LOGO

  FEBRUARY 28, 2022

 

 

  

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares, Inc.

 

·  

iShares MSCI Australia ETF | EWA | NYSE Arca

·  

iShares MSCI Canada ETF | EWC | NYSE Arca

·  

iShares MSCI Japan ETF | EWJ | NYSE Arca

·  

iShares MSCI Mexico ETF | EWW | NYSE Arca

·  

iShares MSCI South Korea ETF | EWY | NYSE Arca

 

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

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

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

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

Sincerely,

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2022

 

    

 

6-Month  

 

 

 

12-Month

 

 

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

 

 

 

(2.62)%

 

 

 

16.39%

 

 

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

 

 

 

(9.46)  

 

 

 

(6.01)

 

 

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

 

 

 

(6.78)  

 

 

 

2.83

 

 

Emerging market equities
(MSCI Emerging Markets
Index)

 

 

 

(9.81)  

 

 

 

(10.69)

 

 

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

 

 

 

0.02   

 

 

 

0.04

 

 

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

 

 

 

(3.94)  

 

 

 

(1.67)

 

 

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

 

 

 

(4.07)  

 

 

 

(2.64)

 

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond
Index)

 

 

 

(3.09)  

 

 

 

(0.66)

 

 

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

 

 

 

(3.07)  

 

 

 

0.64

 

 

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

 

 

 

2  

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     9  

Shareholder Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     28  

Statements of Operations

     30  

Statements of Changes in Net Assets

     32  

Financial Highlights

     35  

Notes to Financial Statements

     40  

Statement Regarding Liquidity Risk Management Program

     49  

Supplemental Information

     50  

General Information

     51  

Glossary of Terms Used in this Report

     52  

 

 

    


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (3.93 )%       2.88      6.30     4.70%         2.88      35.72      58.37%  

Fund Market

    (3.83      3.12        6.34       4.85            3.12        36.01        60.62     

Index

    (4.49      2.91        6.62       5.06                  2.91        37.80        63.88     

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

Expense Example

 

    Actual           Hypothetical 5% Return           
     Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

       Annualized
Expense
Ratio
 
      $      1,000.00          $      960.70          $      2.38               $      1,000.00          $      1,022.40          $      2.46          0.49

 

  (a)

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of    
Total Investments(a)

Financials

  32.8%

Materials

  25.5   

Health Care

  10.2   

Real Estate

  6.6   

Consumer Discretionary

  6.3   

Consumer Staples

  5.2   

Industrials

  4.3   

Energy

  3.9   

Communication Services

  2.0   

Information Technology

  1.9   

Utilities

  1.3   

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of    
Total Investments(a)

BHP Group Ltd.

  14.5%

Commonwealth Bank of Australia

  9.7   

CSL Ltd.

  7.6   

National Australia Bank Ltd.

  5.8   

Westpac Banking Corp.

  5.1   

Australia & New Zealand Banking Group Ltd.

  4.5   

Macquarie Group Ltd.

  3.7   

Wesfarmers Ltd.

  3.3   

Rio Tinto Ltd.

  2.7   

Woolworths Group Ltd.

  2.6   

 

 

 

4  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    3.58      20.23      9.81     4.99%          20.23      59.68    62.78%

Fund Market

    3.68        21.08        9.81       5.05             21.08        59.67      63.61   

Index

    3.76        20.43        9.94       5.15                   20.43        60.61      65.17   

Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
     Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

       Annualized
Expense
Ratio
 
      $      1,000.00          $      1,035.80          $      2.47               $      1,000.00          $      1,022.40          $      2.46          0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of    
Total Investments(a)

Financials

  38.7%

Energy

  16.5   

Materials

  11.6   

Industrials

  11.2   

Information Technology

  7.6   

Consumer Staples

  3.9   

Utilities

  3.6   

Consumer Discretionary

  3.4   

Communication Services

  2.5   

Other (each representing less than 1%)

  1.0   

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of    
Total Investments(a)

Royal Bank of Canada

  7.8%

Toronto-Dominion Bank (The)

  7.3   

Bank of Nova Scotia (The)

  4.4   

Canadian National Railway Co.

  4.3   

Enbridge Inc.

  4.3   

Shopify Inc., Class A

  3.9   

Brookfield Asset Management Inc., Class A

  3.8   

Bank of Montreal

  3.7   

Canadian Natural Resources Ltd.

  3.3   

Canadian Pacific Railway Ltd.

  3.2   

 

 

U N D    U M M A R Y

  5


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

 

Investment Objective

The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI 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 Months      1 Year     5 Years      10 Years                1 Year     5 Years      10 Years     

Fund NAV

    (7.03 )%       (5.06 )%      5.82      6.29%          (5.06 )%      32.69      84.13%  

Fund Market

    (6.76      (5.83     5.92        6.33             (5.83     33.29        84.70     

Index

    (7.37      (5.00     6.13        6.66                   (5.00     34.64        90.48     

 

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

 

Expense Example

 

    Actual           Hypothetical 5% Return           
     Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

       Annualized
Expense
Ratio
 
      $      1,000.00          $      929.70          $      2.34               $      1,000.00          $      1,022.40          $      2.46          0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of     
Total Investments(a)

Industrials

  22.0%

Consumer Discretionary

  19.4   

Information Technology

  14.0   

Financials

  10.1   

Health Care

  9.4   

Communication Services

  8.1   

Consumer Staples

  6.9   

Materials

  5.0   

Real Estate

  3.4   

Other (each representing less than 1%)

  1.7   

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of     
Total Investments(a)

Toyota Motor Corp.

  5.3%

Sony Group Corp.

  3.5   

Keyence Corp.

  2.5   

Mitsubishi UFJ Financial Group Inc.

  2.0   

Tokyo Electron Ltd.

  2.0   

Recruit Holdings Co. Ltd.

  1.6   

Nintendo Co. Ltd.

  1.5   

Shin-Etsu Chemical Co. Ltd.

  1.5   

SoftBank Group Corp.

  1.5   

KDDI Corp.

  1.4   

 

   

 

 

6  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (0.35 )%       26.07     3.94      0.22%          26.07     21.29      2.25%  

Fund Market

    (0.11      26.54       4.06        0.28             26.54       21.99        2.80     

Index

    (0.11      26.89       4.35        0.45                   26.89       23.74        4.61     

 

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

 

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

 

 

Expense Example

 

    Actual           Hypothetical 5% Return           
     Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

       Annualized
Expense
Ratio
 
      $      1,000.00          $      996.50          $      2.43               $      1,000.00          $      1,022.40          $      2.46          0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of    
Total Investments(a)

Consumer Staples

  30.7%

Communication Services

  20.9   

Financials

  15.9   

Industrials

  12.4   

Materials

  12.3   

Real Estate

  5.9   

Consumer Discretionary

  1.3   

Health Care

  0.6   

 

 

TEN LARGEST HOLDINGS

 

Security   Percent of    
Total Investments(a)

America Movil SAB de CV, Series L

  15.9%

Wal-Mart de Mexico SAB de CV

  10.8   

Grupo Financiero Banorte SAB de CV, Class O

  9.4   

Fomento Economico Mexicano SAB de CV

  8.4   

Grupo Mexico SAB de CV, Series B

  4.5   

Cemex SAB de CV

  4.0   

Grupo Aeroportuario del Pacifico SAB de CV, Class B

  3.2   

Grupo Televisa SAB de CV

  3.1   

Grupo Bimbo SAB de CV, Series A

  2.9   

Grupo Aeroportuario del Sureste SAB de CV, Class B

  2.8   

 

  (a)  

Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  7


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (15.39 )%      (16.56 )%       5.99      3.49%          (16.56 )%       33.75      40.87%  

Fund Market

    (14.68     (15.92      6.31        3.58             (15.92      35.82        42.15     

Index

    (16.12     (16.85      6.26        3.94                   (16.85      35.46        47.12     

 

Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.

