UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-09102
iShares, Inc.
(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
100 Summer Street, 4th Floor, Boston, MA 02110
(Address of principal executive offices) (Zip code)
The Corporation Trust Incorporated
2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415)670-2000
Date of fiscal year end: August 31, 2019
Date of reporting period: February 28, 2019
Item 1. | Reports to Stockholders. |
Copies of the semi-annual reports transmitted to shareholders pursuant to Rule30e-1 under the Investment Company
Act of 1940 are attached.
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ iShares MSCI Austria ETF | EWO | NYSE Arca
▶ iShares MSCI Belgium ETF | EWK | NYSE Arca
▶ iShares MSCI France ETF | EWQ | NYSE Arca
▶ iShares MSCI Netherlands ETF | EWN | NYSE Arca
▶ iShares MSCI Sweden ETF | EWD | NYSE Arca
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of February 28, 2019 | iShares® MSCI Austria ETF |
Investment Objective
TheiShares MSCI Austria ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (10.70 | )% | (17.70 | )% | 2.19 | % | 9.87 | % | (17.70 | )% | 11.45 | % | 156.25 | % | ||||||||||||||||
Fund Market | (10.73 | ) | (17.47 | ) | 2.21 | 9.95 | (17.47 | ) | 11.55 | 158.20 | ||||||||||||||||||||
Index | (10.58 | ) | (17.65 | ) | 2.31 | 10.04 | (17.65 | ) | 12.10 | 160.22 |
Index performance through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 893.00 | $ | 2.30 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 37.0 | % | ||
Energy | 16.8 | |||
Materials | 11.8 | |||
Industrials | 11.2 | |||
Real Estate | 10.8 | |||
Utilities | 5.8 | |||
Communication Services | 2.7 | |||
Information Technology | 1.9 | |||
Consumer Discretionary | 1.4 | |||
Consumer Staples | 0.6 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Erste Group Bank AG | 21.6 | % | ||
OMV AG | 14.9 | |||
Raiffeisen Bank International AG | 7.2 | |||
voestalpine AG | 4.7 | |||
Verbund AG | 4.4 | |||
ANDRITZ AG | 4.4 | |||
CA Immobilien Anlagen AG | 4.4 | |||
IMMOFINANZ AG | 4.4 | |||
Wienerberger AG | 4.2 | |||
BAWAG Group AG | 3.5 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI Belgium ETF |
Investment Objective
TheiShares MSCI Belgium ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (8.10 | )% | (16.02 | )% | 3.10 | % | 12.17 | % | (16.02 | )% | 16.49 | % | 215.23 | % | ||||||||||||||||
Fund Market | (7.78 | ) | (15.74 | ) | 3.17 | 12.23 | (15.74 | ) | 16.91 | 216.90 | ||||||||||||||||||||
Index | (8.11 | ) | (16.15 | ) | 3.14 | 13.17 | (16.15 | ) | 16.71 | 244.46 |
Index performance through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 919.00 | $ | 2.33 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Consumer Staples | 26.6 | % | ||
Financials | 26.5 | |||
Health Care | 13.3 | |||
Materials | 11.8 | |||
Real Estate | 7.4 | |||
Communication Services | 5.8 | |||
Information Technology | 2.8 | |||
Consumer Discretionary | 1.5 | |||
Energy | 1.5 | |||
Utilities | 1.4 | |||
Industrials | 1.4 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Anheuser-Busch InBev SA/NV | 22.5 | % | ||
KBC Group NV | 10.6 | |||
UCB SA | 6.1 | |||
Umicore SA | 5.5 | |||
Ageas | 4.7 | |||
Groupe Bruxelles Lambert SA | 4.5 | |||
Solvay SA | 4.4 | |||
Colruyt SA | 2.8 | |||
Galapagos NV | 2.6 | |||
Proximus SADP | 2.6 |
(a) | Excludes money market funds. |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI France ETF |
Investment Objective
TheiShares MSCI France ETF(the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (5.35 | )% | (5.49 | )% | 2.57 | % | 9.26 | % | (5.49 | )% | 13.55 | % | 142.55 | % | ||||||||||||||||
Fund Market | (4.98 | ) | (4.90 | ) | 2.71 | 9.40 | (4.90 | ) | 14.30 | 145.56 | ||||||||||||||||||||
Index | (5.21 | ) | (5.56 | ) | 2.54 | 9.26 | (5.56 | ) | 13.34 | 142.53 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 946.50 | $ | 2.36 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Industrials | 22.1 | % | ||
Consumer Discretionary | 17.9 | |||
Financials | 11.3 | |||
Consumer Staples | 10.8 | |||
Energy | 9.0 | |||
Health Care | 7.3 | |||
Communication Services | 6.2 | |||
Materials | 5.1 | |||
Information Technology | 4.1 | |||
Utilities | 3.4 | |||
Real Estate | 2.8 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
TOTAL SA | 9.0 | % | ||
LVMH Moet Hennessy Louis Vuitton SE | 6.2 | |||
Sanofi | 6.2 | |||
Airbus SE | 4.9 | |||
L’Oreal SA | 4.2 | |||
BNP Paribas SA | 3.8 | |||
Air Liquide SA | 3.5 | |||
AXA SA | 3.2 | |||
Vinci SA | 3.2 | |||
Danone SA | 3.0 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares® MSCI Netherlands ETF |
Investment Objective
TheiShares MSCI Netherlands ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (4.20 | )% | (5.28 | )% | 5.04 | % | 12.01 | % | (5.28 | )% | 27.84 | % | 210.81 | % | ||||||||||||||||
Fund Market | (4.15 | ) | (5.04 | ) | 5.06 | 12.11 | (5.04 | ) | 28.02 | 213.67 | ||||||||||||||||||||
Index | (3.97 | ) | (4.80 | ) | 5.23 | 12.45 | (4.80 | ) | 29.03 | 223.19 |
Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 958.00 | $ | 2.38 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Consumer Staples | 26.5 | % | ||
Information Technology | 22.0 | |||
Financials | 17.8 | |||
Industrials | 11.4 | |||
Materials | 9.2 | |||
Health Care | 6.6 | |||
Communication Services | 2.2 | |||
Energy | 1.9 | |||
Real Estate | 1.3 | |||
Consumer Discretionary | 1.1 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Unilever NV | 15.3 | % | ||
ASML Holding NV | 13.7 | |||
ING Groep NV | 9.4 | |||
Koninklijke Philips NV | 6.4 | |||
Koninklijke Ahold Delhaize NV | 4.5 | |||
NXP Semiconductors NV | 4.4 | |||
Akzo Nobel NV | 4.0 | |||
Koninklijke DSM NV | 3.8 | |||
Wolters Kluwer NV | 3.7 | |||
Heineken NV | 3.6 |
(a) | Excludes money market funds. |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Sweden ETF |
Investment Objective
TheiShares MSCI Sweden ETF(the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (5.00 | )% | (7.15 | )% | (0.07 | )% | 12.89 | % | (7.15 | )% | (0.37 | )% | 236.08 | % | ||||||||||||||||
Fund Market | (5.28 | ) | (6.77 | ) | (0.05 | ) | 12.98 | (6.77 | ) | (0.24 | ) | 238.71 | ||||||||||||||||||
Index | (4.81 | ) | (7.47 | ) | (0.68 | ) | 12.53 | (7.47 | ) | (3.35 | ) | 225.52 |
Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 950.00 | $ | 2.42 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Industrials | 33.8 | % | ||
Financials | 29.6 | |||
Information Technology | 11.5 | |||
Consumer Staples | 8.0 | |||
Consumer Discretionary | 6.6 | |||
Communication Services | 6.3 | |||
Materials | 2.2 | |||
Energy | 2.0 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Telefonaktiebolaget LM Ericsson, Class B | 7.5 | % | ||
Nordea Bank Abp | 7.4 | |||
Volvo AB, Class B | 6.2 | |||
Assa Abloy AB, Class B | 5.5 | |||
Investor AB, Class B | 5.4 | |||
Atlas Copco AB, Class A | 4.9 | |||
Sandvik AB | 4.6 | |||
Svenska Handelsbanken AB, Class A | 4.6 | |||
Swedbank AB, Class A | 4.5 | |||
Essity AB, Class B | 4.5 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 9 |
About Fund Performance |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by 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.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Austria ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.9% | ||||||||
FACC AG | 43,246 | $ | 680,555 | |||||
|
| |||||||
Air Freight & Logistics — 2.8% | ||||||||
Oesterreichische Post AG | 53,080 | 2,105,807 | ||||||
|
| |||||||
Banks — 31.9% | ||||||||
BAWAG Group AG(a) | 57,637 | 2,539,930 | ||||||
Erste Group Bank AG | 420,706 | 15,928,684 | ||||||
Raiffeisen Bank International AG | 208,359 | 5,319,336 | ||||||
|
| |||||||
23,787,950 | ||||||||
Chemicals — 2.8% | ||||||||
Lenzing AG | 21,036 | 2,105,531 | ||||||
|
| |||||||
Construction & Engineering — 0.8% | ||||||||
Porr AG(b) | 25,969 | 563,622 | ||||||
|
| |||||||
Construction Materials — 4.1% | ||||||||
Wienerberger AG | 136,575 | 3,094,809 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.6% |
| |||||||
Telekom Austria AG | 263,016 | 1,955,712 | ||||||
|
| |||||||
Electric Utilities — 5.7% | ||||||||
EVN AG | 65,073 | 979,584 | ||||||
Verbund AG | 67,796 | 3,267,076 | ||||||
|
| |||||||
4,246,660 | ||||||||
Electrical Equipment — 0.8% | ||||||||
Zumtobel Group AG(b)(c) | 65,494 | 586,184 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.9% |
| |||||||
AT&S Austria Technologie & Systemtechnik AG | 47,261 | 871,821 | ||||||
Kapsch TrafficCom AG | 14,057 | 543,428 | ||||||
|
| |||||||
1,415,249 | ||||||||
Energy Equipment & Services — 1.9% | ||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 18,779 | 1,457,296 | ||||||
|
| |||||||
Food Products — 0.6% | ||||||||
Agrana Beteiligungs AG | 22,572 | 447,228 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.4% | ||||||||
DO & CO AG | 12,146 | 1,029,001 | ||||||
|
| |||||||
Insurance — 4.6% | ||||||||
UNIQA Insurance Group AG | 196,731 | 1,941,113 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 62,157 | 1,500,498 | ||||||
|
| |||||||
3,441,611 |
Security | Shares | Value | ||||||
Machinery — 5.8% | ||||||||
ANDRITZ AG | 65,152 | $ | 3,256,880 | |||||
Palfinger AG | 21,888 | 623,097 | ||||||
Semperit AG Holding(b)(c) | 32,312 | 445,940 | ||||||
|
| |||||||
4,325,917 | ||||||||
Metals & Mining — 4.7% | ||||||||
voestalpine AG | 112,721 | 3,493,836 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 14.7% | ||||||||
OMV AG | 207,837 | 10,950,448 | ||||||
|
| |||||||
Real Estate Management & Development — 10.7% |
| |||||||
CA Immobilien Anlagen AG | 96,230 | 3,252,250 | ||||||
IMMOFINANZ AG | 129,019 | 3,205,664 | ||||||
S IMMO AG | 79,034 | 1,497,534 | ||||||
|
| |||||||
7,955,448 | ||||||||
|
| |||||||
Total Common Stocks — 98.7% | 73,642,864 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Cash Funds: Institutional, | 1,168,387 | 1,168,855 | ||||||
BlackRock Cash Funds: Treasury, | 40,618 | 40,618 | ||||||
|
| |||||||
1,209,473 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.6% |
| 1,209,473 | ||||||
|
| |||||||
Total Investments in Securities — 100.3% |
| 74,852,337 | ||||||
Other Assets, Less Liabilities — (0.3)% | (220,129 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 74,632,208 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Non-income producing security. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Austria ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 3,873,786 | (2,705,399 | ) | 1,168,387 | $ | 1,168,855 | $ | 36,904 | (b) | $ | (418 | ) | $ | 251 | ||||||||||||||
BlackRock Cash Funds: Treasury, | 46,016 | (5,398 | ) | 40,618 | 40,618 | 750 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,209,473 | $ | 37,654 | $ | (418 | ) | $ | 251 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 73,642,864 | $ | — | $ | — | $ | 73,642,864 | ||||||||
Money Market Funds | 1,209,473 | — | — | 1,209,473 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 74,852,337 | $ | — | $ | — | $ | 74,852,337 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Belgium ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.7% |
| |||||||
bpost SA | 32,936 | $ | 300,784 | |||||
|
| |||||||
Banks — 10.6% | ||||||||
KBC Group NV | 65,864 | 4,883,959 | ||||||
|
| |||||||
Beverages — 22.4% |
| |||||||
Anheuser-Busch InBev SA/NV | 132,257 | 10,323,707 | ||||||
|
| |||||||
Biotechnology — 4.4% |
| |||||||
Argenx SE(a) | 6,301 | 838,035 | ||||||
Galapagos NV(a) | 12,302 | 1,208,075 | ||||||
|
| |||||||
2,046,110 | ||||||||
Capital Markets — 1.0% | ||||||||
Gimv NV | 7,815 | 447,617 | ||||||
|
| |||||||
Chemicals — 11.0% | ||||||||
Recticel SA | 18,882 | 139,756 | ||||||
Solvay SA | 17,972 | 2,014,139 | ||||||
Tessenderlo Group SA(a) | 11,492 | 394,541 | ||||||
Umicore SA | 58,014 | 2,510,302 | ||||||
|
| |||||||
5,058,738 | ||||||||
Construction & Engineering — 0.8% |
| |||||||
Cie. d’Entreprises CFE | 3,559 | 355,416 | ||||||
|
| |||||||
Distributors — 0.9% | ||||||||
D’ieteren SA/NV | 10,594 | 402,676 | ||||||
|
| |||||||
Diversified Financial Services — 10.2% |
| |||||||
Ackermans & van Haaren NV | 7,072 | 1,115,325 | ||||||
Groupe Bruxelles Lambert SA | 21,665 | 2,086,584 | ||||||
KBC Ancora | 12,778 | 618,680 | ||||||
Sofina SA | 4,601 | 901,136 | ||||||
|
| |||||||
4,721,725 | ||||||||
Diversified Telecommunication Services — 2.6% |
| |||||||
Proximus SADP | 44,716 | 1,182,828 | ||||||
|
| |||||||
Electric Utilities — 1.4% | ||||||||
Elia System Operator SA/NV | 9,340 | 665,780 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.1% |
| |||||||
Barco NV | 3,436 | 525,068 | ||||||
|
| |||||||
Entertainment — 0.8% | ||||||||
Kinepolis Group NV | 6,606 | 372,352 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 7.3% |
| |||||||
Aedifica SA | 6,505 | 597,765 | ||||||
Befimmo SA | 8,304 | 452,458 | ||||||
Cofinimmo SA | 6,997 | 909,887 | ||||||
Intervest Offices & Warehouses NV | 11,732 | 300,583 | ||||||
Montea CVA | 715 | 47,548 | ||||||
Retail Estates NV | 2,865 | 262,295 | ||||||
Warehouses De Pauw CVA | 5,473 | 807,681 | ||||||
|
| |||||||
3,378,217 | ||||||||
Food & Staples Retailing — 2.8% |
| |||||||
Colruyt SA(b) | 17,813 | 1,271,786 | ||||||
|
| |||||||
Food Products — 0.1% |
| |||||||
Greenyard NV(b) | 13,471 | 51,234 | ||||||
|
|
Security | Shares | Value | ||||||
Health Care Equipment & Supplies — 0.9% |
| |||||||
Biocartis NV(a)(c) | 20,148 | $ | 268,428 | |||||
Ion Beam Applications(a)(b) | 10,817 | 143,373 | ||||||
|
| |||||||
411,801 | ||||||||
Health Care Providers & Services — 0.8% |
| |||||||
Fagron | 18,686 | 346,615 | ||||||
|
| |||||||
Health Care Technology — 0.7% |
| |||||||
AGFA-Gevaert NV(a) | 83,079 | 322,593 | ||||||
|
| |||||||
Insurance — 4.6% | ||||||||
Ageas | 43,431 | 2,142,881 | ||||||
|
| |||||||
IT Services — 0.6% | ||||||||
Econocom Group SA/NV(b) | 63,518 | 262,406 | ||||||
|
| |||||||
Media — 1.7% | ||||||||
Telenet Group Holding NV | 17,165 | 775,577 | ||||||
|
| |||||||
Metals & Mining — 0.8% | ||||||||
Bekaert SA | 14,548 | 386,977 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.5% |
| |||||||
Euronav NV | 59,862 | 475,109 | ||||||
Exmar NV(a) | 30,549 | 208,021 | ||||||
|
| |||||||
683,130 | ||||||||
Personal Products — 1.2% |
| |||||||
Ontex Group NV | 26,924 | 566,873 | ||||||
|
| |||||||
Pharmaceuticals — 6.5% | ||||||||
Mithra Pharmaceuticals SA(a)(b) | 5,571 | 160,496 | ||||||
UCB SA | 33,547 | 2,814,575 | ||||||
|
| |||||||
2,975,071 | ||||||||
Semiconductors & Semiconductor Equipment — 1.1% |
| |||||||
Melexis NV(b) | 7,456 | 491,580 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.6% |
| |||||||
Sioen Industries NV | 5,707 | 155,641 | ||||||
Van de Velde NV | 4,476 | 141,182 | ||||||
|
| |||||||
296,823 | ||||||||
Wireless Telecommunication Services — 0.7% |
| |||||||
Orange Belgium SA | 15,826 | 321,135 | ||||||
|
| |||||||
Total Common Stocks — 99.8% |
| 45,971,459 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 5.2% | ||||||||
BlackRock Cash Funds: Institutional, | 2,365,460 | 2,366,407 | ||||||
BlackRock Cash Funds: Treasury, | 24,738 | 24,738 | ||||||
|
| |||||||
2,391,145 | ||||||||
|
| |||||||
Total Short-Term Investments — 5.2% |
| 2,391,145 | ||||||
|
| |||||||
Total Investments in Securities — 105.0% |
| 48,362,604 | ||||||
Other Assets, Less Liabilities — (5.0)% |
| (2,287,456 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 46,075,148 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Belgium ETF |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 1,512,858 | 852,602 | 2,365,460 | $ | 2,366,407 | $ | 22,223 | (b) | $ | 205 | $ | (30 | ) | |||||||||||||||
BlackRock Cash Funds: Treasury, | 15,487 | 9,251 | 24,738 | 24,728 | 275 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 2,391,145 | $ | 22,498 | $ | 205 | $ | (30 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 45,971,459 | $ | — | $ | — | $ | 45,971,459 | ||||||||
Money Market Funds | 2,391,145 | — | — | 2,391,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 48,362,604 | $ | — | $ | — | $ | 48,362,604 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI France ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 9.0% | ||||||||
Airbus SE | 309,572 | $ | 40,045,114 | |||||
Dassault Aviation SA | 1,322 | 2,227,936 | ||||||
Safran SA | 177,565 | 24,242,984 | ||||||
Thales SA | 56,597 | 6,976,392 | ||||||
|
| |||||||
73,492,426 | ||||||||
Air Freight & Logistics — 0.3% | ||||||||
Bollore SA | 466,373 | 2,075,379 | ||||||
|
| |||||||
Auto Components — 2.1% | ||||||||
Cie. Generale des Etablissements Michelin SCA | 90,671 | 10,892,571 | ||||||
Faurecia SA | 40,204 | 1,920,026 | ||||||
Valeo SA | 127,695 | 4,035,027 | ||||||
|
| |||||||
16,847,624 | ||||||||
Automobiles — 1.8% | ||||||||
Peugeot SA | 313,259 | 7,975,995 | ||||||
Renault SA | 102,128 | 7,004,340 | ||||||
|
| |||||||
14,980,335 | ||||||||
Banks — 6.3% | ||||||||
BNP Paribas SA | 598,276 | 30,694,044 | ||||||
Credit Agricole SA | 608,780 | 7,786,226 | ||||||
Societe Generale SA | 408,652 | 12,563,971 | ||||||
|
| |||||||
51,044,241 | ||||||||
Beverages — 2.6% | ||||||||
Pernod Ricard SA | 112,966 | 19,475,256 | ||||||
Remy Cointreau SA | 12,175 | 1,587,391 | ||||||
|
| |||||||
21,062,647 | ||||||||
Building Products — 1.2% | ||||||||
Cie. de Saint-Gobain | 265,444 | 9,569,591 | ||||||
|
| |||||||
Capital Markets — 0.6% | ||||||||
Amundi SA(a) | 32,123 | 2,149,351 | ||||||
Natixis SA | 506,042 | 2,784,345 | ||||||
|
| |||||||
4,933,696 | ||||||||
Chemicals — 3.9% | ||||||||
Air Liquide SA | 227,893 | 28,454,382 | ||||||
Arkema SA | 36,462 | 3,680,271 | ||||||
|
| |||||||
32,134,653 | ||||||||
Commercial Services & Supplies — 0.9% | ||||||||
Edenred | 127,351 | 5,658,472 | ||||||
Societe BIC SA | 13,767 | 1,303,500 | ||||||
|
| |||||||
6,961,972 | ||||||||
Construction & Engineering — 4.2% | ||||||||
Bouygues SA | 116,688 | 4,418,017 | ||||||
Eiffage SA | 41,840 | 4,086,836 | ||||||
Vinci SA | 269,835 | 25,785,366 | ||||||
|
| |||||||
34,290,219 | ||||||||
Construction Materials — 0.1% | ||||||||
Imerys SA | 18,953 | 1,078,658 | ||||||
|
| |||||||
Diversified Financial Services — 0.5% | ||||||||
Eurazeo SE | 24,616 | 1,852,800 | ||||||
Wendel SA | 14,950 | 1,887,914 | ||||||
|
| |||||||
3,740,714 | ||||||||
Diversified Telecommunication Services — 2.2% |
| |||||||
Iliad SA | 14,134 | 1,472,637 | ||||||
Orange SA | 1,061,493 | 16,245,233 | ||||||
|
| |||||||
17,717,870 |
Security | Shares | Value | ||||||
Electric Utilities — 0.6% | ||||||||
Electricite de France SA | 320,852 | $ | 4,665,575 | |||||
|
| |||||||
Electrical Equipment — 3.9% | ||||||||
Legrand SA | 142,101 | 9,385,008 | ||||||
Schneider Electric SE | 292,457 | 22,785,294 | ||||||
|
| |||||||
32,170,302 | ||||||||
Electronic Equipment, Instruments & Components — 0.3% |
| |||||||
Ingenico Group SA | 31,889 | 2,143,136 | ||||||
|
| |||||||
Entertainment — 2.4% | ||||||||
Ubisoft Entertainment SA(b) | 41,979 | 3,035,396 | ||||||
Vivendi SA | 555,528 | 16,257,307 | ||||||
|
| |||||||
19,292,703 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.9% |
| |||||||
Covivio | 24,213 | 2,453,851 | ||||||
Gecina SA | 24,217 | 3,595,899 | ||||||
ICADE | 18,074 | 1,540,478 | ||||||
Klepierre SA | 108,168 | 3,780,117 | ||||||
Unibail-Rodamco-Westfield | 73,465 | 11,878,958 | ||||||
|
| |||||||
23,249,303 | ||||||||
Food & Staples Retailing — 1.0% | ||||||||
Carrefour SA | 314,508 | 6,446,348 | ||||||
Casino Guichard Perrachon SA(c) | 29,264 | 1,549,183 | ||||||
|
| |||||||
7,995,531 | ||||||||
Food Products — 3.0% | ||||||||
Danone SA | 328,066 | 24,778,828 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.2% | ||||||||
BioMerieux | 22,128 | 1,826,795 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.2% | ||||||||
Accor SA | 100,709 | 4,256,825 | ||||||
Sodexo SA(c) | 47,181 | 5,188,763 | ||||||
|
| |||||||
9,445,588 | ||||||||
Household Durables — 0.2% | ||||||||
SEB SA | 11,991 | 2,067,240 | ||||||
|
| |||||||
Insurance — 3.9% | ||||||||
AXA SA | 1,031,308 | 26,182,155 | ||||||
CNP Assurances | 91,059 | 2,106,959 | ||||||
SCOR SE | 86,608 | 3,904,389 | ||||||
|
| |||||||
32,193,503 | ||||||||
IT Services — 1.9% | ||||||||
Atos SE | 51,153 | 4,917,292 | ||||||
Capgemini SE | 85,278 | 10,215,562 | ||||||
|
| |||||||
15,132,854 | ||||||||
Life Sciences Tools & Services — 0.5% | ||||||||
Eurofins Scientific SE(c) | 6,065 | 2,556,682 | ||||||
Sartorius Stedim Biotech | 14,684 | 1,730,591 | ||||||
|
| |||||||
4,287,273 | ||||||||
Machinery — 0.4% | ||||||||
Alstom SA | 82,589 | 3,594,367 | ||||||
|
| |||||||
Media — 1.6% | ||||||||
Eutelsat Communications SA | 93,152 | 1,841,414 | ||||||
JCDecaux SA | 39,536 | 1,220,033 | ||||||
Publicis Groupe SA | 112,735 | 6,255,538 | ||||||
SES SA | 193,389 | 3,890,048 | ||||||
|
| |||||||
13,207,033 |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI France ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Metals & Mining — 1.0% | ||||||||
ArcelorMittal | 353,090 | $ | 8,125,709 | |||||
|
| |||||||
Multi-Utilities — 2.9% | ||||||||
Engie SA | 971,472 | 14,657,358 | ||||||
Suez | 199,147 | 2,547,748 | ||||||
Veolia Environnement SA | 284,496 | 6,252,346 | ||||||
|
| |||||||
23,457,452 | ||||||||
Oil, Gas & Consumable Fuels — 9.0% | ||||||||
TOTAL SA | 1,283,278 | 73,048,856 | ||||||
|
| |||||||
Personal Products — 4.2% | ||||||||
L’Oreal SA | 134,087 | 33,880,789 | ||||||
|
| |||||||
Pharmaceuticals — 6.5% | ||||||||
Ipsen SA | 20,002 | 2,769,597 | ||||||
Sanofi | 599,422 | 50,168,319 | ||||||
|
| |||||||
52,937,916 | ||||||||
Professional Services — 1.1% | ||||||||
Bureau Veritas SA | 140,952 | 3,373,755 | ||||||
Teleperformance | 30,729 | 5,493,607 | ||||||
|
| |||||||
8,867,362 | ||||||||
Semiconductors & Semiconductor Equipment — 0.7% |
| |||||||
STMicroelectronics NV | 363,190 | 5,942,924 | ||||||
|
| |||||||
Software — 1.2% | ||||||||
Dassault Systemes SE | 69,557 | 10,189,671 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 12.5% | ||||||||
EssilorLuxottica SA | 153,137 | 18,562,452 | ||||||
Hermes International | 16,845 | 10,680,209 | ||||||
Kering SA | 40,318 | 22,041,453 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 147,743 | 50,806,981 | ||||||
|
| �� | ||||||
102,091,095 | ||||||||
Trading Companies & Distributors — 0.2% | ||||||||
Rexel SA | 161,751 | 2,018,678 | ||||||
|
|
Security | Shares | Value | ||||||
Transportation Infrastructure — 0.8% | ||||||||
Aeroports de Paris | 15,738 | $ | 3,057,300 | |||||
Getlink SE | 249,588 | 3,688,994 | ||||||
|
| |||||||
6,746,294 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% |
| 813,286,802 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, | 3,592,313 | 3,593,750 | ||||||
BlackRock Cash Funds: Treasury, | 472,241 | 472,241 | ||||||
|
| |||||||
4,065,991 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.5% |
| 4,065,991 | ||||||
|
| |||||||
Total Investments in Securities — 100.3% |
| 817,352,793 | ||||||
Other Assets, Less Liabilities — (0.3)% | (2,754,452 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 814,598,341 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at | | Net Activity | | Shares Held at | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
BlackRock Cash Funds: Institutional, | 1,098,170 | 2,494,143 | 3,592,313 | $ | 3,593,750 | $ | 53,445 | (b) | $ | (2,753 | ) | $ | 322 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 47,843 | 424,398 | 472,241 | 472,241 | 3,448 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 4,065,991 | $ | 56,893 | $ | (2,753 | ) | $ | 322 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
CAC 40 Index | 16 | 03/15/19 | $ | 955 | $ | 41,146 | ||||||||||
|
|
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI France ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ 41,146 | |||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $(194,113 | ) | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ 36,624 | |||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,269,392 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 813,286,802 | $ | — | $ | — | $ | 813,286,802 | ||||||||
Money Market Funds | 4,065,991 | — | — | 4,065,991 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 817,352,793 | $ | — | $ | — | $ | 817,352,793 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 41,146 | $ | — | $ | — | $ | 41,146 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Netherlands ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Air Freight & Logistics — 0.3% |
| |||||||
PostNL NV | 234,332 | $ | 631,063 | |||||
|
| |||||||
Banks — 11.5% |
| |||||||
ABN AMRO Group NV, CVA(a) | 179,731 | 4,363,347 | ||||||
ING Groep NV | 1,467,271 | 19,434,540 | ||||||
NIBC Holding NV(a) | 10,031 | 104,160 | ||||||
|
| |||||||
23,902,047 | ||||||||
Beverages — 6.4% |
| |||||||
Coca-Cola European Partners PLC | 83,632 | 3,942,412 | ||||||
Heineken Holding NV | 19,060 | 1,845,894 | ||||||
Heineken NV | 74,915 | 7,558,090 | ||||||
|
| |||||||
13,346,396 | ||||||||
Biotechnology — 0.2% |
| |||||||
Pharming Group NV(b)(c) | 208,571 | 220,163 | ||||||
ProQR Therapeutics NV(b)(c) | 9,488 | 126,380 | ||||||
|
| |||||||
346,543 | ||||||||
Capital Markets — 0.5% |
| |||||||
BinckBank NV | 71,643 | 510,690 | ||||||
Flow Traders(a) | 19,948 | 579,228 | ||||||
|
| |||||||
1,089,918 | ||||||||
Chemicals — 8.8% |
| |||||||
Akzo Nobel NV | 90,963 | 8,258,403 | ||||||
Corbion NV | 34,524 | 1,057,506 | ||||||
Koninklijke DSM NV | 73,839 | 7,937,200 | ||||||
OCI NV(b) | 42,883 | 1,019,101 | ||||||
|
| |||||||
18,272,210 | ||||||||
Construction & Engineering — 1.3% |
| |||||||
Arcadis NV | 47,093 | 792,575 | ||||||
Boskalis Westminster | 45,040 | 1,269,355 | ||||||
Koninklijke BAM Groep NV | 108,832 | 443,659 | ||||||
Koninklijke Volkerwessels NV | 11,579 | 240,626 | ||||||
|
| |||||||
2,746,215 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
SNS REAAL NV(b)(c)(d) | 68,952 | 1 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.2% |
| |||||||
Koninklijke KPN NV | 1,446,825 | 4,468,021 | ||||||
|
| |||||||
Electrical Equipment — 1.3% |
| |||||||
Kendrion NV | 14,590 | 353,871 | ||||||
SIF Holding NV(c) | 3,942 | 43,541 | ||||||
Signify NV(a) | 41,867 | 1,113,187 | ||||||
TKH Group NV | 22,256 | 1,092,280 | ||||||
|
| |||||||
2,602,879 | ||||||||
Energy Equipment & Services — 1.1% |
| |||||||
Fugro NV, CVA(b)(c) | 44,166 | 500,907 | ||||||
SBM Offshore NV | 89,492 | 1,690,597 | ||||||
|
| |||||||
2,191,504 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.3% |
| |||||||
Eurocommercial Properties NV | 25,885 | 756,925 | ||||||
NSI NV | 15,587 | 650,498 | ||||||
Vastned Retail NV | 14,497 | 553,835 | ||||||
Wereldhave NV | 22,704 | 663,131 | ||||||
|
| |||||||
2,624,389 | ||||||||
Food & Staples Retailing — 4.4% |
| |||||||
Koninklijke Ahold Delhaize NV | 357,636 | 9,234,174 | ||||||
|
|
Security | Shares | Value | ||||||
Food Products — 0.3% |
| |||||||
ForFarmers NV | 13,071 | $ | 122,495 | |||||
Wessanen(c) | 50,051 | 505,244 | ||||||
|
| |||||||
627,739 | ||||||||
Health Care Equipment & Supplies — 6.4% |
| |||||||
Koninklijke Philips NV | 333,741 | 13,301,087 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.2% |
| |||||||
Basic-Fit NV(a)(b) | 11,125 | 361,039 | ||||||
|
| |||||||
Household Durables — 0.3% |
| |||||||
TomTom NV(b) | 70,531 | 583,238 | ||||||
|
| |||||||
Insurance — 5.8% |
| |||||||
Aegon NV | 759,449 | 4,088,703 | ||||||
ASR Nederland NV | 53,790 | 2,372,852 | ||||||
NN Group NV | 126,770 | 5,528,723 | ||||||
|
| |||||||
11,990,278 | ||||||||
Internet & Direct Marketing Retail — 0.5% |
| |||||||
Takeaway.com NV(a)(b) | 13,470 | 987,786 | ||||||
|
| |||||||
IT Services — 1.7% |
| |||||||
Adyen NV(a)(b) | 1,691 | 1,270,858 | ||||||
InterXion Holding NV(b)(c) | 34,697 | 2,272,654 | ||||||
|
| |||||||
3,543,512 | ||||||||
Leisure Products — 0.2% |
| |||||||
Accell Group NV | 20,282 | 445,274 | ||||||
|
| |||||||
Machinery — 0.9% |
| |||||||
Aalberts Industries NV | 48,091 | 1,779,192 | ||||||
|
| |||||||
Metals & Mining — 0.4% |
| |||||||
AMG Advanced Metallurgical Group NV | 10,855 | 421,249 | ||||||
Constellium NV, Class A(b) | 44,922 | 424,962 | ||||||
|
| |||||||
846,211 | ||||||||
Oil, Gas & Consumable Fuels — 0.8% |
| |||||||
Koninklijke Vopak NV | 35,314 | 1,728,717 | ||||||
|
| |||||||
Personal Products — 15.2% |
| |||||||
Unilever NV, CVA | 584,607 | 31,663,655 | ||||||
|
| |||||||
Professional Services — 5.4% |
| |||||||
Brunel International NV | 23,826 | 335,878 | ||||||
Intertrust NV(a) | 28,671 | 542,278 | ||||||
Randstad NV | 52,795 | 2,822,526 | ||||||
Wolters Kluwer NV | 114,760 | 7,576,668 | ||||||
|
| |||||||
11,277,350 | ||||||||
Semiconductors & Semiconductor Equipment — 19.2% |
| |||||||
ASM International NV | 24,601 | 1,342,952 | ||||||
ASML Holding NV | 155,143 | 28,463,688 | ||||||
BE Semiconductor Industries NV | 39,585 | 991,660 | ||||||
NXP Semiconductors NV | 99,401 | 9,077,299 | ||||||
|
| |||||||
39,875,599 | ||||||||
Software — 1.0% |
| |||||||
Gemalto NV(b) | 37,465 | 2,171,466 | ||||||
|
| |||||||
Trading Companies & Distributors — 2.2% |
| |||||||
AerCap Holdings NV(b) | 56,378 | 2,544,903 | ||||||
IMCD NV | 26,330 | 2,068,757 | ||||||
|
| |||||||
4,613,660 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% | 207,251,163 | |||||||
|
|
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Netherlands ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, | 1,499,551 | $ | 1,500,151 | |||||
BlackRock Cash Funds: Treasury, | 261,605 | 261,605 | ||||||
|
| |||||||
1,761,756 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.8% |
| 1,761,756 | ||||||
|
| |||||||
Total Investments in Securities — 100.6% |
| 209,012,919 | ||||||
Other Assets, Less Liabilities — (0.6)% | (1,295,853 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 207,717,066 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized7-day yield as ofperiod-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 3,959,407 | (2,459,856 | ) | 1,499,551 | $ | 1,500,151 | $ | 11,649 | (a) | $ | 770 | $ | 149 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 10,009 | 251,596 | 261,605 | 261,605 | 893 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,761,756 | $ | 12,542 | $ | 770 | $ | 149 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Euro STOXX 50 Index | 11 | 03/15/19 | $ | 413 | $ | 4,346 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity | ||||
Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 4,346 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Netherlands ETF |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity | ||||
Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (19,271 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 17,309 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 454,231 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 207,251,162 | $ | — | $ | 1 | $ | 207,251,163 | ||||||||
Money Market Funds | 1,761,756 | — | — | 1,761,756 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 209,012,918 | $ | — | $ | 1 | $ | 209,012,919 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 4,346 | $ | — | $ | — | $ | 4,346 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Sweden ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 20.5% | ||||||||
Nordea Bank Abp | 1,767,520 | $ | 16,038,597 | |||||
Skandinaviska Enskilda Banken AB, Class A | 925,429 | 9,426,028 | ||||||
Svenska Handelsbanken AB, Class A | 868,715 | 9,914,646 | ||||||
Swedbank AB, Class A | 524,673 | 9,645,748 | ||||||
|
| |||||||
45,025,019 | ||||||||
Building Products — 5.4% | ||||||||
Assa Abloy AB, Class B | 574,630 | 11,893,254 | ||||||
|
| |||||||
Commercial Services & Supplies — 1.5% | ||||||||
Securitas AB, Class B | 213,060 | 3,343,381 | ||||||
|
| |||||||
Communications Equipment — 7.4% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,777,231 | 16,276,892 | ||||||
|
| |||||||
Construction & Engineering — 1.8% | ||||||||
Skanska AB, Class B | 218,247 | 3,939,024 | ||||||
|
| |||||||
Diversified Financial Services — 8.6% | ||||||||
Industrivarden AB, Class C | 118,670 | 2,472,854 | ||||||
Investor AB, Class B | 260,884 | 11,658,341 | ||||||
Kinnevik AB, Class B | 136,494 | 3,460,149 | ||||||
L E Lundbergforetagen AB, Class B | 45,073 | 1,390,663 | ||||||
|
| |||||||
18,982,007 | ||||||||
Diversified Telecommunication Services — 3.5% |
| |||||||
Telia Co. AB | 1,768,780 | 7,682,017 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.9% |
| |||||||
Hexagon AB, Class B | 162,005 | 8,526,117 | ||||||
|
| |||||||
Food & Staples Retailing — 1.0% | ||||||||
ICA Gruppen AB | 59,572 | 2,291,057 | ||||||
|
| |||||||
Household Durables — 2.9% | ||||||||
Electrolux AB, Series B | 155,348 | 4,067,688 | ||||||
Husqvarna AB, Class B | 294,754 | 2,417,247 | ||||||
|
| |||||||
6,484,935 | ||||||||
Household Products — 4.4% | ||||||||
Essity AB, Class B | 345,046 | 9,632,894 | ||||||
|
| |||||||
Machinery — 24.5% | ||||||||
Alfa Laval AB | 193,939 | 4,244,064 | ||||||
Atlas Copco AB, Class A | 389,273 | 10,553,432 | ||||||
Atlas Copco AB, Class B | 224,892 | 5,647,455 |
Security | Shares | Value | ||||||
| ||||||||
Machinery (continued) | ||||||||
Epiroc AB, Class A(a) | 389,524 | $ | 3,913,090 | |||||
Epiroc AB, Class B(a) | 224,878 | 2,114,132 | ||||||
Sandvik AB | 604,519 | 9,938,115 | ||||||
SKF AB, Class B | 245,701 | 4,137,738 | ||||||
Volvo AB, Class B | 904,616 | 13,328,109 | ||||||
|
| |||||||
53,876,135 | ||||||||
Metals & Mining — 2.2% | ||||||||
Boliden AB | 175,061 | 4,793,425 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.9% | ||||||||
Lundin Petroleum AB | 131,002 | 4,285,981 | ||||||
|
| |||||||
Specialty Retail — 3.5% | ||||||||
Hennes & Mauritz AB, Class B | 509,190 | 7,710,637 | ||||||
|
| |||||||
Tobacco — 2.5% | ||||||||
Swedish Match AB | 116,759 | 5,477,010 | ||||||
|
| |||||||
Wireless Telecommunication Services — 2.7% |
| |||||||
Millicom International Cellular SA, SDR(a) | 36,278 | 2,185,161 | ||||||
Tele2 AB, Class B | 281,950 | 3,715,777 | ||||||
|
| |||||||
5,900,938 | ||||||||
|
| |||||||
Total Common Stocks — 98.2% |
| 216,120,723 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, | 240,207 | 240,207 | ||||||
|
| |||||||
Total Short-Term Investments — 0.1% |
| 240,207 | ||||||
|
| |||||||
Total Investments in Securities — 98.3% |
| 216,360,930 | ||||||
Other Assets, Less Liabilities — 1.7% | 3,660,126 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 220,021,056 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | — | — | — | $ | — | $ | 419 | (b) | $ | 94 | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, | 16,853 | 223,354 | 240,207 | 240,207 | 1,493 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 240,207 | $ | 1,912 | $ | 94 | $ | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Sweden ETF
|
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
OMXS 30 Index | 213 | 03/15/19 | $ | 3,627 | $ | 71,609 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 71,609 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $(154,074 | ) | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ (39,280 | ) | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 3,870,566 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 216,120,723 | $ | — | $ | — | $ | 216,120,723 | ||||||||
Money Market Funds | 240,207 | — | — | 240,207 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 216,360,930 | $ | — | $ | — | $ | 216,360,930 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 71,609 | $ | — | $ | — | $ | 71,609 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | iShares MSCI France ETF | iShares MSCI Netherlands | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 73,642,864 | $ | 45,971,459 | $ | 813,286,802 | $ | 207,251,163 | ||||||||
Affiliated(c) | 1,209,473 | 2,391,145 | 4,065,991 | 1,761,756 | ||||||||||||
Foreign currency, at value(d) | 23,543 | 45,797 | 990,908 | 514,372 | ||||||||||||
Foreign currency pledged: | ||||||||||||||||
Futures contracts(e) | — | — | 59,212 | 61,490 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 1,229,740 | 306,853 | 424,106 | 1,396,699 | ||||||||||||
Securities lending income — Affiliated | 2,878 | 2,307 | 6,451 | 1,531 | ||||||||||||
Variation margin on futures contracts | — | — | 3,120 | 4,639 | ||||||||||||
Capital shares sold | — | — | 1,120,203 | 131,520 | ||||||||||||
Dividends | 55 | 34,165 | 514 | 172,439 | ||||||||||||
Tax reclaims | 914,411 | 31,750 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 77,022,964 | 48,783,476 | 819,957,307 | 211,295,609 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value Payables: | 1,169,266 | 2,364,177 | 3,595,810 | 1,497,643 | ||||||||||||
Investments purchased | 1,193,521 | 326,985 | 1,524,481 | 2,018,749 | ||||||||||||
Investment advisory fees | 27,969 | 17,166 | 238,675 | 62,151 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 2,390,756 | 2,708,328 | 5,358,966 | 3,578,543 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 74,632,208 | $ | 46,075,148 | $ | 814,598,341 | $ | 207,717,066 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 147,256,253 | $ | 90,102,051 | $ | 914,483,005 | $ | 228,870,371 | ||||||||
Accumulated loss | (72,624,045 | ) | (44,026,903 | ) | (99,884,664 | ) | (21,153,305 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 74,632,208 | $ | 46,075,148 | $ | 814,598,341 | $ | 207,717,066 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 3,700,000 | 2,560,000 | 27,800,000 | 7,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 20.17 | $ | 18.00 | $ | 29.30 | $ | 29.67 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 100 million | 136.2 million | 340.2 million | 255 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 1,111,492 | $ | 2,247,271 | $ | 3,497,549 | $ | 1,470,216 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 88,374,852 | $ | 55,568,014 | $ | 879,402,008 | $ | 212,774,996 | ||||||||
(c) Investments, at cost — Affiliated | $ | 1,209,113 | $ | 2,390,820 | $ | 4,065,669 | $ | 1,761,278 | ||||||||
(d) Foreign currency, at cost | $ | 23,474 | $ | 45,887 | $ | 997,059 | $ | 512,787 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | — | $ | 59,386 | $ | 61,204 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 23 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2019
iShares MSCI Sweden ETF | ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 216,120,723 | ||
Affiliated(b) | 240,207 | |||
Foreign currency, at value(c) | 78,196 | |||
Foreign currency pledged: | ||||
Futures contracts(d) | 313,822 | |||
Receivables: | ||||
Investments sold | 444,183 | |||
Securities lending income — Affiliated | 124 | |||
Dividends | 512 | |||
Foreign withholding tax claims | 13,500,433 | |||
|
| |||
Total assets | 230,698,200 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investments purchased | 401,630 | |||
Variation margin on futures contracts | 26,264 | |||
Investment advisory fees | 85,277 | |||
Professional fees | 1,390,043 | |||
IRS compliance fee for foreign withholding tax claims | 8,773,930 | |||
|
| |||
Total liabilities | 10,677,144 | |||
|
| |||
NET ASSETS | $ | 220,021,056 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 317,621,869 | ||
Accumulated loss | (97,600,813 | ) | ||
|
| |||
NET ASSETS | $ | 220,021,056 | ||
|
| |||
Shares outstanding | 7,275,000 | |||
|
| |||
Net asset value | $ | 30.24 | ||
|
| |||
Shares authorized | 63.6 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — Unaffiliated | $ | 273,969,467 | ||
(b) Investments, at cost — Affiliated | $ | 240,207 | ||
(c) Foreign currency, at cost | $ | 56,579 | ||
(d) Foreign currency collateral pledged, at cost | $ | 319,605 |
See notes to financial statements.
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | iShares MSCI France ETF | iShares MSCI ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 82,378 | $ | 538,962 | $ | 3,572,243 | $ | 1,626,956 | (a) | |||||||
Dividends — Affiliated | 750 | 275 | 3,448 | 893 | ||||||||||||
Non-cash dividends — Unaffiliated | — | — | 842,669 | — | ||||||||||||
Securities lending income — Affiliated — net | 36,904 | 22,223 | 53,445 | 11,649 | ||||||||||||
Foreign taxes withheld | (9,749 | ) | (79,744 | ) | (371,879 | ) | (151,523 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 110,283 | 481,716 | 4,099,926 | 1,487,975 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 258,095 | 120,245 | 1,704,774 | 342,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 258,095 | 120,245 | 1,704,774 | 342,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (147,812 | ) | 361,471 | 2,395,152 | 1,145,238 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (5,807,260 | ) | (1,395,422 | ) | (3,179,723 | ) | (296,971 | ) | ||||||||
Investments — Affiliated | (418 | ) | 205 | (2,753 | ) | 770 | ||||||||||
In-kind redemptions — Unaffiliated | (4,256,260 | ) | 29,613 | 19,151,912 | 3,632,128 | |||||||||||
Futures contracts | — | — | (194,113 | ) | (19,271 | ) | ||||||||||
Foreign currency transactions | 13,718 | (1,240 | ) | (64,430 | ) | 7,411 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (10,050,220 | ) | (1,366,844 | ) | 15,710,893 | 3,324,067 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (5,375,623 | ) | (3,591,551 | ) | (72,112,491 | ) | (8,273,965 | ) | ||||||||
Investments — Affiliated | 251 | (30 | ) | 322 | 149 | |||||||||||
Futures contracts | — | — | 36,624 | 17,309 | ||||||||||||
Foreign currency translations | (32,125 | ) | (561 | ) | (3,143 | ) | (3,328 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (5,407,497 | ) | (3,592,142 | ) | (72,078,688 | ) | (8,259,835 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (15,457,717 | ) | (4,958,986 | ) | (56,367,795 | ) | (4,935,768 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (15,605,529 | ) | $ | (4,597,515 | ) | $ | (53,972,643 | ) | $ | (3,790,530 | ) | ||||
|
|
|
|
|
|
|
|
��
(a) | Includes $407,338 related to a special distribution from IC Group A/S. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 25 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2019
iShares MSCI Sweden ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 888,757 | ||
Dividends — Affiliated | 1,493 | |||
Securities lending income — Affiliated — net | 419 | |||
Foreign taxes withheld | (171,377 | ) | ||
Foreign withholding tax claims | 125,117 | |||
|
| |||
Total investment income | 844,409 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 574,678 | |||
Professional fees | 12,512 | |||
|
| |||
Total expenses | 587,190 | |||
|
| |||
Net investment income | 257,219 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (2,585,146 | ) | ||
Investments — Affiliated | 94 | |||
In-kind redemptions — Unaffiliated | (2,277,736 | ) | ||
Futures contracts | (154,074 | ) | ||
Foreign currency transactions | (27,703 | ) | ||
|
| |||
Net realized loss | (5,044,565 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (8,831,981 | ) | ||
Futures contracts | (39,280 | ) | ||
Foreign currency translations | (106,028 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (8,977,289 | ) | ||
|
| |||
Net realized and unrealized loss | (14,021,854 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (13,764,635 | ) | |
|
|
See notes to financial statements.
