LOGO

  FEBRUARY 28, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares MSCI Denmark ETF | EDEN | Cboe BZX

·  

iShares MSCI Finland ETF | EFNL | Cboe BZX

·  

iShares MSCI Germany Small-Cap ETF | EWGS | Cboe BZX

·  

iShares MSCI Ireland ETF | EIRL | NYSE Arca

·  

iShares MSCI Kuwait ETF | KWT | Cboe BZX

·  

iShares MSCI New Zealand ETF | ENZL | NASDAQ

·  

iShares MSCI Norway ETF | ENOR | Cboe BZX


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

        (2.62 )%        16.39

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

    (9.46     (6.01

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

    (6.78     2.83  

Emerging market equities (MSCI Emerging Markets Index)

    (9.81     (10.69

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

      0.02           0.04  

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

    (3.94     (1.67

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

    (4.07     (2.64

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

    (3.09     (0.66

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

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

 

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     11  

Shareholder Expenses

     11  

Schedules of Investments

     12  

Financial Statements

  

Statements of Assets and Liabilities

     31  

Statements of Operations

     33  

Statements of Changes in Net Assets

     35  

Financial Highlights

     39  

Notes to Financial Statements

     46  

Statement Regarding Liquidity Risk Management Program

     56  

Supplemental Information

     57  

General Information

     58  

Glossary of Terms Used in this Report

     59  

 

 

 


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (14.01 )%       4.76      14.73      14.37        4.76      98.80      282.98

Fund Market

    (14.55      4.93        14.68        14.29          4.93        98.38        280.28  

Index

    (13.40      5.47        15.14        14.72                5.47        102.33        294.80  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 


Beginning

Account Value
(09/01/21)

 


 

      


Ending

Account Value
(02/28/22)

 


 

      


Expenses

Paid During
the Period

 


 (a)  

           


Beginning

Account Value
(09/01/21)

 


 

      


Ending

Account Value
(02/28/22)

 


 

      


Expenses

Paid During
the Period
 

 


(a) 

    

Annualized
Expense

Ratio

 
 

 

$ 1,000.00        $ 859.90        $ 2.44             $ 1,000.00        $ 1,022.20        $ 2.66        0.53

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Health Care

    38.7

Industrials

    28.1  

Financials

    10.3  

Consumer Staples

    6.3  

Utilities

    5.4  

Materials

    5.2  

Consumer Discretionary

    2.9  

Information Technology

    2.3  

Energy

    0.8  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Novo Nordisk A/S, Class B

    22.8

DSV A/S

    8.4  

Vestas Wind Systems A/S

    7.3  

Orsted AS

    5.4  

Genmab A/S

    4.5  

Coloplast A/S, Class B

    4.2  

AP Moller - Maersk A/S, Class B

    4.0  

Carlsberg A/S, Class B

    3.5  

Novozymes A/S, Class B

    3.2  

Danske Bank A/S

    2.9  
  (a)

Excludes money market funds.

 

 

 

4  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (20.44 )%       (7.36 )%       7.91     7.53       (7.36 )%       46.30      106.59

Fund Market

    (21.10      (7.73      7.82       7.45         (7.73      45.74        105.24  

Index

    (19.64      (7.01      7.54       7.12               (7.01      43.81        98.93  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 795.60        $ 2.36             $ 1,000.00        $ 1,022.20        $ 2.66        0.53

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Industrials

    23.9

Materials

    19.0  

Information Technology

    18.4  

Financials

    12.2  

Communication Services

    5.4  

Energy

    4.4  

Consumer Staples

    4.0  

Utilities

    3.9  

Health Care

    3.7  

Consumer Discretionary

    3.3  

Real Estate

    1.8  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Nokia Oyj

    14.9

Sampo Oyj, Class A

    11.6  

Kone Oyj, Class B

    9.9  

UPM-Kymmene Oyj

    9.0  

Stora Enso Oyj, Class R

    4.4  

Neste Oyj

    4.4  

Elisa Oyj

    4.0  

Fortum Oyj

    3.9  

Kesko Oyj, Class B

    3.9  

Wartsila OYJ Abp

    2.9  

 

  (a)

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (14.52 )%      (6.81 )%      12.25     11.84        (6.81 )%       78.20      206.14

Fund Market

    (15.17     (7.25     12.22       11.77          (7.25      77.93        204.37  

Index

    (13.78     (6.04     12.37       11.77                (6.04      79.13        204.27  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized

Expense

Ratio

 

 

 

$ 1,000.00        $ 854.80        $ 2.71             $ 1,000.00        $ 1,021.90        $ 2.96          0.59

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Industrials

    27.3

Information Technology

    14.2  

Materials

    11.6  

Health Care

    9.8  

Communication Services

    9.4  

Consumer Discretionary

    8.5  

Real Estate

    7.8  

Financials

    5.8  

Consumer Staples

    2.8  

Energy

    1.4  

Utilities

    1.4  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Rheinmetall AG

    4.3

K+S AG

    3.3  

thyssenkrupp AG

    2.9  

Evotec SE

    2.7  

CTS Eventim AG & Co. KGaA

    2.7  

TAG Immobilien AG

    2.5  

Aurubis AG

    2.4  

Hugo Boss AG

    2.4  

Freenet AG

    2.3  

Befesa SA

    1.9  

 

  (a)

Excludes money market funds.