 

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

 

 

Expense Example

 

    Actual           Hypothetical 5% Return           
     Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

           Beginning
Account Value
(09/01/21)
       Ending
Account Value
(02/28/22)
      

Expenses
Paid During

the Period (a)

       Annualized
Expense
Ratio
 
      $      1,000.00          $      846.10          $      2.65               $      1,000.00          $      1,021.90          $      2.91          0.58

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector   Percent of    
Total Investments(a)

Information Technology

  35.1%

Financials

  11.2   

Consumer Discretionary

  11.1   

Communication Services

  10.5   

Industrials

  10.4   

Materials

  8.9   

Health Care

  5.5   

Consumer Staples

  4.3   

Energy

  2.3   

Utilities

  0.7   

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security   Percent of    
Total Investments(a)

Samsung Electronics Co. Ltd.

  22.0%

SK Hynix Inc.

  6.5   

NAVER Corp.

  3.8   

Samsung SDI Co. Ltd.

  3.0   

Kakao Corp.

  2.7   

LG Chem Ltd.

  2.6   

Hyundai Motor Co.

  2.5   

KB Financial Group Inc.

  2.4   

POSCO

  2.2   

Kia Corp.

  2.1   

 

   

 

 

8  

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


About Fund Performance

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

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

  9


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Australia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

Common Stocks

 

Airlines — 0.3%  

Qantas Airways Ltd.(a)

    1,080,188     $ 4,002,610  
   

 

 

 
Banks — 24.5%        

Australia & New Zealand Banking Group Ltd.

    3,305,259       62,574,641  

Commonwealth Bank of Australia

    2,000,701       135,734,468  

National Australia Bank Ltd.

    3,836,708       80,582,510  

Westpac Banking Corp.

    4,301,330       71,084,820  
   

 

 

 
      349,976,439  
Beverages — 0.5%        

Treasury Wine Estates Ltd.

    851,863       7,185,625  
   

 

 

 
Biotechnology — 7.5%        

CSL Ltd.

    561,320       106,720,417  
   

 

 

 
Capital Markets — 4.6%        

ASX Ltd.

    227,464       13,661,819  

Macquarie Group Ltd.

    397,351       52,292,682  
   

 

 

 
      65,954,501  
Chemicals — 0.4%        

Orica Ltd.

    476,314       5,078,333  
   

 

 

 
Commercial Services & Supplies — 0.9%        

Brambles Ltd.

    1,685,372       12,139,263  
   

 

 

 
Construction Materials — 1.2%        

James Hardie Industries PLC

    521,901       17,038,526  
   

 

 

 
Diversified Consumer Services — 0.3%        

IDP Education Ltd.

    243,996       4,718,783  
   

 

 

 
Diversified Telecommunication Services — 1.0%        

Telstra Corp. Ltd.

    4,865,652       13,982,096  
   

 

 

 
Electric Utilities — 0.6%        

Origin Energy Ltd.

    2,075,579       8,619,173  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 6.0%        

BGP Holdings PLC(a)(b)

    18,888,372       212  

Dexus

    1,257,153       9,951,599  

Goodman Group

    1,971,399       31,896,538  

GPT Group/The

    2,245,966       8,013,776  

Mirvac Group

    4,608,306       8,594,094  

Scentre Group

    6,095,947       13,542,764  

Stockland

    2,814,924       8,517,660  

Vicinity Centres

    4,522,709       5,889,200  
   

 

 

 
      86,405,843  
Food & Staples Retailing — 4.5%        

Coles Group Ltd.

    1,564,828       19,796,775  

Endeavour Group Ltd./Australia

    1,580,952       8,256,860  

Woolworths Group Ltd.

    1,421,010       36,744,017  
   

 

 

 
      64,797,652  
Gas Utilities — 0.7%        

APA Group

    1,379,095       10,081,837  
   

 

 

 
Health Care Equipment & Supplies — 0.9%        

Cochlear Ltd.

    77,363       12,629,047  
   

 

 

 
Health Care Providers & Services — 1.7%        

Ramsay Health Care Ltd.

    214,020       9,983,542  

Sonic Healthcare Ltd.

    534,280       13,633,541  
   

 

 

 
      23,617,083  
Security   Shares     Value  

 

Hotels, Restaurants & Leisure — 2.6%

       

Aristocrat Leisure Ltd.

    706,944     $ 19,391,471  

Crown Resorts Ltd.(a)

    435,316       3,934,294  

Domino’s Pizza Enterprises Ltd.

    70,801       4,088,204  

Tabcorp Holdings Ltd.

    2,616,653       9,462,930  
   

 

 

 
      36,876,899  
Insurance — 3.0%        

Insurance Australia Group Ltd.

    2,881,282       9,619,043  

Medibank Pvt Ltd.

    3,220,193       7,427,408  

QBE Insurance Group Ltd.

    1,732,495       14,457,700  

Suncorp Group Ltd.

    1,480,372       11,515,406  
   

 

 

 
      43,019,557  
Interactive Media & Services — 1.0%        

REA Group Ltd.

    61,770       5,953,952  

SEEK Ltd.

    396,184       7,734,629  
   

 

 

 
      13,688,581  
IT Services — 0.7%        

Computershare Ltd.

    635,091       10,034,652  
   

 

 

 
Metals & Mining — 23.4%        

BHP Group Ltd.

    5,935,444       202,672,628  

BlueScope Steel Ltd.

    579,584       8,582,395  

Evolution Mining Ltd.

    2,142,151       6,623,933  

Fortescue Metals Group Ltd.

    1,985,504       26,451,553  

Mineral Resources Ltd.

    199,280       6,549,350  

Newcrest Mining Ltd.

    959,317       17,796,098  

Northern Star Resources Ltd.

    1,302,042       9,704,101  

Rio Tinto Ltd.

    435,242       37,533,968  

South32 Ltd.

    5,461,494       19,169,910  
   

 

 

 
      335,083,936  
Multiline Retail — 3.3%        

Wesfarmers Ltd.

    1,329,399       46,621,838  
   

 

 

 
Oil, Gas & Consumable Fuels — 3.8%        

Ampol Ltd.

    278,535       6,016,454  

Santos Ltd.

    3,772,520       20,091,815  

Washington H Soul Pattinson & Co. Ltd.

    253,074       4,642,886  

Woodside Petroleum Ltd.

    1,136,869       23,756,320  
   

 

 

 
      54,507,475  
Real Estate Management & Development — 0.4%        

Lendlease Corp. Ltd.

    804,840       6,209,155  
   

 

 

 
Road & Rail — 0.4%        

Aurizon Holdings Ltd.

    2,151,469       5,488,205  
   

 

 

 
Software — 1.1%        

WiseTech Global Ltd.

    170,909       5,471,825  

Xero Ltd.(a)

    156,938       10,790,742  
   

 

 

 
      16,262,567  
Trading Companies & Distributors — 0.3%        

Reece Ltd.

