High-Tec Inc. |
2,000 | 102,994 | ||||||
Optorun Co. Ltd. |
3,000 | 49,062 | ||||||
Rorze Corp. |
1,000 | 77,830 | ||||||
RS Technologies Co. Ltd. |
1,000 | 25,233 | ||||||
Sanken Electric Co. Ltd. |
2,000 | 136,347 | ||||||
SCREEN Holdings Co. Ltd. |
3,008 | 240,069 | ||||||
Shinko Electric Industries Co. Ltd. |
6,000 | 164,592 | ||||||
Socionext Inc.(a) |
2,000 | 141,163 | ||||||
Tokyo Seimitsu Co. Ltd. |
3,000 | 109,525 | ||||||
Tri Chemical Laboratories Inc. |
2,000 | 33,953 | ||||||
Ulvac Inc. |
4,000 | 153,332 | ||||||
|
|
|||||||
1,494,550 | ||||||||
Software — 1.5% | ||||||||
Alpha Systems Inc. |
1,000 | 30,032 | ||||||
Appier Group Inc.(a) |
5,000 | 61,988 | ||||||
Cybozu Inc. |
2,000 | 39,202 | ||||||
Digital Arts Inc. |
1,000 | 39,217 | ||||||
Freee KK(a) |
3,000 | 70,335 | ||||||
Fuji Soft Inc. |
2,000 | 117,953 | ||||||
Fukui Computer Holdings Inc. |
1,000 | 20,523 | ||||||
Justsystems Corp. |
3,000 | 73,226 | ||||||
Money Forward Inc.(a) |
4,000 | 131,965 | ||||||
OBIC Business Consultants Co. Ltd. |
3,000 | 104,395 | ||||||
PKSHA Technology Inc.(a) |
1,000 | 15,169 | ||||||
Plus Alpha Consulting Co. Ltd. |
1,000 | 21,147 | ||||||
Rakus Co. Ltd. |
7,000 | 87,124 | ||||||
Sansan Inc.(a) |
6,000 | 67,914 | ||||||
Systena Corp. |
23,000 | 54,073 | ||||||
WingArc1st Inc. |
2,000 | 25,917 | ||||||
|
|
|||||||
960,180 | ||||||||
Specialty Retail — 2.8% | ||||||||
ABC-Mart Inc. |
3,000 | 147,804 | ||||||
Adastria Co. Ltd. |
2,000 | 31,817 |
Security | Shares | Value | ||||||
Specialty Retail (continued) |
||||||||
Alpen Co. Ltd. |
1,000 | $ | 14,462 | |||||
AOKI Holdings Inc. |
3,000 | 18,080 | ||||||
ARCLANDS Corp. |
2,000 | 21,179 | ||||||
Autobacs Seven Co. Ltd. |
6,000 | 64,086 | ||||||
Bic Camera Inc. |
8,000 | 68,517 | ||||||
DCM Holdings Co. Ltd. |
9,000 | 75,826 | ||||||
EDION Corp. |
7,000 | 67,747 | ||||||
Geo Holdings Corp. |
2,000 | 23,762 | ||||||
IDOM Inc. |
4,000 | 24,877 | ||||||
JINS Holdings Inc. |
1,000 | 26,176 | ||||||
Joshin Denki Co. Ltd. |
1,000 | 14,954 | ||||||
Joyful Honda Co. Ltd. |
4,000 | 51,004 | ||||||
Keiyo Co. Ltd. |
3,000 | 18,451 | ||||||
Kohnan Shoji Co. Ltd. |
2,000 | 46,529 | ||||||
Komeri Co. Ltd. |
3,000 | 58,381 | ||||||
K’s Holdings Corp. |
13,000 | 112,010 | ||||||
Nafco Co. Ltd. |
1,000 | 13,350 | ||||||
Nextage Co. Ltd. |
4,000 | 89,936 | ||||||
Nishimatsuya Chain Co. Ltd. |
3,000 | 34,510 | ||||||
Nojima Corp. |
5,000 | 49,768 | ||||||
PAL GROUP Holdings Co. Ltd. |
2,000 | 40,853 | ||||||
Sanrio Co. Ltd. |
4,000 | 121,180 | ||||||
Shimamura Co. Ltd. |
2,000 | 186,838 | ||||||
T-Gaia Corp. |
2,000 | 24,086 | ||||||
United Arrows Ltd. |
2,000 | 25,612 | ||||||
VT Holdings Co. Ltd. |
6,000 | 22,453 | ||||||
Workman Co. Ltd. |
2,000 | 84,475 | ||||||
Yamada Holdings Co. Ltd. |
62,000 | 218,116 | ||||||
Yellow Hat Ltd. |
3,000 | 39,179 | ||||||
|
|
|||||||
1,836,018 | ||||||||
Technology Hardware, Storage & Peripherals — 0.7% | ||||||||
Eizo Corp. |
1,000 | 28,001 | ||||||
Elecom Co. Ltd. |
4,000 | 39,105 | ||||||
Konica Minolta Inc. |
39,000 | 169,949 | ||||||
MCJ Co. Ltd. |
6,000 | 42,287 | ||||||
Melco Holdings Inc. |
1,000 | 24,779 | ||||||
Riso Kagaku Corp. |
2,000 | 36,390 | ||||||
Toshiba TEC Corp. |
2,000 | 55,828 | ||||||
Wacom Co. Ltd. |
13,000 | 62,393 | ||||||
|
|
|||||||
458,732 | ||||||||
Textiles, Apparel & Luxury Goods — 1.2% | ||||||||
Asics Corp. |
14,000 | 354,477 | ||||||
Descente Ltd. |
2,000 | 58,417 | ||||||
Goldwin Inc. |
2,000 | 173,826 | ||||||
Gunze Ltd. |
1,000 | 32,758 | ||||||
Japan Wool Textile Co. Ltd. (The) |
4,000 | 28,962 | ||||||
Seiko Group Corp. |
2,000 | 42,372 | ||||||
Wacoal Holdings Corp. |
4,000 | 71,973 | ||||||
|
|
|||||||
762,785 | ||||||||
Trading Companies & Distributors — 1.9% | ||||||||
Hanwa Co. Ltd. |
3,000 | 87,284 | ||||||
Inaba Denki Sangyo Co. Ltd. |
4,000 | 82,707 | ||||||
Inabata & Co. Ltd. |
3,000 | 59,134 | ||||||
Japan Pulp & Paper Co. Ltd. |
1,000 | 39,630 | ||||||
Kanamoto Co. Ltd. |
3,000 | 49,938 | ||||||
Kanematsu Corp. |
6,000 | 71,895 | ||||||
MARUKA FURUSATO Corp. |
2,000 | 42,234 | ||||||
Nagase & Co. Ltd. |
8,000 | 118,850 | ||||||
Nichiden Corp. |
1,000 | 13,875 |
24 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Trading Companies & Distributors (continued) | ||||||||
Nippon Steel Trading Corp. |
1,044 | $ | 71,046 | |||||
Nishio Rent All Co. Ltd. |
2,000 | 46,770 | ||||||
Sojitz Corp. |
20,000 | 383,955 | ||||||
Trusco Nakayama Corp. |
4,000 | 66,342 | ||||||
Wakita & Co. Ltd. |
3,000 | 24,833 | ||||||
Yamazen Corp. |
4,000 | 30,752 | ||||||
Yuasa Trading Co. Ltd. |
1,000 | 26,863 | ||||||
|
|
|||||||
1,216,108 | ||||||||
Transportation Infrastructure — 0.9% | ||||||||
Japan Airport Terminal Co. Ltd.(a) |
5,000 | 244,826 | ||||||
Kamigumi Co. Ltd. |
9,000 | 177,979 | ||||||
Mitsubishi Logistics Corp. |
4,000 | 92,803 | ||||||
Sumitomo Warehouse Co. Ltd. (The) |
4,000 | 62,538 | ||||||
|
|
|||||||
578,146 | ||||||||
Wireless Telecommunication Services — 0.1% | ||||||||
Okinawa Cellular Telephone Co. |
2,000 | 47,007 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
65,445,176 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(c)(d)(e) |
971,039 | 971,622 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock
Cash Funds: Treasury, SL Agency Shares, |
30,000 | $ | 30,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 1.5% |
1,001,622 | |||||||
|
|
|||||||
Total
Investments — 101.2% |
66,446,798 | |||||||
Liabilities in Excess of Other Assets — (1.2)% |
(763,761 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 65,683,037 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 971,408 | (a) | $ | — | $ | 30 | $ | 184 | $ | 971,622 | 971,039 | $ | 3,334 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 10,000 | 20,000 | (a) | — | — | — | 30,000 | 30,000 | 346 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 30 | $ | 184 | $ | 1,001,622 | $ | 3,680 | $ | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
Mini TOPIX Index |
19 | 03/09/23 | $ | 277 | $ | 8,381 | ||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Japan Small-Cap 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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 8,381 | $ | — | $ | — | $ | — | $ | 8,381 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 19,606 | $ | — | $ | — | $ | — | $ | 19,606 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
|
|||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 5,845 | $ | — | $ | — | $ | — | $ | 5,845 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 394,154 | ||
|
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 | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 231,347 | $ | 65,213,829 | $ | — | $ | 65,445,176 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,001,622 | — | — | 1,001,622 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,232,969 | $ | 65,213,829 | $ | — | $ | 66,446,798 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 8,381 | $ | — | $ | 8,381 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
26 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Malaysia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Banks — 40.6% | ||||||||
AMMB Holdings Bhd |
4,394,837 | $ | 3,926,156 | |||||
CIMB Group Holdings Bhd |
16,714,212 | 20,894,985 | ||||||
Hong Leong Bank Bhd |
1,567,940 | 7,176,473 | ||||||
Hong Leong Financial Group Bhd |
553,300 | 2,246,300 | ||||||
Malayan Banking Bhd |
11,625,281 | 22,796,045 | ||||||
Public Bank Bhd |
35,100,300 | 32,303,070 | ||||||
RHB Bank Bhd(a) |
3,584,202 | 4,536,457 | ||||||
|
|
|||||||
93,879,486 | ||||||||
Chemicals — 4.0% | ||||||||
Petronas Chemicals Group Bhd |
5,786,500 | 9,230,625 | ||||||
|
|
|||||||
Construction & Engineering — 1.8% | ||||||||
Gamuda Bhd |
4,418,400 | 4,135,327 | ||||||
|
|
|||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Telekom Malaysia Bhd |
2,764,400 | 3,098,545 | ||||||
|
|
|||||||
Electric Utilities — 5.6% | ||||||||
Tenaga Nasional Bhd |
6,241,912 | 13,034,111 | ||||||
|
|
|||||||
Energy Equipment & Services — 1.9% | ||||||||
Dialog Group Bhd(a) |
8,848,154 | 4,436,986 | ||||||
|
|
|||||||
Food Products — 12.7% | ||||||||
IOI Corp. Bhd |
6,061,630 | 5,173,408 | ||||||
Kuala Lumpur Kepong Bhd |
1,042,600 | 4,831,045 | ||||||
Nestle Malaysia Bhd |
169,600 | 5,105,952 | ||||||
PPB Group Bhd |
1,543,519 | 6,019,294 | ||||||
QL Resources Bhd |
2,640,450 | 3,418,610 | ||||||
Sime Darby Plantation Bhd |
5,002,255 | 4,716,764 | ||||||
|
|
|||||||
29,265,073 | ||||||||
Gas Utilities — 3.1% | ||||||||
Petronas Gas Bhd |
1,908,300 | 7,084,630 | ||||||
|
|
|||||||
Health Care Equipment & Supplies — 1.0% | ||||||||
Hartalega Holdings Bhd |
208,400 | 68,256 | ||||||
Top Glove Corp. Bhd(a)(b) |
12,862,100 | 2,163,478 | ||||||
|
|
|||||||
2,231,734 | ||||||||
Health Care Providers & Services — 2.4% | ||||||||
IHH Healthcare Bhd |
4,246,400 | 5,478,350 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure — 4.2% | ||||||||
Genting Bhd |
5,141,100 | 5,337,838 | ||||||
Genting Malaysia Bhd |
7,158,500 | 4,306,279 | ||||||
|
|
|||||||
9,644,117 | ||||||||
Industrial Conglomerates — 2.3% | ||||||||
HAP Seng Consolidated Bhd |
1,500,700 | 2,039,488 | ||||||
Sime Darby Bhd |
6,567,655 | 3,322,251 | ||||||
|
|
|||||||
5,361,739 |
Security | Shares | Value | ||||||
Marine — 2.3% |
||||||||
MISC Bhd |
3,228,720 | $ | 5,437,112 | |||||
|
|
|||||||
Metals & Mining — 4.4% | ||||||||
Press Metal Aluminium Holdings Bhd |
8,939,800 | 10,276,122 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels — 1.5% | ||||||||
Petronas Dagangan Bhd |
718,600 | 3,366,011 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment — 1.6% | ||||||||
Inari Amertron Bhd |
6,750,000 | 3,682,642 | ||||||
|
|
|||||||
Specialty Retail — 0.9% | ||||||||
MR DIY Group M Bhd(c) |
5,683,700 | 2,152,465 | ||||||
|
|
|||||||
Transportation Infrastructure — 1.0% | ||||||||
Malaysia Airports Holdings Bhd(b) |
1,600,200 | 2,421,445 | ||||||
|
|
|||||||
Wireless Telecommunication Services — 7.3% | ||||||||
Axiata Group Bhd |
6,637,900 | 4,688,090 | ||||||
DiGi.Com Bhd |
7,498,400 | 7,183,320 | ||||||
Maxis Bhd |
5,663,700 | 4,933,945 | ||||||
|
|
|||||||
16,805,355 | ||||||||
Total
Long-Term Investments — 99.9% |
231,021,875 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.7% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) |
1,307,018 | 1,307,803 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) |
270,000 | 270,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.7% |
|
1,577,803 | ||||||
|
|
|||||||
Total
Investments — 100.6% |
|
232,599,678 | ||||||
Liabilities in Excess of Other Assets — (0.6)% |
|
(1,421,458 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 231,178,220 | |||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
(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. |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Malaysia ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 1,290,673 | (a) | $ | — | $ | 17,052 | $ | 78 | $ | 1,307,803 | 1,307,018 | $ | 48,734 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
110,000 | 160,000 | (a) | — | — | — | 270,000 | 270,000 | 5,911 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 17,052 | $ | 78 | $ | 1,577,803 | $ | 54,645 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