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | |||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income (loss) | $ | (147,812 | ) | $ | 5,867,613 | $ | 361,471 | $ | 1,698,333 | |||||||||||
Net realized gain (loss) | (10,050,220 | ) | 42,485,534 | (1,366,844 | ) | 3,008,902 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (5,407,497 | ) | (40,419,634 | ) | (3,592,142 | ) | (5,764,176 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (15,605,529 | ) | 7,933,513 | (4,597,515 | ) | (1,056,941 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,094,962 | ) | (6,751,155 | ) | (254,660 | ) | (2,051,350 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net decrease in net assets derived from capital share transactions | (55,130,740 | ) | (88,040,917 | ) | (8,975,664 | ) | (11,116,268 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total decrease in net assets | (71,831,231 | ) | (86,858,559 | ) | (13,827,839 | ) | (14,224,559 | ) | ||||||||||||
Beginning of period | 146,463,439 | 233,321,998 | 59,902,987 | 74,127,546 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 74,632,208 | $ | 146,463,439 | $ | 46,075,148 | $ | 59,902,987 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 27 |
Statements of Changes in Net Assets(continued)
iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 2,395,152 | $ | 19,854,403 | $ | 1,145,238 | $ | 3,801,301 | ||||||||||||
Net realized gain | 15,710,893 | 23,681,480 | 3,324,067 | 27,160,284 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (72,078,688 | ) | 1,476,797 | (8,259,835 | ) | (21,690,249 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (53,972,643 | ) | 45,012,680 | (3,790,530 | ) | 9,271,336 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,549,227 | ) | (20,500,943 | ) | (639,590 | ) | (3,982,173 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (68,097,766 | ) | 274,505,593 | 82,979,613 | (68,661,266 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | (124,619,636 | ) | 299,017,330 | 78,549,493 | (63,372,103 | ) | ||||||||||||||
Beginning of period | 939,217,977 | 640,200,647 | 129,167,573 | 192,539,676 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 814,598,341 | $ | 939,217,977 | $ | 207,717,066 | $ | 129,167,573 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets(continued)
iShares MSCI Sweden ETF | ||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 257,219 | $ | 13,100,289 | ||||
Net realized gain (loss) | (5,044,565 | ) | 14,553,525 | |||||
Net change in unrealized appreciation (depreciation) | (8,977,289 | ) | (41,179,647 | ) | ||||
|
|
|
| |||||
Net decrease in net assets resulting from operations | (13,764,635 | ) | (13,525,833 | ) | ||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (138,484 | ) | (15,746,851 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions | (14,544,212 | ) | (182,574,268 | ) | ||||
|
|
|
| |||||
NET ASSETS(a) | ||||||||
Total decrease in net assets | (28,447,331 | ) | (211,846,952 | ) | ||||
Beginning of period | 248,468,387 | 460,315,339 | ||||||
|
|
|
| |||||
End of period | $ | 220,021,056 | $ | 248,468,387 | ||||
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 29 |
(For a share outstanding throughout each period)
iShares MSCI Austria ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.88 | $ | 22.87 | $ | 15.58 | $ | 15.59 | $ | 17.55 | $ | 17.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss)(a) | (0.03 | ) | 0.58 | 0.53 | 0.38 | 0.25 | 0.52 | |||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.43 | ) | 0.11 | 7.13 | (0.06 | ) | (1.96 | ) | (0.18 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (2.46 | ) | 0.69 | 7.66 | 0.32 | (1.71 | ) | 0.34 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.25 | ) | (0.68 | ) | (0.37 | ) | (0.33 | ) | (0.25 | ) | (0.66 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.25 | ) | (0.68 | ) | (0.37 | ) | (0.33 | ) | (0.25 | ) | (0.66 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 20.17 | $ | 22.88 | $ | 22.87 | $ | 15.58 | $ | 15.59 | $ | 17.55 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (10.70 | )%(c) | 3.03 | % | 49.52 | % | 2.11 | % | (9.76 | )% | 1.56 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | (0.28 | )%(d) | 2.37 | % | 2.75 | % | 2.47 | % | 1.54 | % | 2.64 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 74,632 | $ | 146,463 | $ | 233,322 | $ | 60,780 | $ | 56,130 | $ | 63,170 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 10 | %(c) | 19 | % | 18 | % | 15 | % | 18 | % | 30 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Belgium ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.70 | $ | 20.59 | $ | 18.16 | $ | 17.00 | $ | 17.02 | $ | 14.36 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.13 | 0.50 | 0.43 | 0.34 | 0.34 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.73 | ) | (0.77 | ) | 2.51 | 1.05 | (0.00 | )(c) | 2.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.60 | ) | (0.27 | ) | 2.94 | 1.39 | 0.34 | 3.27 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.10 | ) | (0.62 | ) | (0.51 | ) | (0.23 | ) | (0.36 | ) | (0.61 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.10 | ) | (0.62 | ) | (0.51 | ) | (0.23 | ) | (0.36 | ) | (0.61 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 18.00 | $ | 19.70 | $ | 20.59 | $ | 18.16 | $ | 17.00 | $ | 17.02 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (8.10 | )%(d) | (1.34 | )% | 16.44 | % | 8.20 | % | 1.95 | % | 23.05 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.48 | %(e) | 2.40 | % | 2.31 | % | 1.92 | % | 2.01 | % | 1.90 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 46,075 | $ | 59,903 | $ | 74,128 | $ | 132,203 | $ | 153,659 | $ | 164,765 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 5 | %(d) | 13 | % | 8 | % | 19 | % | 7 | % | 13 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Rounds to less than $0.01. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 31 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI France ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.10 | $ | 29.64 | $ | 23.84 | $ | 25.01 | $ | 27.64 | $ | 24.85 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.10 | 0.80 | 0.69 | 0.67 | 0.74 | 0.66 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.78 | ) | 1.40 | 5.69 | (1.14 | ) | (2.69 | ) | 2.86 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.68 | ) | 2.20 | 6.38 | (0.47 | ) | (1.95 | ) | 3.52 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.12 | ) | (0.74 | ) | (0.58 | ) | (0.70 | ) | (0.68 | ) | (0.73 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.12 | ) | (0.74 | ) | (0.58 | ) | (0.70 | ) | (0.68 | ) | (0.73 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 29.30 | $ | 31.10 | $ | 29.64 | $ | 23.84 | $ | 25.01 | $ | 27.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (5.35 | )%(c) | 7.46 | % | 26.93 | % | (1.87 | )% | (7.17 | )% | 14.07 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.69 | %(d) | 2.53 | % | 2.57 | % | 2.77 | % | 2.85 | % | 2.36 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 814,598 | $ | 939,218 | $ | 640,201 | $ | 329,054 | $ | 350,139 | $ | 281,923 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 1 | %(c) | 4 | % | 6 | % | 6 | % | 6 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Netherlands ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.12 | $ | 30.56 | $ | 24.78 | $ | 24.48 | $ | 24.64 | $ | 22.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.23 | (b) | 0.62 | 0.46 | 0.71 | 0.50 | 0.45 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.55 | ) | 0.62 | 5.98 | 0.08 | (0.27 | ) | 2.22 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.32 | ) | 1.24 | 6.44 | 0.79 | 0.23 | 2.67 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.13 | ) | (0.68 | ) | (0.66 | ) | (0.49 | ) | (0.39 | ) | (0.55 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.13 | ) | (0.68 | ) | (0.66 | ) | (0.49 | ) | (0.39 | ) | (0.55 | ) | ||||||||||||
|
|
|
|
|
|
|
| �� |
|
|
|
| ||||||||||||
Net asset value, end of period | $ | 29.67 | $ | 31.12 | $ | 30.56 | $ | 24.78 | $ | 24.48 | $ | 24.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (4.20 | )%(d) | 4.08 | % | 26.44 | % | 3.32 | % | 0.87 | % | 11.80 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.64 | %(b)(e) | 1.95 | % | 1.74 | % | 2.97 | % | 2.01 | % | 1.78 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 207,717 | $ | 129,168 | $ | 192,540 | $ | 184,587 | $ | 176,282 | $ | 165,092 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 6 | %(d) | 7 | % | 14 | % | 24 | % | 6 | % | 7 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Includes aone-time special distribution from IC Group A/S. Excluding such special distribution, the net investment income would have been $0.15 per share and 1.05% of average net assets. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Sweden ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.85 | $ | 34.68 | $ | 28.54 | $ | 30.26 | $ | 34.11 | $ | 31.97 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.03 | 1.14 | 0.86 | 1.05 | 1.30 | (b) | 1.04 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.62 | ) | (2.19 | ) | 6.04 | (1.63 | ) | (3.75 | ) | 2.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.59 | ) | (1.05 | ) | 6.90 | (0.58 | ) | (2.45 | ) | 3.37 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.02 | ) | (1.78 | ) | (0.76 | ) | (1.14 | ) | (1.40 | ) | (1.23 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.02 | ) | (1.78 | ) | (0.76 | ) | (1.14 | ) | (1.40 | ) | (1.23 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 30.24 | $ | 31.85 | $ | 34.68 | $ | 28.54 | $ | 30.26 | $ | 34.11 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (5.00 | )%(d) | (2.88 | )% | 24.30 | % | (1.91 | )% | (7.46 | )%(b) | 10.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.53 | % | 0.53 | % | 0.48 | % | 0.92 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.22 | %(e) | 3.34 | % | 2.74 | % | 3.65 | % | 3.97 | %(b) | 2.97 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 220,021 | $ | 248,468 | $ | 460,315 | $ | 284,709 | $ | 331,387 | $ | 404,256 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 2 | %(d) | 5 | % | 9 | % | 7 | % | 4 | % | 7 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Reflects theone-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2015: |
• Net investment income per share by $0.42.
• Total return by 1.14%.
• Ratio of net investment income to average net assets by 1.31%.
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Austria | Non-diversified | |||
MSCI Belgium | Non-diversified | |||
MSCI France | Non-diversified | |||
MSCI Netherlands | Non-diversified | |||
MSCI Sweden | Non-diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 35 |
Notes to Financial Statements (unaudited) (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Austria | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 92,301 | $ | 92,301 | $ | — | $ | — | ||||||||
Deutsche Bank Securities Inc. | 270,956 | 270,956 | — | — | ||||||||||||
Goldman Sachs & Co. | 403,126 | 403,126 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 329,656 | 329,656 | — | — | ||||||||||||
Nomura Securities International Inc. | 15,453 | 15,453 | — | — | ||||||||||||
|
|
|
|
|
|
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| |||||||||
$ | 1,111,492 | $ | 1,111,492 | $ | — | $ | — | |||||||||
|
|
|
|
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|
|
| |||||||||
MSCI Belgium | ||||||||||||||||
Credit Suisse Securities (USA) LLC | $ | 54,622 | $ | 54,622 | $ | — | $ | — | ||||||||
Deutsche Bank Securities Inc. | 105,874 | 105,874 | — | — | ||||||||||||
Goldman Sachs & Co. | 1,332,789 | 1,332,789 | — | — | ||||||||||||
HSBC Bank PLC | 157,552 | 157,552 | — | — | ||||||||||||
JPMorgan Securities LLC | 491,580 | 491,580 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 104,854 | 104,854 | — | — | ||||||||||||
|
|
|
|
|
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| |||||||||
$ | 2,247,271 | $ | 2,247,271 | $ | — | $ | — | |||||||||
|
|
|
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|
| |||||||||
MSCI France | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 7,918 | $ | 7,918 | $ | — | $ | — | ||||||||
Deutsche Bank Securities Inc. | 42,998 | 42,998 | — | — | ||||||||||||
Goldman Sachs & Co. | 1,400,444 | 1,400,444 | — | — | ||||||||||||
JPMorgan Securities LLC | 2,046,189 | 2,046,189 | — | — | ||||||||||||
|
|
|
|
|
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| |||||||||
$ | 3,497,549 | $ | 3,497,549 | $ | — | $ | — | |||||||||
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|
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|
|
|
| |||||||||
MSCI Netherlands | ||||||||||||||||
BNP Paribas Prime Brokerage International Ltd. | $ | 9,324 | $ | 9,324 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 26,613 | 26,613 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 1,513 | 1,513 | — | — | ||||||||||||
JPMorgan Securities LLC | 133,092 | 133,092 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 432,803 | 432,803 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 166,021 | 156,595 | — | (9,426 | )(b) | |||||||||||
Wells Fargo Bank, National Association | 700,850 | 700,850 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,470,216 | $ | 1,460,790 | $ | — | $ | (9,426 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
(b) | Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an
N O T E S T O F I N A N C I A L S T A T E M E N T S | 37 |
Notes to Financial Statements (unaudited) (continued)
investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $7 billion | 0.59 | % | ||
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion | 0.32 |
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Austria | $ | 7,376 | ||
MSCI Belgium | 4,420 | |||
MSCI France | 10,206 | |||
MSCI Netherlands | 2,643 | |||
MSCI Sweden | 104 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Austria | $ | 2,009,982 | $ | 1,819,832 | ||||
MSCI Belgium | 594,813 | 199,743 | ||||||
MSCI France | 503,385 | 2,918,539 | ||||||
MSCI Netherlands | 792,377 | 2,132,162 | ||||||
MSCI Sweden | 1,074,560 | 1,416,205 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Austria | $ | 10,298,423 | $ | 11,825,042 | ||||
MSCI Belgium | 2,469,693 | 2,455,755 | ||||||
MSCI France | 6,099,437 | 7,031,064 | ||||||
MSCI Netherlands | 10,540,494 | 9,528,388 | ||||||
MSCI Sweden | 3,836,276 | 4,166,187 |
For the six months ended February 28, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Austria | $ | 13,284,132 | $ | 67,875,691 | ||||
MSCI Belgium | 2,645,038 | 11,507,482 | ||||||
MSCI France | 202,119,405 | 269,691,545 | ||||||
MSCI Netherlands | 108,079,584 | 25,406,356 | ||||||
MSCI Sweden | 27,569,122 | 41,842,222 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 39 |
Notes to Financial Statements (unaudited) (continued)
As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non-Expiring(a) | Expiring 2019 | Total | |||||||||
MSCI Austria | $ | 30,129,402 | $ | 13,826,937 | $ | 43,956,339 | ||||||
MSCI Belgium | 13,565,323 | 19,023,517 | 32,588,840 | |||||||||
MSCI France | 30,888,080 | 2,858,814 | 33,746,894 | |||||||||
MSCI Netherlands | 16,357,876 | 2,329,005 | 18,686,881 | |||||||||
MSCI Sweden | 27,302,109 | 5,244,977 | 32,547,086 |
(a) | Must be utilized prior to losses subject to expiration. |
For the year ended August 31, 2018, the Funds utilized the following amounts of their capital loss carryforwards as follows:
iShares ETF | Utilized | |||
MSCI Austria | $ | 4,633,980 | ||
MSCI Belgium | 862,763 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Austria | $ | 93,304,195 | $ | 1,164,634 | $ | (19,616,492 | ) | $ | (18,451,858 | ) | ||||||
MSCI Belgium | 58,795,903 | 2,088,623 | (12,521,922 | ) | (10,433,299 | ) | ||||||||||
MSCI France | 898,797,079 | 31,676,213 | (113,079,353 | ) | (81,403,140 | ) | ||||||||||
MSCI Netherlands | 215,969,559 | 6,574,086 | (13,526,380 | ) | (6,952,294 | ) | ||||||||||
MSCI Sweden | 276,184,496 | 2,909,534 | (62,661,491 | ) | (59,751,957 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||
|
|
|
| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Austria | ||||||||||||||||
Shares sold | 600,000 | $ | 13,412,881 | 3,800,000 | $ | 92,602,397 | ||||||||||
Shares redeemed | (3,300,000 | ) | (68,543,621 | ) | (7,600,000 | ) | (180,643,314 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Net decrease | (2,700,000 | ) | $ | (55,130,740 | ) | (3,800,000 | ) | $ | (88,040,917 | ) | ||||||
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|
|
|
|
| |||||||||
MSCI Belgium | ||||||||||||||||
Shares sold | 160,000 | $ | 2,657,464 | 1,040,000 | $ | 22,315,815 | ||||||||||
Shares redeemed | (640,000 | ) | (11,633,128 | ) | (1,600,000 | ) | (33,432,083 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (480,000 | ) | $ | (8,975,664 | ) | (560,000 | ) | $ | (11,116,268 | ) | ||||||
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|
| |||||||||
MSCI France | ||||||||||||||||
Shares sold | 7,000,000 | $ | 202,578,999 | 13,200,000 | $ | 421,549,607 | ||||||||||
Shares redeemed | (9,400,000 | ) | (270,676,765 | ) | (4,600,000 | ) | (147,044,014 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (2,400,000 | ) | $ | (68,097,766 | ) | 8,600,000 | $ | 274,505,593 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Netherlands | ||||||||||||||||
Shares sold | 3,750,000 | $ | 108,457,314 | 2,000,000 | $ | 63,403,937 | ||||||||||
Shares redeemed | (900,000 | ) | (25,477,701 | ) | (4,150,000 | ) | (132,065,203 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Net increase (decrease) | 2,850,000 | $ | 82,979,613 | (2,150,000 | ) | $ | (68,661,266 | ) | ||||||||
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| |||||||||
MSCI Sweden | ||||||||||||||||
Shares sold | 975,000 | $ | 28,073,917 | 3,075,000 | $ | 107,325,279 | ||||||||||
Shares redeemed | (1,500,000 | ) | (42,618,129 | ) | (8,550,000 | ) | (289,899,547 | ) | ||||||||
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|
|
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| |||||||||
Net decrease | (525,000 | ) | $ | (14,544,212 | ) | (5,475,000 | ) | $ | (182,574,268 | ) | ||||||
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|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
11. | FOREIGN WITHHOLDING TAX CLAIMS |
The iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by Swedish tax authorities. Professional and other fees associated with the filing of claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities. Collection of these receivables, and payment of associated liabilities, depends upon future determinations made by the Swedish authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 28, 2019, is $6,021,517 or $0.83 per share.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 41 |
Notes to Financial Statements (unaudited) (continued)
The Fund, under the approval of the Board, is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
12. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
13. | REGULATIONS-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532,Disclosure Update and Simplification.The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
MSCI Austria | $ | 6,751,155 | ||
MSCI Belgium | 2,051,350 | |||
MSCI France | 20,500,943 | |||
MSCI Netherlands | 3,982,173 | |||
MSCI Sweden | 15,746,851 |
Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed (distributions in excess of) net investment income | |||
MSCI Austria | $ | 761,881 | ||
MSCI Belgium | (189,289 | ) | ||
MSCI France | 591,126 | |||
MSCI Netherlands | 639,588 | |||
MSCI Sweden | 516,488 |
14. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions | % Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||||||||
for the Fiscal Year-to-Date | Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
MSCI Austria(a) | $ | 0.224223 | $ | — | $ | 0.024632 | $ | 0.248855 | 90 | % | — | % | 10 | % | 100 | % |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 43 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Equity
SDR | Swedish Depositary Receipt |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 45 |
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For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. | |
| ![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares MSCI Eurozone ETF | EZU | Cboe BZX |
▶ | iShares MSCI Germany ETF | EWG | NYSE Arca |
▶ | iShares MSCI Italy ETF | EWI | NYSE Arca |
▶ | iShares MSCI Spain ETF | EWP | NYSE Arca |
▶ | iShares MSCI Switzerland ETF | EWL | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of February 28, 2019 | iShares® MSCI Eurozone ETF |
Investment Objective
TheiShares MSCI Eurozone ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (6.08 | )% | (9.41 | )% | 0.75 | % | 8.53 | % | (9.41 | )% | 3.80 | % | 126.65 | % | ||||||||||||||||||
Fund Market | (6.04 | ) | (9.01 | ) | 0.80 | 8.63 | (9.01 | ) | 4.04 | 128.73 | ||||||||||||||||||||||
Index | (5.91 | ) | (9.31 | ) | 0.86 | 8.62 | (9.31 | ) | 4.37 | 128.66 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 939.20 | $ | 2.36 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 18.1 | % | ||
Industrials | 14.7 | |||
Consumer Discretionary | 13.2 | |||
Consumer Staples | 10.5 | |||
Information Technology | 9.0 | |||
Health Care | 7.5 | |||
Materials | 7.3 | |||
Energy | 6.0 | |||
Utilities | 6.0 | |||
Communication Services | 5.6 | |||
Real Estate | 2.1 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
France | 34.9 | % | ||
Germany | 27.4 | |||
Netherlands | 11.4 | |||
Spain | 9.6 | |||
Italy | 7.1 | |||
Finland | 3.3 | |||
Belgium | 3.1 | |||
Ireland | 1.7 | |||
Austria | 0.8 | |||
Portugal | 0.5 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI Germany ETF |
Investment Objective
TheiShares MSCI Germany ETF(the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (10.08 | )% | (14.20 | )% | (0.96 | )% | 9.70 | % | (14.20 | )% | (4.72 | )% | 152.49 | % | ||||||||||||||||||
Fund Market | (9.76 | ) | (13.82 | ) | (0.87 | ) | 9.75 | (13.82 | ) | (4.27 | ) | 153.47 | ||||||||||||||||||||
Index | (9.87 | ) | (14.09 | ) | (0.80 | ) | 9.86 | (14.09 | ) | (3.95 | ) | 156.03 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 899.20 | $ | 2.31 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Consumer Discretionary | 18.0 | % | ||
Financials | 15.9 | |||
Industrials | 13.3 | |||
Health Care | 12.5 | |||
Information Technology | 12.3 | |||
Materials | 10.3 | |||
Communication Services | 6.2 | |||
Utilities | 4.1 | |||
Real Estate | 4.0 | |||
Consumer Staples | 3.4 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
SAP SE | 8.9 | % | ||
Allianz SE | 8.0 | |||
Siemens AG | 7.0 | |||
Bayer AG | 6.3 | |||
BASF SE | 5.9 | |||
Deutsche Telekom AG | 4.6 | |||
Daimler AG | 4.6 | |||
adidas AG | 3.7 | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3.0 | |||
Volkswagen AG | 2.7 |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Italy ETF |
Investment Objective
TheiShares MSCI Italy ETF(the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 1.32 | % | (11.23 | )% | (1.18 | )% | 4.22 | % | (11.23 | )% | (5.76 | )% | 51.19 | % | ||||||||||||||||||
Fund Market | 1.39 | (10.89 | ) | (1.19 | ) | 4.35 | (10.89 | ) | (5.83 | ) | 53.04 | |||||||||||||||||||||
Index | 1.47 | (11.15 | ) | (1.23 | ) | 4.37 | (11.15 | ) | (5.99 | ) | 53.38 |
Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,013.20 | $ | 2.45 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 29.8 | % | ||
Energy | 19.4 | |||
Utilities | 17.8 | |||
Consumer Discretionary | 12.9 | |||
Industrials | 11.8 | |||
Communication Services | 4.2 | |||
Consumer Staples | 2.3 | |||
Health Care | 1.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Enel SpA | 14.5 | % | ||
Eni SpA | 12.8 | |||
Intesa Sanpaolo SpA | 10.5 | |||
UniCredit SpA | 7.5 | |||
Assicurazioni Generali SpA | 4.6 | |||
Ferrari NV | 4.5 | |||
Fiat Chrysler Automobiles NV | 4.4 | |||
Atlantia SpA | 4.3 | |||
Snam SpA | 4.1 | |||
CNH Industrial NV | 4.0 |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares® MSCI Spain ETF |
Investment Objective
TheiShares MSCI Spain ETF(the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (0.44 | )% | (8.67 | )% | (2.54 | )% | 5.17 | % | (8.67 | )% | (12.09 | )% | 65.52 | % | ||||||||||||||||||
Fund Market | (0.32 | ) | (8.35 | ) | (2.52 | ) | 5.25 | (8.35 | ) | (11.98 | ) | 66.85 | ||||||||||||||||||||
Index | (0.25 | ) | (8.35 | ) | (2.09 | ) | 5.29 | (8.35 | ) | (10.01 | ) | 67.37 |
Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 995.60 | $ | 2.42 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 38.5 | % | ||
Utilities | 20.8 | |||
Industrials | 13.5 | |||
Communication Services | 8.5 | |||
Energy | 7.0 | |||
Consumer Discretionary | 4.7 | |||
Information Technology | 4.3 | |||
Health Care | 2.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Banco Santander SA | 17.9 | % | ||
Iberdrola SA | 11.3 | |||
Banco Bilbao VizcayaArgentaria SA | 8.7 | |||
Telefonica SA | 8.5 | |||
IndustriadeDiseno Textil SA | 4.7 | |||
Repsol SA | 4.5 | |||
Amadeus IT Group SA | 4.3 | |||
CaixaBank SA | 3.9 | |||
Ferrovial SA | 3.9 | |||
ACS Actividades de Construccion y Servicios SA | 3.9 |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Switzerland ETF |
Investment Objective
TheiShares MSCI Switzerland ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (0.63 | )% | 1.72 | % | 2.63 | % | 11.73 | % | 1.72 | % | 13.88 | % | 203.16 | % | ||||||||||||||||||
Fund Market | (0.57 | ) | 1.54 | 2.63 | 11.85 | 1.54 | 13.84 | 206.43 | ||||||||||||||||||||||||
Index | (0.34 | ) | 1.88 | 2.81 | 11.85 | 1.88 | 14.89 | 206.34 |
Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 993.70 | $ | 2.42 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Health Care | 30.5 | % | ||
Consumer Staples | 22.0 | |||
Financials | 20.4 | |||
Industrials | 10.1 | |||
Materials | 7.8 | |||
Consumer Discretionary | 6.0 | |||
Communication Services | 1.3 | |||
Information Technology | 1.1 | |||
Real Estate | 0.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Nestle SA | 19.5 | % | ||
Novartis AG | 12.8 | |||
Roche Holding AG | 12.6 | |||
Zurich Insurance Group AG | 4.5 | |||
UBS Group AG | 4.4 | |||
Cie. Financiere Richemont SA | 3.7 | |||
ABB Ltd. | 3.4 | |||
Credit Suisse Group AG | 3.0 | |||
Swiss Re AG | 2.9 | |||
LafargeHolcim Ltd. | 2.3 |
F U N D S U M M A R Y | 9 |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by 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.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Austria — 0.8% | ||||||||
ANDRITZ AG | 107,163 | $ | 5,356,966 | |||||
Erste Group Bank AG | 443,221 | 16,781,142 | ||||||
OMV AG | 215,871 | 11,373,741 | ||||||
Raiffeisen Bank International AG | 217,413 | 5,550,482 | ||||||
Verbund AG | 98,921 | 4,766,984 | ||||||
voestalpine AG | 166,712 | 5,167,310 | ||||||
|
| |||||||
48,996,625 | ||||||||
Belgium — 3.1% | ||||||||
Ageas | 268,601 | 13,252,745 | ||||||
Anheuser-Busch InBev SA/NV | 1,120,797 | 87,487,086 | ||||||
Colruyt SA | 87,894 | 6,275,326 | ||||||
Groupe Bruxelles Lambert SA | 118,526 | 11,415,392 | ||||||
KBC Group NV | 367,412 | 27,244,401 | ||||||
Proximus SADP | 222,757 | 5,892,371 | ||||||
Solvay SA | 109,585 | 12,281,291 | ||||||
Telenet Group Holding NV | 77,107 | 3,483,975 | ||||||
UCB SA | 187,362 | 15,719,570 | ||||||
Umicore SA | 306,914 | 13,280,360 | ||||||
|
| |||||||
196,332,517 | ||||||||
Finland — 3.3% | ||||||||
Elisa OYJ | 207,875 | 8,732,135 | ||||||
Fortum OYJ | 653,833 | 14,533,031 | ||||||
Kone OYJ, Class B | 500,725 | 24,500,456 | ||||||
Metso OYJ | 152,929 | 5,191,124 | ||||||
Neste OYJ | 188,503 | 18,137,796 | ||||||
Nokia OYJ | 8,291,576 | 50,191,664 | ||||||
Nokian Renkaat OYJ | 170,650 | 6,043,329 | ||||||
Orion OYJ, Class B | 151,377 | 5,414,238 | ||||||
Sampo OYJ, Class A | 652,320 | 31,435,175 | ||||||
Stora Enso OYJ, Class R | 810,656 | 10,878,668 | ||||||
UPM-Kymmene OYJ | 787,019 | 23,766,666 | ||||||
Wartsila OYJ Abp | 653,693 | 10,629,469 | ||||||
|
| |||||||
209,453,751 | ||||||||
France — 34.8% | ||||||||
Accor SA | 276,027 | 11,667,265 | ||||||
Aeroports de Paris | 43,421 | 8,435,064 | ||||||
Air Liquide SA | 629,762 | 78,631,149 | ||||||
Airbus SE | 855,760 | 110,698,019 | ||||||
Alstom SA | 229,072 | 9,969,474 | ||||||
Amundi SA(a) | 89,844 | 6,011,466 | ||||||
Arkema SA | 101,159 | 10,210,425 | ||||||
Atos SE | 140,942 | 13,548,628 | ||||||
AXA SA | 2,851,708 | 72,397,249 | ||||||
BioMerieux | 61,151 | 5,048,369 | ||||||
BNP Paribas SA | 1,654,526 | 84,884,056 | ||||||
Bollore SA | 1,278,062 | 5,687,429 | ||||||
Bouygues SA | 321,111 | 12,157,838 | ||||||
Bureau Veritas SA | 391,455 | 9,369,666 | ||||||
Capgemini SE | 235,271 | 28,183,419 | ||||||
Carrefour SA | 867,161 | 17,773,861 | ||||||
Casino Guichard Perrachon SA(b) | 79,221 | 4,193,816 | ||||||
Cie. de Saint-Gobain | 731,091 | 26,356,752 | ||||||
Cie. Generale des Etablissements Michelin SCA | 250,986 | 30,151,678 | ||||||
CNP Assurances | 250,307 | 5,791,702 | ||||||
Covivio | 66,827 | 6,772,539 | ||||||
Credit Agricole SA | 1,686,091 | 21,564,909 | ||||||
Danone SA | 906,498 | 68,467,801 | ||||||
Dassault Aviation SA | 3,755 | 6,328,215 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Dassault Systemes SE | 191,573 | $ | 28,064,262 | |||||
Edenred | 350,507 | 15,573,761 | ||||||
Eiffage SA | 116,069 | 11,337,357 | ||||||
Electricite de France SA | 880,484 | 12,803,299 | ||||||
Engie SA | 2,679,512 | 40,427,894 | ||||||
EssilorLuxottica SA | 423,241 | 51,303,020 | ||||||
Eurazeo SE | 67,987 | 5,117,253 | ||||||
Eurofins Scientific SE(b) | 16,774 | 7,071,029 | ||||||
Eutelsat Communications SA | 256,993 | 5,080,197 | ||||||
Faurecia SA | 112,032 | 5,350,324 | ||||||
Gecina SA | 66,836 | 9,924,247 | ||||||
Getlink SE | 688,077 | 10,170,007 | ||||||
Hermes International | 46,445 | 29,447,452 | ||||||
ICADE | 48,876 | 4,165,786 | ||||||
Iliad SA | 38,703 | 4,032,508 | ||||||
Imerys SA | 53,063 | 3,019,935 | ||||||
Ingenico Group SA | 87,901 | 5,907,484 | ||||||
Ipsen SA | 55,055 | 7,623,245 | ||||||
JCDecaux SA | 110,594 | 3,412,797 | ||||||
Kering SA | 111,395 | 60,898,548 | ||||||
Klepierre SA | 301,472 | 10,535,458 | ||||||
Legrand SA | 391,999 | 25,889,430 | ||||||
L’Oreal SA | 370,627 | 93,649,161 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 408,355 | 140,428,208 | ||||||
Natixis SA | 1,392,727 | 7,663,064 | ||||||
Orange SA | 2,933,264 | 44,891,070 | ||||||
Pernod Ricard SA | 312,237 | 53,829,429 | ||||||
Peugeot SA | 862,122 | 21,950,785 | ||||||
Publicis Groupe SA | 309,983 | 17,200,609 | ||||||
Remy Cointreau SA | 33,161 | 4,323,571 | ||||||
Renault SA | 282,046 | 19,343,824 | ||||||
Rexel SA | 446,021 | 5,566,413 | ||||||
Safran SA | 491,533 | 67,109,097 | ||||||
Sanofi | 1,656,108 | 138,607,116 | ||||||
Sartorius Stedim Biotech | 40,659 | 4,791,887 | ||||||
Schneider Electric SE | 808,114 | 62,960,075 | ||||||
SCOR SE | 240,328 | 10,834,264 | ||||||
SEB SA | 33,499 | 5,775,203 | ||||||
SES SA | 535,863 | 10,778,962 | ||||||
Societe BIC SA | 37,393 | 3,540,480 | ||||||
Societe Generale SA | 1,126,355 | 34,629,689 | ||||||
Sodexo SA | 131,408 | 14,451,687 | ||||||
STMicroelectronics NV | 1,005,978 | 16,460,946 | ||||||
Suez | 549,739 | 7,032,976 | ||||||
Teleperformance | 84,681 | 15,138,929 | ||||||
Thales SA | 155,863 | 19,212,349 | ||||||
TOTAL SA | 3,548,071 | 201,969,120 | ||||||
Ubisoft Entertainment SA(c) | 115,839 | 8,376,027 | ||||||
Unibail-Rodamco-Westfield | 203,600 | 32,921,200 | ||||||
Valeo SA | 353,158 | 11,159,419 | ||||||
Veolia Environnement SA | 789,694 | 17,355,043 | ||||||
Vinci SA | 746,655 | 71,350,166 | ||||||
Vivendi SA | 1,535,151 | 44,925,587 | ||||||
Wendel SA | 40,748 | 5,145,735 | ||||||
|
| |||||||
2,224,828,173 | ||||||||
Germany — 25.6% | ||||||||
1&1 Drillisch AG(b) | 77,938 | 3,086,657 | ||||||
adidas AG | 265,553 | 64,589,511 | ||||||
Allianz SE, Registered | 625,457 | 139,307,931 | ||||||
Aroundtown SA | 1,154,756 | 9,730,418 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Axel Springer SE | 71,957 | $ | 4,109,164 | |||||
BASF SE | 1,350,872 | 103,046,611 | ||||||
Bayer AG, Registered | 1,371,238 | 109,737,264 | ||||||
Bayerische Motoren Werke AG | 486,731 | 41,185,638 | ||||||
Beiersdorf AG | 148,588 | 13,799,727 | ||||||
Brenntag AG | 227,461 | 11,292,835 | ||||||
Commerzbank AG(c) | 1,468,179 | 12,129,027 | ||||||
Continental AG | 161,925 | 26,551,309 | ||||||
Covestro AG(a) | 282,431 | 16,125,241 | ||||||
Daimler AG, Registered | 1,337,748 | 80,216,683 | ||||||
Delivery Hero SE(a)(c) | 138,493 | 5,374,486 | ||||||
Deutsche Bank AG, Registered(b) | 2,888,935 | 26,846,686 | ||||||
Deutsche Boerse AG | 280,080 | 35,432,818 | ||||||
Deutsche Lufthansa AG, Registered | 350,055 | 8,948,746 | ||||||
Deutsche Post AG, Registered | 1,455,866 | 45,290,971 | ||||||
Deutsche Telekom AG, Registered | 4,902,464 | 80,861,622 | ||||||
Deutsche Wohnen SE | 523,410 | 24,436,298 | ||||||
E.ON SE | 3,238,010 | 35,709,794 | ||||||
Evonik Industries AG | 240,707 | 6,783,807 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 61,359 | 4,934,186 | ||||||
Fresenius Medical Care AG & Co. KGaA | 318,178 | 24,955,876 | ||||||
Fresenius SE & Co. KGaA | 613,583 | 34,536,113 | ||||||
GEA Group AG | 238,318 | 5,717,826 | ||||||
Hannover Rueck SE | 88,135 | 13,147,078 | ||||||
HeidelbergCement AG | 217,211 | 15,987,947 | ||||||
Henkel AG & Co. KGaA | 150,886 | 14,191,834 | ||||||
HOCHTIEF AG | 30,925 | 4,908,875 | ||||||
HUGO BOSS AG | 92,597 | 6,855,725 | ||||||
Infineon Technologies AG | 1,677,673 | 36,879,638 | ||||||
Innogy SE(c) | 205,603 | 8,735,026 | ||||||
KION Group AG | 102,798 | 5,866,854 | ||||||
LANXESS AG | 128,048 | 6,947,767 | ||||||
Merck KGaA | 190,764 | 19,719,511 | ||||||
METRO AG(b) | 263,971 | 4,438,122 | ||||||
MTU Aero Engines AG | 76,142 | 16,343,504 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 219,786 | 51,831,008 | ||||||
OSRAM Licht AG | 142,988 | 6,203,462 | ||||||
ProSiebenSat.1 Media SE | 341,564 | 6,238,583 | ||||||
Puma SE | 12,185 | 6,875,095 | ||||||
QIAGEN NV(c) | 338,516 | 12,959,446 | ||||||
RTL Group SA | 56,069 | 3,165,475 | ||||||
RWE AG | 762,189 | 18,625,242 | ||||||
SAP SE | 1,444,917 | 154,989,878 | ||||||
Siemens AG, Registered | 1,124,768 | 123,120,800 | ||||||
Siemens Healthineers AG(a) | 219,579 | 8,906,237 | ||||||
Symrise AG | 180,725 | 15,944,738 | ||||||
Telefonica Deutschland Holding AG | 1,097,600 | 3,607,032 | ||||||
thyssenkrupp AG(b) | 637,980 | 9,553,057 | ||||||
Uniper SE | 295,142 | 8,606,967 | ||||||
United Internet AG, Registered(d) | 179,332 | 6,532,532 | ||||||
Volkswagen AG | 48,729 | 8,622,795 | ||||||
Vonovia SE | 723,782 | 35,142,650 | ||||||
Wirecard AG(b) | 172,038 | 23,605,922 | ||||||
Zalando SE(a)(c) | 165,422 | 6,103,062 | ||||||
|
| |||||||
1,639,393,107 | ||||||||
Ireland — 1.7% | ||||||||
AIB Group PLC | 1,182,501 | 5,569,184 | ||||||
Bank of Ireland Group PLC | 1,397,695 | 9,095,743 | ||||||
CRH PLC | 1,204,007 | 38,168,736 |
Security | Shares | Value | ||||||
Ireland (continued) | ||||||||
Irish Bank Resolution Corp. Ltd.(c)(e) | 446,666 | $ | 5 | |||||
Kerry Group PLC, Class A | 230,466 | 23,750,075 | ||||||
Kingspan Group PLC | 220,392 | 10,404,822 | ||||||
Paddy Power Betfair PLC | 120,518 | 9,757,331 | ||||||
Ryanair Holdings PLC(c) | 35,326 | 488,743 | ||||||
Ryanair Holdings PLC, ADR(c) | 28,272 | 2,107,395 | ||||||
Smurfit Kappa Group PLC | 329,950 | 9,370,313 | ||||||
|
| |||||||
108,712,347 | ||||||||
Italy — 7.0% | ||||||||
Assicurazioni Generali SpA | 1,723,101 | 30,795,098 | ||||||
Atlantia SpA | 726,204 | 17,679,740 | ||||||
CNH Industrial NV | 1,490,170 | 16,160,870 | ||||||
Davide Campari-Milano SpA | 848,347 | 8,100,021 | ||||||
Enel SpA | 11,954,219 | 72,417,308 | ||||||
Eni SpA | 3,739,406 | 64,577,794 | ||||||
Ferrari NV | 180,480 | 23,253,759 | ||||||
Fiat Chrysler Automobiles NV(c) | 1,596,973 | 23,607,430 | ||||||
Intesa Sanpaolo SpA | 21,897,815 | 54,084,133 | ||||||
Leonardo SpA | 605,803 | 6,116,017 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 911,317 | 9,154,741 | ||||||
Moncler SpA | 262,025 | 10,060,969 | ||||||
Pirelli & C SpA(a)(c) | 591,561 | 3,974,304 | ||||||
Poste Italiane SpA(a) | 763,162 | 6,891,273 | ||||||
Prysmian SpA | 354,439 | 7,244,618 | ||||||
Recordati SpA | 155,529 | 5,856,729 | ||||||
Snam SpA | 3,311,592 | 16,384,611 | ||||||
Telecom Italia SpA/Milano(c) | 16,632,013 | 10,147,453 | ||||||
Tenaris SA | 694,241 | 9,272,948 | ||||||
Terna Rete Elettrica Nazionale SpA | 2,065,076 | 12,858,019 | ||||||
UniCredit SpA | 2,953,079 | 40,237,742 | ||||||
|
| |||||||
448,875,577 | ||||||||
Netherlands — 11.3% | ||||||||
ABN AMRO Group NV, CVA(a) | 622,896 | 15,122,106 | ||||||
Adyen NV(a)(c) | 10,824 | 8,134,695 | ||||||
Aegon NV | 2,610,766 | 14,055,780 | ||||||
AerCap Holdings NV(c) | 184,068 | 8,308,830 | ||||||
Akzo Nobel NV | 330,024 | 29,962,416 | ||||||
ArcelorMittal | 978,354 | 22,514,996 | ||||||
ASML Holding NV | 602,278 | 110,498,399 | ||||||
EXOR NV | 160,674 | 9,898,113 | ||||||
Heineken Holding NV | 169,270 | 16,393,204 | ||||||
Heineken NV | 381,392 | 38,478,208 | ||||||
ING Groep NV | 5,725,590 | 75,837,529 | ||||||
Koninklijke Ahold Delhaize NV | 1,744,223 | 45,035,899 | ||||||
Koninklijke DSM NV | 266,682 | 28,666,537 | ||||||
Koninklijke KPN NV | 4,946,801 | 15,276,493 | ||||||
Koninklijke Philips NV | 1,365,127 | 54,406,481 | ||||||
Koninklijke Vopak NV(b) | 102,807 | 5,032,684 | ||||||
NN Group NV | 450,791 | 19,660,001 | ||||||
NXP Semiconductors NV(b) | 506,232 | 46,229,106 | ||||||
Randstad NV | 175,759 | 9,396,426 | ||||||
Unilever NV, CVA | 2,268,884 | 122,887,958 | ||||||
Wolters Kluwer NV | 413,680 | 27,311,922 | ||||||
|
| |||||||
723,107,783 | ||||||||
Portugal — 0.5% | ||||||||
EDP - Energias de Portugal SA | 3,768,742 | 13,839,986 | ||||||
Galp Energia SGPS SA | 738,640 | 12,136,926 | ||||||
Jeronimo Martins SGPS SA | 370,428 | 5,588,937 | ||||||
|
| |||||||
31,565,849 |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Spain — 9.5% | ||||||||
ACS Actividades de Construccion y Servicios SA | 373,438 | $ | 16,575,624 | |||||
Aena SME SA(a) | 99,432 | 17,764,732 | ||||||
Amadeus IT Group SA | 646,881 | 48,763,169 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 9,806,738 | 61,127,819 | ||||||
Banco de Sabadell SA | 8,264,615 | 9,425,038 | ||||||
Banco Santander SA | 23,879,715 | 116,816,165 | ||||||
Bankia SA | 1,786,526 | 5,462,144 | ||||||
Bankinter SA | 985,961 | 8,108,243 | ||||||
CaixaBank SA | 5,282,311 | 18,862,947 | ||||||
Enagas SA | 341,569 | 9,743,068 | ||||||
Endesa SA | 465,867 | 11,750,199 | ||||||
Ferrovial SA | 720,851 | 16,630,085 | ||||||
Grifols SA | 438,273 | 11,408,551 | ||||||
Iberdrola SA | 9,126,339 | 76,403,214 | ||||||
Industria de Diseno Textil SA | 1,606,074 | 48,537,344 | ||||||
International Consolidated Airlines Group SA | 12,147 | 96,214 | ||||||
Mapfre SA | 1,541,386 | 4,359,860 | ||||||
Naturgy Energy Group SA | 515,365 | 14,008,024 | ||||||
Red Electrica Corp. SA | 646,498 | 13,987,185 | ||||||
Repsol SA | 2,051,535 | 35,333,271 | ||||||
Siemens Gamesa Renewable Energy SA(c) | 356,907 | 5,468,249 | ||||||
Telefonica SA | 6,871,171 | 59,377,901 | ||||||
|
| |||||||
610,009,046 | ||||||||
United Kingdom — 0.2% | ||||||||
Coca-Cola European Partners PLC | 320,141 | 15,091,447 | ||||||
|
| |||||||
Total Common Stocks — 97.8% | 6,256,366,222 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Germany — 1.7% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 82,164 | 6,072,057 | ||||||
Fuchs Petrolub SE, Preference Shares, NVS | 102,476 | 4,585,896 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 263,311 | 26,337,277 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 224,538 | 14,988,052 |
Security | Shares | Value | ||||||
| ||||||||
Germany (continued) | ||||||||
Sartorius AG, Preference Shares, NVS | 52,170 | $ | 8,281,198 | |||||
Volkswagen AG, Preference Shares, NVS | 272,725 | 46,862,313 | ||||||
|
| |||||||
107,126,793 | ||||||||
Italy — 0.1% | ||||||||
Telecom Italia SpA/Milano, Preference Shares, NVS | 8,892,677 | 4,851,412 | ||||||
|
| |||||||
Total Preferred Stocks — 1.8% | 111,978,205 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(f)(g)(h) | 46,087,418 | 46,105,854 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(f)(g) | 2,569,177 | 2,569,177 | ||||||
|
| |||||||
48,675,031 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.7% |
| 48,675,031 | ||||||
|
| |||||||
Total Investments in Securities — 100.3% |
| 6,417,019,458 | ||||||
Other Assets, Less Liabilities — (0.3)% |
| (22,022,303 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 6,394,997,155 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | All or a portion of this security is on loan. |
(c) | Non-income producing security. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation | ) | |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 80,281,282 | (34,193,864 | ) | 46,087,418 | $ | 46,105,854 | $ | 392,841 | (b) | $ | (1,465 | ) | $ | (3,932 | ) | |||||||||||||
BlackRock Cash Funds: Treasury, | 1,873,964 | 695,213 | 2,569,177 | 2,569,177 | 36,010 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 48,675,031 | $ | 428,851 | $ | (1,465 | ) | $ | (3,932 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Eurozone ETF |
Futures Contracts
| ||||||||||||||||
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | | ||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Euro STOXX 50 Index | 679 | 03/15/19 | $25,499 | $ | 1,618,025 | |||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
| Equity Contracts | | ||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | .$ | 1,618,025 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (4,464,593 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 2,472,953 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 30,937,373 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 6,256,366,217 | $ | — | $ | 5 | $ | 6,256,366,222 | ||||||||
Preferred Stocks | 111,978,205 | — | — | 111,978,205 | ||||||||||||
Money Market Funds | 48,675,031 | — | — | 48,675,031 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 6,417,019,453 | $ | — | $ | 5 | $ | 6,417,019,458 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 1,618,025 | $ | — | $ | — | $ | 1,618,025 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Germany ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.9% | ||||||||
MTU Aero Engines AG | 102,236 | $ | 21,944,452 | |||||
|
| |||||||
Air Freight & Logistics — 2.6% | ||||||||
Deutsche Post AG, Registered | 1,944,846 | 60,502,796 | ||||||
|
| |||||||
Airlines — 0.5% | ||||||||
Deutsche Lufthansa AG, Registered | 467,296 | 11,945,874 | ||||||
|
| |||||||
Auto Components — 1.5% | ||||||||
Continental AG | 216,458 | 35,493,242 | ||||||
|
| |||||||
Automobiles — 7.4% | ||||||||
Bayerische Motoren Werke AG | 650,960 | 55,082,177 | ||||||
Daimler AG, Registered | 1,787,868 | 107,207,666 | ||||||
Volkswagen AG | 63,818 | 11,292,855 | ||||||
|
| |||||||
173,582,698 | ||||||||
Banks — 0.7% | ||||||||
Commerzbank AG(a) | 1,974,964 | 16,315,716 | ||||||
|
| |||||||
Capital Markets — 3.5% | ||||||||
Deutsche Bank AG, Registered(b) | 3,863,582 | 35,904,017 | ||||||
Deutsche Boerse AG | 373,553 | 47,258,053 | ||||||
|
| |||||||
83,162,070 | ||||||||
Chemicals — 8.5% | ||||||||
BASF SE | 1,805,792 | 137,748,614 | ||||||
Covestro AG(c) | 378,223 | 21,594,433 | ||||||
Evonik Industries AG | 321,400 | 9,057,964 | ||||||
LANXESS AG | 170,639 | 9,258,715 | ||||||
Symrise AG | 242,508 | 21,395,637 | ||||||
|
| |||||||
199,055,363 | ||||||||
Construction & Engineering — 0.3% | ||||||||
HOCHTIEF AG | 41,324 | 6,559,559 | ||||||
|
| |||||||
Construction Materials — 0.9% | ||||||||
HeidelbergCement AG | 292,729 | 21,546,495 | ||||||
|
| |||||||
Diversified Telecommunication Services — 5.2% | ||||||||
Deutsche Telekom AG, Registered | 6,552,949 | 108,084,849 | ||||||
Telefonica Deutschland Holding AG | 1,448,836 | 4,761,295 | ||||||
United Internet AG, Registered(d) | 242,312 | 8,826,707 | ||||||
|
| |||||||
121,672,851 | ||||||||
Electrical Equipment — 0.4% | ||||||||
OSRAM Licht AG(b) | 193,775 | 8,406,830 | ||||||
|
| |||||||
Food & Staples Retailing — 0.2% | ||||||||
METRO AG | 350,829 | 5,898,458 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.5% | ||||||||
Siemens Healthineers AG(c) | 294,910 | 11,961,701 | ||||||
|
| |||||||
Health Care Providers & Services — 3.4% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 425,189 | 33,349,144 | ||||||