 

 

 

6  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (14.54 )%      3.01      7.29      10.50       3.01      42.15      171.42

Fund Market

    (16.19     1.85        7.04        10.40         1.85        40.53        168.85  

Index

    (14.18     3.82        7.72        11.01               3.82        45.05        184.17  

Index performance through November 26, 2013 reflects the performance of the MSCI Ireland Investable Market Index 25/50. Index performance beginning on November 27, 2013 reflects the performance of the MSCI All Ireland Capped Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 854.60        $ 2.25             $ 1,000.00        $ 1,022.40        $ 2.46        0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Materials

    25.5

Consumer Discretionary

    21.0  

Consumer Staples

    19.9  

Industrials

    13.5  

Financials

    8.8  

Health Care

    7.3  

Real Estate

    4.0  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

CRH PLC

    20.9

Flutter Entertainment PLC, Class DI

    13.9  

Kerry Group PLC, Class A

    10.0  

ICON PLC

    4.7  

Glanbia PLC

    4.7  

Kingspan Group PLC

    4.5  

Grafton Group PLC

    4.4  

Smurfit Kappa Group PLC

    4.4  

Bank of Ireland Group PLC

    4.3  

Ryanair Holdings PLC

    4.1  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  7


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

 

Investment Objective

The iShares MSCI Kuwait ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Kuwait,as defined by the index provider, as represented by the MSCI All Kuwait Select Size Liquidity Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns           Cumulative Total Returns  
     6 Months     1 Year     

Since

Inception

           1 Year     

Since

Inception

 

Fund NAV

    14.95     41.95      35.49       41.95      57.52

Fund Market

    15.20       42.43        36.06         42.43        58.51  

Index

    14.80       42.40        35.94               42.40        58.36  

The inception date of the Fund was 9/1/20. The first day of secondary market trading was 9/3/20.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,149.50        $ 3.94             $ 1,000.00        $ 1,021.10        $ 3.71        0.74

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Financials

    66.3

Industrials

    13.1  

Real Estate

    6.8  

Communication Services

    4.4  

Materials

    3.5  

Consumer Discretionary

    2.4  

Utilities

    1.2  

Energy

    1.2  

Consumer Staples

    1.1  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

National Bank of Kuwait SAKP

    22.2

Kuwait Finance House KSCP

    17.1  

Ahli United Bank BSC

    5.4  

Agility Public Warehousing Co. KSC

    4.4  

Mobile Telecommunications Co. KSCP

    4.4  

Gulf Bank KSCP

    3.5  

Mabanee Co. KPSC

    3.3  

National Industries Group Holding SAK

    2.5  

Humansoft Holding Co. KSC

    2.4  

Warba Bank KSCP

    2.3  

 

  (a) 

Excludes money market funds.

 

 

 

8  

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


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    (12.91 )%      (12.04 )%       7.89      10.15       (12.04 )%       46.20      162.89

Fund Market

    (12.44     (10.70      8.00        10.31         (10.70      46.96        166.78  

Index

    (13.07     (12.12      8.28        10.54               (12.12      48.82        172.30  

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 870.90        $ 2.27             $ 1,000.00        $ 1,022.40        $ 2.46        0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Health Care

    26.5

Utilities

    22.6  

Industrials

    15.8  

Communication Services

    13.4  

Real Estate

    9.7  

Consumer Staples

    5.5  

Consumer Discretionary

    2.8  

Energy

    2.5  

Information Technology

    1.2  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Fisher & Paykel Healthcare Corp. Ltd.

    17.6

Auckland International Airport Ltd.

    9.9  

Spark New Zealand Ltd.

    9.4  

Meridian Energy Ltd.

    7.2  

a2 Milk Co. Ltd. (The)

    4.8  

Ryman Healthcare Ltd.

    4.6  

Infratil Ltd.

    4.6  

Fletcher Building Ltd.

    4.5  

Contact Energy Ltd.

    4.5  

Mercury NZ Ltd.

    4.4  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  9


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

 

Investment Objective

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

Performance

 

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

Fund NAV

    2.67      14.33      8.17      2.78       14.33      48.11      31.50

Fund Market

    1.96        14.19        8.17        2.75         14.19        48.12        31.17  

Index

    3.12        15.05        8.67        3.13               15.05        51.51        36.14  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a)  
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,026.70        $ 2.66             $ 1,000.00        $ 1,022.20        $ 2.66          0.53

 

  (a)

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Energy

    21.8

Financials

    20.1  

Consumer Staples

    16.3  

Materials

    12.9  

Industrials

    11.6  

Communication Services

    9.8  

Information Technology

    4.6  

Utilities

    1.1  

Other (each representing less than 1%)

    1.8  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Equinor ASA

    16.0

DNB Bank ASA

    10.9  

Norsk Hydro ASA

    6.6  

Mowi ASA

    5.9  

Telenor ASA

    5.4  

Yara International ASA

    4.4  

Orkla ASA

    3.7  

Tomra Systems ASA

    2.9  

Gjensidige Forsikring ASA

    2.6  

Nordic Semiconductor ASA

    2.4  

 

  (a) 

Excludes money market funds.

 

 

 

10  

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


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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

 

 

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

  11


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Denmark ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Air Freight & Logistics — 8.3%            

DSV A/S

    71,256     $    13,115,141  
   

 

 

 
Banks — 6.6%            

Danske Bank A/S

    269,191       4,559,561  

Jyske Bank A/S, Registered(a)

    31,974       1,733,427  

Ringkjoebing Landbobank A/S

    14,507       1,803,361  

Spar Nord Bank A/S

    79,127       1,050,774  

Sydbank AS

    39,163       1,274,161  
   

 

 

 
      10,421,284  
Beverages — 4.9%            

Carlsberg A/S, Class B

    37,524       5,502,881  

Royal Unibrew A/S

    21,419       2,270,848  
   

 

 

 
      7,773,729  
Biotechnology — 5.4%            

Bavarian Nordic A/S(a)(b)

    35,984       904,095  

Genmab A/S(a)

    20,917       7,030,126  

Zealand Pharma A/S(a)

    35,617       546,261  
   

 

 

 
      8,480,482  
Building Products — 0.9%            

Rockwool International A/S, Class B

    4,000       1,371,242  
   

 

 

 
Chemicals — 5.2%            

Chr Hansen Holding A/S

    42,417       3,092,381  

Novozymes A/S, Class B

    77,478       5,085,082  
   

 

 

 
      8,177,463  
Commercial Services & Supplies — 0.9%            

ISS A/S(a)

    81,430       1,486,402  
   

 