    339,770       4,810,196  
   

 

 

 
Transportation Infrastructure — 2.3%        

Transurban Group

    3,599,217       33,243,817  
   

 

 

 
Total Common Stocks — 97.9%        

(Cost: $1,545,455,782)

      1,398,794,106  
   

 

 

 

 

 

10  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Australia ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

Short-Term Investments

 

Money Market Funds — 0.0%        

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

    670,000     $ 670,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $670,000)

 

    670,000  
   

 

 

 

Total Investments in Securities — 97.9%
(Cost: $1,546,125,782)

 

    1,399,464,106  

Other Assets, Less Liabilities — 2.1%

 

    30,067,626  
   

 

 

 

Net Assets — 100.0%

 

  $   1,429,531,732  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
08/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/28/22
    Shares
Held at
02/28/22
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

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

  $     $ 5,510 (b)    $     $ (5,510   $     $           $ 222,041 (c)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    750,000             (80,000 )(b)                  670,000       670,000       43        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (5,510   $     $ 670,000       $ 222,084     $  —  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

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

 
  (b) 

Represents net amount purchased (sold).

 
  (c) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
     Expiration
Date
     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

Long Contracts
ASX SPI 200 Index

     245        03/17/22      $ 31,342      $ 34,310  
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts
Unrealized appreciation on futures contracts(a)

   $ 34,310  
  

 

 

 

 

  (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).

 

 

 

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

  11


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Australia ETF

 

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

 

      Equity
Contracts
 
Net Realized Gain (Loss) from:       

Futures contracts

   $ (813,355
  

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:       

Futures contracts

   $ (30,978
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 18,616,023  

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $        $ 1,398,793,894        $ 212        $ 1,398,794,106  

Money Market Funds

     670,000                            670,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $           670,000        $ 1,398,793,894        $                  212        $ 1,399,464,106  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $        $ 34,310        $        $ 34,310  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

12  

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


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Canada ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

Common Stocks

   
Aerospace & Defense — 0.4%        

CAE Inc.(a)

    680,470     $ 18,204,921  
   

 

 

 
Airlines — 0.2%            

Air Canada(a)(b)

    377,043       7,124,402  
   

 

 

 
Auto Components — 1.0%            

Magna International Inc.

    614,319       45,641,357  
   

 

 

 
Banks — 27.2%            

Bank of Montreal

    1,391,000       158,831,897  

Bank of Nova Scotia (The)

    2,612,610       189,324,046  

Canadian Imperial Bank of Commerce

    967,683       122,481,565  

National Bank of Canada

    726,309       58,236,516  

Royal Bank of Canada

    3,063,336       338,864,174  

Toronto-Dominion Bank (The)

    3,917,517       316,121,214  
   

 

 

 
      1,183,859,412  
Capital Markets — 4.5%            

Brookfield Asset Management Inc., Class A

    3,031,875       165,694,660  

IGM Financial Inc.

    180,026       6,395,717  

Onex Corp.

    160,376       10,770,181  

TMX Group Ltd.

    120,450       12,167,588  
   

 

 

 
      195,028,146  
Chemicals — 2.4%            

Nutrien Ltd.

    1,227,221       105,545,847  
   

 

 

 
Commercial Services & Supplies — 0.5%            

GFL Environmental Inc.

    345,827       10,111,518  

Ritchie Bros Auctioneers Inc.

    237,694       12,457,603  
   

 

 

 
      22,569,121  
Construction & Engineering — 0.7%            

WSP Global Inc.

    253,032       31,044,581  
   

 

 

 
Containers & Packaging — 0.3%            

CCL Industries Inc., Class B, NVS

    325,773       14,686,130  
   

 

 

 
Diversified Telecommunication Services — 0.8%  

BCE Inc.

    156,335       8,210,825  

TELUS Corp.

    974,744       24,616,612  
   

 

 

 
      32,827,437  
Electric Utilities — 2.1%            

Emera Inc.

    554,451       25,939,995  

Fortis Inc.

    1,016,739       46,589,508  

Hydro One Ltd.(c)

    707,446       17,469,870  
   

 

 

 
      89,999,373  
Electrical Equipment — 0.1%            

Ballard Power Systems Inc.(a)(b)

    529,294       6,055,040  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 0.3%  

Canadian Apartment Properties REIT

    187,112       7,788,583  

RioCan REIT

    334,319       6,625,715  
   

 

 

 
      14,414,298  
Food & Staples Retailing — 3.6%            

Alimentation Couche-Tard Inc.

    1,829,444       71,806,579  

Empire Co. Ltd., Class A, NVS

    364,381       11,286,468  

George Weston Ltd.

    161,108       17,469,573  

Loblaw Companies Ltd.

    360,412       28,113,558  

Metro Inc.

    525,830       27,446,874  
   

 

 

 
      156,123,052  
Security   Shares     Value  

 

Food Products — 0.3%

           

Saputo Inc.

    534,588     $ 13,100,042  
   

 

 

 
Gas Utilities — 0.3%            

AltaGas Ltd.

    602,398       13,269,390  
   

 

 

 
Hotels, Restaurants & Leisure — 0.8%            

Restaurant Brands International Inc.

    609,255       34,103,860  
   

 

 

 
Independent Power and Renewable Electricity Producers — 0.6%  

Brookfield Renewable Corp., Class A

    277,700       10,406,903  

Northland Power Inc.

    486,931       15,481,909  
   

 

 

 
      25,888,812  
Insurance — 6.9%            

Fairfax Financial Holdings Ltd.

    53,738       26,050,741  

Great-West Lifeco Inc.

    600,184       18,055,239  

iA Financial Corp. Inc.

    231,419       13,750,032  

Intact Financial Corp.

    378,588       54,298,629  

Manulife Financial Corp.

    4,176,248       84,612,267  

Power Corp. of Canada

    1,203,760       37,124,243  

Sun Life Financial Inc.

    1,259,619       66,245,525  
   

 

 

 
      300,136,676  
IT Services — 5.0%            

CGI Inc.(a)

    470,254       38,555,263  

Nuvei Corp.(a)(c)

    143,596       7,795,535  

Shopify Inc., Class A(a)

    244,130       169,479,187  
   

 

 

 
      215,829,985  
Media — 0.8%            

Quebecor Inc., Class B

    359,525       7,862,748  

Shaw Communications Inc., Class B, NVS

    973,329       29,188,351  
   

 

 

 
      37,051,099  
Metals & Mining — 8.4%            

Agnico Eagle Mines Ltd.

    995,392       50,283,984  

Barrick Gold Corp.

    3,825,671       86,473,747  

First Quantum Minerals Ltd.

    1,262,957       37,036,775  

Franco-Nevada Corp.

    411,057       60,534,832  

Ivanhoe Mines Ltd., Class A(a)(b)

    1,299,605       13,226,749  

Kinross Gold Corp.

    2,695,351       13,439,541  

Lundin Mining Corp.

    1,422,628       13,726,817  

Pan American Silver Corp.

    452,235       10,696,651  

Teck Resources Ltd., Class B

    1,016,775       36,611,922  

Wheaton Precious Metals Corp.

    968,629       42,443,909  
   

 

 

 
      364,474,927  
Multi-Utilities — 0.7%            

Algonquin Power & Utilities Corp.

    1,444,730       20,904,417  

Canadian Utilities Ltd., Class A, NVS

    274,741       7,651,564  
   

 

 

 
      28,555,981  
Multiline Retail — 1.2%            

Canadian Tire Corp. Ltd., Class A, NVS

    123,378       18,189,859  

Dollarama Inc.

    622,477       32,167,451  
   

 

 

 
      50,357,310  
Oil, Gas & Consumable Fuels — 16.4%            

Cameco Corp.