MSCI Emerging Markets Index |
3 | 03/17/23 | $ | 144 | $ | (5,602 | ) | |||||||||
|
|
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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 5,602 | $ | — | $ | — | $ | — | $ | 5,602 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (121,158 | ) | $ | — | $ | — | $ | — | $ | (121,158 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
|
|||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (2,596 | ) | $ | — | $ | — | $ | — | $ | (2,596 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$391,530 | |||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
28 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Malaysia 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 | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 24,994,497 | $ | 206,027,378 | $ | — | $ | 231,021,875 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,577,803 | — | — | 1,577,803 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 26,572,300 | $ | 206,027,378 | $ | — | $ | 232,599,678 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (5,602 | ) | $ | — | $ | — | $ | (5,602 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 63.0% | ||||||||
Ampol Ltd. |
275,632 | $ | 6,076,803 | |||||
APA Group |
1,374,537 | 9,903,206 | ||||||
Aristocrat Leisure Ltd. |
692,376 | 16,966,147 | ||||||
ASX Ltd. |
225,231 | 10,287,717 | ||||||
Aurizon Holdings Ltd. |
2,139,137 | 4,753,467 | ||||||
Australia & New Zealand Banking Group Ltd. |
3,486,278 | 57,668,160 | ||||||
BHP Group Ltd. |
5,898,933 | 178,531,446 | ||||||
BlueScope Steel Ltd. |
547,528 | 7,005,452 | ||||||
Brambles Ltd. |
1,614,853 | 13,953,450 | ||||||
Cochlear Ltd. |
76,536 | 11,413,404 | ||||||
Coles Group Ltd. |
1,563,580 | 19,096,942 | ||||||
Commonwealth Bank of Australia |
1,973,191 | 133,306,467 | ||||||
Computershare Ltd. |
632,150 | 10,514,614 | ||||||
CSL Ltd. |
562,675 | 111,953,837 | ||||||
Dexus |
1,251,288 | 7,070,477 | ||||||
Endeavour Group Ltd./Australia |
1,667,110 | 7,649,416 | ||||||
Fortescue Metals Group Ltd. |
1,977,359 | 28,335,389 | ||||||
Goodman Group |
1,976,946 | 26,299,421 | ||||||
GPT Group (The) |
2,222,791 | 7,016,691 | ||||||
IDP Education Ltd. |
242,008 | 4,654,103 | ||||||
IGO Ltd. |
792,947 | 6,970,440 | ||||||
Insurance Australia Group Ltd. |
2,872,672 | 8,966,049 | ||||||
James Hardie Industries PLC |
518,477 | 10,802,276 | ||||||
Lendlease Corp. Ltd. |
796,882 | 4,080,844 | ||||||
Lottery Corp. Ltd. (The)(a) |
2,589,563 | 9,019,832 | ||||||
Macquarie Group Ltd. |
428,094 | 54,360,419 | ||||||
Medibank Pvt Ltd. |
3,203,993 | 7,181,637 | ||||||
Mineral Resources Ltd. |
198,332 | 10,953,593 | ||||||
Mirvac Group |
4,590,363 | 6,989,186 | ||||||
National Australia Bank Ltd. |
3,675,918 | 73,989,888 | ||||||
Newcrest Mining Ltd. |
1,040,276 | 15,925,310 | ||||||
Northern Star Resources Ltd. |
1,358,708 | 9,482,866 | ||||||
Orica Ltd. |
521,852 | 5,669,692 | ||||||
Origin Energy Ltd. |
2,004,349 | 10,752,187 | ||||||
Pilbara Minerals Ltd.(a) |
2,951,726 | 8,225,182 | ||||||
Qantas Airways Ltd.(a) |
1,075,150 | 4,624,225 | ||||||
QBE Insurance Group Ltd. |
1,727,655 | 17,477,372 | ||||||
Ramsay Health Care Ltd. |
213,470 | 9,678,057 | ||||||
REA Group Ltd. |
61,287 | 5,046,654 | ||||||
Reece Ltd. |
260,840 | 2,888,389 | ||||||
Rio Tinto Ltd. |
433,170 | 33,854,007 | ||||||
Santos Ltd. |
3,679,605 | 17,181,583 | ||||||
Scentre Group |
6,038,931 | 12,061,282 | ||||||
SEEK Ltd. |
390,622 | 6,329,122 | ||||||
Sonic Healthcare Ltd. |
530,615 | 11,478,859 | ||||||
South32 Ltd. |
5,348,443 | 15,539,498 | ||||||
Stockland |
2,775,944 | 7,150,689 | ||||||
Suncorp Group Ltd. |
1,469,056 | 12,672,095 | ||||||
Telstra Corp. Ltd. |
4,710,907 | 13,162,213 | ||||||
Transurban Group |
3,587,522 | 34,137,855 | ||||||
Treasury Wine Estates Ltd. |
839,783 | 7,898,614 | ||||||
Vicinity Ltd. |
4,500,560 | 6,157,621 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
251,039 | 4,910,656 | ||||||
Wesfarmers Ltd. |
1,325,875 | 42,921,111 | ||||||
Westpac Banking Corp |
4,082,252 | 61,729,480 | ||||||
WiseTech Global Ltd. |
170,341 | 7,198,403 | ||||||
Woodside Energy Group Ltd. |
2,218,206 | 53,747,073 | ||||||
Woolworths Group Ltd. |
1,416,586 | 35,133,184 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Xero Ltd.(a) |
157,128 | $ | 8,183,818 | |||||
|
|
|||||||
1,346,987,870 | ||||||||
Hong Kong — 22.5% | ||||||||
AIA Group Ltd. |
13,768,214 | 146,328,701 | ||||||
BOC Hong Kong Holdings Ltd. |
4,311,000 | 14,589,913 | ||||||
Budweiser Brewing Co. APAC Ltd.(b) |
2,027,600 | 6,079,965 | ||||||
CK Asset Holdings Ltd. |
2,311,732 | 14,499,256 | ||||||
CK Hutchison Holdings Ltd. |
3,123,732 | 18,652,578 | ||||||
CK Infrastructure Holdings Ltd. |
729,708 | 3,849,121 | ||||||
CLP Holdings Ltd. |
1,925,500 | 13,616,780 | ||||||
ESR Group Ltd.(b) |
2,320,800 | 3,947,772 | ||||||
Futu Holdings Ltd., ADR(a)(c) |
69,125 | 3,401,641 | ||||||
Galaxy Entertainment Group Ltd. |
2,540,000 | 16,910,401 | ||||||
Hang Lung Properties Ltd. |
2,351,736 | 4,535,743 | ||||||
Hang Seng Bank Ltd. |
895,900 | 14,573,176 | ||||||
Henderson Land Development Co. Ltd. |
1,687,442 | 5,923,232 | ||||||
HKT Trust & HKT Ltd., Class SS |
4,467,338 | 5,807,976 | ||||||
Hong Kong & China Gas Co. Ltd. |
13,026,253 | 12,244,713 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
1,405,600 | 56,297,995 | ||||||
Hongkong Land Holdings Ltd.(c) |
1,297,000 | 5,933,211 | ||||||
Jardine Matheson Holdings Ltd. |
185,300 | 9,185,250 | ||||||
Link REIT |
2,471,386 | 16,265,381 | ||||||
MTR Corp. Ltd. |
1,807,286 | 9,107,396 | ||||||
New World Development Co. Ltd. |
1,785,480 | 4,860,370 | ||||||
Power Assets Holdings Ltd. |
1,614,500 | 8,635,596 | ||||||
Sands China Ltd.(a) |
2,824,800 | 9,803,782 | ||||||
Sino Land Co. Ltd. |
4,064,800 | 5,212,499 | ||||||
SITC International Holdings Co. Ltd. |
1,562,000 | 3,267,622 | ||||||
Sun Hung Kai Properties Ltd. |
1,688,500 | 23,075,731 | ||||||
Swire Pacific Ltd., Class A |
560,500 | 4,574,075 | ||||||
Swire Properties Ltd. |
1,352,000 | 3,557,789 | ||||||
Techtronic Industries Co. Ltd. |
1,602,207 | 15,956,804 | ||||||
WH Group Ltd.(b) |
9,702,500 | 5,646,166 | ||||||
Wharf Real Estate Investment Co. Ltd. |
1,943,600 | 10,656,421 | ||||||
Xinyi Glass Holdings Ltd. |
2,146,000 | 4,012,472 | ||||||
|
|
|||||||
481,009,528 | ||||||||
New Zealand — 1.8% | ||||||||
Auckland International Airport Ltd.(a) |
1,456,250 | 7,868,813 | ||||||
EBOS Group Ltd. |
188,942 | 5,172,404 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
678,683 | 10,863,287 | ||||||
Mercury NZ Ltd. |
807,934 | 3,131,567 | ||||||
Meridian Energy Ltd. |
1,490,646 | 4,892,814 | ||||||
Spark New Zealand Ltd. |
2,175,811 | 6,717,970 | ||||||
|
|
|||||||
38,646,855 | ||||||||
Singapore — 12.0% | ||||||||
CapitaLand Ascendas REIT |
3,909,980 | 8,030,556 | ||||||
CapitaLand Integrated Commercial Trust |
6,173,338 | 8,880,345 | ||||||
Capitaland Investment Ltd./Singapore |
3,026,800 | 8,347,896 | ||||||
City Developments Ltd. |
476,200 | 2,724,031 | ||||||
DBS Group Holdings Ltd. |
2,112,300 | 53,591,417 | ||||||
Genting Singapore Ltd. |
7,010,600 | 5,303,324 | ||||||
Grab Holdings Ltd., Class A(a)(c) |
1,523,846 | 4,891,546 | ||||||
Jardine Cycle & Carriage Ltd. |
116,900 | 2,577,081 | ||||||
Keppel Corp. Ltd. |
1,713,400 | 6,957,795 | ||||||
Mapletree Logistics Trust |
3,893,484 | 4,878,426 | ||||||
Mapletree Pan Asia Commercial Trust |
2,739,600 | 3,494,657 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
3,955,224 | 37,173,137 | ||||||
Sea Ltd., ADR(a)(c) |
421,959 | 26,368,218 | ||||||
Sembcorp Marine Ltd.(a)(d) |
32,700,296 | 3,077,337 |
30 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore (continued) |
||||||||
Singapore Airlines Ltd. |
1,555,950 | $ | 6,569,321 | |||||
Singapore Exchange Ltd. |
1,000,100 | 6,459,003 | ||||||
Singapore Technologies Engineering Ltd. |
1,806,200 | 4,782,765 | ||||||
Singapore Telecommunications Ltd. |
9,659,828 | 16,971,131 | ||||||
United Overseas Bank Ltd. |
1,378,500 | 30,555,319 | ||||||
UOL Group Ltd. |
550,700 | 2,788,893 | ||||||
Venture Corp. Ltd. |
321,200 | 4,090,358 | ||||||
Wilmar International Ltd. |
2,261,500 | 6,607,320 | ||||||
|
|
|||||||
255,119,876 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.3% |
|
2,121,764,129 | ||||||
|
|
|||||||
Rights |
||||||||
Hong Kong — 0.0% |
||||||||
Link REIT, (Expires 03/28/23, Strike Price HKD 44.20)(a) |
494,277 | 465,978 | ||||||
|
|
|||||||
Total
Rights — 0.0% |
|
465,978 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.3% |
|
2,122,230,107 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.5% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) |
10,847,504 | 10,854,012 |
Security | Shares | Value | ||||||
Money Market Funds (continued) |
||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) |
740,000 | $ | 740,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 0.5% |
|
11,594,012 | ||||||
|
|
|||||||
Total
Investments — 99.8% |
|
2,133,824,119 | ||||||
Other Assets Less Liabilities — 0.2% |
|
3,238,239 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 2,137,062,358 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 34,033,387 | $ | — | $ | (23,185,523 | )(a) | $ | 11,056 | $ | (4,908 | ) | $ | 10,854,012 | 10,847,504 | $ | 38,787 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
910,000 | — | (170,000 | )(a) | — | — | 740,000 | 740,000 | 27,966 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 11,056 | $ | (4,908 | ) | $ | 11,594,012 | $ | 66,753 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
SPI 200 Index |
69 | 03/16/23 | $ | 8,330 | $ | (136,245 | ) | |||||||||
MSCI Singapore Index |
170 | 03/30/23 | 3,703 | (52,226 | ) | |||||||||||
|
|
|||||||||||||||
$ | (188,471 | ) | ||||||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Pacific ex Japan 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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 188,471 | $ | — | $ | — | $ | — | $ | 188,471 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (1,172,533 | ) | $ | — | $ | — | $ | — | $ | (1,172,533 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
|
|||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (77,983 | ) | $ | — | $ | — | $ | — | $ | (77,983 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 12,008,753 | ||
|
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 | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 34,661,405 | $ | 2,084,025,387 | $ | 3,077,337 | $ | 2,121,764,129 | ||||||||
Rights |
— | 465,978 | — | 465,978 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
11,594,012 | — | — | 11,594,012 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 46,255,417 | $ | 2,084,491,365 | $ | 3,077,337 | $ | 2,133,824,119 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | — | $ | (188,471 | ) | $ | — | $ | (188,471 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
32 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Singapore ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Aerospace & Defense — 2.9% | ||||||||
Singapore Technologies Engineering Ltd. |