 

 
Construction & Engineering — 0.5%            

Per Aarsleff Holding A/S

    19,791       781,983  
   

 

 

 
Electric Utilities — 5.3%            

Orsted AS(c)

    65,461       8,471,576  
   

 

 

 
Electrical Equipment — 8.0%            

NKT A/S(a)

    26,304       1,103,368  

Vestas Wind Systems A/S

    356,624       11,499,945  
   

 

 

 
      12,603,313  
Energy Equipment & Services — 0.6%            

Drilling Co. of 1972 A/S (The)(a)

    23,648       929,177  
   

 

 

 
Food Products — 0.6%            

Schouw & Co. A/S

    10,668       930,146  
   

 

 

 
Health Care Equipment & Supplies — 8.0%            

Ambu A/S, Class B(b)

    76,180       1,404,817  

Coloplast A/S, Class B

    43,690       6,572,639  

Demant A/S(a)

    47,524       2,008,394  

GN Store Nord AS

    50,992       2,695,595  
   

 

 

 
      12,681,445  
Health Care Technology — 0.1%            

NNIT A/S(c)

    16,915       242,354  
   

 

 

 
Insurance — 3.7%            

Alm Brand A/S

    607,278       989,874  

Topdanmark AS

    26,439       1,510,194  

Tryg A/S

    145,601       3,294,340  
   

 

 

 
      5,794,408  
Security   Shares     Value  
IT Services — 0.2%            

Trifork Holding AG, NVS(a)

    12,023     $ 365,521  
   

 

 

 
Life Sciences Tools & Services — 0.7%            

Chemometec A/S

    9,380       1,094,896  
   

 

 

 
Machinery — 1.2%            

FLSmidth & Co. A/S

    38,377       1,101,763  

Nilfisk Holding A/S(a)

    25,302       849,409  
   

 

 

 
      1,951,172  
Marine — 7.3%            

AP Moller - Maersk A/S, Class A

    1,108       3,322,302  

AP Moller - Maersk A/S, Class B, NVS

    2,001       6,330,187  

D/S Norden A/S

    32,443       846,302  

Dfds A/S(a)

    22,739       1,056,916  
   

 

 

 
      11,555,707  
Oil, Gas & Consumable Fuels — 0.2%            

TORM PLC, Class A(a)(b)

    32,926       266,750  
   

 

 

 
Pharmaceuticals — 24.2%            

ALK-Abello A/S(a)

    3,520       1,347,001  

H Lundbeck A/S

    44,253       1,073,848  

Novo Nordisk A/S, Class B

    346,390       35,845,616  
   

 

 

 
      38,266,465  
Road & Rail — 0.4%            

NTG Nordic Transport Group A/S, Class A(a)

    9,202       579,380  
   

 

 

 
Software — 2.0%            

cBrain A/S

    11,984       367,806  

Netcompany Group A/S(c)

    18,398       1,212,271  

SimCorp A/S

    18,375       1,659,447  
   

 

 

 
      3,239,524  
Specialty Retail — 0.4%            

Matas A/S

    44,054       640,254  
   

 

 

 
Textiles, Apparel & Luxury Goods — 2.5%            

Pandora A/S

    38,759       3,968,817  
   

 

 

 
Tobacco — 0.7%            

Scandinavian Tobacco Group A/S, Class A(c)

    50,527        1,139,400  
   

 

 

 
Trading Companies & Distributors — 0.5%            

Solar A/S, Class B

    6,605       768,534  
   

 

 

 
Total Common Stocks — 99.3%
    (Cost: $151,780,019)
        157,096,565  
   

 

 

 
Short-Term Investments            
Money Market Funds — 1.5%            

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

    2,366,467       2,366,940  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Denmark ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Money Market Funds (continued)            

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

    60,000     $ 60,000  
   

 

 

 
      2,426,940  
   

 

 

 

Total Short-Term Investments — 1.5%
(Cost: $2,427,107)

    2,426,940  
   

 

 

 

Total Investments in Securities — 100.8%
(Cost: $154,207,126)

      159,523,505  

Other Assets, Less Liabilities — (0.8)%

      (1,216,819
   

 

 

 

Net Assets — 100.0%

    $  158,306,686  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

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

(d)

Affiliate of the Fund.

(e)

Annualized 7-day yield as of period end.

(f)

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

Affiliates

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

 

 

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

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 3,386,728      $      $ (1,018,609 )(a)     $ (1,046    $ (133    $ 2,366,940        2,366,467      $ 26,552 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     90,000               (30,000 )(a)                      60,000        60,000        4         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (1,046    $ (133    $ 2,426,940         $ 26,556      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

                 

OMX Copenhagen 25 Index

     45          03/18/22        $ 1,173        $ 12,395  
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
     Equity
Contracts
 

 

 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 12,395  
  

 

 

 

 

  (a) 

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

 

 

 

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

  13


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Denmark ETF

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (155,909
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 19,655  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 1,149,411  

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 640,254        $ 156,456,311        $        $ 157,096,565  

Money Market Funds

     2,426,940                            2,426,940  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $  3,067,194        $ 156,456,311        $        $ 159,523,505  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $              —        $ 12,395        $             —        $ 12,395  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

14  

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


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Finland ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Airlines — 0.4%            

Finnair Oyj(a)(b)

    246,891     $ 123,707  
   

 

 

 
Auto Components — 1.4%            

Nokian Renkaat Oyj

    26,046       490,906  
   

 

 

 
Banks — 0.6%            

Aktia Bank Oyj

    18,483       210,581  
   

 

 

 
Beverages — 0.1%            

Anora Group Oyj

    3,306       35,252  
   

 

 

 
Building Products — 0.9%            

Uponor Oyj

    13,810       307,206  
   

 

 

 
Chemicals — 1.0%            

Kemira Oyj

    26,030       344,219  
   

 

 

 
Commercial Services & Supplies — 0.6%            

Caverion Oyj

    32,579       207,872  
   

 

 