    855,730       21,043,869  

Canadian Natural Resources Ltd.

    2,530,396       141,362,794  

Cenovus Energy Inc.

    2,819,918       44,340,012  

Enbridge Inc.

    4,356,057       188,195,409  

Imperial Oil Ltd.

    523,706       23,505,826  

Keyera Corp.

    475,286       11,133,129  

Parkland Corp.

    332,814       8,709,618  

Pembina Pipeline Corp.

    1,182,571       40,212,079  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Canada ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

Oil, Gas & Consumable Fuels (continued)

           

Suncor Energy Inc.

    3,133,897     $ 95,834,199  

TC Energy Corp.

    2,109,198       113,322,591  

Tourmaline Oil Corp.

    671,174       26,476,292  
   

 

 

 
      714,135,818  
Paper & Forest Products — 0.5%            

West Fraser Timber Co. Ltd.

    202,839       20,247,093  
   

 

 

 
Pharmaceuticals — 0.4%            

Bausch Health Cos Inc.(a)

    656,741       15,798,054  

Canopy Growth Corp.(a)(b)

    510,997       3,644,507  
   

 

 

 
      19,442,561  
Professional Services — 0.8%            

Thomson Reuters Corp.

    366,449       37,052,547  
   

 

 

 
Real Estate Management & Development — 0.3%        

FirstService Corp.

    84,998       12,100,228  
   

 

 

 
Road & Rail — 8.0%            

Canadian National Railway Co.

    1,519,456       188,496,459  

Canadian Pacific Railway Ltd.

    1,998,137       140,697,221  

TFI International Inc.

    179,392       18,699,227  
   

 

 

 
      347,892,907  
Software — 2.6%            

BlackBerry Ltd.(a)

    1,161,350       7,971,397  

Constellation Software Inc.

    43,283       72,946,283  

Lightspeed Commerce Inc.(a)

    238,427       6,263,999  

Open Text Corp.

    584,340       25,429,739  
   

 

 

 
      112,611,418  
Textiles, Apparel & Luxury Goods — 0.4%            

Gildan Activewear Inc.

    417,055       16,372,905  
   

 

 

 
Trading Companies & Distributors — 0.3%            

Toromont Industries Ltd.

    177,991       15,087,458  
   

 

 

 
Security   Shares     Value  

 

Wireless Telecommunication Services — 0.9%

 

Rogers Communications Inc., Class B, NVS

    761,997     $ 39,371,348  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $4,113,837,431)

      4,340,205,482  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.3%            

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

    11,935,826       11,938,213  

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

    1,780,000       1,780,000  
   

 

 

 
      13,718,213  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $13,718,908)

      13,718,213  
   

 

 

 

Total Investments in Securities — 100.0%
(Cost: $4,127,556,339)

      4,353,923,695  

Other Assets, Less Liabilities — (0.0)%

      (280,763
   

 

 

 

Net Assets — 100.0%

   

 

$

 

 4,353,642,932

 

 

   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

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

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
08/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/28/22
    Shares
Held at
02/28/22
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency
Shares

  $ 9,373,472     $ 2,569,237 (a)    $     $ (3,801   $ (695   $ 11,938,213       11,935,826     $ 19,791 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency
Shares

    1,600,000       180,000 (a)                         1,780,000       1,780,000       102        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (3,801   $ (695   $ 13,718,213       $ 19,893     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

14  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Canada 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

                 

S&P/TSE 60 Index

     62          03/17/22        $ 12,477        $ 168,203  
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

        Equity
Contracts
 

Assets — Derivative Financial Instruments

    

Futures contracts

    

Unrealized appreciation on futures contracts(a)

     $ 168,203  
    

 

 

 

 

  (a) 

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

 

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

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 774,679  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (95,364
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 10,919,732  

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $ 4,340,205,482        $                 —        $                 —        $ 4,340,205,482  

Money Market Funds

     13,718,213                            13,718,213  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 4,353,923,695        $        $        $ 4,353,923,695  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 168,203        $        $        $ 168,203  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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

  15


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Japan ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

Common Stocks

   
Air Freight & Logistics — 0.3%  

SG Holdings Co. Ltd.

    942,300     $ 19,972,215  

Yamato Holdings Co. Ltd.

    855,900       16,808,846  
   

 

 

 
      36,781,061  
Airlines — 0.2%  

ANA Holdings Inc.(a)

    471,100       10,372,767  

Japan Airlines Co. Ltd.(a)

    423,100       8,389,508  
   

 

 

 
      18,762,275  
Auto Components — 2.1%  

Aisin Corp.

    431,500       15,717,069  

Bridgestone Corp.

    1,675,500       68,998,639  

Denso Corp.

    1,272,100       89,454,242  

Koito Manufacturing Co. Ltd.

    304,800       15,765,132  

Stanley Electric Co. Ltd.

    383,900       9,122,527  

Sumitomo Electric Industries Ltd.

    2,212,900       29,376,506  
   

 

 

 
      228,434,115  
Automobiles — 8.1%  

Honda Motor Co. Ltd.

    4,784,900       145,369,528  

Isuzu Motors Ltd.

    1,709,500       23,120,309  

Mazda Motor Corp.(a)

    1,663,600       12,304,579  

Nissan Motor Co. Ltd.(a)

    6,810,000       32,478,181  

Subaru Corp.

    1,806,800       29,632,950  

Suzuki Motor Corp.

    1,081,600       43,067,080  

Toyota Motor Corp.

    31,126,000       569,486,821  

Yamaha Motor Co. Ltd.

    873,300       19,631,452  
   

 

 

 
      875,090,900  
Banks — 5.1%  

Chiba Bank Ltd/The

    1,553,100       9,762,690  

Concordia Financial Group Ltd.

    3,176,100       12,921,271  

Japan Post Bank Co. Ltd.

    1,184,600       10,394,067  

Mitsubishi UFJ Financial Group Inc.

    35,076,380       215,333,315  

Mizuho Financial Group Inc.

    7,084,158       93,362,986  

Resona Holdings Inc.

    6,039,200       27,009,078  

Shizuoka Bank Ltd/The

    1,300,700       9,616,283  

Sumitomo Mitsui Financial Group Inc.

    3,833,400       135,940,992  

Sumitomo Mitsui Trust Holdings Inc.

    990,332       35,188,484  
   

 

 

 
      549,529,166  
Beverages — 1.1%  

Asahi Group Holdings Ltd.

    1,338,900       54,010,369  

Ito En Ltd.

    159,700       9,184,629  

Kirin Holdings Co. Ltd.

    2,415,700       40,162,113  

Suntory Beverage & Food Ltd.

    405,100       16,142,866  
   

 

 

 
      119,499,977  
Building Products — 1.8%  

AGC Inc.

    567,800       25,189,050  

Daikin Industries Ltd.

    731,700       135,221,475  

Lixil Corp.

    779,400       17,370,769  

TOTO Ltd.

    413,700       17,415,437  
   

 

 

 
      195,196,731  
Capital Markets — 1.0%  

Daiwa Securities Group Inc.

    4,240,500       25,071,938  

Japan Exchange Group Inc.

    1,497,700       28,046,024  

Nomura Holdings Inc.

    9,011,400       41,119,721  

SBI Holdings Inc/Japan

    720,810       18,908,213  
   

 

 

 
      113,145,896  
Chemicals — 3.8%  

Asahi Kasei Corp.

    3,681,200       34,547,424  
Security   Shares     Value  

 

Chemicals (continued)

 

JSR Corp.

    599,500     $ 18,858,962  

Kansai Paint Co. Ltd.