Fresenius SE & Co. KGaA | 820,138 | 46,162,262 | ||||||
|
| |||||||
79,511,406 | ||||||||
Household Products — 0.8% | ||||||||
Henkel AG & Co. KGaA | 204,481 | 19,232,801 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
Uniper SE | 394,730 | 11,511,164 | ||||||
|
|
Security | Shares | Value | ||||||
Industrial Conglomerates — 7.0% | ||||||||
Siemens AG, Registered | 1,504,043 | $ | 164,637,487 | |||||
|
| |||||||
Insurance — 11.6% | ||||||||
Allianz SE, Registered | 834,517 | 185,871,829 | ||||||
Hannover Rueck SE | 118,847 | 17,728,380 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 294,003 | 69,333,224 | ||||||
|
| |||||||
272,933,433 | ||||||||
Internet & Direct Marketing Retail — 0.6% | ||||||||
Delivery Hero SE(a)(c) | 181,959 | 7,061,267 | ||||||
Zalando SE(a)(c) | 220,213 | 8,124,516 | ||||||
|
| |||||||
15,185,783 | ||||||||
IT Services — 1.3% | ||||||||
Wirecard AG(b) | 231,094 | 31,709,198 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.7% | ||||||||
QIAGEN NV(a) | 453,826 | 17,373,872 | ||||||
|
| |||||||
Machinery — 0.7% | ||||||||
GEA Group AG | 317,768 | 7,624,024 | ||||||
KION Group AG | 139,720 | 7,974,054 | ||||||
|
| |||||||
15,598,078 | ||||||||
Media — 0.8% | ||||||||
Axel Springer SE | 94,625 | 5,403,639 | ||||||
ProSiebenSat.1 Media SE | 457,789 | 8,361,405 | ||||||
RTL Group SA | 75,428 | 4,258,422 | ||||||
|
| |||||||
18,023,466 | ||||||||
Metals & Mining — 0.5% | ||||||||
thyssenkrupp AG | 853,237 | 12,776,296 | ||||||
|
| |||||||
Multi-Utilities — 3.6% | ||||||||
E.ON SE | 4,327,512 | 47,725,165 | ||||||
Innogy SE, New(c) | 26,034 | 1,204,770 | ||||||
Innogy SE(a) | 246,086 | 10,454,944 | ||||||
RWE AG | 1,019,708 | 24,918,109 | ||||||
|
| |||||||
84,302,988 | ||||||||
Personal Products — 0.8% | ||||||||
Beiersdorf AG | 198,242 | 18,411,214 | ||||||
|
| |||||||
Pharmaceuticals — 7.4% | ||||||||
Bayer AG, Registered | 1,833,461 | 146,727,989 | ||||||
Merck KGaA | 253,758 | 26,231,278 | ||||||
|
| |||||||
172,959,267 | ||||||||
Real Estate Management & Development — 3.9% | ||||||||
Aroundtown SA | 1,541,762 | 12,991,479 | ||||||
Deutsche Wohnen SE | 702,678 | 32,805,733 | ||||||
Vonovia SE | 967,648 | 46,983,367 | ||||||
|
| |||||||
92,780,579 | ||||||||
Semiconductors & Semiconductor Equipment — 2.1% | ||||||||
Infineon Technologies AG | 2,235,469 | 49,141,453 | ||||||
|
| |||||||
Software — 8.8% | ||||||||
SAP SE | 1,932,259 | 207,264,907 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 4.5% | ||||||||
adidas AG | 354,629 | 86,255,149 | ||||||
HUGO BOSS AG | 124,808 | 9,240,573 | ||||||
Puma SE | 16,361 | 9,231,304 | ||||||
|
| |||||||
104,727,026 |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Germany ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Trading Companies & Distributors — 0.6% | ||||||||
Brenntag AG | 302,810 | $ | 15,033,712 | |||||
|
| |||||||
Transportation Infrastructure — 0.3% | ||||||||
Fraport AG Frankfurt Airport Services Worldwide | 82,345 | 6,621,776 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.2% | ||||||||
1&1 Drillisch AG(b) | 103,320 | 4,091,886 | ||||||
|
| |||||||
Total Common Stocks — 93.2% |
| 2,191,875,897 | ||||||
|
| |||||||
Preferred Stocks | ||||||||
Automobiles — 3.9% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 108,836 | 8,043,162 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 301,250 | 20,108,626 | ||||||
Volkswagen AG, Preference Shares, NVS | 364,873 | 62,696,096 | ||||||
|
| |||||||
90,847,884 | ||||||||
Chemicals — 0.2% | ||||||||
Fuchs Petrolub SE, Preference Shares, NVS | 135,446 | 6,061,335 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.5% | ||||||||
Sartorius AG, Preference Shares, NVS | 69,942 | 11,102,233 | ||||||
|
| |||||||
Household Products — 1.5% | ||||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 350,510 | 35,059,222 | ||||||
|
| |||||||
Total Preferred Stocks — 6.1% | 143,070,674 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.9% | ||||||||
BlackRock Cash Funds: Institutional, | 43,469,307 | $ | 43,486,695 | |||||
BlackRock Cash Funds: Treasury, | 1,270,459 | 1,270,459 | ||||||
|
| |||||||
44,757,154 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.9% |
| 44,757,154 | ||||||
|
| |||||||
Total Investments in Securities — 101.2% |
| 2,379,703,725 | ||||||
Other Assets, Less Liabilities — (1.2)% | (29,334,274 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 2,350,369,451 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 62,176,709 | (18,707,402 | ) | 43,469,307 | $ | 43,486,695 | $ | 202,234 | (b) | $ | 4,731 | $ | 3,762 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 247,268 | 1,023,191 | 1,270,459 | 1,270,459 | 10,771 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 44,757,154 | $ | 213,005 | $ | 4,731 | $ | 3,762 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | | ||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
DAX Index | 45 | 03/15/19 | $14,758 | $ | 675,529 | |||||||||||
|
|
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Germany ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 675,529 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (1,923,197 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 1,242,439 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 15,907,819 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 2,191,875,897 | $ | — | $ | — | $ | 2,191,875,897 | ||||||||
Preferred Stocks | 143,070,674 | — | — | 143,070,674 | ||||||||||||
Money Market Funds | 44,757,154 | — | — | 44,757,154 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,379,703,725 | $ | — | $ | — | $ | 2,379,703,725 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 675,529 | $ | — | $ | — | $ | 675,529 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Italy ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.5% | ||||||||
Leonardo SpA | 302,993 | $ | 3,058,932 | |||||
|
| |||||||
Auto Components — 1.3% | ||||||||
Pirelli & C SpA(a)(b) | 407,986 | 2,740,986 | ||||||
|
| |||||||
Automobiles — 8.9% | ||||||||
Ferrari NV | 72,066 | 9,285,269 | ||||||
Fiat Chrysler Automobiles NV(b) | 616,780 | 9,117,619 | ||||||
|
| |||||||
18,402,888 | ||||||||
Banks — 20.5% | ||||||||
Intesa Sanpaolo SpA | 8,739,848 | 21,586,039 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 511,296 | 5,136,284 | ||||||
UniCredit SpA | 1,136,436 | 15,484,726 | ||||||
|
| |||||||
42,207,049 | ||||||||
Beverages — 2.3% | ||||||||
Davide Campari-Milano SpA | 486,997 | 4,649,849 | ||||||
|
| |||||||
Diversified Financial Services — 2.6% | ||||||||
EXOR NV | 86,508 | 5,329,213 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.7% | ||||||||
Telecom Italia SpA/Milano(b)(c) | 9,073,453 | 5,535,857 | ||||||
|
| |||||||
Electric Utilities — 17.8% | ||||||||
Enel SpA | 4,922,746 | 29,821,439 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,098,264 | 6,838,247 | ||||||
|
| |||||||
36,659,686 | ||||||||
Electrical Equipment — 2.0% | ||||||||
Prysmian SpA | 203,893 | 4,167,507 | ||||||
|
| |||||||
Energy Equipment &Services — 2.5% | ||||||||
Tenaris SA | 380,304 | 5,079,704 | ||||||
|
| |||||||
Insurance — 6.6% | ||||||||
Assicurazioni Generali SpA | 525,495 | 9,391,597 | ||||||
Poste Italiane SpA(a) | 465,859 | 4,206,658 | ||||||
|
| |||||||
13,598,255 | ||||||||
Machinery — 4.0% | ||||||||
CNH Industrial NV | 756,837 | 8,207,885 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 16.9% | ||||||||
Eni SpA | 1,527,710 | 26,382,838 | ||||||
Snam SpA | 1,698,933 | 8,405,732 | ||||||
|
| |||||||
34,788,570 |
Security | Shares | Value | ||||||
Pharmaceuticals — 1.7% | ||||||||
Recordati SpA | 95,401 | $ | 3,592,499 | |||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 2.6% | ||||||||
Moncler SpA | 141,849 | 5,446,574 | ||||||
|
| |||||||
Transportation Infrastructure — 4.3% | ||||||||
Atlantia SpA | 364,592 | 8,876,145 | ||||||
|
| |||||||
Total Common Stocks — 98.2% | 202,341,599 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Diversified Telecommunication Services — 1.6% | ||||||||
Telecom Italia SpA/Milano, Preference Shares, NVS | 5,792,201 | 3,159,943 | ||||||
|
| |||||||
Total Preferred Stocks — 1.6% | 3,159,943 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.6% | ||||||||
BlackRock Cash Funds: Institutional, | 5,243,343 | 5,245,440 | ||||||
BlackRock Cash Funds: Treasury, | 111,259 | 111,259 | ||||||
|
| |||||||
5,356,699 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.6% |
| 5,356,699 | ||||||
|
| |||||||
Total Investments in Securities — 102.4% |
| 210,858,241 | ||||||
Other Assets, Less Liabilities — (2.4)% | (4,868,308 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 205,989,933 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(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 cash collateral received from loaned securities. |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Italy ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 9,072,916 | (3,829,573 | ) | 5,243,343 | $ | 5,245,440 | $ | 8,977 | (b) | $ | (427 | ) | $ | (180 | ) | |||||||||||||
BlackRock Cash Funds: Treasury, | 142,515 | (31,256 | ) | 111,259 | 111,259 | 2,335 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 5,356,699 | $ | 11,312 | $ | (427 | ) | $ | (180 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | | ||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
FTSE/MIB Index | 3 | 03/15/19 | $ 353 | $ | 14,086 | |||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
| Equity Contracts | | ||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 14,086 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (88,688 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 44,835 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 346,999 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Italy ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 202,341,599 | $ | — | $ | — | $ | 202,341,599 | ||||||||
Preferred Stocks | 3,159,943 | — | — | 3,159,943 | ||||||||||||
Money Market Funds | 5,356,699 | — | — | 5,356,699 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 210,858,241 | $ | — | $ | — | $ | 210,858,241 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 14,086 | $ | — | $ | — | $ | 14,086 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Spain ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.0% | ||||||||
International Consolidated Airlines Group SA | 45,400 | $ | 359,604 | |||||
|
| |||||||
Banks — 36.9% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 11,406,156 | 71,097,386 | ||||||
Banco de Sabadell SA | 17,090,028 | 19,489,615 | ||||||
Banco Santander SA | 29,870,654 | 146,122,986 | ||||||
Bankia SA | 4,641,603 | 14,191,288 | ||||||
Bankinter SA | 2,154,350 | 17,716,718 | ||||||
CaixaBank SA | 8,949,944 | 31,959,937 | ||||||
|
| |||||||
300,577,930 | ||||||||
Biotechnology — 2.7% | ||||||||
Grifols SA | 856,701 | 22,300,522 | ||||||
|
| |||||||
Construction & Engineering — 7.7% | ||||||||
ACS Actividades de Construccion y Servicios SA | 707,187 | 31,389,590 | ||||||
Ferrovial SA | 1,361,916 | 31,419,502 | ||||||
|
| |||||||
62,809,092 | ||||||||
Diversified Telecommunication Services — 8.5% | ||||||||
Telefonica SA | 8,024,987 | 69,348,716 | ||||||
|
| |||||||
Electric Utilities — 17.5% | ||||||||
Endesa SA | 981,750 | 24,761,912 | ||||||
Iberdrola SA | 10,977,854 | 91,903,592 | ||||||
Red Electrica Corp. SA | 1,196,960 | 25,896,601 | ||||||
|
| |||||||
142,562,105 | ||||||||
Electrical Equipment — 1.9% | ||||||||
Siemens Gamesa Renewable Energy SA(a) | 985,406 | 15,097,618 | ||||||
|
| |||||||
Gas Utilities — 3.3% | ||||||||
Naturgy Energy Group SA | 991,358 | 26,945,886 | ||||||
|
| |||||||
Insurance — 1.6% | ||||||||
Mapfre SA | 4,620,235 | 13,068,483 | ||||||
|
|
Security | Shares | Value | ||||||
IT Services — 4.3% | ||||||||
Amadeus IT Group SA | 468,457 | $ | 35,313,215 | |||||
|
| |||||||
Oil, Gas & Consumable Fuels — 7.0% | ||||||||
Enagas SA | 714,531 | 20,381,603 | ||||||
Repsol SA | 2,133,076 | 36,737,640 | ||||||
|
| |||||||
57,119,243 | ||||||||
Specialty Retail — 4.7% | ||||||||
Industria de Diseno Textil SA | 1,260,193 | 38,084,435 | ||||||
|
| |||||||
Transportation Infrastructure — 3.8% | ||||||||
Aena SME SA(b) | 175,659 | 31,383,609 | ||||||
|
| |||||||
Total Common Stocks — 99.9% |
| 814,970,458 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, | 1,029,847 | 1,029,847 | ||||||
|
| |||||||
Total Short-Term Investments — 0.1% |
| 1,029,847 | ||||||
|
| |||||||
Total Investments in Securities — 100.0% |
| 816,000,305 | ||||||
Other Assets, Less Liabilities — (0.0)% | (385,522 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 815,614,783 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 19,678,549 | (19,678,549 | ) | — | $ | — | $ | 23,077 | (b) | $ | 820 | $ | (7) | |||||||||||||||
BlackRock Cash Funds: Treasury, | 345,951 | 683,896 | 1,029,847 | 1,029,847 | 11,452 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,029,847 | $ | 34,529 | $ | 820 | $ | (7) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
IBEX 35 Index | 11 | 03/15/19 | $ | 1,164 | $ | 11,935 | ||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Spain ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
| Equity Contracts | | ||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 11,935 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (246,051 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 36,903 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,616,446 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 814,970,458 | $ | — | $ | — | $ | 814,970,458 | ||||||||
Money Market Funds | 1,029,847 | — | — | 1,029,847 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 816,000,305 | $ | — | $ | — | $ | 816,000,305 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 11,935 | $ | — | $ | — | $ | 11,935 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Switzerland ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Building Products — 1.5% | ||||||||
Geberit AG, Registered | 34,708 | $ | 13,880,413 | |||||
|
| |||||||
Capital Markets — 9.8% | ||||||||
Credit Suisse Group AG, Registered | 2,140,733 | 26,528,156 | ||||||
Julius Baer Group Ltd. | 235,721 | 10,314,272 | ||||||
Partners Group Holding AG | 16,874 | 12,229,500 | ||||||
UBS Group AG, Registered | 3,049,343 | 38,874,379 | ||||||
|
| |||||||
87,946,307 | ||||||||
Chemicals — 5.4% | ||||||||
Clariant AG, Registered | 281,430 | 6,059,700 | ||||||
EMS-Chemie Holding AG, Registered | 11,097 | 6,421,823 | ||||||
Givaudan SA, Registered | 8,028 | 20,122,381 | ||||||
Sika AG, Registered | 118,141 | 16,009,873 | ||||||
|
| |||||||
48,613,777 | ||||||||
Construction Materials — 2.3% | ||||||||
LafargeHolcim Ltd., Registered | 420,437 | 20,848,813 | ||||||
|
| |||||||
Diversified Financial Services — 0.6% | ||||||||
Pargesa Holding SA, Bearer | 66,498 | 5,473,636 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Swisscom AG, Registered | 25,499 | 11,828,035 | ||||||
|
| |||||||
Electrical Equipment — 3.3% | ||||||||
ABB Ltd., Registered | 1,516,376 | 30,085,497 | ||||||
|
| |||||||
Food Products — 21.7% | ||||||||
Barry Callebaut AG, Registered | 3,260 | 5,625,316 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS | 1,236 | 8,052,239 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 114 | 8,445,292 | ||||||
Nestle SA, Registered | 1,916,765 | 173,859,552 | ||||||
|
| |||||||
195,982,399 | ||||||||
Health Care Equipment & Supplies — 2.3% | ||||||||
Sonova Holding AG, Registered | 58,177 | 10,900,157 | ||||||
Straumann Holding AG, Registered | 12,044 | 9,418,065 | ||||||
|
| |||||||
20,318,222 | ||||||||
Insurance — 9.9% | ||||||||
Baloise Holding AG, Registered | 54,619 | 8,936,857 | ||||||
Swiss Life Holding AG, Registered | 32,552 | 14,214,134 | ||||||
Swiss Re AG | 257,883 | 25,581,207 | ||||||
Zurich Insurance Group AG | 121,639 | 40,293,987 | ||||||
|
| |||||||
89,026,185 | ||||||||
Life Sciences Tools & Services — 2.0% | ||||||||
Lonza Group AG, Registered | 65,178 | 18,155,887 | ||||||
|
| |||||||
Machinery — 1.8% | ||||||||
Schindler Holding AG, Participation Certificates, NVS | 43,436 | 9,836,540 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Schindler Holding AG, Registered | 28,331 | $ | 6,296,410 | |||||
|
| |||||||
16,132,950 | ||||||||
Marine — 0.9% | ||||||||
Kuehne + Nagel International AG, Registered | 60,395 | 7,896,455 | ||||||
|
| |||||||
Pharmaceuticals — 25.9% | ||||||||
Novartis AG, Registered | 1,249,035 | 114,145,901 | ||||||
Roche Holding AG, NVS | 402,760 | 112,111,371 | ||||||
Vifor Pharma AG | 55,462 | 6,956,411 | ||||||
|
| |||||||
233,213,683 | ||||||||
Professional Services — 2.4% | ||||||||
Adecco Group AG, Registered | 172,314 | 8,970,291 | ||||||
SGS SA, Registered | 5,118 | 13,074,995 | ||||||
|
| |||||||
22,045,286 | ||||||||
Real Estate Management & Development — 0.8% | ||||||||
Swiss Prime Site AG, Registered | 89,387 | 7,559,581 | ||||||
|
| |||||||
Software — 1.1% | ||||||||
Temenos AG, Registered | 66,225 | 9,619,311 | ||||||
|
| |||||||
Specialty Retail — 0.6% | ||||||||
Dufry AG, Registered | 51,883 | 5,270,588 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 5.3% | ||||||||
Cie. Financiere Richemont SA, Registered | 430,044 | 32,997,956 | ||||||
Swatch Group AG (The), Bearer | 32,997 | 9,787,807 | ||||||
Swatch Group AG (The), Registered | 90,487 | 5,186,516 | ||||||
|
| |||||||
47,972,279 | ||||||||
|
| |||||||
Total Common Stocks — 98.9% |
| 891,869,304 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, | 435,512 | 435,512 | ||||||
|
| |||||||
Total Short-Term Investments — 0.0% |
| 435,512 | ||||||
|
| |||||||
Total Investments in Securities — 98.9% |
| 892,304,816 | ||||||
Other Assets, Less Liabilities — 1.1% | 9,640,558 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 901,945,374 | ||||||
|
|
(a) | Affiliate of the Fund. |
(b) | Annualized 7-day yield as of period-end. |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Switzerland ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | | Net Activity | | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 5,419,657 | (5,419,657 | ) | — | $ | — | $ | 13,124 | (b) | $ | 400 | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, | 404,567 | 30,945 | 435,512 | 435,512 | 3,979 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 435,512 | $ | 17,103 | $ | 400 | $ | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | | ||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Euro STOXX 50 Index | 264 | 03/15/19 | $ 9,914 | $ | 705,560 | |||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
| Equity Contracts | | ||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 705,560 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (1,055,323 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 892,562 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 9,787,466 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Switzerland ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 891,869,304 | $ | — | $ | — | $ | 891,869,304 | ||||||||
Money Market Funds | 435,512 | — | — | 435,512 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 892,304,816 | $ | — | $ | — | $ | 892,304,816 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 705,560 | $ | — | $ | — | $ | 705,560 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 25 |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 6,368,344,427 | $ | 2,334,946,571 | $ | 205,501,542 | $ | 814,970,458 | ||||||||
Affiliated(c) | 48,675,031 | 44,757,154 | 5,356,699 | 1,029,847 | ||||||||||||
Foreign currency, at value(d) | 17,224,120 | 5,699,942 | 273,337 | 946,409 | ||||||||||||
Foreign currency pledged: | ||||||||||||||||
Futures contracts(e) | 2,300,175 | 1,165,118 | 23,912 | 147,234 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 19,733,913 | 5,881,254 | 4,545,500 | 17,703,136 | ||||||||||||
Securities lending income — Affiliated | 77,814 | 62,159 | 430 | 709 | ||||||||||||
Variation margin on futures contracts | 193,607 | 49,855 | 2,144 | 15,979 | ||||||||||||
Capital shares sold | — | — | — | 4,654,034 | ||||||||||||
Dividends | 1,826,337 | 2,049 | 173 | 840 | ||||||||||||
Tax reclaims | 8,765,179 | 9,411,556 | — | 151,961 | ||||||||||||
Foreign withholding tax claims | 3,872,489 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 6,471,013,092 | 2,401,975,658 | 215,703,737 | 839,620,607 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 46,121,636 | 43,499,779 | 5,244,916 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 27,491,283 | 7,233,686 | 4,390,751 | 23,686,706 | ||||||||||||
Investment advisory fees | 2,364,293 | 872,742 | 78,137 | 319,118 | ||||||||||||
Professional fees | 38,725 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 76,015,937 | 51,606,207 | 9,713,804 | 24,005,824 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 6,394,997,155 | $ | 2,350,369,451 | $ | 205,989,933 | $ | 815,614,783 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 8,166,113,959 | $ | 3,196,766,335 | $ | 493,846,786 | $ | 1,248,796,780 | ||||||||
Accumulated loss | (1,771,116,804 | ) | (846,396,884 | ) | (287,856,853 | ) | (433,181,997 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 6,394,997,155 | $ | 2,350,369,451 | $ | 205,989,933 | $ | 815,614,783 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 165,800,000 | 86,100,000 | 7,575,000 | 27,975,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 38.57 | $ | 27.30 | $ | 27.19 | $ | 29.16 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 1 billion | 482.2 million | 295.4 million | 127.8 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 44,919,261 | $ | 42,449,091 | $ | 5,000,011 | $ | — | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 7,459,451,402 | $ | 2,947,881,715 | $ | 249,804,056 | $ | 1,059,331,415 | ||||||||
(c) Investments, at cost — Affiliated | $ | 48,667,236 | $ | 44,751,600 | $ | 5,356,175 | $ | 1,029,847 | ||||||||
(d) Foreign currency, at cost | $ | 17,261,614 | $ | 5,703,785 | $ | 273,005 | $ | 943,169 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 2,308,840 | $ | 1,171,405 | $ | 23,884 | $ | 146,770 |
See notes to financial statements.
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2019
iShares MSCI Switzerland ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 891,869,304 | ||
Affiliated(b) | 435,512 | |||
Foreign currency, at value(c) | 1,332,534 | |||
Foreign currency pledged: | ||||
Futures contracts(d) | 738,334 | |||
Receivables: | ||||
Investments sold | 6,848,482 | |||
Securities lending income — Affiliated | 459 | |||
Variation margin on futures contracts | 64,405 | |||
Dividends | 587 | |||
Tax reclaims | 8,380,314 | |||
|
| |||
Total assets | 909,669,931 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investments purchased | 7,394,739 | |||
Investment advisory fees | 329,818 | |||
|
| |||
Total liabilities | 7,724,557 | |||
|
| |||
NET ASSETS | $ | 901,945,374 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 987,594,429 | ||
Accumulated loss | (85,649,055 | ) | ||
|
| |||
NET ASSETS | $ | 901,945,374 | ||
|
| |||
Shares outstanding | 26,000,000 | |||
|
| |||
Net asset value | $ | 34.69 | ||
|
| |||
Shares authorized | 318.625 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — Unaffiliated | $ | 918,892,135 | ||
(b) Investments, at cost — Affiliated | $ | 435,512 | ||
(c) Foreign currency, at cost | $ | 1,328,205 | ||
(d) Foreign currency collateral pledged, at cost | $ | 747,713 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 27 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 48,737,059 | $ | 8,522,889 | $ | 3,064,722 | $ | 12,843,081 | ||||||||
Dividends — Affiliated | 36,010 | 10,771 | 2,335 | 11,452 | ||||||||||||
Non-cash dividends — Unaffiliated | 7,685,188 | — | — | 6,119,459 | ||||||||||||
Securities lending income — Affiliated — net | 392,841 | 202,234 | 8,977 | 23,077 | ||||||||||||
Foreign taxes withheld | (5,914,720 | ) | (1,265,528 | ) | (452,207 | ) | (1,927,548 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 50,936,378 | 7,470,366 | 2,623,827 | 17,069,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 18,351,230 | 6,353,514 | 634,466 | 2,265,084 | ||||||||||||
Professional fees | 13,905 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 18,365,135 | 6,353,514 | 634,466 | 2,265,084 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 32,571,243 | 1,116,852 | 1,989,361 | 14,804,437 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (12,820,504 | ) | (8,627,073 | ) | (2,732,793 | ) | (15,295,132 | ) | ||||||||
Investments — Affiliated | (1,465 | ) | 4,731 | (427 | ) | 820 | ||||||||||
In-kind redemptions — Unaffiliated | (124,915,426 | ) | (19,207,640 | ) | (42,305,168 | ) | (4,786,282 | ) | ||||||||
Futures contracts | (4,464,593 | ) | (1,923,197 | ) | (88,688 | ) | (246,051 | ) | ||||||||
Foreign currency transactions | (830,022 | ) | (315,295 | ) | (22,055 | ) | (66,489 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized loss | (143,032,010 | ) | (30,068,474 | ) | (45,149,131 | ) | (20,393,134 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (566,523,016 | ) | (298,832,200 | ) | 39,913,170 | (4,825,720 | ) | |||||||||
Investments — Affiliated | (3,932 | ) | 3,762 | (180 | ) | (7 | ) | |||||||||
Futures contracts | 2,472,953 | 1,242,439 | 44,835 | 36,903 | ||||||||||||
Foreign currency translations | (296,021 | ) | (64,222 | ) | 459 | 7,981 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (564,350,016 | ) | (297,650,221 | ) | 39,958,284 | (4,780,843 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (707,382,026 | ) | (327,718,695 | ) | (5,190,847 | ) | (25,173,977 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (674,810,783 | ) | $ | (326,601,843 | ) | $ | (3,201,486 | ) | $ | (10,369,540 | ) | ||||
|
|
|
|
|
|
|
|
See notes to financial statements.
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2019
iShares MSCI Switzerland ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 993,809 | ||
Dividends — Affiliated | 3,979 | |||
Securities lending income — Affiliated — net | 13,124 | |||
Foreign taxes withheld | (200,428 | ) | ||
|
| |||
Total investment income | 810,484 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 2,301,438 | |||
|
| |||
Total expenses | 2,301,438 | |||
|
| |||
Net investment loss | (1,490,954 | ) | ||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (12,630,872 | ) | ||
Investments — Affiliated | 400 | |||
In-kind redemptions — Unaffiliated | 13,396,636 | |||
Futures contracts | (1,055,323 | ) | ||
Foreign currency transactions | (4,422 | ) | ||
|
| |||
Net realized loss | (293,581 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | (16,164,644 | ) | ||
Futures contracts | 892,562 | |||
Foreign currency translations | (271,919 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (15,544,001 | ) | ||
|
| |||
Net realized and unrealized loss | (15,837,582 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (17,328,536 | ) | |
|
|
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 29 |
Statements of Changes in Net Assets
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | |||||||||||||||
Six Months Ended 02/28/19 | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 32,571,243 | $ | 324,772,803 | $ | 1,116,852 | $ | 84,698,325 | ||||||||
Net realized gain (loss) | (143,032,010 | ) | 847,344,521 | (30,068,474 | ) | 223,956,630 | ||||||||||
Net change in unrealized appreciation (depreciation) | (564,350,016 | ) | (880,284,404 | ) | (297,650,221 | ) | (168,754,739 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (674,810,783 | ) | 291,832,920 | (326,601,843 | ) | 139,900,216 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (36,393,997 | ) | (344,359,197 | ) | — | (97,497,098 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net decrease in net assets derived from capital share transactions | (2,452,032,229 | ) | (3,675,455,483 | ) | (674,256,279 | ) | (1,501,075,041 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total decrease in net assets | (3,163,237,009 | ) | (3,727,981,760 | ) | (1,000,858,122 | ) | (1,458,671,923 | ) | ||||||||
Beginning of period | 9,558,234,164 | 13,286,215,924 | 3,351,227,573 | 4,809,899,496 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 6,394,997,155 | $ | 9,558,234,164 | $ | 2,350,369,451 | $ | 3,351,227,573 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,989,361 | $ | 18,032,993 | $ | 14,804,437 | $ | 32,625,317 | ||||||||
Net realized gain (loss) | (45,149,131 | ) | 49,680,629 | (20,393,134 | ) | 88,638,494 | ||||||||||
Net change in unrealized appreciation (depreciation) | 39,958,284 | (89,135,199 | ) | (4,780,843 | ) | (227,334,339 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease in net assets resulting from operations | (3,201,486 | ) | (21,421,577 | ) | (10,369,540 | ) | (106,070,528 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,341,637 | ) | (17,400,893 | ) | (18,939,493 | ) | (31,909,333 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net decrease in net assets derived from capital share transactions | (194,091,885 | ) | (396,183,016 | ) | (30,518,106 | ) | (515,111,708 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total decrease in net assets | (199,635,008 | ) | (435,005,486 | ) | (59,827,139 | ) | (653,091,569 | ) | ||||||||
Beginning of period | 405,624,941 | 840,630,427 | 875,441,922 | 1,528,533,491 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 205,989,933 | $ | 405,624,941 | $ | 815,614,783 | $ | 875,441,922 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 31 |
Statements of Changes in Net Assets (continued)
iShares MSCI Switzerland ETF | ||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income (loss) | $ | (1,490,954 | ) | $ | 21,969,712 | |||
Net realized gain (loss) | (293,581 | ) | 36,757,009 | |||||
Net change in unrealized appreciation (depreciation) | (15,544,001 | ) | (14,784,451 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (17,328,536 | ) | 43,942,270 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | — | (22,803,569 | ) | |||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions | (114,812,358 | ) | (246,310,096 | ) | ||||
|
|
|
| |||||
NET ASSETS(a) | ||||||||
Total decrease in net assets | (132,140,894 | ) | (225,171,395 | ) | ||||
Beginning of period | 1,034,086,268 | 1,259,257,663 | ||||||
|
|
|
| |||||
End of period | $ | 901,945,374 | $ | 1,034,086,268 | ||||
|
|
|
|
(a) | Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Eurozone ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 41.29 | $ | 41.71 | $ | 34.20 | $ | 36.04 | $ | 39.98 | $ | 34.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.16 | 1.03 | 0.99 | 0.92 | (b) | 0.96 | 1.18 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (2.69 | ) | (0.23 | ) | 7.38 | (1.84 | ) | (3.95 | ) | 5.10 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (2.53 | ) | 0.80 | 8.37 | (0.92 | ) | (2.99 | ) | 6.28 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.19 | ) | (1.22 | ) | (0.86 | ) | (0.92 | ) | (0.95 | ) | (0.94 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.19 | ) | (1.22 | ) | (0.86 | ) | (0.92 | ) | (0.95 | ) | (0.94 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 38.57 | $ | 41.29 | $ | 41.71 | $ | 34.20 | $ | 36.04 | $ | 39.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (6.08 | )%(d) | 1.87 | % | 24.72 | % | (2.53 | )%(b) | (7.62 | )% | 18.02 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.49 | %(e) | N/A | 0.49 | % | 0.48 | % | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.87 | %(e) | 2.36 | % | 2.63 | % | 2.69 | %(b) | 2.50 | % | 2.89 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 6,394,997 | $ | 9,558,234 | $ | 13,286,216 | $ | 8,293,591 | $ | 10,134,616 | $ | 8,702,637 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 3 | %(d) | 5 | % | 4 | % | 4 | % | 5 | % | 7 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2016: |
• Net investment income per share by $0.02.
• Total return by 0.08%.
• Ratio of net investment income to average net assets by 0.06%.
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Germany ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.36 | $ | 30.71 | $ | 26.18 | $ | 26.34 | $ | 28.97 | $ | 25.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.01 | 0.64 | 0.59 | 0.49 | 0.58 | 0.59 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.07 | ) | (0.16 | ) | 4.54 | (0.04 | ) | (2.70 | ) | 3.40 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (3.06 | ) | 0.48 | 5.13 | 0.45 | (2.12 | ) | 3.99 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | (0.83 | ) | (0.60 | ) | (0.61 | ) | (0.51 | ) | (0.63 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.83 | ) | (0.60 | ) | (0.61 | ) | (0.51 | ) | (0.63 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 27.30 | $ | 30.36 | $ | 30.71 | $ | 26.18 | $ | 26.34 | $ | 28.97 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (10.08 | )%(c) | 1.52 | % | 19.63 | % | 1.81 | % | (7.50 | )% | 15.41 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.09 | %(d) | 1.99 | % | 2.08 | % | 1.90 | % | 2.03 | % | 1.95 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,350,369 | $ | 3,351,228 | $ | 4,809,899 | $ | 3,596,902 | $ | 6,607,056 | $ | 4,797,434 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 5 | %(c) | 6 | % | 3 | % | 3 | % | 3 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Italy ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) |
| | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.18 | $ | 30.21 | $ | 22.60 | $ | 29.50 | $ | 32.03 | $ | 26.12 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(b) | 0.20 | 0.82 | 0.57 | 0.66 | 0.70 | 0.82 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.13 | (2.86 | ) | 7.76 | (6.82 | ) | (2.49 | ) | 5.77 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 0.33 | (2.04 | ) | 8.33 | (6.16 | ) | (1.79 | ) | 6.59 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.32 | ) | (0.99 | ) | (0.72 | ) | (0.72 | ) | (0.74 | ) | (0.68 | ) | ||||||||||||
Return of capital | — | — | — | (0.02 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.32 | ) | (0.99 | ) | (0.72 | ) | (0.74 | ) | (0.74 | ) | (0.68 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 27.19 | $ | 27.18 | $ | 30.21 | $ | 22.60 | $ | 29.50 | $ | 32.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 1.32 | %(d) | (6.98 | )% | 37.37 | % | (20.97 | )% | (5.66 | )% | 25.20 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.54 | %(e) | 2.64 | % | 2.59 | % | 2.54 | % | 2.34 | % | 2.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 205,990 | $ | 405,625 | $ | 840,630 | $ | 461,031 | $ | 1,077,437 | $ | 1,556,860 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 5 | %(d) | 10 | % | 18 | % | 16 | % | 22 | % | 24 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Spain ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.85 | $ | 33.63 | $ | 26.49 | $ | 31.96 | $ | 40.61 | $ | 30.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.45 | 0.99 | 0.94 | 1.00 | 1.32 | 1.80 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.62 | ) | (3.72 | ) | 7.19 | (5.40 | ) | (8.35 | ) | 9.53 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.17 | ) | (2.73 | ) | 8.13 | (4.40 | ) | (7.03 | ) | 11.33 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.52 | ) | (1.05 | ) | (0.99 | ) | (1.07 | ) | (1.62 | ) | (1.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.52 | ) | (1.05 | ) | (0.99 | ) | (1.07 | ) | (1.62 | ) | (1.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 29.16 | $ | 29.85 | $ | 33.63 | $ | 26.49 | $ | 31.96 | $ | 40.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.44 | )%(c) | (8.28 | )% | 31.48 | % | (13.82 | )% | (17.63 | )% | 37.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 3.22 | %(d) | 3.02 | % | 3.10 | % | 3.53 | % | 3.70 | % | 4.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 815,615 | $ | 875,442 | $ | 1,528,533 | $ | 599,944 | $ | 1,666,091 | $ | 2,473,038 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 6 | %(c) | 21 | % | 16 | % | 9 | % | 15 | % | 15 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Switzerland ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.91 | $ | 34.27 | $ | 30.22 | $ | 31.90 | $ | 33.64 | $ | 29.36 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss)(a) | (0.05 | ) | 0.66 | 0.69 | 0.81 | 0.83 | 0.80 | |||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.17 | ) | 0.79 | 4.11 | (1.70 | ) | (1.77 | ) | 4.27 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.22 | ) | 1.45 | 4.80 | (0.89 | ) | (0.94 | ) | 5.07 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | — | (0.81 | ) | (0.75 | ) | (0.79 | ) | (0.80 | ) | (0.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.81 | ) | (0.75 | ) | (0.79 | ) | (0.80 | ) | (0.79 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 34.69 | $ | 34.91 | $ | 34.27 | $ | 30.22 | $ | 31.90 | $ | 33.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.63 | )%(c) | 4.43 | % | 15.90 | % | (2.76 | )% | (2.92 | )% | 17.21 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income (loss) | (0.32 | )%(d) | 1.91 | % | 2.18 | % | 2.68 | % | 2.49 | % | 2.41 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 901,945 | $ | 1,034,086 | $ | 1,259,258 | $ | 1,091,735 | $ | 1,200,164 | $ | 1,072,157 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 5 | %(c) | 9 | % | 13 | % | 6 | % | 7 | % | 5 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 37 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Eurozone | Diversified | |||
MSCI Germany | Non-diversified | |||
MSCI Italy | Non-diversified | |||
MSCI Spain | Non-diversified | |||
MSCI Switzerland | Non-diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
N O T E S T O F I N A N C I A L S T A T E M E N T S | 39 |
Notes to Financial Statements (unaudited) (continued)
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
iShares ETF and Counterparty | | Market Value of Securities on Loan | | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | |||||||
MSCI Eurozone | ||||||||||||||||
Goldman Sachs & Co. | $ | 4,193,816 | $ | 4,193,816 | $ | — | $ | — | ||||||||
Jefferies LLC | 2,831,581 | 2,831,581 | — | — | ||||||||||||
JPMorgan Securities LLC | 11,643,966 | 11,643,966 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 25,582,330 | 25,582,330 | — | — | ||||||||||||
State Street Bank & Trust Company | 667,568 | 667,568 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 44,919,261 | $ | 44,919,261 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Germany | ||||||||||||||||
Goldman Sachs & Co. | $ | 35,074,541 | $ | 35,074,541 | $ | — | $ | — | ||||||||
Merrill Lynch, Pierce, Fenner & Smith | 585,585 | 585,585 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 6,788,965 | 6,788,965 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 42,449,091 | $ | 42,449,091 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Italy | ||||||||||||||||
Goldman Sachs & Co. | $ | 5,000,011 | $ | 5,000,011 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $7 billion | 0.59 | % | ||
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion | 0.32 |
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||||
MSCI Eurozone | $ | 85,859 | ||||
MSCI Germany | 46,699 | |||||
MSCI Italy | 2,487 | |||||
MSCI Spain | 5,388 | |||||
MSCI Switzerland | 3,377 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 41 |
Notes to Financial Statements (unaudited) (continued)
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||||
MSCI Eurozone | $ 19,169,172 | $ 10,253,551 | ||||||||
MSCI Germany | 5,780,153 | 2,576,917 | ||||||||
MSCI Italy | 4,249,948 | 2,502,739 | ||||||||
MSCI Spain | 9,975,321 | 7,641,630 | ||||||||
MSCI Switzerland | 18,703,042 | 22,253,944 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||||
MSCI Eurozone | $ 195,315,813 | $ 229,161,356 | ||||||||
MSCI Germany | 138,423,504 | 141,868,761 | ||||||||
MSCI Italy | 14,062,273 | 16,403,777 | ||||||||
MSCI Spain | 50,846,472 | 57,944,630 | ||||||||
MSCI Switzerland | 45,560,930 | 53,614,890 |
For the six months ended February 28, 2019, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||||
MSCI Eurozone | $ — | $ 2,420,916,264 | ||||||||
MSCI Germany | 53,714,876 | 720,807,182 | ||||||||
MSCI Italy | 124,112,073 | 316,154,511 | ||||||||
MSCI Spain | 283,911,296 | 328,756,593 | ||||||||
MSCI Switzerland | 120,995,009 | 229,774,879 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non-Expiring(a) | Expiring 2019 | Total | |||||||||||
MSCI Eurozone | $ | 390,879,862 | $ | 30,230,739 | $ | 421,110,601 | ||||||||
MSCI Germany | 113,101,718 | 32,215,954 | 145,317,672 | |||||||||||
MSCI Italy | 183,331,855 | 9,459,662 | 192,791,517 | |||||||||||
MSCI Spain | 145,451,894 | 8,619,903 | 154,071,797 | |||||||||||
MSCI Switzerland | 37,199,053 | 6,955,758 | 44,154,811 |
(a) | Must be utilized prior to losses subject to expiration. |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Eurozone | $ | 7,644,073,511 | $ | 365,776,330 | $ | (1,591,212,358 | ) | $ | (1,225,436,028 | ) | ||||||
MSCI Germany | 3,051,903,410 | 170,128,723 | (841,652,879 | ) | (671,524,156 | ) | ||||||||||
MSCI Italy | 261,840,891 | 6,662,909 | (57,631,473 | ) | (50,968,564 | ) | ||||||||||
MSCI Spain | 1,080,574,486 | 17,191,607 | (281,753,853 | ) | (264,562,246 | ) | ||||||||||
MSCI Switzerland | 932,405,398 | 55,242,761 | (94,637,783 | ) | (39,395,022 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 43 |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
MSCI Eurozone | ||||||||||||||||||||
Shares sold | — | $ | — | 68,400,000 | $ | 2,997,558,675 | ||||||||||||||
Shares redeemed | (65,700,000 | ) | (2,452,032,229 | ) | (155,400,000 | ) | (6,673,014,158 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (65,700,000 | ) | $ | (2,452,032,229 | ) | (87,000,000 | ) | $ | (3,675,455,483 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
MSCI Germany | ||||||||||||||||||||
Shares sold | 2,100,000 | $ | 54,329,586 | 13,200,000 | $ | 424,091,640 | ||||||||||||||
Shares redeemed | (26,400,000 | ) | (728,585,865 | ) | (59,400,000 | ) | (1,925,166,681 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (24,300,000 | ) | $ | (674,256,279 | ) | (46,200,000 | ) | $ | (1,501,075,041 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
MSCI Italy | ||||||||||||||||||||
Shares sold | 5,025,000 | $ | 128,408,189 | 3,675,000 | $ | 113,455,292 | ||||||||||||||
Shares redeemed | (12,375,000 | ) | (322,500,074 | ) | (16,575,000 | ) | (509,638,308 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (7,350,000 | ) | $ | (194,091,885 | ) | (12,900,000 | ) | $ | (396,183,016 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
MSCI Spain | ||||||||||||||||||||
Shares sold | 11,175,000 | $ | 320,272,725 | 19,125,000 | $ | 614,707,341 | ||||||||||||||
Shares redeemed | (12,525,000 | ) | (350,790,831 | ) | (35,250,000 | ) | (1,129,819,049 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (1,350,000 | ) | $ | (30,518,106 | ) | (16,125,000 | ) | $ | (515,111,708 | ) | ||||||||||
|
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|
|
|
|
| |||||||||||||
MSCI Switzerland | ||||||||||||||||||||
Shares sold | 3,750,000 | $ | 125,327,851 | 8,625,000 | $ | 295,601,568 | ||||||||||||||
Shares redeemed | (7,375,000 | ) | (240,140,209 | ) | (15,750,000 | ) | (541,911,664 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (3,625,000 | ) | $ | (114,812,358 | ) | (7,125,000 | ) | $ | (246,310,096 | ) | ||||||||||
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|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company ,the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
11. | FOREIGN WITHHOLDING TAX CLAIMS |
The iShares MSCI Eurozone ETF has filed claims to recover taxes withheld by Finland on dividend income on the basis that Finland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded a receivable for all recoverable taxes withheld by Finland based upon recent favorable determinations issued by the Finnish authorities. Professional fees associated with the filing of these claims that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Withholding tax claims may be for the current year and potentially for a limited number of prior calendar years, depending upon statutes of limitation on taxes. The Fund continues to evaluate developments in Finland for potential impact to the receivables and payables recorded. Foreign withholding tax claims and associated payable amounts are disclosed in the statement of assets and liabilities.
