Table of Contents

 

LOGO

  AUGUST 31, 2022

 

   2022 Annual Report

 

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


Table of Contents

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. 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 weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, 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 notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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.

 

 

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2022

 

    

 

6-Month  

 

 

 

12-Month

 

 

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

 

  (8.84)%   (11.23)%

 

U.S. small cap equities

(Russell 2000® Index)

 

  (9.31)      (17.88)   

 

International equities

(MSCI Europe, Australasia,
Far East Index)

 

  (13.97)      (19.80)   

 

Emerging market equities

(MSCI Emerging Markets Index)

 

  (13.30)      (21.80)   

 

3-month Treasury bills

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

 

     0.36          0.39    

 

U.S. Treasury securities

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

 

  (9.71)      (13.27)   

 

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

 

  (7.76)      (11.52)   

 

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

 

  (5.72)      (8.63)   

 

U.S. high yield bonds

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

 

  (7.78)      (10.61)   

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  

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


Table of Contents

Table of Contents

 

      Page  

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     19  

Disclosure of Expenses

     19  

Schedules of Investments

     20  

Financial Statements

  

Statements of Assets and Liabilities

     48  

Statements of Operations

     50  

Statements of Changes in Net Assets

     52  

Financial Highlights

     56  

Notes to Financial Statements

     63  

Report of Independent Registered Public Accounting Firm

     73  

Important Tax Information

     74  

Board Review and Approval of Investment Advisory Contract

     75  

Supplemental Information

     85  

Director and Officer Information

     87  

General Information

     90  

Glossary of Terms Used in this Report

     91  

 


Table of Contents

Market Overview

 

 

iShares, Inc.

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

 

 

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Table of Contents
Fund Summary as of August 31, 2022        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

 

 
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (18.61 )%       (0.73 )%       4.97       (18.61 )%       (3.62 )%       62.46

Fund Market

    (18.57      (0.76      4.93         (18.57      (3.76      61.87  

Index

    (17.95      (0.15      5.59         (17.95      (0.75      72.27  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period(a)
 
 
 
      

Annualized    
Expense    
Ratio    
 
 
 
  $       1,000.00          $       912.80          $       2.41               $       1,000.00          $       1,022.70          $       2.55          0.50%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

F U N D     S U M M A R Y

  5


Table of Contents
Fund Summary as of August 31, 2022  (continued)    iShares® MSCI Hong Kong ETF

 

Portfolio Management Commentary

Stocks in Hong Kong declined considerably for the reporting period amid a prolonged COVID-19 outbreak and related shutdowns there and in mainland China, Hong Kong’s leading trade partner. Economic output contracted in the first half of 2022 amid sluggish exports and investments as the country’s borders remained mostly closed. The Hong Kong Monetary Authority raised interest rates in tandem with the Fed to maintain its currency’s peg to the U.S. dollar. Political tensions between the U.S. and China related to Taiwan further contributed to weakness in the equity market late in the reporting period, as did economists’ forecasts for declining growth in China. Hong Kong’s government lowered its economic growth estimates accordingly.

The financials sector detracted the most from the Index’s performance. The capital markets industry fell alongside Hong Kong’s broader equity market. Profit declined for the operator of the country’s stock market due to lighter trading on its platform amid geopolitical tensions, market volatility, and ongoing effects of the COVID-19 pandemic. Uncertainty tied to real estate development, increased regulations on internet platforms in China, and rising interest rates dimmed the outlook for trading volume growth. In the insurance industry, the stock of the largest insurer in the Asia-Pacific region fell. Sales of new policies declined, primarily due to the COVID-19 shutdown in China, its largest market and a significant part of the company’s growth strategy.

The industrials sector also weighed on the Index’s return as sales volumes in the industrial machinery industry declined. A large equipment producer declined amid investors’ concern about supply chain bottlenecks and the impact of microchip shortages on production. In addition, the company lowered its 2022 revenue guidance due to excess retail inventory.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector

   

Percent of

Total Investments

 

(a) 

Financials

    42.0

Real Estate

    23.2  

Industrials

    14.7  

Utilities

    10.3  

Consumer Discretionary

    5.5  

Consumer Staples

    2.9  

Communication Services

 

   

 

1.4

 

 

 

TEN LARGEST HOLDINGS

 

Security

   

Percent of

Total Investments

 

(a) 

AIA Group Ltd.

    23.2

Hong Kong Exchanges & Clearing Ltd.

    11.7  

CK Hutchison Holdings Ltd.

    4.2  

Sun Hung Kai Properties Ltd.

    4.1  

Link REIT

    4.0  

Techtronic Industries Co. Ltd.

    3.9  

CLP Holdings Ltd.

    3.6  

CK Asset Holdings Ltd.

    3.5  

BOC Hong Kong Holdings Ltd.

    3.3  

Galaxy Entertainment Group Ltd.

 

   

 

3.0

 

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Table of Contents
Fund Summary as of August 31, 2022    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

 

 
       1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

    (21.70 )%       (0.96 )%       6.11       (21.70 )%       (4.69 )%       80.99

Fund Market

    (21.70      (1.07      6.06         (21.70      (5.25      80.03  

Index

    (20.95      (0.47      6.57         (20.95      (2.32      89.02  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

              

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

Annualized

Expense

Ratio

 

 

 

  $         1,000.00          $          867.60              $        2.35                  $         1,000.00          $        1,022.70          $          2.55        0.50

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

F U N D   S U M M A R Y

  7


Table of Contents
Fund Summary as of August 31, 2022  (continued)    iShares® MSCI Japan Small-Cap ETF

 

Portfolio Management Commentary

Japanese small-capitalization stocks declined during the reporting period, as supply chain disruptions, rising energy costs, and slowing exports restricted the country’s economic growth. The Bank of Japan kept short-term interest rates negative even as the Fed and other central banks raised interest rates. This difference led to a substantial decrease in the Japanese yen’s value relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars.

The industrials sector detracted the most from the Index’s performance. Although currency weakness has historically aided industrial exporters, recent increases in offshore production limited the benefits. Japanese exports to China, the country’s largest export market, slowed amid China’s coronavirus pandemic-related restrictions, which idled factories and warehouses and slowed deliveries of goods. Within the sector, industrial machinery stocks declined sharply amid unfavorable conditions for Japanese manufacturers. The country’s industrial production fell significantly, although it showed signs of recovering toward the end of the reporting period as lockdowns in China eased.

The information technology sector was another meaningful detractor from the Index’s return. Investors retreated from information technology stocks in response to the Fed’s moves to raise interest rates, an environment that pressured Japanese small-capitalization software and services companies.

In the materials sector, chemicals companies weighed on the Index’s performance as the prices of raw materials rose, exacerbated by the weakening of the Japanese yen relative to the U.S. dollar. Suppliers of chemicals, such as those used in the production of semiconductors, also faced concerns over whether customers would accept significant price hikes.

Equity real estate investment trusts (“REITs”) detracted from the Index’s return, led by industrial REITs and diversified REITs. Although demand increased for logistics and data centers, driven by growth in online shopping and remote work, land costs also rose.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector

   

Percent of

Total Investments

 

(a) 

Industrials

    24.3

Consumer Discretionary

    16.4  

Real Estate

    11.2  

Information Technology

    10.5  

Materials

    10.0  

Consumer Staples

    9.8  

Financials

    6.6  

Health Care

    5.9  

Utilities

    2.3  

Communication Services

    2.2  

Energy

    0.8  

TEN LARGEST HOLDINGS

 

Security

   

Percent of

Total Investments

 

(a) 

MatsukiyoCocokara & Co.

    0.6

BayCurrent Consulting Inc.

    0.6  

Sojitz Corp.

    0.5  

IHI Corp.

    0.5  

Taiyo Yuden Co. Ltd.

    0.5  

Ebara Corp.

    0.5  

Orix JREIT Inc.

    0.5  

Advance Residence Investment Corp.

    0.5  

Toyo Suisan Kaisha Ltd.

    0.5  

Nikon Corp.

    0.5  

 

  (a) 

Excludes money market funds.

 

 

 

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Table of Contents
Fund Summary  as of August 31, 2022    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

 

 
       1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

    (10.92 )%       (2.70 )%       (2.56 )%        (10.92 )%       (12.78 )%       (22.88 )% 

Fund Market

    (11.36      (2.80      (2.68       (11.36      (13.23      (23.81

Index

    (10.22      (2.33      (2.24       (10.22      (11.11      (20.25
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period


(a)  

      

Annualized

Expense

Ratio

 

 

 

  $ 1,000.00        $ 894.20        $ 2.39             $ 1,000.00        $ 1,022.70        $ 2.55          0.50

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

F U N D   S U M M A R Y

  9


Table of Contents
Fund Summary as of August 31, 2022  (continued)        iShares® MSCI Malaysia ETF

 

Portfolio Management Commentary

Stocks in Malaysia declined during the reporting period as inflationary pressures and rising interest rates weakened equity markets, offsetting strong economic growth. Inflation in Malaysia surged after Russia’s invasion of Ukraine sent prices for food, commodities, and energy sharply higher. Malaysia’s central bank raised interest rates in May 2022 and again at the following policy meeting in July 2022. A new Malaysian tax implemented to fund costs of coronavirus-related expenses also weakened earnings. Geopolitical unrest, including the coup in Myanmar and Russia’s invasion of Ukraine, led some Malaysian companies to defer plans to raise funds and broaden their investment base by listing stocks on markets in other countries.