    516,300       10,362,513  

Mitsubishi Chemical Holdings Corp.

    3,754,200       26,669,209  

Mitsubishi Gas Chemical Co. Inc.

    465,500       8,258,918  

Mitsui Chemicals Inc.

    539,200       13,784,405  

Nippon Paint Holdings Co. Ltd.

    2,433,600       21,780,947  

Nippon Sanso Holdings Corp.

    445,700       8,710,719  

Nissan Chemical Corp.

    357,900       20,343,163  

Nitto Denko Corp.

    415,800       30,344,424  

Shin-Etsu Chemical Co. Ltd.

    1,039,600       162,373,155  

Sumitomo Chemical Co. Ltd.

    4,362,900       20,829,482  

Toray Industries Inc.

    4,065,900       23,186,571  

Tosoh Corp.

    763,900       11,854,261  
   

 

 

 
      411,904,153  
Commercial Services & Supplies — 0.8%  

Dai Nippon Printing Co. Ltd.

    650,500       16,981,100  

Secom Co. Ltd.

    616,700       45,294,379  

Sohgo Security Services Co. Ltd.

    207,800       7,502,444  

TOPPAN INC.

    768,200       15,136,849  
   

 

 

 
      84,914,772  
Construction & Engineering — 0.6%  

Kajima Corp.

    1,317,200       17,727,517  

Obayashi Corp.

    1,901,300       15,919,570  

Shimizu Corp.

    1,614,900       10,689,283  

Taisei Corp.

    560,200       18,627,458  
   

 

 

 
      62,963,828  
Diversified Financial Services — 0.8%  

Mitsubishi HC Capital Inc.

    1,932,200       10,048,299  

ORIX Corp.

    3,587,800       71,121,420  

Tokyo Century Corp.

    108,300       4,748,033  
   

 

 

 
      85,917,752  
Diversified Telecommunication Services — 0.9%  

Nippon Telegraph & Telephone Corp.

    3,505,600       100,754,057  
   

 

 

 
Electric Utilities — 0.5%  

Chubu Electric Power Co. Inc.

    1,889,600       18,874,575  

Kansai Electric Power Co Inc/The

    2,064,700       20,817,878  

Tokyo Electric Power Co. Holdings Inc.(a)

    4,446,300       13,956,899  
   

 

 

 
      53,649,352  
Electrical Equipment — 1.8%  

Fuji Electric Co. Ltd.

    374,600       19,273,781  

Mitsubishi Electric Corp.

    5,359,800       64,829,559  

Nidec Corp.

    1,313,100       114,152,519  
   

 

 

 
      198,255,859  
Electronic Equipment, Instruments & Components — 5.8%  

Azbil Corp.

    363,800       13,809,441  

Hamamatsu Photonics KK

    409,600       20,755,016  

Hirose Electric Co. Ltd.

    94,058       14,142,813  

Ibiden Co. Ltd.

    308,500       15,066,676  

Keyence Corp.

    571,104       270,132,553  

Kyocera Corp.

    942,400       54,237,936  

Murata Manufacturing Co. Ltd.

    1,686,300       114,609,669  

Omron Corp.

    543,900       37,011,587  

Shimadzu Corp.

    696,500       25,085,782  

TDK Corp.

    1,142,200       46,228,487  

Yokogawa Electric Corp.

    669,100       10,795,472  
   

 

 

 
      621,875,432  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Japan ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Entertainment — 2.4%            

Capcom Co. Ltd.

    514,700     $ 12,492,195  

Koei Tecmo Holdings Co. Ltd.

    171,760       5,964,462  

Konami Holdings Corp.

    276,600       15,735,982  

Nexon Co. Ltd.

    1,447,600       31,626,195  

Nintendo Co. Ltd.

    323,800       163,989,090  

Square Enix Holdings Co. Ltd.

    253,300       12,353,086  

Toho Co. Ltd./Tokyo.

    328,700       13,708,564  
   

 

 

 
      255,869,574  
Equity Real Estate Investment Trusts (REITs) — 1.3%        

Daiwa House REIT Investment Corp.

    6,427       17,430,178  

GLP J-Reit

    12,532       18,710,386  

Japan Metropolitan Fund Invest

    20,487       16,581,006  

Japan Real Estate Investment Corp.

    3,676       19,636,278  

Nippon Building Fund Inc.

    4,358       24,972,737  

Nippon Prologis REIT Inc.

    6,089       17,901,966  

Nomura Real Estate Master Fund Inc.

    12,463       16,435,713  

Orix JREIT Inc.

    7,700       10,772,446  
   

 

 

 
      142,440,710  
Food & Staples Retailing — 1.8%            

Aeon Co. Ltd.

    1,920,200       43,499,604  

Cosmos Pharmaceutical Corp.

    57,200       7,930,674  

Kobe Bussan Co. Ltd.

    400,500       13,260,476  

Lawson Inc.

    148,800       6,204,324  

Seven & i Holdings Co. Ltd.

    2,211,880       107,625,047  

Tsuruha Holdings Inc.

    116,300       9,349,912  

Welcia Holdings Co. Ltd.

    279,700       7,458,814  
   

 

 

 
      195,328,851  
Food Products — 1.4%            

Ajinomoto Co. Inc.

    1,371,500       39,966,889  

Kikkoman Corp.

    425,500       31,720,111  

MEIJI Holdings Co. Ltd.

    359,756       21,591,827  

Nisshin Seifun Group Inc.

    580,575       8,240,703  

Nissin Foods Holdings Co. Ltd.

    184,500       14,741,028  

Toyo Suisan Kaisha Ltd.

    262,400       11,030,475  

Yakult Honsha Co. Ltd.

    378,900       20,562,456  
   

 

 

 
      147,853,489  
Gas Utilities — 0.4%            

Osaka Gas Co. Ltd.

    1,099,500       20,122,250  

Tokyo Gas Co. Ltd.

    1,097,600       22,356,269  
   

 

 

 
      42,478,519  
Health Care Equipment & Supplies — 3.0%            

Asahi Intecc Co. Ltd.

    633,300       13,675,047  

Hoya Corp.

    1,084,500       141,276,354  

Olympus Corp.

    3,243,800       65,883,091  

Sysmex Corp.

    494,300       39,568,958  

Terumo Corp.

    1,894,200       61,520,536  
   

 

 

 
      321,923,986  
Health Care Providers & Services — 0.1%            

Medipal Holdings Corp.

    539,800       9,879,412  
   

 

 

 
Health Care Technology — 0.5%            

M3 Inc.

    1,298,600       48,857,869  
   

 

 

 
Hotels, Restaurants & Leisure — 1.1%            

McDonald’s Holdings Co. Japan Ltd.

    234,700       10,091,691  

Oriental Land Co. Ltd./Japan

    587,300       108,571,071  
   

 

 

 
      118,662,762  
Household Durables — 4.9%            

Iida Group Holdings Co. Ltd.

    432,180       8,020,887  
Security   Shares     Value  
Household Durables (continued)            

Open House Group Co. Ltd.

    241,500     $ 10,980,803  

Panasonic Corp.

    6,485,215       67,727,092  

Rinnai Corp.

    102,700       8,448,792  

Sekisui Chemical Co. Ltd.

    1,106,300       18,116,712  

Sekisui House Ltd.

    1,809,500       36,892,248  

Sharp Corp./Japan

    624,300       5,903,427  

Sony Group Corp.

    3,701,800       378,221,019  
   

 

 

 
      534,310,980  
Household Products — 0.5%            

Lion Corp.