The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
12. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
13. | REGULATION S-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532,Disclosure Update and Simplification.The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
MSCI Eurozone | $ | 344,359,197 | ||
MSCI Germany | 97,497,098 | |||
MSCI Italy | 17,400,893 | |||
MSCI Spain | 31,909,333 | |||
MSCI Switzerland | 22,803,569 |
Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed (distributions in excess of) net investment income | |||
MSCI Eurozone | $ | 23,152,634 | ||
MSCI Germany | (489,869 | ) | ||
MSCI Italy | 2,341,634 | |||
MSCI Spain | 9,976,406 | |||
MSCI Switzerland | (455,027 | ) |
14. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 45 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
MSCI Eurozone(a) | $ | 0.183003 | $ | — | $ | 0.009456 | $ | 0.192459 | 95 | % | — | % | 5 | % | 100 | % | ||||||||||||||||||||
MSCI Spain(a) | 0.392342 | — | 0.127260 | 0.519602 | 76 | — | 24 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Electronic Delivery
Shareholders can signup for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
G E N E R A L I N F O R M A T I O N | 47 |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Equity | ||
ADR | American Depositary Receipt | |
NVS | Non-Voting Shares |
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
| This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. |
![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ iShares MSCI Hong Kong ETF | EWH | NYSE Arca
▶ iShares MSCI JapanSmall-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
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
|
Table of Contents
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5 | ||||
12 | ||||
12 | ||||
13 | ||||
Financial Statements | ||||
41 | ||||
43 | ||||
45 | ||||
49 | ||||
56 | ||||
65 | ||||
66 | ||||
67 |
Fund Summary as of February 28, 2019 | iShares® MSCI Hong Kong ETF |
Investment Objective
TheiShares 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 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 8.30 | % | 3.24 | % | 8.53 | % | 13.58 | % | 3.24 | % | 50.58 | % | 257.21 | % | ||||||||||||||||||
Fund Market | 8.26 | 3.79 | 8.56 | 13.77 | 3.79 | 50.77 | 263.45 | |||||||||||||||||||||||||
Index | 8.62 | 3.80 | 9.13 | 14.22 | 3.80 | 54.81 | 277.79 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,083.00 | $ | 2.53 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 35.4 | % | ||
Real Estate | 26.4 | |||
Industrials | 11.8 | |||
Consumer Discretionary | 10.8 | |||
Utilities | 10.6 | |||
Consumer Staples | 2.0 | |||
Communication Services | 1.6 | |||
Other (each representing less than 1%) | 1.4 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
AIA Group Ltd. | 21.8 | % | ||
Hong Kong Exchanges & Clearing Ltd. | 6.6 | |||
CK Hutchison Holdings Ltd. | 5.2 | |||
Sun Hung Kai Properties Ltd. | 4.8 | |||
Link REIT | 4.3 | |||
CK Asset Holdings Ltd. | 3.9 | |||
Hong Kong & China Gas Co. Ltd. | 3.9 | |||
CLP Holdings Ltd. | 3.5 | |||
Hang Seng Bank Ltd. | 3.4 | |||
Galaxy Entertainment Group Ltd. | 3.1 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI Japan Small-Cap ETF |
Investment Objective
TheiShares MSCI JapanSmall-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 | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (8.16 | )% | (13.38 | )% | 7.95 | % | 10.46 | % | (13.38 | )% | 46.62 | % | 170.35 | % | ||||||||||||||||||
Fund Market | (7.64 | ) | (12.40 | ) | 7.78 | 10.83 | (12.40 | ) | 45.46 | 179.65 | ||||||||||||||||||||||
Index | (8.00 | ) | (12.99 | ) | 8.29 | 10.88 | (12.99 | ) | 48.94 | 180.89 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 918.40 | $ | 2.33 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Industrials | 24.7 | % | ||
Consumer Discretionary | 15.2 | |||
Information Technology | 11.6 | |||
Real Estate | 11.2 | |||
Consumer Staples | 9.6 | |||
Materials | 9.2 | |||
Financials | 6.9 | |||
Health Care | 6.7 | |||
Communication Services | 3.2 | |||
Utilities | 1.1 | |||
Energy | 0.6 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Sojitz Corp. | 0.7 | % | ||
PeptiDream Inc. | 0.6 | |||
Orix JREIT Inc. | 0.6 | |||
Advantest Corp. | 0.6 | |||
GLPJ-REIT | 0.5 | |||
Nihon M&A Center Inc. | 0.5 | |||
Japan Hotel REIT Investment Corp. | 0.5 | |||
Haseko Corp. | 0.5 | |||
Advance Residence Investment Corp. | 0.5 | |||
TIS Inc. | 0.5 |
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Fund Summary as of February 28, 2019 | iShares® MSCI Malaysia ETF |
Investment Objective
TheiShares 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 | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (4.42 | )% | (8.99 | )% | (3.47 | )% | 7.84 | % | (8.99 | )% | (16.20 | )% | 112.78 | % | ||||||||||||||||||
Fund Market | (4.40 | ) | (9.29 | ) | (3.64 | ) | 7.71 | (9.29 | ) | (16.94 | ) | 110.12 | ||||||||||||||||||||
Index | (4.32 | ) | (8.70 | ) | (3.25 | ) | 8.26 | (8.70 | ) | (15.24 | ) | 121.18 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 955.80 | $ | 2.38 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 35.3 | % | ||
Consumer Staples | 13.6 | |||
Utilities | 11.8 | |||
Industrials | 9.2 | |||
Communication Services | 8.5 | |||
Materials | 5.7 | |||
Consumer Discretionary | 5.3 | |||
Health Care | 5.2 | |||
Energy | 3.5 | |||
Real Estate | 1.9 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Public Bank Bhd | 14.8 | % | ||
Tenaga Nasional Bhd | 8.6 | |||
Malayan Banking Bhd | 7.5 | |||
CIMB Group Holdings Bhd | 5.7 | |||
Petronas Chemicals Group Bhd | 4.5 | |||
Genting Bhd | 3.2 | |||
DiGi.Com Bhd | 2.9 | |||
Hong Leong Bank Bhd | 2.8 | |||
Maxis Bhd | 2.6 | |||
IHH Healthcare Bhd | 2.6 |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares MSCI Pacific ex Japan ETF |
Investment Objective
TheiShares 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 | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 1.49 | % | (1.11 | )% | 3.74 | % | 12.24 | % | (1.11 | )% | 20.16 | % | 217.44 | % | ||||||||||||||||||
Fund Market | 1.51 | (0.25 | ) | 3.70 | 12.42 | (0.25 | ) | 19.95 | 222.54 | |||||||||||||||||||||||
Index | 1.73 | (0.67 | ) | 4.18 | 12.73 | (0.67 | ) | 22.69 | 231.38 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,014.90 | $ | 2.40 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 37.8 | % | ||
Real Estate | 14.2 | |||
Materials | 10.5 | |||
Industrials | 9.0 | |||
Consumer Discretionary | 6.9 | |||
Health Care | 5.6 | |||
Utilities | 4.8 | |||
Consumer Staples | 4.1 | |||
Energy | 3.6 | |||
Communication Services | 2.8 | |||
Information Technology | 0.7 |
(a) | Excludes money market funds. |
ALLOCATION BY COUNTRY
Country | | Percent of Total Investments | (a) | |
Australia | 55.2 | % | ||
Hong Kong | 32.4 | |||
Singapore | 10.5 | |||
New Zealand | 1.9 |
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Fund Summary as of February 28, 2019 | iShares® MSCI Singapore ETF |
Investment Objective
TheiShares 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 | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 0.60 | % | (8.99 | )% | 2.16 | % | 11.34 | % | (8.99 | )% | 11.27 | % | 192.81 | % | ||||||||||||||||||
Fund Market | 0.67 | (8.51 | ) | 2.21 | 11.44 | (8.51 | ) | 11.55 | 195.29 | |||||||||||||||||||||||
Index | 0.93 | (8.39 | ) | 2.58 | 11.75 | (8.39 | ) | 13.59 | 203.77 |
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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,006.00 | $ | 2.44 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 47.5 | % | ||
Industrials | 18.7 | |||
Real Estate | 14.8 | |||
Communication Services | 6.8 | |||
Consumer Discretionary | 5.1 | |||
Consumer Staples | 4.5 | |||
Information Technology | 2.6 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
DBS Group Holdings Ltd. | 17.5 | % | ||
Oversea-Chinese Banking Corp. Ltd. | 13.6 | |||
United Overseas Bank Ltd. | 13.1 | |||
Singapore Telecommunications Ltd. | 4.6 | |||
Keppel Corp. Ltd. | 4.2 | |||
Ascendas REIT | 3.7 | |||
Singapore Exchange Ltd. | 3.2 | |||
Wilmar International Ltd. | 3.1 | |||
Genting Singapore Ltd. | 3.1 | |||
Singapore Technologies Engineering Ltd. | 3.1 |
F U N D S U M M A R Y | 9 |
Fund Summary as of February 28, 2019 | iShares® MSCI Taiwan ETF |
Investment Objective
TheiShares 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 | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (7.75 | )% | (6.87 | )% | 6.66 | % | 12.01 | % | (6.87 | )% | 38.04 | % | 210.91 | % | ||||||||||||||||||
Fund Market | (9.56 | ) | (6.53 | ) | 6.17 | 12.04 | (6.53 | ) | 34.89 | 211.65 | ||||||||||||||||||||||
Index | (7.56 | ) | (6.45 | ) | 7.36 | 12.67 | (6.45 | ) | 42.61 | 229.63 |
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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 922.50 | $ | 2.81 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 53.1 | % | ||
Financials | 19.3 | |||
Materials | 10.7 | |||
Consumer Discretionary | 4.5 | |||
Communication Services | 4.3 | |||
Consumer Staples | 3.5 | |||
Industrials | 2.8 | |||
Other (each representing less than 1%) | 1.8 |
(a) Excludes money market funds.
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 22.7 | % | ||
Hon Hai Precision Industry Co. Ltd. | 5.4 | |||
Formosa Plastics Corp. | 2.7 | |||
Largan Precision Co. Ltd. | 2.6 | |||
MediaTek Inc. | 2.5 | |||
Chunghwa Telecom Co. Ltd. | 2.4 | |||
Nan Ya Plastics Corp. | 2.3 | |||
Cathay Financial Holding Co. Ltd. | 2.2 | |||
CTBC Financial Holding Co. Ltd. | 2.2 | |||
Formosa Chemicals & Fibre Corp. | 2.1 |
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Thailand ETF |
Investment Objective
TheiShares 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 | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 0.02 | % | (8.34 | )% | 8.30 | % | 18.28 | % | (8.34 | )% | 48.96 | % | 436.12 | % | ||||||||||||||||||
Fund Market | (0.06 | ) | (8.56 | ) | 8.20 | 18.25 | (8.56 | ) | 48.27 | 434.73 | ||||||||||||||||||||||
Index | 0.15 | (8.19 | ) | 8.56 | 18.66 | (8.19 | ) | 50.80 | 453.30 |
Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,000.20 | $ | 2.93 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Energy | 20.1 | % | ||
Financials | 18.6 | |||
Consumer Staples | 12.8 | |||
Industrials | 10.9 | |||
Materials | 9.6 | |||
Communication Services | 6.7 | |||
Real Estate | 6.2 | |||
Consumer Discretionary | 5.4 | |||
Health Care | 4.7 | |||
Utilities | 3.3 | |||
Information Technology | 1.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
PTT PCL | 10.7 | % | ||
CP ALL PCL | 8.2 | |||
Airports of Thailand PCL | 6.1 | |||
Kasikornbank PCL | 4.9 | |||
Siam Commercial Bank PCL (The) | 4.5 | |||
Advanced Info Service PCL | 4.0 | |||
Siam Cement PCL (The) | 3.8 | |||
PTT Exploration & Production PCL | 3.7 | |||
PTT Global Chemical PCL | 3.4 | |||
Kasikornbank PCL | 2.6 |
F U N D S U M M A R Y | 11 |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by 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.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Hong Kong ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Auto Components — 0.5% | ||||||||
Minth Group Ltd.(a) | 4,282,000 | $ | 16,964,789 | |||||
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Banks — 7.0% | ||||||||
Bank of East Asia Ltd. (The) | 7,207,210 | 25,111,110 | ||||||
BOC Hong Kong Holdings Ltd. | 20,673,500 | 86,383,195 | ||||||
Hang Seng Bank Ltd. | 4,257,300 | 105,486,108 | ||||||
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216,980,413 | ||||||||
Biotechnology — 0.8% | ||||||||
BeiGene Ltd., ADR(b) | 185,382 | 25,406,603 | ||||||
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Capital Markets — 6.6% | ||||||||
Hong Kong Exchanges & Clearing Ltd. | 5,912,300 | 203,810,082 | ||||||
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Diversified Telecommunication Services — 1.5% |
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HKT Trust & HKT Ltd. | 21,281,500 | 33,237,941 | ||||||
PCCW Ltd. | 24,341,169 | 14,636,082 | ||||||
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47,874,023 | ||||||||
Electric Utilities — 6.7% | ||||||||
CK Infrastructure Holdings Ltd. | 3,690,500 | 30,770,622 | ||||||
CLP Holdings Ltd. | 9,105,700 | 107,879,194 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 14,987,000 | 15,617,425 | ||||||
Power Assets Holdings Ltd. | 7,710,000 | 53,529,389 | ||||||
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207,796,630 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 4.3% |
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Link REIT | 11,758,500 | 132,941,842 | ||||||
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Food & Staples Retailing — 0.6% | ||||||||
Dairy Farm International Holdings Ltd. | 1,954,700 | 17,475,018 | ||||||
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Food Products — 1.4% | ||||||||
WH Group Ltd.(c) | 49,526,000 | 43,975,161 | ||||||
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Gas Utilities — 3.9% | ||||||||
Hong Kong & China Gas Co. Ltd. | 51,415,182 | 119,076,665 | ||||||
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Hotels, Restaurants & Leisure — 8.1% | ||||||||
Galaxy Entertainment Group Ltd. | 13,249,000 | 94,095,614 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 1,396,819 | 32,182,710 | ||||||
MGM China Holdings Ltd.(a) | 5,447,088 | 11,449,585 | ||||||
Sands China Ltd. | 13,449,600 | 67,164,045 | ||||||
Shangri-La Asia Ltd. | 7,162,000 | 10,182,160 | ||||||
SJM Holdings Ltd. | 11,256,000 | 12,690,209 | ||||||
Wynn Macau Ltd. | 8,734,800 | 21,587,189 | ||||||
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249,351,512 | ||||||||
Household Durables — 1.7% | ||||||||
Techtronic Industries Co. Ltd. | 7,707,647 | 51,500,176 | ||||||
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Industrial Conglomerates — 10.2% | ||||||||
CK Hutchison Holdings Ltd. | 15,005,767 | 159,715,131 | ||||||
Jardine Matheson Holdings Ltd. | 1,223,800 | 83,903,728 | ||||||
Jardine Strategic Holdings Ltd. | 1,234,700 | 48,770,650 | ||||||
NWS Holdings Ltd. | 8,734,000 | 21,140,156 | ||||||
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313,529,665 | ||||||||
Insurance — 21.7% | ||||||||
AIA Group Ltd. | 66,949,200 | 669,509,058 | ||||||
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Security | Shares | Value | ||||||
Real Estate Management & Development — 22.0% |
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CK Asset Holdings Ltd. | 14,401,267 | $ | 119,524,388 | |||||
Hang Lung Group Ltd. | 4,941,000 | 15,515,765 | ||||||
Hang Lung Properties Ltd. | 11,273,000 | 26,625,063 | ||||||
Henderson Land Development Co. Ltd. | 7,370,148 | 41,686,995 | ||||||
Hongkong Land Holdings Ltd. | 6,487,100 | 46,512,507 | ||||||
Hysan Development Co. Ltd. | 3,476,000 | 18,354,633 | ||||||
Kerry Properties Ltd. | 3,663,500 | 15,307,753 | ||||||
New World Development Co. Ltd. | 34,302,066 | 54,797,308 | ||||||
Sino Land Co. Ltd. | 18,444,000 | 34,351,357 | ||||||
Sun Hung Kai Properties Ltd. | 8,862,000 | 146,762,975 | ||||||
Swire Pacific Ltd., Class A | 2,752,500 | 32,732,792 | ||||||
Swire Properties Ltd. | 6,483,000 | 26,015,249 | ||||||
Wharf Holdings Ltd. (The) | 6,828,150 | 21,354,822 | ||||||
Wharf Real Estate Investment Co. Ltd. | 6,741,150 | 47,361,006 | ||||||
Wheelock & Co. Ltd. | 4,600,357 | 31,148,434 | ||||||
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678,051,047 | ||||||||
Road & Rail — 1.6% | ||||||||
MTR Corp. Ltd. | 8,561,083 | 49,186,584 | ||||||
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Semiconductors & Semiconductor Equipment — 0.6% |
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ASM Pacific Technology Ltd. | 1,738,400 | 18,414,222 | ||||||
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Textiles, Apparel & Luxury Goods — 0.5% |
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Yue Yuen Industrial Holdings Ltd. | 4,289,500 | 14,426,202 | ||||||
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Total Common Stocks — 99.7% | 3,076,269,692 | |||||||
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Short-Term Investments | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, | 4,963,202 | 4,965,187 | ||||||
BlackRock Cash Funds: Treasury, | 1,319,843 | 1,319,843 | ||||||
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6,285,030 | ||||||||
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Total Short-Term Investments — 0.2% |
| 6,285,030 | ||||||
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Total Investments in Securities — 99.9% |
| 3,082,554,722 | ||||||
Other Assets, Less Liabilities — 0.1% | 1,891,477 | |||||||
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Net Assets — 100.0% | $ | 3,084,446,199 | ||||||
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(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Hong Kong ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
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Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
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BlackRock Cash Funds: Institutional, SL Agency Shares | 18,423,432 | (13,460,230 | ) | 4,963,202 | $ | 4,965,187 | $ | 26,762 | (b) | $ | 685 | $ | (426 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 663,373 | 656,470 | 1,319,843 | 1,319,843 | 30,012 | — | — | |||||||||||||||||||||
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$ | 6,285,030 | $ | 56,774 | $ | 685 | $ | (426 | ) | ||||||||||||||||||||
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(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | | ||||
Long Contracts | ||||||||||||||||
Hang Seng Index | 34 | 03/28/19 | $ | 6,208 | $ | (44,797 | ) | |||||||||
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Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized depreciation(a) | $ | 44,797 | ||
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(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (245,092 | ) | |
|
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Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 167,450 | ||
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Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 9,149,283 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Hong Kong ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 3,076,269,692 | $ | — | $ | — | $ | 3,076,269,692 | ||||||||
Money Market Funds | 6,285,030 | — | — | 6,285,030 | ||||||||||||
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$ | 3,082,554,722 | $ | — | $ | — | $ | 3,082,554,722 | |||||||||
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Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (44,797 | ) | $ | — | $ | — | $ | (44,797 | ) | ||||||
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(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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 | | 15 | |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCIJapan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.0% | ||||||||
Jamco Corp.(a) | 2,100 | $ | 46,878 | |||||
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Air Freight & Logistics — 0.3% | ||||||||
Kintetsu World Express Inc. | 8,400 | 133,108 | ||||||
Konoike Transport Co. Ltd. | 6,300 | 101,416 | ||||||
Maruwa Unyu Kikan Co. Ltd. | 2,100 | 71,119 | ||||||
Mitsui-Soko Holdings Co. Ltd.(b) | 4,200 | 71,535 | ||||||
SBS Holdings Inc. | 4,200 | 68,780 | ||||||
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445,958 | ||||||||
Auto Components — 3.3% | ||||||||
Aisan Industry Co. Ltd. | 6,300 | 42,785 | ||||||
Akebono Brake Industry Co. Ltd.(b) | 18,900 | 28,184 | ||||||
Daido Metal Co. Ltd. | 6,300 | 44,313 | ||||||
Daikyonishikawa Corp. | 8,400 | 93,493 | ||||||
Eagle Industry Co. Ltd. | 4,200 | 49,765 | ||||||
Exedy Corp. | 6,300 | 150,256 | ||||||
FCC Co. Ltd. | 6,300 | 145,842 | ||||||
Futaba Industrial Co. Ltd. | 10,500 | 56,688 | ||||||
G-Tekt Corp. | 4,200 | 64,781 | ||||||
Ichikoh Industries Ltd. | 6,300 | 37,295 | ||||||
Kasai Kogyo Co. Ltd. | 4,200 | 34,824 | ||||||
Keihin Corp. | 8,400 | 147,671 | ||||||
KYB Corp. | 4,200 | 110,659 | ||||||
Mitsuba Corp. | 6,300 | 39,276 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 8,400 | 119,677 | ||||||
NHK Spring Co. Ltd. | 39,900 | 371,688 | ||||||
Nifco Inc./Japan | 16,800 | 427,093 | ||||||
Nihon Tokushu Toryo Co. Ltd. | 2,100 | 25,486 | ||||||
Nippon Seiki Co. Ltd. | 10,500 | 193,550 | ||||||
Nissin Kogyo Co. Ltd. | 8,400 | 118,318 | ||||||
NOK Corp. | 18,900 | 304,587 | ||||||
Pacific Industrial Co. Ltd. | 8,400 | 127,901 | ||||||
Piolax Inc. | 6,300 | 131,071 | ||||||
Press Kogyo Co. Ltd. | 18,900 | 104,076 | ||||||
Riken Corp. | 2,100 | 99,227 | ||||||
Sanden Holdings Corp.(b) | 4,200 | 30,523 | ||||||
Shoei Co. Ltd. | 2,100 | 76,684 | ||||||
Showa Corp. | 10,500 | 146,200 | ||||||
Sumitomo Riko Co. Ltd. | 8,400 | 76,741 | ||||||
Tachi-S Co. Ltd. | 6,300 | 93,323 | ||||||
Taiho Kogyo Co. Ltd. | 4,200 | 37,654 | ||||||
Tokai Rika Co. Ltd. | 10,500 | 192,135 | ||||||
Topre Corp. | 6,300 | 136,843 | ||||||
Toyo Tire Corp. | 22,400 | 285,131 | ||||||
Toyota Boshoku Corp. | 12,600 | 207,472 | ||||||
TPR Co. Ltd. | 4,200 | 92,285 | ||||||
TS Tech Co. Ltd. | 8,400 | 244,862 | ||||||
Unipres Corp. | 8,400 | 149,709 | ||||||
Yorozu Corp. | 4,200 | 60,291 | ||||||
|
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4,898,359 | ||||||||
Automobiles — 0.1% | ||||||||
Nissan Shatai Co. Ltd. | 12,600 | 112,395 | ||||||
|
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Banks — 4.5% | ||||||||
77 Bank Ltd. (The) | 10,500 | 168,366 | ||||||
Aichi Bank Ltd. (The) | 2,100 | 63,196 | ||||||
Akita Bank Ltd. (The) | 2,100 | 42,389 | ||||||
Aomori Bank Ltd. (The) | 4,200 | 110,697 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Awa Bank Ltd. (The) | 6,300 | $ | 163,782 | |||||
Bank of Iwate Ltd. (The) | 4,200 | 121,488 | ||||||
Bank of Nagoya Ltd. (The) | 2,100 | 66,214 | ||||||
Bank of Okinawa Ltd. (The) | 4,200 | 129,599 | ||||||
Bank of Saga Ltd. (The) | 2,100 | 34,164 | ||||||
Bank of the Ryukyus Ltd. | 8,400 | 92,889 | ||||||
Chiba Kogyo Bank Ltd. (The) | 8,400 | 24,977 | ||||||
Chugoku Bank Ltd. (The) | 31,500 | 294,853 | ||||||
Chukyo Bank Ltd. (The) | 2,100 | 41,691 | ||||||
Daishi Hokuetsu Financial Group Inc. | 8,400 | 259,953 | ||||||
Ehime Bank Ltd. (The) | 6,300 | 63,611 | ||||||
Eighteenth Bank Ltd. (The) | 2,100 | 50,312 | ||||||
Gunma Bank Ltd. (The) | 67,200 | 283,119 | ||||||
Hachijuni Bank Ltd. (The) | 73,500 | 305,700 | ||||||
Hiroshima Bank Ltd. (The) | 48,300 | 269,008 | ||||||
Hokkoku Bank Ltd. (The) | 4,200 | 131,674 | ||||||
Hokuhoku Financial Group Inc. | 23,100 | 252,955 | ||||||
Hyakugo Bank Ltd. (The) | 42,000 | 143,748 | ||||||
Hyakujushi Bank Ltd. (The) | 4,200 | 92,134 | ||||||
Iyo Bank Ltd. (The) | 48,300 | 266,405 | ||||||
Jimoto Holdings Inc. | 33,600 | 38,635 | ||||||
Juroku Bank Ltd. (The) | 6,300 | 131,920 | ||||||
Kansai Mirai Financial Group Inc.(b) | 18,974 | 140,447 | ||||||
Keiyo Bank Ltd. (The) | 18,900 | 117,488 | ||||||
Kiyo Bank Ltd. (The) | 12,600 | 175,667 | ||||||
Kyushu Financial Group Inc. | 69,300 | 281,383 | ||||||
Miyazaki Bank Ltd. (The) | 2,100 | 51,632 | ||||||
Musashino Bank Ltd. (The) | 6,300 | 131,750 | ||||||
Nanto Bank Ltd. (The) | 6,300 | 121,110 | ||||||
Nishi-Nippon Financial Holdings Inc. | 27,300 | 242,541 | ||||||
North Pacific Bank Ltd. | 56,700 | 156,368 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 6,300 | 127,449 | ||||||
Oita Bank Ltd. (The) | 2,100 | 64,894 | ||||||
San ju San Financial Group Inc. | 4,200 | 60,366 | ||||||
San-in Godo Bank Ltd. (The) | 29,400 | 212,603 | ||||||
Senshu Ikeda Holdings Inc. | 50,400 | 134,014 | ||||||
Shiga Bank Ltd. (The) | 8,400 | 196,870 | ||||||
Shikoku Bank Ltd. (The) | 6,300 | 58,688 | ||||||
Suruga Bank Ltd.(a) | 33,600 | 162,084 | ||||||
Tochigi Bank Ltd. (The) | 16,800 | 35,314 | ||||||
Toho Bank Ltd. (The) | 39,900 | 110,395 | ||||||
Tokyo Kiraboshi Financial Group Inc. | 4,230 | 61,748 | ||||||
TOMONY Holdings Inc. | 29,400 | 109,339 | ||||||
Towa Bank Ltd. (The) | 6,300 | 40,181 | ||||||
Yamagata Bank Ltd. (The) | 4,200 | 75,383 | ||||||
Yamanashi Chuo Bank Ltd. (The) | 4,200 | 53,349 | ||||||
|
| |||||||
6,564,542 | ||||||||
Beverages — 0.7% | ||||||||
Ito En Ltd. | 10,500 | 475,386 | ||||||
Sapporo Holdings Ltd. | 12,600 | 274,932 | ||||||
Takara Holdings Inc. | 31,500 | 356,540 | ||||||
|
| |||||||
1,106,858 | ||||||||
Biotechnology —1.0% | ||||||||
GNI Group Ltd.(b) | 2,299 | 63,712 | ||||||
HEALIOS KK(a)(b) | 4,200 | 71,798 | ||||||
Japan Tissue Engineering Co. Ltd.(a)(b) | 2,100 | 20,487 | ||||||
PeptiDream Inc.(a)(b) | 18,900 | 898,140 | ||||||
SanBio Co. Ltd.(a)(b) | 5,200 | 127,104 |
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Takara Bio Inc. | 10,500 | $ | 240,240 | |||||
|
| |||||||
1,421,481 | ||||||||
Building Products — 1.7% | ||||||||
Aica Kogyo Co. Ltd. | 10,500 | 365,500 | ||||||
Bunka Shutter Co. Ltd. | 10,500 | 78,382 | ||||||
Central Glass Co. Ltd. | 8,400 | 196,946 | ||||||
Maeda Kosen Co. Ltd. | 4,200 | 105,981 | ||||||
Nichias Corp. | 11,500 | 226,963 | ||||||
Nichiha Corp. | 6,300 | 178,553 | ||||||
Nippon Sheet Glass Co. Ltd. | 18,900 | 156,708 | ||||||
Nitto Boseki Co. Ltd. | 4,400 | 77,589 | ||||||
Noritz Corp. | 6,300 | 92,927 | ||||||
Okabe Co. Ltd. | 8,400 | 73,722 | ||||||
Sankyo Tateyama Inc. | 4,200 | 55,198 | ||||||
Sanwa Holdings Corp. | 39,900 | 462,728 | ||||||
Sekisui Jushi Corp. | 6,300 | 118,507 | ||||||
Sinko Industries Ltd. | 4,200 | 59,197 | ||||||
Takara Standard Co. Ltd. | 6,300 | 97,454 | ||||||
Takasago Thermal Engineering Co. Ltd. | 10,500 | 171,478 | ||||||
|
| |||||||
2,517,833 | ||||||||
Capital Markets — 1.0% | ||||||||
GMO Financial Holdings Inc. | 10,500 | 65,271 | ||||||
Ichiyoshi Securities Co. Ltd. | 8,400 | 66,630 | ||||||
Jafco Co. Ltd. | 6,300 | 220,715 | ||||||
kabu.com Securities Co. Ltd. | 27,300 | 137,579 | ||||||
Kyokuto Securities Co. Ltd. | 4,200 | 44,784 | ||||||
M&A Capital Partners Co. Ltd.(a)(b) | 2,100 | 96,398 | ||||||
Marusan Securities Co. Ltd. | 10,500 | 78,382 | ||||||
Matsui Securities Co. Ltd. | 23,100 | 250,672 | ||||||
Monex Group Inc.(a) | 35,700 | 136,617 | ||||||
Okasan Securities Group Inc. | 23,100 | 100,850 | ||||||
SPARX Group Co. Ltd. | 18,900 | 35,654 | ||||||
Strike Co. Ltd. | 2,100 | 42,407 | ||||||
Tokai Tokyo Financial Holdings Inc. | 44,100 | 190,551 | ||||||
Uzabase Inc.(b) | 2,100 | 49,576 | ||||||
|
| |||||||
1,516,086 | ||||||||
Chemicals — 5.8% | ||||||||
Achilles Corp. | 4,200 | 76,100 | ||||||
ADEKA Corp. | 16,800 | 250,068 | ||||||
C.I. Takiron Corp. | 4,200 | 23,769 | ||||||
Chugoku Marine Paints Ltd. | 12,600 | 114,432 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 2,100 | 59,329 | ||||||
Denka Co. Ltd. | 16,800 | 506,324 | ||||||
DIC Corp. | 14,700 | 467,463 | ||||||
Fujimi Inc. | 4,200 | 89,607 | ||||||
Fujimori Kogyo Co. Ltd. | 2,100 | 57,348 | ||||||
Fuso Chemical Co. Ltd. | 4,200 | 79,307 | ||||||
Hodogaya Chemical Co. Ltd. | 2,100 | 64,422 | ||||||
Ishihara Sangyo Kaisha Ltd.(b) | 6,300 | 66,611 | ||||||
JCU Corp. | 4,200 | 66,441 | ||||||
JSP Corp. | 2,100 | 48,293 | ||||||
Kanto Denka Kogyo Co. Ltd. | 8,400 | 64,970 | ||||||
KH Neochem Co. Ltd. | 6,300 | 161,858 | ||||||
Koatsu Gas Kogyo Co. Ltd. | 6,300 | 47,708 | ||||||
Konishi Co. Ltd. | 6,300 | 91,908 | ||||||
Kumiai Chemical Industry Co. Ltd. | 18,949 | 121,878 | ||||||
Kureha Corp. | 4,200 | 258,821 | ||||||
Lintec Corp. | 10,500 | 237,976 | ||||||
Nihon Nohyaku Co. Ltd. | 8,400 | 36,522 |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
Nihon Parkerizing Co. Ltd. | 18,900 | $ | 249,748 | |||||
Nippon Kayaku Co. Ltd. | 27,300 | 332,299 | ||||||
Nippon Shokubai Co. Ltd. | 6,300 | 429,545 | ||||||
Nippon Soda Co. Ltd. | 4,200 | 108,924 | ||||||
NOF Corp. | 14,700 | 506,418 | ||||||
Okamoto Industries Inc. | 2,100 | 109,792 | ||||||
Osaka Soda Co. Ltd. | 2,100 | 52,293 | ||||||
Sakai Chemical Industry Co. Ltd. | 2,100 | 45,614 | ||||||
Sakata INX Corp. | 8,400 | 88,814 | ||||||
Sanyo Chemical Industries Ltd. | 2,100 | 102,434 | ||||||
Sekisui Plastics Co. Ltd. | 4,200 | 36,748 | ||||||
Shikoku Chemicals Corp. | 6,300 | 73,232 | ||||||
Shin-Etsu Polymer Co. Ltd. | 8,400 | 64,441 | ||||||
Stella Chemifa Corp.(a) | 2,100 | 62,536 | ||||||
Sumitomo Bakelite Co. Ltd. | 6,300 | 237,410 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 2,100 | 80,740 | ||||||
T. Hasegawa Co. Ltd. | 6,300 | 97,284 | ||||||
Taiyo Holdings Co. Ltd. | 4,200 | 142,427 | ||||||
Takasago International Corp. | 2,100 | 68,195 | ||||||
Tanaka Chemical Corp.(b) | 2,100 | 17,167 | ||||||
Tayca Corp. | 2,100 | 40,182 | ||||||
Tenma Corp. | 4,200 | 76,930 | ||||||
Toagosei Co. Ltd. | 21,000 | 229,581 | ||||||
Tokai Carbon Co. Ltd.(a) | 39,900 | 553,410 | ||||||
Tokuyama Corp. | 12,600 | 316,019 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 6,300 | 182,797 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 6,300 | 147,483 | ||||||
Toyobo Co. Ltd. | 16,800 | 238,297 | ||||||
Ube Industries Ltd. | 21,000 | 476,141 | ||||||
Valqua Ltd. | 2,100 | 43,238 | ||||||
W-Scope Corp.(a) | 6,300 | 81,155 | ||||||
Zeon Corp. | 29,400 | 300,022 | ||||||
|
| |||||||
8,582,471 | ||||||||
Commercial Services & Supplies — 1.7% | ||||||||
Aeon Delight Co. Ltd. | 4,200 | 156,198 | ||||||
Bell System24 Holdings Inc. | 6,300 | 83,249 | ||||||
Central Security Patrols Co. Ltd. | 2,100 | 80,646 | ||||||
Daiseki Co. Ltd. | 8,460 | 208,992 | ||||||
Duskin Co. Ltd. | 8,400 | 208,415 | ||||||
Itoki Corp. | 6,300 | 32,372 | ||||||
Japan Elevator Service Holdings Co. Ltd.(a) | 4,200 | 79,156 | ||||||
Kokuyo Co. Ltd. | 16,800 | 247,503 | ||||||
Matsuda Sangyo Co. Ltd. | 2,160 | 28,290 | ||||||
Mitsubishi Pencil Co. Ltd.(a) | 6,300 | 127,166 | ||||||
Nichiban Co. Ltd. | 2,100 | 42,634 | ||||||
Nippon Kanzai Co. Ltd. | 4,200 | 73,043 | ||||||
Nippon Parking Development Co. Ltd. | 39,900 | 56,631 | ||||||
Okamura Corp. | 12,600 | 148,502 | ||||||
Oyo Corp. | 4,200 | 44,822 | ||||||
Pilot Corp. | 6,300 | 288,627 | ||||||
Prestige International Inc. | 10,500 | 122,525 | ||||||
Raksul Inc.(a)(b) | 4,200 | 145,446 | ||||||
Relia Inc. | 8,400 | 73,345 | ||||||
Sato Holdings Corp. | 4,200 | 101,831 | ||||||
Toppan Forms Co. Ltd. | 10,500 | 90,927 | ||||||
Tosho Printing Co. Ltd. | 4,200 | 37,352 | ||||||
|
| |||||||
2,477,672 | ||||||||
Communications Equipment — 0.1% | ||||||||
Denki Kogyo Co. Ltd. | 2,100 | 55,292 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Communications Equipment (continued) | ||||||||
Icom Inc. | 2,100 | $ | 43,615 | |||||
|
| |||||||
98,907 | ||||||||
Construction & Engineering — 5.1% | ||||||||
Chiyoda Corp.(a) | 35,700 | 99,095 | ||||||
Chudenko Corp. | 6,300 | 131,127 | ||||||
COMSYS Holdings Corp. | 25,200 | 673,237 | ||||||
Dai-Dan Co. Ltd. | 2,100 | 45,690 | ||||||
Daiho Corp. | 4,200 | 122,054 | ||||||
Fudo Tetra Corp. | 4,220 | 62,474 | ||||||
Fukuda Corp. | 2,100 | 82,061 | ||||||
Hazama Ando Corp. | 37,800 | 266,556 | ||||||
Hibiya Engineering Ltd. | 4,200 | 71,119 | ||||||
Kandenko Co. Ltd. | 18,900 | 169,102 | ||||||
Kinden Corp. | 27,300 | 442,902 | ||||||
Kumagai Gumi Co. Ltd. | 6,300 | 200,058 | ||||||
Kyowa Exeo Corp. | 21,000 | 566,879 | ||||||
Kyudenko Corp. | 8,400 | 287,496 | ||||||
Maeda Corp. | 29,400 | 311,114 | ||||||
Maeda Road Construction Co. Ltd. | 12,600 | 246,861 | ||||||
Mirait Holdings Corp.(a) | 15,100 | 235,751 | ||||||
Nippo Corp. | 11,100 | 215,977 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 6,300 | 129,543 | ||||||
Nippon Koei Co. Ltd. | 2,100 | 46,105 | ||||||
Nippon Road Co. Ltd. (The) | 2,100 | 125,638 | ||||||
Nishimatsu Construction Co. Ltd. | 10,700 | 249,045 | ||||||
Okumura Corp. | 6,300 | 197,512 | ||||||
OSJB Holdings Corp.(a) | 25,200 | 66,328 | ||||||
Penta-Ocean Construction Co. Ltd. | 56,700 | 285,741 | ||||||
Raito Kogyo Co. Ltd. | 8,400 | 115,828 | ||||||
Sanki Engineering Co. Ltd. | 8,400 | 91,304 | ||||||
Shinnihon Corp. | 6,300 | 59,480 | ||||||
SHO-BOND Holdings Co. Ltd. | 4,200 | 300,701 | ||||||
Sumitomo Densetsu Co. Ltd. | 4,200 | 73,006 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 33,600 | 221,243 | ||||||
Taihei Dengyo Kaisha Ltd. | 2,100 | 46,916 | ||||||
Taikisha Ltd. | 4,200 | 126,015 | ||||||
Takamatsu Construction Group Co. Ltd. | 2,100 | 51,953 | ||||||
Tekken Corp. | 2,100 | 51,557 | ||||||
Toa Corp./Tokyo | 2,100 | 29,787 | ||||||
Toda Corp. | 46,200 | 293,419 | ||||||
Tokyu Construction Co. Ltd. | 16,840 | 143,561 | ||||||
Toshiba Plant Systems & Services Corp. | 10,500 | 190,343 | ||||||
Totetsu Kogyo Co. Ltd. | 4,200 | 114,508 | ||||||
Toyo Construction Co. Ltd. | 14,700 | 60,348 | ||||||
Toyo Engineering Corp.(a)(b) | 6,300 | 40,917 | ||||||
Yahagi Construction Co. Ltd. | 6,300 | 44,086 | ||||||
Yokogawa Bridge Holdings Corp. | 6,300 | 117,375 | ||||||
Yurtec Corp. | 6,300 | 50,764 | ||||||
|
| |||||||
7,552,576 | ||||||||
Construction Materials — 0.2% | ||||||||
Sumitomo Osaka Cement Co. Ltd. | 8,400 | 345,221 | ||||||
|
| |||||||
Consumer Finance — 0.4% | ||||||||
Aiful Corp.(b) | 67,200 | 180,496 | ||||||
Hitachi Capital Corp. | 10,500 | 248,823 | ||||||
J Trust Co. Ltd.(a) | 12,600 | 49,010 | ||||||
Jaccs Co. Ltd. | 4,200 | 72,402 | ||||||
Orient Corp.(a) | 92,400 | 101,265 | ||||||
|
| |||||||
651,996 |
Security | Shares | Value | ||||||
Containers & Packaging — 0.7% | ||||||||
FP Corp. | 4,200 | $ | 256,558 | |||||
Fuji Seal International Inc. | 8,400 | 314,660 | ||||||
Pack Corp. (The) | 2,100 | 60,838 | ||||||
Rengo Co. Ltd. | 37,800 | 328,017 | ||||||
|
| |||||||
960,073 | ||||||||
Distributors — 0.5% | ||||||||
Arata Corp. | 2,100 | 80,080 | ||||||
Canon Marketing Japan Inc. | 10,500 | 197,512 | ||||||
Chori Co. Ltd. | 2,100 | 29,033 | ||||||
Doshisha Co. Ltd. | 4,200 | 67,610 | ||||||
PALTAC Corp. | 6,300 | 324,847 | ||||||
|
| |||||||
699,082 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Meiko Network Japan Co. Ltd. | 4,200 | 35,692 | ||||||
Riso Kyoiku Co. Ltd. | 21,000 | 96,398 | ||||||
Studio Alice Co. Ltd. | 2,100 | 43,105 | ||||||
|
| |||||||
175,195 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
eGuarantee Inc. | 4,200 | 41,200 | ||||||
Financial Products Group Co. Ltd. | 12,600 | 121,337 | ||||||
Fuyo General Lease Co. Ltd. | 4,200 | 221,470 | ||||||
IBJ Leasing Co. Ltd. | 6,300 | 155,236 | ||||||
Japan Investment Adviser Co. Ltd.(a) | 2,100 | 60,461 | ||||||
Japan Securities Finance Co. Ltd. | 18,900 | 105,094 | ||||||
NEC Capital Solutions Ltd. | 2,100 | 32,013 | ||||||
Ricoh Leasing Co. Ltd. | 2,100 | 64,611 | ||||||
Zenkoku Hosho Co. Ltd. | 10,500 | 386,251 | ||||||
|
| |||||||
1,187,673 | ||||||||
Diversified Telecommunication Services — 0.2% |
| |||||||
Internet Initiative Japan Inc. | 6,300 | 142,220 | ||||||
Vision Inc./Tokyo Japan(b) | 2,100 | 85,928 | ||||||
|
| |||||||
228,148 | ||||||||
Electric Utilities — 0.7% | ||||||||
Hokkaido Electric Power Co. Inc. | 35,700 | 227,695 | ||||||
Hokuriku Electric Power Co.(b) | 35,700 | 303,380 | ||||||
Okinawa Electric Power Co. Inc. (The) | 8,412 | 155,061 | ||||||
Shikoku Electric Power Co. Inc. | 29,400 | 370,537 | ||||||
|
| |||||||
1,056,673 | ||||||||
Electrical Equipment — 1.7% | ||||||||
Chiyoda Integre Co. Ltd. | 2,100 | 41,427 | ||||||
Cosel Co. Ltd. | 4,200 | 44,256 | ||||||
Daihen Corp. | 4,200 | 98,360 | ||||||
Denyo Co. Ltd. | 4,200 | 54,028 | ||||||
Fujikura Ltd. | 48,300 | 204,359 | ||||||
Furukawa Electric Co. Ltd. | 14,700 | 451,617 | ||||||
Futaba Corp. | 6,300 | 101,189 | ||||||
GS Yuasa Corp. | 12,600 | 252,521 | ||||||
Idec Corp./Japan | 6,300 | 114,489 | ||||||
Mabuchi Motor Co. Ltd. | 10,500 | 361,256 | ||||||
Nippon Carbon Co. Ltd.(a) | 2,100 | 104,887 | ||||||
Nissin Electric Co. Ltd. | 10,500 | 94,700 | ||||||
Nitto Kogyo Corp. | 4,200 | 85,758 | ||||||
Sanyo Denki Co. Ltd. | 2,100 | 76,118 | ||||||
Sinfonia Technology Co. Ltd. | 4,200 | 50,481 | ||||||
Tatsuta Electric Wire and Cable Co. Ltd. | 8,400 | 37,805 | ||||||
Toyo Tanso Co. Ltd.(a) | 2,100 | 42,030 | ||||||
Ushio Inc. | 21,000 | 235,807 | ||||||
|
| |||||||
2,451,088 |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components — 4.4% | ||||||||
Ai Holdings Corp. | 6,300 | $ | 108,264 | |||||
Amano Corp. | 10,500 | 222,979 | ||||||
Anritsu Corp. | 27,300 | 540,016 | ||||||
Azbil Corp. | 25,200 | 556,428 | ||||||
Canon Electronics Inc. | 4,200 | 68,365 | ||||||
Citizen Watch Co. Ltd. | 60,900 | 346,296 | ||||||
CMK Corp. | 8,400 | 52,292 | ||||||
CONEXIO Corp. | 2,100 | 28,165 | ||||||
Daiwabo Holdings Co. Ltd. | 4,200 | 237,316 | ||||||
Dexerials Corp. | 10,500 | 77,628 | ||||||
Elematec Corp. | 2,100 | 34,050 | ||||||
Enplas Corp. | 2,100 | 56,103 | ||||||
ESPEC Corp. | 4,200 | 78,326 | ||||||
Hioki E.E. Corp. | 2,100 | 82,627 | ||||||
Hochiki Corp. | 2,100 | 21,864 | ||||||
Horiba Ltd. | 8,400 | 425,584 | ||||||
Hosiden Corp. | 10,500 | 84,041 | ||||||
Ibiden Co. Ltd. | 23,100 | 327,866 | ||||||
Iriso Electronics Co. Ltd. | 4,200 | 185,816 | ||||||
Japan Aviation Electronics Industry Ltd. | 10,500 | 136,674 | ||||||
Japan Cash Machine Co. Ltd. | 4,200 | 42,143 | ||||||
Japan Display Inc.(a)(b) | 119,700 | 76,345 | ||||||
Kaga Electronics Co. Ltd. | 4,200 | 80,929 | ||||||
Koa Corp. | 4,200 | 59,725 | ||||||
Macnica Fuji Electronics Holdings Inc. | 10,500 | 147,804 | ||||||
Maruwa Co. Ltd./Aichi | 2,100 | 114,508 | ||||||
Meiko Electronics Co. Ltd.(a) | 4,200 | 67,346 | ||||||
Nichicon Corp. | 10,500 | 93,945 | ||||||
Nippon Ceramic Co. Ltd.(a) | 4,200 | 106,320 | ||||||
NipponChemi-Con Corp. | 2,100 | 36,918 | ||||||
Nippon Signal Co. Ltd. | 8,400 | 75,760 | ||||||
Nissha Co. Ltd.(a) | 8,400 | 96,058 | ||||||
Nohmi Bosai Ltd. | 4,200 | 72,289 | ||||||
Ohara Inc.(a) | 2,100 | 32,768 | ||||||
Oki Electric Industry Co. Ltd. | 16,800 | 198,002 | ||||||
Optex Group Co. Ltd. | 6,300 | 109,112 | ||||||
Osaki Electric Co. Ltd. | 6,300 | 40,068 | ||||||
Riken Keiki Co. Ltd. | 2,100 | 41,502 | ||||||
Ryosan Co. Ltd. | 4,200 | 117,526 | ||||||
Ryoyo Electro Corp. | 4,200 | 58,820 | ||||||
Sanshin Electronics Co. Ltd. | 2,100 | 34,428 | ||||||
Siix Corp.(a) | 6,300 | 94,115 | ||||||
Taiyo Yuden Co. Ltd. | 25,200 | 496,213 | ||||||
Tamura Corp. | 12,600 | 67,460 | ||||||
Topcon Corp. | 21,000 | 284,288 | ||||||
UKC Holdings Corp. | 2,100 | 38,899 | ||||||
V Technology Co. Ltd. | 900 | 118,361 | ||||||
|
| |||||||
6,472,352 | ||||||||
Energy Equipment & Services — 0.2% | ||||||||
Modec Inc. | 4,200 | 113,942 | ||||||
