LOGO

  AUGUST 31, 2023

 

   2023 Annual Report

 

iShares, Inc.

 

·  

iShares MSCI Hong Kong ETF | EWH | NYSE Arca

 

·  

iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

 

·  

iShares MSCI Malaysia ETF | EWM | NYSE Arca

 

·  

iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

 

·  

iShares MSCI Singapore ETF | EWS | NYSE Arca

 

·  

iShares MSCI Taiwan ETF | EWT | NYSE Arca

 

·  

iShares MSCI Thailand ETF | THD | NYSE Arca


The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2023

 

    

 

6-Month

 

 

 

12-Month

 

 

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

 

  14.50%   15.94%

 

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

 

   0.99      4.65  

 

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

 

   4.75     17.92  

 

Emerging market equities
(MSCI Emerging Markets Index)

 

   3.62      1.25  

 

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

 

   2.47      4.25  

 

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

 

   0.11      (4.71) 

 

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

 

   0.95      (1.19) 

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

 

   1.04      1.70  

 

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

 

   4.55      7.19  

 

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

 

 

 

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     19  

Disclosure of Expenses

     19  

Schedules of Investments

     20  

Financial Statements

  

Statements of Assets and Liabilities

     51  

Statements of Operations

     53  

Statements of Changes in Net Assets

     55  

Financial Highlights

     59  

Notes to Financial Statements

     66  

Report of Independent Registered Public Accounting Firm

     78  

Important Tax Information

     79  

Board Review and Approval of Investment Advisory Contract

     80  

Supplemental Information

     90  

Director and Officer Information

     92  

General Information

     94  

Glossary of Terms Used in this Report

     95  

 

 

 


Market Overview

 

iShares, Inc.

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

 

 

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Fund Summary as of August 31, 2023    iShares® MSCI Hong Kong ETF

 

Investment Objective

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

Performance

 

   

Average Annual Total Returns

 

         

Cumulative Total Returns

 

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

Fund NAV

    (8.56 )%       (2.94 )%       2.59       (8.56 )%       (13.87 )%       29.14

Fund Market

    (8.59      (2.95      2.62         (8.59      (13.92      29.56  

Index

    (8.26      (2.39      3.17         (8.26      (11.41      36.57  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending Account

Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized   
Expense   
Ratio   
 
 
 
  $         1,000.00          $         902.80          $         2.40               $         1,000.00          $         1,022.70          $         2.55          0.50%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  5


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Hong Kong ETF

 

Portfolio Management Commentary

Stocks in Hong Kong declined for the reporting period, mirroring ongoing economic and geopolitical challenges in mainland China, Hong Kong’s lead trading partner. As Hong Kong’s economy contracted in late 2022 and exports dropped by the largest amount in 70 years, U.S. President Joe Biden’s trip to China created optimism for improved relations between the U.S. and China. Economic growth resumed in early 2023 after China’s removal of tight coronavirus-related restrictions. However, China’s rebound wavered from property distress and weak demand. Manufacturing and services growth in Hong Kong contracted again late in the reporting period as exports weakened. Meanwhile, U.S.-China relations remained strained, and foreign investors increasingly withdrew from China.

The real estate sector detracted the most from the Index’s return, led by the real estate management and development industry. Property transaction volumes in 2022 reached the lowest level in decades. Rising interest rates and China’s coronavirus-related restrictions decreased investment values and led to financial losses for some property managers and developers. Property values declined, and tourism remained below pre-pandemic levels. Office rents decreased and office vacancy rates, which rose dramatically during the pandemic, reached an all-time high amid an uneven recovery in an oversupplied market.

The industrials sector also detracted from the Index’s performance. A leading machinery stock declined amid allegations of improperly inflated earnings, and a leading industrial conglomerate fell as high interest rates and weak growth reduced earnings.

The financials sector likewise detracted as banks’ loan volumes and earnings fell amid credit downgrades, reflecting exposure to local Chinese government debt. In addition, the insurance industry declined as new business volume decreased. On the upside, the consumer discretionary sector contributed to the Index’s return, led by significantly higher revenue supporting the hotels, restaurants, and leisure industry in Macau.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector    
Percent of
Total Investments
 
(a) 

Financials

    42.8

Real Estate

    22.8  

Industrials

    14.3  

Utilities

    9.4  

Consumer Discretionary

    6.8  

Consumer Staples

    2.6  

Communication Services

 

   

 

1.3

 

 

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

AIA Group Ltd.

    22.8

Hong Kong Exchanges & Clearing Ltd.

    12.9  

Sun Hung Kai Properties Ltd.

    4.6  

Galaxy Entertainment Group Ltd.

    4.2  

CK Hutchison Holdings Ltd.

    4.2  

Techtronic Industries Co. Ltd.

    4.0  

CLP Holdings Ltd.

    3.8  

Link REIT

    3.7  

CK Asset Holdings Ltd.

    3.2  

BOC Hong Kong Holdings Ltd.

 

   

 

3.0

 

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of August 31, 2023    iShares® MSCI Japan Small-Cap ETF

 

Investment Objective

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

Performance

 

   

Average Annual Total Returns

 

         

Cumulative Total Returns

 

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

Fund NAV

    13.37      0.18      5.68       13.37      0.91      73.79

Fund Market

    13.74        0.31        5.78         13.74        1.56        75.37  

Index

    12.88        0.50        6.04         12.88        2.50        79.71  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized   
Expense   
Ratio   
 
 
 
  $       1,000.00          $       1,076.60          $       2.62               $       1,000.00          $       1,022.70          $       2.55          0.50%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  7


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Japan Small-Cap ETF

 

Portfolio Management Commentary

Japanese small-capitalization stocks advanced for the reporting period, as the economy grew at its fastest pace in three years. The Japanese economy, after struggling with weak growth and deflation, or falling prices, in recent decades, returned to growth while logging its highest inflation rate in more than 30 years. Foreign demand for automotive products and tourism drove stronger economic growth. Domestic consumption lagged as household spending contracted, and the country’s notoriously high savings rates remained elevated for the reporting period, leading to concerns about the sustainability of recent economic growth. Nevertheless, investor optimism that Japan would sustain accommodative monetary policy to stimulate growth and inflation, as well as other policy shifts, such as limiting government intervention in bond markets and corporate governance reforms, ultimately drove strong flows into the Japanese equity market.

The consumer discretionary sector contributed the most to the Index’s return amid strong sales by global Japanese brands, including running sneakers, video games, lumber products, and sushi. Strong demand for running shoes as in-person sporting events resumed and growth in popular videogame franchises drove growth in the consumer durables industry. Retail sales grew as the return of tourists drove gains in the broadline retail industry. A small Japanese maker of lumber products used in the U.S. homebuilding industry also posted strong gains, as a recovery in building activity and a large undersupply of homes drove demand for its products. Strong global demand for sushi restaurants and acquisitions of sushi chains in North America and the U.K. also drove growth in the consumer services industry.

The industrials and financials sectors also contributed to the Index’s performance amid strong economic growth. Solid demand for industrial pumps, metal working products, and infrastructure services drove strong advances in the capital goods industry. Japanese regional banks sidestepped contagion from the U.S.’s regional banking crisis despite a heavy concentration in lending activity in the U.S., reflecting their relatively large capital reserves and risk management.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector    
Percent of
Total Investments
 
(a) 

Industrials

    23.2

Consumer Discretionary

    17.1  

Information Technology

    10.9  

Materials

    10.7  

Consumer Staples

    9.9  

Real Estate

    9.3  

Financials

    7.7  

Health Care

    5.8  

Communication Services

    2.3  

Utilities

    2.2  

Energy

 

   

 

0.9

 

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Asics Corp.

    0.7

Sojitz Corp.

    0.6  

Rohto Pharmaceutical Co. Ltd.

    0.6  

Ebara Corp.

    0.6  

Socionext Inc.

    0.5  

Kobe Steel Ltd.

    0.5  

Sumitomo Forestry Co. Ltd.

    0.5  

SCREEN Holdings Co. Ltd.

    0.5  

Kawasaki Heavy Industries Ltd.

    0.5  

Isetan Mitsukoshi Holdings Ltd.