6,027,700 | $ | 15,961,172 | |||||
|
|
|||||||
Airlines — 3.6% | ||||||||
Singapore Airlines Ltd. |
4,674,067 | 19,734,213 | ||||||
|
|
|||||||
Banks — 44.6% | ||||||||
DBS Group Holdings Ltd. |
4,335,300 | 109,991,417 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
7,953,550 | 74,751,367 | ||||||
United Overseas Bank Ltd. |
2,734,500 | 60,611,912 | ||||||
|
|
|||||||
245,354,696 | ||||||||
Capital Markets — 3.4% | ||||||||
Singapore Exchange Ltd. |
2,937,300 | 18,970,131 | ||||||
|
|
|||||||
Diversified Telecommunication Services — 4.4% | ||||||||
Singapore Telecommunications Ltd. |
13,692,968 | 24,056,863 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components — 2.6% | ||||||||
Venture Corp. Ltd.(a) |
1,114,000 | 14,186,361 | ||||||
|
|
|||||||
Entertainment — 4.3% | ||||||||
Sea Ltd., ADR(a)(b) |
378,579 | 23,657,402 | ||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) — 11.8% | ||||||||
CapitaLand Ascendas REIT |
11,134,094 | 22,867,882 | ||||||
CapitaLand Integrated Commercial Trust(a) |
9,071,094 | 13,048,766 | ||||||
Mapletree Logistics Trust(a) |
12,946,413 | 16,221,492 | ||||||
Mapletree Pan Asia Commercial Trust |
10,187,000 | 12,994,622 | ||||||
|
|
|||||||
65,132,762 | ||||||||
Food Products — 3.5% | ||||||||
Wilmar International Ltd. |
6,632,500 | 19,377,868 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure — 3.1% | ||||||||
Genting Singapore Ltd. |
22,793,442 | 17,242,606 | ||||||
|
|
|||||||
Industrial Conglomerates — 4.7% | ||||||||
Jardine Cycle & Carriage Ltd. |
343,200 | 7,565,904 | ||||||
Keppel Corp. Ltd. |
4,507,200 | 18,302,892 | ||||||
|
|
|||||||
25,868,796 |
Security | Shares | Value | ||||||
Machinery — 1.5% | ||||||||
Sembcorp Marine Ltd.(b)(c) |
86,121,215 | $ | 8,104,636 | |||||
|
|
|||||||
Real Estate Management & Development — 6.3% | ||||||||
Capitaland Investment Ltd/Singapore |
4,309,700 | 11,886,127 | ||||||
City Developments Ltd. |
1,942,500 | 11,111,783 | ||||||
UOL Group Ltd. |
2,292,300 | 11,608,824 | ||||||
|
|
|||||||
34,606,734 | ||||||||
Road & Rail — 2.8% | ||||||||
Grab Holdings Ltd., Class A(a)(b) |
4,836,444 | 15,524,985 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
547,779,225 | |||||||
|
|
|||||||
Short-Term Securities |
| |||||||
Money Market Funds — 7.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) |
38,219,492 | 38,242,424 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) |
230,000 | 230,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 7.0% |
|
38,472,424 | ||||||
|
|
|||||||
Total
Investments — 106.5% |
|
586,251,649 | ||||||
Liabilities in Excess of Other Assets — (6.5)% |
|
(35,956,795 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 550,294,854 | |||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$52,770,952 | $ | — | $ | (14,534,522 | )(a) | $ | 12,398 | $ | (6,404 | ) | $ | 38,242,424 | 38,219,492 | $ | 63,252 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
180,000 | 50,000 | (a) | — | — | — | 230,000 | 230,000 | 6,381 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 12,398 | $ | (6,404 | ) | $ | 38,472,424 | $ | 69,633 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Singapore 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 |
||||||||||||||||
MSCI Singapore Index |
101 | 03/30/23 | $ | 2,200 | $ | (36,737 | ) | |||||||||
|
|
OTC Total Return Swaps
|
||||||||||||||||||||||||||||
Reference Entity | Payment Frequency |
Counterparty(a) | Termination Date |
Net Notional | Accrued Unrealized Appreciation (Depreciation) |
Net Value of Reference Entity |
Gross Notional Amount Net Asset Percentage |
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Equity Securities Long |
Monthly | HSBC Bank PLC | (b) | 02/10/28 | $ | 43,346 | $ | (7,668 | )(c) | $ | 41,333 | 0.0 | %(d) | |||||||||||||||
|
|
|
|
|||||||||||||||||||||||||
$ | (7,668 | ) | $ | 41,333 | ||||||||||||||||||||||||
|
|
|
|
(a) |
The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
(c) |
Amount includes $(5,655) of net dividends, payable for referenced securities purchased and financing fees. |
(d) |
Rounds to less than 0.1%. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
(b) | ||
Range: |
55 basis points | |
Benchmarks: |
SGD - Overnight Rate Average (SORA) |
34 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Singapore ETF |
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.
Shares | Value | % of Basket Value |
||||||||||
Reference Entity — Long |
||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Singapore Exchange Ltd. |
6,400 | $ | 41,333 | 100.0 | % | |||||||
|
|
|||||||||||
Net Value of Reference Entity — HSBC Bank PLC |
$ | 41,333 | ||||||||||
|
|
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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 36,737 | $ | — | $ | — | $ | — | $ | 36,737 | ||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received |
$ | — | $ | — | $ | 7,668 | $ | — | $ | — | $ | — | $ | 7,668 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 44,405 | $ | — | $ | — | $ | — | $ | 44,405 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (2,485 | ) | $ | — | $ | — | $ | — | $ | (2,485 | ) | ||||||||||||
Swaps |
— | — | 2,945 | — | — | — | 2,945 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 460 | $ | — | $ | — | $ | — | $ | 460 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
|
|||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 49,063 | $ | — | $ | — | $ | — | $ | 49,063 | ||||||||||||||
Swaps |
— | — | (7,668 | ) | — | — | — | (7,668 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 41,395 | $ | — | $ | — | $ | — | $ | 41,395 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 2,297,563 | ||
Total return swaps |
||||
Average notional value |
$ | 21,673 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Singapore ETF |
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 |
$ | — | $ | 36,737 | ||||
Swaps - OTC(a) |
— | 7,668 | ||||||
|
|
|
|
|||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
— | 44,405 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | (36,737 | ) | |||||
|
|
|
|
|||||
Total derivative assets and liabilities subject to an MNA |
— | 7,668 | ||||||
|
|
|
|
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:
|
||||||||||||||||||||
Counterparty | |
Derivative Liabilities Subject to an MNA by Counterparty |
|
|
Derivatives Available for Offset |
|
|
Non-Cash Collateral Pledged |
|
|
Cash Collateral Pledged |
|
|
Net Amount of Derivative Liabilities |
(a) | |||||
|
||||||||||||||||||||
HSBC Bank PLC |
$ | 7,668 | — | $ | — | $ | — | $ | 7,668 | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
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 | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 39,182,387 | $ | 500,492,202 | $ | 8,104,636 | $ | 547,779,225 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
38,472,424 | — | — | 38,472,424 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 77,654,811 | $ | 500,492,202 | $ | 8,104,636 | $ | 586,251,649 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | — | $ | (44,405 | ) | $ | — | $ | (44,405 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
36 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Airlines — 0.5% | ||||||||
China Airlines Ltd.(a) |
14,387,000 | $ | 9,521,760 | |||||
Eva Airways Corp.(a) |
12,279,000 | 11,372,225 | ||||||
|
|
|||||||
20,893,985 | ||||||||
Auto Components — 0.4% | ||||||||
Cheng Shin Rubber Industry Co. Ltd. |
15,862,670 | 17,776,142 | ||||||
|
|
|||||||
Banks — 11.8% | ||||||||
Chang Hwa Commercial Bank Ltd. |
42,049,708 | 23,997,501 | ||||||
CTBC Financial Holding Co. Ltd. |
89,556,325 | 66,489,611 | ||||||
E.Sun Financial Holding Co. Ltd. |
68,789,771 | 56,141,211 | ||||||
First Financial Holding Co. Ltd. |
59,614,385 | 52,241,950 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
55,357,387 | 41,372,076 | ||||||
Mega Financial Holding Co. Ltd.(a) |
57,194,652 | 62,394,302 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
24,338,218 | 37,781,444 | ||||||
SinoPac Financial Holdings Co. Ltd. |
65,781,441 | 36,826,309 | ||||||
Taishin Financial Holding Co. Ltd. |
73,983,207 | 39,732,941 | ||||||
Taiwan Business Bank |
23,752,000 | 11,154,250 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd.(a) |
56,251,933 | 48,933,075 | ||||||
|
|
|||||||
477,064,670 | ||||||||
Biotechnology — 0.3% | ||||||||
PharmaEssentia Corp.(b) |
735,000 | 12,073,928 | ||||||
|
|
|||||||
Chemicals — 4.1% | ||||||||
Formosa Chemicals & Fibre Corp. |
18,782,610 | 43,587,751 | ||||||
Formosa Plastics Corp. |
20,103,518 | 59,678,653 | ||||||
Nan Ya Plastics Corp. |
24,943,938 | 61,372,742 | ||||||
|
|
|||||||
164,639,146 | ||||||||
Communications Equipment — 0.7% | ||||||||
Accton Technology Corp.(a) |
3,318,000 | 30,386,955 | ||||||
|
|
|||||||
Construction Materials — 1.6% | ||||||||
Asia Cement Corp. |
17,137,136 | 25,125,432 | ||||||
Taiwan Cement Corp.(a) |
30,967,645 | 39,699,619 | ||||||
|
|
|||||||
64,825,051 | ||||||||
Diversified Financial Services — 2.5% | ||||||||
Chailease Holding Co. Ltd.(a) |
7,821,167 | 57,326,743 | ||||||
Yuanta Financial Holding Co. Ltd. |
56,935,306 | 42,334,315 | ||||||
|
|
|||||||
99,661,058 | ||||||||
Diversified Telecommunication Services — 1.7% | ||||||||
Chunghwa Telecom Co. Ltd.(a) |
18,790,648 | 71,044,631 | ||||||
|
|
|||||||
Electrical Equipment — 1.0% | ||||||||
Voltronic Power Technology Corp. |
337,000 | 17,596,057 | ||||||
Walsin Lihwa Corp. |
12,198,178 | 22,466,697 | ||||||
Ya Hsin Industrial Co. Ltd.(c) |
6,845,461 | 2 | ||||||
|
|
|||||||
40,062,756 | ||||||||
Electronic Equipment, Instruments & Components — 13.3% | ||||||||
AUO Corp.(a) |
42,920,664 | 26,119,389 | ||||||
Delta Electronics Inc. |
9,467,180 | 88,572,270 | ||||||
E Ink Holdings Inc.(a) |
4,418,000 | 27,956,732 | ||||||
Hon Hai Precision Industry Co. Ltd. |
55,848,296 | 184,746,248 | ||||||
Innolux Corp. |
52,877,210 | 25,329,746 | ||||||
Largan Precision Co. Ltd. |
518,794 | 37,296,122 | ||||||
Nan Ya Printed Circuit Board Corp.(a) |
1,950,000 | 14,780,798 | ||||||
Pacific Electric Wire & Cable Co. Ltd.(c) |
197 | — | ||||||
Synnex Technology International Corp. |
11,821,364 | 24,120,324 | ||||||
Unimicron Technology Corp.(a) |
7,154,000 | 29,547,509 | ||||||
WPG Holdings Ltd.(a) |
15,222,604 | 24,606,062 |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
Yageo Corp.(a) |
2,116,767 | $ | 37,097,570 | |||||
Zhen Ding Technology Holding Ltd.(a) |
5,434,072 | 19,892,464 | ||||||
|
|
|||||||
540,065,234 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
President Chain Store Corp. |
3,657,215 | 31,955,755 | ||||||
|
|
|||||||
Food Products — 1.3% | ||||||||
Uni-President Enterprises Corp. |
24,613,189 | 54,335,005 | ||||||
|
|
|||||||
Household Durables — 0.4% | ||||||||
Nien Made Enterprise Co. Ltd. |
1,531,000 | 16,300,771 | ||||||
|
|
|||||||
Industrial Conglomerates — 0.7% | ||||||||
Far Eastern New Century Corp. |
25,111,843 | 26,695,878 | ||||||
|
|
|||||||
Insurance — 5.1% | ||||||||
Cathay Financial Holding Co. Ltd.(a) |
44,168,798 | 62,635,346 | ||||||
China
Development Financial Holding |
91,460,587 | 39,380,510 | ||||||
Fubon Financial Holding Co. Ltd.(a) |
38,161,823 | 74,622,155 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) |