    658,500       8,631,065  

Unicharm Corp.

    1,184,800       44,660,036  
   

 

 

 
      53,291,101  
Industrial Conglomerates — 1.7%            

Hitachi Ltd.

    2,844,100       140,648,419  

Toshiba Corp.

    1,142,700       45,559,226  
   

 

 

 
      186,207,645  
Insurance — 3.2%            

Dai-ichi Life Holdings Inc.

    2,952,500       61,317,929  

Japan Post Holdings Co. Ltd.

    7,191,000       59,438,663  

Japan Post Insurance Co. Ltd.

    589,000       10,059,406  

MS&AD Insurance Group Holdings Inc.

    1,307,240       44,232,686  

Sompo Holdings Inc.

    918,550       39,881,654  

T&D Holdings Inc.

    1,555,500       22,591,262  

Tokio Marine Holdings Inc.

    1,842,600       104,845,881  
   

 

 

 
      342,367,481  
Interactive Media & Services — 0.4%            

Kakaku.com Inc.

    397,700       8,749,747  

Z Holdings Corp.

    7,863,600       38,491,117  
   

 

 

 
      47,240,864  
Internet & Direct Marketing Retail — 0.4%            

Mercari Inc.(a)

    300,300       9,405,407  

Rakuten Group Inc.

    2,546,600       21,647,697  

ZOZO Inc.

    367,600       10,467,563  
   

 

 

 
      41,520,667  
IT Services — 2.5%            

Fujitsu Ltd.

    577,200       83,857,911  

GMO Payment Gateway Inc.

    124,248       12,018,235  

Itochu Techno-Solutions Corp.

    284,700       7,380,400  

NEC Corp.

    727,700       31,484,393  

Nomura Research Institute Ltd.

    984,512       34,559,107  

NTT Data Corp.

    1,854,200       35,218,890  

Obic Co. Ltd.

    203,500       32,729,718  

Otsuka Corp.

    333,900       12,969,853  

SCSK Corp.

    457,500       7,832,604  

TIS Inc.

    626,000       14,816,555  
   

 

 

 
      272,867,666  
Leisure Products — 1.0%            

Bandai Namco Holdings Inc.

    587,898       43,099,506  

Shimano Inc.

    216,800       50,485,730  

Yamaha Corp.

    396,900       18,622,016  
   

 

 

 
      112,207,252  
Machinery — 5.2%            

Daifuku Co. Ltd.

    295,000       21,336,412  

FANUC Corp.

    563,100       103,442,651  

Hino Motors Ltd.

    845,400       7,944,039  

Hitachi Construction Machinery Co. Ltd.

    314,500       7,696,331  

Hoshizaki Corp.

    162,200       11,308,820  

Komatsu Ltd.

    2,574,000       59,212,091  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Japan ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Machinery (continued)            

Kubota Corp.

    3,017,400     $ 54,137,192  

Kurita Water Industries Ltd.

    288,400       11,918,072  

Makita Corp.

    656,600       23,402,008  

MINEBEA MITSUMI Inc.

    1,068,800       23,461,104  

MISUMI Group Inc.

    837,300       26,841,882  

Mitsubishi Heavy Industries Ltd.

    943,200       27,817,397  

Miura Co. Ltd.

    258,700       7,090,357  

NGK Insulators Ltd.

    752,200       11,681,581  

SMC Corp.

    168,600       100,716,427  

Toyota Industries Corp.

    429,300       32,653,019  

Yaskawa Electric Corp.

    706,300       28,277,993  
   

 

 

 
      558,937,376  
Marine — 0.7%            

Mitsui OSK Lines Ltd.

    339,600       27,589,823  

Nippon Yusen KK

    475,700       44,568,800  
   

 

 

 
      72,158,623  
Media — 0.5%            

CyberAgent Inc.

    1,185,800       15,516,969  

Dentsu Group Inc.

    632,700       25,244,841  

Hakuhodo DY Holdings Inc.

    685,900       9,114,538  
   

 

 

 
      49,876,348  
Metals & Mining — 1.1%            

Hitachi Metals Ltd.(a)

    626,900       11,174,808  

JFE Holdings Inc.

    1,441,850       21,465,623  

Nippon Steel Corp.

    2,512,870       46,008,051  

Sumitomo Metal Mining Co. Ltd.

    728,600       36,344,366  
   

 

 

 
      114,992,848  
Multiline Retail — 0.3%            

Pan Pacific International Holdings Corp.

    1,208,700       19,784,055  

Ryohin Keikaku Co. Ltd.

    737,300       10,858,712  
   

 

 

 
      30,642,767  
Oil, Gas & Consumable Fuels — 0.8%            

ENEOS Holdings Inc.

    9,000,295       35,639,273  

Idemitsu Kosan Co. Ltd.

    614,929       16,484,120  

Inpex Corp.

    3,002,500       30,948,316  
   

 

 

 
      83,071,709  
Paper & Forest Products — 0.1%            

Oji Holdings Corp.

    2,376,500       12,141,869  
   

 

 

 
Personal Products — 1.5%            

Kao Corp.

    1,394,400       65,183,838  

Kobayashi Pharmaceutical Co. Ltd.

    159,100       13,626,789  

Kose Corp.

    97,400       11,165,862  

Pola Orbis Holdings Inc.

    274,200       4,319,416  

Shiseido Co. Ltd.

    1,174,300       67,388,488  
   

 

 

 
      161,684,393  
Pharmaceuticals — 5.8%            

Astellas Pharma Inc.

    5,469,350       91,251,820  

Chugai Pharmaceutical Co. Ltd.

    1,971,500       65,401,795  

Daiichi Sankyo Co. Ltd.

    5,143,207       125,470,635  

Eisai Co. Ltd.

    697,700       34,616,227  

Kyowa Kirin Co. Ltd.

    792,900       20,291,039  

Nippon Shinyaku Co. Ltd.

    146,200       9,522,021  

Ono Pharmaceutical Co. Ltd.

    1,086,700       26,754,545  

Otsuka Holdings Co. Ltd.

    1,147,600       39,562,578  

Santen Pharmaceutical Co. Ltd.

    1,056,800       12,044,462  

Shionogi & Co. Ltd.

    776,900       51,657,908  

Sumitomo Dainippon Pharma Co. Ltd.

    526,500       5,778,169  
Security   Shares     Value  
Pharmaceuticals (continued)            

Taisho Pharmaceutical Holdings Co. Ltd.

    112,800     $ 5,599,417  

Takeda Pharmaceutical Co. Ltd.

    4,643,500       141,581,683  
   

 

 

 
      629,532,299  
Professional Services — 1.8%            

Benefit One Inc.

    234,900       5,440,739  

Nihon M&A Center Holdings Inc.

    888,600       13,143,335  

Persol Holdings Co. Ltd.

    518,200       11,608,544  

Recruit Holdings Co. Ltd.

    3,985,600       168,232,931  
   

 

 

 
      198,425,549  
Real Estate Management & Development — 2.1%        

Daito Trust Construction Co. Ltd.

    190,200       21,043,695  

Daiwa House Industry Co. Ltd.

    1,661,000       47,106,409  

Hulic Co. Ltd.

    1,113,900       10,147,677  

Mitsubishi Estate Co. Ltd.

    3,473,200       53,029,759  

Mitsui Fudosan Co. Ltd.

    2,692,200       59,917,747  

Nomura Real Estate Holdings Inc.

    346,800       8,634,842  

Sumitomo Realty & Development Co. Ltd.