 

   

 

0.5

 

 

 

 

 

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Fund Summary as of August 31, 2023    iShares® MSCI Malaysia ETF

 

Investment Objective

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

Performance

 

   

Average Annual Total Returns

 

         

Cumulative Total Returns

 

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

Fund NAV

    (3.56 )%       (5.15 )%       (3.21 )%        (3.56 )%       (23.25 )%       (27.81 )% 

Fund Market

    (2.92      (4.97      (3.24       (2.92      (22.49      (28.04

Index

    (3.33      (4.81      (2.91       (3.33      (21.86      (25.53
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized   
Expense   
Ratio   
 
 
 
  $       1,000.00          $       982.20          $       2.50               $       1,000.00          $       1,022.70          $       2.55          0.50%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  9


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Malaysia ETF

 

Portfolio Management Commentary

Stocks in Malaysia declined modestly for the reporting period, as economic growth slowed. Malaysia’s central bank increased its overnight policy rate three times to the highest level since before the coronavirus pandemic. Higher interest rates helped reduce inflation by more than half to 2%. However, as interest rates rose, manufacturing production contracted and factories decreased their workforces. Stocks increased in late 2022 in anticipation of China’s reopening from coronavirus restrictions, but demand for Malaysia’s goods did not materialize as expected. Instead, exports and domestic consumption both declined. The low orders in part reflected a global slump in demand for semiconductors and other electronic equipment, which account for more than a third of the nation’s exports.

The financials sector detracted the most from the Index’s return. Throughout Malaysia’s banking industry, business and household credit growth slowed, as did growth in outstanding business loans. Increased competition for deposits and the higher cost of funds pressured banks’ net interest income margins – the difference between the interest banks receive on loans and what they pay on deposits.

The materials sector also detracted from the Index’s performance. The commodity chemicals industry declined as profits fell. Rising input and production costs, along with intense competition, reduced the profit margins on petrochemical products. Demand also decreased as consumption slowed.

In addition, the consumer discretionary sector weighed on performance, led by the casinos and gaming and home improvement retail industries. Increased living expenses, rising borrowing costs, and the declining impact of special pandemic-related early pension withdrawals, which ended in 2022, all reduced consumer spending growth.

On the upside, the utilities sector contributed the most to the Index’s return. The electrical utilities industry benefited from lower input prices for power generation and anticipated demand growth from large data centers.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector    
Percent of
Total Investments
 
(a) 

Financials

    41.1

Consumer Staples

    12.7  

Utilities

    9.0  

Materials

    8.7  

Communication Services

    8.6  

Industrials

    7.0  

Consumer Discretionary

    4.9  

Energy

    3.1  

Health Care

    3.0  

Information Technology

 

   

 

1.9

 

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Public Bank Bhd

    14.2

Malayan Banking Bhd

    11.4  

CIMB Group Holdings Bhd

    8.3  

Tenaga Nasional Bhd

    5.9  

Petronas Chemicals Group Bhd

    4.6  

Press Metal Aluminium Holdings Bhd

    4.1  

DiGi.Com Bhd

    3.6  

Petronas Gas Bhd

    3.1  

IHH Healthcare Bhd

    3.0  

Hong Leong Bank Bhd

 

   

 

3.0

 

 

 

 

 

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Fund Summary as of August 31, 2023    iShares® MSCI Pacific ex Japan ETF

 

Investment Objective

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

Performance

 

   

Average Annual Total Returns

 

         

Cumulative Total Returns

 

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

Fund NAV

    2.00      1.78      3.36       2.00      9.23      39.13

Fund Market

    2.23        1.77        3.41         2.23        9.18        39.80  

Index

    1.94        2.28        3.83         1.94        11.94        45.60  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized   
Expense   
Ratio   
 
 
 
  $       1,000.00          $       967.60          $       2.38               $       1,000.00          $       1,022.80          $       2.45          0.48%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  11


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Pacific ex Japan ETF

 

Portfolio Management Commentary

Stocks in Pacific region developed markets excluding Japan advanced modestly for the reporting period. Slower economic growth in China dampened regional economic growth, but most Asian economies avoided recession.

The Australian materials sector contributed the most to the Index’s return, led by the metals and mining industry. Australian producers of iron ore, aluminum, copper, and precious metals advanced, as prices for many metals increased during the reporting period. China, the world’s largest refiner, ended coronavirus-related lockdowns and businesses restarted production, sparking a surge in commodities demand. Amid rising interest rates and inflation, more investors turned to gold, pushing prices higher. Iron ore prices also rose toward the end of 2022, reflecting rising demand from China. With prices and demand rising, production increased, helping boost cash flow in some segments of the industry. However, higher costs weighed on earnings, and commodities prices retreated as economic growth slowed. Australian financials stocks also contributed. Bank stocks rose as profits grew, benefiting from loan growth and increased deposits. In the insurance industry, rising premiums drove profits significantly higher.

The financials sector in Singapore, which is a trade and financing hub for the Asia Pacific region, also contributed to the Index’s performance, as many Asian economies continued to post modest growth despite economic weakness in China. Singapore’s banks, which have some of the strongest capital positions in the world, reported record-high earnings amid rebounding business momentum as the coronavirus pandemic faded and rising net interest income — the difference between interest banks receive on loans and interest they pay on deposits.

The Hong Kong real estate sector detracted the most from the Index’s return, led by the real estate management and development industry. Property transaction volumes in 2022 reached the lowest level in decades. Rising interest rates and China’s coronavirus-related restrictions decreased investment values and led to financial losses for some property managers and developers. Property values declined, and tourism remained below pre-pandemic levels. Office rents decreased and office vacancy rates, which rose dramatically during the pandemic, reached an all-time high amid an uneven recovery in an oversupplied market.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector    
Percent of
Total Investments
 
(a) 

Financials

    37.4

Materials

    15.9  

Real Estate

    10.0  

Industrials

    8.5  

Health Care

    7.1  

Consumer Discretionary

    5.4  

Consumer Staples

    3.9  

Energy

    3.9  

Communication Services

    3.4  

Utilities

    3.4  

Information Technology

 

   

 

1.1

 

 

 

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
 

Australia

    64.9

Hong Kong

    20.9  

Singapore

    12.5  

New Zealand

 

   

 

1.7

 

 

 

 

 

12  

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Fund Summary as of August 31, 2023    iShares® MSCI Singapore ETF

 

Investment Objective

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

Performance

 

   

Average Annual Total Returns

 

         

Cumulative Total Returns

 

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

Fund NAV

    6.84      (0.69 )%       1.04       6.84      (3.40 )%       10.94

Fund Market

    7.22        (0.64      1.12         7.22        (3.14      11.79  

Index

    7.27        (0.16      1.49         7.27        (0.81      15.94  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized   
Expense   
Ratio   
 
 
 
  $       1,000.00          $       1,005.50          $       2.53               $       1,000.00          $       1,022.70          $       2.55          0.50%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  13


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Singapore ETF

 

Portfolio Management Commentary

Stocks in Singapore advanced for the reporting period as the country’s exports, which account for virtually all its economic output, increased in 2022 and optimism grew as China ended strict coronavirus limitations on its economy. Singapore’s largest trade partners, China and Hong Kong, account for almost a quarter of its exports. As China reopened in early 2023, Singapore’s manufacturing sector resumed expansion at an increasingly rapid growth rate. Exports declined, however, late in the reporting period, as China’s economy encountered numerous challenges, and Singapore’s industrial production weakened. Nevertheless, broader economic growth resumed as inflation moderated and interest rates stabilized. Stocks rallied late in the period amid stronger-than-expected corporate earnings.

Singapore’s industrials sector contributed the most to the Index’s return. A leading industrial conglomerate reported strong profit growth, as it sold parts of its business to further its focus on investment management. The passenger airlines industry benefited amid a recovery in post-pandemic travel demand that boosted earnings. In addition, ride-hailing and food delivery services in the ground transportation industry benefited from strong demand and cost rationalization.

The financials sector also contributed to the Index’s performance. Singapore’s banks, with some of the strongest capital positions in the world, reported record-high earnings amid rebounding business momentum, as the pandemic faded, and rising net interest income — the difference between interest banks receive on loans and interest they pay on deposits.

On the downside, the communication services sector detracted from the Index’s return, led by the entertainment industry. Stock in a leading online e-commerce and digital entertainment firm declined, as it prioritized growth instead of profits amid efforts to maintain market share.

Portfolio Information

 

SECTOR ALLOCATION

 

 

Sector    
Percent of
Total Investments
 
(a) 

Financials

    48.4

Industrials

    19.3  

Real Estate

    16.5  

Communication Services

    8.7  

Consumer Staples

    3.1  

Consumer Discretionary

    2.4  

Utilities

 

   

 

1.6

 

 

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

DBS Group Holdings Ltd.

    19.8

Oversea-Chinese Banking Corp. Ltd.

    13.7  

United Overseas Bank Ltd.

    11.5  

Singapore Telecommunications Ltd.

    4.5  

Sea Ltd.

    4.3  

CapitaLand Ascendas REIT

    4.1  

Singapore Airlines Ltd.