Stocks in the healthcare sector detracted the most from the Index’s performance, particularly in the healthcare equipment industry. The industry declined sharply as pandemic-related restrictions loosened and demand for healthcare equipment, such as medical gloves, fell. Rising inflation and higher energy costs raised production costs in the industry, lowering profit margins. Meanwhile, growing competition from lower-cost suppliers in China prevented Malaysian manufacturers from passing higher costs on to customers. Excess supply of healthcare equipment manufactured during the height of the pandemic also weighed on profits. Labor shortages, compounded by Malaysia’s declining unemployment rate, and logistical constraints also pressured earnings in the sector.

Stocks in the communication services sector also detracted from the Index’s return. One of Malaysia’s largest wireless telecommunication services providers incurred large foreign exchange losses on its business operations in Sri Lanka after that country defaulted on its foreign debt and its currency declined sharply.

On the upside, the financials sector contributed to the Index’s performance. Bank stocks advanced as business conditions improved following the loosening of many pandemic-related restrictions.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector    

Percent of

Total Investments

 

(a) 

Financials

    41.5

Consumer Staples

    12.8  

Materials

    8.8  

Utilities

    8.4  

Communication Services

    8.1  

Industrials

    5.5  

Consumer Discretionary

    5.5  

Health Care

    4.1  

Energy

    3.6  

Information Technology

 

   

 

1.7

 

 

 

TEN LARGEST HOLDINGS

 

Security

   

Percent of

Total Investments

 

(a) 

Public Bank Bhd

    15.6

Malayan Banking Bhd

    9.8  

CIMB Group Holdings Bhd

    8.3  

Tenaga Nasional Bhd

    5.3  

Petronas Chemicals Group Bhd

    4.8  

Press Metal Aluminium Holdings Bhd

    4.0  

Petronas Gas Bhd

    3.1  

Hong Leong Bank Bhd

    3.1  

DiGi.Com Bhd

    2.7  

PPB Group Bhd

 

   

 

2.6

 

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Table of Contents
Fund Summary  as of August 31, 2022    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

 

 
     1 Year      5 Years      10 Years             1 Year     5 Years      10 Years  

Fund NAV

    (13.22 )%       2.10      3.94        (13.22 )%      10.97      47.13

Fund Market

    (13.42      1.94        3.86          (13.42     10.10        46.11  

Index

    (12.41      2.70        4.46                (12.41     14.26        54.77  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

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
(03/01/22)


 
      

Ending
Account Value
(08/31/22)


 
      

Expenses
Paid During
the Period(a)


 
           

Beginning
Account Value
(03/01/22)


 
      

Ending
Account Value
(08/31/22)


 
      

Expenses
Paid During
the Period(a)


 
      

Annualized
Expense
Ratio


 
  $ 1,000.00        $ 923.70        $ 2.33             $ 1,000.00        $ 1,022.80        $ 2.45          0.48

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

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Fund Summary as of August 31, 2022 (continued)    iShares® MSCI Pacific ex Japan ETF

 

Portfolio Management Commentary

Stocks in Pacific region developed markets excluding Japan declined considerably for the reporting period as central banks in the region raised interest rates to address surging inflation while the war in Ukraine exacerbated supply-chain bottlenecks. Those factors plus coronavirus-induced shutdowns in China constrained the region’s economic growth and outlooks for short-term growth weakened, spurring recession concerns.

Australia detracted the most from the Index’s return. In its financials sector, bank stocks fell as the country’s central bank raised interest rates at the quickest pace since 1994, raising concerns that monetary policy tightening might reduce consumer spending and increase housing-market and recession risks. Consumer discretionary stocks declined along with earnings at large multiline retailers. Gaming technology companies, despite higher revenue, encountered slowing mobile game demand as COVID-19 pandemic restrictions eased amid ongoing supply-chain disruptions. In the healthcare sector, a large biotech pharmaceutical firm reported lower profits due to rising labor costs and a shortage of product materials dating to the onset of the COVID pandemic. In the information technology sector, investors steered away from providers of buy-now, pay-later services, which produced strong revenue but no profit.

Stocks in Hong Kong also detracted from performance. In financials, stocks of firms within the capital markets industry fell alongside Hong Kong’s broader equity market. Profit declined for the operator of the country’s stock market amid lighter trading on its platform attributed to geopolitical tensions, market volatility, and ongoing effects of the pandemic. Meanwhile, stock in the largest insurer in the Asia-Pacific region fell. Sales of new policies declined, primarily due to the COVID shutdowns in China, its largest market and a significant part of the company’s growth strategy. The industrials sector also detracted from performance as sales volumes of industrial machinery declined. Stocks for producers of that equipment declined amid investors’ concern about supply-chain bottlenecks and the impact of microchip shortages on production.

Portfolio Information

 

SECTOR ALLOCATION

 

 

Sector

 

   

 

Percent of

Total Investments(a)

 

 

 

 

Financials

    37.6

Materials

    13.9  

Real Estate

    10.8  

Industrials

    7.7  

Health Care

    7.6  

Consumer Discretionary

    5.1  

Consumer Staples

    4.3  

Energy

    4.0  

Communication Services

    4.0  

Utilities

    3.5  

Information Technology

 

    1.5  

 

  (a) 

Excludes money market funds.

 
  (b) 

Rounds to less than 0.1%.

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region

 

   

 

Percent of
Total Investments(a)

 


 

 

Australia

    62.7

Hong Kong

    23.7  

Singapore

    11.7  

New Zealand

    1.9  

Malta

 

    (b)  

 

 

 

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Table of Contents
Fund Summary as of August 31, 2022    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

 

 
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (15.92 )%       (1.82 )%       0.34       (15.92 )%       (8.76 )%       3.45

Fund Market

    (16.40      (1.93      0.29         (16.40      (9.31      2.93  

Index

    (15.56      (1.26      0.83               (15.56      (6.17      8.65  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/22)


 
      

Ending
Account Value
(08/31/22)


 
      

Expenses
Paid During
the Period


(a)  
           

Beginning
Account Value
(03/01/22)


 
      

Ending
Account Value
(08/31/22)


 
      

Expenses
Paid During
the Period


(a)  
      

Annualized
Expense
Ratio


 
  $ 1,000.00        $ 882.20        $ 2.37             $ 1,000.00        $ 1,022.70        $ 2.55          0.50

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

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Table of Contents
Fund Summary as of August 31, 2022    (continued)    iShares® MSCI Singapore ETF

 

Portfolio Management Commentary

Stocks in Singapore declined during the reporting period. Climbing inflation rates, with food and energy prices up sharply, led Singapore’s central bank to tighten its monetary policy in October 2021 and three subsequent times over the following nine months. Singapore’s economy stalled during the reporting period and contracted in the second quarter of 2022 as inflation rates rose and monetary policy tightened. In addition, the economy of China, Singapore’s largest trading partner, slowed in 2022.

Stocks in the communication services sector, particularly in the entertainment industry, detracted the most from the Index’s performance. The stock of one major company in the entertainment industry dropped sharply after it became enmeshed in geopolitical tensions. India included one of the Singapore company’s popular and highly lucrative mobile gaming titles in its ban of hundreds of Chinese-backed applications. The ban led the company to end operations of other business applications in India’s large market and limited the company’s ability to fund expansion elsewhere. Meanwhile, e-commerce sales fell as coronavirus-related restrictions eased and consumers slowed online shopping and shifted spending patterns as the economic outlook weakened. Stocks dropped further after the company withdrew forecasts for its e-commerce business, citing the uncertain economic outlook.

The real estate sector also weakened the Index’s return as occupancy rates dipped in some Asian markets. The information technology sector declined amid challenges such as supply chain constraints, rising inflation, and a tight labor market.

On the upside, stocks in the financials sector contributed to the Index’s performance. Profits in the banking industry rose as increasing interest rates boosted profit margins on loans, while the lifting of pandemic-related restrictions improved economic activity across parts of Asia.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector

 

   

 

Percent of
Total Investments

 


(a) 

 

Financials

    41.7

Real Estate

    20.1  

Industrials

    15.0  

Communication Services

    12.8  

Consumer Staples

    4.1  

Information Technology

    3.2  

Consumer Discretionary

 

    3.1  

TEN LARGEST HOLDINGS

 

Security

 

   

 

Percent of
Total Investments

 


(a) 

 

DBS Group Holdings Ltd.

    17.7

Oversea-Chinese Banking Corp. Ltd.

    11.4  

United Overseas Bank Ltd.

    8.3  

Sea Ltd.

    8.3  

Keppel Corp. Ltd.

    4.8  

Singapore Telecommunications Ltd.

    4.6  

Ascendas Real Estate Investment Trust

    4.4  

Singapore Exchange Ltd.

    4.2  

Wilmar International Ltd.

    4.1  

Singapore Airlines Ltd.

 

    3.9  

 

  (a) 

Excludes money market funds.