98,989,273 | 28,738,653 | ||||||
|
|
|||||||
205,376,664 | ||||||||
Internet & Direct Marketing Retail — 0.2% | ||||||||
momo.com Inc(a) |
356,800 | 9,170,017 | ||||||
|
|
|||||||
Leisure Products — 0.4% | ||||||||
Giant Manufacturing Co. Ltd.(a) |
2,542,372 | 16,914,850 | ||||||
|
|
|||||||
Machinery — 0.8% | ||||||||
Airtac International Group(a) |
968,826 | 33,819,552 | ||||||
|
|
|||||||
Marine — 1.4% | ||||||||
Evergreen Marine Corp. Taiwan Ltd.(a) |
5,490,013 | 28,055,259 | ||||||
Wan Hai Lines Ltd.(a) |
3,703,830 | 9,585,594 | ||||||
Yang Ming Marine Transport Corp.(a) |
8,236,000 | 17,334,878 | ||||||
|
|
|||||||
54,975,731 | ||||||||
Metals & Mining — 1.6% | ||||||||
China Steel Corp.(a) |
62,012,977 | 63,794,618 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
Formosa Petrochemical Corp.(a) |
8,434,950 | 23,464,713 | ||||||
|
|
|||||||
Real Estate Management & Development — 0.6% | ||||||||
Ruentex Development Co. Ltd. |
15,983,188 | 23,154,586 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment — 35.8% | ||||||||
ASE Technology Holding Co. Ltd.(a) |
17,716,432 | 61,006,067 | ||||||
eMemory Technology Inc.(a) |
343,000 | 20,614,018 | ||||||
Globalwafers Co. Ltd.(a) |
1,427,000 | 23,595,418 | ||||||
MediaTek Inc. |
6,780,175 | 159,191,873 | ||||||
Nanya Technology Corp.(a) |
9,974,000 | 18,985,656 | ||||||
Novatek Microelectronics Corp.(a) |
3,247,544 | 42,918,246 | ||||||
Parade Technologies Ltd.(a) |
375,000 | 11,660,988 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
13,901,000 | 15,121,523 | ||||||
Realtek Semiconductor Corp.(a) |
2,775,063 | 34,210,882 | ||||||
Silergy Corp.(a) |
1,848,000 | 34,772,116 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
53,350,882 | 882,631,245 | ||||||
United Microelectronics Corp.(a) |
57,463,501 | 93,591,086 | ||||||
Vanguard
International Semiconductor |
6,643,000 | 20,013,661 | ||||||
Win Semiconductors Corp. |
2,324,000 | 12,755,433 | ||||||
Winbond Electronics Corp. |
26,959,000 | 20,182,654 | ||||||
|
|
|||||||
1,451,250,866 | ||||||||
Specialty Retail — 0.9% | ||||||||
Hotai Motor Co. Ltd.(a) |
1,826,000 | 36,804,230 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals — 7.6% |
| |||||||
Acer Inc.(a) |
24,386,737 | $ | 20,222,392 | |||||
Advantech Co. Ltd. |
2,542,827 | 29,496,871 | ||||||
Asustek Computer Inc.(a) |
4,081,857 | 36,970,831 | ||||||
Catcher Technology Co. Ltd.(a) |
4,529,743 | 27,373,392 | ||||||
Compal Electronics Inc.(a) |
32,237,554 | 25,495,037 | ||||||
Inventec Corp. |
24,943,868 | 21,669,027 | ||||||
Lite-On Technology Corp. |
14,211,071 | 32,337,709 | ||||||
Micro-Star International Co. Ltd.(a) |
5,263,000 | 23,478,641 | ||||||
Pegatron Corp. |
12,285,037 | 27,218,563 | ||||||
Quanta Computer Inc. |
15,616,240 | 40,874,960 | ||||||
Wiwynn Corp. |
743,000 | 23,298,628 | ||||||
|
|
|||||||
308,436,051 | ||||||||
Textiles, Apparel & Luxury Goods — 1.7% | ||||||||
Eclat Textile Co. Ltd.(a) |
1,496,601 | 23,526,786 | ||||||
Feng TAY Enterprise Co. Ltd. |
3,553,747 | 21,407,776 | ||||||
Pou Chen Corp. |
21,008,103 | 23,019,528 | ||||||
|
|
|||||||
67,954,090 | ||||||||
Transportation Infrastructure — 0.5% | ||||||||
Taiwan High Speed Rail Corp.(a) |
20,086,000 | 19,312,960 | ||||||
|
|
|||||||
Wireless Telecommunication Services — 1.4% | ||||||||
Far EasTone Telecommunications Co. Ltd.(a) |
11,600,259 | 26,175,381 | ||||||
Taiwan Mobile Co. Ltd.(a) |
10,183,609 | 32,260,763 | ||||||
|
|
|||||||
58,436,144 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
4,040,646,037 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities |
||||||||
Money Market Funds — 9.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) |
375,267,028 | $ | 375,492,189 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) |
3,580,000 | 3,580,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 9.4% |
379,072,189 | |||||||
|
|
|||||||
Total
Investments — 109.1% |
4,419,718,226 | |||||||
Liabilities in Excess of Other Assets — (9.1)% |
|
(368,634,504 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 4,051,083,722 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 407,562,083 | $ | — | $ | (32,231,810 | )(a) | $ | 141,064 | $ | 20,852 | $ | 375,492,189 | 375,267,028 | $ | 2,777,645 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
3,220,000 | 360,000 | (a) | — | — | — | 3,580,000 | 3,580,000 | 341,910 | 4 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 141,064 | $ | 20,852 | $ | 379,072,189 | $ | 3,119,555 | $ | 4 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
FTSE Taiwan Index |
164 | 03/30/23 | $ | 8,795 | $ | (69,724 | ) | |||||||||
|
|
38 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Taiwan 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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 69,724 | $ | — | $ | — | $ | — | $ | 69,724 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 573,299 | $ | — | $ | — | $ | — | $ | 573,299 | ||||||||||||||
Forward foreign currency exchange contracts |
— | — | — | (428 | ) | — | — | (428 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | 573,299 | $ | (428 | ) | $ | — | $ | — | $ | 572,871 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
|
|||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 426,041 | $ | — | $ | — | $ | — | $ | 426,041 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 9,815,798 | ||
|
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 | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | — | $ | 4,040,646,035 | $ | 2 | $ | 4,040,646,037 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
379,072,189 | — | — | 379,072,189 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 379,072,189 | $ | 4,040,646,035 | $ | 2 | $ | 4,419,718,226 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | — | $ | (69,724 | ) | $ | — | $ | (69,724 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Air Freight & Logistics — 0.2% | ||||||||
JWD Infologistics PCL(a) |
725,800 | $ | 390,004 | |||||
Kerry Express Thailand PCL, NVS(a)(b) |
887,100 | 388,960 | ||||||
|
|
|||||||
778,964 | ||||||||
Airlines — 0.3% | ||||||||
Asia Aviation PCL, NVDR(b) |
7,410,047 | 599,422 | ||||||
Bangkok Airways PCL, NVDR(b) |
1,471,200 | 545,078 | ||||||
|
|
|||||||
1,144,500 | ||||||||
Auto Components — 0.4% | ||||||||
Sri Trang Agro-Industry PCL, NVDR(a) |
1,876,845 | 1,340,265 | ||||||
|
|
|||||||
Banks — 4.2% | ||||||||
Kasikornbank PCL, NVDR |
1,202,200 | 4,659,114 | ||||||
Kiatnakin Phatra Bank PCL, NVDR(a) |
431,673 | 814,947 | ||||||
Krung Thai Bank PCL, NVDR |
7,076,200 | 3,463,493 | ||||||
SCB X PCL, NVS |
1,710,000 | 5,030,304 | ||||||
Thanachart Capital PCL, NVDR |
583,200 | 705,350 | ||||||
|
|
|||||||
14,673,208 | ||||||||
Beverages — 1.3% | ||||||||
Carabao Group PCL, NVDR |
609,300 | 1,741,304 | ||||||
Osotspa PCL, NVDR |
3,041,000 | 2,774,172 | ||||||
|
|
|||||||
4,515,476 | ||||||||
Building Products — 0.1% | ||||||||
Dynasty Ceramic PCL, NVDR(a) |
7,434,140 | 475,349 | ||||||
|
|
|||||||
Capital Markets — 0.7% | ||||||||
Bangkok Commercial Asset Management PCL, NVDR |
3,599,500 | 1,507,186 | ||||||
Beyond Securities PC, NVS(a)(b) |
2,531,700 | 773,356 | ||||||
|
|
|||||||
2,280,542 | ||||||||
Chemicals — 3.2% | ||||||||
Eastern Polymer Group PCL, NVDR(a) |
1,708,300 | 403,473 | ||||||
Indorama Ventures PCL, NVDR |
3,424,210 | 3,558,685 | ||||||
PTT Global Chemical PCL, NVDR |
4,577,007 | 6,116,047 | ||||||
TOA Paint Thailand PCL, NVDR(a) |
1,239,300 | 1,139,606 | ||||||
|
|
|||||||
11,217,811 | ||||||||
Construction & Engineering — 0.6% | ||||||||
CH Karnchang PCL, NVDR(a) |
2,241,000 | 1,350,477 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR |
2,313,428 | 883,409 | ||||||
|
|
|||||||
2,233,886 | ||||||||
Construction Materials — 4.8% | ||||||||
Siam Cement PCL (The), NVDR |
1,582,900 | 14,642,685 | ||||||
Siam City Cement PCL, NVDR |
181,500 | 747,133 | ||||||
Tipco Asphalt PCL, NVDR |
1,451,100 | 812,981 | ||||||
TPI Polene PCL, NVDR |
11,694,400 | 569,092 | ||||||
|
|
|||||||
16,771,891 | ||||||||
Consumer Finance — 2.9% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR(a) |
178,200 | 1,018,254 | ||||||
Asia Sermkij Leasing PCL, NVS(a) |
428,300 | 357,317 | ||||||
JMT Network Services PCL, NVDR |
1,328,500 | 1,747,089 | ||||||
Krungthai Card PCL, NVDR |
1,835,300 | 3,049,681 | ||||||
Muangthai Capital PCL, NVDR |
1,502,100 | 1,486,461 | ||||||
Ratchthani Leasing PCL, NVDR(a) |
4,037,927 | 452,290 | ||||||
Srisawad Corp. PCL, NVDR |
1,388,860 | 2,120,551 | ||||||
|
|
|||||||
10,231,643 | ||||||||
Containers & Packaging — 1.2% | ||||||||
Polyplex Thailand PCL, NVDR(a) |
445,100 | 243,044 | ||||||
SCG Packaging PCL, NVDR |
2,618,200 | 3,851,131 | ||||||
|
|
|||||||
4,094,175 |
Security | Shares | Value | ||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Jasmine International PCL, NVDR(a)(b) |
7,081,368 | $ | 444,701 | |||||
Thaicom PCL, NVDR |
1,220,000 | 541,973 | ||||||
True Corp. PCL, NVDR |
23,651,818 | 3,446,592 | ||||||
|
|
|||||||
4,433,266 | ||||||||
Electrical Equipment — 0.2% | ||||||||
STARK Corp. PCL, NVS(a)(b) |
9,415,000 | 634,014 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components — 6.3% | ||||||||
Delta Electronics Thailand PCL, NVDR |
633,200 | 16,325,165 | ||||||
Forth Corp. PCL, NVS(a) |
493,600 | 509,472 | ||||||
Hana Microelectronics PCL, NVDR(a) |
1,144,500 | 1,868,541 | ||||||
Jay Mart PCL, NVDR |
1,035,700 | 826,898 | ||||||
KCE Electronics PCL, NVDR(a) |
1,562,700 | 2,054,715 | ||||||
Nex Point Parts PCL(a)(b) |
1,029,000 | 445,216 | ||||||
|
|
|||||||
22,030,007 | ||||||||
Entertainment — 0.4% | ||||||||
Major Cineplex Group PCL, NVDR(a) |
1,166,600 | 564,322 | ||||||
One Enterprise Public Co. Ltd. (The), NVS |
1,900,000 | 397,835 | ||||||
RS PCL, NVDR |
986,200 | 429,689 | ||||||
|
|
|||||||
1,391,846 | ||||||||
Food & Staples Retailing — 6.7% | ||||||||
Berli Jucker PCL, NVDR |
2,445,700 | 2,663,283 | ||||||
CP ALL PCL, NVDR |
11,853,900 | 20,790,423 | ||||||
|
|
|||||||
23,453,706 | ||||||||
Food Products — 3.3% | ||||||||
Betagro PCL, NVS |
1,272,400 | 1,206,109 | ||||||
Charoen Pokphand Foods PCL, NVDR |
7,874,200 | 4,945,678 | ||||||
GFPT PCL, NVDR |
887,200 | 306,264 | ||||||
Ichitan Group PCL, NVDR(a) |
1,308,300 | 470,074 | ||||||
Khon Kaen Sugar Industry PCL, NVDR |
4,018,678 | 420,671 | ||||||
R&B Food Supply PCL, NVDR(a) |
1,010,200 | 365,868 | ||||||
Thai Union Group PCL, NVDR |
5,828,200 | 2,621,709 | ||||||
Thai Vegetable Oil PCL, NVDR |
819,688 | 649,419 | ||||||
Thaifoods Group PCL, NVDR(a) |
2,303,100 | 345,472 | ||||||
|
|
|||||||
11,331,264 | ||||||||
Health Care Equipment & Supplies — 0.2% | ||||||||
Sri Trang Gloves Thailand PCL, NVDR(a) |
2,040,900 | 640,745 | ||||||
|
|
|||||||
Health Care Providers & Services — 8.6% | ||||||||
Bangkok Chain Hospital PCL, NVDR(a) |
2,790,525 | 1,570,697 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
20,972,100 | 16,611,856 | ||||||
Bumrungrad Hospital PCL, NVDR |
1,209,776 | 7,221,159 | ||||||
Chularat Hospital PCL, NVDR |
10,081,200 | 1,066,935 | ||||||
Ramkhamhaeng Hospital PCL, NVS(a) |
732,100 | 1,159,740 | ||||||
Thonburi Healthcare Group PCL, NVDR(a) |
775,700 | 1,530,784 | ||||||