    4.1  

Keppel Corp. Ltd.

    4.1  

Grab Holdings Ltd., Class A

    3.9  

Singapore Exchange Ltd.

 

   

 

3.4

 

 

 

 

  (a) 

Excludes money market funds.

 

 

 

14  

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Fund Summary as of August 31, 2023    iShares® MSCI Taiwan ETF

 

Investment Objective

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

Performance

 

   

Average Annual Total Returns

 

         

Cumulative Total Returns

 

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

Fund NAV

    7.17      9.58      9.53       7.17      58.01      148.52

Fund Market

    7.14        9.48        9.56         7.14        57.28        149.26  

Index

    7.10        10.25        10.23         7.10        62.90        164.91  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized   
Expense   
Ratio   
 
 
 
  $       1,000.00          $       1,041.80          $       3.04               $       1,000.00          $       1,022.20          $       3.01          0.59%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  15


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Taiwan ETF

 

Portfolio Management Commentary

Taiwanese stocks advanced for the reporting period, as the Taiwanese economy returned to growth in the second quarter of 2023 and unemployment fell to the lowest level in 23 years. While a trade dispute that led to a Chinese investigation of thousands of Taiwanese goods pressured exports, the Taiwanese government moved to diversify its export markets, and its exports of microchips to the U.S. continued to increase. The 2022 CHIPS and Science Act in the U.S. encouraged Taiwanese investment in U.S. semiconductor manufacturing facilities, and continued tension between China and the U.S. and its allies led companies to invest in alternate Asian suppliers, including Taiwan.

The Taiwanese information technology sector contributed the most to the Index’s performance, as companies in its technology hardware, storage, and peripherals industry were buoyed by growing investor interest in technologies related to artificial intelligence (“AI”). In this environment, companies involved in AI-related activities, such as manufacturing AI servers and producing chips for AI applications, posted strong gains. Continued strong data center growth fueled robust sales of high-end power units used in their construction, bolstering profits in the industry. A slowdown in the U.S. inflation rate also provided a tailwind to Taiwanese information technology stocks, as investors grew optimistic that the monetary tightening cycle was nearing an end.

On the downside, the materials sector detracted from the Index’s performance, particularly the chemicals industry. The U.S. subsidiary of a Taiwanese chemicals company agreed to settle a price-fixing lawsuit, and parent company profits declined substantially amid lower product prices and sales volumes. Stocks in the industrials sector also declined, as lower prices for ocean freight shipping pressured revenues in the marine transportation industry.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    61.8

Financials

    18.3  

Materials

    5.9  

Consumer Discretionary

    3.9  

Industrials

    3.8  

Communication Services

    3.0  

Consumer Staples

    2.1  

Other (each representing less than 1%)

 

   

 

1.2

 

 

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Taiwan Semiconductor Manufacturing Co. Ltd.

    22.7

Hon Hai Precision Industry Co. Ltd.

    4.5  

MediaTek Inc.

    3.6  

Quanta Computer Inc.

    2.6  

Delta Electronics Inc.

    2.5  

United Microelectronics Corp.

    1.9  

Fubon Financial Holding Co. Ltd.

    1.8  

Chunghwa Telecom Co. Ltd.

    1.7  

CTBC Financial Holding Co. Ltd.

    1.6  

Mega Financial Holding Co. Ltd.

 

   

 

1.6

 

 

 

 

  (a) 

Excludes money market funds.

 

 

 

 

16  

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Fund Summary as of August 31, 2023    iShares® MSCI Thailand ETF

 

Investment Objective

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

Performance

 

   

Average Annual Total Returns

 

         

Cumulative Total Returns

 

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

Fund NAV

    0.86      (2.82 )%       2.84       0.86      (13.31 )%       32.37

Fund Market

    1.40        (2.77      2.94         1.40        (13.11      33.67  

Index

    0.79        (2.58      3.05         0.79        (12.26      35.01  
                                                             

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual

 

         

Hypothetical 5% Return

 

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized   
Expense   
Ratio   
 
 
 
  $       1,000.00          $       991.20          $       2.96               $       1,000.00          $       1,022.20          $       3.01          0.59%   

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  17


Fund Summary as of August 31, 2023 (continued)    iShares® MSCI Thailand ETF

 

Portfolio Management Commentary

Stocks in Thailand advanced marginally for the reporting period amid inconsistent economic growth and falling inflation. Thailand’s stocks rose in anticipation of a rebound in tourism and the reopening of China, the country’s second-largest export market, from tight coronavirus restrictions in late 2022. Aided by demand from the U.S., exports rose after the reopening but remained down on a year-to-year basis amid political uncertainty, as Thai business leaders awaited the formation of a new government after May 2023 elections. Inflation moderated considerably, as the central bank of Thailand raised its benchmark interest rate more than fourfold. Manufacturing output decreased significantly, contracting in August 2023 for the first time in 19 months. The nation’s parliament selected a new prime minister near the conclusion of the reporting period.

The information technology sector contributed the most to the Index’s return. The electronic components industry advanced, driven by demand for server applications, cloud-storage operations, and electric vehicle components, including charging stations. Strong sales and earnings drove the stock of a leading electronics firm sharply higher, propelling the company past two state-owned enterprises to become Thailand’s largest firm in terms of market value. The real estate sector also contributed to performance, led by the real estate and development industry, which advanced along with residential property prices.

On the downside, the materials sector detracted from the Index’s return, led by the chemicals industry, which reported dramatically lower profits amid volatile energy costs and customers reducing excess inventories. Independent power and renewable electricity producers in the utilities sector declined amid contentious tariff increases by the government. In addition, the financials sector detracted. Consumer finance firms faced headwinds from rising interest rates and the weak economy as expenses and credit losses increased.

Portfolio Information

 

SECTOR ALLOCATION

 

Sector    
Percent of
Total Investments
 
(a) 

Energy

    13.1

Consumer Staples

    12.8  

Financials

    9.7  

Health Care

    9.4  

Industrials

    9.1  

Consumer Discretionary

    8.1  

Materials

    7.9  

Utilities

    7.8  

Communication Services

    7.7  

Information Technology

    7.5  

Real Estate

 

   

 

6.9

 

 

 

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

CP ALL PCL

    6.2

PTT Public Company Ltd.

    5.7  

Delta Electronics Thailand PCL

    5.5  

Bangkok Dusit Medical Services PCL

    5.1  

Airports of Thailand PCL

    5.1  

Advanced Info Service PCL

    4.2  

Siam Cement PCL (The)

    4.0  

PTT Exploration & Production PCL

    3.6  

Bumrungrad Hospital PCL

    2.5  

Gulf Energy Development PCL

 

   

 

2.3

 

 

 

 

 

18  

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About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

 

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

  19


Schedule of Investments

August 31, 2023

  

iShares® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Banks — 5.9%            

BOC Hong Kong Holdings Ltd.(a)

    6,821,000     $ 18,950,709  

Hang Seng Bank Ltd.

    1,415,900       18,044,391  
   

 

 

 
        36,995,100  
Beverages — 1.2%            

Budweiser Brewing Co. APAC Ltd.(b)

    3,505,900       7,591,844  
   

 

 

 

Building Products — 0.9%

   

Xinyi Glass Holdings Ltd.

    3,900,000       5,753,268  
   

 

 

 

Capital Markets — 14.0%

   

Futu Holdings Ltd., ADR(a)(c)

    125,598       7,485,641  

Hong Kong Exchanges & Clearing Ltd.

    2,067,626       80,137,447  
   

 

 

 
      87,623,088  
Diversified Telecommunication Services — 1.3%        

HKT Trust & HKT Ltd., Class SS

    7,726,500       8,233,867  
   

 

 

 

Electric Utilities — 6.9%

   

CK Infrastructure Holdings Ltd.

    1,252,500       6,330,904  

CLP Holdings Ltd.

    3,033,200       23,784,921  

Power Assets Holdings Ltd.

    2,674,000       13,162,844  
   

 

 

 
      43,278,669  
Food Products — 1.4%            

WH Group Ltd.(b)

    17,069,000       8,790,449  
   

 

 

 

Gas Utilities — 2.4%

   

Hong Kong & China Gas Co. Ltd.

    20,865,495       15,335,351  
   

 

 

 

Ground Transportation — 2.0%

   

MTR Corp. Ltd.

    2,983,083       12,446,798  
   

 

 

 

Hotels, Restaurants & Leisure — 6.7%

   

Galaxy Entertainment Group Ltd.(c)

    3,980,000       26,306,611  

Sands China Ltd.(c)

    4,646,400       15,717,372  
   

 

 

 
      42,023,983  
Industrial Conglomerates — 6.5%            

CK Hutchison Holdings Ltd.