 
Communications Equipment — 14.9%            

Nokia Oyj(a)

    960,243       5,192,359  
   

 

 

 
Construction & Engineering — 0.5%            

YIT Oyj

    42,339       183,966  
   

 

 

 
Containers & Packaging — 2.0%            

Huhtamaki Oyj

    19,507       710,929  
   

 

 

 
Diversified Telecommunication Services — 3.9%        

Elisa Oyj

    24,794       1,373,765  
   

 

 

 
Electric Utilities — 3.9%            

Fortum Oyj

    64,460       1,349,006  
   

 

 

 
Entertainment — 0.6%            

Remedy Entertainment Oyj

    921       34,286  

Rovio Entertainment Oyj(c)

    20,662       172,731  
   

 

 

 
      207,017  
Food & Staples Retailing — 3.9%            

Kesko Oyj, Class B

    45,767       1,346,909  
   

 

 

 
Health Care Equipment & Supplies — 0.4%            

Revenio Group Oyj

    3,142       152,401  
   

 

 

 
Health Care Providers & Services — 0.4%            

Oriola Oyj, Class B

    70,048       155,275  
   

 

 

 
Insurance — 11.5%            

Sampo Oyj, Class A

    85,204       4,020,309  
   

 

 

 
IT Services — 1.5%            

TietoEVRY Oyj

    19,286       538,049  
   

 

 

 
Leisure Products — 0.2%            

Harvia Oyj(b)

    1,293       52,147  
   

 

 

 
Machinery — 21.3%            

Cargotec Oyj, Class B

    8,857       348,517  

Kone Oyj, Class B

    58,847          3,433,934  

Konecranes Oyj

    12,990       451,934  

Metso Outotec Oyj

    119,306       1,005,101  

Neles Oyj

    22,650       294,767  

Valmet Oyj

    26,351       914,039  
Security   Shares     Value  
Machinery (continued)            

Wartsila OYJ Abp

    90,491     $    1,013,460  
   

 

 

 
      7,461,752  
Media — 0.8%            

Sanoma Oyj

    20,130       293,516  
   

 

 

 
Metals & Mining — 1.3%            

Outokumpu Oyj(a)

    79,315       467,531  
   

 

 

 
Multiline Retail — 0.8%            

Puuilo Oyj(a)

    5,340       44,173  

Tokmanni Group Corp.

    12,709       235,869  
   

 

 

 
      280,042  
Oil, Gas & Consumable Fuels — 4.4%            

Neste Oyj

    39,015       1,521,375  
   

 

 

 
Paper & Forest Products — 14.5%            

Metsa Board Oyj, Class B

    40,822       397,623  

Stora Enso Oyj, Class R

    81,177       1,545,939  

UPM-Kymmene Oyj

    90,865       3,139,678  
   

 

 

 
      5,083,240  
Pharmaceuticals — 2.9%            

Orion Oyj, Class B

    21,249       997,829  
   

 

 

 
Professional Services — 0.1%            

Talenom Oyj

    2,728       28,267  
   

 

 

 
Real Estate Management & Development — 1.8%        

Citycon Oyj

    24,134       190,609  

Kojamo Oyj

    19,324       448,052  
   

 

 

 
      638,661  
Software — 1.9%            

Admicom Oyj

    432       29,547  

BasWare Oyj(a)

    4,311       109,065  

F-Secure Oyj(a)

    36,329       211,002  

QT Group Oyj(a)

    2,622       321,893  
   

 

 

 
      671,507  
Specialty Retail — 0.8%            

Kamux Corp.

    3,163       37,945  

Musti Group Oyj

    8,808       230,629  
   

 

 

 
      268,574  
Textiles, Apparel & Luxury Goods — 0.2%            

Marimekko Oyj

    414       34,494  

Spinnova Oyj(a)

    2,389       25,257  
   

 

 

 
      59,751  
   

 

 

 

Total Common Stocks — 99.5%
(Cost: $40,256,295)

      34,773,920  
   

 

 

 
Short-Term Investments            
Money Market Funds — 0.6%            

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

    154,954       154,985  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Finland ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Money Market Funds (continued)            

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

      45,000     $ 45,000  
   

 

 

 
      199,985  
   

 

 

 

Total Short-Term Investments — 0.6%
(Cost: $199,995)

      199,985  
   

 

 

 

Total Investments in Securities — 100.1%
(Cost: $40,456,290)

      34,973,905  

Other Assets, Less Liabilities — (0.1)%

      (19,626
   

 

 

 

Net Assets — 100.0%

    $  34,954,279  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

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

(d)

Affiliate of the Fund.

(e)

Annualized 7-day yield as of period end.

(f)

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

 

Affiliates

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

 

 

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

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 143,228      $ 11,801 (a)     $      $ (34    $ (10    $ 154,985        154,954      $ 1,186 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     165,000               (120,000 )(a)                     45,000        45,000        2         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (34    $ (10    $ 199,985         $ 1,188      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

 
  (b)

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

                 

Euro STOXX 50 Index

     4          03/18/22        $ 175        $ (7,867
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
     Equity
Contracts
 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 7,867  
  

 

 

 

 

  (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).