Shinko Plantech Co. Ltd. | 8,400 | 92,587 | ||||||
Toyo Kanetsu KK | 2,100 | 44,011 | ||||||
|
| |||||||
250,540 | ||||||||
Entertainment — 1.8% | ||||||||
Akatsuki Inc. | 2,100 | 121,299 | ||||||
Amuse Inc. | 2,100 | 45,671 | ||||||
Ateam Inc. | 2,100 | 35,937 | ||||||
Avex Inc. | 6,300 | 82,117 | ||||||
Capcom Co. Ltd. | 16,800 | 336,996 |
Security | Shares | Value | ||||||
Entertainment (continued) | ||||||||
COLOPL Inc. | 10,500 | $ | 65,743 | |||||
Daiichikosho Co. Ltd. | 8,400 | 415,020 | ||||||
GungHo Online Entertainment Inc.(a) | 79,800 | 230,110 | ||||||
KLab Inc.(a)(b) | 6,300 | 46,237 | ||||||
Koei Tecmo Holdings Co. Ltd. | 9,468 | 169,679 | ||||||
Marvelous Inc. | 6,300 | 50,934 | ||||||
Shochiku Co. Ltd. | 2,100 | 215,056 | ||||||
Square Enix Holdings Co. Ltd. | 17,000 | 500,898 | ||||||
Toei Animation Co. Ltd. | 2,100 | 83,476 | ||||||
Toei Co. Ltd. | 1,400 | 178,961 | ||||||
UUUM Inc.(b) | 2,100 | 110,923 | ||||||
|
| |||||||
2,689,057 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 9.2% | ||||||||
Activia Properties Inc. | 126 | 525,755 | ||||||
Advance Residence Investment Corp. | 252 | 701,761 | ||||||
AEON REIT Investment Corp. | 294 | 339,901 | ||||||
Comforia Residential REIT Inc. | 126 | 325,753 | ||||||
Daiwa Office Investment Corp. | 63 | 420,490 | ||||||
Frontier Real Estate Investment Corp. | 105 | 433,884 | ||||||
Fukuoka REIT Corp. | 147 | 223,564 | ||||||
Global One Real Estate Investment Corp. | 168 | 190,758 | ||||||
GLPJ-REIT | 714 | 745,941 | ||||||
Hankyu Hanshin REIT Inc. | 105 | 136,485 | ||||||
Heiwa Real Estate REIT Inc. | 189 | 209,170 | ||||||
Hoshino Resorts REIT Inc.(a) | 42 | 200,719 | ||||||
Hulic Reit Inc. | 231 | 367,085 | ||||||
Ichigo Office REIT Investment | 252 | 233,166 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 294 | 312,963 | ||||||
Invesco OfficeJ-Reit Inc. | 1,785 | 257,680 | ||||||
Invincible Investment Corp. | 1,197 | 545,166 | ||||||
Japan Excellent Inc. | 252 | 348,390 | ||||||
Japan Hotel REIT Investment Corp. | 924 | 713,004 | ||||||
Japan Logistics Fund Inc. | 189 | 378,951 | ||||||
Japan Rental Housing Investments Inc. | 336 | 265,311 | ||||||
Kenedix Office Investment Corp. | 84 | 560,654 | ||||||
Kenedix Residential Next Investment Corp. | 168 | 273,762 | ||||||
Kenedix Retail REIT Corp. | 105 | 241,277 | ||||||
LaSalle Logiport REIT | 231 | 219,338 | ||||||
MCUBS MidCity Investment Corp. | 336 | 295,796 | ||||||
Mirai Corp. | 63 | 107,471 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. | 42 | 92,964 | ||||||
Mitsui Fudosan Logistics Park Inc. | 63 | 186,476 | ||||||
Mori Hills REIT Investment Corp. | 336 | 428,904 | ||||||
Mori Trust Hotel Reit Inc. | 63 | 76,911 | ||||||
Mori Trust Sogo REIT Inc. | 210 | 321,074 | ||||||
Nippon Accommodations Fund Inc. | 84 | 418,038 | ||||||
NIPPON REIT Investment Corp. | 105 | 389,081 | ||||||
One REIT Inc. | 42 | 103,340 | ||||||
Orix JREIT Inc. | 546 | 895,613 | ||||||
Premier Investment Corp. | 273 | 325,432 | ||||||
Sekisui House Reit Inc. | 756 | 520,887 | ||||||
Tokyu REIT Inc. | 189 | 281,157 | ||||||
|
| |||||||
13,614,072 | ||||||||
Food & Staples Retailing — 3.2% | ||||||||
Ain Holdings Inc. | 6,300 | 432,941 | ||||||
Arcs Co. Ltd. | 8,400 | 195,059 | ||||||
Axial Retailing Inc. | 2,100 | 67,063 | ||||||
Belc Co. Ltd. | 2,100 | 96,964 | ||||||
Cawachi Ltd. | 2,100 | 39,521 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Food & Staples Retailing (continued) | ||||||||
cocokara fine Inc. | 4,200 | $ | 187,702 | |||||
Cosmos Pharmaceutical Corp. | 2,100 | 384,837 | ||||||
Create SD Holdings Co. Ltd. | 6,300 | 165,423 | ||||||
Daikokutenbussan Co. Ltd. | 2,100 | 74,704 | ||||||
Genky DrugStores Co. Ltd.(a) | 2,100 | 49,312 | ||||||
Halows Co. Ltd. | 2,100 | 41,351 | ||||||
Heiwado Co. Ltd. | 6,300 | 140,522 | ||||||
Japan Meat Co. Ltd. | 2,100 | 33,541 | ||||||
Kansai Super Market Ltd. | 2,100 | 18,940 | ||||||
Kato Sangyo Co. Ltd. | 4,200 | 139,598 | ||||||
Kobe Bussan Co. Ltd. | 6,300 | 215,056 | ||||||
Kusuri no Aoki Holdings Co. Ltd.(a) | 3,200 | 222,206 | ||||||
Life Corp. | 2,100 | 46,765 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 16,800 | 576,500 | ||||||
Ministop Co. Ltd. | 2,100 | 35,843 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 2,100 | 54,613 | ||||||
Nihon Chouzai Co. Ltd. | 2,100 | 75,175 | ||||||
Okuwa Co. Ltd. | 4,200 | 43,011 | ||||||
Qol Holdings Co. Ltd. | 4,200 | 55,575 | ||||||
Retail Partners Co. Ltd. | 4,800 | 44,714 | ||||||
San-A Co. Ltd. | 4,200 | 167,706 | ||||||
Shoei Foods Corp.(a) | 2,100 | 60,838 | ||||||
Sogo Medical Holdings Co. Ltd. | 4,200 | 69,421 | ||||||
Sugi Holdings Co. Ltd. | 8,400 | 364,840 | ||||||
United Super Markets Holdings Inc. | 10,500 | 111,961 | ||||||
Valor Holdings Co. Ltd. | 8,400 | 213,169 | ||||||
Yakuodo Co. Ltd. | 2,100 | 50,406 | ||||||
Yaoko Co. Ltd. | 4,200 | 222,979 | ||||||
Yokohama Reito Co. Ltd.(a) | 8,400 | 69,346 | ||||||
|
| |||||||
4,767,602 | ||||||||
Food Products — 4.7% | ||||||||
Ariake Japan Co. Ltd. | 4,200 | 221,470 | ||||||
Chubu Shiryo Co. Ltd. | 4,200 | 42,068 | ||||||
DyDo Group Holdings Inc. | 2,100 | 103,944 | ||||||
Ezaki Glico Co. Ltd. | 8,400 | 425,584 | ||||||
Feed One Co. Ltd. | 16,800 | 27,316 | ||||||
Fuji Oil Holdings Inc. | 10,500 | 351,824 | ||||||
Fujicco Co. Ltd. | 4,200 | 85,683 | ||||||
Fujiya Co. Ltd. | 2,100 | 42,521 | ||||||
Hokuto Corp. | 4,200 | 74,817 | ||||||
House Foods Group Inc. | 12,600 | 504,815 | ||||||
Itoham Yonekyu Holdings Inc. | 29,400 | 177,213 | ||||||
J-Oil Mills Inc. | 2,100 | 74,892 | ||||||
Kagome Co. Ltd. | 14,700 | 377,404 | ||||||
Kameda Seika Co. Ltd. | 2,100 | 100,737 | ||||||
Kenko Mayonnaise Co. Ltd.(a) | 2,100 | 42,181 | ||||||
Kewpie Corp. | 21,000 | 479,536 | ||||||
KEY Coffee Inc. | 4,200 | 78,891 | ||||||
Kotobuki Spirits Co. Ltd. | 4,200 | 165,253 | ||||||
Marudai Food Co. Ltd. | 4,200 | 71,534 | ||||||
Maruha Nichiro Corp. | 8,400 | 280,327 | ||||||
Megmilk Snow Brand Co. Ltd. | 10,500 | 256,369 | ||||||
Mitsui Sugar Co. Ltd. | 4,200 | 108,358 | ||||||
Morinaga & Co. Ltd./Japan | 8,400 | 376,536 | ||||||
Morinaga Milk Industry Co. Ltd. | 6,300 | 201,473 | ||||||
Nagatanien Holdings Co. Ltd. | 2,100 | 44,954 | ||||||
Nichirei Corp. | 21,200 | 527,524 | ||||||
Nippon Beet Sugar Manufacturing Co. Ltd. | 2,100 | 35,805 | ||||||
Nippon Flour Mills Co. Ltd. | 10,500 | 178,647 | ||||||
Nippon Suisan Kaisha Ltd. | 58,800 | 385,063 |
Security | Shares | Value | ||||||
Food Products (continued) | ||||||||
Nisshin OilliO Group Ltd. (The) | 4,200 | $ | 130,354 | |||||
Prima Meat Packers Ltd. | 6,300 | 114,262 | ||||||
Riken Vitamin Co. Ltd. | 2,100 | 68,573 | ||||||
Rock Field Co. Ltd. | 4,200 | 60,329 | ||||||
Rokko Butter Co. Ltd. | 2,100 | 36,993 | ||||||
S Foods Inc. | 4,200 | 162,801 | ||||||
Sakata Seed Corp. | 6,300 | 213,641 | ||||||
Showa Sangyo Co. Ltd. | 4,200 | 115,262 | ||||||
Starzen Co. Ltd. | 2,100 | 74,232 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 2,100 | 34,824 | ||||||
|
| |||||||
6,854,010 | ||||||||
Gas Utilities — 0.3% | ||||||||
K&O Energy Group Inc. | 4,200 | 59,121 | ||||||
Nippon Gas Co. Ltd. | 8,400 | 292,778 | ||||||
Shizuoka Gas Co. Ltd. | 10,500 | 84,325 | ||||||
|
| |||||||
436,224 | ||||||||
Health Care Equipment & Supplies — 1.6% | ||||||||
CYBERDYNE Inc.(a)(b) | 23,100 | 136,126 | ||||||
Eiken Chemical Co. Ltd. | 6,300 | 147,822 | ||||||
Hogy Medical Co. Ltd. | 4,200 | 144,691 | ||||||
JEOL Ltd. | 6,300 | 103,340 | ||||||
Mani Inc. | 4,200 | 194,305 | ||||||
Menicon Co. Ltd. | 4,200 | 114,130 | ||||||
Nagaileben Co. Ltd. | 4,200 | 91,116 | ||||||
Nakanishi Inc. | 14,700 | 263,047 | ||||||
Nihon Kohden Corp. | 16,800 | 504,815 | ||||||
Nikkiso Co. Ltd. | 10,500 | 120,073 | ||||||
Nipro Corp. | 29,400 | 387,440 | ||||||
Paramount Bed Holdings Co. Ltd. | 4,200 | 192,796 | ||||||
Seed Co. Ltd/Tokyo | 2,100 | 24,807 | ||||||
|
| |||||||
2,424,508 | ||||||||
Health Care Providers & Services — 1.3% | ||||||||
AS ONE Corp. | 2,600 | 202,497 | ||||||
BML Inc. | 4,200 | 127,713 | ||||||
Japan Lifeline Co. Ltd. | 10,500 | 172,611 | ||||||
Miraca Holdings Inc. | 10,500 | 281,176 | ||||||
NichiiGakkan Co. Ltd. | 8,400 | 92,059 | ||||||
Ship Healthcare Holdings Inc. | 8,400 | 318,056 | ||||||
Solasto Corp. | 10,500 | 109,697 | ||||||
Toho Holdings Co. Ltd. | 10,500 | 265,801 | ||||||
Tokai Corp./Gifu | 4,200 | 113,149 | ||||||
Tsukui Corp. | 12,600 | 85,909 | ||||||
Vital KSK Holdings Inc.(a) | 8,400 | 84,740 | ||||||
|
| |||||||
1,853,408 | ||||||||
Health Care Technology — 0.0% | ||||||||
Medical Data Vision Co. Ltd.(a)(b) | 4,200 | 42,973 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.0% | ||||||||
Aeon Fantasy Co. Ltd. | 2,100 | 49,991 | ||||||
Arcland Service Holdings Co. Ltd. | 2,100 | 38,484 | ||||||
Atom Corp.(a) | 18,900 | 174,025 | ||||||
BRONCO BILLY Co. Ltd. | 2,100 | 50,595 | ||||||
Colowide Co. Ltd. | 12,600 | 274,026 | ||||||
Create Restaurants Holdings Inc.(a) | 8,400 | 98,096 | ||||||
Daisyo Corp.(a) | 2,100 | 28,504 | ||||||
Doutor Nichires Holdings Co. Ltd. | 6,300 | 122,468 | ||||||
Fuji Kyuko Co. Ltd.(a) | 4,200 | 152,237 | ||||||
Fujita Kanko Inc.(a) | 2,100 | 50,217 | ||||||
Hiday Hidaka Corp. | 4,684 | 87,941 |
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
HIS Co. Ltd.(a) | 6,300 | $ | 241,089 | |||||
Ichibanya Co. Ltd. | 2,100 | 89,512 | ||||||
Kappa Create Co. Ltd. | 6,300 | 82,513 | ||||||
Kisoji Co. Ltd. | 4,200 | 98,435 | ||||||
KNT-CT Holdings Co. Ltd.(b) | 2,100 | 26,222 | ||||||
Komeda Holdings Co. Ltd. | 8,400 | 160,726 | ||||||
Koshidaka Holdings Co. Ltd. | 8,400 | 122,770 | ||||||
Kura Corp. | 2,100 | 112,433 | ||||||
Kyoritsu Maintenance Co. Ltd.(a) | 6,380 | 303,182 | ||||||
Matsuyafoods Holdings Co. Ltd. | 2,100 | 70,742 | ||||||
Monogatari Corp. (The) | 900 | 79,150 | ||||||
MOS Food Services Inc. | 4,200 | 105,679 | ||||||
Ohsho Food Service Corp. | 2,100 | 140,918 | ||||||
Pepper Food Service Co. Ltd.(a) | 2,100 | 50,368 | ||||||
Plenus Co. Ltd. | 4,200 | 68,516 | ||||||
Renaissance Inc. | 2,100 | 38,578 | ||||||
Resorttrust Inc. | 16,800 | 233,015 | ||||||
Ringer Hut Co. Ltd. | 4,200 | 88,060 | ||||||
Round One Corp. | 14,700 | 191,211 | ||||||
Royal Holdings Co. Ltd. | 6,300 | 158,971 | ||||||
Saizeriya Co. Ltd. | 6,300 | 116,017 | ||||||
Skylark Holdings Co. Ltd. | 39,900 | 611,117 | ||||||
St. Marc Holdings Co. Ltd. | 4,200 | 98,360 | ||||||
Sushiro Global Holdings Ltd. | 4,200 | 264,481 | ||||||
TKP Corp.(a)(b) | 2,100 | 69,987 | ||||||
Tokyo Dome Corp. | 16,800 | 157,255 | ||||||
Tokyotokeiba Co. Ltd. | 4,200 | 137,334 | ||||||
Toridoll Holdings Corp.(a) | 4,200 | 85,004 | ||||||
Tosho Co. Ltd.(a) | 4,200 | 125,072 | ||||||
WATAMI Co. Ltd. | 4,200 | 62,932 | ||||||
Yoshinoya Holdings Co. Ltd.(a) | 12,600 | 204,642 | ||||||
Zensho Holdings Co. Ltd. | 18,900 | 439,053 | ||||||
|
| |||||||
5,959,928 | ||||||||
Household Durables — 1.7% | ||||||||
Chofu Seisakusho Co. Ltd. | 4,200 | 85,532 | ||||||
Clarion Co. Ltd. | 4,200 | 94,624 | ||||||
Cleanup Corp. | 4,200 | 23,430 | ||||||
Corona Corp. | 2,100 | 20,317 | ||||||
ES-Con Japan Ltd. | 6,300 | 44,200 | ||||||
Foster Electric Co. Ltd. | 4,200 | 58,178 | ||||||
France Bed Holdings Co. Ltd. | 6,300 | 50,651 | ||||||
Fujitsu General Ltd. | 12,600 | 168,649 | ||||||
Haseko Corp. | 56,700 | 708,495 | ||||||
Hinokiya Group Co. Ltd. | 2,100 | 42,219 | ||||||
JVC Kenwood Corp. | 31,500 | 77,533 | ||||||
LEC Inc. | 4,800 | 67,222 | ||||||
Misawa Homes Co. Ltd. | 4,200 | 29,240 | ||||||
Pioneer Corp.(a)(b) | 67,200 | 39,238 | ||||||
Pressance Corp. | 6,300 | 79,627 | ||||||
Sangetsu Corp. | 10,500 | 195,720 | ||||||
Starts Corp. Inc. | 6,300 | 137,296 | ||||||
Sumitomo Forestry Co. Ltd. | 27,300 | 355,842 | ||||||
Tamron Co. Ltd. | 2,100 | 40,691 | ||||||
Token Corp. | 2,120 | 130,453 | ||||||
Zojirushi Corp.(a) | 8,400 | 89,720 | ||||||
|
| |||||||
2,538,877 | ||||||||
Household Products — 0.1% | ||||||||
Earth Corp. | 2,100 | 94,134 |
Security | Shares | Value | ||||||
Household Products (continued) | ||||||||
S.T. Corp. | 2,100 | $ | 37,314 | |||||
|
| |||||||
131,448 | ||||||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
eRex Co. Ltd.(a) | 6,300 | 52,689 | ||||||
RENOVA Inc.(a)(b) | 6,300 | 58,631 | ||||||
|
| |||||||
111,320 | ||||||||
Industrial Conglomerates — 0.4% | ||||||||
Katakura Industries Co. Ltd. | 4,200 | 47,199 | ||||||
Mie Kotsu Group Holdings Inc. | 10,500 | 57,820 | ||||||
Nisshinbo Holdings Inc. | 31,500 | 269,102 | ||||||
TOKAI Holdings Corp. | 18,900 | 157,217 | ||||||
|
| |||||||
531,338 | ||||||||
Insurance — 0.1% | ||||||||
Anicom Holdings Inc.(a) | 4,200 | 109,905 | ||||||
|
| |||||||
Interactive Media & Services — 0.5% | ||||||||
Bengo4.com Inc.(a)(b) | 2,100 | 74,043 | ||||||
COOKPAD Inc.(b) | 12,600 | 32,711 | ||||||
Dip Corp. | 6,300 | 111,093 | ||||||
Gree Inc. | 23,100 | 97,322 | ||||||
Gurunavi Inc. | 6,300 | 41,031 | ||||||
Itokuro Inc.(a)(b) | 2,100 | 62,630 | ||||||
Lifull Co. Ltd. | 12,600 | 71,987 | ||||||
Mixi Inc. | 8,400 | 204,039 | ||||||
MTI Ltd. | 4,200 | 24,486 | ||||||
ZIGExN Co. Ltd.(a)(b) | 12,600 | 72,327 | ||||||
|
| |||||||
791,669 | ||||||||
Internet & Direct Marketing Retail — 0.3% | ||||||||
ASKUL Corp. | 4,200 | 96,473 | ||||||
Belluna Co. Ltd. | 10,500 | 86,400 | ||||||
Istyle Inc.(a) | 8,400 | 62,932 | ||||||
Oisix ra daichi Inc.(a)(b) | 4,200 | 71,195 | ||||||
Open Door Inc.(b) | 2,100 | 57,065 | ||||||
Yume No Machi Souzou Iinkai Co. Ltd.(a) | 4,200 | 79,118 | ||||||
|
| |||||||
453,183 | ||||||||
IT Services — 3.3% | ||||||||
Argo Graphics Inc. | 2,100 | 92,625 | ||||||
Comture Corp. | 2,100 | 60,650 | ||||||
Digital Garage Inc. | 6,300 | 170,347 | ||||||
Digital Hearts Holdings Co. Ltd. | 2,100 | 24,882 | ||||||
DTS Corp. | 4,200 | 159,971 | ||||||
Future Corp. | 4,200 | 63,800 | ||||||
GMO Internet Inc. | 14,700 | 244,032 | ||||||
GMO Payment Gateway Inc.(a) | 6,948 | 413,185 | ||||||
Ines Corp. | 4,200 | 49,123 | ||||||
Infocom Corp. | 4,200 | 75,760 | ||||||
Information Services International-Dentsu Ltd. | 2,100 | 68,667 | ||||||
Itochu Techno-Solutions Corp. | 21,000 | 494,251 | ||||||
Kanematsu Electronics Ltd. | 2,100 | 64,234 | ||||||
LAC Co. Ltd. | 2,100 | 29,674 | ||||||
Mitsubishi Research Institute Inc. | 2,100 | 61,404 | ||||||
NEC Networks & System Integration Corp. | 4,200 | 101,718 | ||||||
NET One Systems Co. Ltd. | 16,800 | 392,986 | ||||||
Nihon Unisys Ltd. | 14,700 | 383,610 | ||||||
NS Solutions Corp. | 6,300 | 166,498 | ||||||
NSD Co. Ltd. | 8,400 | 189,928 | ||||||
Remixpoint Inc.(a) | 6,300 | 18,676 | ||||||
SCSK Corp. | 10,556 | 461,801 | ||||||
SHIFT Inc.(a)(b) | 2,100 | 86,022 |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
IT Services (continued) | ||||||||
Softbank Technology Corp. | 2,100 | $ | 39,578 | |||||
TIS Inc. | 14,748 | 686,262 | ||||||
TKC Corp. | 2,100 | 74,892 | ||||||
Transcosmos Inc. | 6,300 | 125,694 | ||||||
|
| |||||||
4,800,270 | ||||||||
Leisure Products — 0.5% | ||||||||
Fields Corp. | 4,200 | 27,429 | ||||||
Heiwa Corp. | 10,516 | 208,393 | ||||||
Mars Group Holdings Corp. | 2,100 | 40,766 | ||||||
Mizuno Corp. | 4,200 | 96,738 | ||||||
Tomy Co. Ltd. | 16,800 | 171,139 | ||||||
Universal Entertainment Corp. | 4,200 | 133,372 | ||||||
Yonex Co. Ltd.(a) | 12,600 | 72,440 | ||||||
|
| |||||||
750,277 | ||||||||
Life Sciences Tools & Services — 0.1% | ||||||||
CMIC Holdings Co. Ltd. | 2,100 | 32,843 | ||||||
EPS Holdings Inc. | 6,300 | 106,226 | ||||||
Linical Co. Ltd. | 2,100 | 31,146 | ||||||
|
| |||||||
170,215 | ||||||||
Machinery — 5.8% | ||||||||
Aichi Corp. | 6,300 | 40,521 | ||||||
Aida Engineering Ltd. | 10,500 | 76,590 | ||||||
Anest Iwata Corp. | 6,300 | 56,537 | ||||||
Asahi Diamond Industrial Co. Ltd. | 10,500 | 73,572 | ||||||
Bando Chemical Industries Ltd. | 6,300 | 66,724 | ||||||
CKD Corp. | 10,500 | 94,323 | ||||||
Daiwa Industries Ltd. | 6,300 | 70,855 | ||||||
DMG Mori Co. Ltd. | 23,100 | 299,229 | ||||||
Ebara Corp. | 21,000 | 596,119 | ||||||
Fuji Corp./Aichi | 12,600 | 178,043 | ||||||
Fujitec Co. Ltd. | 12,600 | 147,257 | ||||||
Fukushima Industries Corp. | 2,100 | 72,628 | ||||||
Furukawa Co. Ltd. | 6,300 | 82,004 | ||||||
Giken Ltd. | 2,100 | 64,139 | ||||||
Glory Ltd. | 10,500 | 256,746 | ||||||
Harmonic Drive Systems Inc.(a) | 6,300 | 206,001 | ||||||
Hirata Corp.(a) | 2,100 | 118,281 | ||||||
Hisaka Works Ltd. | 2,100 | 16,978 | ||||||
Hitachi Zosen Corp. | 33,600 | 103,830 | ||||||
Hosokawa Micron Corp. | 2,100 | 91,399 | ||||||
Iseki & Co. Ltd.(a) | 4,200 | 61,649 | ||||||
Japan Steel Works Ltd. (The) | 12,600 | 227,167 | ||||||
Kitz Corp. | 14,700 | 108,414 | ||||||
Komori Corp. | 10,500 | 114,036 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 6,300 | 83,985 | ||||||
Makino Milling Machine Co. Ltd. | 4,200 | 168,838 | ||||||
Max Co. Ltd. | 4,200 | 58,933 | ||||||
Meidensha Corp. | 8,400 | 119,828 | ||||||
METAWATER Co. Ltd. | 2,100 | 59,046 | ||||||
Mitsubishi Logisnext Co. Ltd. | 6,300 | 78,439 | ||||||
Mitsuboshi Belting Ltd. | 4,200 | 80,137 | ||||||
Mitsui E&S Holdings Co. Ltd.(b) | 14,700 | 162,028 | ||||||
Miura Co. Ltd. | 18,900 | 432,941 | ||||||
Morita Holdings Corp. | 6,300 | 103,170 | ||||||
Nachi-Fujikoshi Corp. | 2,100 | 82,627 | ||||||
Namura Shipbuilding Co. Ltd. | 10,500 | 38,861 | ||||||
Nippon Sharyo Ltd.(b) | 2,100 | 52,594 | ||||||
Nippon Thompson Co. Ltd. | 12,600 | 59,423 | ||||||
Nissei ASB Machine Co. Ltd.(a) | 2,100 | 75,552 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Nitta Corp. | 4,200 | $ | 146,955 | |||||
Nitto Kohki Co. Ltd. | 2,100 | 42,030 | ||||||
Nittoku Engineering Co. Ltd.(a) | 2,100 | 51,387 | ||||||
Noritake Co. Ltd./Nagoya Japan | 2,100 | 103,000 | ||||||
NTN Corp. | 81,900 | 256,765 | ||||||
Obara Group Inc. | 2,400 | 80,309 | ||||||
Oiles Corp. | 4,296 | 75,022 | ||||||
OKUMA Corp. | 4,200 | 231,657 | ||||||
Organo Corp. | 2,100 | 59,612 | ||||||
OSG Corp. | 14,700 | 289,986 | ||||||
Rheon Automatic Machinery Co. Ltd. | 4,200 | 59,838 | ||||||
Ryobi Ltd. | 4,200 | 102,849 | ||||||
Shibuya Corp. | 2,100 | 64,517 | ||||||
Shima Seiki Manufacturing Ltd. | 4,200 | 137,334 | ||||||
Shinmaywa Industries Ltd. | 16,800 | 209,623 | ||||||
Sintokogio Ltd. | 8,400 | 76,062 | ||||||
Sodick Co. Ltd. | 8,400 | 63,838 | ||||||
Star Micronics Co. Ltd. | 6,300 | 95,870 | ||||||
Tadano Ltd. | 21,000 | 219,017 | ||||||
Takeuchi Manufacturing Co. Ltd. | 6,300 | 110,301 | ||||||
Takuma Co. Ltd. | 14,700 | 194,380 | ||||||
TeikokuSen-I Co. Ltd. | 4,200 | 97,416 | ||||||
Tocalo Co. Ltd. | 11,300 | 92,678 | ||||||
Toshiba Machine Co. Ltd. | 4,200 | 85,343 | ||||||
Tsubaki Nakashima Co. Ltd. | 8,400 | 151,067 | ||||||
Tsubakimoto Chain Co. | 4,200 | 155,632 | ||||||
Tsugami Corp. | 8,400 | 55,990 | ||||||
Tsukishima Kikai Co. Ltd. | 6,300 | 77,024 | ||||||
Tsurumi Manufacturing Co. Ltd. | 4,200 | 69,157 | ||||||
Union Tool Co. | 2,100 | 56,594 | ||||||
YAMABIKO Corp. | 6,300 | 61,121 | ||||||
Yamashin-Filter Corp. | 6,300 | 39,898 | ||||||
Yushin Precision Equipment Co. Ltd. | 4,200 | 39,238 | ||||||
|
| |||||||
8,530,954 | ||||||||
Marine — 0.2% | ||||||||
Iino Kaiun Kaisha Ltd. | 16,800 | 59,763 | ||||||
Kawasaki Kisen Kaisha Ltd.(a)(b) | 16,800 | 237,241 | ||||||
NS United Kaiun Kaisha Ltd. | 2,100 | 48,425 | ||||||
|
| |||||||
345,429 | ||||||||
Media — 0.7% | ||||||||
F@N Communications Inc. | 8,400 | 39,767 | ||||||
Kadokawa Dwango(b) | 10,508 | 115,917 | ||||||
Macromill Inc.(a) | 6,300 | 79,627 | ||||||
OPT Holding Inc.(a) | 2,100 | 32,013 | ||||||
Proto Corp. | 2,100 | 30,787 | ||||||
SKY Perfect JSAT Holdings Inc. | 27,300 | 122,129 | ||||||
Tokyo Broadcasting System Holdings Inc. | 6,300 | 120,827 | ||||||
TV Asahi Holdings Corp. | 4,200 | 76,967 | ||||||
ValueCommerce Co. Ltd. | 4,200 | 77,722 | ||||||
Vector Inc.(b) | 6,300 | 79,457 | ||||||
Wowow Inc. | 2,100 | 57,160 | ||||||
Zenrin Co. Ltd. | 6,300 | 173,176 | ||||||
|
| |||||||
1,005,549 | ||||||||
Metals & Mining — 1.9% | ||||||||
Aichi Steel Corp. | 2,100 | 67,063 | ||||||
Asahi Holdings Inc. | 8,400 | 168,347 | ||||||
Daido Steel Co. Ltd. | 6,300 | 265,990 | ||||||
Dowa Holdings Co. Ltd. | 10,500 | 343,334 | ||||||
Godo Steel Ltd. | 2,100 | 32,636 |
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Metals & Mining (continued) | ||||||||
Kyoei Steel Ltd. | 4,200 | $ | 64,819 | |||||
Mitsubishi Steel Manufacturing Co. Ltd. | 2,100 | 30,881 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 12,600 | 305,605 | ||||||
Nakayama Steel Works Ltd. | 4,200 | 18,865 | ||||||
Neturen Co. Ltd. | 6,300 | 51,104 | ||||||
Nippon Denko Co. Ltd. | 21,000 | 43,954 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 113,400 | 250,596 | ||||||
Nittetsu Mining Co. Ltd. | 2,100 | 86,683 | ||||||
Osaka Steel Co. Ltd. | 2,100 | 35,201 | ||||||
OSAKA Titanium Technologies Co. Ltd.(a) | 4,200 | 60,178 | ||||||
Pacific Metals Co. Ltd. | 2,100 | 53,575 | ||||||
Sanyo Special Steel Co. Ltd. | 4,200 | 95,417 | ||||||
Toho Titanium Co. Ltd.(a) | 6,300 | 52,745 | ||||||
Toho Zinc Co. Ltd. | 2,100 | 61,310 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 23,100 | 191,532 | ||||||
Topy Industries Ltd. | 2,100 | 44,200 | ||||||
UACJ Corp. | 6,314 | 124,386 | ||||||
Yamato Kogyo Co. Ltd. | 8,400 | 232,411 | ||||||
Yodogawa Steel Works Ltd. | 4,200 | 82,551 | ||||||
|
| |||||||
2,763,383 | ||||||||
Multiline Retail — 0.8% | ||||||||
Fuji Co. Ltd./Ehime | 4,200 | 73,270 | ||||||
H2O Retailing Corp. | 18,935 | 258,885 | ||||||
Izumi Co. Ltd. | 8,400 | 381,818 | ||||||
Kintetsu Department Store Co. Ltd. | 2,100 | 64,328 | ||||||
Matsuya Co. Ltd. | 6,300 | 60,725 | ||||||
Parco Co. Ltd. | 4,200 | 40,106 | ||||||
Seria Co. Ltd. | 8,400 | 284,477 | ||||||
|
| |||||||
1,163,609 | ||||||||
Oil, Gas & Consumable Fuels — 0.4% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 10,500 | 221,092 | ||||||
Itochu Enex Co. Ltd. | 8,400 | 71,006 | ||||||
Japan Petroleum Exploration Co. Ltd. | 6,300 | 131,241 | ||||||
San-Ai Oil Co. Ltd. | 10,500 | 91,116 | ||||||
Sinanen Holdings Co. Ltd. | 2,100 | 42,822 | ||||||
|
| |||||||
557,277 | ||||||||
Paper & Forest Products — 0.5% | ||||||||
Daiken Corp. | 2,100 | 38,427 | ||||||
Daio Paper Corp. | 14,700 | 172,988 | ||||||
Hokuetsu Corp. | 25,200 | 140,126 | ||||||
Nippon Paper Industries Co. Ltd. | 18,900 | 376,744 | ||||||
Tokushu Tokai Paper Co. Ltd. | 2,100 | 75,552 | ||||||
|
| |||||||
803,837 | ||||||||
Personal Products — 0.8% | ||||||||
Euglena Co. Ltd.(a)(b) | 12,600 | 83,306 | ||||||
Fancl Corp. | 14,700 | 333,431 | ||||||
Kitanotatsujin Corp.(a) | 12,600 | 50,029 | ||||||
Mandom Corp. | 8,400 | 212,867 | ||||||
Milbon Co. Ltd. | 4,200 | 188,457 | ||||||
MTG Co. Ltd. | 2,100 | 50,330 | ||||||
Noevir Holdings Co. Ltd. | 4,200 | 202,228 | ||||||
YA-MAN Ltd. | 6,300 | 77,080 | ||||||
|
| |||||||
1,197,728 | ||||||||
Pharmaceuticals — 2.6% | ||||||||
ASKA Pharmaceutical Co. Ltd. | 4,200 | 48,821 | ||||||
Fuji Pharma Co. Ltd. | 2,100 | 35,447 | ||||||
JCR Pharmaceuticals Co. Ltd. | 2,100 | 116,583 | ||||||
Kaken Pharmaceutical Co. Ltd. | 6,300 | 304,474 | ||||||
Kissei Pharmaceutical Co. Ltd. | 6,300 | 173,176 |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
KYORIN Holdings Inc. | 8,400 | $ | 166,310 | |||||
Mochida Pharmaceutical Co. Ltd. | 2,100 | 223,922 | ||||||
Nichi-Iko Pharmaceutical Co. Ltd. | 8,450 | 123,198 | ||||||
Nippon Shinyaku Co. Ltd. | 10,500 | 666,861 | ||||||
Rohto Pharmaceutical Co. Ltd. | 18,900 | 496,948 | ||||||
Sawai Pharmaceutical Co. Ltd. | 8,400 | 481,423 | ||||||
Seikagaku Corp. | 8,400 | 102,019 | ||||||
Sosei Group Corp.(a)(b) | 14,700 | 164,140 | ||||||
Torii Pharmaceutical Co. Ltd. | 2,100 | 43,917 | ||||||
Towa Pharmaceutical Co. Ltd. | 2,100 | 165,631 | ||||||
Tsumura & Co. | 12,600 | 397,853 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 6,300 | 107,471 | ||||||
|
| |||||||
3,818,194 | ||||||||
Professional Services — 2.4% | ||||||||
Altech Corp. | 2,100 | 38,653 | ||||||
BayCurrent Consulting Inc. | 2,100 | 62,819 | ||||||
Benefit One Inc. | 12,600 | 246,409 | ||||||
en-japan Inc. | 6,300 | 202,888 | ||||||
FULLCAST Holdings Co. Ltd. | 4,200 | 82,702 | ||||||
Funai Soken Holdings Inc. | 8,400 | 194,078 | ||||||
JAC Recruitment Co. Ltd. | 2,100 | 46,860 | ||||||
Link And Motivation Inc. | 6,300 | 47,312 | ||||||
Meitec Corp. | 4,400 | 201,581 | ||||||
Nihon M&A Center Inc. | 29,400 | 742,131 | ||||||
Nomura Co. Ltd. | 8,400 | 242,221 | ||||||
Outsourcing Inc.(a) | 21,000 | 264,858 | ||||||
Pasona Group Inc. | 4,200 | 60,291 | ||||||
SMS Co. Ltd. | 12,600 | 223,205 | ||||||
Tanseisha Co. Ltd. | 6,300 | 74,421 | ||||||
TechnoPro Holdings Inc. | 8,400 | 453,503 | ||||||
Trust Tech Inc. | 2,100 | 65,460 | ||||||
UT Group Co. Ltd.(b) | 4,200 | 95,681 | ||||||
WDB Holdings Co. Ltd. | 2,100 | 56,405 | ||||||
World Holdings Co. Ltd. | 2,100 | 39,276 | ||||||
YAMADA Consulting Group Co. Ltd. | 2,100 | 46,482 | ||||||
Yumeshin Holdings Co. Ltd. | 8,400 | 59,310 | ||||||
|
| |||||||
3,546,546 | ||||||||
Real Estate Management & Development — 1.9% | ||||||||
Daibiru Corp. | 10,500 | 102,246 | ||||||
Goldcrest Co. Ltd. | 4,200 | 59,423 | ||||||
Heiwa Real Estate Co. Ltd. | 6,300 | 119,695 | ||||||
Ichigo Inc. | �� | 50,400 | 170,234 | |||||
Japan Asset Marketing Co. Ltd.(b) | 27,300 | 25,995 | ||||||
Katitas Co. Ltd. | 4,200 | 131,674 | ||||||
Kenedix Inc. | 50,400 | 244,032 | ||||||
Leopalace21 Corp.(a) | 52,500 | 113,659 | ||||||
Open House Co. Ltd. | 6,500 | 229,474 | ||||||
Raysum Co. Ltd. | 2,100 | 21,656 | ||||||
Relo Group Inc. | 23,100 | 602,609 | ||||||
SAMTY Co. Ltd. | 4,300 | 58,405 | ||||||
Shinoken Group Co. Ltd. | 6,300 | 42,615 | ||||||
Sun Frontier Fudousan Co. Ltd. | 6,300 | 71,817 | ||||||
Takara Leben Co. Ltd. | 16,800 | 54,481 | ||||||
Tateru Inc.(a) | 8,400 | 20,600 | ||||||
TOC Co. Ltd. | 10,500 | 76,213 | ||||||
Tokyo Tatemono Co. Ltd. | 39,900 | 463,445 | ||||||
Tosei Corp. | 6,300 | 57,725 | ||||||
Unizo Holdings Co. Ltd. | 6,300 | 121,563 | ||||||
|
| |||||||
2,787,561 |
S C H E D U L E O F I N V E S T M E N T S | | 23 | |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCIJapan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Road & Rail — 2.5% | ||||||||
Fukuyama Transporting Co. Ltd. | 6,300 | $ | 261,463 | |||||
Hamakyorex Co. Ltd. | 2,100 | 85,551 | ||||||
Hitachi Transport System Ltd. | 8,400 | 250,521 | ||||||
Maruzen Showa Unyu Co. Ltd. | 2,100 | 54,952 | ||||||
Nankai Electric Railway Co. Ltd. | 21,000 | 563,672 | ||||||
Nikkon Holdings Co. Ltd. | 12,600 | 318,622 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 12,600 | 300,965 | ||||||
Sakai Moving Service Co. Ltd. | 2,100 | 131,486 | ||||||
Sankyu Inc. | 10,700 | 523,850 | ||||||
Seino Holdings Co. Ltd. | 27,300 | 385,270 | ||||||
Senko Group Holdings Co. Ltd. | 21,000 | 174,874 | ||||||
Sotetsu Holdings Inc. | 14,700 | 441,713 | ||||||
Tonami Holdings Co. Ltd. | 800 | 45,850 | ||||||
Trancom Co. Ltd. | 2,100 | 126,958 | ||||||
|
| |||||||
3,665,747 | ||||||||
Semiconductors & Semiconductor Equipment — 1.8% | ||||||||
Advantest Corp. | 37,800 | 892,707 | ||||||
Ferrotec Holdings Corp. | 6,300 | 59,367 | ||||||
Japan Material Co. Ltd. | 12,600 | 159,254 | ||||||
Lasertec Corp. | 8,400 | 295,419 | ||||||
Megachips Corp.(a) | 4,200 | 76,288 | ||||||
Micronics Japan Co. Ltd.(a) | 6,300 | 43,634 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 2,100 | 28,617 | ||||||
MitsuiHigh-Tec Inc.(a) | 4,200 | 37,201 | ||||||
Optorun Co. Ltd. | 2,100 | 41,294 | ||||||
Sanken Electric Co. Ltd. | 4,200 | 81,948 | ||||||
SCREEN Holdings Co. Ltd. | 8,400 | 335,034 | ||||||
Shindengen Electric Manufacturing Co. Ltd. | 2,100 | 79,797 | ||||||
Shinko Electric Industries Co. Ltd. | 14,700 | 106,434 | ||||||
Tokyo Seimitsu Co. Ltd. | 8,400 | 216,263 | ||||||
Ulvac Inc. | 8,400 | 239,957 | ||||||
|
| |||||||
2,693,214 | ||||||||
Software — 1.2% | ||||||||
Broadleaf Co. Ltd. | 18,900 | 100,510 | ||||||
Computer Engineering & Consulting Ltd. | 4,200 | 86,588 | ||||||
Digital Arts Inc. | 2,100 | 166,951 | ||||||
Fuji Soft Inc. | 4,200 | 174,686 | ||||||
Fukui Computer Holdings Inc. | 2,100 | 36,484 | ||||||
Gunosy Inc.(a)(b) | 2,100 | 49,331 | ||||||
Infomart Corp.(a) | 18,900 | 211,886 | ||||||
Justsystems Corp. | 6,300 | 161,858 | ||||||
Miroku Jyoho Service Co. Ltd. | 4,200 | 108,961 | ||||||
Money Forward Inc.(a)(b) | 2,700 | 89,863 | ||||||
OBIC Business Consultants Co. Ltd. | 4,200 | 162,235 | ||||||
PKSHA Technology Inc.(a)(b) | 1,600 | 77,614 | ||||||
Rakus Co. Ltd. | 4,200 | 82,513 | ||||||
Sourcenext Corp.(a) | 16,800 | 76,515 | ||||||
Systena Corp. | 14,700 | 158,066 | ||||||
UNITED Inc./Japan(a) | 2,100 | 30,221 | ||||||
|
| |||||||
1,774,282 | ||||||||
Specialty Retail — 2.7% | ||||||||
Adastria Co. Ltd. | 6,300 | 110,018 | ||||||
Alpen Co. Ltd. | 4,200 | 62,706 | ||||||
AOKI Holdings Inc. | 8,400 | 94,323 | ||||||
Aoyama Trading Co. Ltd. | 8,400 | 206,001 | ||||||
Arcland Sakamoto Co. Ltd. | 4,200 | 54,217 | ||||||
Asahi Co. Ltd. | 2,100 | 28,523 | ||||||
Autobacs Seven Co. Ltd. | 14,700 | 247,465 | ||||||
Bic Camera Inc. | 21,000 | 238,448 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
Chiyoda Co. Ltd. | 4,200 | $ | 70,478 | |||||
DCM Holdings Co. Ltd. | 21,000 | 204,492 | ||||||
EDION Corp. | 12,600 | 112,848 | ||||||
Geo Holdings Corp. | 6,300 | 92,417 | ||||||
IDOM Inc.(a) | 12,600 | 42,558 | ||||||
JINS Inc. | 2,700 | 133,157 | ||||||
Joshin Denki Co. Ltd. | 4,200 | 83,947 | ||||||
Joyful Honda Co. Ltd. | 10,500 | 135,353 | ||||||
Keiyo Co. Ltd. | 6,300 | 29,315 | ||||||
Kohnan Shoji Co. Ltd. | 6,300 | 159,707 | ||||||
Komeri Co. Ltd. | 6,300 | 158,915 | ||||||
K’s Holdings Corp. | 33,600 | 309,076 | ||||||
LIXIL VIVA Corp. | 4,400 | 58,261 | ||||||
Nextage Co. Ltd.(a) | 6,300 | 58,348 | ||||||
Nishimatsuya Chain Co. Ltd. | 8,400 | 70,402 | ||||||
Nojima Corp. | 6,300 | 114,942 | ||||||
PAL GROUP Holdings Co. Ltd. | 2,100 | 59,518 | ||||||
PC Depot Corp.(a) | 6,340 | 25,629 | ||||||
Sac’s Bar Holdings Inc. | 4,200 | 41,804 | ||||||
Sanrio Co. Ltd. | 10,500 | 223,167 | ||||||
Shimachu Co. Ltd. | 8,400 | 225,846 | ||||||
T-Gaia Corp. | 4,200 | 76,288 | ||||||
Tokyo Base Co. Ltd.(b) | 4,200 | 34,258 | ||||||
United Arrows Ltd. | 4,200 | 138,843 | ||||||
VT Holdings Co. Ltd. | 14,700 | 55,198 | ||||||
Xebio Holdings Co. Ltd. | 4,200 | 47,463 | ||||||
Yellow Hat Ltd. | 4,200 | 112,055 | ||||||
|
| |||||||
3,915,986 | ||||||||
Technology Hardware, Storage & Peripherals — 0.7% | ||||||||
Eizo Corp. | 4,200 | 170,158 | ||||||
Elecom Co. Ltd. | 4,200 | 127,901 | ||||||
Maxell Holdings Ltd. | 10,500 | 153,934 | ||||||
MCJ Co. Ltd. | 12,600 | 91,116 | ||||||
Melco Holdings Inc. | 2,100 | 72,440 | ||||||
Noritsu Koki Co. Ltd. | 4,200 | 81,797 | ||||||
Riso Kagaku Corp. | 4,200 | 69,950 | ||||||
Roland DG Corp. | 2,100 | 43,973 | ||||||
Toshiba TEC Corp. | 4,200 | 118,092 | ||||||
Wacom Co. Ltd. | 29,400 | 122,808 | ||||||
|
| |||||||
1,052,169 | ||||||||
Textiles, Apparel & Luxury Goods — 1.1% | ||||||||
Descente Ltd.(a) | 6,300 | 137,239 | ||||||
Fujibo Holdings Inc. | 2,100 | 52,896 | ||||||
Goldwin Inc. | 2,100 | 255,803 | ||||||
Gunze Ltd. | 4,200 | 191,664 | ||||||
Japan Wool Textile Co. Ltd. (The) | 8,400 | 69,271 | ||||||
Kurabo Industries Ltd. | 4,200 | 85,683 | ||||||
Onward Holdings Co. Ltd. | 18,900 | 106,452 | ||||||
Seiko Holdings Corp. | 6,300 | 153,652 | ||||||
Seiren Co. Ltd. | 8,400 | 140,126 | ||||||
TSI Holdings Co. Ltd. | 12,600 | 78,212 | ||||||
Unitika Ltd.(b) | 10,500 | 45,369 | ||||||
Wacoal Holdings Corp. | 8,400 | 210,604 | ||||||
Yondoshi Holdings Inc. | 4,200 | 81,683 | ||||||
|
| |||||||
1,608,654 | ||||||||
Thrifts & Mortgage Finance — 0.1% | ||||||||
Aruhi Corp.(a) | 4,200 | 78,476 | ||||||
|
|
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Trading Companies & Distributors — 2.4% | ||||||||
Advan Co. Ltd. | 4,200 | $ | 39,163 | |||||
Daiichi Jitsugyo Co. Ltd. | 2,100 | 65,271 | ||||||
Gecoss Corp. | 2,100 | 19,978 | ||||||
Hanwa Co. Ltd. | 6,300 | 187,608 | ||||||
Inaba Denki Sangyo Co. Ltd. | 4,400 | 179,051 | ||||||
Inabata & Co. Ltd. | 8,400 | 118,243 | ||||||
Iwatani Corp. | 8,400 | 274,290 | ||||||
Japan Pulp & Paper Co. Ltd. | 2,100 | 81,023 | ||||||
Kamei Corp. | 4,200 | 45,313 | ||||||
Kanamoto Co. Ltd. | 6,300 | 166,102 | ||||||
Kanematsu Corp. | 16,800 | 197,700 | ||||||
Nagase & Co. Ltd. | 21,000 | 309,190 | ||||||
Nichiden Corp. | 2,100 | 29,844 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 2,244 | 96,960 | ||||||
Nishio Rent All Co. Ltd. | 4,200 | 129,411 | ||||||
Sojitz Corp. | 258,300 | 949,018 | ||||||
Trusco Nakayama Corp. | 8,400 | 231,657 | ||||||
Wakita & Co. Ltd. | 8,400 | 89,116 | ||||||
Yamazen Corp. | 12,600 | 135,711 | ||||||
Yuasa Trading Co. Ltd. | 4,200 | 126,581 | ||||||
|
| |||||||
3,471,230 | ||||||||
Transportation Infrastructure — 0.3% | ||||||||
Mitsubishi Logistics Corp. | 12,600 | 317,490 | ||||||
Nissin Corp. | 2,100 | 36,333 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 12,600 | 163,443 | ||||||
|
| |||||||
517,266 | ||||||||
|
| |||||||
Total Common Stocks — 99.2% | 146,147,432 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 6.9% | ||||||||
BlackRock Cash Funds: Institutional, | 10,082,912 | $ | 10,086,945 | |||||
BlackRock Cash Funds: Treasury, | 71,380 | 71,380 | ||||||
|
| |||||||
10,158,325 | ||||||||
|
| |||||||
Total Short-Term Investments — 6.9% | 10,158,325 | |||||||
|
| |||||||
Total Investments in Securities — 106.1% | 156,305,757 | |||||||
Other Assets, Less Liabilities — (6.1)% | (8,972,267 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 147,333,490 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 17,897,350 | (7,814,438 | ) | 10,082,912 | $ | 10,086,945 | $ | 206,710 | (b) | $ | 1,851 | $ | (854 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, | 55,060 | 16,320 | 71,380 | 71,380 | 1,812 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 10,158,325 | $ | 208,522 | $ | 1,851 | $ | (854 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Value/ | ||||||||||||||||
Notional | Unrealized | |||||||||||||||
Number of | Expiration | Amount | Appreciation | |||||||||||||
Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
TOPIX Index | 8 | 03/07/19 | $ | 1,154 | $ | 37,519 | ||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI JapanSmall-Cap ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity | ||||
Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 37,519 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity | ||||
Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (261,165 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 39,324 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,386,042 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 146,147,432 | $ | — | $ | — | $ | 146,147,432 | ||||||||
Money Market Funds | 10,158,325 | — | — | 10,158,325 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 156,305,757 | $ | — | $ | — | $ | 156,305,757 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 37,519 | $ | — | $ | — | $ | 37,519 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Malaysia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.9% | ||||||||
AirAsia Group Bhd | 7,227,400 | $ | 4,923,128 | |||||
|
| |||||||
Banks — 35.2% | ||||||||
Alliance Bank Malaysia Bhd | 4,835,900 | 4,709,250 | ||||||
AMMB Holdings Bhd | 7,967,037 | 8,757,569 | ||||||
CIMB Group Holdings Bhd | 22,982,312 | 33,061,976 | ||||||
Hong Leong Bank Bhd | 3,125,240 | 16,354,385 | ||||||
Hong Leong Financial Group Bhd | 1,102,900 | 5,342,956 | ||||||
Malayan Banking Bhd | 18,585,781 | 43,556,497 | ||||||
Public Bank Bhd | 13,992,480 | 86,022,870 | ||||||
RHB Bank Bhd | 4,817,802 | 6,705,707 | ||||||
RHB Capital Bhd(a)(b) | 1,621,200 | 4 | ||||||
|
| |||||||
204,511,214 | ||||||||
Beverages — 0.9% | ||||||||
Fraser & Neave Holdings Bhd | 616,900 | 5,355,114 | ||||||
|
| |||||||
Chemicals — 4.5% | ||||||||
Petronas Chemicals Group Bhd | 11,533,900 | 26,150,881 | ||||||
|
| |||||||
Construction & Engineering — 2.2% | ||||||||
Gamuda Bhd | 9,488,700 | 6,860,145 | ||||||
IJM Corp. Bhd(c) | 13,977,880 | 6,187,184 | ||||||
|
| |||||||
13,047,329 | ||||||||
Diversified Telecommunication Services — 0.7% |
| |||||||
Telekom Malaysia Bhd(c) | 5,418,400 | 4,063,967 | ||||||
|
| |||||||
Electric Utilities — 8.5% | ||||||||
Tenaga Nasional Bhd | 15,031,512 | 49,606,023 | ||||||
|
| |||||||
Energy Equipment & Services — 2.4% | ||||||||
Dialog Group Bhd(c) | 17,623,154 | 13,997,980 | ||||||
|
| |||||||
Food Products — 11.7% | ||||||||
Genting Plantations Bhd | 1,161,600 | 2,999,336 | ||||||
IOI Corp. Bhd | 9,060,530 | 10,004,126 | ||||||
Kuala Lumpur Kepong Bhd(c) | 2,052,100 | 12,484,681 | ||||||
Nestle Malaysia Bhd | 281,700 | 10,252,453 | ||||||
PPB Group Bhd | 2,734,719 | 12,347,090 | ||||||
QL Resources Bhd(c) | 3,118,800 | 5,291,951 | ||||||
Sime Darby Plantation Bhd | 11,439,155 | 14,346,414 | ||||||
|
| |||||||
67,726,051 | ||||||||
Gas Utilities — 2.5% | ||||||||
Petronas Gas Bhd(c) | 3,328,300 | 14,797,901 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.7% |
| |||||||
Hartalega Holdings Bhd | 6,397,800 | 7,866,470 | ||||||
Top Glove Corp. Bhd(c) | 6,768,000 | 7,556,061 | ||||||
|
| |||||||
15,422,531 | ||||||||
Health Care Providers & Services — 2.6% |
| |||||||
IHH Healthcare Bhd(c) | 10,535,800 | 14,845,723 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 5.3% | ||||||||
Genting Bhd | 10,247,300 | 18,571,892 | ||||||
Genting Malaysia Bhd | 14,268,500 | 12,280,770 | ||||||
|
| |||||||
30,852,662 | ||||||||
Industrial Conglomerates — 2.3% | ||||||||
HAP Seng Consolidated Bhd | 2,991,200 | 7,245,376 | ||||||
Sime Darby Bhd | 11,439,155 | 6,104,258 | ||||||
|
| |||||||
13,349,634 |
Security | Shares | Value | ||||||
Marine — 1.6% | ||||||||
MISC Bhd | 5,363,020 | $ | 9,099,923 | |||||
|
| |||||||
Metals & Mining — 1.2% | ||||||||
Press Metal Aluminium Holdings Bhd(c) | 6,643,700 | 6,910,820 | ||||||
|
| |||||||
Multi-Utilities — 0.7% | ||||||||
YTL Corp. Bhd | 15,730,162 | 4,100,325 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.1% | ||||||||
Petronas Dagangan Bhd | 954,900 | 6,269,723 | ||||||
|
| |||||||
Real Estate Management & Development — 1.9% |
| |||||||
IOI Properties Group Bhd(c) | 7,938,425 | 3,142,964 | ||||||
Sime Darby Property Bhd | 14,707,455 | 3,797,572 | ||||||
SP Setia Bhd Group | 7,606,400 | 4,283,452 | ||||||
|
| |||||||
11,223,988 | ||||||||
Tobacco — 1.0% | ||||||||
British American Tobacco Malaysia Bhd(c) | 686,100 | 5,685,865 | ||||||
|
| |||||||
Transportation Infrastructure — 2.2% | ||||||||