    4,767,267       25,981,580  

Jardine Matheson Holdings Ltd.

    308,300       14,657,572  
   

 

 

 
      40,639,152  
Insurance — 22.6%            

AIA Group Ltd.

    15,670,400       141,789,724  
   

 

 

 

Machinery — 3.9%

   

Techtronic Industries Co. Ltd.

    2,501,147       24,668,025  
   

 

 

 

Marine Transportation — 0.9%

   

SITC International Holdings Co. Ltd.

    3,105,000       5,791,165  
   

 

 

 
Security   Shares      Value  
Real Estate Management & Development — 18.9%  

CK Asset Holdings Ltd.

    3,650,267      $ 20,141,315  

ESR Group Ltd.(b)

    4,338,600        6,510,184  

Hang Lung Properties Ltd.

    4,255,000        5,667,075  

Henderson Land Development Co. Ltd.

    2,963,762        8,138,912  

Hongkong Land Holdings Ltd.

    2,262,400        8,026,018  

New World Development Co. Ltd.

    3,166,266        6,723,178  

Sino Land Co. Ltd.

    7,358,000        8,428,427  

Sun Hung Kai Properties Ltd.

    2,566,500        28,890,235  

Swire Pacific Ltd., Class A

    927,500        7,647,593  

Swire Properties Ltd.

    2,631,600        5,499,436  

Wharf Real Estate Investment Co. Ltd.

    3,149,150        13,124,333  
    

 

 

 
       118,796,706  
Retail REITs — 3.6%             

Link REIT

    4,613,300        22,872,905  
    

 

 

 

Total Long-Term Investments — 99.1%
(Cost: $852,331,838)

       622,630,094  
    

 

 

 

Short-Term Securities

    
Money Market Funds — 1.3%             

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f)

    7,693,275        7,695,583  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)

    690,000        690,000  
    

 

 

 

Total Short-Term Securities — 1.3%
(Cost: $8,385,583)

 

     8,385,583  
    

 

 

 

Total Investments — 100.4%
(Cost: $860,717,421)

 

     631,015,677  

Liabilities in Excess of Other Assets — (0.4)%

 

     (2,683,858
    

 

 

 

Net Assets — 100.0%

 

   $ 628,331,819  
    

 

 

 

 

(a) 

All or a portion of this security is on loan.

 

(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) 

Non-income producing security.

 

(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.

 

 

20  

2 0 2 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI Hong Kong ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
08/31/22
     Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
08/31/23
     Shares
Held at
08/31/23
     Income    

Capital
Gain
Distributions

from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $      $ 7,693,008 (a)    $     $ 2,575      $      $ 7,695,583        7,693,275      $ 21,579 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,540,000              (850,000 )(a)                    690,000        690,000        57,061       1  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
          $   2,575      $      $ 8,385,583         $ 78,640     $   1  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description    Number of
Contracts
       Expiration
Date
      

Notional
Amount

(000)

      

Value/

Unrealized
Appreciation

(Depreciation)

 

Long Contracts

                 

MSCI Hong Kong Index

     78          09/15/23        $  4,493        $  (60,670
                 

 

 

 

OTC Total Return Swaps

 

 

 
Reference Entity   

Payment

Frequency

     Counterparty(a)    

Termination

Date

     Net Notional     

Accrued

Unrealized

Appreciation

(Depreciation)

   

Net Value of

Reference

Entity

    

Gross

Notional

Amount

Net Asset

Percentage

 

Equity Securities Long

     Monthly        HSBC Bank PLC (b)      02/10/28      $ 1,084,654      $ (19,583 )(c)    $ 1,065,139        0.2
     Monthly        JPMorgan Chase Bank NA (d)      02/08/24        59,812        (736 )(e)       58,350        0.0  
             

 

 

   

 

 

    
              $ (20,319   $ 1,123,489     
             

 

 

   

 

 

    

 

  (a) 

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

 
  (c) 

Amount includes $(68) of net dividends, payable for referenced securities purchased and financing fees.

 
  (e) 

Amount includes $726 of net dividends, payable for referenced securities purchased and financing fees.

 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

  (b)    (d)

Range:

  0 basis points    55 basis points

Benchmarks:

  HKD - Overnight Index Average (HONIA)    HKD - Overnight Index Average (HONIA)

 

 

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

  21


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI Hong Kong ETF

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

 

     Shares      Value     

% of

Basket

Value

 

Reference Entity — Long

       
Common Stocks                    
Capital Markets                    

Hong Kong Exchanges & Clearing Ltd.

    27,500      $ 1,065,139        100.0%  
    

 

 

    

Net Value of Reference Entity — HSBC Bank PLC

 

   $ 1,065,139     
    

 

 

    

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.

 

     Shares      Value      %of
Basket
Value
 

Reference Entity — Long

       
Common Stocks                    
Capital Markets                    

Hong Kong Exchanges & Clearing Ltd.

    1,500      $ 58,350        100.0%  
    

 

 

    

Net Value of Reference Entity — JPMorgan Chase Bank NA

 

   $ 58,350     
    

 

 

    

 

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

 

Description    Swap Premiums
Paid
       Swap Premiums
Received
       Unrealized
Appreciation
       Unrealized
Depreciation
 

Total Return Swaps

   $        $        $        $ (20,319

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
    Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
    

Foreign

Currency

Exchange

Contracts

     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Liabilities — Derivative Financial Instruments

                   

Futures contracts

                   

Unrealized depreciation on futures contracts(a)

  $      $      $ 60,670      $      $      $      $ 60,670  

Swaps — OTC

                   

Unrealized depreciation on OTC swaps; Swap premiums received

  $      $      $ 20,319      $      $      $      $ 20,319  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  $   —      $   —      $  80,989      $   —      $   —      $  1—      $ 80,989  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

For the period ended August 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
    Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                  

Futures contracts

  $      $      $ (334,439   $   —      $   —      $   —      $ (334,439

Swaps

                   1,172,830                             1,172,830  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
  $      $      $ 838,391     $      $      $      $ 838,391  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                  

Futures contracts

  $      $      $ 52,282     $      $      $      $ 52,282  

Swaps

                  (20,319                          (20,319
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
  $   —      $   —      $ 31,963     $      $      $      $ 31,963  
 

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 3,935,259  

Total return swaps:

  

Average notional value

   $ 1,936,081  

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

 

 

22  

2 0 2 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI Hong Kong ETF

 

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

 

 
     Assets      Liabilities  

 

 

Derivative Financial Instruments:

     

Futures contracts

   $   —      $ 60,670  

Swaps - OTC

            20,319  
  

 

 

    

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

            80,989  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

            (60,670
  

 

 

    

 

 

 

Total derivative assets and liabilities subject to an MNA

            20,319  
  

 

 

    

 

 

 

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

 

Counterparty           

Derivative

Liabilities

Subject to

an MNA by

Counterparty

      

Derivatives

Available

for Offset

      

Non-Cash

Collateral

Pledged

       Cash
Collateral
Pledged
       Net Amount
of Derivative
Liabilities
 

HSBC Bank PLC

                 $ 19,583        $        $        $        $ 19,583  

JPMorgan Chase Bank NA

        736                                     736  
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
      $ 20,319        $    —        $    —        $        $ 20,319  
     

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 7,485,641        $ 615,144,453        $        $ 622,630,094  

Short-Term Securities

                 

Money Market Funds

     8,385,583                            8,385,583  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $  15,871,224        $ 615,144,453        $    —        $ 631,015,677  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $        $ (80,989      $        $ (80,989
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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 

August 31, 2023

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 0.0%  

Ispace Inc., NVS

    2,800     $ 29,887  
   

 

 

 
Air Freight & Logistics — 0.6%            

AZ-COM MARUWA Holdings Inc.

    5,100       79,466  

Hamakyorex Co. Ltd.

    1,700       48,878  

Konoike Transport Co. Ltd.

    3,400       47,603  

Mitsui-Soko Holdings Co. Ltd.

    3,400       96,901  

Sankyu Inc.

    6,800       237,086  

SBS Holdings Inc.

    1,700       35,693  

Senko Group Holdings Co. Ltd.

    15,300       107,116  

Trancom Co. Ltd.

    1,700       87,849  
   

 

 

 
      740,592  
Automobile Components — 3.6%            

Eagle Industry Co. Ltd.

    3,400       39,212  

Exedy Corp.

    5,100       92,291  

FCC Co. Ltd.

    5,100       67,297  

G-Tekt Corp.

    3,400       43,033  

JTEKT Corp.

    30,600       276,543  

KYB Corp.

    1,700       55,420  

Musashi Seimitsu Industry Co. Ltd.