 

 

 

16  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Finland ETF

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 8,386  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (15,877
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 171,377  

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $  275,801        $ 34,498,119        $             —        $ 34,773,920  

Money Market Funds

     199,985                            199,985  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $  475,786        $ 34,498,119        $        $ 34,973,905  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $              —        $ (7,867      $        $ (7,867
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 5.1%  

Hensoldt AG

    10,129     $ 237,174  

OHB SE

    1,243       48,403  

Rheinmetall AG

    10,473       1,558,834  
   

 

 

 
      1,844,411  
Auto Components — 1.2%            

ElringKlinger AG(a)

    6,922       73,504  

SAF-Holland SE(a)

    10,948       130,351  

Vitesco Technologies Group AG(a)

    5,309       223,132  
   

 

 

 
      426,987  
Biotechnology — 0.6%            

MorphoSys AG(a)

    8,256       226,667  
   

 

 

 
Building Products — 0.4%            

Steico SE

    1,359       136,307  
   

 

 

 
Capital Markets — 1.7%            

AURELIUS Equity Opportunities SE & Co. KGaA

    7,180       215,065  

Deutsche Beteiligungs AG

    3,175       124,180  

flatexDEGIRO AG(a)(b)

    7,937       164,350  

MLP SE

    15,821       128,610  
   

 

 

 
      632,205  
Chemicals — 4.9%            

K+S AG, Registered(a)

    46,018       1,180,462  

Wacker Chemie AG

    3,760       582,536  
   

 

 

 
      1,762,998  
Commercial Services & Supplies — 2.9%            

Befesa SA(c)

    9,617       669,752  

Bilfinger SE

    6,413       240,210  

Cewe Stiftung & Co. KGaA

    1,343       152,480  
   

 

 

 
      1,062,442  
Communications Equipment — 0.5%            

ADVA Optical Networking Tend(a)

    10,415       176,335  
   

 

 

 
Construction & Engineering — 0.9%            

HOCHTIEF AG

    5,088       343,155  
   

 

 

 
Diversified Financial Services — 1.5%            

GRENKE AG(b)

    6,728       193,043  

Hypoport SE(a)

    856       356,664  
   

 

 

 
      549,707  
Electrical Equipment — 3.3%            

Energiekontor AG

    1,535       117,993  

Nordex SE(a)(b)

    24,961       439,718  

PNE AG

    8,368       85,722  

SGL Carbon SE(a)

    14,753       95,026  

Varta AG(b)

    4,369       440,615  
   

 

 

 
      1,179,074  
Electronic Equipment, Instruments & Components — 1.8%  

Basler AG

    887       112,683  

Jenoptik AG

    12,371       440,820  

LPKF Laser & Electronics AG(b)

    5,912       102,549  
   

 

 

 
      656,052  
Entertainment — 3.2%            

Borussia Dortmund GmbH & Co. KGaA(a)

    18,716       84,108  

CTS Eventim AG & Co. KGaA(a)

    13,849       965,039  

Media and Games Invest SE(a)(b)

    21,777       96,700  
   

 

 

 
      1,145,847  
Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) — 0.5%  

Hamborner REIT AG

    16,675     $ 180,436  
   

 

 

 
Food & Staples Retailing — 1.6%            

METRO AG(a)

    30,235       282,380  

Shop Apotheke Europe NV(a)(b)(c)

    3,254       310,383  
   

 

 

 
      592,763  
Food Products — 1.2%            

KWS Saat SE & Co. KGaA

    2,786       202,470  

Suedzucker AG

    17,236       234,820  
   

 

 

 
      437,290  
Health Care Equipment & Supplies — 1.5%            

Draegerwerk AG & Co. KGaA

    723       37,934  

Eckert & Ziegler Strahlen- und Medizintechnik AG

    3,574       262,910  

Stratec SE

    1,899       243,865  
   

 

 

 
      544,709  
Health Care Providers & Services — 1.2%            

Medios AG(a)

    3,039       108,181  

Synlab AG(a)

    16,028       327,358  
   

 

 

 
      435,539  
Health Care Technology — 1.0%            

CompuGroup Medical SE & Co. KgaA

    6,447       362,198  
   

 

 

 
Hotels, Restaurants & Leisure — 0.4%            

Zeal Network SE(b)

    3,511       146,226  
   

 

 

 
Independent Power and Renewable Electricity Producers — 1.4%  

Encavis AG

    28,936       491,496  
   

 

 

 
Industrial Conglomerates — 0.6%            

Indus Holding AG

    4,541       161,952  

MBB SE

    493       63,324  
   

 

 

 
      225,276  
Insurance — 0.3%            

Wuestenrot & Wuerttembergische AG

    5,653       111,792  
   

 

 

 
Interactive Media & Services — 0.3%            

New Work SE

    678       121,381  
   

 

 

 
Internet & Direct Marketing Retail — 1.3%            

ABOUT YOU Holding SE(a)(b)

    8,979       130,075  

Bike24 Holding AG(a)(b)

    4,716       56,565  

Global Fashion Group SA(a)(b)

    18,337       53,538  

Home24 SE(a)(b)

    6,250       54,328  

Takkt AG

    7,912       135,871  

Westwing Group AG(a)(b)

    2,728       54,705  
   

 

 

 
      485,082  
IT Services — 4.3%            

Adesso SE

    704       159,368  

CANCOM SE

    9,265       526,630  

Datagroup SE(a)

    1,011       98,781  

GFT Technologies SE

    4,127       188,272  

Nagarro SE(a)

    1,987       282,825  

S&T AG(b)

    11,956       187,550  

Secunet Security Networks AG

    314       128,899  
   

 

 

 
      1,572,325  
Life Sciences Tools & Services — 4.2%            

Evotec SE(a)

    33,739       993,565  

Gerresheimer AG(b)

    7,549       542,739  
   

 

 

 
      1,536,304  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Machinery — 6.7%            

Deutz AG(a)

    29,149     $ 166,579  

Duerr AG

    12,472       449,165  

Heidelberger Druckmaschinen AG(a)

    62,419       174,085  

JOST Werke AG(c)

    3,414       157,707  

Koenig & Bauer AG(a)

    3,400       87,596  

Krones AG

    3,410       312,309  

Norma Group SE

    7,684       267,036  

Pfeiffer Vacuum Technology AG

    952       189,571  

Stabilus SA

    5,929       348,198  

Vossloh AG

    2,122       94,195  

Wacker Neuson SE

    7,612       179,224  
   

 

 

 
      2,425,665  
Media — 2.9%            

ProSiebenSat.1 Media SE

    39,214       536,066  

Stroeer SE & Co. KGaA

    6,810       513,695  
   

 

 

 
      1,049,761  
Metals & Mining — 6.3%            

Aurubis AG

    7,566       885,272  

Salzgitter AG(a)