    908,900       26,738,326  
   

 

 

 
      226,618,455  
Road & Rail — 2.4%            

Central Japan Railway Co.

    421,800       56,992,018  

East Japan Railway Co.

    886,900       52,689,614  

Hankyu Hanshin Holdings Inc.

    673,100       20,137,168  

Keio Corp.

    299,000       12,234,196  

Keisei Electric Railway Co. Ltd.

    381,700       10,689,785  

Kintetsu Group Holdings Co. Ltd.(a)

    506,800       15,225,446  

Nippon Express Holdings Inc.

    225,500       13,669,760  

Odakyu Electric Railway Co. Ltd.

    863,400       14,244,791  

Tobu Railway Co. Ltd.

    555,100       13,644,682  

Tokyu Corp.

    1,467,800       19,575,132  

West Japan Railway Co.

    631,400       27,241,051  
   

 

 

 
      256,343,643  
Semiconductors & Semiconductor Equipment — 3.8%        

Advantest Corp.

    587,200       47,190,247  

Disco Corp.

    83,200       23,556,743  

Lasertec Corp.

    221,200       41,004,416  

Renesas Electronics Corp.(a)

    3,687,700       43,443,665  

Rohm Co. Ltd.

    258,900       20,648,206  

SUMCO Corp.

    974,500       16,263,477  

Tokyo Electron Ltd.

    437,752       214,838,813  
   

 

 

 
      406,945,567  
Software — 0.3%            

Oracle Corp. Japan

    113,200       8,085,383  

Trend Micro Inc/Japan

    395,600       22,100,817  
   

 

 

 
      30,186,200  
Specialty Retail — 1.3%            

Fast Retailing Co. Ltd.

    170,700       92,077,186  

Hikari Tsushin Inc.

    58,100       7,219,680  

Nitori Holdings Co. Ltd.

    235,800       35,482,743  

USS Co. Ltd.

    645,600       10,724,756  
   

 

 

 
      145,504,365  
Technology Hardware, Storage & Peripherals — 1.6%        

Brother Industries Ltd.

    693,800       12,627,773  

Canon Inc.

    2,937,250       69,122,138  

FUJIFILM Holdings Corp.

    1,057,600       67,225,412  

Ricoh Co. Ltd.

    1,964,200       16,756,200  

Seiko Epson Corp.

    819,400       12,602,726  
   

 

 

 
      178,334,249  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Japan ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Tobacco — 0.6%            

Japan Tobacco Inc.

    3,524,800     $ 64,825,157  
   

 

 

 
Trading Companies & Distributors — 4.6%            

ITOCHU Corp.

    3,489,600       113,721,177  

Marubeni Corp.

    4,593,200       48,213,152  

Mitsubishi Corp.

    3,707,100       124,646,324  

Mitsui & Co. Ltd.

    4,579,500       114,179,318  

MonotaRO Co. Ltd.

    733,800       13,812,315  

Sumitomo Corp.

    3,308,200       53,975,300  

Toyota Tsusho Corp.

    627,200       26,038,207  
   

 

 

 
      494,585,793  
Wireless Telecommunication Services — 3.9%        

KDDI Corp.

    4,734,500       154,066,503  

SoftBank Corp.

    8,438,200       106,611,451  

SoftBank Group Corp.

    3,539,900       158,856,522  
   

 

 

 
      419,534,476  
   

 

 

 
Total Common Stocks — 99.7%
    (Cost: $11,587,171,817)
        10,764,325,840  
   

 

 

 
Security   Shares     Value  

Short-Term Investments

   
Money Market Funds — 0.1%            

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

    5,820,000     $ 5,820,000  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $5,820,000)

      5,820,000  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $11,592,991,817)

      10,770,145,840  

Other Assets, Less Liabilities — 0.2%

      22,796,364  
   

 

 

 

 

Net Assets — 100.0%

   

 

$

 

10,792,942,204

 

 

   

 

 

 

 

(a)

Non-income producing security.

(b)

Affiliate of the Fund.

(c)

Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
08/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/28/22
    Shares
Held at
02/28/22
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

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

  $ 11,457,264     $     $ (11,455,059 )(b)    $ (2,293   $ 88     $           $ 10,985 (c)    $  

BlackRock Cash Funds: Treasury, SL Agency
Shares

    5,320,000       500,000 (b)                        5,820,000       5,820,000       278        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (2,293   $ 88     $ 5,820,000       $ 11,263     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a)

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

 
  (b)

Represents net amount purchased (sold).

 
  (c)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
     Expiration
Date
     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

Long Contracts

                                   

TOPIX Index

     174        03/10/22      $ 28,666      $ (713,327
           

 

 

 

 

 

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

  19


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI 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:

 

 

 
     Equity
Contracts
 

 

 
Liabilities — Derivative Financial Instruments       

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 713,327  
  

 

 

 

 

  (a)

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

 

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

 

 

 
     Equity
Contracts
 

 

 
Net Realized Gain (Loss) from:       

Futures contracts

   $ (2,383,097
  

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:       

Futures contracts

   $ (841,547
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 52,948,945  

 

 

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $      $ 10,764,325,840      $                    —      $ 10,764,325,840  

Money Market Funds

     5,820,000                      5,820,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $         5,820,000      $ 10,764,325,840      $      $ 10,770,145,840  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Liabilities

           

Futures Contracts

   $      $ (713,327    $      $ (713,327
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

 

20  

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


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Mexico ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Airlines — 1.1%            

Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)

    4,327,405     $ 8,240,261  
   

 

 

 
Auto Components — 0.4%            

Nemak SAB de CV(a)(c)

    13,733,089       2,863,156  
   

 

 

 
Banks — 13.8%            

Banco del Bajio SA(c)

    3,569,360       8,670,263  

Grupo Financiero Banorte SAB de CV, Class O

    10,094,161       68,280,116  

Grupo Financiero Inbursa SAB de CV, Class O(a)

    10,103,466       16,466,662  

Regional SAB de CV

    1,182,300       6,995,318  
   

 

 

 
      100,412,359  
Beverages — 12.2%            

Arca Continental SAB de CV

    2,059,529       13,587,401  

Becle SAB de CV

    2,836,630       7,113,389  

Coca-Cola Femsa SAB de CV

    1,385,278       7,607,835  

Fomento Economico Mexicano SAB de CV

    7,497,110       60,409,553  
   

 

 

 
      88,718,178  
Building Products — 0.4%            

Grupo Rotoplas SAB de CV, NVS

    1,990,671       2,556,254  
   

 

 

 
Capital Markets — 0.7%            

Bolsa Mexicana de Valores SAB de CV

    2,621,487       5,020,005  
   

 

 

 
Chemicals — 1.7%            

Orbia Advance Corp. SAB de CV

    4,911,242       12,546,076  
   

 

 

 
Construction Materials — 4.8%            

Cemex SAB de CV, NVS(a)

    56,596,129       29,070,420  

GCC SAB de CV

    902,400       5,960,044  
   

 

 

 
      35,030,464  
Consumer Finance — 0.6%            

Gentera SAB de CV(a)

    6,224,177       4,613,203  
   

 

 

 
Diversified Telecommunication Services — 1.3%        

Axtel SAB de CV, CPO(a)

    10,794,257       1,644,357  

Telesites SAB de CV

    6,734,746       7,467,706  
   

 

 

 
      9,112,063  
Equity Real Estate Investment Trusts (REITs) — 5.0%        

Concentradora Fibra Danhos SA de CV

    2,487,454       2,838,328  

Fibra Uno Administracion SA de CV

    14,395,700       16,222,487  

Macquarie Mexico Real Estate Management SA de CV(c)