    6,800       80,821  

NHK Spring Co. Ltd.

    28,900       224,065  

Nifco Inc./Japan

    11,900       350,762  

Nippon Seiki Co. Ltd.

    6,800       51,149  

Niterra Co. Ltd.

    22,100       512,866  

NOK Corp.

    11,900       166,743  

Pacific Industrial Co. Ltd.

    5,100       49,909  

Piolax Inc.

    3,400       54,470  

Seiren Co. Ltd.

    6,800       112,124  

Shoei Co. Ltd.

    6,800       115,122  

Stanley Electric Co. Ltd.

    18,700       328,052  

Sumitomo Riko Co. Ltd.

    5,100       37,927  

Sumitomo Rubber Industries Ltd.

    25,500       268,737  

Tokai Rika Co. Ltd.

    6,800       106,313  

Topre Corp.

    5,100       60,676  

Toyo Tire Corp.

    17,000       255,940  

Toyoda Gosei Co. Ltd.

    8,500       183,352  

Toyota Boshoku Corp.

    11,900       224,891  

TS Tech Co. Ltd.

    13,600       160,869  

Yokohama Rubber Co. Ltd. (The)

    17,000       345,424  
   

 

 

 
        4,264,008  
Automobiles — 0.4%            

Mitsubishi Motors Corp.

    96,900       379,028  

Nissan Shatai Co. Ltd.

    8,500       52,828  
   

 

 

 
      431,856  
Banks — 5.0%            

77 Bank Ltd. (The)

    8,500       183,457  

Aichi Financial Group Inc., NVS

    6,800       113,663  

Aozora Bank Ltd.(a)

    15,300       300,405  

Awa Bank Ltd. (The)

    5,100       79,235  

Bank of Kyoto Ltd. (The)

    8,500       490,709  

Chugin Financial Group Inc., NVS

    20,400       135,420  

Daishi Hokuetsu Financial Group Inc.

    5,100       127,778  

Fukuoka Financial Group Inc.

    23,800       562,044  

Gunma Bank Ltd. (The)

    49,300       227,025  

Hachijuni Bank Ltd. (The)

    52,700       283,735  

Hirogin Holdings Inc.

    35,700       222,840  

Hokkoku Financial Holdings Inc.

    3,400       114,712  

Hokuhoku Financial Group Inc.

    15,300       138,403  
Security   Shares     Value  
Banks (continued)  

Hyakugo Bank Ltd. (The)

    28,900     $ 100,273  

Iyogin Holdings Inc., NVS

    39,100       271,245  

Juroku Financial Group Inc.

    5,100       128,228  

Keiyo Bank Ltd. (The)

    13,600       55,571  

Kiyo Bank Ltd. (The)

    8,500       88,075  

Kyushu Financial Group Inc.

    47,600       232,885  

Mebuki Financial Group Inc.

    142,800       394,757  

Musashino Bank Ltd. (The)

    3,400       61,619  

Nanto Bank Ltd. (The)

    3,400       61,932  

Nishi-Nippon Financial Holdings Inc.

    17,000       175,921  

North Pacific Bank Ltd.

    37,400       78,688  

Ogaki Kyoritsu Bank Ltd. (The)

    5,100       70,377  

Okinawa Financial Group Inc.

    3,400       52,578  

Rakuten Bank Ltd., NVS(b)

    10,200       132,149  

San-in Godo Bank Ltd. (The)

    18,700       117,706  

SBI Sumishin Net Bank Ltd., NVS

    6,800       71,461  

Seven Bank Ltd.

    85,000       180,785  

Shiga Bank Ltd. (The)

    5,100       114,006  

Shinsei Bank Ltd.

    6,800       131,778  

Suruga Bank Ltd.

    23,800       99,083  

Toho Bank Ltd. (The)

    27,200       51,708  

Tokyo Kiraboshi Financial Group Inc.

    3,400       89,681  

TOMONY Holdings Inc.

    20,400       57,767  

Yamaguchi Financial Group Inc.

    25,500       202,315  
   

 

 

 
        6,000,014  
Beverages — 0.7%            

Coca-Cola Bottlers Japan Holdings Inc.

    18,700       243,559  

Ito En Ltd.

    6,800       200,949  

Sapporo Holdings Ltd.(a)

    8,500       260,241  

Takara Holdings Inc.

    20,400       175,891  
   

 

 

 
      880,640  
Biotechnology — 0.3%            

GNI Group Ltd.(a)(b)

    6,097       89,499  

PeptiDream Inc.(b)

    13,600       174,599  

Pharma Foods International Co. Ltd.

    3,400       38,350  

SanBio Co. Ltd.(a)(b)

    6,800       26,313  

StemRIM Inc.(b)

    3,400       19,595  

Takara Bio Inc.

    6,800       66,595  
   

 

 

 
      414,951  
Broadline Retail — 2.1%            

ASKUL Corp.

    5,100       68,791  

Belluna Co. Ltd.

    6,800       33,935  

Isetan Mitsukoshi Holdings Ltd.

    49,300       565,200  

Izumi Co. Ltd.

    5,100       133,004  

J Front Retailing Co. Ltd.

    35,700       375,971  

Kintetsu Department Store Co. Ltd.

    1,700       33,496  

Mercari Inc.(a)(b)

    17,000       386,601  

Ryohin Keikaku Co. Ltd.

    35,700       460,255  

Seria Co. Ltd.

    6,800       107,385  

Takashimaya Co. Ltd.

    20,400       306,271  
   

 

 

 
      2,470,909  
Building Products — 1.0%            

Bunka Shutter Co. Ltd.

    6,800       50,856  

Central Glass Co. Ltd.

    3,400       68,425  

Nichias Corp.

    6,800       142,223  

Nichiha Corp.

    3,400       72,857  

Nitto Boseki Co. Ltd.

    3,400       93,385  

Noritz Corp.

    3,400       37,324  

Sanwa Holdings Corp.

    27,200       413,887  

 

 

24  

2 0 2 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Building Products (continued)

 

Sekisui Jushi Corp.

    3,400     $ 58,695  

Takara Standard Co. Ltd.

    5,100       67,964  

Takasago Thermal Engineering Co. Ltd.

    6,800       136,773  
   

 

 

 
        1,142,389  
Capital Markets — 0.6%            

GMO Financial Holdings Inc.

    5,100       25,448  

JAFCO Group Co. Ltd.

    6,800       87,176  

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

    1,700       32,901  

M&A Research Institute Inc., NVS(b)

    3,700       90,092  

Matsui Securities Co. Ltd.

    17,000       93,498  

Monex Group Inc.

    25,500       91,376  

Okasan Securities Group Inc.

    22,100       87,322  

SPARX Group Co. Ltd.

    3,400       35,038  

Strike Co. Ltd.

    1,700       37,281  

Tokai Tokyo Financial Holdings Inc.

    27,200       83,802  

WealthNavi Inc.(b)

    5,100       42,656  
   

 

 

 
      706,590  
Chemicals — 6.8%  

ADEKA Corp.

    11,900       228,622  

Aica Kogyo Co. Ltd.

    6,800       161,244  

Air Water Inc.

    27,200       342,138  

Asahi Yukizai Corp.

    1,700       47,263  

C Uyemura & Co. Ltd.

    1,700       111,171  

C.I. Takiron Corp.

    6,800       28,057  

Chugoku Marine Paints Ltd.

    5,100       49,919  

Daicel Corp.

    34,000       283,827  

Denka Co. Ltd.

    10,200       192,269  

DIC Corp.

    11,900       205,029  

Fujimi Inc.

    7,100       164,029  

Fujimori Kogyo Co. Ltd.

    1,700       43,772  

Fuso Chemical Co. Ltd.

    3,400       99,632  

JCU Corp.

    3,400       78,732  

Kaneka Corp.

    6,800       190,863  

Kansai Paint Co. Ltd.

    25,500       418,107  

Kanto Denka Kogyo Co. Ltd.

    5,100       29,163  

KeePer Technical Laboratory Co. Ltd.

    1,700       79,162  

KH Neochem Co. Ltd.

    5,100       79,414  

Konishi Co. Ltd.

    3,400       58,087  

Kumiai Chemical Industry Co. Ltd.

    10,249       79,075  

Kuraray Co. Ltd.

    40,800       463,444  

Kureha Corp.

    2,100       123,312  

Lintec Corp.

    5,100       84,074  

Mitsubishi Gas Chemical Co. Inc.

    22,100       301,014  

Nihon Parkerizing Co. Ltd.

    11,900       94,879  

Nippon Kayaku Co. Ltd.

    18,700       167,457  

Nippon Pillar Packing Co. Ltd.