Malaysia Airports Holdings Bhd | 4,239,000 | 8,516,569 | ||||||
Westports Holdings Bhd | 4,916,300 | 4,461,121 | ||||||
|
| |||||||
12,977,690 | ||||||||
Wireless Telecommunication Services — 7.7% |
| |||||||
Axiata Group Bhd | 13,077,900 | 13,378,597 | ||||||
DiGi.Com Bhd(c) | 14,946,000 | 16,723,054 | ||||||
Maxis Bhd | 11,269,500 | 14,881,892 | ||||||
|
| |||||||
44,983,543 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% | 579,902,015 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.4% | ||||||||
BlackRock Cash Funds: Institutional, | 12,888,137 | 12,893,292 | ||||||
BlackRock Cash Funds: Treasury, | 845,051 | 845,051 | ||||||
|
| |||||||
13,738,343 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.4% | 13,738,343 | |||||||
|
| |||||||
Total Investments in Securities — 102.2% | 593,640,358 | |||||||
Other Assets, Less Liabilities — (2.2)% | (12,520,620 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 581,119,738 | ||||||
|
|
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(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 cash collateral received from loaned securities. |
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 (unaudited) (continued) February 28, 2019 | iShares® MSCI Malaysia ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 13,332,868 | (444,731 | ) | 12,888,137 | $ | 12,893,292 | $ | 208,578 | (b) | $ | (2,018 | ) $ | 1,724 | |||||||||||||||
BlackRock Cash Funds: Treasury, | — | 845,051 | 845,051 | 845,051 | 7,229 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 13,738,343 | $ | 215,807 | $ | (2,018 | ) | $ | 1,724 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 579,902,011 | $ | — | $ | 4 | $ | 579,902,015 | ||||||||
Money Market Funds | 13,738,343 | — | — | 13,738,343 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 593,640,354 | $ | — | $ | 4 | $ | 593,640,358 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 54.8% | ||||||||
AGL Energy Ltd. | 864,105 | $ | 13,039,220 | |||||
Alumina Ltd. | 3,205,752 | 5,815,868 | ||||||
Amcor Ltd./Australia | 1,522,922 | 16,306,419 | ||||||
AMP Ltd. | 3,852,309 | 6,468,112 | ||||||
APA Group | 1,557,585 | 11,092,521 | ||||||
Aristocrat Leisure Ltd. | 758,436 | 13,284,690 | ||||||
ASX Ltd. | 256,274 | 12,720,896 | ||||||
Aurizon Holdings Ltd. | 2,617,142 | 8,416,086 | ||||||
AusNet Services | 2,384,835 | 2,943,759 | ||||||
Australia & New Zealand Banking Group Ltd. | 3,786,412 | 75,427,607 | ||||||
Bank of Queensland Ltd. | 529,746 | 3,395,759 | ||||||
Bendigo & Adelaide Bank Ltd. | 644,323 | 4,519,860 | ||||||
BGP Holdings PLC(a)(b) | 27,004,595 | 307 | ||||||
BHP Group Ltd. | 3,881,590 | 102,812,786 | ||||||
BlueScope Steel Ltd. | 707,159 | 6,771,838 | ||||||
Boral Ltd. | 1,548,636 | 5,486,850 | ||||||
Brambles Ltd. | 2,098,986 | 17,561,487 | ||||||
Caltex Australia Ltd. | 343,423 | 6,987,790 | ||||||
Challenger Ltd./Australia | 718,413 | 4,114,476 | ||||||
CIMIC Group Ltd. | 128,927 | 4,600,015 | ||||||
Coca-Cola Amatil Ltd. | 671,935 | 3,810,044 | ||||||
Cochlear Ltd. | 75,866 | 9,202,716 | ||||||
Coles Group Ltd.(b) | 1,495,282 | 12,053,063 | ||||||
Commonwealth Bank of Australia | 2,330,922 | 122,633,846 | ||||||
Computershare Ltd. | 606,944 | 7,448,729 | ||||||
Crown Resorts Ltd. | 500,166 | 4,077,962 | ||||||
CSL Ltd. | 596,103 | 82,173,136 | ||||||
Dexus | 1,335,422 | 11,420,035 | ||||||
Domino’s Pizza Enterprises Ltd. | 78,012 | 2,289,443 | ||||||
Flight Centre Travel Group Ltd. | 74,220 | 2,416,831 | ||||||
Fortescue Metals Group Ltd. | 2,051,480 | 8,844,725 | ||||||
Goodman Group | 2,152,966 | 19,606,116 | ||||||
GPT Group (The) | 2,372,171 | 9,872,935 | ||||||
Harvey Norman Holdings Ltd. | 776,247 | 1,988,140 | ||||||
Incitec Pivot Ltd. | 2,163,279 | 5,186,649 | ||||||
Insurance Australia Group Ltd. | 3,048,693 | 15,942,098 | ||||||
James Hardie Industries PLC | 582,644 | 7,312,170 | ||||||
Lendlease Group | 744,990 | 6,826,699 | ||||||
Macquarie Group Ltd. | 426,000 | 38,987,920 | ||||||
Medibank Pvt Ltd. | 3,639,077 | 7,352,821 | ||||||
Mirvac Group | 4,822,143 | 8,816,935 | ||||||
National Australia Bank Ltd. | 3,602,588 | 64,409,736 | ||||||
Newcrest Mining Ltd. | 1,011,840 | 17,507,327 | ||||||
Oil Search Ltd. | 1,804,718 | 10,746,802 | ||||||
Orica Ltd. | 500,029 | 6,278,911 | ||||||
Origin Energy Ltd.(b) | 2,321,385 | 12,155,405 | ||||||
QBE Insurance Group Ltd. | 1,749,507 | 15,371,883 | ||||||
Ramsay Health Care Ltd. | 185,372 | 8,543,376 | ||||||
REA Group Ltd. | 69,666 | 4,041,439 | ||||||
Rio Tinto Ltd. | 489,510 | 33,488,867 | ||||||
Santos Ltd. | 2,327,635 | 11,459,493 | ||||||
Scentre Group | 6,980,389 | 19,219,187 | ||||||
Seek Ltd. | 441,647 | 5,787,744 | ||||||
Sonic Healthcare Ltd. | 569,294 | 9,769,185 | ||||||
South32 Ltd. | 6,690,569 | 18,611,623 | ||||||
Stockland | 3,201,417 | 7,971,769 | ||||||
Suncorp Group Ltd. | 1,706,858 | 16,454,365 | ||||||
Sydney Airport | 1,453,431 | 7,445,114 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Tabcorp Holdings Ltd. | 2,519,094 | $ | 8,459,229 | |||||
Telstra Corp. Ltd. | 5,472,358 | 12,186,059 | ||||||
TPG Telecom Ltd. | 491,148 | 2,327,186 | ||||||
Transurban Group | 3,517,828 | 31,209,405 | ||||||
Treasury Wine Estates Ltd. | 949,723 | 10,121,694 | ||||||
Vicinity Centres | 4,330,136 | 7,578,462 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 143,273 | 2,999,847 | ||||||
Wesfarmers Ltd. | 1,494,000 | 35,267,235 | ||||||
Westpac Banking Corp. | 4,525,847 | 86,808,887 | ||||||
Woodside Petroleum Ltd. | 1,233,517 | 31,812,484 | ||||||
Woolworths Group Ltd. | 1,728,625 | 35,259,237 | ||||||
WorleyParsons Ltd. | 423,265 | 4,489,877 | ||||||
|
| |||||||
1,247,811,187 | ||||||||
Hong Kong — 32.2% | ||||||||
AIA Group Ltd. | 15,912,214 | 159,126,194 | ||||||
ASM Pacific Technology Ltd. | 393,300 | 4,166,080 | ||||||
Bank of East Asia Ltd. (The)(c) | 1,662,720 | 5,793,191 | ||||||
BeiGene Ltd., ADR(b)(c) | 42,962 | 5,887,942 | ||||||
BOC Hong Kong Holdings Ltd. | 4,876,000 | 20,374,124 | ||||||
CK Asset Holdings Ltd. | 3,385,732 | 28,100,135 | ||||||
CK Hutchison Holdings Ltd. | 3,558,232 | 37,872,339 | ||||||
CK Infrastructure Holdings Ltd. | 883,208 | 7,364,005 | ||||||
CLP Holdings Ltd.(c) | 2,161,500 | 25,608,232 | ||||||
Dairy Farm International Holdings Ltd. | 454,200 | 4,060,548 | ||||||
Galaxy Entertainment Group Ltd.(c) | 3,131,000 | 22,236,649 | ||||||
Hang Lung Group Ltd. | 1,189,000 | 3,733,707 | ||||||
Hang Lung Properties Ltd.(c) | 2,672,736 | 6,312,584 | ||||||
Hang Seng Bank Ltd. | 1,007,700 | 24,968,490 | ||||||
Henderson Land Development Co. Ltd. | 1,746,402 | 9,877,990 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(c) | 3,440,500 | 3,585,224 | ||||||
HKT Trust & HKT Ltd. | 5,063,338 | 7,908,039 | ||||||
Hong Kong & China Gas Co. Ltd.(c) | 12,164,060 | 28,171,751 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,560,600 | 53,797,340 | ||||||
Hongkong Land Holdings Ltd. | 1,536,600 | 11,017,422 | ||||||
Hysan Development Co. Ltd. | 835,830 | 4,413,508 | ||||||
Jardine Matheson Holdings Ltd.(c) | 292,500 | 20,053,800 | ||||||
Jardine Strategic Holdings Ltd. | 292,000 | 11,534,000 | ||||||
Kerry Properties Ltd. | 875,500 | 3,658,233 | ||||||
Link REIT(c) | 2,787,086 | 31,510,852 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 323,800 | 7,460,352 | ||||||
MGM China Holdings Ltd.(c) | 1,234,400 | 2,594,665 | ||||||
Minth Group Ltd.(c) | 1,002,000 | 3,969,808 | ||||||
MTR Corp. Ltd.(c) | 2,010,786 | 11,552,708 | ||||||
New World Development Co. Ltd. | 8,016,921 | 12,806,975 | ||||||
NWS Holdings Ltd. | 2,081,000 | 5,036,944 | ||||||
PCCW Ltd. | 5,444,867 | 3,273,940 | ||||||
Power Assets Holdings Ltd. | 1,837,000 | 12,754,019 | ||||||
Sands China Ltd. | 3,172,000 | 15,840,200 | ||||||
Shangri-La Asia Ltd. | 1,685,000 | 2,395,551 | ||||||
Sino Land Co. Ltd. | 4,374,800 | 8,147,924 | ||||||
SJM Holdings Ltd. | 2,562,000 | 2,888,443 | ||||||
Sun Hung Kai Properties Ltd. | 2,097,500 | 34,736,554 | ||||||
Swire Pacific Ltd., Class A | 655,500 | 7,795,221 | ||||||
Swire Properties Ltd. | 1,539,000 | 6,175,762 | ||||||
Techtronic Industries Co. Ltd. | 1,797,207 | 12,008,396 | ||||||
WH Group Ltd.(d) | 11,531,000 | 10,238,614 | ||||||
Wharf Holdings Ltd. (The) | 1,610,600 | 5,037,100 | ||||||
Wharf Real Estate Investment Co. Ltd.(c) | 1,599,600 | 11,238,240 | ||||||
Wheelock & Co. Ltd. | 1,082,000 | 7,326,085 |
S C H E D U L E O F I N V E S T M E N T S | 29 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Wynn Macau Ltd.(c) | 2,040,400 | $ | 5,042,646 | |||||
Yue Yuen Industrial Holdings Ltd. | 975,000 | 3,279,064 | ||||||
|
| |||||||
732,731,590 | ||||||||
New Zealand — 1.9% | ||||||||
a2 Milk Co. Ltd.(b)(c) | 967,006 | 9,430,502 | ||||||
Auckland International Airport Ltd. | 1,272,684 | 6,739,188 | ||||||
Fisher & Paykel Healthcare Corp. Ltd.(c) | 756,875 | 7,582,414 | ||||||
Fletcher Building Ltd.(b) | 1,116,781 | 3,721,713 | ||||||
Meridian Energy Ltd. | 1,688,564 | 4,246,292 | ||||||
Ryman Healthcare Ltd.(c) | 532,910 | 3,994,961 | ||||||
Spark New Zealand Ltd.(c) | 2,423,231 | 6,159,843 | ||||||
|
| |||||||
41,874,913 | ||||||||
Singapore — 10.5% | ||||||||
Ascendas REIT | 3,526,625 | 7,307,985 | ||||||
CapitaLand Commercial Trust | 3,455,993 | 4,961,979 | ||||||
CapitaLand Ltd. | 3,395,400 | 8,594,041 | ||||||
CapitaLand Mall Trust | 3,400,100 | 6,039,254 | ||||||
City Developments Ltd.(c) | 551,200 | 3,638,768 | ||||||
ComfortDelGro Corp. Ltd. | 2,866,200 | 5,069,729 | ||||||
DBS Group Holdings Ltd. | 2,363,200 | 43,444,263 | ||||||
Genting Singapore Ltd.(c) | 8,032,200 | 6,063,384 | ||||||
Golden Agri-Resources Ltd.(c) | 8,462,987 | 1,722,411 | ||||||
Jardine Cycle & Carriage Ltd. | 133,000 | 3,281,690 | ||||||
Keppel Corp. Ltd.(c) | 1,928,600 | 8,792,315 | ||||||
Oversea-Chinese Banking Corp. Ltd.(c) | 4,205,024 | 34,419,453 | ||||||
SATS Ltd.(c) | 903,900 | 3,431,770 | ||||||
Sembcorp Industries Ltd.(c) | 1,311,240 | 2,542,517 | ||||||
Singapore Airlines Ltd. | 713,900 | 5,288,735 | ||||||
Singapore Exchange Ltd. | 1,048,900 | 6,085,980 | ||||||
Singapore Press Holdings Ltd.(c) | 2,052,817 | 3,737,367 | ||||||
Singapore Technologies Engineering Ltd. | 2,074,500 | 5,742,029 | ||||||
Singapore Telecommunications Ltd.(c) | 10,774,628 | 24,081,836 | ||||||
Suntec REIT(c) | 2,814,200 | 4,019,691 | ||||||
United Overseas Bank Ltd. | 1,770,200 | 32,778,570 | ||||||
UOL Group Ltd.(c) | 675,400 | 3,314,019 |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Venture Corp. Ltd.(c) | 365,200 | $ | 4,810,953 | |||||
Wilmar International Ltd. | 2,549,000 | 6,036,708 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 3,171,300 | 3,356,246 | ||||||
|
| |||||||
238,561,693 | ||||||||
|
| |||||||
Total Common Stocks — 99.4% | 2,260,979,383 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 4.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g) | 90,704,361 | 90,740,643 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(e)(f) | 998,372 | 998,372 | ||||||
|
| |||||||
91,739,015 | ||||||||
|
| |||||||
Total Short-Term Investments — 4.0% | 91,739,015 | |||||||
|
| |||||||
Total Investments in Securities — 103.4% |
| 2,352,718,398 | ||||||
Other Assets, Less Liabilities — (3.4)% | (77,278,747 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 2,275,439,651 | ||||||
|
|
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | 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. |
(e) | Affiliate of the Fund. |
(f) | Annualized7-day yield as ofperiod-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 19,716,683 | 70,987,678 | 90,704,361 | $ | 90,740,643 | $ | 84,757 | (b) | $ | 4,390 | $ | 12,537 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,387,961 | (389,589 | ) | 998,372 | 998,372 | 21,528 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 91,739,015 | $ | 106,285 | $ | 4,390 | $ | 12,537 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Pacific ex Japan ETF |
Futures Contracts
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) |
| | Value/ Unrealized Appreciation (Depreciation) | | ||||
Long Contracts | ||||||||||||||||
ASX SPI 200 Index | 79 | 03/21/19 | $ | 8,640 | $ | 315,677 | ||||||||||
Hang Seng Index | 19 | 03/28/19 | 3,469 | (20,481 | ) | |||||||||||
MSCI Singapore Index | 81 | 03/28/19 | 2,157 | (31,812 | ) | |||||||||||
|
| |||||||||||||||
$ | 263,384 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 315,677 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized depreciation(a) | $ | 52,293 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (759,930 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 210,093 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 15,167,890 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Pacific ex Japan ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 2,260,979,076 | $ | — | $ | 307 | $ | 2,260,979,383 | ||||||||
Money Market Funds | 91,739,015 | — | — | 91,739,015 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,352,718,091 | $ | — | $ | 307 | $ | 2,352,718,398 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 315,677 | $ | — | $ | — | $ | 315,677 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (52,293 | ) | — | — | (52,293 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 263,384 | $ | — | $ | — | $ | 263,384 | |||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
The Fund had transfers from Level 2 to Level 1 during the six months ended February 28, 2019 in the amount of $26,619,056 resulting from the resumption of trading after temporary suspensions.
See notes to financial statements.
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Singapore ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 3.1% | ||||||||
Singapore Technologies Engineering Ltd. | 5,890,300 | $ | 16,303,820 | |||||
|
| |||||||
Airlines — 2.9% | ||||||||
Singapore Airlines Ltd. | 2,050,767 | 15,192,553 | ||||||
|
| |||||||
Banks — 44.2% | ||||||||
DBS Group Holdings Ltd. | 5,060,500 | 93,030,506 | ||||||
Oversea-Chinese Banking Corp. Ltd.(a) | 8,823,950 | 72,226,826 | ||||||
United Overseas Bank Ltd. | 3,743,500 | 69,317,918 | ||||||
|
| |||||||
234,575,250 | ||||||||
Capital Markets — 3.2% | ||||||||
Singapore Exchange Ltd. | 2,967,100 | 17,215,856 | ||||||
|
| |||||||
Distributors — 2.0% | ||||||||
Jardine Cycle & Carriage Ltd. | 422,944 | 10,435,874 | ||||||
|
| |||||||
Diversified Telecommunication Services — 4.6% |
| |||||||
Singapore Telecommunications Ltd. | 10,917,468 | 24,401,090 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.6% |
| |||||||
Venture Corp. Ltd. | 1,044,300 | 13,757,060 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 8.3% |
| |||||||
Ascendas REIT | 9,520,381 | 19,728,439 | ||||||
CapitaLand Commercial Trust | 3,409,483 | 4,895,202 | ||||||
CapitaLand Mall Trust | 3,864,200 | 6,863,588 | ||||||
Suntec REIT | 8,835,800 | 12,620,703 | ||||||
|
| |||||||
44,107,932 | ||||||||
Food Products — 4.5% | ||||||||
Golden Agri-Resources Ltd. | 35,208,528 | 7,165,738 | ||||||
Wilmar International Ltd. | 7,031,400 | 16,652,220 | ||||||
|
| |||||||
23,817,958 | ||||||||
Hotels, Restaurants & Leisure — 3.1% | ||||||||
Genting Singapore Ltd. | 21,949,642 | 16,569,446 | ||||||
|
| |||||||
Industrial Conglomerates — 5.8% | ||||||||
Keppel Corp. Ltd. | 4,887,300 | 22,280,764 | ||||||
Sembcorp Industries Ltd.(a) | 4,447,300 | 8,623,391 | ||||||
|
| |||||||
30,904,155 |
Security | Shares | Value | ||||||
Machinery — 2.1% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd. | 10,482,000 | $ | 11,093,295 | |||||
|
| |||||||
Media — 2.1% | ||||||||
Singapore Press Holdings Ltd.(a) | 6,280,900 | 11,435,031 | ||||||
|
| |||||||
Real Estate Management & Development — 6.5% |
| |||||||
CapitaLand Ltd. | 5,122,500 | 12,965,475 | ||||||
City Developments Ltd. | 1,686,700 | 11,134,816 | ||||||
UOL Group Ltd. | 2,138,000 | 10,490,631 | ||||||
|
| |||||||
34,590,922 | ||||||||
Road & Rail — 2.8% | ||||||||
ComfortDelGro Corp. Ltd. | 8,384,000 | 14,829,603 | ||||||
|
| |||||||
Transportation Infrastructure — 2.0% | ||||||||
SATS Ltd. | 2,866,600 | 10,883,406 | ||||||
|
| |||||||
Total Common Stocks — 99.8% | 530,113,251 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(b)(c)(d) | 11,494,135 | 11,498,733 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(b)(c) | 293,957 | 293,957 | ||||||
|
| |||||||
11,792,690 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.2% | 11,792,690 | |||||||
|
| |||||||
Total Investments in Securities — 102.0% |
| 541,905,941 | ||||||
Other Assets, Less Liabilities — (2.0)% | (10,628,544 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 531,277,397 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Affiliate of the Fund. |
(c) | Annualized7-day yield as ofperiod-end. |
(d) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 6,147,480 | 5,346,655 | 11,494,135 | $ | 11,498,733 | $ | 17,410 | (b) | $ | 977 | $ | 1,650 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 165,742 | 128,215 | 293,957 | 293,957 | 5,436 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 11,792,690 | $ | 22,846 | $ | 977 | $ | 1,650 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
S C H E D U L E O F I N V E S T M E N T S | | 33 | |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Singapore ETF |
Futures Contracts
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) |
| | Value/ Unrealized Appreciation (Depreciation) | | ||||
Long Contracts | ||||||||||||||||
MSCI Singapore Index | 40 | 03/28/19 | $ | 1,065 | $ | (17,156 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized depreciation(a) | $ | 17,156 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (142,682 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 7,748 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,978,763 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 530,113,251 | $ | — | $ | — | $ | 530,113,251 | ||||||||
Money Market Funds | 11,792,690 | — | — | 11,792,690 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 541,905,941 | $ | — | $ | — | $ | 541,905,941 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (17,156 | ) | $ | — | $ | — | $ | (17,156 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.6% | ||||||||
China Airlines Ltd. | 27,405,761 | $ | 9,038,340 | |||||
Eva Airways Corp. | 20,300,893 | 10,191,178 | ||||||
|
| |||||||
19,229,518 | ||||||||
Auto Components — 0.6% |
| |||||||
Cheng Shin Rubber Industry Co. Ltd.(a) | 14,210,670 | 20,201,024 | ||||||
|
| |||||||
Banks — 12.2% |
| |||||||
Chang Hwa Commercial Bank Ltd. | 39,044,761 | 23,470,118 | ||||||
China Development Financial Holding Corp. | 90,335,508 | 29,264,049 | ||||||
CTBC Financial Holding Co. Ltd. | 109,620,325 | 74,263,928 | ||||||
E.Sun Financial Holding Co. Ltd. | 62,930,217 | 45,188,952 | ||||||
First Financial Holding Co. Ltd.(a) | 63,611,132 | 42,990,969 | ||||||
Hua Nan Financial Holdings Co. Ltd.(a) | 52,032,529 | 31,953,432 | ||||||
Mega Financial Holding Co. Ltd. | 68,005,271 | 60,212,943 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 5,890,000 | 9,167,092 | ||||||
SinoPac Financial Holdings Co. Ltd. | 74,095,724 | 25,881,079 | ||||||
Taishin Financial Holding Co. Ltd. | 64,960,592 | 29,444,552 | ||||||
Taiwan Business Bank | 34,510,524 | 12,727,063 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 57,855,554 | 35,905,352 | ||||||
|
| |||||||
420,469,529 | ||||||||
Biotechnology — 0.3% |
| |||||||
TaiMed Biologics Inc.(a)(b) | 1,607,000 | 9,477,052 | ||||||
|
| |||||||
Capital Markets — 1.1% | ||||||||
Yuanta Financial Holding Co. Ltd. | 64,960,248 | 36,831,879 | ||||||
|
| |||||||
Chemicals — 7.1% |
| |||||||
Formosa Chemicals & Fibre Corp. | 21,315,610 | 73,068,635 | ||||||
Formosa Plastics Corp. | 27,405,518 | 91,273,069 | ||||||
Nan Ya Plastics Corp. | 31,465,938 | 78,622,671 | ||||||
|
| |||||||
242,964,375 | ||||||||
Construction Materials — 1.7% |
| |||||||
Asia Cement Corp.(a) | 16,240,136 | 20,473,975 | ||||||
Taiwan Cement Corp. | 30,450,554 | 37,993,315 | ||||||
|
| |||||||
58,467,290 | ||||||||
Diversified Financial Services — 0.9% |
| |||||||
Chailease Holding Co. Ltd. | 8,120,955 | 31,928,113 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.4% |
| |||||||
Chunghwa Telecom Co. Ltd. | 23,345,648 | 81,165,316 | ||||||
|
| |||||||
Electrical Equipment — 0.0% |
| |||||||
Ya Hsin Industrial Co. Ltd.(b)(c) | 6,845,461 | 2 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 14.0% |
| |||||||
AU Optronics Corp.(a) | 59,885,830 | 22,085,168 | ||||||
Delta Electronics Inc.(a) | 13,282,180 | 66,245,825 | ||||||
Foxconn Technology Co. Ltd.(a) | 7,105,499 | 14,568,160 | ||||||
Hon Hai Precision Industry Co. Ltd. | 79,170,002 | 187,014,740 | ||||||
Innolux Corp.(a) | 63,945,873 | 21,296,938 | ||||||
Largan Precision Co. Ltd.(a) | 642,794 | 91,062,396 | ||||||
Pacific Electric Wire & Cable Co. Ltd.(b)(c) | 197 | — | ||||||
Synnex Technology International Corp. | 11,165,364 | 13,604,573 | ||||||
Walsin Technology Corp.(a) | 2,460,000 | 14,467,532 | ||||||
WPG Holdings Ltd. | 12,192,604 | 15,767,408 | ||||||
Yageo Corp.(a) | 2,030,125 | 22,823,364 | ||||||
Zhen Ding Technology Holding Ltd.(a) | 4,060,072 | 11,793,753 | ||||||
|
| |||||||
480,729,857 |
Security | Shares | Value | ||||||
Food & Staples Retailing — 1.2% | ||||||||
President Chain Store Corp. | 4,060,215 | $ | 42,018,374 | |||||
|
| |||||||
Food Products — 2.3% | ||||||||
Standard Foods Corp. | 4,060,056 | 6,952,218 | ||||||
Uni-President Enterprises Corp. | 29,435,189 | 71,731,327 | ||||||
|
| |||||||
78,683,545 | ||||||||
Household Durables — 0.7% | ||||||||
Nien Made Enterprise Co. Ltd. | 1,438,000 | 12,498,660 | ||||||
Tatung Co. Ltd.(a)(b) | 13,195,000 | 11,490,130 | ||||||
|
| |||||||
23,988,790 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
Far Eastern New Century Corp. | 22,330,843 | 22,130,220 | ||||||
|
| |||||||
Insurance — 5.1% | ||||||||
Cathay Financial Holding Co. Ltd. | 50,750,483 | 74,699,751 | ||||||
China Life Insurance Co. Ltd./Taiwan | 19,285,605 | 18,015,731 | ||||||
Fubon Financial Holding Co. Ltd. | 41,615,515 | 61,524,407 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) | 72,065,929 | 21,612,871 | ||||||
|
| |||||||
175,852,760 | ||||||||
Leisure Products — 0.5% | ||||||||
Giant Manufacturing Co. Ltd. | 3,045,590 | 16,773,431 | ||||||
|
| |||||||
Machinery — 0.8% | ||||||||
Airtac International Group | 1,015,000 | 12,631,229 | ||||||
Hiwin Technologies Corp.(a) | 1,702,796 | 15,325,800 | ||||||
|
| |||||||
27,957,029 | ||||||||
Marine — 0.3% | ||||||||
Evergreen Marine Corp. Taiwan Ltd. | 22,595,136 | 9,140,398 | ||||||
|
| |||||||
Metals & Mining — 1.9% | ||||||||
China Steel Corp. | 79,170,977 | 65,597,450 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.9% |
| |||||||
Formosa Petrochemical Corp. | 8,120,950 | 30,740,684 | ||||||
|
| |||||||
Real Estate Management & Development — 0.6% |
| |||||||
Highwealth Construction Corp. | 7,105,790 | 11,024,693 | ||||||
Ruentex Development Co. Ltd. | 6,090,076 | 9,597,215 | ||||||
|
| |||||||
20,621,908 | ||||||||
Semiconductors & Semiconductor Equipment — 31.6% |
| |||||||
ASE Technology Holding Co. Ltd. | 22,330,432 | 45,638,204 | ||||||
Globalwafers Co. Ltd. | 1,560,000 | 16,980,488 | ||||||
MediaTek Inc. | 9,393,175 | 85,457,703 | ||||||
Nanya Technology Corp.(a) | 8,120,000 | 16,410,703 | ||||||
Novatek Microelectronics Corp. | 4,060,544 | 22,561,143 | ||||||
Phison Electronics Corp. | 1,162,698 | 10,578,053 | ||||||
Powertech Technology Inc. | 6,090,036 | 14,168,166 | ||||||
Realtek Semiconductor Corp. | 3,045,063 | 17,611,529 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 100,485,882 | 780,339,733 | ||||||
United Microelectronics Corp. | 80,185,501 | 29,831,982 | ||||||
Vanguard International Semiconductor Corp.(a) | 7,105,000 | 15,998,457 | ||||||
Win Semiconductors Corp.(a) | 3,231,000 | 18,371,972 | ||||||
Winbond Electronics Corp.(a) | 25,375,000 | 12,655,963 | ||||||
|
| |||||||
1,086,604,096 | ||||||||
Specialty Retail — 0.6% | ||||||||
Hotai Motor Co. Ltd. | 2,030,000 | 22,063,425 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 7.4% |
| |||||||
Acer Inc. | 23,345,737 | 15,436,640 | ||||||
Advantech Co. Ltd.(a) | 2,645,614 | 20,201,104 | ||||||
Asustek Computer Inc. | 4,686,857 | 33,426,969 |
S C H E D U L E O F I N V E S T M E N T S | 35 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals (continued) |
| |||||||
Catcher Technology Co. Ltd. | 4,237,743 | $ | 32,220,424 | |||||
Chicony Electronics Co. Ltd. | 5,122,405 | 11,317,841 | ||||||
Compal Electronics Inc. | 31,465,554 | 19,527,629 | ||||||
Inventec Corp. | 19,285,868 | 14,914,095 | ||||||
Lite-On Technology Corp. | 15,225,071 | 22,038,793 | ||||||
Micro-Star International Co. Ltd. | 5,075,000 | 13,488,701 | ||||||
Pegatron Corp. | 14,210,037 | 24,378,664 | ||||||
Quanta Computer Inc. | 18,270,240 | 33,956,354 | ||||||
Wistron Corp. | 22,330,921 | 15,491,208 | ||||||
|
| |||||||
256,398,422 | ||||||||
Textiles, Apparel & Luxury Goods — 2.1% |
| |||||||
Eclat Textile Co. Ltd.(a) | 1,407,601 | 16,122,020 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,045,476 | 19,147,714 | ||||||
Formosa Taffeta Co. Ltd. | 8,120,515 | 9,380,024 | ||||||
Pou Chen Corp. | 16,240,103 | 20,473,933 | ||||||
Ruentex Industries Ltd. | 3,194,157 | 8,448,146 | ||||||
|
| |||||||
73,571,837 | ||||||||
Transportation Infrastructure — 0.5% | ||||||||
Taiwan High Speed Rail Corp. | 15,225,000 | 16,324,956 | ||||||
|
| |||||||
Wireless Telecommunication Services — 1.9% |
| |||||||
Far EasTone Telecommunications Co. Ltd. | 11,165,259 | 26,156,814 | ||||||
Taiwan Mobile Co. Ltd. | 11,165,609 | 39,907,624 | ||||||
|
| |||||||
66,064,438 | ||||||||
|
| |||||||
Total Common Stocks — 99.9% | 3,435,995,718 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 4.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f) | 148,703,289 | $ | 148,762,770 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e) | 3,570,832 | 3,570,832 | ||||||
|
| |||||||
152,333,602 | ||||||||
|
| |||||||
Total Short-Term Investments — 4.4% |
| 152,333,602 | ||||||
|
| |||||||
Total Investments in Securities — 104.3% |
| 3,588,329,320 | ||||||
Other Assets, Less Liabilities — (4.3)% |
| (147,495,836 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 3,440,833,484 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 146,508,163 | 2,195,126 | 148,703,289 | $ | 148,762,770 | $ | 1,710,517 | (b) | $ | (9,199 | ) | $ | 11,505 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 33,708,447 | (30,137,615 | ) | 3,570,832 | 3,570,832 | 101,998 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 152,333,602 | $ | 1,812,515 | $ | (9,199 | ) | $ | 11,505 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Taiwan Index | 62 | 03/28/19 | $ | 2,345 | $ | 3,051 | ||||||||||
|
|
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Taiwan ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 3,051 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (1,218,893 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (348,189 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 16,860,687 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 3,435,995,716 | $ | — | $ | 2 | $ | 3,435,995,718 | ||||||||
Money Market Funds | 152,333,602 | — | — | 152,333,602 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,588,329,318 | $ | — | $ | 2 | $ | 3,588,329,320 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 3,051 | $ | — | $ | — | $ | 3,051 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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 | 37 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.4% | ||||||||
Bangkok Airways PCL, NVDR(a) | 2,551,000 | $ | 995,710 | |||||
Thai Airways International PCL, NVDR(b) | 2,283,166 | 949,130 | ||||||
|
| |||||||
1,944,840 | ||||||||
Auto Components — 0.3% | ||||||||
Sri Trang Agro-Industry PCL, NVDR(a) | 2,658,645 | 1,341,451 | ||||||
|
| |||||||
Banks — 17.1% | ||||||||
Bangkok Bank PCL, Foreign | 852,500 | 5,789,290 | ||||||
Kasikornbank PCL, NVDR | 2,146,200 | 13,450,996 | ||||||
Kasikornbank PCL, Foreign | 3,977,900 | 24,994,024 | ||||||
Kiatnakin Bank PCL, NVDR | 1,281,173 | 2,866,250 | ||||||
Krung Thai Bank PCL, NVDR | 11,981,000 | 7,337,828 | ||||||
Siam Commercial Bank PCL (The), NVDR | 5,391,200 | 22,924,896 | ||||||
Thanachart Capital PCL, NVDR | 2,033,700 | 3,597,898 | ||||||
Tisco Financial Group PCL, NVDR(a) | 1,101,410 | 3,058,259 | ||||||
TMB Bank PCL, NVDR(a) | 43,110,800 | 3,119,163 | ||||||
|
| |||||||
87,138,604 | ||||||||
Beverages — 0.1% | ||||||||
Carabao Group PCL, NVDR(a) | 254,400 | 444,014 | ||||||
|
| |||||||
Building Products — 0.1% | ||||||||
Dynasty Ceramic PCL, NVDR(a) | 8,165,540 | 575,248 | ||||||
|
| |||||||
Chemicals — 5.5% | ||||||||
Eastern Polymer Group PCL, NVDR(a) | 3,419,000 | 802,875 | ||||||
Global Green Chemicals PCL, NVDR(b) | 1,019,500 | 333,228 | ||||||
Indorama Ventures PCL, NVDR(a) | 5,486,410 | 8,966,287 | ||||||
PTT Global Chemical PCL, NVDR | 7,494,307 | 17,123,050 | ||||||
Vinythai PCL, NVDR | 861,000 | 689,893 | ||||||
|
| |||||||
27,915,333 | ||||||||
Construction & Engineering — 0.8% | ||||||||
CH Karnchang PCL, NVDR(a) | 1,473,300 | 1,192,198 | ||||||
Italian-Thai Development PCL, NVDR(a)(b) | 5,984,848 | 459,606 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR(a)(b) | 2,573,628 | 1,821,242 | ||||||
Unique Engineering & Construction PCL, NVDR(a) | 1,856,400 | 618,555 | ||||||
|
| |||||||
4,091,601 | ||||||||
Construction Materials — 3.9% | ||||||||
Siam Cement PCL (The), NVDR | 1,275,900 | 19,191,641 | ||||||
TPI Polene PCL, NVDR(a) | 13,094,900 | 880,958 | ||||||
|
| |||||||
20,072,599 | ||||||||
Consumer Finance — 1.4% | ||||||||
Muangthai Capital PCL, NVDR | 2,188,800 | 3,264,533 | ||||||
Ratchthani Leasing PCL, NVDR(a) | 3,729,349 | 893,505 | ||||||
Srisawad Corp PCL, NVDR(a) | 1,925,218 | 3,069,963 | ||||||
|
| |||||||
7,228,001 | ||||||||
Containers & Packaging — 0.1% | ||||||||
Polyplex Thailand PCL, NVDR(a) | 1,161,900 | 582,563 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.6% |
| |||||||
Jasmine International PCL, NVDR(a) | 10,495,168 | 1,998,287 | ||||||
Thaicom PCL, NVDR(a) | 1,575,500 | 369,971 | ||||||
True Corp. PCL, NVDR | 34,322,718 | 5,881,560 | ||||||
|
| |||||||
8,249,818 | ||||||||
Electrical Equipment — 0.2% | ||||||||
Gunkul Engineering PCL, NVDR(a) | 7,784,968 | 805,363 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.7% |
| |||||||
Delta Electronics Thailand PCL, NVDR | 1,713,144 | 3,941,386 |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) |
| |||||||
Hana Microelectronics PCL, NVDR(a) | 1,931,800 | $ | 2,191,570 | |||||
KCE Electronics PCL, NVDR(a) | 1,809,600 | 1,579,183 | ||||||
SVI PCL, NVDR(a) | 4,846,615 | 784,379 | ||||||
|
| |||||||
8,496,518 | ||||||||
Entertainment — 0.5% | ||||||||
Major Cineplex Group PCL, NVDR | 1,514,200 | 1,333,409 | ||||||
RS PCL, NVDR(a) | 1,586,000 | 900,893 | ||||||
Workpoint Entertainment PCL, NVDR(a) | 508,500 | 419,548 | ||||||
|
| |||||||
2,653,850 | ||||||||
Food & Staples Retailing — 9.4% | ||||||||
Berli Jucker PCL, NVDR(a) | 4,113,400 | 6,461,350 | ||||||
CP ALL PCL, NVDR | 16,841,500 | 41,552,610 | ||||||
|
| |||||||
48,013,960 | ||||||||
Food Products — 3.3% | ||||||||
Charoen Pokphand Foods PCL, NVDR | 11,342,200 | 9,448,084 | ||||||
GFPT PCL, NVDR(a) | 1,786,200 | 821,893 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(a) | 5,439,778 | 545,488 | ||||||
Taokaenoi Food & Marketing PCL, NVDR(a) | 1,211,500 | 419,051 | ||||||
Thai Union Group PCL, NVDR(a) | 6,554,200 | 3,847,765 | ||||||
Thai Vegetable Oil PCL, NVDR | 1,378,753 | 1,257,887 | ||||||
Thaifoods Group PCL, NVDR(a) | 4,485,600 | 435,571 | ||||||
|
| |||||||
16,775,739 | ||||||||
Health Care Providers & Services — 4.4% | ||||||||
Bangkok Chain Hospital PCL, NVDR | 4,210,525 | 2,177,915 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 13,314,700 | 9,971,501 | ||||||
Bumrungrad Hospital PCL, NVDR(a) | 1,226,976 | 7,261,595 | ||||||
Chularat Hospital PCL, NVDR | 17,194,600 | 1,003,985 | ||||||
Principal Capital PCL, NVDR(b) | 2,255,000 | 346,345 | ||||||
Thonburi Healthcare Group PCL, NVDR(a) | 815,900 | 815,576 | ||||||
Vibhavadi Medical Center PCL, NVDR | 18,314,300 | 1,115,858 | ||||||
|
| |||||||
22,692,775 | ||||||||
Hotels, Restaurants & Leisure — 2.0% | ||||||||
Erawan Group PCL (The), NVDR(a) | 4,307,200 | 1,011,449 | ||||||
Minor International PCL, NVDR | 7,441,710 | 9,150,853 | ||||||
|
| |||||||
10,162,302 | ||||||||
Independent Power and Renewable Electricity Producers — 2.7% |
| |||||||
BCPG PCL, NVDR(a) | 2,075,100 | 1,106,281 | ||||||
CK Power PCL, NVDR(a) | 6,475,460 | 1,015,114 | ||||||
Electricity Generating PCL, NVDR | 452,400 | 3,833,108 | ||||||
Glow Energy PCL, NVDR | 1,755,300 | 5,068,855 | ||||||
Gulf Energy Development PCL, NVDR | 387,200 | 1,111,990 | ||||||
Inter Far East Energy Corp., NVDR(b)(c) | 3,184,500 | 1 | ||||||
SPCG PCL, NVDR(a) | 1,295,500 | 785,214 | ||||||
Super Energy Corp. PCL, NVDR(a)(b) | 38,335,050 | 717,737 | ||||||
|
| |||||||
13,638,300 | ||||||||
Industrial Conglomerates — 0.1% | ||||||||
Thoresen Thai Agencies PCL, NVDR(a) | 3,140,489 | 548,122 | ||||||
|
| |||||||
Marine — 0.1% | ||||||||
Precious Shipping PCL, NVDR(a)(b) | 1,944,000 | 564,462 | ||||||
|
| |||||||
Media — 0.6% | ||||||||
BEC World PCL, NVDR(a)(b) | 3,437,500 | 681,773 | ||||||
Plan B Media PCL, NVDR(a) | 3,729,000 | 733,671 | ||||||
VGI Global Media PCL, NVDR | 5,989,140 | 1,482,437 | ||||||
|
| |||||||
2,897,881 | ||||||||
Multiline Retail — 0.7% | ||||||||
Robinson PCL, NVDR | 1,716,300 | 3,512,935 | ||||||
|
|
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels — 20.1% | ||||||||
Bangchak Corp. PCL, NVDR | 1,196,200 | $ | 1,252,665 | |||||
Banpu PCL, NVDR | 7,054,600 | 3,649,028 | ||||||
Energy Absolute PCL, NVDR | 4,229,800 | 6,409,296 | ||||||
Energy Earth PCL, NVDR(a)(b)(c) | 4,419,400 | 1 | ||||||
Esso Thailand PCL, NVDR | 4,171,000 | 1,442,726 | ||||||
IRPC PCL, NVDR | 34,339,400 | 6,429,273 | ||||||
Prima Marine PCL, NVDR(a) | 1,859,900 | 354,126 | ||||||
PTT Exploration & Production PCL, NVDR | 4,744,284 | 18,743,780 | ||||||
PTT PCL, NVDR | 35,474,800 | 54,598,264 | ||||||
Siamgas & Petrochemicals PCL, NVDR(a) | 2,588,900 | 817,439 | ||||||
Thai Oil PCL, NVDR | 3,699,100 | 8,481,078 | ||||||
|
| |||||||
102,177,676 | ||||||||
Pharmaceuticals — 0.2% | ||||||||
Mega Lifesciences PCL, NVDR(a) | 1,201,000 | 1,267,219 | ||||||
|
| |||||||
Real Estate Management & Development — 6.1% |
| |||||||
Amata Corp. PCL, NVDR(a) | 1,811,900 | 1,247,703 | ||||||
Ananda Development PCL, NVDR | 5,245,500 | 612,565 | ||||||
AP Thailand PCL, NVDR(a) | 3,308,686 | 740,222 | ||||||
Bangkok Land PCL, NVDR(a) | 34,910,800 | 1,827,936 | ||||||
Central Pattana PCL, NVDR | 4,621,800 | 11,073,253 | ||||||
Golden Land Property Development PCL, NVDR | 1,699,400 | 447,601 | ||||||
Land & Houses PCL, NVDR | 9,500,400 | 3,165,544 | ||||||
LPN Development PCL, NVDR(a) | 2,030,447 | 451,031 | ||||||
MBK PCL, NVDR(a) | 505,300 | 347,957 | ||||||
Origin Property PCL, NVDR(a) | 2,136,900 | 505,193 | ||||||
Platinum Group PCL (The), NVDR(a) | 2,963,700 | 686,553 | ||||||
Quality Houses PCL, NVDR | 14,899,832 | 1,446,838 | ||||||
Sansiri PCL, NVDR | 19,480,937 | 853,112 | ||||||
SC Asset Corp. PCL, NVDR(a) | 5,237,304 | 505,241 | ||||||
Siam Future Development PCL, NVDR(a) | 3,071,228 | 760,193 | ||||||
Singha Estate PCL, NVDR(a)(b) | 8,401,300 | 869,123 | ||||||
Supalai PCL, NVDR(a) | 2,087,100 | 1,298,125 | ||||||
U City PCL, NVDR(a)(b) | 9,712,141 | 776,663 | ||||||
Univentures PCL, NVDR(a) | 2,365,300 | 506,649 | ||||||
WHA Corp. PCL, NVDR | 24,032,640 | 3,203,081 | ||||||
|
| |||||||
31,324,583 | ||||||||
Road & Rail — 1.3% | ||||||||
BTS Group Holdings PCL, NVDR | 20,085,200 | 6,628,674 | ||||||
|
| |||||||
Specialty Retail — 2.4% | ||||||||
Beauty Community PCL, NVDR(a) | 6,470,900 | 1,406,606 | ||||||
Com7 PCL, NVDR(a) | 1,277,600 | 725,713 | ||||||
Home Product Center PCL, NVDR | 13,536,273 | 6,443,287 | ||||||
PTG Energy PCL, NVDR(a) | 2,061,100 | 660,599 | ||||||
Siam Global House PCL, NVDR(a) | 4,820,741 | 2,906,595 | ||||||
|
| |||||||
12,142,800 | ||||||||
Textiles, Apparel & Luxury Goods — 0.1% |
| |||||||
MC Group PCL, NVDR(a) | 1,285,000 | 420,008 | ||||||
|
|
Security | Shares | Value | ||||||
Transportation Infrastructure — 7.9% | ||||||||
Airports of Thailand PCL, NVDR(a) | 14,481,000 | $ | 31,018,406 | |||||
Bangkok Aviation Fuel Services PCL, | 675,900 | 750,702 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 25,730,153 | 8,654,966 | ||||||
|
| |||||||
40,424,074 | ||||||||
Water Utilities — 0.6% | ||||||||
TTW PCL, NVDR | 4,817,266 | 1,941,429 | ||||||
WHA Utilities and Power PCL, NVDR(a) | 4,707,100 | 911,172 | ||||||
|
| |||||||
2,852,601 | ||||||||
Wireless Telecommunication Services — 4.0% |
| |||||||
Advanced Info Service PCL, NVDR(a) | 3,543,919 | 20,467,853 | ||||||
|
| |||||||
Total Common Stocks — 99.7% | 508,051,767 | |||||||
|
| |||||||
Warrants | ||||||||
Media — 0.0% | ||||||||
VGI Global Media PCL, (Expires 09/01/22)(b) | 1 | — | ||||||
|
| |||||||
Total Warrants — 0.0% | — | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 5.9% | ||||||||
BlackRock Cash Funds: Institutional, | 29,015,008 | 29,026,614 | ||||||
BlackRock Cash Funds: Treasury, | 802,547 | 802,547 | ||||||
|
| |||||||
29,829,161 | ||||||||
|
| |||||||
Total Short-Term Investments — 5.9% | 29,829,161 | |||||||
|
| |||||||
Total Investments in Securities — 105.6% | 537,880,928 | |||||||
Other Assets, Less Liabilities — (5.6)% | (28,467,964 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 509,412,964 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S | 39 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Thailand ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 21,003,656 | 8,011,352 | 29,015,008 | $ | 29,026,614 | $ | 760,552 | (b) | $ | (618 | ) | $ | 4,509 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 1,195,576 | (393,029 | ) | 802,547 | 802,547 | 8,523 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 29,829,161 | $ | 769,075 | $ | (618) | $ | 4,509 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 508,051,765 | $ | — | $ | 2 | $ | 508,051,767 | ||||||||
Warrants | 0 | (a) | — | — | 0 | (a) | ||||||||||
Money Market Funds | 29,829,161 | — | — | 29,829,161 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 537,880,926 | $ | — | $ | 2 | $ | 537,880,928 | |||||||||
|
|
|
|
|
|
|
|
(a) | Rounds to less than $1. |
See notes to financial statements.