Vibhavadi Medical Center PCL, NVDR(a) |
9,537,900 | 712,345 | ||||||
|
|
|||||||
29,873,516 | ||||||||
Hotels, Restaurants & Leisure — 3.6% | ||||||||
Asset World Corp. PCL, NVDR |
16,201,900 | 2,703,496 | ||||||
Central Plaza Hotel PCL, NVDR(b) |
960,700 | 1,535,355 | ||||||
Erawan Group PCL (The), NVDR(b) |
6,014,700 | 893,223 | ||||||
Minor International PCL, NVDR(b) |
6,426,210 | 6,087,944 | ||||||
MK Restaurants Group PCL, NVDR |
559,400 | 878,322 | ||||||
Srinanaporn Marketing PCL |
700,000 | 471,404 | ||||||
|
|
|||||||
12,569,744 | ||||||||
Independent Power and Renewable Electricity Producers — 8.9% | ||||||||
Absolute Clean Energy PCL, NVDR(a) |
4,024,100 | 282,480 | ||||||
B Grimm Power PCL, NVDR |
1,856,400 | 2,049,455 | ||||||
Banpu Power PCL, NVDR |
1,529,300 | 674,966 |
40 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers (continued) |
| |||||||
BCPG PCL, NVDR(a) |
2,661,750 | $ | 726,520 | |||||
CK Power PCL, NVDR |
4,139,060 | 496,423 | ||||||
Electricity Generating PCL, NVDR |
535,400 | 2,590,064 | ||||||
Energy Absolute PCL, NVDR |
3,405,100 | 7,540,672 | ||||||
Global Power Synergy PCL, NVDR |
1,434,400 | 2,759,442 | ||||||
Gulf Energy Development PCL, NVDR |
5,952,000 | 8,845,161 | ||||||
Gunkul Engineering PCL, NVDR(a) |
8,141,022 | 962,190 | ||||||
Ratch Group PCL, NVDR |
2,201,100 | 2,538,220 | ||||||
SPCG PCL, NVDR(a) |
963,700 | 398,166 | ||||||
Super Energy Corp. PCL, NVDR |
32,913,550 | 539,755 | ||||||
TPI Polene Power PCL, NVDR(a) |
5,087,400 | 498,070 | ||||||
|
|
|||||||
30,901,584 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
Thoresen Thai Agencies PCL, NVDR(a) |
2,426,100 | 538,701 | ||||||
|
|
|||||||
Insurance — 0.8% | ||||||||
Bangkok Life Assurance PCL, NVDR |
1,217,100 | 1,093,423 | ||||||
Dhipaya Group Holdings PCL, NVDR(a) |
725,200 | 969,113 | ||||||
TQM Corp. PCL, NVDR(a) |
541,900 | 589,958 | ||||||
|
|
|||||||
2,652,494 | ||||||||
IT Services — 0.1% | ||||||||
Ditto Thailand PCL, NVS(a) |
268,200 | 345,111 | ||||||
|
|
|||||||
Machinery — 0.1% | ||||||||
Sabuy Technology PCL, NVDR(a) |
908,400 | 310,862 | ||||||
|
|
|||||||
Marine — 0.4% | ||||||||
Precious Shipping PCL, NVDR(a) |
1,905,300 | 803,071 | ||||||
Regional Container Lines PCL, NVDR |
757,300 | 669,308 | ||||||
|
|
|||||||
1,472,379 | ||||||||
Media — 0.8% | ||||||||
BEC World PCL, NVDR(a) |
1,647,900 | 456,931 | ||||||
Plan B Media PCL, NVDR(a) |
4,777,560 | 1,323,927 | ||||||
VGI PCL, NVDR(a) |
9,119,550 | 1,124,258 | ||||||
|
|
|||||||
2,905,116 | ||||||||
Multiline Retail — 1.3% | ||||||||
Central Retail Corp. PCL, NVDR |
3,676,534 | 4,651,928 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels — 12.9% | ||||||||
Bangchak Corp. PCL, NVDR |
2,100,700 | 1,914,319 | ||||||
Banpu PCL, NVDR |
16,350,700 | 5,040,234 | ||||||
Esso Thailand PCL, NVDR(a) |
1,764,100 | 445,796 | ||||||
IRPC PCL, NVDR(a) |
22,760,700 | 1,841,057 | ||||||
Prima Marine PCL, NVDR |
2,038,600 | 444,005 | ||||||
PTT Exploration & Production PCL, NVDR(a) |
2,819,984 | 11,935,423 | ||||||
PTT Public Company Ltd., NVDR |
20,296,400 | 18,221,736 | ||||||
Siamgas & Petrochemicals PCL, NVDR(a) |
1,132,300 | 317,031 | ||||||
Star Petroleum Refining PCL, NVDR |
3,533,100 | 1,098,180 | ||||||
Thai Oil PCL, NVDR |
2,494,700 | 3,557,596 | ||||||
|
|
|||||||
44,815,377 | ||||||||
Pharmaceuticals — 0.3% | ||||||||
Mega Lifesciences PCL, NVDR |
710,100 | 924,068 | ||||||
|
|
|||||||
Real Estate Management & Development — 7.1% | ||||||||
Amata Corp. PCL, NVDR |
1,638,800 | 922,418 | ||||||
AP Thailand PCL, NVDR |
4,797,686 | 1,682,647 | ||||||
Bangkok Land PCL, NVDR |
22,624,300 | 640,020 | ||||||
Central Pattana PCL, NVDR |
4,098,800 | 8,143,561 | ||||||
Land & Houses PCL, NVDR |
16,998,100 | 4,713,082 | ||||||
MBK PCL, NVDR(a) |
1,923,600 | 909,180 |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Origin Property PCL, NVDR(a) |
1,749,200 | $ | 588,760 | |||||
Pruksa Holding PCL, NVDR |
1,336,700 | 510,542 | ||||||
Quality Houses PCL, NVDR |
15,274,832 | 1,037,144 | ||||||
Sansiri PCL, NVDR |
24,118,237 | 1,303,067 | ||||||
SC Asset Corp. PCL, NVDR |
2,986,204 | 391,972 | ||||||
Singha Estate PCL, NVDR(b) |
4,978,500 | 281,698 | ||||||
Supalai PCL, NVDR |
2,577,700 | 1,662,616 | ||||||
WHA Corp. PCL, NVDR |
16,647,540 | 1,855,387 | ||||||
|
|
|||||||
24,642,094 | ||||||||
Road & Rail — 1.0% | ||||||||
BTS Group Holdings PCL, NVDR |
16,064,900 | 3,658,302 | ||||||
|
|
|||||||
Specialty Retail — 3.1% | ||||||||
Aurora Design PCL, NVS |
950,000 | 494,606 | ||||||
Dohome PCL, NVDR(a) |
1,771,192 | 751,377 | ||||||
Home Product Center PCL, NVDR |
12,022,973 | 4,759,828 | ||||||
PTG Energy PCL, NVDR(a) |
1,853,700 | 734,141 | ||||||
PTT Oil & Retail Business PCL, NVDR |
6,098,100 | 3,778,749 | ||||||
Singer Thailand PCL, NVDR(a) |
591,824 | 376,398 | ||||||
|
|
|||||||
10,895,099 | ||||||||
Transportation Infrastructure — 6.4% | ||||||||
Airports of Thailand PCL, NVDR(b) |
8,700,000 | 17,904,392 | ||||||
Bangkok
Aviation Fuel Services PCL, |
451,300 | 411,823 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
15,537,453 | 4,066,807 | ||||||
|
|
|||||||
22,383,022 | ||||||||
Water Utilities — 0.3% | ||||||||
TTW PCL, NVDR(a) |
2,835,366 | 750,134 | ||||||
WHA Utilities and Power PCL, NVDR(a) |
2,343,900 | 263,930 | ||||||
|
|
|||||||
1,014,064 | ||||||||
Wireless Telecommunication Services — 5.3% | ||||||||
Advanced Info Service PCL, NVDR |
2,415,019 | 13,800,102 | ||||||
Intouch Holdings PCL, NVDR |
2,279,200 | 4,561,681 | ||||||
|
|
|||||||
18,361,783 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
346,587,802 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 4.9% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(c)(d)(e) |
16,660,831 | 16,670,827 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) |
480,000 | 480,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 4.9% |
17,150,827 | |||||||
|
|
|||||||
Total
Investments — 104.4% |
363,738,629 | |||||||
Liabilities in Excess of Other Assets — (4.4)% |
|
(15,347,065 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 348,391,564 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Non-income producing security. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Thailand ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 26,494,555 | $ | — | $ | (9,826,324 | )(a) | $ | 3,331 | $ | (735 | ) | $ | 16,670,827 | 16,660,831 | $ | 1,081,230 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
600,000 | — | (120,000 | )(a) | — | — | 480,000 | 480,000 | 3,381 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 3,331 | $ | (735 | ) | $ | 17,150,827 | $ | 1,084,611 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
MSCI Emerging Markets Index |
29 | 03/17/23 | $ | 1,396 | $ | (52,577 | ) | |||||||||
|
|
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:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
|
|||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts |
$ | — | $ | — | $ | 52,577 | $ | — | $ | — | $ | — | $ | 52,577 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (157,063 | ) | $ | — | $ | — | $ | — | $ | (157,063 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
|
|||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (14,182 | ) | $ | — | $ | — | $ | — | $ | (14,182 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 1,041,978 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
42 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Thailand 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 | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 6,915,954 | $ | 339,671,848 | $ | — | $ | 346,587,802 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
17,150,827 | — | — | 17,150,827 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 24,066,781 | $ | 339,671,848 | $ | — | $ | 363,738,629 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (52,577 | ) | $ | — | $ | — | $ | (52,577 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
43 |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares MSCI Hong Kong ETF |
iShares MSCI Japan ETF |
iShares MSCI Malaysia ETF |
iShares MSCI Pacific ex |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 840,396,795 | $ | 65,445,176 | $ | 231,021,875 | $ | 2,122,230,107 | ||||||||
Investments, at value — affiliated(c) |
6,809,831 | 1,001,622 | 1,577,803 | 11,594,012 | ||||||||||||
Cash |
4,797 | 952 | 8,618 | 7,210 | ||||||||||||
Cash pledged for futures contracts |
31,000 | — | 19,000 | — | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) |
— | 9,614 | — | 697,021 | ||||||||||||
Foreign currency, at value(e) |
6,826,411 | 61,934 | 377,282 | 5,010,718 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
6,491,780 | 938,934 | 3,711,552 | 6,223,167 | ||||||||||||
Securities lending income — affiliated |
3,666 | 1,277 | 4,950 | 6,300 | ||||||||||||
Dividends — unaffiliated |
196 | 219,934 | 88,099 | 8,104,592 | ||||||||||||
Dividends — affiliated |
2,548 | 61 | 1,175 | 1,657 | ||||||||||||
Tax reclaims |
— | 684 | — | — | ||||||||||||
Variation margin on futures contracts |
— | 1,077 | — | — | ||||||||||||
Unrealized appreciation on OTC swaps |
4,665 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
860,571,689 | 67,681,265 | 236,810,354 | 2,153,874,784 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Collateral on securities loaned, at value |
6,288,689 | 971,405 | 1,290,673 | 10,889,104 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
5,539,997 | 1,001,363 | 4,245,301 | 5,009,412 | ||||||||||||
Investment advisory fees |
323,939 | 25,460 | 92,939 | 810,460 | ||||||||||||
Variation margin on futures contracts |
7,247 | — | 3,221 | 103,450 | ||||||||||||
Unrealized depreciation on OTC swaps |
90,479 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
12,250,351 | 1,998,228 | 5,632,134 | 16,812,426 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 848,321,338 | $ | 65,683,037 | $ | 231,178,220 | $ | 2,137,062,358 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 1,541,548,501 | $ | 98,772,177 | $ | 296,326,743 | $ | 2,888,631,555 | ||||||||
Accumulated loss |
(693,227,163 | ) | (33,089,140 | ) | (65,148,523 | ) | (751,569,197 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 848,321,338 | $ | 65,683,037 | $ | 231,178,220 | $ | 2,137,062,358 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
41,475,000 | 1,000,000 | 10,575,000 | 49,200,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 20.45 | $ | 65.68 | $ | 21.86 | $ | 43.44 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
375 million | 500 million | 300 million | 1 billion | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
$ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 1,021,244,306 | $ | 82,980,974 | $ | 148,569,150 | $ | 2,191,068,074 | ||||||||
(b) Securities loaned, at value |
$ | 6,515,256 | $ | 929,223 | $ | 1,214,150 | $ | 8,217,915 | ||||||||
(c) Investments, at cost — affiliated |
$ | 6,809,108 | $ | 1,001,438 | $ | 1,577,725 | $ | 11,585,535 | ||||||||
(d) Foreign currency collateral pledged, at cost |
$ | — | $ | 9,638 | $ | — | $ | 730,949 | ||||||||
(e) Foreign currency, at cost |
$ | 6,827,973 | $ | 62,762 | $ | 385,050 | $ | 5,002,042 |
See notes to financial statements.
