|
|
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 |
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,
Rob Kapito
President, BlackRock, Inc.
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 |
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 |
| Page | ||||
|
|
2 | |||
| 4 | ||||
| 11 | ||||
| 11 | ||||
| 12 | ||||
|
Financial Statements |
||||
| 31 | ||||
| 33 | ||||
| 35 | ||||
| 39 | ||||
| 46 | ||||
| 56 | ||||
| 57 | ||||
| 58 | ||||
| 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 |
|
|
Ending Account Value |
|
|
Expenses Paid During |
|
|
Beginning Account Value |
|
|
Ending Account Value |
|
|
Expenses Paid During |
|
|
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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 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. |
|
F U N D S 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 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. |
|
F U N D S 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of February 28, 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. |
|
F U N D S 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.
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.
|
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) February 28, 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% |
2,426,940 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 100.8% |
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). |
|
S C H E D U L E O F I N V E S T M E N T S |
13 |
|
Schedule of Investments (unaudited) (continued) February 28, 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) February 28, 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% |
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 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
15 |
|
Schedule of Investments (unaudited) (continued) February 28, 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% |
199,985 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 100.1% |
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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) February 28, 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.
|
S C H E D U L E O F I N V E S T M E N T S |
17 |
|
Schedule of Investments (unaudited) 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) February 28, 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% |
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% |
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 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
19 |
|
Schedule of Investments (unaudited) (continued) February 28, 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, |
10,000 | $ | 10,000 | |||||
|
|
|
|||||||
| 2,688,377 | ||||||||
|
|
|
|||||||
|
Total
Short-Term Investments — 7.4% |
2,688,377 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 107.0% |
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 |
|||||||||||||||||||||||||||
|
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 |
Value/ Appreciation |
||||||||||||
|
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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) February 28, 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.
|
S C H E D U L E O F I N V E S T M E N T S |
21 |
|
Schedule of Investments (unaudited) 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% |
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% |
30,000 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 99.9% |
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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) February 28, 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.
|
S C H E D U L E O F I N V E S T M E N T S |
23 |
|
Schedule of Investments (unaudited) 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% |
20,178,756 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 99.9% |
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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) February 28, 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.
|
S C H E D U L E O F I N V E S T M E N T S |
25 |
|
Schedule of Investments (unaudited) 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% |
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% |
1,157,267 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 100.9% |
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) |
||||||||||||||||||||||||||||||||