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares MSCI Hong Kong ETF | iShares MSCI Japan ETF | iShares MSCI Malaysia ETF | iShares MSCI Pacific ex | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 3,076,269,692 | $ | 146,147,432 | $ | 579,902,015 | $ | 2,260,979,383 | ||||||||
Affiliated(c) | 6,285,030 | 10,158,325 | 13,738,343 | 91,739,015 | ||||||||||||
Foreign currency, at value(d) | 5,904,519 | 404,503 | 244,821 | 4,678,815 | ||||||||||||
Foreign currency pledged: | ||||||||||||||||
Futures contracts(e) | 473,082 | 33,758 | — | 784,644 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | — | 1,884,725 | 1,174,464 | ||||||||||||
Securities lending income — Affiliated | 847 | 28,378 | 16,201 | 19,485 | ||||||||||||
Variation margin on futures contracts | 84,322 | — | — | 66,293 | ||||||||||||
Capital shares sold | 12,789,768 | — | — | — | ||||||||||||
Dividends | 10,299 | 711,517 | 543,771 | 10,645,468 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 3,101,817,559 | 157,483,913 | 596,329,876 | 2,370,087,567 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 4,932,375 | 10,082,826 | 12,893,603 | 90,714,922 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 11,359,986 | — | 2,098,663 | 3,064,784 | ||||||||||||
Variation margin on futures contracts | — | 9,973 | — | 42,246 | ||||||||||||
Investment advisory fees | 1,078,999 | 57,624 | 217,872 | 825,964 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 17,371,360 | 10,150,423 | 15,210,138 | 94,647,916 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 3,084,446,199 | $ | 147,333,490 | $ | 581,119,738 | $ | 2,275,439,651 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 3,274,570,802 | $ | 218,528,326 | $ | 513,353,241 | $ | 2,785,481,730 | ||||||||
Accumulated earnings (loss) | (190,124,603 | ) | (71,194,836 | ) | 67,766,497 | (510,042,079 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 3,084,446,199 | $ | 147,333,490 | $ | 581,119,738 | $ | 2,275,439,651 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 119,175,000 | 2,100,000 | 18,825,000 | 50,100,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 25.88 | $ | 70.16 | $ | 30.87 | $ | 45.42 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 375 million | 500 million | 300 million | 1 billion | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 4,687,395 | $ | 9,380,644 | $ | 10,853,960 | $ | 83,918,987 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 2,795,447,522 | $ | 186,454,000 | $ | 430,197,091 | $ | 2,284,440,996 | ||||||||
(c) Investments, at cost — Affiliated | $ | 6,284,700 | $ | 10,154,817 | $ | 13,734,973 | $ | 91,722,560 | ||||||||
(d) Foreign currency, at cost | $ | 6,007,752 | $ | 406,895 | $ | 244,694 | $ | 4,679,879 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 370,209 | $ | 34,332 | $ | — | $ | 785,541 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 41 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2019
iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | iShares MSCI Thailand ETF | ||||||||||
| ||||||||||||
ASSETS | ||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||
Unaffiliated(b) | $ | 530,113,251 | $ | 3,435,995,718 | $ | 508,051,767 | ||||||
Affiliated(c) | 11,792,690 | 152,333,602 | 29,829,161 | |||||||||
Foreign currency, at value(d) | 1,568,755 | 889 | — | |||||||||
Cash pledged: | ||||||||||||
Futures contracts(e) | — | 138,000 | — | |||||||||
Foreign currency pledged: | ||||||||||||
Futures contracts(e) | 80,196 | — | — | |||||||||
Receivables: | ||||||||||||
Investments sold | 1,987,836 | 21,551,736 | 1,316,065 | |||||||||
Securities lending income — Affiliated | 5,696 | 323,728 | 122,781 | |||||||||
Dividends | 394 | 5,985 | 1,042,165 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 545,548,818 | 3,610,349,658 | 540,361,939 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Bank overdraft | — | 22,940 | — | |||||||||
Collateral on securities loaned, at value | 11,489,408 | 148,735,580 | 29,010,443 | |||||||||
Payables: | ||||||||||||
Investments purchased | 2,554,339 | 19,027,463 | 1,552,285 | |||||||||
Variation margin on futures contracts | 25,322 | 22,940 | — | |||||||||
Capital shares redeemed | — | — | 156,758 | |||||||||
Investment advisory fees | 202,352 | 1,499,781 | 229,489 | |||||||||
Foreign taxes | — | 207,470 | — | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 14,271,421 | 169,516,174 | 30,948,975 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 531,277,397 | $ | 3,440,833,484 | $ | 509,412,964 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in capital | $ | 734,619,735 | $ | 2,402,368,579 | $ | 574,414,188 | ||||||
Accumulated earnings (loss) | (203,342,338 | ) | 1,038,464,905 | (65,001,224 | ) | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 531,277,397 | $ | 3,440,833,484 | $ | 509,412,964 | ||||||
|
|
|
|
|
| |||||||
Shares outstanding | 22,600,000 | 101,500,000 | 5,650,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 23.51 | $ | 33.90 | $ | 90.16 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | 300 million | 900 million | 200 million | |||||||||
|
|
|
|
|
| |||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
|
|
|
|
|
| |||||||
(a) Securities loaned, at value | $ | 10,894,593 | $ | 141,237,466 | $ | 27,282,112 | ||||||
(b) Investments, at cost — Unaffiliated | $ | 570,169,420 | $ | 1,832,819,211 | $ | 540,902,794 | ||||||
(c) Investments, at cost — Affiliated | $ | 11,789,255 | $ | 152,281,913 | $ | 29,819,121 | ||||||
(d) Foreign currency, at cost | $ | 1,561,057 | $ | 893 | $ | — | ||||||
(e) Foreign currency collateral pledged, at cost | $ | 79,216 | $ | — | $ | — |
See notes to financial statements.
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares MSCI Hong Kong ETF | iShares MSCI Japan | iShares MSCI ETF | iShares MSCI Pacific ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 22,327,516 | $ | 2,453,845 | $ | 8,598,430 | $ | 42,796,938 | ||||||||
Dividends — Affiliated | 30,012 | 1,812 | 7,229 | 21,528 | ||||||||||||
Interest — Unaffiliated | — | — | — | 2,375 | ||||||||||||
Securities lending income — Affiliated — net | 26,762 | 206,710 | 208,578 | 84,757 | ||||||||||||
Foreign taxes withheld | — | (241,916 | ) | — | (521,193 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 22,384,290 | 2,420,451 | 8,814,237 | 42,384,405 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 6,044,552 | 656,444 | 1,331,214 | 5,233,973 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 6,044,552 | 656,444 | 1,331,214 | 5,233,973 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 16,339,738 | 1,764,007 | 7,483,023 | 37,150,432 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (49,709,659 | ) | (1,557,819 | ) | (19,123,938 | ) | (35,907,508 | ) | ||||||||
Investments — Affiliated | 685 | 1,851 | (2,018 | ) | 4,390 | |||||||||||
In-kind redemptions — Unaffiliated | 34,556,235 | (25,672,273 | ) | — | 12,337,904 | |||||||||||
Futures contracts | (245,092 | ) | (261,165 | ) | — | (759,930 | ) | |||||||||
Foreign currency transactions | 48,969 | 10,907 | (353,147 | ) | (260,849 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized loss | (15,348,862 | ) | (27,478,499 | ) | (19,479,103 | ) | (24,585,993 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | 201,944,888 | (8,447,856 | ) | (18,291,321 | ) | 7,875,058 | ||||||||||
Investments — Affiliated | (426 | ) | (854 | ) | 1,724 | 12,537 | ||||||||||
Futures contracts | 167,450 | 39,324 | — | 210,093 | ||||||||||||
Foreign currency translations | (1,154 | ) | (10,088 | ) | (13,332 | ) | 58,999 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 202,110,758 | (8,419,474 | ) | (18,302,929 | ) | 8,156,687 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 186,761,896 | (35,897,973 | ) | (37,782,032 | ) | (16,429,306 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 203,101,634 | $ | (34,133,966 | ) | $ | (30,299,009 | ) | $ | 20,721,126 | ||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 43 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2019
iShares MSCI Singapore ETF | iShares MSCI Taiwan | iShares MSCI Thailand ETF | ||||||||||
| ||||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — Unaffiliated | $ | 3,402,505 | $ | 14,118,862 | $ | 3,774,176 | ||||||
Dividends — Affiliated | 5,436 | 101,998 | 8,523 | |||||||||
Interest — Unaffiliated | — | 6,589 | — | |||||||||
Securities lending income — Affiliated — net(a) | 17,410 | 1,710,517 | 760,552 | |||||||||
Foreign taxes withheld | (104,638 | ) | (1,061,444 | ) | (375,982 | ) | ||||||
Other foreign taxes | — | (413,241 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 3,320,713 | 14,463,281 | 4,167,269 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees | 1,297,659 | 10,358,057 | 1,409,109 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,297,659 | 10,358,057 | 1,409,109 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 2,023,054 | 4,105,224 | 2,758,160 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — Unaffiliated | (7,581,011 | ) | (45,709,339 | ) | (2,275,571 | ) | ||||||
Investments — Affiliated | 977 | (9,199 | ) | (618 | ) | |||||||
In-kind redemptions — Unaffiliated | 4,262,052 | — | 20,450,763 | |||||||||
Futures contracts | (142,682 | ) | (1,218,893 | ) | — | |||||||
Foreign currency transactions | (6,824 | ) | 11,534 | 14,633 | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (3,467,488 | ) | (46,925,897 | ) | 18,189,207 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — Unaffiliated | 3,452,634 | (285,859,426 | ) | (19,998,347 | ) | |||||||
Investments — Affiliated | 1,650 | 11,505 | 4,509 | |||||||||
Futures contracts | 7,748 | (348,189 | ) | — | ||||||||
Foreign currency translations | 9,486 | 47,391 | (6,555 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 3,471,518 | (286,148,719 | ) | (20,000,393 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | 4,030 | (333,074,616 | ) | (1,811,186 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,027,084 | $ | (328,969,392 | ) | $ | 946,974 | |||||
|
|
|
|
|
| |||||||
(a) Net of securities lending income tax paid of | $ | — | $ | 423,790 | $ | — |
See notes to financial statements.
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares MSCI Hong Kong ETF | iShares MSCI JapanSmall-Cap ETF | |||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||
02/28/19 | Year Ended | 02/28/19 | Year Ended | |||||||||||||||||
(unaudited) | 08/31/18 | (unaudited) | 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 16,339,738 | $ | 66,523,413 | $ | 1,764,007 | $ | 4,235,524 | ||||||||||||
Net realized gain (loss) | (15,348,862 | ) | (39,701,210 | ) | (27,478,499 | ) | 49,208,901 | |||||||||||||
Net change in unrealized appreciation (depreciation) | 202,110,758 | (32,661,007 | ) | (8,419,474 | ) | (45,831,781 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 203,101,634 | (5,838,804 | ) | (34,133,966 | ) | 7,612,644 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (27,613,711 | ) | (100,789,012 | ) | (2,265,403 | ) | (4,732,916 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 179,336,822 | 980,802,040 | (101,179,499 | ) | 92,816,668 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | 354,824,745 | 874,174,224 | (137,578,868 | ) | 95,696,396 | |||||||||||||||
Beginning of period | 2,729,621,454 | 1,855,447,230 | 284,912,358 | 189,215,962 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 3,084,446,199 | $ | 2,729,621,454 | $ | 147,333,490 | $ | 284,912,358 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 45 |
Statements of Changes in Net Assets (continued)
iShares MSCI Malaysia ETF | iShares MSCI Pacific ex Japan ETF | |||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||
02/28/19 | Year Ended | 02/28/19 | Year Ended | |||||||||||||||||
(unaudited) | 08/31/18 | (unaudited) | 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 7,483,023 | $ | 14,176,454 | $ | 37,150,432 | $ | 102,324,651 | ||||||||||||
Net realized gain (loss) | (19,479,103 | ) | (7,368,623 | ) | (24,585,993 | ) | 165,198,688 | |||||||||||||
Net change in unrealized appreciation (depreciation) | (18,302,929 | ) | 30,835,443 | 8,156,687 | (145,434,956 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (30,299,009 | ) | 37,643,274 | 20,721,126 | 122,088,383 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (9,213,721 | ) | (30,357,233 | ) | (58,806,922 | ) | (129,611,494 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 63,412,409 | 112,710,143 | (61,308,113 | ) | (738,069,585 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | 23,899,679 | 119,996,184 | (99,393,909 | ) | (745,592,696 | ) | ||||||||||||||
Beginning of period | 557,220,059 | 437,223,875 | 2,374,833,560 | 3,120,426,256 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 581,119,738 | $ | 557,220,059 | $ | 2,275,439,651 | $ | 2,374,833,560 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | |||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||
02/28/19 | Year Ended | 02/28/19 | Year Ended | |||||||||||||||||
(unaudited) | 08/31/18 | (unaudited) | 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 2,023,054 | $ | 27,561,521 | $ | 4,105,224 | $ | 102,838,128 | ||||||||||||
Net realized gain (loss) | (3,467,488 | ) | (7,420,348 | ) | (46,925,897 | ) | 46,785,988 | |||||||||||||
Net change in unrealized appreciation (depreciation) | 3,471,518 | (29,174,128 | ) | (286,148,719 | ) | 11,762,468 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,027,084 | (9,032,955 | ) | (328,969,392 | ) | 161,386,584 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (10,137,014 | ) | (31,091,826 | ) | (104,188,903 | ) | (104,132,193 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (39,905,080 | ) | 19,149,528 | (208,899,618 | ) | 261,146,609 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | (48,015,010 | ) | (20,975,253 | ) | (642,057,913 | ) | 318,401,000 | |||||||||||||
Beginning of period | 579,292,407 | 600,267,660 | 4,082,891,397 | 3,764,490,397 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 531,277,397 | $ | 579,292,407 | $ | 3,440,833,484 | $ | 4,082,891,397 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 47 |
Statements of Changes in Net Assets (continued)
iShares MSCI Thailand ETF | ||||||||
Six Months Ended | ||||||||
02/28/19 | Year Ended | |||||||
(unaudited) | 08/31/18 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 2,758,160 | $ | 9,935,178 | ||||
Net realized gain | 18,189,207 | 25,014,195 | ||||||
Net change in unrealized appreciation (depreciation) | (20,000,393 | ) | 2,586,714 | |||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 946,974 | 37,536,087 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (3,630,954 | ) | (9,963,198 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 76,255,208 | 52,678,820 | ||||||
|
|
|
| |||||
NET ASSETS(a) | ||||||||
Total increase in net assets | 73,571,228 | 80,251,709 | ||||||
|
|
|
| |||||
Beginning of period | 435,841,736 | 355,590,027 | ||||||
|
|
|
| |||||
End of period | $ | 509,412,964 | $ | 435,841,736 | ||||
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Hong Kong ETF | ||||||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||||||
Net asset value, beginning of period | $ | 24.18 | $ | 24.69 | $ | 21.08 | $ | 19.42 | $ | 21.89 | $ | 18.91 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.15 | 0.71 | 0.68 | 0.54 | 0.52 | 0.66 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.82 | (0.12 | ) | 3.54 | 1.72 | (2.50 | ) | 3.04 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 1.97 | 0.59 | 4.22 | 2.26 | (1.98 | ) | 3.70 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions | ||||||||||||||||||||||||||||
From net investment income | (0.27 | ) | (1.10 | ) | (0.61 | ) | (0.60 | ) | (0.49 | ) | (0.72 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.27 | ) | (1.10 | ) | (0.61 | ) | (0.60 | ) | (0.49 | ) | (0.72 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 25.88 | $ | 24.18 | $ | 24.69 | $ | 21.08 | $ | 19.42 | $ | 21.89 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return | ||||||||||||||||||||||||||||
Based on net asset value | 8.30 | %(c) | 2.83 | % | 20.38 | % | 11.94 | % | (9.29 | )% | 19.87 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.48 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.33 | %(d) | 2.83 | % | 3.08 | % | 2.73 | % | 2.36 | % | 3.24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,084,446 | $ | 2,729,621 | $ | 1,855,447 | $ | 1,596,576 | $ | 2,722,224 | $ | 3,221,312 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(e) | 3 | %(c) | 7 | % | 8 | % | 9 | % | 7 | % | 6 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI JapanSmall-Cap ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 77.00 | $ | 72.78 | $ | 60.95 | $ | 56.79 | $ | 56.61 | $ | 49.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.47 | 0.94 | 1.02 | 0.84 | 0.70 | 0.70 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (6.78 | ) | 4.24 | 12.62 | 4.29 | 0.71 | 7.61 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (6.31 | ) | 5.18 | 13.64 | 5.13 | 1.41 | 8.31 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.53 | ) | (0.96 | ) | (1.81 | ) | (0.97 | ) | (1.23 | ) | (1.14 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.53 | ) | (0.96 | ) | (1.81 | ) | (0.97 | ) | (1.23 | ) | (1.14 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 70.16 | $ | 77.00 | $ | 72.78 | $ | 60.95 | $ | 56.79 | $ | 56.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (8.16 | )%(c) | 7.09 | % | 22.81 | % | 9.10 | % | 2.63 | % | 16.94 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.32 | %(d) | 1.18 | % | 1.53 | % | 1.44 | % | 1.26 | % | 1.31 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 147,333 | $ | 284,912 | $ | 189,216 | $ | 164,553 | $ | 159,004 | $ | 169,837 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 5 | %(c) | 9 | % | 8 | % | 12 | % | 10 | % | 14 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
50 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Malaysia ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 32.87 | $ | 32.03 | $ | 33.13 | $ | 40.75 | $ | 64.53 | $ | 58.40 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(b) | 0.42 | 0.91 | 0.56 | 1.00 | 1.44 | 2.16 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.91 | ) | 2.06 | (0.05 | ) | 2.79 | (23.47 | ) | 6.06 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.49 | ) | 2.97 | 0.51 | 3.79 | (22.03 | ) | 8.22 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.51 | ) | (2.13 | ) | (1.61 | ) | (1.81 | ) | (1.57 | ) | (2.09 | ) | ||||||||||||
From net realized gain | — | — | — | (9.60 | ) | (0.18 | ) | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.51 | ) | (2.13 | ) | (1.61 | ) | (11.41 | ) | (1.75 | ) | (2.09 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 30.87 | $ | 32.87 | $ | 32.03 | $ | 33.13 | $ | 40.75 | $ | 64.53 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (4.42 | )%(d) | 9.59 | % | 2.14 | % | 12.58 | % | (34.62 | )% | 14.17 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2.77 | %(e) | 2.69 | % | 2.73 | % | 2.86 | % | 2.61 | % | 3.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 581,120 | $ | 557,220 | $ | 437,224 | $ | 335,455 | $ | 263,579 | $ | 786,461 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 26 | %(d)(g) | 63 | %(g) | 24 | %(g) | 72 | %(g) | 24 | %(g) | 16 | %(g) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(a) Per share amounts reflect aone-for-four reverse stock split effective after the close of trading on November 4, 2016. (b) Based on average shares outstanding. (c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Not annualized. (e) Annualized. (f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| |||||||||||||||||||||||
(g) Portfolio turnover rate excluding cash creations was as follows: | 4 | % | 17 | % | 10 | % | 17 | % | 5 | % | 10 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Pacific ex Japan ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 46.02 | $ | 46.43 | $ | 40.94 | $ | 38.01 | $ | 51.21 | $ | 44.56 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.73 | 1.66 | 1.60 | 1.54 | 1.97 | 1.88 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.16 | ) | 0.03 | 5.55 | 2.98 | (13.09 | ) | 6.51 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 0.57 | 1.69 | 7.15 | 4.52 | (11.12 | ) | 8.39 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (1.17 | ) | (2.10 | ) | (1.66 | ) | (1.59 | ) | (2.08 | ) | (1.74 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.17 | ) | (2.10 | ) | (1.66 | ) | (1.59 | ) | (2.08 | ) | (1.74 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 45.42 | $ | 46.02 | $ | 46.43 | $ | 40.94 | $ | 38.01 | $ | 51.21 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 1.49 | %(c) | 3.63 | % | 18.06 | % | 12.20 | % | (22.19 | )% | 19.25 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.48 | %(d) | 0.48 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 3.43 | %(d) | 3.52 | % | 3.69 | % | 4.00 | % | 4.31 | % | 3.90 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,275,440 | $ | 2,374,834 | $ | 3,120,426 | $ | 2,357,962 | $ | 1,984,205 | $ | 3,472,048 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 3 | %(c) | 6 | % | 3 | % | 6 | % | 7 | % | 8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
52 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Singapore ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.84 | $ | 24.70 | $ | 21.22 | $ | 21.25 | $ | 27.93 | $ | 24.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(b) | 0.09 | 1.04 | 0.56 | 0.84 | 0.82 | 0.80 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 0.02 | (0.77 | ) | 3.84 | (0.24 | ) | (6.64 | ) | 3.05 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 0.11 | 0.27 | 4.40 | 0.60 | (5.82 | ) | 3.85 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.44 | ) | (1.13 | ) | (0.92 | ) | (0.63 | ) | (0.86 | ) | (0.90 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.44 | ) | (1.13 | ) | (0.92 | ) | (0.63 | ) | (0.86 | ) | (0.90 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 23.51 | $ | 23.84 | $ | 24.70 | $ | 21.22 | $ | 21.25 | $ | 27.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.60 | %(d) | 0.91 | % | 21.51 | % | 2.87 | % | (21.27 | )% | 15.65 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.77 | %(e) | 4.03 | % | 3.00 | % | 3.96 | % | 3.15 | % | 2.99 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 531,277 | $ | 579,292 | $ | 600,268 | $ | 562,418 | $ | 609,927 | $ | 984,455 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 3 | %(d) | 26 | % | 12 | % | 7 | % | 10 | % | 4 | % | ||||||||||||
|
|
|
|
|
|
|
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(a) | Per share amounts reflect aone-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Taiwan ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 37.91 | $ | 37.35 | $ | 30.30 | $ | 27.17 | $ | 32.89 | $ | 27.21 | ||||||||||||
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| |||||||||||||
Net investment income(b) | 0.04 | 0.98 | 0.87 | 0.68 | 0.74 | 0.58 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (3.05 | ) | 0.60 | 6.88 | 3.25 | (5.88 | ) | 5.62 | ||||||||||||||||
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| |||||||||||||
Net increase (decrease) from investment operations | (3.01 | ) | 1.58 | 7.75 | 3.93 | (5.14 | ) | 6.20 | ||||||||||||||||
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| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (1.00 | ) | (1.02 | ) | (0.70 | ) | (0.80 | ) | (0.58 | ) | (0.52 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (1.00 | ) | (1.02 | ) | (0.70 | ) | (0.80 | ) | (0.58 | ) | (0.52 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 33.90 | $ | 37.91 | $ | 37.35 | $ | 30.30 | $ | 27.17 | $ | 32.89 | ||||||||||||
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| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (7.75 | )%(d) | 4.43 | % | 26.17 | % | 15.02 | % | (15.79 | )% | 23.24 | % | ||||||||||||
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| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(e) | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | 0.62 | % | ||||||||||||
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| |||||||||||||
Net investment income | 0.23 | %(e) | 2.65 | % | 3.10 | % | 2.51 | % | 2.36 | % | 1.98 | % | ||||||||||||
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| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,440,833 | $ | 4,082,891 | $ | 3,764,790 | $ | 2,656,889 | $ | 3,276,410 | $ | 3,298,664 | ||||||||||||
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| |||||||||||||
Portfolio turnover rate(f) | 3 | %(d)(g) | 12 | %(g) | 11 | %(g) | 27 | %(g) | 14 | %(g) | 11 | %(g) | ||||||||||||
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| |||||||||||||
(a) Per share amounts reflect aone-for-two reverse stock split effective after the close of trading on November 4, 2016. (b) Based on average shares outstanding. (c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Not annualized. (e) Annualized. (f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| |||||||||||||||||||||||
(g) Portfolio turnover rate excluding cash creations was as follows: | 3 | % | 11 | % | 8 | % | 9 | % | 4 | % | 4 | % | ||||||||||||
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See notes to financial statements.
54 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Thailand ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 90.80 | $ | 82.70 | $ | 75.94 | $ | 65.01 | $ | 83.41 | $ | 67.73 | ||||||||||||
|
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|
|
|
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|
| |||||||||||||
Net investment income(a) | 0.50 | 2.12 | 1.99 | 2.05 | 1.66 | 1.67 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.53 | ) | 8.13 | 6.90 | 10.54 | (17.98 | ) | 15.84 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.03 | ) | 10.25 | 8.89 | 12.59 | (16.32 | ) | 17.51 | ||||||||||||||||
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|
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|
|
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| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.61 | ) | (2.15 | ) | (2.13 | ) | (1.66 | ) | (2.08 | ) | (1.83 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (0.61 | ) | (2.15 | ) | (2.13 | ) | (1.66 | ) | (2.08 | ) | (1.83 | ) | ||||||||||||
|
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|
|
|
|
|
|
|
|
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| |||||||||||||
Net asset value, end of period | $ | 90.16 | $ | 90.80 | $ | 82.70 | $ | 75.94 | $ | 65.01 | $ | 83.41 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.02 | %(c) | 12.55 | % | 12.01 | % | 19.87 | % | (19.92 | )% | 26.18 | % | ||||||||||||
|
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|
|
|
|
|
|
|
|
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| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(d) | 0.59 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.16 | %(d) | 2.30 | % | 2.63 | % | 3.08 | % | 2.09 | % | 2.24 | % | ||||||||||||
|
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| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 509,413 | $ | 435,842 | $ | 355,590 | $ | 448,075 | $ | 237,304 | $ | 571,370 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 1 | %(c) | 10 | % | 7 | % | 16 | % | 13 | % | 9 | % | ||||||||||||
|
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|
|
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|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 55 |
Notes to Financial Statements (unaudited) |
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Hong Kong | Non-diversified | |||
MSCI JapanSmall-Cap | Diversified | |||
MSCI Malaysia | Non-diversified | |||
MSCI Pacific ex Japan | Diversified | |||
MSCI Singapore | Non-diversified | |||
MSCI Taiwan | Non-diversified | |||
MSCI Thailand | Non-diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
56 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
N O T E S T O F I N A N C I A L S T A T E M E N T S | 57 |
Notes to Financial Statements (unaudited) (continued) |
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | |||||||
| ||||||||||||||||
MSCI Hong Kong | ||||||||||||||||
Goldman Sachs & Co. | $ | 1,101,141 | $ | 1,101,141 | $ | — | $ | — | ||||||||
Morgan Stanley & Co. LLC | 3,586,254 | 3,586,254 | — | — | ||||||||||||
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|
|
|
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| |||||||||
$ | 4,687,395 | $ | 4,687,395 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI JapanSmall-Cap | ||||||||||||||||
Barclays Capital Inc. | $ | 323,369 | $ | 323,369 | $ | — | $ | — | ||||||||
BMO Capital Markets | 11,095 | 11,095 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 642,398 | 642,398 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 2,403,232 | 2,403,232 | — | — | ||||||||||||
Goldman Sachs & Co. | 1,338,159 | 1,338,159 | — | — | ||||||||||||
HSBC Bank PLC | 271,285 | 271,285 | — | — | ||||||||||||
JPMorgan Securities LLC | 2,339,356 | 2,339,356 | — | — | ||||||||||||
Macquarie Bank Limited | 86,022 | 86,022 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 146,427 | 146,427 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,306,691 | 1,306,691 | — | — | ||||||||||||
UBS AG | 512,610 | 512,610 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 9,380,644 | $ | 9,380,644 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Malaysia | ||||||||||||||||
JPMorgan Securities PLC | $ | 1,636,380 | $ | 1,636,380 | $ | — | $ | — | ||||||||
Macquarie Bank Limited | 5,625,429 | 5,625,429 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 2,908,994 | 2,908,994 | — | — | ||||||||||||
UBS AG | 683,157 | 683,157 | — | — | ||||||||||||
|
|
|
|
|
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|
| |||||||||
$ | 10,853,960 | $ | 10,853,960 | $ | — | $ | — | |||||||||
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| |||||||||
MSCI Pacific ex Japan | ||||||||||||||||
Barclays Capital Inc. | $ | 949,831 | $ | 949,831 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 2,137,451 | 2,137,451 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 3,779,734 | 3,779,734 | — | — | ||||||||||||
Goldman Sachs & Co. | 19,920,464 | 19,920,464 | — | — | ||||||||||||
HSBC Bank PLC | 40,137 | 40,137 | — | — | ||||||||||||
Jefferies LLC | 1,190,036 | 1,190,036 | — | — | ||||||||||||
JPMorgan Securities LLC | 716,631 | 716,631 | — | — | ||||||||||||
Macquarie Bank Limited | 437,346 | 437,346 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 2,854,106 | 2,854,106 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 51,231,723 | 51,231,723 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 277,663 | 277,663 | — | — | ||||||||||||
State Street Bank & Trust Company | 383,865 | 383,865 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 83,918,987 | $ | 83,918,987 | $ | — | $ | — | |||||||||
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|
58 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Singapore | ||||||||||||||||
Goldman Sachs & Co. | $ | 10,880,596 | $ | 10,880,596 | $ | — | $ | — | ||||||||
JPMorgan Securities LLC | 13,997 | 13,997 | — | — | ||||||||||||
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|
| |||||||||
$ | 10,894,593 | $ | 10,894,593 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Taiwan | ||||||||||||||||
Citigroup Global Markets Ltd. | $ | 33,270,889 | $ | 33,270,889 | $ | — | $ | — | ||||||||
Credit Suisse Securities (Europe) Ltd. | 8,100,416 | 8,100,416 | — | — | ||||||||||||
JPMorgan Securities PLC | 11,561,809 | 11,561,809 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 85,487,007 | 85,487,007 | — | — | ||||||||||||
UBS Ltd. | 2,817,345 | 2,817,345 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 141,237,466 | $ | 141,237,466 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Thailand | ||||||||||||||||
Barclays Capital Inc. | $ | 855,340 | $ | 855,340 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 7,358,084 | 7,358,084 | — | — | ||||||||||||
Goldman Sachs & Co. | 12,062,716 | 12,062,716 | — | — | ||||||||||||
JPMorgan Securities LLC | 838,603 | 838,603 | — | — | ||||||||||||
Macquarie Bank Limited | 176,406 | 176,406 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 286,723 | 286,723 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 3,787,751 | 3,787,751 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 621,930 | 621,930 | — | — | ||||||||||||
SG Americas Securities LLC | 43,894 | 43,894 | — | — | ||||||||||||
UBS AG | 1,250,665 | 1,250,665 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 27,282,112 | $ | 27,282,112 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 59 |
Notes to Financial Statements (unaudited) (continued) |
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI JapanSmall-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $7 billion | 0.59 | % | ||
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion | 0.32 |
For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $46 billion | 0.5000 | % | ||
Over $46 billion, up to and including $81 billion | 0.4750 | |||
Over $81 billion, up to and including $111 billion | 0.4513 | |||
Over $111 billion, up to and including $141 billion | 0.4287 | |||
Over $141 billion | 0.4073 |
Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.
For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $2 billion | 0.74 | % | ||
Over $2 billion, up to and including $4 billion | 0.69 | |||
Over $4 billion, up to and including $8 billion | 0.64 | |||
Over $8 billion, up to and including $16 billion | 0.57 | |||
Over $16 billion, up to and including $24 billion | 0.51 | |||
Over $24 billion, up to and including $32 billion | 0.48 | |||
Over $32 billion | 0.45 |
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
60 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Hong Kong | $ | 5,733 | ||
MSCI JapanSmall-Cap | 41,735 | |||
MSCI Malaysia | 39,135 | |||
MSCI Pacific ex Japan | 24,316 | |||
MSCI Singapore | 4,678 | |||
MSCI Taiwan | 437,881 | |||
MSCI Thailand | 149,954 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Hong Kong | $ | 306,452 | $ | — | ||||
MSCI JapanSmall-Cap | 2,720,444 | 6,650,722 | ||||||
MSCI Pacific ex Japan | 4,550,597 | 5,396,534 | ||||||
MSCI Singapore | 633,076 | 635,923 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the six months ended February 28, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Hong Kong | $ | 488,967,770 | $ | 69,333,395 | ||||
MSCI JapanSmall-Cap | 11,995,023 | 13,682,831 | ||||||
MSCI Malaysia | 202,964,527 | 141,281,580 | ||||||
MSCI Pacific ex Japan | 70,771,588 | 81,443,404 | ||||||
MSCI Singapore | 16,865,269 | 34,548,315 | ||||||
MSCI Taiwan | 114,869,091 | 389,060,897 | ||||||
MSCI Thailand | 18,394,393 | 5,903,658 |
For the six months ended February 28, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Hong Kong | $ | 39,774,385 | $ | 285,853,464 | ||||
MSCI JapanSmall-Cap | 82,343,997 | 182,624,846 | ||||||
MSCI Pacific ex Japan | 48,931,018 | 117,945,068 | ||||||
MSCI Singapore | 29,961,528 | 57,803,778 | ||||||
MSCI Thailand | 203,520,049 | 140,008,633 |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 61 |
Notes to Financial Statements (unaudited) (continued)
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non-Expiring(a) | Expiring 2019 | Total | |||||||||
MSCI Hong Kong | $ | 346,332,497 | $ | 34,565,959 | $ | 380,898,456 | ||||||
MSCI JapanSmall-Cap | 2,546,470 | 203,697 | 2,750,167 | |||||||||
MSCI Malaysia | 25,388,537 | — | 25,388,537 | |||||||||
MSCI Pacific ex Japan | 347,439,805 | 36,600,987 | 384,040,792 | |||||||||
MSCI Singapore | 125,868,470 | 11,588,528 | 137,456,998 | |||||||||
MSCI Taiwan | 290,527,903 | 19,669,958 | 310,197,861 | |||||||||
MSCI Thailand | 41,255,985 | 1,304,910 | 42,560,895�� |
(a) | Must be utilized prior to losses subject to expiration. |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Hong Kong | $ | 2,875,210,378 | $ | 414,747,287 | $ | (207,447,740 | ) | $ | 207,299,547 | |||||||
MSCI JapanSmall-Cap | 197,573,113 | 2,242,913 | (43,472,750 | ) | (41,229,837) | |||||||||||
MSCI Malaysia | 481,255,137 | 158,542,695 | (46,157,474 | ) | 112,385,221 | |||||||||||
MSCI Pacific ex Japan | 2,451,422,059 | 317,687,066 | (416,127,343 | ) | (98,440,277) | |||||||||||
MSCI Singapore | 593,943,994 | 25,878,081 | (77,933,290 | ) | (52,055,209) | |||||||||||
MSCI Taiwan | 2,192,445,667 | 1,657,813,723 | (261,927,019 | ) | 1,395,886,704 | |||||||||||
MSCI Thailand | 579,546,272 | 18,578,965 | (60,244,309 | ) | (41,665,344) |
9. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.