    1,700       49,002  

Nippon Shokubai Co. Ltd.

    3,400       129,386  

Nippon Soda Co. Ltd.

    3,400       125,749  

NOF Corp.

    10,200       460,088  

Okamoto Industries Inc.

    1,700       54,536  

Osaka Organic Chemical Industry Ltd.

    1,700       30,155  

Osaka Soda Co. Ltd.

    1,700       81,445  

Sakata INX Corp.

    5,100       47,795  

Sanyo Chemical Industries Ltd.

    1,700       48,308  

Shikoku Chemicals Corp.

    5,100       51,031  

Shin-Etsu Polymer Co. Ltd.

    6,800       64,010  

Showa Denko KK

    25,500       414,424  

Sumitomo Bakelite Co. Ltd.

    5,100       240,974  

T Hasegawa Co. Ltd.

    5,100       122,330  

Taiyo Holdings Co. Ltd.

    5,100       91,940  
Security   Shares     Value  

Chemicals (continued)

 

Takasago International Corp.

    1,700     $ 33,534  

Teijin Ltd.

    25,500       258,928  

Tenma Corp.

    1,700       29,956  

Toagosei Co. Ltd.

    13,600       129,569  

Tokai Carbon Co. Ltd.

    28,900       228,259  

Tokuyama Corp.

    8,500       135,582  

Tokyo Ohka Kogyo Co. Ltd.

    5,100       344,733  

Toyo Gosei Co. Ltd.(a)

    400       20,379  

Toyo Ink SC Holdings Co. Ltd.

    5,100       79,438  

Toyobo Co. Ltd.

    11,900       86,364  

UBE Corp.

    13,600       229,404  

W-Scope Corp.(a)(b)

    6,800       55,577  

Zeon Corp.

    20,400       224,613  
   

 

 

 
        8,071,264  
Commercial Services & Supplies — 1.8%  

Aeon Delight Co. Ltd.

    3,400       74,588  

Daiei Kankyo Co. Ltd.

    5,100       80,875  

Daiseki Co. Ltd.

    5,112       154,751  

Duskin Co. Ltd.

    6,800       153,140  

Japan Elevator Service Holdings Co. Ltd.

    10,200       169,541  

Kokuyo Co. Ltd.

    11,900       184,904  

Kosaido Holdings Co. Ltd.

    1,700       32,772  

Matsuda Sangyo Co. Ltd.

    1,760       27,151  

Mitsubishi Pencil Co. Ltd.

    3,400       45,009  

Nippon Kanzai Holdings Co. Ltd.

    3,400       62,220  

Nippon Parking Development Co. Ltd.

    27,200       40,887  

Okamura Corp.

    8,500       126,711  

Park24 Co. Ltd.(b)

    18,700       263,746  

Pilot Corp.

    3,400       109,449  

Prestige International Inc.

    13,600       54,827  

Raksul Inc.(b)

    6,800       65,675  

Sato Holdings Corp.

    3,400       49,258  

Sohgo Security Services Co. Ltd.

    56,100       357,727  

TRE Holdings Corp.

    6,800       54,819  
   

 

 

 
      2,108,050  
Construction & Engineering — 3.6%            

Chiyoda Corp.(b)

    22,100       56,258  

Chudenko Corp.

    3,400       55,795  

COMSYS Holdings Corp.

    17,000       362,077  

EXEO Group Inc.

    13,600       289,345  

Hazama Ando Corp.

    20,400       166,196  

INFRONEER Holdings Inc.

    25,540       266,743  

JDC Corp.

    6,800       28,630  

JGC Holdings Corp.

    32,300       431,224  

Kandenko Co. Ltd.

    17,000       155,741  

Kinden Corp.

    18,700       256,997  

Kumagai Gumi Co. Ltd.

    5,100       113,983  

Kyudenko Corp.

    6,800       209,241  

MIRAIT ONE corp.

    13,600       180,129  

Nippon Densetsu Kogyo Co. Ltd.

    5,100       74,689  

Nippon Road Co. Ltd. (The)

    400       26,461  

Nishimatsu Construction Co. Ltd.

    5,100       129,357  

Okumura Corp.

    3,400       106,296  

Penta-Ocean Construction Co. Ltd.

    39,100       232,384  

Raito Kogyo Co. Ltd.

    5,100       71,249  

Raiznext Corp.

    3,400       32,907  

Sanki Engineering Co. Ltd.

    5,100       56,431  

SHO-BOND Holdings Co. Ltd.

    5,100       205,430  

Sumitomo Densetsu Co. Ltd.

    1,700       33,814  

Sumitomo Mitsui Construction Co. Ltd.

    18,700       51,990  

 

 

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 (continued)

August 31, 2023

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Construction & Engineering (continued)

 

Taihei Dengyo Kaisha Ltd.

    1,700     $ 45,615  

Taikisha Ltd.

    3,400       106,838  

Takamatsu Construction Group Co. Ltd.

    1,700       30,455  

Toa Corp./Tokyo

    1,700       42,076  

Toda Corp.

    32,300       181,683  

Toenec Corp.

    1,700       47,258  

Tokyu Construction Co. Ltd.

    11,940       62,949  

Totetsu Kogyo Co. Ltd.

    3,400       64,113  

Toyo Construction Co. Ltd.

    6,800       51,771  

Yokogawa Bridge Holdings Corp.

    5,100       96,631  

Yurtec Corp.

    5,100       32,285  
   

 

 

 
        4,355,041  
Construction Materials — 0.5%            

Maeda Kosen Co. Ltd.

    3,400       73,004  

Mitani Sekisan Co. Ltd.

    1,700       59,325  

Sumitomo Osaka Cement Co. Ltd.

    3,400       93,440  

Taiheiyo Cement Corp.

    17,000       325,948  
   

 

 

 
      551,717  
Consumer Finance — 1.0%            

AEON Financial Service Co. Ltd.

    15,300       133,400  

Aiful Corp.

    45,900       108,994  

Credit Saison Co. Ltd.

    22,100       345,420  

J Trust Co. Ltd.

    10,200       32,363  

Jaccs Co. Ltd.

    3,400       118,249  

Marui Group Co. Ltd.

    25,500       441,374  

Orient Corp.

    7,100       53,865  
   

 

 

 
      1,233,665  
Consumer Staples Distribution & Retail — 3.0%            

Aeon Hokkaido Corp.

    5,100       30,111  

Ain Holdings Inc.

    3,400       121,369  

Arcs Co. Ltd.

    5,100       90,482  

Axial Retailing Inc.

    1,700       43,865  

Belc Co. Ltd.

    1,700       79,194  

Cawachi Ltd.

    1,700       26,686  

Cosmos Pharmaceutical Corp.

    3,400       399,750  

Create SD Holdings Co. Ltd.

    3,400       87,057  

Daikokutenbussan Co. Ltd.

    500       22,634  

Fuji Co. Ltd./Ehime

    5,100       63,958  

G-7 Holdings Inc.

    3,400       29,201  

Genky DrugStores Co. Ltd.

    1,700       60,701  

H2O Retailing Corp.

    13,635       164,100  

Halows Co. Ltd.

    1,700       47,660  

Heiwado Co. Ltd.

    3,400       55,994  

Inageya Co. Ltd.

    3,400       35,258  

Kato Sangyo Co. Ltd.

    3,400       97,811  

Kusuri no Aoki Holdings Co. Ltd.

    2,100       131,321  

Lawson Inc.

    6,800       324,571  

Life Corp.

    3,400       84,772  

Maxvalu Tokai Co. Ltd.

    1,700       32,595  

Mitsubishi Shokuhin Co. Ltd.

    1,700       46,547  

Oisix ra daichi Inc.(a)(b)

    3,400       38,890  

Retail Partners Co. Ltd.

    3,400       37,590  

San-A Co. Ltd.

    3,400       114,688  

Shoei Foods Corp.

    1,700       53,036  

Sugi Holdings Co. Ltd.

    5,100       228,886  

Sundrug Co. Ltd.

    10,200       301,510  

Tsuruha Holdings Inc.

    5,100       373,125  

United Super Markets Holdings Inc.(a)

    8,500       65,294  

Valor Holdings Co. Ltd.

    5,100       76,062  
Security   Shares     Value  

Consumer Staples Distribution & Retail (continued)

 

Yaoko Co. Ltd.

    3,400     $ 179,210  

Yokorei Co. Ltd.

    6,800       61,648  
   

 

 

 
        3,605,576  
Containers & Packaging — 0.6%            

FP Corp.

    6,900       132,543  

Fuji Seal International Inc.

    5,100       61,147  

Rengo Co. Ltd.