 

 

 

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Table of Contents
Fund Summary as of August 31, 2022    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

 

 
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (19.96 )%       9.02      9.85       (19.96 )%       53.98      155.80

Fund Market

    (20.55      8.83        9.72         (20.55      52.69        152.90  

Index

    (19.09      9.80        10.60               (19.09      59.62        173.96  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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           

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/22)


 
      

Ending
Account Value
(08/31/22)


 
      

Expenses
Paid During
the Period


(a)  
           

Beginning
Account Value
(03/01/22)


 
      

Ending
Account Value
(08/31/22)


 
      

Expenses
Paid During
the Period


(a)  
      

Annualized
Expense
Ratio


 
  $ 1,000.00        $ 788.00        $ 2.61             $ 1,000.00        $ 1,022.30        $ 2.96          0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

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Table of Contents
Fund Summary as of August 31, 2022    (continued)    iShares® MSCI Taiwan ETF

 

Portfolio Management Commentary

Taiwanese stocks declined substantially for the reporting period as the country’s manufacturing activity slowed amid concerns over a global recession, which reduced demand for technology products and other core exports. The Taiwanese economy was particularly vulnerable to the prospects of its largest trading partner, China; the impacts of coronavirus lockdowns in that country contributed to a sharp decline in orders for Taiwanese products, weighing down Taiwan’s export activity. China’s lockdowns also created supply-chain constraints that affected Taiwanese companies. Manufacturing output decreased at the fastest rate since the early days of the coronavirus pandemic. Additional coronavirus outbreaks within Taiwan also affected domestic consumption. This slowdown in economic activity led foreign investors to sell Taiwanese stocks at a volume that outpaced nearly all other emerging Asian equity markets.

The information technology sector was the largest detractor from the Index’s performance, as concerns persisted over the ability of the semiconductors industry to weather a slowdown in global demand. Having previously benefited from a strong appetite for its products amid widespread shortages and having made significant capital expenditures to boost production, semiconductor companies faced the prospect of overcapacity as supply-and-demand imbalances corrected. While overall sales and revenue growth for the top semiconductor companies were strong, the personal computer and smartphone markets displayed signs of weakness. These firms revised growth targets and delayed additional capital investments amid economic uncertainty.

Stocks in the materials sector also declined. Softening demand for steel products forced producers to lower their prices on consecutive occasions, impacting revenues. The financials sector was also a modest detractor from the Index’s return as insurance companies wrote off COVID-19 insurance policies and compensated policyholders at an accelerated pace.

Portfolio Information

 

SECTOR ALLOCATION

 

 

Sector

 

   

 

Percent of
Total Investments

 

 
(a) 

 

Information Technology

    57.6

Financials

    19.7  

Materials

    7.1  

Industrials

    5.1  

Consumer Discretionary

    3.9  

Communication Services

    3.4  

Consumer Staples

    2.1  

Other (each representing less than 1%)

 

   

 

1.1

 

 

 

TEN LARGEST HOLDINGS

 

 

Security

 

   

 

Percent of
Total Investments

 

 
(a) 

 

Taiwan Semiconductor Manufacturing Co. Ltd.

    22.5

Hon Hai Precision Industry Co. Ltd.

    5.1  

MediaTek Inc.

    3.8  

Delta Electronics Inc.

    2.1  

United Microelectronics Corp.

    1.9  

Chunghwa Telecom Co. Ltd.

    1.9  

CTBC Financial Holding Co. Ltd.

    1.8  

Fubon Financial Holding Co. Ltd.

    1.8  

Mega Financial Holding Co. Ltd.

    1.7  

E.Sun Financial Holding Co. Ltd.

 

   

 

1.6

 

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Table of Contents
Fund Summary as of August 31, 2022     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

 

 
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (9.07 )%       (0.66 )%       2.58       (9.07 )%       (3.26 )%       29.07

Fund Market

    (9.32      (0.83      2.47         (9.32      (4.10      27.66  

Index

    (8.73      (0.36      2.82               (8.73      (1.77      32.10  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00          $ 901.70          $ 2.78               $ 1,000.00          $ 1,022.30          $ 2.96          0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

 

 

 

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Table of Contents
Fund Summary as of August 31, 2022    (continued)    iShares® MSCI Thailand ETF

 

Portfolio Management Commentary

Stocks in Thailand declined during the reporting period as inflationary pressures and rising interest rates weakened equity markets, offsetting modest economic growth. Inflation in Thailand surged after Russia’s invasion of Ukraine sent prices for food, commodities, and energy sharply higher. In August 2022, Thailand’s central bank raised interest rates for the first time since 2018 to stem rising inflation. The declining value of the Thai baht relative to the U.S. dollar also diminished the value of Thai stocks in U.S. dollar terms.

The materials sector detracted the most from the Index’s performance. The construction materials industry declined after Russia’s invasion of Ukraine drove up the price of energy and raw materials, sending profits lower. The chemicals industry also declined as higher raw material costs pressured earnings.

Stocks in the consumer staples sector also worked against the Index’s return. Coronavirus-related restrictions and lower tourism levels curtailed sales at food retailers, while rising prices for energy and commodities also weighed on stock prices. The beverages industry also weakened, as higher costs for transportation and raw materials weighed on profits.

Stocks in the information technology sector, particularly in the electronic equipment, instruments, and components industry, also declined. Global supply chain disruptions, material shortages, and rising costs challenged the industry.

On the upside, the energy sector strengthened the Index’s performance. Profits for companies in the oil, gas, and consumable fuels industry rose as sanctions against Russia boosted energy prices and energy demand increased.

The healthcare sector also contributed to the Index’s return, particularly the healthcare providers and services industry. More tourists traveled to Thailand for medical treatment as pandemic-related measures loosened, supporting revenues and profits for the industry.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector

 

   

 

Percent of

Total Investments

 


(a) 

 

Energy

    14.4

Consumer Staples

    11.0  

Financials

    10.1  

Materials

    9.8  

Industrials

    9.7  

Utilities

    9.5  

Health Care

    8.9  

Consumer Discretionary

    8.5  

Communication Services

    7.1  

Real Estate

    6.4  

Information Technology

    4.6  

TEN LARGEST HOLDINGS

 

Security

 

   

 

Percent of
Total Investments

 

 
(a) 

 

PTT Public Company Ltd.

    6.1

CP ALL PCL

    5.9  

Airports of Thailand PCL

    5.1  

Bangkok Dusit Medical Services PCL

    4.9  

Siam Cement PCL (The)

    4.6  

PTT Exploration & Production PCL

    3.8  

Advanced Info Service PCL

    3.7  

Delta Electronics Thailand PCL

    2.7  

Gulf Energy Development PCL

    2.5  

Energy Absolute PCL

    2.3  

 

  (a) 

Excludes money market funds.

 

 

 

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About Fund Performance

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

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

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

Disclosure of 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 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.

 

 

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Table of Contents

Schedule of Investments

August 31, 2022

  

iShares® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Banks — 6.3%  

BOC Hong Kong Holdings Ltd.

    6,882,000     $ 23,686,470  

Hang Seng Bank Ltd.

    1,401,700       21,945,888  
   

 

 

 
      45,632,358  
Beverages — 1.4%  

Budweiser Brewing Co. APAC Ltd.(a)

    3,419,700       10,052,002  
   

 

 

 
Building Products — 0.9%  

Xinyi Glass Holdings Ltd.

    3,705,000       6,842,729  
   

 

 

 
Capital Markets — 12.4%  

Futu Holdings Ltd., ADR(b)

    114,482       5,619,921  

Hong Kong Exchanges & Clearing Ltd.

    2,102,926       84,736,400  
   

 

 

 
      90,356,321  
Diversified Telecommunication Services — 1.4%  

HKT Trust & HKT Ltd., Class SS

    7,656,500       10,271,808  
   

 

 

 
Electric Utilities — 7.5%  

CK Infrastructure Holdings Ltd.

    1,257,000       7,643,828  

CLP Holdings Ltd.

    2,994,700       25,803,205  

HK Electric Investments & HK Electric Investments Ltd., Class SS

    6,111,000       5,099,832  

Power Assets Holdings Ltd.

    2,648,500       15,841,221  
   

 

 

 
      54,388,086  
Equity Real Estate Investment Trusts (REITs) — 4.0%  

Link REIT

    3,742,300       28,961,742  
   

 

 

 
Food Products — 1.5%  

WH Group Ltd.(a)

    16,003,500       10,903,553  
   

 

 

 
Gas Utilities — 2.7%  

Hong Kong & China Gas Co. Ltd.

    20,365,495       20,077,980  
   

 

 

 
Hotels, Restaurants & Leisure — 4.4%  

Galaxy Entertainment Group Ltd.

    3,931,000       21,973,040  

Sands China Ltd.(b)

    4,543,200       10,159,035  
   

 

 

 
      32,132,075  
Industrial Conglomerates — 6.8%  

CK Hutchison Holdings Ltd.

    4,739,767       30,607,768  

Jardine Matheson Holdings Ltd.

    359,600       19,070,185  
   

 

 

 
      49,677,953  
Insurance — 23.0%  

AIA Group Ltd.

    17,450,400       167,894,423  
   

 

 

 
Machinery — 3.9%  

Techtronic Industries Co. Ltd.

    2,410,647       28,431,736  
   

 

 

 
Security   Shares     Value  
Marine — 0.9%            

SITC International Holdings Co. Ltd.

    2,494,000     $ 6,324,364  
   

 

 

 
Real Estate Management & Development — 19.1%  

CK Asset Holdings Ltd.

    3,721,267       25,117,668  

ESR Group Ltd.(a)(b)

    3,639,800       10,191,815  

Hang Lung Properties Ltd.