44 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
iShares MSCI Singapore ETF |
iShares MSCI Taiwan ETF |
iShares MSCI Thailand ETF |
||||||||||
|
||||||||||||
ASSETS |
||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 547,779,225 | $ | 4,040,646,037 | $ | 346,587,802 | ||||||
Investments, at value — affiliated(c) |
38,472,424 | 379,072,189 | 17,150,827 | |||||||||
Cash |
689 | 2,261 | 1,150 | |||||||||
Cash pledged for futures contracts |
— | 550,000 | 49,000 | |||||||||
Foreign currency collateral pledged for futures contracts(d) |
115,214 | — | — | |||||||||
Foreign currency, at value(e) |
766,510 | 9,541,316 | 43,992 | |||||||||
Receivables: |
||||||||||||
Investments sold |
4,750,525 | 41,006,461 | 4,850,015 | |||||||||
Securities lending income — affiliated |
7,866 | 440,000 | 166,854 | |||||||||
Dividends — unaffiliated |
1,318,200 | 69,971 | 1,074,407 | |||||||||
Dividends — affiliated |
695 | 14,082 | 1,006 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
593,211,348 | 4,471,342,317 | 369,925,053 | |||||||||
|
|
|
|
|
|
|||||||
LIABILITIES |
||||||||||||
Due to broker |
8,572 | — | — | |||||||||
Collateral on securities loaned, at value |
38,222,530 | 375,533,365 | 16,672,651 | |||||||||
Payables: |
||||||||||||
Investments purchased |
4,434,434 | 42,355,989 | 4,685,727 | |||||||||
Foreign taxes |
— | 461,188 | — | |||||||||
Investment advisory fees |
218,474 | 1,844,787 | 165,541 | |||||||||
Variation margin on futures contracts |
24,816 | 63,266 | 9,570 | |||||||||
Unrealized depreciation on OTC swaps |
7,668 | — | — | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
42,916,494 | 420,258,595 | 21,533,489 | |||||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 550,294,854 | $ | 4,051,083,722 | $ | 348,391,564 | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS CONSIST OF |
||||||||||||
Paid-in capital |
$ | 877,069,971 | $ | 1,952,586,071 | $ | 576,446,579 | ||||||
Accumulated earnings (loss) |
(326,775,117 | ) | 2,098,497,651 | (228,055,015 | ) | |||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 550,294,854 | $ | 4,051,083,722 | $ | 348,391,564 | ||||||
|
|
|
|
|
|
|||||||
NET ASSET VALUE |
||||||||||||
Shares outstanding |
28,750,000 | 92,200,000 | 4,900,000 | |||||||||
|
|
|
|
|
|
|||||||
Net asset value |
$ | 19.14 | $ | 43.94 | $ | 71.10 | ||||||
|
|
|
|
|
|
|||||||
Shares authorized |
300 million | 900 million | 200 million | |||||||||
|
|
|
|
|
|
|||||||
Par value |
$ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
|
|
|
|
|
|
|||||||
(a) Investments, at cost — unaffiliated |
$ | 549,785,071 | $ | 1,847,747,424 | $ | 434,920,150 | ||||||
(b) Securities loaned, at value |
$ | 30,982,026 | $ | 341,529,418 | $ | 14,490,556 | ||||||
(c) Investments, at cost — affiliated |
$ | 38,460,275 | $ | 378,925,293 | $ | 17,137,501 | ||||||
(d) Foreign currency collateral pledged, at cost |
$ | 119,094 | $ | — | $ | — | ||||||
(e) Foreign currency, at cost |
$ | 766,319 | $ | 9,680,058 | $ | 44,709 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
45 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Hong Kong ETF |
iShares MSCI Japan ETF |
iShares MSCI Malaysia ETF |
iShares MSCI Pacific ex Japan ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 6,829,617 | $ | 752,221 | $ | 4,887,486 | $ | 42,059,162 | ||||||||
Dividends — affiliated |
22,413 | 346 | 5,911 | 27,966 | ||||||||||||
Securities lending income — affiliated — net |
6,465 | 3,334 | 48,734 | 38,787 | ||||||||||||
Foreign taxes withheld |
— | (75,163 | ) | — | (484,853 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
6,858,495 | 680,738 | 4,942,131 | 41,641,062 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
1,868,380 | 157,812 | 590,300 | 5,010,030 | ||||||||||||
Commitment costs |
— | — | 1,498 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
1,868,380 | 157,812 | 591,798 | 5,010,030 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
4,990,115 | 522,926 | 4,350,333 | 36,631,032 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(11,532,085 | ) | (29,357 | ) | (1,040,134 | ) | (24,207,765 | ) | ||||||||
Investments — affiliated |
418 | 30 | 17,052 | 11,056 | ||||||||||||
Capital gain distributions from underlying funds — affiliated |
1 | — | — | — | ||||||||||||
Foreign currency transactions |
16,077 | 19,440 | (79,761 | ) | (1,286,146 | ) | ||||||||||
Futures contracts |
(106,095 | ) | 19,606 | (121,158 | ) | (1,172,533 | ) | |||||||||
In-kind redemptions — unaffiliated(a) |
— | — | — | 51,508,009 | ||||||||||||
Swaps |
1,187,999 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(10,433,685 | ) | 9,719 | (1,224,001 | ) | 24,852,621 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
13,834,947 | 2,776,056 | (7,051,368 | ) | 53,523,545 | |||||||||||
Investments — affiliated |
723 | 184 | 78 | (4,908 | ) | |||||||||||
Foreign currency translations |
(911 | ) | (734 | ) | (2,208 | ) | 16,988 | |||||||||
Futures contracts |
114,832 | 5,845 | (2,596 | ) | (77,983 | ) | ||||||||||
Swaps |
(85,814 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
13,863,777 | 2,781,351 | (7,056,094 | ) | 53,457,642 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
3,430,092 | 2,791,070 | (8,280,095 | ) | 78,310,263 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 8,420,207 | $ | 3,313,996 | $ | (3,929,762 | ) | $ | 114,941,295 | |||||||
|
|
|
|
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
46 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
iShares MSCI Singapore |
iShares MSCI Taiwan ETF |
iShares MSCI Thailand ETF |
||||||||||
|
||||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — unaffiliated |
$ | 4,830,616 | $ | 20,335,739 | $ | 3,223,769 | ||||||
Dividends — affiliated |
6,381 | 341,910 | 3,381 | |||||||||
Securities lending income — affiliated — net(a) |
63,252 | 2,777,645 | 1,081,230 | |||||||||
Foreign taxes withheld |
(116,867 | ) | (2,887,740 | ) | (318,449 | ) | ||||||
Other foreign taxes |
— | (1,221,314 | ) | — | ||||||||
|
|
|
|
|
|
|||||||
Total investment income |
4,783,382 | 19,346,240 | 3,989,931 | |||||||||
|
|
|
|
|
|
|||||||
EXPENSES |
||||||||||||
Investment advisory |
1,345,543 | 10,419,193 | 934,414 | |||||||||
Commitment costs |
— | 20,812 | — | |||||||||
|
|
|
|
|
|
|||||||
Total expenses |
1,345,543 | 10,440,005 | 934,414 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
3,437,839 | 8,906,235 | 3,055,517 | |||||||||
|
|
|
|
|
|
|||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — unaffiliated |
(71,285,361 | ) | 103,614,563 | (2,554,900 | ) | |||||||
Investments — affiliated |
12,398 | 141,064 | 3,331 | |||||||||
Capital gain distributions from underlying funds — affiliated |
— | 4 | — | |||||||||
Forward foreign currency exchange contracts |
— | (428 | ) | — | ||||||||
Foreign currency transactions |
113,822 | (898,638 | ) | 12,578 | ||||||||
Futures contracts |
(2,485 | ) | 573,299 | (157,063 | ) | |||||||
In-kind redemptions — unaffiliated(b) |
5,075,296 | — | (8,682,722 | ) | ||||||||
Swaps |
2,945 | — | — | |||||||||
|
|
|
|
|
|
|||||||
(66,083,385 | ) | 103,429,864 | (11,378,776 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — unaffiliated |
94,701,572 | (5,305,751 | ) | 4,937,075 | ||||||||
Investments — affiliated |
(6,404 | ) | 20,852 | (735 | ) | |||||||
Foreign currency translations |
3,952 | 186,327 | (5,447 | ) | ||||||||
Futures contracts |
49,063 | 426,041 | (14,182 | ) | ||||||||
Swaps |
(7,668 | ) | — | — | ||||||||
|
|
|
|
|
|
|||||||
94,740,515 | (4,672,531 | ) | 4,916,711 | |||||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized gain (loss) |
28,657,130 | 98,757,333 | (6,462,065 | ) | ||||||||
|
|
|
|
|
|
|||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 32,094,969 | $ | 107,663,568 | $ | (3,406,548 | ) | |||||
|
|
|
|
|
|
|||||||
(a) Net of securities lending income tax paid of |
$ | — | $ | 687,092 | $ | — | ||||||
(b) See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
47 |
Statements of Changes in Net Assets
iShares MSCI Hong Kong ETF |
iShares MSCI Japan Small-Cap ETF |
|||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Six Months Ended 02/28/23 |
Year Ended 08/31/22 |
Six Months 02/28/23 |
Year Ended 08/31/22 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||
Net investment income |
$ | 4,990,115 | $ | 23,509,272 | $ | 522,926 | $ | 1,326,492 | ||||||||||||||||||
Net realized gain (loss) |
(10,433,685 | ) | (39,866,499 | ) | 9,719 | (4,386,210 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
13,863,777 | (165,567,467 | ) | 2,781,351 | (15,017,720 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
8,420,207 | (181,924,694 | ) | 3,313,996 | (18,077,438 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(10,481,456 | ) | (22,238,487 | ) | — | (1,582,668 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
121,623,246 | (90,850,529 | ) | — | 8,692,269 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||
Total increase (decrease) in net assets |
119,561,997 | (295,013,710 | ) | 3,313,996 | (10,967,837 | ) | ||||||||||||||||||||
Beginning of period |
728,759,341 | 1,023,773,051 | 62,369,041 | 73,336,878 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
End of period |
$ | 848,321,338 | $ | 728,759,341 | $ | 65,683,037 | $ | 62,369,041 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
48 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Malaysia ETF |
iShares MSCI Pacific ex Japan ETF |
|||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||
Net investment income |
$ | 4,350,333 | $ | 9,403,534 | $ | 36,631,032 | $ | 83,246,279 | ||||||||||||||||||
Net realized gain (loss) |
(1,224,001 | ) | (18,111,963 | ) | 24,852,621 | (96,016,513 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(7,056,094 | ) | (26,003,838 | ) | 53,457,642 | (319,988,865 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(3,929,762 | ) | (34,712,267 | ) | 114,941,295 | (332,759,099 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(2,381,277 | ) | (12,037,624 | ) | (35,085,105 | )(b) | (133,885,979 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
3,102,079 | 15,838,006 | (77,801,566 | ) | 160,889,087 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||
Total increase (decrease) in net assets |
(3,208,960 | ) | (30,911,885 | ) | 2,054,624 | (305,755,991 | ) | |||||||||||||||||||
Beginning of period |
234,387,180 | 265,299,065 | 2,135,007,734 | 2,440,763,725 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
End of period |
$ | 231,178,220 | $ | 234,387,180 | $ | 2,137,062,358 | $ | 2,135,007,734 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
49 |
Statements of Changes in Net Assets (continued)
iShares MSCI Singapore ETF |
iShares MSCI Taiwan ETF |
|||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||
Net investment income |
$ | 3,437,839 | $ | 19,353,471 | $ | 8,906,235 | $ | 164,859,796 | ||||||||||||||||||
Net realized gain (loss) |
(66,083,385 | ) | (4,063,733 | ) | 103,429,864 | 479,013,440 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
94,740,515 | (119,586,079 | ) | (4,672,531 | ) | (1,899,409,530 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
32,094,969 | (104,296,341 | ) | 107,663,568 | (1,255,536,294 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(5,794,273 | )(b) | (34,423,217 | ) | (610,656,019 | ) | (190,635,508 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(29,494,771 | ) | 73,970,467 | 803,924,715 | (2,358,740,941 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||
Total increase (decrease) in net assets |
(3,194,075 | ) | (64,749,091 | ) | 300,932,264 | (3,804,912,743 | ) | |||||||||||||||||||
Beginning of period |
553,488,929 | 618,238,020 | 3,750,151,458 | 7,555,064,201 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||
End of period |
$ | 550,294,854 | $ | 553,488,929 | $ | 4,051,083,722 | $ | 3,750,151,458 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
50 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Thailand ETF |
||||||||||||
|
|
|||||||||||
Six Months Ended 02/28/23 |
Year Ended 08/31/22 |
|||||||||||
|
||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||
OPERATIONS |
||||||||||||
Net investment income |
$ | 3,055,517 | $ | 10,505,169 | ||||||||
Net realized loss |
(11,378,776 | ) | (8,377,412 | ) | ||||||||
Net change in unrealized appreciation (depreciation) |
4,916,711 | (42,097,798 | ) | |||||||||
|
|
|
|
|||||||||
Net decrease in net assets resulting from operations |
(3,406,548 | ) | (39,970,041 | ) | ||||||||
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(2,310,604 | ) | (12,119,104 | ) | ||||||||
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
19,573,960 | (25,114,292 | ) | |||||||||
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||
Total increase (decrease) in net assets |
13,856,808 | (77,203,437 | ) | |||||||||
Beginning of period |
334,534,756 | 411,738,193 | ||||||||||
|
|
|
|
|||||||||
End of period |
$ | 348,391,564 | $ | 334,534,756 | ||||||||
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
51 |
(For a share outstanding throughout each period)
iShares MSCI Hong Kong ETF | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||
|
||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 20.46 | $ | 25.80 | $ | 22.91 | $ | 23.00 | $ | 24.18 | $ | 24.69 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income(a) |
0.14 | 0.62 | 0.57 | 0.54 | 0.62 | 0.71 | ||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.13 | (5.37 | ) | 2.92 | (0.01 | ) | (1.08 | ) | (0.12 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) from investment operations |
0.27 | (4.75 | ) | 3.49 | 0.53 | (0.46 | ) | 0.59 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Distributions from net investment income(c) |
(0.28 | ) | (0.59 | ) | (0.60 | ) | (0.62 | ) | (0.72 | ) | (1.10 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 20.45 | $ | 20.46 | $ | 25.80 | $ | 22.91 | $ | 23.00 | $ | 24.18 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||
Based on net asset value |