    8,650       377,846  

thyssenkrupp AG(a)

    97,288       1,031,422  
   

 

 

 
      2,294,540  
Oil, Gas & Consumable Fuels — 1.4%            

CropEnergies AG

    6,346       88,841  

VERBIO Vereinigte BioEnergie AG

    5,306       413,141  
   

 

 

 
      501,982  
Pharmaceuticals — 0.9%            

Dermapharm Holding SE

    4,520       329,434  
   

 

 

 
Professional Services — 0.8%            

Amadeus Fire AG

    1,379       222,441  

Bertrandt AG

    1,355       73,281  
   

 

 

 
      295,722  
Real Estate Management & Development — 7.2%            

ADLER Group SA(c)

    18,422       259,227  

Corestate Capital Holding SA(a)(b)

    4,864       63,911  

Deutsche EuroShop AG

    11,921       224,166  

DIC Asset AG

    10,859       182,372  

Grand City Properties SA

    25,413       554,981  

Instone Real Estate Group SE(c)

    11,333       217,560  

PATRIZIA AG

    11,137       214,275  

TAG Immobilien AG

    35,222       907,846  
   

 

 

 
      2,624,338  
Road & Rail — 1.4%            

Sixt SE(a)

    3,285       491,057  
   

 

 

 
Semiconductors & Semiconductor Equipment — 3.8%  

AIXTRON SE

    27,204       582,306  

Elmos Semiconductor SE

    1,915       123,340  

PVA TePla AG(a)

    4,721       129,205  

Siltronic AG

    3,964       450,492  

SMA Solar Technology AG

    2,524       99,216  
   

 

 

 
      1,384,559  
Software — 3.7%            

Atoss Software AG

    959       186,038  

Northern Data AG(a)(b)

    1,200       71,062  

Software AG

    12,444       469,484  

TeamViewer AG(a)(c)

    38,674       617,167  
   

 

 

 
      1,343,751  
Security   Shares     Value  
Specialty Retail — 2.4%            

Ceconomy AG

    38,717     $ 153,691  

Fielmann AG

    6,048       358,247  

Hornbach Holding AG & Co. KGaA

    2,302       301,528  

Mister Spex SE(a)

    3,710       41,598  
   

 

 

 
      855,064  
Textiles, Apparel & Luxury Goods — 2.4%            

Hugo Boss AG

    14,387       877,923  
   

 

 

 
Thrifts & Mortgage Finance — 2.2%            

Aareal Bank AG

    14,379       439,427  

Deutsche Pfandbriefbank AG(c)

    32,289       350,133  
   

 

 

 
      789,560  
Trading Companies & Distributors — 1.1%            

BayWa AG

    3,297       135,622  

Kloeckner & Co. SE(a)

    18,043       244,092  
   

 

 

 
      379,714  
Transportation Infrastructure — 2.1%            

Fraport AG Frankfurt Airport Services Worldwide(a)

    8,893       602,269  

Hamburger Hafen und Logistik AG

    7,256       143,770  
   

 

 

 
      746,039  
Wireless Telecommunication Services — 3.0%            

1&1 AG

    10,658       254,739  

Freenet AG

    30,789       819,891  
   

 

 

 
      1,074,630  
   

 

 

 

Total Common Stocks — 96.1%
(Cost: $35,557,729)

      34,848,743  
   

 

 

 

Preferred Stocks

   
Auto Components — 0.6%            

Schaeffler AG, Preference Shares, NVS

    30,027       199,779  
   

 

 

 
Construction Materials — 0.4%            

STO SE & Co. KGaA, Preference Shares, NVS

    612       139,686  
   

 

 

 
Health Care Equipment & Supplies — 0.3%            

Draegerwerk AG & Co. KGaA, Preference Shares, NVS

    2,074       117,497  
   

 

 

 
Household Durables — 0.2%            

Einhell Germany AG, Preference Shares, NVS

    408       86,233  
   

 

 

 
Machinery — 1.1%            

Jungheinrich AG, Preference Shares, NVS(b)

    11,530       415,744  
   

 

 

 
Road & Rail — 0.9%            

Sixt SE, Preference Shares, NVS

    3,977       324,305  
   

 

 

 

Total Preferred Stocks — 3.5%
(Cost: $1,383,173)

      1,283,244  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 7.4%            

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

    2,677,841       2,678,377  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Money Market Funds (continued)            

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

    10,000     $ 10,000  
   

 

 

 
      2,688,377  
   

 

 

 

Total Short-Term Investments — 7.4%
(Cost: $2,687,974)

      2,688,377  
   

 

 

 

Total Investments in Securities — 107.0%
(Cost: $39,628,876)

      38,820,364  

Other Assets, Less Liabilities — (7.0)%

      (2,546,349
   

 

 

 

Net Assets — 100.0%

    $  36,274,015  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

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

(d)

Affiliate of the Fund.

(e)

Annualized 7-day yield as of period end.

(f)

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

Affiliates

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

 

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

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 3,634,912      $      $ (955,605 )(a)     $ (523    $ (407    $ 2,678,377        2,677,841      $ 40,574 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     10,000        0 (a)                             10,000        10,000        1         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (523    $ (407    $ 2,688,377         $ 40,575      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)  

Represents net amount purchased (sold).

  (b)  

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
      

Notional

Amount
(000)

      

Value/
Unrealized

Appreciation
(Depreciation)

 

Long Contracts

                 

Euro STOXX 50 Index

     3          03/18/22        $ 131        $ (2,561
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 2,561  
  

 

 

 

 

  (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).

 

 

 

20  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

   iShares® MSCI Germany Small-Cap ETF

 

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

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (19,261
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (3,827
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 90,945      
   

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3       

Total

 

Investments

                 

Assets

                 

Common Stocks

   $ 476,618        $ 34,372,125        $        $ 34,848,743  

Preferred Stocks

     86,233          1,197,011                   1,283,244  

Money Market Funds

     2,688,377                            2,688,377  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $  3,251,228        $ 35,569,136        $        $ 38,820,364  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (2,561      $             —          $ (2,561)  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

See notes to financial statements.    