    4,030,000       6,701,930  

Henderson Land Development Co. Ltd.

    2,860,762       9,569,592  

Hongkong Land Holdings Ltd.

    2,281,000       11,026,559  

New World Development Co. Ltd.

    2,963,266       9,656,039  

Sino Land Co. Ltd.

    6,500,000       9,505,108  

Sun Hung Kai Properties Ltd.

    2,538,500       29,822,856  

Swire Pacific Ltd., Class A

    1,069,000       7,394,035  

Swire Properties Ltd.

    2,521,600       5,811,584  

Wharf Real Estate Investment Co. Ltd.

    3,167,150       14,411,120  
   

 

 

 
      139,208,306  
Road & Rail — 2.1%            

MTR Corp. Ltd.

    2,934,583       15,028,938  
   

 

 

 
Specialty Retail — 1.0%            

Chow Tai Fook Jewellery Group Ltd.

    3,813,400       7,675,255  
   

 

 

 

Total Long-Term Investments — 99.3%
(Cost: $918,542,087)

      723,859,629  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)

    1,540,000       1,540,000  
   

 

 

 

Total Short-Term Securities — 0.2%
(Cost: $1,540,000)

 

    1,540,000  
   

 

 

 

Total Investments in Securities — 99.5%
(Cost: $920,082,087)

 

    725,399,629  

Other Assets Less Liabilities — 0.5%

 

    3,359,712  
   

 

 

 

Net Assets — 100.0%

 

  $ 728,759,341  
   

 

 

 

 

(a) 

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

 

(b) 

Non-income producing security.

 

(c) 

Affiliate of the Fund.

 

(d) 

Annualized 7-day yield as of period end.

 

 

20  

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


Table of Contents

Schedule of Investments (continued)

August 31, 2022

  

iShares® MSCI Hong Kong ETF

    

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   

Value at

08/31/21

    

Purchases

at Cost

    

Proceeds

from Sale

   

Net Realized

Gain (Loss)

    Change in
Unrealized
Appreciation
(Depreciation)
    

Value at

08/31/22

    

Shares
Held at

08/31/22

     Income    

 

Capital

Gain
Distributions
from
Underlying

Funds

 

 

 

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

   $ 14,915,960      $      $ (14,913,708 )(b)    $ (2,252   $      $             $ 525,674 (c)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,700,000               (160,000 )(b)                    1,540,000        1,540,000        7,762        
          

 

 

   

 

 

    

 

 

       

 

 

   

 

 

 
           $ (2,252   $      $ 1,540,000         $ 533,436     $  
          

 

 

   

 

 

    

 

 

       

 

 

   

 

 

 

 

  (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

                 

MSCI EAFE Index

     52          09/16/22        $ 4,750        $ (112,952
                 

 

 

 

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)

   $      $      $ 112,952      $      $      $      $ 112,952  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 August 31, 2022, 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

   $      $      $ (1,064,973    $      $      $      $ (1,064,973
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (138,903    $      $      $      $ (138,903
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

Futures contracts

        

Average notional value of contracts — long

   $ 4,101,571  

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

  21


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

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  

Investments

                 

Assets

                 

Common Stocks

   $ 10,719,753        $ 713,139,876        $        $ 723,859,629  

Money Market Funds

     1,540,000                            1,540,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     12,259,753        $ 713,139,876        $                   —        $ 725,399,629  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (112,952      $        $        $ (112,952
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

22  

2 0 2 2   I S H A R E S   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


Table of Contents

Schedule of Investments

August 31, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Air Freight & Logistics — 0.6%  

Hitachi Transport System Ltd.

    4,000     $ 252,529  

Konoike Transport Co. Ltd.

    2,000       18,981  

Maruwa Unyu Kikan Co. Ltd.

    3,000       36,076  

Mitsui-Soko Holdings Co. Ltd.

    2,000       48,340  

SBS Holdings Inc.

    1,000       20,701  
   

 

 

 
      376,627  
Auto Components — 3.2%  

Exedy Corp.

    2,000       25,769  

FCC Co. Ltd.

    3,000       31,049  

G-Tekt Corp.

    2,000       20,003  

JTEKT Corp.

    17,000       119,671  

KYB Corp.

    1,000       23,652  

Musashi Seimitsu Industry Co. Ltd.

    4,000       48,459  

NGK Spark Plug Co. Ltd.

    13,000       266,729  

NHK Spring Co. Ltd.

    17,000       114,818  

Nifco Inc./Japan

    7,000       157,989  

Nippon Seiki Co. Ltd.

    4,000       23,646  

NOK Corp.

    7,000       62,214  

Pacific Industrial Co. Ltd.

    4,000       31,145  

Piolax Inc.

    2,000       28,934  

Shoei Co. Ltd.

    2,000       79,251  

Stanley Electric Co. Ltd.

    11,000       203,051  

Sumitomo Riko Co. Ltd.

    3,000       12,531  

Sumitomo Rubber Industries Ltd.

    14,000       120,135  

Tokai Rika Co. Ltd.

    4,000       42,941  

Topre Corp.

    3,000       26,724  

Toyo Tire Corp.

    9,000       109,078  

Toyoda Gosei Co. Ltd.

    5,000       86,988  

Toyota Boshoku Corp.

    6,000       87,136  

TS Tech Co. Ltd.

    7,000       78,307  

Yokohama Rubber Co. Ltd. (The)

    10,000       163,547  
   

 

 

 
      1,963,767  
Automobiles — 0.4%  

Mitsubishi Motors Corp.(a)

    56,000       224,009  

Nissan Shatai Co. Ltd.

    6,000       33,156  
   

 

 

 
      257,165  
Banks — 3.9%  

77 Bank Ltd. (The)

    5,000       63,782  

Aozora Bank Ltd.

    10,000       193,024  

Awa Bank Ltd. (The)

    3,000       40,894  

Bank of Kyoto Ltd. (The)

    5,000       194,884  

Chugoku Bank Ltd. (The)

    12,000       80,369  

Daishi Hokuetsu Financial Group Inc.

    3,000       56,445  

Fukuoka Financial Group Inc.

    14,000       250,175  

Gunma Bank Ltd. (The)

    29,000       81,098  

Hachijuni Bank Ltd. (The)

    29,000       99,448  

Hirogin Holdings Inc.

    21,000       92,408  

Hokkoku Financial Holdings Inc.

    2,000       70,758  

Hokuhoku Financial Group Inc.

    10,000       59,421  

Hyakugo Bank Ltd. (The)

    17,000       38,904  

Iyo Bank Ltd. (The)

    19,000       88,354  

Juroku Financial Group Inc.

    3,000       53,084  

Keiyo Bank Ltd. (The)

    8,000       27,820  

Kiyo Bank Ltd. (The)

    5,000       53,729  

Kyushu Financial Group Inc.

    29,000       79,207  

Mebuki Financial Group Inc.

    78,000       149,492  

Musashino Bank Ltd. (The)

    2,000       24,378  

Nanto Bank Ltd. (The)

    2,000       28,187  
Security   Shares     Value  
Banks (continued)  

Nishi-Nippon Financial Holdings Inc.

    10,000     $ 53,056  

North Pacific Bank Ltd.

    23,000       38,070  

Ogaki Kyoritsu Bank Ltd. (The)

    3,000       37,211  

Okinawa Financial Group Inc.

    2,000       30,702  

San-in Godo Bank Ltd. (The)

    12,000       59,000  

Seven Bank Ltd.

    50,000       94,979  

Shiga Bank Ltd. (The)

    3,000       55,347  

Shinsei Bank Ltd.

    5,000       70,411  

Suruga Bank Ltd.

    14,000       37,732  

Toho Bank Ltd. (The)

    17,000       24,905  

TOMONY Holdings Inc.

    12,000       27,196  

Yamaguchi Financial Group Inc.

    17,000       93,274  
   

 

 

 
      2,447,744  
Beverages — 0.5%  

Coca-Cola Bottlers Japan Holdings Inc.

    11,000       112,497  

Sapporo Holdings Ltd.

    5,000       109,592  

Takara Holdings Inc.

    12,000       91,050  
   

 

 

 
      313,139  
Biotechnology — 0.4%  

AnGes Inc.(a)

    13,000       32,704  

GNI Group Ltd.(a)

    3,097       34,531  

PeptiDream Inc.(a)

    8,000       95,393  

Pharma Foods International Co. Ltd.

    2,000       21,464  

SanBio Co. Ltd.(a)

    3,000       25,414  

Takara Bio Inc.

    4,000       56,025  
   

 

 

 
      265,531  
Building Products — 0.8%  

Bunka Shutter Co. Ltd.

    4,000       30,678  

Central Glass Co. Ltd.

    3,000       72,382  

Nichias Corp.

    4,000       69,078  

Nichiha Corp.

    2,000       39,855  

Nitto Boseki Co. Ltd.

    2,000       36,230  

Noritz Corp.

    2,000       22,180  

Sanwa Holdings Corp.

    15,000       148,424  

Sekisui Jushi Corp.

    2,000       24,730  

Takara Standard Co. Ltd.

    2,000       19,004  

Takasago Thermal Engineering Co. Ltd.

    4,000       47,261  
   

 

 

 
      509,822  
Capital Markets — 0.6%  

GMO Financial Holdings Inc.

    3,000       16,322  

JAFCO Group Co. Ltd.