1.30 | %(e) | (18.61 | )% | 15.24 | % | 2.46 | % | (2.00 | )% | 2.33 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||
Total expenses |
0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.48 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income |
1.36 | %(g) | 2.70 | % | 2.26 | % | 2.37 | % | 2.52 | % | 2.83 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 848,321 | $ | 728,759 | $ | 1,023,773 | $ | 1,328,281 | $ | 1,424,663 | $ | 2,729,621 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Portfolio turnover rate(h) |
6 | % | 8 | % | 21 | % | 16 | % | 12 | % | 7 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
52 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Japan Small-Cap ETF | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||
|
||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 62.37 | $ | 81.49 | $ | 69.91 | $ | 68.75 | $ | 77.00 | $ | 72.78 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income(a) |
0.52 | 1.33 | 1.04 | 1.21 | 1.37 | 0.94 | ||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
2.79 | (18.87 | ) | 11.13 | 2.78 | (7.90 | ) | 4.24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) from investment operations |
3.31 | (17.54 | ) | 12.17 | 3.99 | (6.53 | ) | 5.18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Distributions from net investment income(c) |
— | (1.58 | ) | (0.59 | ) | (2.83 | ) | (1.72 | ) | (0.96 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net asset value, end of period |
$ | 65.68 | $ | 62.37 | $ | 81.49 | $ | 69.91 | $ | 68.75 | $ | 77.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||
Based on net asset value |
5.31 | %(e) | (21.70 | )% | 17.41 | % | 5.72 | % | (8.42 | )% | 7.09 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||
Total expenses |
0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net investment income |
1.68 | %(g) | 1.87 | % | 1.33 | % | 1.75 | % | 1.94 | % | 1.18 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 65,683 | $ | 62,369 | $ | 73,337 | $ | 62,921 | $ | 109,995 | $ | 284,912 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Portfolio turnover rate(h) |
3 | % | 16 | % | 21 | % | 10 | % | 10 | % | 9 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Malaysia ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
(unaudited) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | |||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 22.48 | $ | 26.60 | $ | 26.51 | $ | 28.02 | $ | 32.87 | $ | 32.03 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income(a) |
0.41 | 0.90 | 0.98 | 0.76 | 1.03 | 0.91 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(0.81 | ) | (3.77 | ) | (0.05 | ) | (1.41 | ) | (4.85 | ) | 2.06 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(0.40 | ) | (2.87 | ) | 0.93 | (0.65 | ) | (3.82 | ) | 2.97 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Distributions from net investment income(c) |
(0.22 | ) | (1.25 | ) | (0.84 | ) | (0.86 | ) | (1.03 | ) | (2.13 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Net asset value, end of period |
$ | 21.86 | $ | 22.48 | $ | 26.60 | $ | 26.51 | $ | 28.02 | $ | 32.87 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(1.81 | )%(e) | (10.92 | )% | 3.51 | % | (2.27 | )% | (11.69 | )% | 9.59 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income |
3.74 | %(g) | 3.68 | % | 3.62 | % | 2.86 | % | 3.41 | % | 2.69 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 231,178 | $ | 234,387 | $ | 265,299 | $ | 341,922 | $ | 390,889 | $ | 557,220 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
5 | %(i) | 48 | %(i) | 28 | %(i) | 58 | %(i) | 48 | %(i) | 63 | %(i) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions. (e) Not annualized. (f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Annualized. (h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| |||||||||||||||||||||||||||||||||||||||||||
(i) Portfolio turnover rate excluding cash creations was as follows: |
3 | % | 11 | % | 7 | % | 16 | % | 9 | % | 17 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
54 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Pacific ex Japan ETF | ||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
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Net asset value, beginning of period |
$ | 41.86 | $ | 51.17 | $ | 42.98 | $ | 44.17 | $ | 46.02 | $ | 46.43 | ||||||||||||||||
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Net investment income(a) |
0.73 | 1.69 | 1.30 | 1.29 | 1.74 | 1.66 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
1.56 | (8.28 | ) | 8.06 | (0.98 | ) | (1.58 | ) | 0.03 | |||||||||||||||||||
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Net increase (decrease) from investment operations |
2.29 | (6.59 | ) | 9.36 | 0.31 | 0.16 | 1.69 | |||||||||||||||||||||
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Distributions from net investment income(c) |
(0.71 | )(d) | (2.72 | ) | (1.17 | ) | (1.50 | ) | (2.01 | ) | (2.10 | ) | ||||||||||||||||
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Net asset value, end of period |
$ | 43.44 | $ | 41.86 | $ | 51.17 | $ | 42.98 | $ | 44.17 | $ | 46.02 | ||||||||||||||||
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Total Return(e) |
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Based on net asset value |
5.42 | %(f) | (13.22 | )% | 21.82 | % | 0.72 | % | 0.56 | % | 3.63 | % | ||||||||||||||||
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Ratios to Average Net Assets(g) |
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Total expenses |
0.48 | %(h) | 0.47 | % | 0.47 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||||
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Net investment income |
3.49 | %(h) | 3.61 | % | 2.66 | % | 3.04 | % | 3.89 | % | 3.52 | % | ||||||||||||||||
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Supplemental Data |
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Net assets, end of period (000) |
$ | 2,137,062 | $ | 2,135,008 | $ | 2,440,764 | $ | 1,882,380 | $ | 2,266,116 | $ | 2,374,834 | ||||||||||||||||
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Portfolio turnover rate(i) |
3 | % | 15 | % | 9 | % | 8 | % | 7 | % | 6 | % | ||||||||||||||||
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(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
55 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Singapore ETF | ||||||||||||||||||||||||||||
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Six Months Ended | ||||||||||||||||||||||||||||
|
02/28/23 (unaudited) |
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Year Ended 08/31/22 |
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Year Ended 08/31/21 |
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Year Ended 08/31/20 |
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|
Year Ended 08/31/19 |
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|
Year Ended 08/31/18 |
| |||||||||||
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Net asset value, beginning of period |
$ | 18.21 | $ | 23.03 | $ | 19.12 | $ | 22.83 | $ | 23.84 | $ | 24.70 | ||||||||||||||||
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Net investment income(a) |
0.12 | 0.67 | 0.63 | 0.76 | 0.91 | 1.04 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
1.02 | (4.21 | ) | 3.92 | (3.57 | ) | (1.02 | ) | (0.77 | ) | ||||||||||||||||||
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Net increase (decrease) from investment operations |
1.14 | (3.54 | ) | 4.55 | (2.81 | ) | (0.11 | ) | 0.27 | |||||||||||||||||||
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Distributions from net investment income(c) |
(0.21 | )(d) | (1.28 | ) | (0.64 | ) | (0.90 | ) | (0.90 | ) | (1.13 | ) | ||||||||||||||||
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Net asset value, end of period |
$ | 19.14 | $ | 18.21 | $ | 23.03 | $ | 19.12 | $ | 22.83 | $ | 23.84 | ||||||||||||||||
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Total Return(e) |
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Based on net asset value |
6.26 | %(f) | (15.92 | )% | 23.91 | % | (12.84 | )% | (0.41 | )% | 0.91 | % | ||||||||||||||||
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Ratios to Average Net Assets(g) |
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Total expenses |
0.51 | %(h) | 0.50 | % | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | ||||||||||||||||
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Net investment income |
1.30 | %(h) | 3.25 | % | 2.87 | % | 3.59 | % | 3.86 | % | 4.03 | % | ||||||||||||||||
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Supplemental Data |
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Net assets, end of period (000) |
$ | 550,295 | $ | 553,489 | $ | 618,238 | $ | 525,733 | $ | 513,651 | $ | 579,292 | ||||||||||||||||
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Portfolio turnover rate(i) |
9 | % | 36 | % | 17 | % | 22 | % | 9 | % | 26 | % | ||||||||||||||||
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(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
56 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Taiwan ETF | ||||||||||||||||||||||||||||
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Six Months Ended | ||||||||||||||||||||||||||||
|
02/28/23 (unaudited) |
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Year Ended 08/31/22 |
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Year Ended 08/31/21 |
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Year Ended 08/31/20 |
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Year Ended 08/31/19 |
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Year Ended 08/31/18 |
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Net asset value, beginning of period |
$ | 50.47 | $ | 64.79 | $ | 44.08 | $ | 34.94 | $ | 37.91 | $ | 37.35 | ||||||||||||||||
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Net investment income(a) |
0.11 | 1.60 | 1.22 | 1.05 | 0.92 | 0.98 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.92 | (14.16 | ) | 20.46 | 9.11 | (2.89 | ) | 0.60 | ||||||||||||||||||||
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Net increase (decrease) from investment operations |
1.03 | (12.56 | ) | 21.68 | 10.16 | (1.97 | ) | 1.58 | ||||||||||||||||||||
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Distributions(c) |
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From net investment income |
(2.37 | ) | (1.39 | ) | (0.97 | ) | (1.02 | ) | (1.00 | ) | (1.02 | ) | ||||||||||||||||
From net realized gain |
(5.19 | ) | (0.37 | ) | — | — | — | — | ||||||||||||||||||||
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Total distributions |
(7.56 | ) | (1.76 | ) | (0.97 | ) | (1.02 | ) | (1.00 | ) | (1.02 | ) | ||||||||||||||||
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Net asset value, end of period |
$ | 43.94 | $ | 50.47 | $ | 64.79 | $ | 44.08 | $ | 34.94 | $ | 37.91 | ||||||||||||||||
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Total Return(d) |
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Based on net asset value |
2.86 | %(e) | (19.96 | )% | 49.79 | % | 29.34 | % | (4.92 | )% | 4.43 | % | ||||||||||||||||
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Ratios to Average Net Assets(f) |
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Total expenses |
0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
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Net investment income |
0.51 | %(g) | 2.65 | % | 2.16 | % | 2.68 | % | 2.70 | % | 2.65 | % | ||||||||||||||||
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Supplemental Data |
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Net assets, end of period (000) |
$ | 4,051,084 | $ | 3,750,151 | $ | 7,555,064 | $ | 4,231,455 | $ | 2,662,495 | $ | 4,082,891 | ||||||||||||||||
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Portfolio turnover rate(h) |
26 | %(i) | 12 | %(i) | 12 | % | 15 | % | 7 | % | 12 | %(i) | ||||||||||||||||
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(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions. (e) Not annualized. (f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (g) Annualized. (h) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| |||||||||||||||||||||||||||
(i) Portfolio turnover rate excluding cash creations was as follows: |
4 | % | 12 | % | 12 | % | 14 | % | 6 | % | 11 | % | ||||||||||||||||
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See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Thailand ETF | ||||||||||||||||||||||||||||
|
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Six Months Ended | ||||||||||||||||||||||||||||
02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
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|
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Net asset value, beginning of period |
$ | 70.43 | $ | 79.95 | $ | 68.25 | $ | 90.53 | $ | 90.80 | $ | 82.70 | ||||||||||||||||
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Net investment income(a) |
0.69 | 2.00 | 1.70 | 1.97 | 2.10 | 2.12 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.57 | (9.17 | ) | 11.73 | (22.24 | ) | (0.33 | ) | 8.13 | |||||||||||||||||||
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Net increase (decrease) from investment operations |
1.26 | (7.17 | ) | 13.43 | (20.27 | ) | 1.77 | 10.25 | ||||||||||||||||||||
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Distributions from net investment income(c) |
(0.59 | ) | (2.35 | ) | (1.73 | ) | (2.01 | ) | (2.04 | ) | (2.15 | ) | ||||||||||||||||
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Net asset value, end of period |
$ | 71.10 | $ | 70.43 | $ | 79.95 | $ | 68.25 | $ | 90.53 | $ | 90.80 | ||||||||||||||||
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Total Return(d) |
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Based on net asset value |
1.76 | %(e) | (9.07 | )% | 19.65 | % | (22.57 | )% | 2.03 | % | 12.55 | % | ||||||||||||||||