 

 

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

  21


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Ireland ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Airlines — 4.1%            

Ryanair Holdings PLC, ADR(a)

    26,972     $ 2,689,378  
   

 

 

 
Banks — 8.6%            

AIB Group PLC(a)

    1,006,623       2,655,751  

Bank of Ireland Group PLC(a)

    426,179       2,827,803  

Permanent TSB Group Holdings PLC(a)

    55,570       107,297  
   

 

 

 
      5,590,851  
Beverages — 2.8%            

C&C Group PLC(a)

    637,820       1,803,680  
   

 

 

 
Building Products — 4.5%            

Kingspan Group PLC

    30,250       2,954,282  
   

 

 

 
Construction Materials — 20.8%            

CRH PLC

    298,841       13,584,782  
   

 

 

 
Containers & Packaging — 4.4%            

Smurfit Kappa Group PLC

    57,042       2,848,805  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 4.0%        

Hibernia REIT PLC

    1,074,391       1,397,406  

Irish Residential Properties REIT PLC

    728,661       1,202,640  
   

 

 

 
      2,600,046  
Food Products — 17.0%            

Dole PLC

    45,341       695,077  

Glanbia PLC

    218,374       3,057,025  

Kerry Group PLC, Class A

    54,907       6,541,571  

Origin Enterprises PLC

    203,894       825,529  
   

 

 

 
      11,119,202  
Health Care Providers & Services — 2.2%            

Uniphar PLC(a)

    376,733       1,410,855  
   

 

 

 
Hotels, Restaurants & Leisure — 16.2%            

Dalata Hotel Group PLC(a)

    325,622       1,538,912  

Flutter Entertainment PLC, Class DI(a)

    62,736       9,034,490  
   

 

 

 
      10,573,402  
Household Durables — 4.8%            

Cairn Homes PLC(a)

    1,156,576       1,641,762  

Glenveagh Properties PLC(a)(b)

    1,086,805       1,487,813  
   

 

 

 
      3,129,575  
Security   Shares     Value  
Insurance — 0.2%            

FBD Holdings PLC(a)

    10,028     $ 117,499  
   

 

 

 
Life Sciences Tools & Services — 4.7%            

ICON PLC(a)

    12,981       3,089,608  
   

 

 

 
Marine — 0.4%            

Irish Continental Group PLC(a)

    63,408       286,518  
   

 

 

 
Metals & Mining — 0.3%            

Kenmare Resources PLC

    33,403       189,389  
   

 

 

 
Pharmaceuticals — 0.4%            

GH Research PLC(a)

    16,890       278,685  
   

 

 

 
Trading Companies & Distributors — 4.4%            

Grafton Group PLC

    199,776       2,868,810  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $59,066,145)

      65,135,367  
   

 

 

 
Short-Term Investments            
Money Market Funds — 0.1%            

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

    30,000       30,000  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $30,000)

      30,000  
   

 

 

 

Total Investments in Securities — 99.9%
(Cost: $59,096,145)

      65,165,367  

Other Assets, Less Liabilities — 0.1%

      92,192  
   

 

 

 

Net Assets — 100.0%

    $  65,257,559  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

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

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

Affiliates

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

 

Affiliated Issuer    Value at
08/31/21
    

Purchases

at Cost

     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 30,000      $ 0 (a)     $      $      $      $ 30,000        30,000      $ 1      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

 

 

 

22  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Ireland ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

                 

Euro STOXX 50 Index

     2          03/18/22        $ 88        $ (6,851
                 

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 6,851  
  

 

 

 

 

  (a) 

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

 

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

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (2,191
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (6,851
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 105,982      

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $ 16,152,020        $ 48,983,347        $        $ 65,135,367  

Money Market Funds

     30,000                            30,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 16,182,020        $ 48,983,347        $        $ 65,165,367  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $        $ (6,851      $             —        $ (6,851
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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

  23


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Kuwait ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Air Freight & Logistics — 4.4%            

Agility Public Warehousing Co. KSC

    261,755     $ 890,839  
   

 

 

 
Airlines — 1.6%            

Jazeera Airways Co. KSCP(a)

    54,778       315,123  
   

 

 

 
Banks — 58.5%            

Ahli United Bank BSC

    1,106,352       1,098,712  

Ahli United Bank KSCP(a)

    21,912       22,935  

Al Ahli Bank of Kuwait KSCP(a)

    392,906       388,338  

Boubyan Bank KSCP(a)

    8,170       22,242  

Burgan Bank SAK

    493,673       446,018  

Gulf Bank KSCP

    677,605       695,677  

Kuwait Finance House KSCP

    1,105,217       3,457,351  

Kuwait International Bank KSCP(a)

    420,489       321,142  

Kuwait Projects Co. Holding KSCP

    650,338       420,815  

National Bank of Kuwait SAKP

    1,275,838       4,472,402  

Warba Bank KSCP(a)

    509,571       467,658  
   

 

 

 
      11,813,290  
Capital Markets — 3.3%            

Boursa Kuwait Securities Co. KPSC

    53,211       421,137  

Noor Financial Investment Co. KSC

    216,371       239,615  
   

 

 

 
      660,752  
Chemicals — 3.5%            

Boubyan Petrochemicals Co. KSCP

    129,298       401,843  

Qurain Petrochemical Industries Co.