    6,000       86,834  

M&A Capital Partners Co. Ltd.(a)

    1,000       24,677  

Matsui Securities Co. Ltd.

    10,000       56,968  

Monex Group Inc.

    14,000       49,928  

Okasan Securities Group Inc.

    13,000       31,172  

SPARX Group Co. Ltd.

    7,000       15,068  

Strike Co. Ltd.

    1,000       28,223  

Tokai Tokyo Financial Holdings Inc.

    17,000       46,060  

WealthNavi Inc.(a)

    2,000       26,679  
   

 

 

 
      381,931  
Chemicals — 6.6%  

ADEKA Corp.

    6,000       101,246  

Aica Kogyo Co. Ltd.

    4,000       88,247  

Air Water Inc.

    15,000       187,651  

C Uyemura & Co. Ltd.

    1,000       46,799  

C.I. Takiron Corp.

    4,000       15,716  

Chugoku Marine Paints Ltd.

    3,000       19,022  

Daicel Corp.

    21,000       131,884  

Denka Co. Ltd.

    6,000       143,737  

 

 

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

  23


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Chemicals (continued)

 

DIC Corp.

    6,000     $ 107,585  

Fujimi Inc.

    1,000       47,867  

Fujimori Kogyo Co. Ltd.

    1,000       25,301  

Fuso Chemical Co. Ltd.

    1,000       25,263  

JCU Corp.

    2,000       47,149  

Kaneka Corp.

    4,000       107,287  

Kansai Paint Co. Ltd.

    15,000       229,897  

Kanto Denka Kogyo Co. Ltd.

    3,000       21,554  

KeePer Technical Laboratory Co. Ltd.

    1,000       29,353  

KH Neochem Co. Ltd.

    3,000       55,206  

Konishi Co. Ltd.

    3,000       35,097  

Kumiai Chemical Industry Co. Ltd.

    6,049       47,130  

Kuraray Co. Ltd.

    27,000       205,087  

Kureha Corp.

    1,400       94,014  

Lintec Corp.

    3,000       49,999  

Mitsubishi Gas Chemical Co. Inc.

    13,000       193,229  

Nihon Parkerizing Co. Ltd.

    7,000       48,181  

Nippon Kayaku Co. Ltd.

    11,000       95,569  

Nippon Shokubai Co. Ltd.

    2,000       79,307  

Nippon Soda Co. Ltd.

    2,000       66,135  

NOF Corp.

    6,000       227,377  

Okamoto Industries Inc.

    1,000       27,947  

Osaka Organic Chemical Industry Ltd.

    1,000       18,411  

Osaka Soda Co. Ltd.

    1,000       27,142  

Sakata INX Corp.

    4,000       28,036  

Sanyo Chemical Industries Ltd.

    1,000       34,167  

Shikoku Chemicals Corp.

    2,000       17,851  

Shin-Etsu Polymer Co. Ltd.

    3,000       28,704  

Showa Denko KK

    15,000       230,603  

Sumitomo Bakelite Co. Ltd.

    3,000       94,566  

T Hasegawa Co. Ltd.

    3,000       64,759  

Taiyo Holdings Co. Ltd.

    3,000       58,812  

Takasago International Corp.

    1,000       19,906  

Teijin Ltd.

    15,000       158,587  

Tenma Corp.

    1,000       16,125  

Toagosei Co. Ltd.

    7,000       54,540  

Tokai Carbon Co. Ltd.

    17,000       124,096  

Tokuyama Corp.

    5,000       65,855  

Tokyo Ohka Kogyo Co. Ltd.

    3,000       147,097  

Toyo Gosei Co. Ltd.

    400       23,530  

Toyo Ink SC Holdings Co. Ltd.

    3,000       41,140  

Toyobo Co. Ltd.

    7,000       53,039  

UBE Corp.

    8,000       117,875  

Zeon Corp.

    11,000       105,537  
   

 

 

 
      4,130,214  

Commercial Services & Supplies — 1.7%

 

Aeon Delight Co. Ltd.

    2,000       40,883  

Daiseki Co. Ltd.

    4,012       120,310  

Duskin Co. Ltd.

    3,000       61,843  

Japan Elevator Service Holdings Co. Ltd.

    5,000       66,673  

Kokuyo Co. Ltd.

    7,000       90,154  

Matsuda Sangyo Co. Ltd.

    1,060       18,417  

Midac Holdings Co. Ltd.

    1,000       22,895  

Mitsubishi Pencil Co. Ltd.

    3,000       30,080  

Nippon Kanzai Co. Ltd.

    1,000       19,071  

Nippon Parking Development Co. Ltd.

    16,000       18,493  

Okamura Corp.

    5,000       47,744  

Park24 Co. Ltd.(a)

    11,000       156,738  

Pilot Corp.

    2,000       71,585  

Prestige International Inc.

    8,000       38,427  
Security   Shares     Value  

Commercial Services & Supplies (continued)

 

Raksul Inc.(a)

    2,000     $ 30,432  

Sato Holdings Corp.

    2,000       27,473  

Sohgo Security Services Co. Ltd.

    6,000       155,449  

TRE Holdings Corp.

    4,000       48,989  
   

 

 

 
      1,065,656  

Construction & Engineering — 3.7%

 

Chiyoda Corp.(a)

    13,000       37,035  

Chudenko Corp.

    2,000       30,555  

COMSYS Holdings Corp.

    9,000       167,148  

Daiho Corp.

    1,000       29,098  

EXEO Group Inc.

    8,000       122,739  

Hazama Ando Corp.

    14,000       86,827  

INFRONEER Holdings Inc.

    21,040       150,396  

JDC Corp.

    4,000       17,361  

JGC Holdings Corp.

    18,000       242,539  

JTOWER Inc.(a)

    1,000       54,728  

Kandenko Co. Ltd.

    9,000       54,157  

Kinden Corp.

    10,000       105,522  

Kumagai Gumi Co. Ltd.

    3,000       57,392  

Kyudenko Corp.

    4,000       80,524  

MIRAIT ONE Corp.

    8,000       89,913  

Nippon Densetsu Kogyo Co. Ltd.

    3,000       38,601  

Nippon Road Co. Ltd. (The)

    400       17,807  

Nishimatsu Construction Co. Ltd.

    3,000       87,118  

Okumura Corp.

    3,000       63,189  

Penta-Ocean Construction Co. Ltd.

    23,000       121,378  

Raito Kogyo Co. Ltd.

    3,000       39,839  

Raiznext Corp.

    2,000       17,268  

Sanki Engineering Co. Ltd.

    3,000       35,436  

SHO-BOND Holdings Co. Ltd.

    3,000       129,485  

Sumitomo Densetsu Co. Ltd.

    1,000       18,884  

Sumitomo Mitsui Construction Co. Ltd.

    12,000       39,977  

Taihei Dengyo Kaisha Ltd.

    1,000       25,539  

Taikisha Ltd.

    2,000       45,888  

Takamatsu Construction Group Co. Ltd.

    1,000       13,745  

Toa Corp./Tokyo

    1,000       17,547  

Toda Corp.

    18,000       88,796  

Toenec Corp.

    1,000       26,396  

Tokyu Construction Co. Ltd.

    7,040       33,115  

Totetsu Kogyo Co. Ltd.

    2,000       33,344  

Toyo Construction Co. Ltd.

    5,000       30,847  

Yokogawa Bridge Holdings Corp.

    2,000       27,965  

Yurtec Corp.

    3,000       16,142  
   

 

 

 
      2,294,240  

Construction Materials — 0.4%

 

Maeda Kosen Co. Ltd.

    1,000       23,217  

Mitani Sekisan Co. Ltd.

    1,000       25,904  

Sumitomo Osaka Cement Co. Ltd.

    3,000       75,991  

Taiheiyo Cement Corp.

    10,000       149,715  
   

 

 

 
      274,827  

Consumer Finance — 1.1%

 

AEON Financial Service Co. Ltd.

    9,000       92,434  

Aiful Corp.

    26,000       73,355  

Credit Saison Co. Ltd.

    12,000       150,971  

Jaccs Co. Ltd.

    2,000       55,000  

Marui Group Co. Ltd.

    15,000       269,035  

Orient Corp.

    43,000       37,604  
   

 

 

 
      678,399  

 

 

24  

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


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Containers & Packaging — 0.6%  

FP Corp.

    4,100     $   96,246  

Fuji Seal International Inc.

    3,000       33,279  

Rengo Co. Ltd.

    16,000       94,264  

Toyo Seikan Group Holdings Ltd.

    11,000       130,173  
   

 

 

 
      353,962  

Distributors — 0.2%

 

Arata Corp.

    1,000       29,630  

Doshisha Co. Ltd.

    2,000       21,866  

Paltac Corp.

    3,000       86,294  
   

 

 

 
      137,790  

Diversified Consumer Services — 0.3%

 

Benesse Holdings Inc.

    6,000       94,306  

LITALICO Inc.

    2,000       41,785  

Riso Kyoiku Co. Ltd.

    9,000       20,182  
   

 

 

 
      156,273  

Diversified Financial Services — 0.9%

 

eGuarantee Inc.

    3,000       49,253  

Financial Products Group Co. Ltd.

    5,000       44,891  

Fuyo General Lease Co. Ltd.

    1,500       88,578  

Japan Securities Finance Co. Ltd.

    8,000       47,787  

Mizuho Leasing Co. Ltd.