    27,200       184,824  

Toyo Seikan Group Holdings Ltd.

    18,700       338,441  
   

 

 

 
      716,955  
Distributors — 0.2%            

Arata Corp.

    1,700       63,099  

Doshisha Co. Ltd.

    3,400       55,296  

PALTAC Corp.

    3,400       111,992  
   

 

 

 
      230,387  
Diversified Consumer Services — 0.2%            

Benesse Holdings Inc.

    10,200       129,912  

LITALICO Inc.

    3,400       51,149  

Riso Kyoiku Co. Ltd.

    15,300       26,064  
   

 

 

 
      207,125  
Diversified REITs — 2.0%            

Activia Properties Inc.

    102       285,792  

Hankyu Hanshin REIT Inc.

    85       83,657  

Heiwa Real Estate REIT Inc.

    136       135,718  

Hulic Reit Inc.

    187       208,598  

Mori Trust Reit Inc.

    362       183,046  

NIPPON REIT Investment Corp.

    68       162,502  

NTT UD REIT Investment Corp.

    204       194,240  

Sekisui House Reit Inc.

    612       353,540  

Star Asia Investment Corp.

    323       128,483  

Takara Leben Real Estate Investment Corp.

    102       67,398  

Tokyu REIT Inc.

    136       174,251  

United Urban Investment Corp.

    408       438,565  
   

 

 

 
      2,415,790  
Diversified Telecommunication Services — 0.4%            

Internet Initiative Japan Inc.

    15,300       265,918  

JTOWER Inc.(a)(b)

    1,700       79,743  

Usen-Next Holdings Co. Ltd.

    3,400       81,649  

Vision Inc./Tokyo Japan(b)

    5,100       58,811  
   

 

 

 
      486,121  
Electric Utilities — 1.3%            

Chugoku Electric Power Co. Inc. (The)(b)

    42,500       279,641  

Hokkaido Electric Power Co. Inc.(b)

    23,800       109,332  

Hokuriku Electric Power Co.(b)

    23,800       138,460  

Kyushu Electric Power Co. Inc.(b)

    57,800       380,869  

Okinawa Electric Power Co. Inc. (The)(b)

    6,892       54,136  

Shikoku Electric Power Co. Inc.(b)

    20,400       146,908  

Tohoku Electric Power Co. Inc.(b)

    66,300       462,552  
   

 

 

 
      1,571,898  
Electrical Equipment — 1.3%            

Abalance Corp.(a)

    1,700       47,847  

Daihen Corp.

    3,400       124,289  

Fujikura Ltd.

    34,000       281,260  

Furukawa Electric Co. Ltd.

    10,200       175,205  

GS Yuasa Corp.

    8,500       161,067  

Idec Corp./Japan

    3,400       70,987  

Mabuchi Motor Co. Ltd.

    6,800       208,116  

Nippon Carbon Co. Ltd.

    1,700       51,765  

Nitto Kogyo Corp.

    3,400       90,732  

 

 

26  

2 0 2 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Electrical Equipment (continued)

 

Sanyo Denki Co. Ltd.

    1,700     $ 82,975  

Toyo Tanso Co. Ltd.

    1,700       69,446  

Ushio Inc.

    13,600       171,408  
   

 

 

 
        1,535,097  
Electronic Equipment, Instruments & Components — 3.9%  

Ai Holdings Corp.

    5,100       82,826  

Alps Alpine Co. Ltd.

    27,200       227,126  

Amano Corp.

    6,800       148,225  

Anritsu Corp.

    18,700       137,188  

Canon Electronics Inc.

    1,700       21,618  

Canon Marketing Japan Inc.

    6,800       178,410  

Citizen Watch Co. Ltd.

    27,200       166,592  

Daiwabo Holdings Co. Ltd.

    11,900       241,212  

Dexerials Corp.

    8,500       210,256  

Hakuto Co. Ltd.

    1,700       58,747  

Hioki E.E. Corp

    1,700       89,899  

Horiba Ltd.

    5,100       265,155  

Hosiden Corp.

    5,100       63,428  

Iriso Electronics Co. Ltd.

    3,400       100,910  

Japan Aviation Electronics Industry Ltd.

    6,800       143,157  

Japan Display Inc.(a)(b)

    78,200       20,904  

Kaga Electronics Co. Ltd.

    1,700       77,150  

Koa Corp.

    3,400       42,907  

Macnica Holdings Inc.

    6,800       318,162  

Maruwa Co. Ltd./Aichi

    1,500       279,044  

Maxell Ltd.

    5,100       55,273  

Meiko Electronics Co. Ltd.

    3,400       83,251  

Nichicon Corp.

    5,100       49,213  

Nippon Ceramic Co. Ltd.

    3,400       60,336  

Nippon Electric Glass Co. Ltd.

    11,900       209,988  

Nippon Signal Company Ltd.

    5,100       33,781  

Nissha Co. Ltd.

    5,100       61,745  

Nohmi Bosai Ltd.

    3,400       41,335  

Oki Electric Industry Co. Ltd.

    11,900       73,724  

Optex Group Co. Ltd.

    5,100       61,568  

Restar Holdings Corp.

    3,400       56,352  

Riken Keiki Co. Ltd.

    1,700       61,522  

Ryosan Co. Ltd.

    2,000       58,143  

Ryoyo Electro Corp.

    1,700       40,194  

Siix Corp.

    3,400       36,734  

Taiyo Yuden Co. Ltd.

    17,000       472,603  

Tokyo Electron Device Ltd.

    1,700       116,851  

Topcon Corp.

    13,600       163,698  

Yokowo Co. Ltd.

    1,700       19,649  
   

 

 

 
      4,628,876  
Energy Equipment & Services — 0.0%            

Modec Inc.(b)

    3,400       38,630  
   

 

 

 
Entertainment — 0.9%            

Anycolor Inc.(a)(b)

    3,400       78,817  

Avex Inc.

    5,100       51,395  

Bushiroad Inc.

    5,100       16,837  

COLOPL Inc.

    8,500       37,217  

Cover Corp.(b)

    1,700       26,862  

Daiichikosho Co. Ltd.

    11,900       229,871  

DeNA Co. Ltd.

    10,200       105,690  

Gree Inc.

    8,500       36,173  

GungHo Online Entertainment Inc.

    6,800       111,975  

Mixi Inc.

    5,100       85,124  

Shochiku Co. Ltd.(a)

    1,700       128,617  
Security   Shares     Value  

Entertainment (continued)

 

Toei Animation Co. Ltd.

    700     $ 58,989  

Toei Co. Ltd.

    500       59,478  
   

 

 

 
        1,027,045  
Financial Services — 1.0%            

eGuarantee Inc.

    5,100       67,993  

Financial Products Group Co. Ltd.

    8,500       83,689  

Fuyo General Lease Co. Ltd.

    2,200       181,818  

Japan Securities Finance Co. Ltd.

    11,900       102,650  

Mizuho Leasing Co. Ltd.

    3,400       112,173  

Ricoh Leasing Co. Ltd.

    3,400       100,111  

Tokyo Century Corp.

    5,100       195,734  

Zenkoku Hosho Co. Ltd.

    8,500       294,491  
   

 

 

 
      1,138,659  
Food Products — 4.4%            

Ariake Japan Co. Ltd.

    3,400       123,888  

Calbee Inc.

    11,900       237,399  

DyDo Group Holdings Inc.

    1,700       67,801  

Ezaki Glico Co. Ltd.

    6,800       179,293  

Fuji Oil Holdings Inc.

    6,800       109,185  

Fujicco Co. Ltd.

    1,700       22,664  

Fujiya Co. Ltd.

    1,700       28,764  

Hokuto Corp.

    3,400       42,718  

House Foods Group Inc.

    8,500       183,466  

Itoham Yonekyu Holdings Inc.

    18,700       103,970  

J-Oil Mills Inc.

    1,700       21,230  

Kagome Co. Ltd.

    10,200       237,864  

Kameda Seika Co. Ltd.

    1,700       51,501  

Kewpie Corp.

    13,600       226,628  

Kotobuki Spirits Co. Ltd.

    3,400       266,597  

Maruha Nichiro Corp.

    5,100       89,001  

Megmilk Snow Brand Co. Ltd.

    6,800       111,247  

Mitsui DM Sugar Holdings Co. Ltd.

    1,700       34,869  

Morinaga & Co. Ltd./Japan

    5,100       185,346  

Morinaga Milk Industry Co. Ltd.

    5,100       208,742  

NH Foods Ltd.

    11,900       369,182  

Nichirei Corp.

    15,300       361,983  

Nippn Corp., New

    6,800       96,683  

Nippon Suisan Kaisha Ltd.