    228,960       297,724  
   

 

 

 
      699,567  
Construction & Engineering — 0.6%            

Combined Group Contracting Co. SAK

    83,724       116,120  
   

 

 

 
Diversified Consumer Services — 2.4%            

Humansoft Holding Co. KSC

    39,887       485,509  
   

 

 

 
Diversified Financial Services — 4.5%            

A’ayan Leasing & Investment Co. KSCP(a)

    510,516       272,635  

Alimtiaz Investment Group KSC(a)

    673,571       299,125  

National Investments Co. KSCP

    286,146       342,729  
   

 

 

 
      914,489  
Security   Shares     Value  
Electrical Equipment — 2.1%            

Gulf Cable & Electrical Industries Co. KSCP

    87,196     $ 426,970  
   

 

 

 
Energy Equipment & Services — 1.2%            

Heavy Engineering & Ship Building Co. KSCP

    116,821       233,411  
   

 

 

 
Food Products — 1.1%            

Mezzan Holding Co. KSCC

    112,987       221,017  
   

 

 

 
Independent Power and Renewable Electricity Producers — 1.2%  

Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC

    341,482       249,232  
   

 

 

 
Industrial Conglomerates — 2.5%            

National Industries Group Holding SAK(a)

    535,128       510,233  
   

 

 

 
Real Estate Management & Development — 6.8%  

Kuwait Real Estate Co. KSC(a)

    578,634       324,860  

Mabanee Co. KPSC(a)

    240,877       674,583  

National Real Estate Co. KPSC(a)

    506,494       370,656  
   

 

 

 
      1,370,099  
Trading Companies & Distributors — 1.9%            

ALAFCO Aviation Lease & Finance Co. KSCP(a)

    250,663       186,094  

Integrated Holding Co. KCSC(a)

    161,918       207,531  
   

 

 

 
      393,625  
Wireless Telecommunication Services — 4.3%            

Mobile Telecommunications Co. KSCP

    428,479       878,480  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $14,028,926)

      20,178,756  
   

 

 

 

Total Investments in Securities — 99.9%
(Cost: $14,028,926)

      20,178,756  

Other Assets, Less Liabilities — 0.1%

      21,194  
   

 

 

 

Net Assets — 100.0%

    $  20,199,950  
   

 

 

 

(a) Non-income producing security.    

Affiliates

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

 

 

 
Affiliated Issuer    
Value at
08/31/21
 
 
   
Purchases
at Cost
 
 
   
Proceeds
from Sales
 
 
   
Net Realized
Gain (Loss)
 
 
   


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 
   
Value at
02/28/22
 
 
   

Shares
Held at
02/28/22
 
 
 
    Income      




Capital
Gain
Distributions
from
Underlying
Funds

 
 
 
 
 

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

    $ 10,000     $       $(10,000)(b)     $     $     $           $ 1     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

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

  (b) 

Represents net amount purchased (sold).

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.

 

 

24  

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


Schedule of Investments (unaudited) (continued)

February 28, 2022

   iShares® MSCI Kuwait ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $  1,482,086        $ 18,696,670        $             —        $ 20,178,756  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  25


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI New Zealand ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Airlines — 1.3%            

Air New Zealand Ltd.(a)(b)

    1,651,153     $ 1,676,062  
   

 

 

 
Building Products — 4.6%            

Fletcher Building Ltd.

    1,298,286       5,930,356  
   

 

 

 
Diversified Telecommunication Services — 13.4%  

Chorus Ltd.

    1,050,870       5,211,230  

Spark New Zealand Ltd.

    4,009,046       12,308,975  
   

 

 

 
      17,520,205  
Electric Utilities — 15.4%            

Contact Energy Ltd.

    1,073,891       5,926,021  

Genesis Energy Ltd.

    1,325,458       2,470,698  

Infratil Ltd.

    1,108,091       5,975,474  

Mercury NZ Ltd.

    1,486,926       5,792,035  
   

 

 

 
      20,164,228  
Equity Real Estate Investment Trusts (REITs) — 9.7%  

Argosy Property Ltd.

    2,274,403       2,124,444  

Goodman Property Trust

    2,649,959       4,338,413  

Kiwi Property Group Ltd.

    3,905,814       2,859,471  

Precinct Properties New Zealand Ltd.

    3,081,780       3,348,264  
   

 

 

 
      12,670,592  
Food Products — 5.5%            

a2 Milk Co. Ltd. (The)(a)(b)

    1,536,840       6,223,003  

Synlait Milk Ltd.(a)

    425,117       969,327  
   

 

 

 
      7,192,330  
Health Care Equipment & Supplies — 17.6%            

Fisher & Paykel Healthcare Corp. Ltd.

    1,225,144       23,022,919  
   

 

 

 
Health Care Providers & Services — 8.9%            

Oceania Healthcare Ltd.

    2,009,841       1,434,426  

Ryman Healthcare Ltd.(b)

    888,590       6,044,089  

Summerset Group Holdings Ltd.

    519,239       4,162,623  
   

 

 

 
      11,641,138  
Hotels, Restaurants & Leisure — 2.8%            

SKYCITY Entertainment Group Ltd.

    1,819,719       3,656,990  
   

 

 

 
Security   Shares     Value  
Independent Power and Renewable Electricity Producers — 7.2%  

Meridian Energy Ltd.

    2,778,049     $ 9,431,733  
   

 

 

 
IT Services — 1.2%            

Pushpay Holdings Ltd.(a)(b)

    2,494,204       1,582,846  
   

 

 

 
Oil, Gas & Consumable Fuels — 2.5%            

Z Energy Ltd.

    1,328,905       3,272,859  
   

 

 

 
Transportation Infrastructure — 9.9%            

Auckland International Airport Ltd.(a)

    2,681,242       12,982,636  
   

 

 

 

Total Common Stocks — 100.0%
(Cost: $148,898,929)

      130,744,894  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.9%            

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

    1,107,046       1,107,267  

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

    50,000       50,000  
   

 

 

 
      1,157,267  
   

 

 

 

Total Short-Term Investments — 0.9%
(Cost: $1,157,299)

      1,157,267  
   

 

 

 

Total Investments in Securities — 100.9%
(Cost: $150,056,228)

      131,902,161  

Other Assets, Less Liabilities — (0.9)%

      (1,203,978
   

 

 

 

Net Assets — 100.0%

    $  130,698,183  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

Affiliates

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

 

Affiliated Issuer    Value at
08/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)