    2,000       48,308  

Ricoh Leasing Co. Ltd.

    1,000       25,741  

Tokyo Century Corp.

    3,000       107,145  

Zenkoku Hosho Co. Ltd.

    4,000       132,176  
   

 

 

 
      543,879  

Diversified Telecommunication Services — 0.3%

 

ARTERIA Networks Corp.

    2,000       18,703  

Internet Initiative Japan Inc.

    4,000       144,463  

Usen-Next Holdings Co. Ltd.

    1,000       15,096  

Vision Inc./Tokyo Japan(a)

    3,000       28,777  
   

 

 

 
      207,039  
Electric Utilities — 1.2%            

Chugoku Electric Power Co. Inc. (The)

    23,000       137,937  

Hokkaido Electric Power Co. Inc.

    14,000       51,387  

Hokuriku Electric Power Co.

    14,000       51,328  

Kyushu Electric Power Co. Inc.

    34,000       204,339  

Okinawa Electric Power Co. Inc. (The)

    4,092       33,366  

Shikoku Electric Power Co. Inc.

    13,000       75,825  

Tohoku Electric Power Co. Inc.

    38,000       188,976  
   

 

 

 
      743,158  

Electrical Equipment — 1.3%

 

Daihen Corp.

    2,000       59,222  

Fujikura Ltd.

    20,000       142,026  

Furukawa Electric Co. Ltd.

    6,000       105,109  

GS Yuasa Corp.

    5,000       90,731  

Idec Corp./Japan

    2,000       41,784  

Mabuchi Motor Co. Ltd.

    4,000       113,566  

Nippon Carbon Co. Ltd.

    1,000       29,422  

Nissin Electric Co. Ltd.

    4,000       42,627  

Nitto Kogyo Corp.

    2,000       36,896  

Sanyo Denki Co. Ltd.

    1,000       38,916  

Toyo Tanso Co. Ltd.

    1,000       24,232  

Ushio Inc.

    8,000       97,121  
   

 

 

 
      821,652  

Electronic Equipment, Instruments & Components — 3.9%

 

Ai Holdings Corp.

    3,000       45,887  

Alps Alpine Co. Ltd.

    16,000       143,133  

Amano Corp.

    4,000       73,995  
Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)  

Anritsu Corp.

    11,000     $ 129,665  

Canon Electronics Inc.

    2,000       23,316  

Canon Marketing Japan Inc.

    4,000       90,707  

Citizen Watch Co. Ltd.

    20,000       85,452  

CONEXIO Corp.

    1,000       9,483  

Daiwabo Holdings Co. Ltd.

    7,000       98,540  

Dexerials Corp.

    5,000       139,018  

Hioki E.E. Corp.

    1,000       48,558  

Horiba Ltd.

    3,000       136,661  

Hosiden Corp.

    4,000       45,447  

Iriso Electronics Co. Ltd.

    2,000       59,671  

Japan Aviation Electronics Industry Ltd.

    3,000       50,169  

Japan Display Inc.(a)

    48,000       21,620  

Kaga Electronics Co. Ltd.

    1,000       29,602  

Koa Corp.

    2,000       33,819  

Macnica Holdings Inc.

    3,000       64,369  

Maruwa Co. Ltd./Aichi

    1,000       125,796  

Meiko Electronics Co. Ltd.

    2,000       46,464  

Nichicon Corp.

    4,000       42,072  

Nippon Ceramic Co. Ltd.

    2,000       37,791  

Nippon Electric Glass Co. Ltd.

    7,000       131,831  

Nippon Signal Company Ltd.

    3,000       20,053  

Nissha Co. Ltd.

    3,000       39,012  

Nohmi Bosai Ltd.

    2,000       23,670  

Oki Electric Industry Co. Ltd.

    6,000       32,378  

Optex Group Co. Ltd.

    3,000       44,587  

Restar Holdings Corp.

    1,000       14,735  

Riken Keiki Co. Ltd.

    1,000       31,424  

Ryosan Co. Ltd.

    2,000       31,989  

Ryoyo Electro Corp.

    1,000       16,316  

Siix Corp.

    2,000       15,916  

Taiyo Yuden Co. Ltd.

    10,000       309,058  

Topcon Corp.

    9,000       121,403  

Yokowo Co. Ltd.

    1,000       15,806  
   

 

 

 
      2,429,413  

Energy Equipment & Services — 0.0%

 

Modec Inc.(a)

    2,000       20,748  
   

 

 

 
Entertainment — 0.9%            

Avex Inc.

    3,000       33,769  

Bushiroad Inc.

    1,000       12,384  

COLOPL Inc.

    5,000       25,265  

Daiichikosho Co. Ltd.

    3,000       87,526  

DeNA Co. Ltd.

    7,000       95,794  

GungHo Online Entertainment Inc.

    4,000       66,054  

Mixi Inc.

    3,000       51,508  

Shochiku Co. Ltd.(a)

    1,000       87,832  

Toei Animation Co. Ltd.

    700       63,857  

Toei Co. Ltd.

    500       66,063  
   

 

 

 
      590,052  

Equity Real Estate Investment Trusts (REITs) — 9.1%

 

Activia Properties Inc.

    60       186,384  

Advance Logistics Investment Corp.

    40       45,672  

Advance Residence Investment Corp.

    110       290,870  

AEON REIT Investment Corp.

    140       158,071  

Comforia Residential REIT Inc.

    50       122,692  

CRE Logistics REIT Inc.

    40       61,468  

Daiwa Office Investment Corp.

    30       151,591  

Daiwa Securities Living Investments Corp.

    160       142,876  

Frontier Real Estate Investment Corp.

    40       153,108  

 

 

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

  25


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Equity Real Estate Investment Trusts (REITs) (continued)

 

Fukuoka REIT Corp.

    50     $ 61,163  

Global One Real Estate Investment Corp.

    80       64,277  

Hankyu Hanshin REIT Inc.

    50       55,877  

Heiwa Real Estate REIT Inc.

    70       79,443  

Hoshino Resorts REIT Inc.

    20       93,275  

Hulic Reit Inc.

    110       131,176  

Ichigo Office REIT Investment Corp.

    100       62,076  

Industrial & Infrastructure Fund Investment Corp.

    160       211,136  

Invincible Investment Corp.

    510       156,835  

Japan Excellent Inc.

    100       94,281  

Japan Hotel REIT Investment Corp.

    370       182,409  

Japan Logistics Fund Inc.

    70       166,135  

Japan Prime Realty Investment Corp.

    70       207,334  

Kenedix Office Investment Corp.

    40       206,650  

Kenedix Residential Next Investment Corp.

    80       129,956  

Kenedix Retail REIT Corp.

    50       102,368  

LaSalle Logiport REIT

    150       185,345  

Mirai Corp.

    150       55,030  

Mitsubishi Estate Logistics REIT Investment Corp.

    40       137,483  

Mitsui Fudosan Logistics Park Inc.

    51       199,782  

Mori Hills REIT Investment Corp.

    120       134,811  

Mori Trust Hotel Reit Inc.

    30       28,509  

Mori Trust Sogo REIT Inc.

    80       83,440  

Nippon Accommodations Fund Inc.

    40       196,336  

NIPPON REIT Investment Corp.

    40       109,682  

NTT UD REIT Investment Corp.

    120       129,712  

One REIT Inc.

    20       39,071  

Orix JREIT Inc.

    220       302,567  

Samty Residential Investment Corp.

    30       27,408  

Sekisui House Reit Inc.

    350       212,110  

SOSiLA Logistics REIT Inc.

    50       56,650  

Star Asia Investment Corp.

    130       53,806  

Starts Proceed Investment Corp.

    20       36,860  

Takara Leben Real Estate Investment Corp.

    50       38,487  

Tokyu REIT Inc.

    70       99,798  

United Urban Investment Corp.

    240       255,345  
   

 

 

 
      5,699,355  

Food & Staples Retailing — 3.4%

 

Aeon Hokkaido Corp.

    2,000       16,624  

Ain Holdings Inc.

    2,000       114,306  

Arcs Co. Ltd.

    3,000       43,866  

Axial Retailing Inc.

    1,000       24,959  

Belc Co. Ltd.

    1,000       40,092  

Cawachi Ltd.

    1,000       15,183  

Cosmos Pharmaceutical Corp.

    2,000       210,647  

Create SD Holdings Co. Ltd.

    2,000       44,851  

Daikokutenbussan Co. Ltd.

    500       21,232  

Fuji Co. Ltd./Ehime

    2,000       28,760  

G-7 Holdings Inc.

    2,000       21,444  

Genky DrugStores Co. Ltd.

    1,000       26,297  

Halows Co. Ltd.

    1,000       21,962  

Heiwado Co. Ltd.

    2,000       28,587  

Inageya Co. Ltd.

    2,000       17,674  

Kato Sangyo Co. Ltd.

    2,000       49,186  

Kusuri no Aoki Holdings Co. Ltd.

    1,400       61,755  

Lawson Inc.

    4,000       132,563  

Life Corp.

    1,000       18,774  

MatsukiyoCocokara & Co.

    9,000       357,100  

Maxvalu Tokai Co. Ltd.

    1,000       19,454  

Mitsubishi Shokuhin Co. Ltd.

    1,000       24,546  
Security   Shares     Value  

Food & Staples Retailing (continued)

 

Oisix ra daichi Inc.(a)

    2,000     $ 27,208  

Retail Partners Co. Ltd.