    4,419,600       5,325,703  

PLA Administradora Industrial S. de RL de CV

    4,329,104       5,702,809  

Prologis Property Mexico SA de CV

    2,530,902       6,088,450  
   

 

 

 
      36,177,777  
Food & Staples Retailing — 11.9%            

Grupo Comercial Chedraui SA de CV

    1,481,700       3,343,067  

La Comer SAB de CV(b)

    2,748,771       4,980,562  

Wal-Mart de Mexico SAB de CV(b)

    20,508,533       78,004,723  
   

 

 

 
      86,328,352  
Food Products — 5.1%            

Gruma SAB de CV, Class B

    981,070       13,305,591  

Grupo Bimbo SAB de CV, Series A(b)

    6,912,404       21,286,330  

Grupo Herdez SAB de CV

    1,580,824       2,232,187  
   

 

 

 
      36,824,108  
Hotels, Restaurants & Leisure — 0.9%            

Alsea SAB de CV(a)

    2,920,866       6,326,332  
   

 

 

 
Security   Shares     Value  
Household Products — 1.4%            

Kimberly-Clark de Mexico SAB de CV, Class A

    7,228,854     $ 10,143,902  
   

 

 

 
Industrial Conglomerates — 1.8%            

Alfa SAB de CV, Class A

    8,194,100       6,137,273  

Grupo Carso SAB de CV, Series A1

    2,344,120       7,138,459  
   

 

 

 
      13,275,732  
Insurance — 0.7%            

Qualitas Controladora SAB de CV

    941,320       5,168,734  
   

 

 

 
Media — 3.8%            

Grupo Televisa SAB de CV, CPO

    10,483,747       22,471,388  

Megacable Holdings SAB de CV, CPO

    1,712,000       5,042,129  
   

 

 

 
      27,513,517  
Metals & Mining — 5.7%            

Grupo Mexico SAB de CV, Series B

    6,363,686       32,646,476  

Industrias Penoles SAB de CV

    694,893       8,672,846  
   

 

 

 
      41,319,322  
Pharmaceuticals — 0.6%            

Genomma Lab Internacional SAB de CV, Class B

    4,833,213       4,408,204  
   

 

 

 
Real Estate Management & Development — 0.9%        

Corp Inmobiliaria Vesta SAB de CV

    3,544,049       6,383,476  
   

 

 

 
Road & Rail — 0.5%            

Grupo Traxion SAB de CV(a)(c)

    1,958,700       3,304,188  
   

 

 

 
Transportation Infrastructure — 8.6%            

Grupo Aeroportuario del Centro Norte SAB de CV

    1,400,705       10,116,317  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    1,602,649       23,311,614  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    926,190       20,029,237  

Promotora y Operadora de Infraestructura SAB de CV

    1,140,935       8,922,033  
   

 

 

 
      62,379,201  
Wireless Telecommunication Services — 15.9%        

America Movil SAB de CV, Series L, NVS

    127,411,418       115,149,912  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $923,505,816)

      723,814,776  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.9%            

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

    6,024,425       6,025,630  

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

    260,000       260,000  
   

 

 

 
      6,285,630  
   

 

 

 

Total Short-Term Investments — 0.9%
(Cost: $6,284,980)

      6,285,630  
   

 

 

 

Total Investments in Securities — 100.7%
(Cost: $929,790,796)

      730,100,406  

Other Assets, Less Liabilities — (0.7)%

      (5,117,092
   

 

 

 

Net Assets — 100.0%

    $ 724,983,314  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

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

(d)

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

 

 

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

  21


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Mexico ETF

 

  (f)

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

 
   

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
08/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 5,378,609      $ 647,657 (a)     $      $ (253    $ (383    $ 6,025,630        6,024,425      $ 10,261 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     180,000        80,000 (a)                             260,000        260,000        22         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (253    $ (383    $ 6,285,630         $ 10,283      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

           

Mexican BOLSA Index

     60        03/18/22      $ 1,568      $ (16,006
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
     Equity
Contracts
 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 16,006  
  

 

 

 

 

  (a) 

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

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 12,613  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (32,150
  

 

 

 

 

 

22  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Mexico ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 2,297,849  

 

 

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 723,814,776        $             —        $             —        $ 723,814,776  

Money Market Funds

     6,285,630                            6,285,630  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 730,100,406        $        $        $ 730,100,406  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (16,006      $        $        $ (16,006
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  23


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI South Korea ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 0.4%            

Korea Aerospace Industries Ltd.(a)

    574,430     $ 17,871,599  
   

 

 

 
Air Freight & Logistics — 0.4%            

Hyundai Glovis Co. Ltd.

    139,654       20,601,106  
   

 

 

 
Airlines — 0.8%            

Korean Air Lines Co. Ltd.(a)

    1,444,371       35,584,866  
   

 

 

 
Auto Components — 2.3%            

Hankook Tire & Technology Co. Ltd.

    595,426       17,543,168  

Hanon Systems

    1,504,231       14,567,302  

Hyundai Mobis Co. Ltd.

    393,314       73,850,986  
   

 

 

 
      105,961,456  
Automobiles — 4.5%            

Hyundai Motor Co.

    783,298       115,259,726  

Kia Corp.

    1,534,962       95,160,452  
   

 

 

 
      210,420,178  
Banks — 7.3%            

Hana Financial Group Inc.

    1,753,956       71,259,433  

Industrial Bank of Korea

    1,930,844       17,345,838  

KakaoBank Corp.(a)(b)

    427,670       17,266,584  

KB Financial Group Inc.

    2,265,414       111,762,930  

Shinhan Financial Group Co. Ltd.

    2,597,314       84,505,546  

Woori Financial Group Inc.

    3,425,324       40,972,341  
   

 

 

 
      343,112,672  
Biotechnology — 2.3%            

Alteogen Inc.(a)

    156,613       7,053,913  

Celltrion Inc.

    557,370       74,397,683  

Green Cross Corp.

    24,977       3,800,453  

Seegene Inc.(b)

    206,962       8,870,396  

SK Bioscience Co. Ltd.(a)(b)

    102,957       12,607,981  
   

 

 

 
      106,730,426  
Capital Markets — 1.9%            

Korea Investment Holdings Co. Ltd.(a)

    302,994       20,129,463  

Meritz Securities Co. Ltd.

    3,540,918       17,339,747  

Mirae Asset Securities Co. Ltd.

    2,908,327       21,461,676  

NH Investment & Securities Co. Ltd.(a)

    1,331,382       12,883,688  

Samsung Securities Co. Ltd.

    491,146       17,407,114  
   

 

 

 
      89,221,688  
Chemicals — 4.7%            

Hanwha Solutions Corp.(a)

    995,817       28,310,575  

Kumho Petrochemical Co. Ltd.(a)(b)

    182,231       24,584,901  

LG Chem Ltd.

    253,104       120,109,005  

Lotte Chemical Corp.

    117,874       21,724,148  

SK Chemicals Co. Ltd.

    64,560       6,781,908  

SK IE Technology Co. Ltd.(a)(b)(c)

    72,986       7,580,129  

SKC Co. Ltd.

    90,445       10,518,210  
   

 

 

 
      219,608,876  
Commercial Services & Supplies — 0.2%            

S-1 Corp.

    156,011       9,081,919  
   

 

 

 
Construction & Engineering — 1.3%            

GS Engineering & Construction Corp.(b)

    515,350