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Ratios to Average Net Assets(f) |
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Total expenses |
0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
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Net investment income |
1.94 | %(g) | 2.67 | % | 2.26 | % | 2.57 | % | 2.36 | % | 2.30 | % | ||||||||||||||||
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Supplemental Data |
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Net assets, end of period (000) |
$ | 348,392 | $ | 334,535 | $ | 411,738 | $ | 436,789 | $ | 466,237 | $ | 435,842 | ||||||||||||||||
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Portfolio turnover rate(h) |
3 | % | 9 | % | 17 | % | 11 | % | 17 | % | 10 | % | ||||||||||||||||
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(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
58 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification | |
MSCI Hong Kong |
Non-diversified | |
MSCI
Japan Small-Cap |
Diversified | |
MSCI Malaysia |
Non-diversified | |
MSCI Pacific ex Japan |
Diversified | |
MSCI Singapore |
Non-diversified | |
MSCI Taiwan |
Non-diversified | |
MSCI Thailand |
Non-diversified |
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
59 |
Notes to Financial Statements (unaudited) (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• |
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies. |
• |
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
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Notes to Financial Statements (unaudited) (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
MSCI Hong Kong |
||||||||||||||||
Barclays Capital, Inc. |
$ | 1,449,825 | $ | (1,399,699 | ) | $ | — | $ | 50,126 | (b) | ||||||
BofA Securities, Inc. |
2,256,377 | (2,178,365 | ) | — | 78,012 | (b) | ||||||||||
J.P. Morgan Securities LLC |
2,726,234 | (2,631,978 | ) | — | 94,256 | (b) | ||||||||||
UBS AG |
82,820 | (79,789 | ) | — | 3,031 | (b) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 6,515,256 | $ | (6,289,831 | ) | $ | — | $ | 225,425 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Japan Small-Cap |
||||||||||||||||
Barclays Capital, Inc. |
$ | 79,711 | $ | (79,711 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. |
51,255 | (51,255 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
237,927 | (229,725 | ) | — | 8,202 | (b) | ||||||||||
Credit Suisse Securities (USA) LLC |
32,072 | (32,072 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
166,371 | (166,371 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
124,317 | (124,317 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
46,512 | (46,512 | ) | — | — | |||||||||||
Morgan Stanley |
73,922 | (73,922 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
69,314 | (69,314 | ) | — | — | |||||||||||
UBS AG |
47,822 | (47,822 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 929,223 | $ | (921,021 | ) | $ | — | $ | 8,202 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Malaysia |
||||||||||||||||
Macquarie Bank Ltd. |
$ | 297,991 | $ | (297,991 | ) | $ | — | $ | — | |||||||
UBS AG |
916,159 | (916,159 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,214,150 | $ | (1,214,150 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
Notes to Financial Statements (unaudited) (continued)
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
MSCI Pacific ex Japan |
||||||||||||||||
HSBC Bank PLC |
$ | 33,028 | $ | (33,028 | ) | $ | — | $ | — | |||||||
J.P. Morgan Securities LLC |
3,331,300 | (3,331,300 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
3,725,841 | (3,640,140 | ) | — | 85,701 | (b) | ||||||||||
UBS AG |
1,127,746 | (1,082,765 | ) | — | 44,981 | (b) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 8,217,915 | $ | (8,087,233 | ) | $ | — | $ | 130,682 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Singapore |
||||||||||||||||
Barclays Capital, Inc. |
$ | 490,109 | $ | (480,634 | ) | $ | — | $ | 9,475 | (b) | ||||||
BNP Paribas SA |
8,541,946 | (8,376,804 | ) | — | 165,142 | (b) | ||||||||||
BofA Securities, Inc. |
611,262 | (611,262 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
3,432,774 | (3,432,774 | ) | — | — | |||||||||||
Morgan Stanley |
3,517,175 | (3,517,175 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
14,388,760 | (14,110,582 | ) | — | 278,178 | (b) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 30,982,026 | $ | (30,529,231 | ) | $ | — | $ | 452,795 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Taiwan |
||||||||||||||||
Citigroup Global Markets Ltd. |
$ | 31,499,035 | $ | (31,499,035 | ) | $ | — | $ | — | |||||||
Goldman Sachs International |
102,243,774 | (102,243,774 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC |
64,868,700 | (64,868,700 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
3,815,865 | (3,815,865 | ) | — | — | |||||||||||
Morgan Stanley |
139,102,044 | (139,102,044 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 341,529,418 | $ | (341,529,418 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Thailand |
||||||||||||||||
Barclays Capital, Inc. |
$ | 5,205,161 | $ | (5,205,161 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. |
295,217 | (295,217 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
362 | (362 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
179,499 | (179,499 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
5,141,457 | (5,141,457 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
166,356 | (166,356 | ) | — | — | |||||||||||
Morgan Stanley |
3,342,541 | (3,342,541 | ) | — | — | |||||||||||
SG Americas Securities LLC |
85,834 | (85,834 | ) | — | — | |||||||||||
UBS AG |
74,129 | (74,129 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 14,490,556 | $ | (14,490,556 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
(b) |
The market value of the loaned securities is determined as of February 28, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or
62 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return swaps are entered into by the ziShares S&P Small-Cap 600 Value ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
Notes to Financial Statements (unaudited) (continued)
the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $7 billion |
0.59 | % | ||
Over $7 billion, up to and including $11 billion |
0.54 | |||
Over $11 billion, up to and including $24 billion |
0.49 | |||
Over $24 billion, up to and including $48 billion |
0.44 | |||
Over $48 billion, up to and including $72 billion |
0.40 | |||
Over $72 billion, up to and including $96 billion |
0.36 | |||
Over $96 billion |
0.32 |
For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $46 billion |
0.5000 | % | ||
Over $46 billion, up to and including $81 billion |
0.4750 | |||
Over $81 billion, up to and including $111 billion |
0.4513 | |||
Over $111 billion, up to and including $141 billion |
0.4287 | |||
Over $141 billion, up to and including $171 billion |
0.4073 | |||
Over $171 billion |
0.3869 |
64 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $2 billion |
0.7400 | % | ||
Over $2 billion, up to and including $4 billion |
0.6900 | |||
Over $4 billion, up to and including $8 billion |
0.6400 | |||
Over $8 billion, up to and including $16 billion |
0.5700 | |||
Over $16 billion, up to and including $24 billion |
0.5100 | |||
Over $24 billion, up to and including $32 billion |
0.4800 | |||
Over $32 billion, up to and including $40 billion |
0.4500 | |||
Over $40 billion |
0.4275 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Hong Kong |
$ | 1,724 | ||
MSCI Japan Small-Cap |
770 | |||
MSCI Malaysia |
12,976 | |||
MSCI Pacific ex Japan |
13,347 | |||
MSCI Singapore |
21,546 | |||
MSCI Taiwan |
795,842 | |||
MSCI Thailand |
232,140 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
65 |
Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) |
|||||||||
MSCI Hong Kong |
$ | 9,664,772 | $ | 8,051,360 | $ | (965,956) | ||||||
MSCI Japan Small-Cap |
332,581 | 889,540 | 345,949 | |||||||||
MSCI Pacific ex Japan |
10,722,678 | 9,995,367 | (4,692,369) | |||||||||
MSCI Singapore |
18,133,150 | 11,643,678 | (9,290,919) |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Hong Kong |
$ | 154,867,166 | $ | 46,194,305 | ||||
MSCI Japan Small-Cap |
2,162,596 | 1,610,757 | ||||||
MSCI Malaysia |
17,927,486 | 12,835,509 | ||||||
MSCI Pacific ex Japan |
95,682,962 | 72,268,143 | ||||||
MSCI Singapore |
55,356,973 | 50,048,382 | ||||||
MSCI Taiwan |
1,141,193,003 | 914,849,854 | ||||||
MSCI Thailand |
12,061,333 | 10,576,806 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
MSCI Hong Kong |
$ | 5,561,444 | $ | — | ||||
MSCI Pacific ex Japan |
110,176,761 | 208,685,815 | ||||||
MSCI Singapore |
30,625,420 | (58,547,014) | ||||||
MSCI Thailand |
86,438,322 | 66,846,610 |
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Hong Kong |
$ | 490,801,361 | ||
MSCI Japan Small-Cap |
15,018,782 | |||
MSCI Malaysia |
120,857,520 | |||
MSCI Pacific ex Japan |
604,135,134 | |||
MSCI Singapore |
242,407,265 | |||
MSCI Thailand |
124,796,565 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
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Notes to Financial Statements (unaudited) (continued)
As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
MSCI Hong Kong |
$ | 1,038,775,375 | $ | 42,984,408 | $ | (234,637,091 | ) | $ | (191,652,683 | ) | ||||||
MSCI Japan Small-Cap |
84,646,219 | 3,358,179 | (21,549,219 | ) | (18,191,040 | ) | ||||||||||
MSCI Malaysia |
176,927,551 | 90,558,638 | (34,892,113 | ) | 55,666,525 | |||||||||||
MSCI Pacific ex Japan |
2,312,546,235 | 268,587,434 | (447,498,021 | ) | (178,910,587 | ) | ||||||||||
MSCI Singapore |
606,827,272 | 45,255,874 | (65,875,902 | ) | (20,620,028 | ) | ||||||||||
MSCI Taiwan |
2,338,396,202 | 2,223,401,529 | (142,149,229 | ) | 2,081,252,300 | |||||||||||
MSCI Thailand |
457,221,570 | 10,405,645 | (103,941,163 | ) | (93,535,518 | ) |
9. LINE OF CREDIT
The iShares MSCI Malaysia ETF and iShares MSCI Taiwan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires onAugust 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2023, the Funds did not borrow under the Syndicated Credit Agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit
N O T E S T O F I N A N C I A L S T A T E M E N T S |
67 |
Notes to Financial Statements (unaudited) (continued)
risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
Six Months Ended 02/28/23 |
Year Ended 08/31/22 |
|||||||||||||||
|
|
|
|
|||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
MSCI Hong Kong |
||||||||||||||||
Shares sold |
5,850,000 | $ | 121,623,246 | 2,025,000 | $ | 48,803,341 | ||||||||||
Shares redeemed |
— | — | (6,075,000 | ) | (139,653,870 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
5,850,000 | $ | 121,623,246 | (4,050,000 | ) | $ | (90,850,529 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Japan Small-Cap |
||||||||||||||||
Shares sold |
— | $ | — | 100,000 | $ | 8,692,269 | ||||||||||
|
|
|
|
|
|
|
|
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Notes to Financial Statements (unaudited) (continued)
|
||||||||||||||||
Six Months Ended 02/28/23 |
Year Ended 08/31/22 |
|||||||||||||||
|
|
|
|
|||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
MSCI Malaysia |
||||||||||||||||
Shares sold |
450,000 | $ | 9,852,074 | 4,650,000 | $ | 117,878,462 | ||||||||||
Shares redeemed |
(300,000 | ) | (6,749,995 | ) | (4,200,000 | ) | (102,040,456 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
150,000 | $ | 3,102,079 | 450,000 | $ | 15,838,006 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Pacific ex Japan |
||||||||||||||||
Shares sold |
3,000,000 | $ | 139,193,079 | 4,500,000 | $ | 215,646,290 | ||||||||||
Shares redeemed |
(4,800,000 | ) | (216,994,645 | ) | (1,200,000 | ) | (54,757,203 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(1,800,000 | ) | $ | (77,801,566 | ) | 3,300,000 | $ | 160,889,087 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Singapore |
||||||||||||||||
Shares sold |
1,650,000 | $ | 32,058,024 | 9,250,000 | $ | 189,839,642 | ||||||||||
Shares redeemed |
(3,300,000 | ) | (61,552,795 | ) | (5,700,000 | ) | (115,869,175 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(1,650,000 | ) | $ | (29,494,771 | ) | 3,550,000 | $ | 73,970,467 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Taiwan |
||||||||||||||||
Shares sold |
23,900,000 | $ | 1,094,321,669 | 1,000,000 | $ | 76,329,985 | ||||||||||
Shares redeemed |
(6,000,000 | ) | (290,396,954 | ) | (43,300,000 | ) | (2,435,070,926 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
17,900,000 | $ | 803,924,715 | (42,300,000 | ) | $ | (2,358,740,941 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Thailand |
||||||||||||||||
Shares sold |
1,100,000 | $ | 86,802,748 | 1,600,000 | $ | 124,280,513 | ||||||||||
Shares redeemed |
(950,000 | ) | (67,228,788 | ) | (2,000,000 | ) | (149,394,805 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
150,000 | $ | 19,573,960 | (400,000 | ) | $ | (25,114,292 | ) | |||||||||
|
|
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|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
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69 |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
Total Cumulative Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
|||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||||||
MSCI Pacific ex Japan(a) |
$ | 0.701361 | $ | — | $ | 0.007429 | $ | 0.708790 | 99 | % | — | % | 1 | % | 100 | % | ||||||||||||||||||||
MSCI Singapore(a) |
0.078053 | — | 0.127054 | 0.205107 | 38 | — | 62 | 100 | ||||||||||||||||||||||||||||
MSCI Taiwan |
2.367686 | 5.189938 | — | 7.557624 | 31 | 69 | — | 100 |
(a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N |
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviation
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
REIT | Real Estate Investment Trust |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-803-0223
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