    2,000       15,392  

San-A Co. Ltd.

    2,000       59,726  

Shoei Foods Corp.

    1,000       29,003  

Sugi Holdings Co. Ltd.

    3,000       127,301  

Sundrug Co. Ltd.

    6,000       146,800  

Tsuruha Holdings Inc.

    3,000       166,520  

United Super Markets Holdings Inc.

    4,000       30,361  

Valor Holdings Co. Ltd.

    3,000       38,244  

Yaoko Co. Ltd.

    2,000       92,801  

Yokorei Co. Ltd.

    4,000       26,526  
   

 

 

 
      2,099,744  

Food Products — 4.1%

 

Ariake Japan Co. Ltd.

    2,000       68,027  

Calbee Inc.

    7,000       138,906  

DyDo Group Holdings Inc.

    1,000       33,364  

Ezaki Glico Co. Ltd.

    4,000       104,079  

Fuji Oil Holdings Inc.

    4,000       68,087  

Fujicco Co. Ltd.

    2,000       28,018  

Fujiya Co. Ltd.

    1,000       17,084  

Hokuto Corp.

    2,000       27,662  

House Foods Group Inc.

    5,000       106,080  

Itoham Yonekyu Holdings Inc.

    13,000       62,868  

J-Oil Mills Inc.

    2,000       22,989  

Kagome Co. Ltd.

    6,000       132,336  

Kameda Seika Co. Ltd.

    1,000       32,667  

Kewpie Corp.

    8,000       131,433  

Kotobuki Spirits Co. Ltd.

    2,000       115,164  

Maruha Nichiro Corp.

    4,000       71,523  

Megmilk Snow Brand Co. Ltd.

    4,000       49,300  

Mitsui DM Sugar Holdings Co. Ltd.

    1,000       13,458  

Morinaga & Co. Ltd./Japan

    3,000       85,689  

Morinaga Milk Industry Co. Ltd.

    3,000       91,726  

NH Foods Ltd.

    7,000       200,376  

Nichirei Corp.

    9,000       160,893  

Nippn Corp., New

    4,000       45,115  

Nippon Suisan Kaisha Ltd.

    24,000       98,209  

Nisshin Oillio Group Ltd. (The)

    2,000       46,808  

Prima Meat Packers Ltd.

    2,000       31,217  

Riken Vitamin Co. Ltd.

    2,000       24,637  

S Foods Inc.

    2,000       42,768  

Sakata Seed Corp.

    2,000       74,253  

Showa Sangyo Co. Ltd.

    1,000       18,588  

Toyo Suisan Kaisha Ltd.

    7,000       287,136  

Yamazaki Baking Co. Ltd.

    10,000       117,772  
   

 

 

 
      2,548,232  

Gas Utilities — 0.5%

 

Nippon Gas Co. Ltd.

    9,000       143,263  

Saibu Gas Holdings Co. Ltd.

    2,000       26,271  

Shizuoka Gas Co. Ltd.

    3,000       22,454  

Toho Gas Co. Ltd.

    6,000       134,235  
   

 

 

 
      326,223  

Health Care Equipment & Supplies — 1.6%

 

CYBERDYNE Inc.(a)

    9,000       25,304  

Eiken Chemical Co. Ltd.

    3,000       41,001  

Hogy Medical Co. Ltd.

    2,000       50,021  

Japan Lifeline Co. Ltd.

    5,000       36,298  

Jeol Ltd.

    4,000       160,204  

Mani Inc.

    6,000       75,212  

 

 

 

26  

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


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Menicon Co. Ltd.

    5,000     $ 120,042  

Nagaileben Co. Ltd.

    2,000       27,968  

Nakanishi Inc.

    6,000       116,346  

Nihon Kohden Corp.

    7,000       159,863  

Nipro Corp.

    12,000       97,695  

Paramount Bed Holdings Co. Ltd.

    3,000       56,525  

PHC Holdings Corp.

    2,000       23,113  
   

 

 

 
      989,592  
Health Care Providers & Services — 1.7%            

Alfresa Holdings Corp.

    16,000       191,463  

Amvis Holdings Inc.

    1,000       39,661  

As One Corp.

    2,000       91,725  

BML Inc.

    2,000       51,180  

Elan Corp.

    3,000       24,359  

H.U. Group Holdings Inc.

    4,000       81,245  

Medipal Holdings Corp.

    15,000       205,227  

Ship Healthcare Holdings Inc.

    6,000       112,172  

Solasto Corp.

    4,000       25,626  

Suzuken Co. Ltd.

    6,000       143,792  

Toho Holdings Co. Ltd.

    5,000       66,224  

Tokai Corp./Gifu

    2,000       26,469  
   

 

 

 
      1,059,143  
Health Care Technology — 0.3%            

EM Systems Co. Ltd.

    3,000       21,966  

JMDC Inc.

    2,200       104,519  

Medley Inc.(a)

    2,000       44,179  

MedPeer Inc.(a)

    1,000       11,371  
   

 

 

 
      182,035  
Hotels, Restaurants & Leisure — 3.4%            

Airtrip Corp.

    1,000       18,800  

Arcland Service Holdings Co. Ltd.

    1,000       14,878  

Atom Corp.(a)

    10,000       56,786  

Colowide Co. Ltd.

    6,000       80,659  

Create Restaurants Holdings Inc.

    10,000       65,461  

Curves Holdings Co. Ltd.

    4,000       23,712  

Doutor Nichires Holdings Co. Ltd.

    3,000       34,697  

Food & Life Companies Ltd.

    9,000       141,631  

Fuji Kyuko Co. Ltd.

    2,000       58,838  

Fujio Food Group Inc.

    1,000       9,395  

Heiwa Corp.

    5,016       76,304  

Hiday Hidaka Corp.

    2,084       31,386  

HIS Co. Ltd.(a)

    4,000       59,340  

Ichibanya Co. Ltd.

    1,000       32,695  

Kappa Create Co. Ltd.(a)

    2,000       20,345  

KFC Holdings Japan Ltd.

    1,000       20,114  

Kisoji Co. Ltd.

    2,000       31,233  

KOMEDA Holdings Co. Ltd.

    4,000       66,000  

Koshidaka Holdings Co. Ltd.

    4,000       25,002  

Kura Sushi Inc.

    2,000       46,387  

Kyoritsu Maintenance Co. Ltd.

    2,080       81,340  

Matsuyafoods Holdings Co. Ltd.

    1,000       27,461  

Monogatari Corp. (The)

    1,000       50,711  

MOS Food Services Inc.

    2,000       45,653  

Ohsho Food Service Corp.

    1,000       46,643  

Open Door Inc.(a)

    1,000       14,609  

Plenus Co. Ltd.

    2,000       27,450  

Resorttrust Inc.

    7,000       112,330  

Ringer Hut Co. Ltd.

    2,000       31,690  

Round One Corp.

    6,000       86,335  
Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

 

Royal Holdings Co. Ltd.

    2,000     $ 31,339  

Saizeriya Co. Ltd.

    2,000       37,281  

Skylark Holdings Co. Ltd.(a)

    19,000       209,012  

Tokyotokeiba Co. Ltd.

    1,000       30,245  

Toridoll Holdings Corp.

    4,000       85,308  

Tosho Co. Ltd.

    1,000       8,264  

Yoshinoya Holdings Co. Ltd.

    5,000       88,164  

Zensho Holdings Co. Ltd.

    8,000       209,737  
   

 

 

 
      2,137,235  
Household Durables — 2.4%            

Casio Computer Co. Ltd.

    16,000       151,116  

Chofu Seisakusho Co. Ltd.

    1,000       14,285  

ES-Con Japan Ltd.

    3,000       17,298  

Fujitsu General Ltd.

    5,000       105,786  

Haseko Corp.

    19,000       217,726  

Ki-Star Real Estate Co. Ltd.

    1,000       35,102  

Nagawa Co. Ltd.

    1,000       58,452  

Nikon Corp.

    25,000       285,380  

Pressance Corp.

    2,000       21,626  

Rinnai Corp.

    3,000       229,750  

Sangetsu Corp.

    3,000       35,041  

Sumitomo Forestry Co. Ltd.

    12,000       202,890  

Tama Home Co. Ltd.

    1,000       16,860  

Tamron Co. Ltd.

    1,000       21,849  

Token Corp.

    1,000       63,694  

Zojirushi Corp.

    3,000       34,424  
   

 

 

 
      1,511,279  
Household Products — 0.7%            

Earth Corp.

    1,000       39,120  

Lion Corp.

    20,000       233,514  

Pigeon Corp.

    10,000       148,950  
   

 

 

 
      421,584  
Independent Power and Renewable Electricity Producers — 0.6%  

Electric Power Development Co. Ltd.

    12,000       184,850  

eRex Co. Ltd.

    2,000       40,199  

RENOVA Inc.(a)

    3,000       65,174  

West Holdings Corp.

    2,080       65,734  
   

 

 

 
      355,957  
Industrial Conglomerates — 0.7%            

Katakura Industries Co. Ltd.

    1,000       14,589  

Keihan Holdings Co. Ltd.

    8,000       202,842  

Mie Kotsu Group Holdings Inc.

    4,000       13,888  

Nisshinbo Holdings Inc.

    11,000       85,123  

Noritsu Koki Co. Ltd.