    40,800       214,232  

Nisshin Oillio Group Ltd. (The)

    3,400       97,533  

Nisshin Seifun Group Inc.

    28,900       381,473  

Prima Meat Packers Ltd.

    3,400       59,089  

Riken Vitamin Co. Ltd.

    3,400       53,930  

S Foods Inc.

    1,700       39,143  

Sakata Seed Corp.

    3,400       98,208  

Showa Sangyo Co. Ltd.

    3,400       69,872  

Toyo Suisan Kaisha Ltd.

    13,600       560,750  

Yamazaki Baking Co. Ltd.

    15,300       289,994  
   

 

 

 
      5,224,245  
Gas Utilities — 0.4%            

Nippon Gas Co. Ltd.

    15,300       238,156  

Saibu Gas Holdings Co. Ltd.

    3,400       47,486  

Shizuoka Gas Co. Ltd.

    5,100       35,805  

Toho Gas Co. Ltd.

    10,200       182,285  
   

 

 

 
      503,732  
Ground Transportation — 2.4%            

Fukuyama Transporting Co. Ltd.

    3,400       84,491  

Keikyu Corp.

    32,300       297,900  

Kyushu Railway Co.

    18,700       407,391  

Maruzen Showa Unyu Co. Ltd.

    1,700       46,189  

 

 

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

  27


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Ground Transportation (continued)

 

Nagoya Railroad Co. Ltd.

    27,200     $ 436,823  

Nankai Electric Railway Co. Ltd.

    15,300       321,430  

Nikkon Holdings Co. Ltd.

    6,800       154,974  

Nishi-Nippon Railroad Co. Ltd.

    8,500       158,692  

Sakai Moving Service Co. Ltd.

    1,700       63,395  

Seibu Holdings Inc.

    35,700       377,535  

Seino Holdings Co. Ltd.

    17,000       247,643  

Sotetsu Holdings Inc.

    11,900       232,564  
   

 

 

 
        2,829,027  
Health Care Equipment & Supplies — 1.3%            

CYBERDYNE Inc.(a)(b)

    15,300       30,433  

Eiken Chemical Co. Ltd.

    5,100       48,934  

Hogy Medical Co. Ltd.

    3,400       74,600  

Japan Lifeline Co. Ltd.

    8,500       67,123  

Jeol Ltd.

    6,800       216,631  

Mani Inc.

    10,200       132,663  

Menicon Co. Ltd.

    8,500       118,677  

Nagaileben Co. Ltd.

    3,400       51,496  

Nakanishi Inc.

    10,200       256,701  

Nihon Kohden Corp.

    11,900       316,829  

Nipro Corp.

    20,400       168,945  

Paramount Bed Holdings Co. Ltd.

    5,100       82,604  

PHC Holdings Corp.

    3,400       33,246  
   

 

 

 
      1,598,882  
Health Care Providers & Services — 1.8%            

Alfresa Holdings Corp.

    27,200       464,507  

Amvis Holdings Inc.

    5,100       101,735  

As One Corp.

    3,400       133,307  

BML Inc.

    3,400       67,461  

Elan Corp.(a)

    5,100       30,321  

H.U. Group Holdings Inc.

    8,500       153,717  

Medipal Holdings Corp.

    27,200       466,144  

Ship Healthcare Holdings Inc.

    11,900       201,905  

Solasto Corp.

    8,500       38,704  

SUNWELS Co. Ltd.

    1,700       33,578  

Suzuken Co. Ltd.

    8,500       251,957  

Toho Holdings Co. Ltd.

    6,800       136,076  

Tokai Corp./Gifu

    3,400       44,061  
   

 

 

 
      2,123,473  
Health Care Technology — 0.3%            

EM Systems Co. Ltd.

    5,100       26,060  

JMDC Inc.(a)

    5,100       152,523  

Medley Inc.(b)

    3,400       131,698  
   

 

 

 
      310,281  
Hotel & Resort REITs — 0.7%            

Hoshino Resorts REIT Inc.

    34       146,413  

Invincible Investment Corp.

    986       409,618  

Japan Hotel REIT Investment Corp.

    646       327,386  
   

 

 

 
      883,417  
Hotels, Restaurants & Leisure — 3.2%            

Airtrip Corp.

    1,700       27,322  

Arcland Service Holdings Co. Ltd.(b)

    1,700       36,270  

Atom Corp.(b)

    17,000       109,897  

Colowide Co. Ltd.

    10,200       176,712  

Create Restaurants Holdings Inc.

    17,000       139,684  

Curves Holdings Co. Ltd.

    6,800       34,000  

Demae-Can Co. Ltd.(a)(b)

    6,800       18,796  

Doutor Nichires Holdings Co. Ltd.

    5,100       81,657  

Food & Life Companies Ltd.

    15,300       290,600  
Security   Shares     Value  

Hotels, Restaurants & Leisure (continued)

 

Fuji Kyuko Co. Ltd.

    3,400     $ 123,897  

Fujio Food Group Inc.(a)(b)

    1,700       16,265  

Heiwa Corp.

    8,516       129,985  

Hiday Hidaka Corp.

    3,484       71,187  

HIS Co. Ltd.(b)

    6,800       92,059  

Ichibanya Co. Ltd.

    1,700       65,377  

Kappa Create Co. Ltd.(b)

    3,400       38,127  

KFC Holdings Japan Ltd.

    1,700       35,279  

Kisoji Co. Ltd.

    3,400       61,448  

KOMEDA Holdings Co. Ltd.

    6,800       133,259  

Koshidaka Holdings Co. Ltd.(a)

    6,800       62,352  

Kura Sushi Inc.(a)

    3,400       73,788  

Kyoritsu Maintenance Co. Ltd.

    5,180       223,371  

Matsuyafoods Holdings Co. Ltd.

    1,700       49,446  

Monogatari Corp. (The)

    5,100       166,631  

MOS Food Services Inc.

    3,400       79,639  

Ohsho Food Service Corp.

    1,700       81,970  

Resorttrust Inc.

    11,900       190,773  

Ringer Hut Co. Ltd.(a)

    3,400       55,098  

Round One Corp.

    28,900       117,676  

Royal Holdings Co. Ltd.

    5,100       93,087  

Saizeriya Co. Ltd.

    3,400       106,907  

Skylark Holdings Co. Ltd.(b)

    32,300       452,027  

Tokyotokeiba Co. Ltd.

    1,700       45,911  

Toridoll Holdings Corp.

    6,800       185,789  

Yoshinoya Holdings Co. Ltd.

    8,500       166,053  
   

 

 

 
        3,832,339  
Household Durables — 2.4%            

Casio Computer Co. Ltd.

    27,200       240,995  

Chofu Seisakusho Co. Ltd.

    1,700       25,120  

ES-Con Japan Ltd.

    5,100       30,304  

Fujitsu General Ltd.

    8,500       164,050  

Haseko Corp.

    34,000       422,138  

Ki-Star Real Estate Co. Ltd.

    1,700       55,324  

Nagawa Co. Ltd.

    1,700       82,965  

Nikon Corp.

    42,500       458,369  

Pressance Corp.

    3,400       44,608  

Rinnai Corp.

    15,300       296,289  

Sangetsu Corp.

    6,800       140,944  

Sumitomo Forestry Co. Ltd.

    22,100       621,919  

Tama Home Co. Ltd.

    1,700       41,425  

Tamron Co. Ltd.

    1,700       52,488  

Token Corp.

    1,700       89,481  

Zojirushi Corp.

    5,100       62,787  
   

 

 

 
      2,829,206  
Household Products — 0.5%            

Earth Corp.

    1,700       57,816  

Lion Corp.

    34,000       370,187  

Pigeon Corp.

    17,000       197,059  
   

 

 

 
      625,062  
Independent Power and Renewable Electricity Producers — 0.4%        

Electric Power Development Co. Ltd.

    22,100       344,208  

eRex Co. Ltd.

    5,100       32,694  

RENOVA Inc.(b)

    5,100       48,195  

West Holdings Corp.

    3,480       67,603  
   

 

 

 
      492,700  
Industrial Conglomerates — 0.7%            

Katakura Industries Co. Ltd.

    1,700       19,114  

Keihan Holdings Co. Ltd.

    15,300       436,511  

 

 

28  

2 0 2 3I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Industrial Conglomerates (continued)

 

Mie Kotsu Group Holdings Inc.

    6,800      $ 28,056  

Nisshinbo Holdings Inc.

    18,700        138,891  

Noritsu Koki Co. Ltd.

    3,400        68,816  

TOKAI Holdings Corp.

    13,600        88,267  
    

 

 

 
       779,655  
Industrial REITs — 1.3%