    2,000       37,173  

TOKAI Holdings Corp.

    8,000       51,129  
   

 

 

 
      404,744  
Insurance — 0.0%            

Anicom Holdings Inc.

    6,000       27,694  
   

 

 

 
Interactive Media & Services — 0.1%            

Bengo4.com Inc.(a)

    1,000       27,291  

Gree Inc.

    5,000       30,540  

Infocom Corp.

    2,000       28,975  
   

 

 

 
      86,806  
Internet & Direct Marketing Retail — 0.4%            

ASKUL Corp.

    3,000       39,632  

Belluna Co. Ltd.

    4,000       21,198  

Demae-Can Co. Ltd.(a)

    3,000       12,698  

 

 

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

  27


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Internet & Direct Marketing Retail (continued)

 

Mercari Inc.(a)

    9,000     $ 144,939  
   

 

 

 
      218,467  

IT Services — 2.5%

 

Argo Graphics Inc.

    1,000       27,830  

Bell System24 Holdings Inc.

    3,000       31,992  

BIPROGY Inc.

    6,000       132,880  

Change Inc.

    3,000       40,067  

Comture Corp.

    2,000       34,836  

Digital Garage Inc.

    3,000       83,625  

DTS Corp.

    3,000       77,293  

Future Corp.

    4,000       48,663  

GMO GlobalSign Holdings KK

    400       14,536  

GMO internet Inc.

    6,000       110,663  

Infomart Corp.

    17,000       50,891  

Information Services International-Dentsu Ltd.

    2,000       64,920  

Kanematsu Electronics Ltd.

    1,000       30,507  

Mitsubishi Research Institute Inc.

    1,000       29,937  

NEC Networks & System Integration Corp.

    6,000       74,770  

NET One Systems Co. Ltd.

    7,000       154,234  

NS Solutions Corp.

    3,000       81,610  

NSD Co. Ltd.

    5,000       89,865  

Relia Inc.

    3,000       21,766  

SB Technology Corp.

    1,000       17,800  

SHIFT Inc.(a)

    1,000       143,292  

Simplex Holdings Inc.

    2,000       30,157  

TechMatrix Corp.

    3,000       36,963  

TKC Corp.

    2,000       49,986  

Transcosmos Inc.

    2,000       55,167  

Zuken Inc.

    1,000       25,148  
   

 

 

 
      1,559,398  

Leisure Products — 0.9%

 

GLOBERIDE Inc.

    1,000       19,598  

Mizuno Corp.

    2,000       38,480  

Roland Corp.

    1,000       29,222  

Sankyo Co. Ltd.

    4,000       117,210  

Sega Sammy Holdings Inc.

    13,000       192,983  

Snow Peak Inc.

    2,000       31,188  

Tomy Co. Ltd.

    7,000       66,359  

Universal Entertainment Corp.(a)

    2,000       22,865  

Yonex Co. Ltd.

    5,000       56,533  
   

 

 

 
      574,438  

Machinery — 6.9%

 

Aichi Corp.

    2,000       11,959  

Aida Engineering Ltd.

    4,000       24,646  

Amada Co. Ltd.

    29,000       226,909  

CKD Corp.

    4,000       52,625  

Daiwa Industries Ltd.

    2,000       16,031  

DMG Mori Co. Ltd.

    9,000       116,806  

Ebara Corp.

    8,000       303,053  

Fuji Corp./Aichi

    6,000       87,273  

Fujitec Co. Ltd.

    5,000       100,763  

Fukushima Galilei Co. Ltd.

    1,000       26,084  

Furukawa Co. Ltd.

    2,000       18,132  

Giken Ltd.

    1,000       23,278  

Glory Ltd.

    4,000       63,155  

Harmonic Drive Systems Inc.

    4,000       145,868  

Hino Motors Ltd.

    24,000       109,494  

Hirata Corp.

    1,000       32,601  

Hitachi Zosen Corp.

    13,000       82,063  
Security   Shares      Value  

Machinery (continued)

 

IHI Corp.

    12,000      $ 320,476  

Japan Steel Works Ltd. (The)

    5,000        106,753  

Kawasaki Heavy Industries Ltd.

    13,000        252,305  

Kitz Corp.

    5,000        29,154  

Kyokuto Kaihatsu Kogyo Co. Ltd.

    3,000        29,440  

Makino Milling Machine Co. Ltd.

    2,000        63,111  

Max Co. Ltd.

    2,000        28,749  

Meidensha Corp.

    3,000        43,002  

METAWATER Co. Ltd.

    2,000        29,420  

Mitsubishi Logisnext Co. Ltd.

    2,000        11,979  

Mitsuboshi Belting Ltd.

    2,000        45,977  

Miura Co. Ltd.

    7,000        148,494  

Morita Holdings Corp.

    2,000        18,196  

Nabtesco Corp.

    9,000        213,125  

Nachi-Fujikoshi Corp.

    1,000        27,132  

Nikkiso Co. Ltd.

    4,000        29,158  

Nitta Corp.

    2,000        42,034  

Noritake Co. Ltd./Nagoya Japan

    1,000        30,057  

NSK Ltd.

    32,000        173,467  

NTN Corp.(a)

    34,000        64,361  

Obara Group Inc.

    1,000        23,667  

Oiles Corp.

    2,096        22,686  

OKUMA Corp.

    2,000        75,589  

Organo Corp.

    600        39,910  

OSG Corp.

    7,000        96,399  

Shibaura Machine Co. Ltd.

    2,000        43,750  

Shibuya Corp.

    1,000        17,983  

Shima Seiki Manufacturing Ltd.

    2,000        31,728  

Shinmaywa Industries Ltd.

    4,000        30,484  

Star Micronics Co. Ltd.

    3,000        39,450  

Sumitomo Heavy Industries Ltd.

    9,000        188,919  

Tadano Ltd.

    8,000        54,655  

Takeuchi Manufacturing Co. Ltd.

    3,000        56,857  

Takuma Co. Ltd.

    5,000        50,235  

THK Co. Ltd.

    10,000        202,984  

Tocalo Co. Ltd.

    4,000        36,860  

Tsubakimoto Chain Co.

    2,000        46,215  

Tsugami Corp.

    3,000        26,844  

Union Tool Co.

    1,000        25,534  

YAMABIKO Corp.

    3,000        24,491  
    

 

 

 
       4,282,370  

Marine — 0.5%

 

Iino Kaiun Kaisha Ltd.

    6,000        35,257  

Kawasaki Kisen Kaisha Ltd.

    4,000        253,072  

NS United Kaiun Kaisha Ltd.

    1,000        34,486  
    

 

 

 
       322,815  

Media — 0.7%

 

Direct Marketing MiX Inc.

    2,000        26,484  

Fuji Media Holdings Inc.

    4,000        31,655  

Kadokawa Corp.

    8,016        173,740  

Nippon Television Holdings Inc.

    4,000        33,990  

Septeni Holdings Co. Ltd.

    5,000        17,819  

SKY Perfect JSAT Holdings Inc.

    14,000        55,639  

TBS Holdings Inc.

    3,000        34,746  

TV Asahi Holdings Corp.

    2,000        20,841  

ValueCommerce Co. Ltd.

    1,000        18,263  

Vector Inc.

    2,000        16,710  

Zenrin Co. Ltd.

    3,000        20,522  
    

 

 

 
       450,409  

 

 

28  

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


Table of Contents

Schedule of Investments (continued)

August 31, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Metals & Mining — 2.0%

 

Asahi Holdings Inc.

    6,000     $ 89,429  

Daido Steel Co. Ltd.

    2,000       56,104  

Daiki Aluminium Industry Co. Ltd.

    2,000       19,310  

Dowa Holdings Co. Ltd.

    4,000       150,776  

Kobe Steel Ltd.

    28,000       127,399  

Kyoei Steel Ltd.

    2,000       22,002  

Maruichi Steel Tube Ltd.

    5,000       106,590  

Mitsubishi Materials Corp.

    10,000       149,250  

Mitsui Mining & Smelting Co. Ltd.

    5,000       118,078  

Nippon Light Metal Holdings Co. Ltd.

    5,000       57,533  

Pacific Metals Co. Ltd.

    1,000       17,435  

Sanyo Special Steel Co. Ltd.

    2,000       30,062  

Toho Titanium Co. Ltd.

    3,000       47,521  

Tokyo Steel Manufacturing Co. Ltd.

    5,000       52,976  

UACJ Corp.

    3,014       52,039  

Yamato Kogyo Co. Ltd.

    3,000       106,202  

Yodogawa Steel Works Ltd.

    2,000       35,967  
   

 

 

 
      1,238,673  

Multiline Retail — 1.5%

 

H2O Retailing Corp.

    6,035       42,519  

Isetan Mitsukoshi Holdings Ltd.

    28,000       221,255  

Izumi Co. Ltd.

    3,000       64,744  

J Front Retailing Co. Ltd.

    20,000       158,510  

Kintetsu Department Store Co. Ltd.(a)

    1,000       16,391  

Ryohin Keikaku Co. Ltd.

    21,000       194,764  

Seria Co. Ltd.

    4,000       78,018  

Takashimaya Co. Ltd.

    12,000       132,748  
   

 

 

 
      908,949  

Oil, Gas & Consumable Fuels — 0.8%

 

Cosmo Energy Holdings Co. Ltd.

    6,000       179,645