62 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
10. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples there of (”Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended | Year Ended | |||||||||||||||
02/28/19 | 08/31/18 | |||||||||||||||
|
|
|
| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Hong Kong | ||||||||||||||||
Shares sold | 20,400,000 | $ | 499,894,704 | 38,250,000 | $ | 993,462,562 | ||||||||||
Shares redeemed | (14,100,000 | ) | (320,557,882 | ) | (525,000 | ) | (12,660,522 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 6,300,000 | $ | 179,336,822 | 37,725,000 | $ | 980,802,040 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI JapanSmall-Cap | ||||||||||||||||
Shares sold | 1,100,000 | $ | 83,431,946 | 5,500,000 | $ | 444,537,508 | ||||||||||
Shares redeemed | (2,700,000 | ) | (184,611,445 | ) | (4,400,000 | ) | (351,720,840 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (1,600,000 | ) | $ | (101,179,499 | ) | 1,100,000 | $ | 92,816,668 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Malaysia | ||||||||||||||||
Shares sold | 6,000,000 | $ | 186,415,217 | 11,025,000 | $ | 376,972,344 | ||||||||||
Shares redeemed | (4,125,000 | ) | (123,002,808 | ) | (7,725,000 | ) | (264,262,201 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 1,875,000 | $ | 63,412,409 | 3,300,000 | $ | 112,710,143 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Pacific ex Japan | ||||||||||||||||
Shares sold | 1,500,000 | $ | 64,545,548 | 4,500,000 | $ | 212,570,632 | ||||||||||
Shares redeemed | (3,000,000 | ) | (125,853,661 | ) | (20,100,000 | ) | (950,640,217 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (1,500,000 | ) | $ | (61,308,113 | ) | (15,600,000 | ) | $ | (738,069,585 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Singapore | ||||||||||||||||
Shares sold | 1,900,000 | $ | 43,091,178 | 11,150,000 | $ | 295,823,970 | ||||||||||
Shares redeemed | (3,600,000 | ) | (82,996,258 | ) | (11,150,000 | ) | (276,674,442 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (1,700,000 | ) | $ | (39,905,080 | ) | — | $ | 19,149,528 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Taiwan | ||||||||||||||||
Shares sold | 100,000 | $ | 7,381,062 | 8,100,000 | $ | 304,794,945 | ||||||||||
Shares redeemed | (6,300,000 | ) | (216,280,680 | ) | (1,200,000 | ) | (43,648,336 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (6,200,000 | ) | $ | (208,899,618 | ) | 6,900,000 | $ | 261,146,609 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Thailand | ||||||||||||||||
Shares sold | 2,500,000 | $ | 219,570,425 | 2,250,000 | $ | 213,303,678 | ||||||||||
Shares redeemed | (1,650,000 | ) | (143,315,217 | ) | (1,750,000 | ) | (160,624,858 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 850,000 | $ | 76,255,208 | 500,000 | $ | 52,678,820 | ||||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S | 63 |
Notes to Financial Statements (unaudited) (continued)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokeragecosts) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
11. LEGAL PROCEEDINGS
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively,“Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of usingstop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
12. REGULATIONS-X AMENDMENTS
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532,Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
MSCI Hong Kong | $ | 100,789,012 | ||
MSCI JapanSmall-Cap | 4,732,916 | |||
MSCI Malaysia | 30,357,233 | |||
MSCI Pacific ex Japan | 129,611,494 | |||
MSCI Singapore | 31,091,826 | |||
MSCI Taiwan | 104,132,193 | |||
MSCI Thailand | 9,963,198 |
Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed (distributions in excess of) net investment income | |||
MSCI Hong Kong | $ | 10,599,938 | ||
MSCI JapanSmall-Cap | 322,056 | |||
MSCI Malaysia | (8,245,264) | |||
MSCI Pacific ex Japan | 5,556,042 | |||
MSCI Singapore | (2,982,920) | |||
MSCI Taiwan | 83,026,169 | |||
MSCI Thailand | 1,914,983 |
13. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
64 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited) |
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions | % Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||||||||
for the FiscalYear-to-Date | Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||||||
Net | Net | |||||||||||||||||||||||||||||||||||
Investment | Net Realized | Return of | Total Per | Investment | Net Realized | Return of | Total Per | |||||||||||||||||||||||||||||
iShares ETF | Income | Capital Gains | Capital | Share | Income | Capital Gains | Capital | Share | ||||||||||||||||||||||||||||
MSCI JapanSmall-Cap(a) | $ | 0.453993 | $ | — | $ | 0.072845 | $ | 0.526838 | 86 | % | — | % | 14 | % | 100 | % | ||||||||||||||||||||
MSCI Pacific ex Japan(a) | 0.801732 | — | 0.365072 | 1.166804 | 69 | — | 31 | 100 | ||||||||||||||||||||||||||||
MSCI Singapore(a) | 0.068622 | — | 0.375011 | 0.443633 | 15 | — | 85 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 65 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
66 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 67 |
For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737) | ||||
![]() | This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. |
![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares MSCI Brazil ETF | EWZ | NYSE Arca |
▶ | iShares MSCI Chile ETF | ECH | Cboe BZX |
▶ | iShares MSCI Colombia ETF | ICOL | NYSE Arca |
▶ | iShares MSCI Israel ETF | EIS | NYSE Arca |
▶ | iShares MSCI Russia ETF | ERUS | NYSE Arca |
▶ | iShares MSCI South Africa ETF | EZA | NYSE Arca |
▶ | iShares MSCI Turkey ETF | TUR | NASDAQ |
▶ | iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of February 28, 2019 | iShares® MSCI Brazil ETF |
Investment Objective
TheiShares MSCI Brazil ETF(the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 36.75 | % | (2.06 | )% | 3.72 | % | 5.39% | (2.06 | )% | 20.04 | % | 69.03 | % | |||||||||||||||||||
Fund Market | 34.45 | (2.45 | ) | 3.66 | 5.35 | (2.45 | ) | 19.69 | 68.43 | |||||||||||||||||||||||
Index | 37.37 | (1.34 | ) | 4.41 | 6.00 | (1.34 | ) | 24.05 | 79.13 |
Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,367.50 | $ | 3.46 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 36.5 | % | ||
Materials | 14.9 | |||
Energy | 13.4 | |||
Consumer Staples | 10.5 | |||
Consumer Discretionary | 6.8 | |||
Industrials | 6.6 | |||
Utilities | 5.5 | |||
Communication Services | 2.4 | |||
Real Estate | 1.6 | |||
Information Technology | 1.1 | |||
Health Care | 0.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Itau Unibanco Holding SA (Preferred) | 10.6 | % | ||
Vale SA | 9.2 | |||
Banco Bradesco SA (Preferred) | 8.9 | |||
Petroleo Brasileiro SA (Preferred) | 6.2 | |||
Petroleo Brasileiro SA | 5.1 | |||
B3 SA — Brasil, Bolsa, Balcao | 4.7 | |||
Ambev SA | 4.3 | |||
Banco do Brasil SA | 3.0 | |||
Itausa-Investimentos Itau SA (Preferred) | 2.8 | |||
Lojas Renner SA | 2.3 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI Chile ETF |
Investment Objective
TheiShares MSCI Chile ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 3.86 | % | (14.48 | )% | 2.37 | % | 4.87% | (14.48 | )% | 12.40 | % | 60.83 | % | |||||||||||||||||||
Fund Market | 4.19 | (14.19 | ) | 2.41 | 4.72 | (14.19 | ) | 12.64 | 58.64 | |||||||||||||||||||||||
Index | 4.14 | (14.76 | ) | 2.47 | 5.43 | (14.76 | ) | 12.99 | 69.66 |
Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,038.60 | $ | 2.98 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Utilities | 21.7 | % | ||
Financials | 20.6 | |||
Materials | 13.6 | |||
Consumer Staples | 12.0 | |||
Consumer Discretionary | 10.4 | |||
Energy | 8.0 | |||
Industrials | 6.8 | |||
Real Estate | 2.7 | |||
Communication Services | 2.7 | |||
Information Technology | 1.5 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
SACI Falabella | 8.3 | % | ||
Empresas COPEC SA | 8.0 | |||
Banco Santander Chile | 7.6 | |||
Sociedad Quimica y Minera de Chile SA (Preferred), Series B | 7.2 | |||
Enel Americas SA | 7.2 | |||
Empresas CMPC SA | 4.8 | |||
Latam Airlines Group SA | 4.6 | |||
Banco de Credito e Inversiones SA | 4.5 | |||
Banco de Chile | 4.3 | |||
Enel Chile SA | 4.2 |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Colombia ETF |
Investment Objective
TheiShares MSCI Colombia ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (2.94 | )% | (6.97 | )% | (8.41 | )% | (8.84)% | (6.97 | )% | (35.54 | )% | (41.00 | )% | |||||||||||||||||||
Fund Market | (4.26 | ) | (8.93 | ) | (8.54 | ) | (8.93) | (8.93 | ) | (35.99 | ) | (41.32 | ) | |||||||||||||||||||
Index | (2.79 | ) | (6.81 | ) | (8.01 | ) | (8.57) | (6.81 | ) | (34.14 | ) | (39.99 | ) |
The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 970.60 | $ | 2.98 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.06 | 0.61 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 37.9 | % | ||
Energy | 27.1 | |||
Utilities | 12.5 | |||
Materials | 10.2 | |||
Consumer Staples | 8.7 | |||
Industrials | 2.7 | |||
Communication Services | 0.9 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Ecopetrol SA | 18.7 | % | ||
Bancolombia SA (Preferred) | 15.8 | |||
Bancolombia SA | 7.5 | |||
Grupo Energia Bogota SA ESP | 4.7 | |||
Canacol Energy Ltd. | 4.6 | |||
Banco Davivienda SA (Preferred) | 4.5 | |||
Interconexion Electrica SA ESP | 4.4 | |||
Almacenes Exito SA | 4.4 | |||
Grupo de Inversiones Suramericana SA | 4.3 | |||
Grupo Nutresa SA | 4.3 |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares® MSCI Israel ETF |
Investment Objective
TheiShares MSCI Israel ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (3.65 | )% | 6.29 | % | 3.40 | % | 8.02% | 6.29 | % | 18.18 | % | 116.34 | % | |||||||||||||||||||
Fund Market | (3.73 | ) | 6.45 | 3.13 | 8.30 | 6.45 | 16.64 | 121.98 | ||||||||||||||||||||||||
Index | (3.31 | ) | 6.94 | 3.90 | 8.42 | 6.94 | 21.06 | 124.39 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 963.50 | $ | 2.87 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 30.4 | % | ||
Financials | 26.0 | |||
Health Care | 14.4 | |||
Real Estate | 10.3 | |||
Industrials | 5.6 | |||
Materials | 4.0 | |||
Energy | 3.4 | |||
Communication Services | 2.6 | |||
Consumer Staples | 2.2 | |||
Other (each representing less than 1%) | 1.1 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Teva Pharmaceutical Industries Ltd. | 14.1 | % | ||
Check Point Software Technologies Ltd. | 13.8 | |||
Bank LeumiLe-Israel BM | 8.9 | |||
Bank Hapoalim BM | 6.5 | |||
Nice Ltd. | 4.6 | |||
Israel Discount Bank Ltd., Class A | 3.9 | |||
Wix. com Ltd. | 3.9 | |||
Israel Chemicals Ltd. | 3.2 | |||
CyberArk Software Ltd. | 3.1 | |||
Elbit Systems Ltd. | 3.0 |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Russia ETF |
Investment Objective
TheiShares MSCI Russia ETF(the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 10.13 | % | (5.24 | )% | 2.16 | % | (1.25)% | (5.24 | )% | 11.29 | % | (9.90 | )% | |||||||||||||||||||
Fund Market | 9.87 | (4.59 | ) | 2.50 | (1.34) | (4.59 | ) | 13.12 | (10.60 | ) | ||||||||||||||||||||||
Index | 10.43 | (4.36 | ) | 2.83 | (0.62) | (4.36 | ) | 14.97 | (5.05 | ) |
The inception date of the Fund was 11/9/10. The first day of secondary market trading was 11/10/10.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,101.30 | $ | 3.07 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments(a) | | |
Energy | 49.7 | % | ||
Materials | 21.5 | |||
Financials | 17.7 | |||
Consumer Staples | 6.1 | |||
Communication Services | 3.0 | |||
Utilities | 2.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
LUKOIL PJSC | 19.5 | % | ||
Gazprom PJSC | 11.7 | |||
Sberbank of Russia PJSC | 9.7 | |||
Sberbank of Russia PJSC | 4.9 | |||
MMC Norilsk Nickel PJSC | 4.8 | |||
Novatek PJSC | 4.6 | |||
Tatneft PJSC | 4.6 | |||
Magnit PJSC | 3.6 | |||
Alrosa PJSC | 3.1 | |||
Mobile TeleSystems PJSC | 3.0 |
F U N D S U M M A R Y | 9 |
Fund Summary as of February 28, 2019 | iShares® MSCI South Africa ETF |
Investment Objective
TheiShares MSCI South Africa ETF(the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 0.38 | % | (22.28 | )% | (0.10 | )% | 8.85% | (22.28 | )% | (0.50 | )% | 133.40 | % | |||||||||||||||||||
Fund Market | 0.00 | (22.04 | ) | (0.07 | ) | 8.87 | (22.04 | ) | (0.34 | ) | 133.86 | |||||||||||||||||||||
Index | 0.57 | (21.95 | ) | 0.51 | 9.55 | (21.95 | ) | 2.56 | 149.00 |
Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,003.80 | $ | 2.93 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 33.6 | % | ||
Consumer Discretionary | 26.2 | |||
Materials | 13.0 | |||
Consumer Staples | 8.3 | |||
Communication Services | 6.6 | |||
Real Estate | 6.4 | |||
Health Care | 3.1 | |||
Industrials | 1.8 | |||
Energy | 1.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Naspers Ltd., Class N | 21.8 | % | ||
Standard Bank Group Ltd. | 5.8 | |||
Sasol Ltd. | 5.5 | |||
FirstRand Ltd. | 5.0 | |||
MTN Group Ltd. | 3.3 | |||
Sanlam Ltd. | 3.3 | |||
Absa Group Ltd. | 3.1 | |||
Old Mutual Ltd. | 2.7 | |||
Nedbank Group Ltd. | 2.7 | |||
Remgro Ltd. | 2.6 |
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Turkey ETF |
Investment Objective
TheiShares MSCI Turkey ETF(the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 40.11 | % | (35.18 | )% | (5.78 | )% | 4.89% | (35.18 | )% | (25.75 | )% | 61.20 | % | |||||||||||||||||||
Fund Market | 38.45 | (35.35 | ) | (5.82 | ) | 4.80 | (35.35 | ) | (25.91 | ) | 59.81 | |||||||||||||||||||||
Index | 40.41 | (35.02 | ) | (5.56 | ) | 5.31 | (35.02 | ) | (24.89 | ) | 67.69 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,401.10 | $ | 3.51 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 28.6 | % | ||
Industrials | 22.9 | |||
Consumer Staples | 13.9 | |||
Materials | 11.2 | |||
Energy | 7.8 | |||
Communication Services | 6.9 | |||
Consumer Discretionary | 5.3 | |||
Utilities | 1.5 | |||
Real Estate | 1.1 | |||
Health Care | 0.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Turkiye Garanti Bankasi AS | 9.0 | % | ||
Akbank T. A. S | 8.5 | |||
BIM Birlesik Magazalar AS | 8.0 | |||
Tupras Turkiye Petrol Rafinerileri AS | 7.8 | |||
Turkcell Iletisim Hizmetleri AS | 6.9 | |||
KOC Holding AS | 6.2 | |||
Eregli Demir ve Celik Fabrikalari TAS | 4.6 | |||
Turkiye Is Bankasi AS, Class C | 4.0 | |||
Aselsan Elektronik Sanayi Ve Ticaret AS | 3.7 | |||
Haci Omer Sabanci Holding AS | 3.7 |
F U N D S U M M A R Y | 11 |
Fund Summary as of February 28, 2019 | iShares® MSCI USA Equal Weighted ETF |
Investment Objective
TheiShares MSCI USA Equal Weighted ETF(the “Fund”) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (2.55 | )% | 4.93 | % | 9.35 | % | 11.96% | 4.93 | % | 56.36 | % | 170.81 | % | |||||||||||||||||||
Fund Market | (2.55 | ) | 4.95 | 9.32 | 11.95 | 4.95 | 56.17 | 170.76 | ||||||||||||||||||||||||
Index | (2.51 | ) | 5.06 | 9.49 | 12.13 | 5.06 | 57.35 | 174.40 |
The inception date of the Fund was 5/5/10. The first day of secondary market trading was 5/7/10.
Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 974.50 | $ | 0.73 | $ | 1,000.00 | $ | 1,024.10 | $ | 0.75 | 0.15 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 15.1 | % | ||
Financials | 14.5 | |||
Industrials | 13.8 | |||
Consumer Discretionary | 12.7 | |||
Health Care | 11.1 | |||
Real Estate | 6.3 | |||
Consumer Staples | 5.7 | |||
Communication Services | 5.5 | |||
Energy | 5.3 | |||
Utilities | 5.1 | |||
Materials | 4.9 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Wayfair Inc., Class A | 0.2 | % | ||
MercadoLibre Inc. | 0.2 | |||
WABCO Holdings Inc. | 0.2 | |||
Garmin Ltd. | 0.2 | |||
Best Buy Co. Inc. | 0.2 | |||
Danaher Corp. | 0.2 | |||
Zillow Group Inc., Class C | 0.2 | |||
Albemarle Corp. | 0.2 | |||
CoStar Group Inc. | 0.2 | |||
Jazz Pharmaceuticals PLC | 0.2 |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 13 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Brazil ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense— 1.0% | ||||||||
Embraer SA | 17,036,087 | $ | 86,673,832 | |||||
|
| |||||||
Banks— 6.1% | ||||||||
Banco Bradesco SA | 15,173,324 | 155,890,454 | ||||||
Banco do Brasil SA | 19,508,587 | 263,218,319 | ||||||
Banco Santander Brasil SA | 10,454,575 | 125,279,275 | ||||||
|
| |||||||
544,388,048 | ||||||||
Beverages— 4.3% | ||||||||
Ambev SA | 83,188,155 | 382,196,363 | ||||||
|
| |||||||
Capital Markets— 4.6% | ||||||||
B3 SA — Brasil, Bolsa, Balcao | 47,324,977 | 413,782,013 | ||||||
|
| |||||||
Containers & Packaging— 1.0% | ||||||||
Klabin SA | 18,369,500 | 88,363,650 | ||||||
|
| |||||||
Diversified Consumer Services— 1.2% | ||||||||
Kroton Educacional SA | 35,429,819 | 103,637,121 | ||||||
|
| |||||||
Electric Utilities— 1.8% | ||||||||
Centrais Eletricas Brasileiras SA(a) | 6,623,300 | 65,310,215 | ||||||
Equatorial Energia SA | 4,504,500 | 98,647,980 | ||||||
|
| |||||||
163,958,195 | ||||||||
Food & Staples Retailing— 1.8% | ||||||||
Atacadao Distribuicao Comercio e Industria Ltda | 12,036,300 | 62,648,777 | ||||||
Raia Drogasil SA | 5,886,100 | 102,662,436 | ||||||
|
| |||||||
165,311,213 | ||||||||
Food Products— 2.3% | ||||||||
BRF SA(a) | 13,882,850 | 76,146,983 | ||||||
JBS SA | 25,425,507 | 91,051,146 | ||||||
M. Dias Branco SA | 3,389,800 | 42,464,584 | ||||||
|
| |||||||
209,662,713 | ||||||||
Independent Power and Renewable Electricity Producers— 0.7% | ||||||||
Engie Brasil Energia SA | 6,019,443 | 66,065,002 | ||||||
|
| |||||||
Insurance— 3.3% | ||||||||
BB Seguridade Participacoes SA | 16,424,895 | 119,565,265 | ||||||
IRB Brasil Resseguros S/A | 3,117,200 | 73,976,615 | ||||||
Porto Seguro SA | 3,230,720 | 48,276,661 | ||||||
Sul America SA | 6,445,349 | 52,246,813 | ||||||
|
| |||||||
294,065,354 | ||||||||
Internet & Direct Marketing Retail— 0.8% | ||||||||
B2W Cia. Digital(a) | 5,320,000 | 68,587,961 | ||||||
|
| |||||||
IT Services— 1.1% | ||||||||
Cielo SA | 32,528,896 | 94,284,141 | ||||||
|
| |||||||
Machinery— 1.2% | ||||||||
WEG SA | 21,269,681 | 104,469,708 | ||||||
|
| |||||||
Metals & Mining— 9.8% | ||||||||
Cia. Siderurgica Nacional SA(a) | 19,517,769 | 68,073,440 | ||||||
Vale SA | 64,653,032 | 811,987,950 | ||||||
|
| |||||||
880,061,390 | ||||||||
Multiline Retail— 3.3% | ||||||||
Lojas Renner SA | 17,332,890 | 200,031,326 | ||||||
Magazine Luiza SA | 2,068,800 | 95,688,033 | ||||||
|
| |||||||
295,719,359 | ||||||||
Oil, Gas & Consumable Fuels— 7.1% | ||||||||
Cosan SA | 5,119,050 | 59,650,019 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Petroleo Brasileiro SA | 56,637,269 | $ | 450,953,631 | |||||
Ultrapar Participacoes SA | 9,057,055 | 128,988,016 | ||||||
|
| |||||||
639,591,666 | ||||||||
Paper & Forest Products— 1.9% | ||||||||
Suzano Papel e Celulose SA | 13,455,430 | 170,998,145 | ||||||
|
| |||||||
Personal Products— 0.8% | ||||||||
Natura Cosmeticos SA | 5,587,565 | 72,082,233 | ||||||
|
| |||||||
Pharmaceuticals— 0.7% | ||||||||
Hypera SA | 9,268,500 | 66,481,608 | ||||||
|
| |||||||
Real Estate Management & Development— 1.5% | ||||||||
BR Malls Participacoes SA | 22,548,338 | 80,507,232 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 8,482,338 | 56,929,657 | ||||||
|
| |||||||
137,436,889 | ||||||||
Road & Rail— 3.1% | ||||||||
Localiza Rent a Car SA | 14,667,431 | 135,126,922 | ||||||
Rumo SA(a) | 27,395,290 | 142,153,815 | ||||||
|
| |||||||
277,280,737 | ||||||||
Specialty Retail— 0.3% | ||||||||
Petrobras Distribuidora SA | 4,138,700 | 26,982,525 | ||||||
|
| |||||||
Transportation Infrastructure— 1.3% | ||||||||
CCR SA | 31,165,065 | 118,253,150 | ||||||
|
| |||||||
Water Utilities— 1.1% | ||||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 9,202,600 | 96,559,512 | ||||||
|
| |||||||
Wireless Telecommunication Services— 0.8% | ||||||||
TIM Participacoes SA | 22,965,825 | 72,383,455 | ||||||
|
| |||||||
Total Common Stocks— 62.9% | 5,639,275,983 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Banks— 22.0% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 68,075,289 | 785,445,705 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 99,598,047 | 935,628,077 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 75,823,127 | 250,098,548 | ||||||
|
| |||||||
1,971,172,330 | ||||||||
Chemicals— 0.8% | ||||||||
Braskem SA, Class A, Preference Shares, NVS | 4,886,256 | 70,878,562 | ||||||
|
| |||||||
Diversified Telecommunication Services— 1.5% | ||||||||
Telefonica Brasil SA, Preference Shares, NVS | 10,952,664 | 136,650,930 | ||||||
|
| |||||||
Electric Utilities— 1.8% | ||||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 6,652,546 | 69,128,649 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 23,949,970 | 91,961,754 | ||||||
|
| |||||||
161,090,403 | ||||||||
Food & Staples Retailing— 1.2% | ||||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 4,180,064 | 103,781,284 | ||||||
|
| |||||||
Metals & Mining— 1.2% | ||||||||
Gerdau SA, Preference Shares, NVS | 26,052,326 | 105,174,912 | ||||||
|
| |||||||
Multiline Retail— 1.1% | ||||||||
Lojas Americanas SA, Preference Shares, NVS | 19,379,017 | 102,882,802 | ||||||
|
|
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Brazil ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels— 6.1% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 76,193,683 | $ | 549,776,965 | |||||
|
| |||||||
Total Preferred Stocks— 35.7% | 3,201,408,188 | |||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds— 0.1% | ||||||||
BlackRock Cash Funds: Treasury, | 3,782,612 | 3,782,612 | ||||||
|
| |||||||
Total Short-Term Investments— 0.1% | 3,782,612 | |||||||
|
| |||||||
Total Investments in Securities— 98.7% | 8,844,466,783 | |||||||
Other Assets, Less Liabilities— 1.3% | 120,686,680 | |||||||
|
| |||||||
Net Assets— 100.0% | $ | 8,965,153,463 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at | | Net Activity | | Shares Held at | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
BlackRock Cash Funds: Treasury, | 3,435,968 | 346,644 | 3,782,612 | $ | 3,782,612 | $ | 94,841 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging MarketsE-Mini | 2,341 | 03/15/19 | $ | 122,516 | $ | 2,856,714 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Assets— Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 2,856,714 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Brazil ETF |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (3,360,937 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 4,186,311 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 72,117,277 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 5,639,275,983 | $ | — | $ | — | $ | 5,639,275,983 | ||||||||
Preferred Stocks | 3,201,408,188 | — | — | 3,201,408,188 | ||||||||||||
Money Market Funds | 3,782,612 | — | — | 3,782,612 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 8,844,466,783 | $ | — | $ | — | $ | 8,844,466,783 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 2,856,714 | $ | — | | $ | — | | $ | 2,856,714 | ||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Chile ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines— 4.6% | ||||||||
Latam Airlines Group SA | 1,865,499 | $ | 21,708,246 | |||||
|
| |||||||
Banks— 19.4% | ||||||||
Banco de Chile | 129,036,796 | 20,515,437 | ||||||
Banco de Credito e Inversiones SA | 313,021 | 21,435,001 | ||||||
Banco Santander Chile | 450,816,959 | 36,006,150 | ||||||
Grupo Security SA | 5,030,384 | 2,211,656 | ||||||
Itau CorpBanca | 1,214,486,243 | 11,517,519 | ||||||
|
| |||||||
91,685,763 | ||||||||
Beverages— 4.9% | ||||||||
Cia. Cervecerias Unidas SA | 1,128,823 | 15,988,750 | ||||||
Vina Concha y Toro SA | 3,335,638 | 7,162,077 | ||||||
|
| |||||||
23,150,827 | ||||||||
Construction & Engineering— 1.9% | ||||||||
Besalco SA | 4,294,123 | 4,262,482 | ||||||
Salfacorp SA | 3,182,786 | 4,906,203 | ||||||
|
| |||||||
9,168,685 | ||||||||
Diversified Financial Services— 1.3% | ||||||||
Inversiones La Construccion SA | 334,916 | 6,044,931 | ||||||
|
| |||||||
Electric Utilities— 13.3% | ||||||||
Enel Americas SA | 196,172,568 | 34,152,137 | ||||||
Enel Chile SA | 188,684,582 | 19,827,261 | ||||||
Engie Energia Chile SA | 4,419,193 | 8,809,029 | ||||||
|
| |||||||
62,788,427 | ||||||||
Food & Staples Retailing— 4.4% | ||||||||
Cencosud SA | 9,270,047 | 17,285,118 | ||||||
SMU SA(a) | 13,725,264 | 3,700,524 | ||||||
|
| |||||||
20,985,642 | ||||||||
Independent Power and Renewable Electricity Producers— 4.6% | ||||||||
AES Gener SA | 25,685,898 | 7,692,139 | ||||||
Colbun SA | 61,366,114 | 14,197,635 | ||||||
|
| |||||||
21,889,774 | ||||||||
IT Services— 1.5% | ||||||||
SONDA SA | 4,266,952 | 7,141,072 | ||||||
|
| |||||||
Marine— 0.3% | ||||||||
Cia. Sud Americana de Vapores SA(a) | 37,879,478 | 1,237,920 | ||||||
|
| |||||||
Metals & Mining— 1.6% | ||||||||
CAP SA | 672,433 | 7,424,309 | ||||||
|
| |||||||
Multiline Retail— 9.4% | ||||||||
Ripley Corp. SA | 6,337,870 | 5,342,655 | ||||||
SACI Falabella | 5,058,665 | 39,398,605 | ||||||
|
| |||||||
44,741,260 | ||||||||
Oil, Gas & Consumable Fuels— 8.0% | ||||||||
Empresas COPEC SA | 2,786,524 | 37,872,811 | ||||||
|
|
Security | Shares | Value | ||||||
Paper & Forest Products— 4.8% | ||||||||
Empresas CMPC SA | 6,113,181 | $ | 22,965,564 | |||||
|
| |||||||
Real Estate Management & Development— 2.7% | ||||||||
Parque Arauco SA | 4,656,593 | 12,800,164 | ||||||
|
| |||||||
Specialty Retail— 0.3% | ||||||||
Empresas Tricot SA | 900,610 | 1,292,824 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods— 0.6% | ||||||||
Forus SA | 1,083,733 | 3,076,969 | ||||||
|
| |||||||
Water Utilities— 3.8% | ||||||||
Aguas Andinas SA, Class A | 20,576,785 | 12,066,560 | ||||||
Inversiones Aguas Metropolitanas SA | 3,730,252 | 5,764,922 | ||||||
|
| |||||||
17,831,482 | ||||||||
Wireless Telecommunication Services— 2.7% | ||||||||
Empresa Nacional de Telecomunicaciones SA | 1,212,004 | 12,771,088 | ||||||
|
| |||||||
Total Common Stocks— 90.1% | 426,577,758 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Beverages— 2.7% | ||||||||
Coca-Cola Embonor SA, Class B, Preference Shares | 951,836 | 2,543,462 | ||||||
Embotelladora Andina SA, Class B, Preference Shares | 2,722,343 | 10,206,318 | ||||||
|
| |||||||
12,749,780 | ||||||||
Chemicals— 7.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 822,480 | 34,226,824 | ||||||
|
| |||||||
Total Preferred Stocks— 9.9% | 46,976,604 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds— 0.1% | ||||||||
BlackRock Cash Funds: Treasury, | 470,484 | 470,484 | ||||||
|
| |||||||
Total Short-Term Investments— 0.1% | 470,484 | |||||||
|
| |||||||
Total Investments in Securities— 100.1% | 474,024,846 | |||||||
Other Assets, Less Liabilities— (0.1)% | (387,137 | ) | ||||||
|
| |||||||
Net Assets— 100.0% | $ | 473,637,709 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized7-day yield as ofperiod-end. |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Chile ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 280,439 | 190,045 | 470,484 | $ | 470,484 | $ | 10,027 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 426,577,758 | $ | — | $ | — | $ | 426,577,758 | ||||||||
Preferred Stocks | 46,976,604 | — | — | 46,976,604 | ||||||||||||
Money Market Funds | 470,484 | — | — | 470,484 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 474,024,846 | $ | — | $ | — | $ | 474,024,846 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Colombia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks— 8.1% | ||||||||
Banco de Bogota SA | 5,530 | $ | 113,358 | |||||
Bancolombia SA | 152,320 | 1,779,837 | ||||||
|
| |||||||
1,893,195 | ||||||||
Capital Markets— 1.0% | ||||||||
Bolsa de Valores de Colombia | 68,250 | 239,380 | ||||||
|
| |||||||
Construction & Engineering— 0.3% | ||||||||
Constructora Conconcreto SA(a) | 813,715 | 81,128 | ||||||
|
| |||||||
Construction Materials— 8.9% | ||||||||
Cementos Argos SA | 96,775 | 255,515 | ||||||
Cemex Latam Holdings SA(a) | 483,875 | 785,715 | ||||||
Grupo Argos SA/Colombia | 116,738 | 679,379 | ||||||
Tecnoglass Inc. | 41,475 | 367,054 | ||||||
|
| |||||||
2,087,663 | ||||||||
Diversified Financial Services— 5.3% | ||||||||
Corp. Financiera Colombiana SA(a) | 27,755 | 220,836 | ||||||
Grupo de Inversiones Suramericana SA | 90,055 | 1,023,618 | ||||||
|
| |||||||
1,244,454 | ||||||||
Diversified Telecommunication Services— 0.9% | ||||||||
Empresa de Telecomunicaciones de Bogota(a) | 3,048,560 | 213,851 | ||||||
|
| |||||||
Electric Utilities— 7.9% | ||||||||
Celsia SA ESP | 16,625 | 23,756 | ||||||
Enel Americas SA | 4,500,405 | 783,486 | ||||||
Interconexion Electrica SA ESP | 228,060 | 1,035,425 | ||||||
|
| |||||||
1,842,667 | ||||||||
Food & Staples Retailing— 4.4% | ||||||||
Almacenes Exito SA | 217,245 | 1,030,065 | ||||||
|
| |||||||
Food Products— 4.4% | ||||||||
Grupo Nutresa SA | 120,330 | 1,019,945 | ||||||
|
| |||||||
Gas Utilities— 4.8% | ||||||||
Grupo Energia Bogota SA ESP(a) | 1,679,475 | 1,112,669 | ||||||
|
| |||||||
Metals & Mining— 0.7% | ||||||||
Mineros SA | 261,170 | 152,671 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels— 27.3% | ||||||||
Canacol Energy Ltd.(a) | 318,920 | 1,080,018 | ||||||
Ecopetrol SA | 4,357,395 | 4,415,131 | ||||||
Empresas COPEC SA | 66,430 | 902,878 | ||||||
|
| |||||||
6,398,027 | ||||||||
|
| |||||||
Total Common Stocks— 74.0% | 17,315,715 | |||||||
|
|
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Airlines— 2.4% | ||||||||
Avianca Holdings SA, Preference Shares, NVS | 935,480 | $ | 565,079 | |||||
|
| |||||||
Banks— 23.7% | ||||||||
Banco Davivienda SA, Preference Shares, NVS | 87,045 | 1,066,861 | ||||||
Bancolombia SA, Preference Shares, NVS | 308,525 | 3,719,294 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares, NVS | 1,986,145 | 757,898 | ||||||
|
| |||||||
5,544,053 | ||||||||
Construction Materials— 0.7% | ||||||||
Cementos Argos SA, Preference Shares, NVS | 10,675 | 22,881 | ||||||
Grupo Argos SA/Colombia, Preference Shares, NVS | 30,170 | 145,402 | ||||||
|
| |||||||
168,283 | ||||||||
Diversified Financial Services— 0.1% | ||||||||
Grupo de Inversiones Suramericana SA, Preference Shares, NVS | 2,065 | 22,158 | ||||||
|
| |||||||
Total Preferred Stocks— 26.9% | 6,299,573 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds— 0.1% | ||||||||
BlackRock Cash Funds: Treasury, | 28,125 | 28,125 | ||||||
|
| |||||||
Total Short-Term Investments— 0.1% | 28,125 | |||||||
|
| |||||||
Total Investments in Securities— 101.0% | 23,643,413 | |||||||
Other Assets, Less Liabilities— (1.0)% | (227,145 | ) | ||||||
|
| |||||||
Net Assets— 100.0% | $ | 23,416,268 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized7-day yield as ofperiod-end. |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Colombia ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | — | — | — | $ | — | $ | 48 | (b) | $ | — | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 43,489 | (15,364 | ) | 28,125 | 28,125 | 376 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 28,125 | $ | 424 | $ | — | $ | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 17,315,715 | $ | — | $ | — | $ | 17,315,715 | ||||||||
Preferred Stocks | 6,299,573 | — | — | 6,299,573 | ||||||||||||
Money Market Funds | 28,125 | — | — | 28,125 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 23,643,413 | $ | — | $ | — | $ | 23,643,413 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Israel ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense— 3.0% | ||||||||
Elbit Systems Ltd. | 29,111 | $ | 3,834,169 | |||||
|
| |||||||
Banks— 23.0% | ||||||||
Bank Hapoalim BM | 1,207,272 | 8,313,605 | ||||||
Bank LeumiLe-Israel BM | 1,717,316 | 11,361,402 | ||||||
First International Bank of Israel Ltd. | 58,825 | 1,410,897 | ||||||
Israel Discount Bank Ltd., Class A | 1,408,124 | 4,978,559 | ||||||
Mizrahi Tefahot Bank Ltd. | 175,217 | 3,357,179 | ||||||
|
| |||||||
29,421,642 | ||||||||
Biotechnology— 0.3% | ||||||||
UroGen Pharma Ltd.(a) | 9,267 | 356,594 | ||||||
|
| |||||||
Building Products— 0.4% | ||||||||
Caesarstone Ltd. | 31,257 | 525,118 | ||||||
|
| |||||||
Chemicals— 3.9% | ||||||||
Israel Chemicals Ltd. | 732,186 | 4,102,335 | ||||||
Israel Corp. Ltd. (The) | 3,328 | 935,990 | ||||||
|
| |||||||
5,038,325 | ||||||||
Communications Equipment— 1.9% | ||||||||
Gilat Satellite Networks Ltd.(a) | 18,049 | 166,933 | ||||||
Ituran Location and Control Ltd. | 24,236 | 894,308 | ||||||
Radware Ltd.(a) | 54,200 | 1,360,962 | ||||||
|
| |||||||
2,422,203 | ||||||||
Construction & Engineering— 1.5% | ||||||||
Elco Ltd. | 9,730 | 182,588 | ||||||
Electra Ltd./Israel | 2,786 | 694,203 | ||||||
Shapir Engineering and Industry Ltd. | 147,853 | 499,896 | ||||||
Shikun & Binui Ltd.(a) | 302,060 | 557,658 | ||||||
|
| |||||||
1,934,345 | ||||||||
Diversified Telecommunication Services— 1.7% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 2,516,340 | 2,207,176 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs)— 0.8% | ||||||||
REIT 1 Ltd. | 233,308 | 1,007,117 | ||||||
|
| |||||||
Food & Staples Retailing— 1.0% | ||||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 10,098 | 532,053 | ||||||
Shufersal Ltd. | 105,911 | 757,102 | ||||||
|
| |||||||
1,289,155 | ||||||||
Food Products— 1.2% | ||||||||
Strauss Group Ltd. | 61,113 | 1,546,906 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers— 0.4% | ||||||||
Kenon Holdings Ltd./Singapore | 29,056 | 550,782 | ||||||
|
| |||||||
Insurance— 3.0% | ||||||||
Clal Insurance Enterprises Holdings Ltd.(a) | 31,831 | 455,965 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 151,373 | 1,064,121 | ||||||
IDI Insurance Co. Ltd. | 10,163 | 546,979 | ||||||
Menora Mivtachim Holdings Ltd. | 41,591 | 528,963 | ||||||
Migdal Insurance & Financial Holding Ltd. | 575,349 | 570,085 | ||||||
Phoenix Holdings Ltd. (The) | 105,741 | 613,755 | ||||||
|
| |||||||
3,779,868 | ||||||||
IT Services— 4.6% | ||||||||
Formula Systems 1985 Ltd. | 6,035 | 252,517 | ||||||
Matrix IT Ltd. | 53,560 | 668,622 | ||||||
Wix.com Ltd.(a)(b) | 45,311 | 4,950,227 | ||||||
|
| |||||||
5,871,366 |
Security | Shares | Value | ||||||
Leisure Products— 0.1% | ||||||||
Maytronics Ltd. | 30,205 | $ | 192,577 | |||||
|
| |||||||
Machinery— 0.7% | ||||||||
Kornit Digital Ltd.(a)(b) | 40,303 | 902,787 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels— 3.4% | ||||||||
Delek Group Ltd. | 5,794 | 1,023,463 | ||||||
Equital Ltd.(a) | 23,692 | 685,294 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 60,300 | 399,435 | ||||||
Oil Refineries Ltd. | 1,440,176 | 764,776 | ||||||
Paz Oil Co. Ltd. | 9,417 | 1,439,912 | ||||||
|
| |||||||
4,312,880 | ||||||||
Pharmaceuticals— 14.1% | ||||||||
Teva Pharmaceutical Industries Ltd., ADR(a) | 1,068,978 | 17,990,900 | ||||||
|
| |||||||
Real Estate Management & Development— 9.4% | ||||||||
ADO Group Ltd.(a) | 8,372 | 175,151 | ||||||
Africa Israel Properties Ltd.(a) | 21,551 | 581,241 | ||||||
Airport City Ltd.(a) | 106,911 | 1,533,515 | ||||||
Alony Hetz Properties & Investments Ltd. | 139,391 | 1,533,507 | ||||||
Amot Investments Ltd. | 175,108 | 1,014,937 | ||||||
Azrieli Group Ltd. | 53,708 | 3,007,701 | ||||||
Bayside Land Corp. | 1,146 | 559,217 | ||||||
Big Shopping Centers Ltd. | 3,325 | 207,861 | ||||||
Blue Square Real Estate Ltd. | 5,142 | 191,167 | ||||||
Brack Capital Properties NV(a) | 1,706 | 178,812 | ||||||
Gazit-Globe Ltd. | 131,560 | 1,027,963 | ||||||
Industrial Buildings Corp. Ltd.(a) | 119,476 | 178,069 | ||||||
Jerusalem Economy Ltd.(a) | 96,267 | 292,270 | ||||||
Melisron Ltd. | 24,071 | 1,159,303 | ||||||
Norstar Holdings Inc. | 21,238 | 259,089 | ||||||
Summit Real Estate Holdings Ltd. | 20,302 | 182,111 | ||||||
|
| |||||||
12,081,914 | ||||||||
Semiconductors & Semiconductor Equipment— 1.8% | ||||||||
Nova Measuring Instruments Ltd.(a) | 14,813 | 370,616 | ||||||
Tower Semiconductor Ltd.(a) | 109,890 | 1,980,255 | ||||||
|
| |||||||
2,350,871 | ||||||||
Software— 22.0% | ||||||||
Check Point Software Technologies Ltd.(a)(b) | 143,600 | 17,562,280 | ||||||
CyberArk Software Ltd.(a) | 36,282 | 3,982,675 | ||||||
Hilan Ltd. | 7,214 | 186,545 | ||||||
Nice Ltd.(a) | 49,910 | 5,868,281 | ||||||
Sapiens International Corp. NV | 41,847 | 568,139 | ||||||
|
| |||||||
28,167,920 | ||||||||
Specialty Retail— 0.2% | ||||||||
Delek Automotive Systems Ltd. | 62,710 | 270,353 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods— 0.4% | ||||||||
Delta-Galil Industries Ltd.(b) | 15,082 | 474,545 | ||||||
|
| |||||||
Wireless Telecommunication Services— 0.9% | ||||||||
Cellcom Israel Ltd.(a)(b) | 100,893 | 443,878 | ||||||
Partner Communications Co. Ltd.(a) | 161,418 | 703,919 | ||||||
|
| |||||||
1,147,797 | ||||||||
|
| |||||||
Total Common Stocks— 99.7% | 127,677,310 | |||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Israel ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 18.3% | ||||||||
BlackRock Cash Funds: Institutional, | 23,250,626 | $ | 23,259,926 | |||||
BlackRock Cash Funds: Treasury, | 94,436 | 94,436 | ||||||
|
| |||||||
23,354,362 | ||||||||
|
| |||||||
Total Short-Term Investments — 18.3% |
| 23,354,362 | ||||||
|
| |||||||
Total Investments in Securities — 118.0% |
| 151,031,672 | ||||||
Other Assets, Less Liabilities — (18.0)% |
| (23,017,938 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 128,013,734 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
BlackRock Cash Funds: Institutional, | 7,120,644 | 16,129,982 | 23,250,626 | $ | 23,259,926 | $ | 20,180 | (b) | $ | 22 | $ | 4,383 | ||||||||||||||||
BlackRock Cash Funds: Treasury, | 15,507 | 78,929 | 94,436 | 94,436 | 1,051 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 23,354,362 | $ | 21,231 | $ | 22 | $ | 4,383 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 127,677,310 | $ | — | $ | — | $ | 127,677,310 | ||||||||
Money Market Funds | 23,354,362 | — | — | 23,354,362 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 151,031,672 | $ | — | $ | — | $ | 151,031,672 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Russia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 15.7% | ||||||||
Sberbank of Russia PJSC | 17,691,520 | $ | 55,789,182 | |||||
Sberbank of Russia PJSC, ADR | 2,208,765 | 28,183,841 | ||||||
VTB Bank PJSC | 9,605,425,016 | 5,232,995 | ||||||
VTB Bank PJSC, GDR(a) | 922,492 | 1,085,773 | ||||||
|
| |||||||
90,291,791 | ||||||||
Capital Markets — 1.9% | ||||||||
Moscow ExchangeMICEX-RTS PJSC(b) | 8,113,090 | 11,230,928 | ||||||
|
| |||||||
Chemicals — 1.9% | ||||||||
PhosAgro PJSC, GDR(a) | 803,817 | 10,980,140 | ||||||
|
| |||||||
Electric Utilities — 2.0% | ||||||||
Inter RAO UES PJSC | 192,106,000 | 11,413,320 | ||||||
|
| |||||||
Food & Staples Retailing — 6.1% | ||||||||
Magnit PJSC, GDR(a) | 1,432,908 | 20,576,559 | ||||||
X5 Retail Group NV, GDR(a) | 564,453 | 14,360,536 | ||||||
|
| |||||||
34,937,095 | ||||||||
Metals & Mining — 19.6% | ||||||||
Alrosa PJSC | 12,412,470 | 17,913,400 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 15,041,400 | 10,157,517 | ||||||
MMC Norilsk Nickel PJSC | 128,036 | 27,423,413 | ||||||
Novolipetsk Steel PJSC | 6,192,560 | 14,889,303 | ||||||
Polymetal International PLC | 889,977 | 10,258,453 | ||||||
Polymetal International PLC | 132,263 | 1,561,555 | ||||||
Polyus PJSC | 170,945 | 14,190,021 | ||||||
Severstal PJSC | 1,052,455 | 16,431,370 | ||||||
|
| |||||||
112,825,032 | ||||||||
Oil, Gas & Consumable Fuels — 46.1% | ||||||||
Gazprom PJSC | 27,932,190 | 67,392,893 | ||||||
LUKOIL PJSC | 1,345,488 | 112,320,951 | ||||||
Novatek PJSC, GDR(a) | 153,067 | 26,526,511 | ||||||
Rosneft Oil Co. PJSC, GDR(a) | 2,229,711 | 13,355,969 | ||||||
Rosneft Oil Co. PJSC | 1,363,360 | 8,250,970 | ||||||
Surgutneftegas PJSC | 27,988,746 | 10,911,560 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Tatneft PJSC | 2,243,475 | $ | 26,422,762 | |||||
|
| |||||||
265,181,616 | ||||||||
Wireless Telecommunication Services — 3.0% | ||||||||
Mobile TeleSystems PJSC, ADR | 2,245,972 | 17,361,364 | ||||||
|
| |||||||
Total Common Stocks — 96.3% | 554,221,286 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Oil, Gas & Consumable Fuels — 3.5% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 25,112,800 | 15,310,534 | ||||||
Transneft PJSC, Preference Shares | 1,978 | 5,120,880 | ||||||
|
| |||||||
20,431,414 | ||||||||
|
| |||||||
Total Preferred Stocks — 3.5% | 20,431,414 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Treasury, | 1,006,440 | 1,006,440 | ||||||
|
| |||||||
Total Short-Term Investments — 0.2% |
| 1,006,440 | ||||||
|
| |||||||
Total Investments in Securities — 100.0% |
| 575,659,140 | ||||||
Other Assets, Less Liabilities — (0.0)% |
| (206,675 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 575,452,465 | |||||
|
|
(a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
BlackRock Cash Funds: Treasury, | 349,697 | 656,743 | 1,006,440 | $ | 1,006,440 | $ | 15,611 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Russia ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 554,221,286 | $ | — | $ | — | $ | 554,221,286 | ||||||||
Preferred Stocks | 20,431,414 | — | — | 20,431,414 | ||||||||||||
Money Market Funds | 1,006,440 | — | — | 1,006,440 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 575,659,140 | $ | — | $ | — | $ | 575,659,140 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI South Africa ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 13.0% | ||||||||
Absa Group Ltd. | 1,367,176 | $ | 17,561,308 | |||||
Capitec Bank Holdings Ltd. | 84,020 | 7,805,766 | ||||||
Nedbank Group Ltd. | 756,957 | 15,311,420 | ||||||
Standard Bank Group Ltd. | 2,371,005 | 32,674,675 | ||||||
|
| |||||||
73,353,169 | ||||||||
Capital Markets — 1.6% | ||||||||
Investec Ltd. | 660,177 | 4,299,133 | ||||||
Reinet Investments SCA | 312,706 | 4,939,020 | ||||||
|
| |||||||
9,238,153 | ||||||||
Chemicals — 5.5% | ||||||||
Sasol Ltd. | 1,023,494 | 31,293,001 | ||||||
|
| |||||||
Diversified Financial Services — 10.0% | ||||||||
FirstRand Ltd. | 6,183,230 | 28,277,503 | ||||||
PSG Group Ltd. | 323,617 | 5,979,319 | ||||||
Remgro Ltd. | 1,007,498 | 14,417,396 | ||||||
RMB Holdings Ltd. | 1,419,420 | 8,088,473 | ||||||
|
| |||||||
56,762,691 | ||||||||
Diversified Telecommunication Services — 0.7% | ||||||||
Telkom SA SOC Ltd. | 738,516 | 3,677,873 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 5.2% | ||||||||
Fortress REIT Ltd., Series A | 2,655,863 | 3,573,893 | ||||||
Fortress REIT Ltd., Series B | 2,199,676 | 2,174,644 | ||||||
Growthpoint Properties Ltd. | 5,837,058 | 10,138,048 | ||||||
Hyprop Investments Ltd. | 598,063 | 3,296,152 | ||||||
Redefine Properties Ltd. | 10,867,354 | 7,505,122 | ||||||
Resilient REIT Ltd. | 682,216 | 2,985,544 | ||||||
|
| |||||||
29,673,403 | ||||||||
Food & Staples Retailing — 7.2% | ||||||||
Bid Corp. Ltd. | 644,929 | 13,516,446 | ||||||
Clicks Group Ltd. | 514,284 | 6,608,147 | ||||||
Pick n Pay Stores Ltd. | 832,989 | 4,107,477 | ||||||
Shoprite Holdings Ltd. | 856,005 | 10,453,489 | ||||||
SPAR Group Ltd. (The) | 412,412 | 5,857,658 | ||||||
|
| |||||||
40,543,217 | ||||||||
Food Products — 1.1% | ||||||||
Tiger Brands Ltd. | 334,227 | 6,330,107 | ||||||
|
| |||||||
Health Care Providers & Services — 1.8% | ||||||||
Life Healthcare Group Holdings Ltd. | 2,819,841 | 5,427,091 | ||||||
Netcare Ltd. | 2,531,280 | 4,580,068 | ||||||
|
| |||||||
10,007,159 | ||||||||
Industrial Conglomerates — 1.7% | ||||||||
Bidvest Group Ltd. (The) | 666,819 | 9,868,068 | ||||||
|
| |||||||
Insurance — 8.9% | ||||||||
Discovery Ltd. | 720,843 | 7,899,537 | ||||||
Liberty Holdings Ltd. | 348,825 | 2,555,404 | ||||||
MMI Holdings Ltd./South Africa(a) | 2,343,513 | 2,600,199 | ||||||
Old Mutual Ltd. | 9,263,621 | 15,318,577 | ||||||
Rand Merchant Investment Holdings Ltd. | 1,574,851 | 3,726,550 | ||||||
Sanlam Ltd. | 3,310,901 | 18,530,213 | ||||||
|
| |||||||
50,630,480 | ||||||||
Internet & Direct Marketing Retail — 21.8% | ||||||||
Naspers Ltd., Class N | 568,917 | 123,227,179 | ||||||
|
|
Security | Shares | Value | ||||||
Media — 0.8% | ||||||||
Multichoice Group Ltd. | 608,285 | $ | 4,544,832 | |||||
|
| |||||||
Metals & Mining — 5.3% | ||||||||
Anglo American Platinum Ltd. | 124,356 | 6,780,410 | ||||||
AngloGold Ashanti Ltd. | 826,388 | 11,873,303 | ||||||
Gold Fields Ltd. | 1,778,689 | 7,275,420 | ||||||
Kumba Iron Ore Ltd. | 163,804 | 4,349,427 | ||||||
|
| |||||||
30,278,560 | ||||||||
Multiline Retail — 1.2% | ||||||||
Woolworths Holdings Ltd./South Africa | 2,008,903 | 6,543,937 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.0% | ||||||||
Exxaro Resources Ltd. | 546,241 | 5,894,041 | ||||||
|
| |||||||
Paper & Forest Products — 2.1% | ||||||||
Mondi Ltd. | 252,176 | 5,940,484 | ||||||
Sappi Ltd. | 1,113,448 | 5,721,666 | ||||||
|
| |||||||
11,662,150 | ||||||||
Pharmaceuticals — 1.3% | ||||||||
Aspen Pharmacare Holdings Ltd. | 764,832 | 7,585,219 | ||||||
|
| |||||||
Real Estate Management & Development — 1.2% | ||||||||
NEPI Rockcastle PLC | 781,627 | 6,579,898 | ||||||
|
| |||||||
Specialty Retail — 3.3% | ||||||||
Foschini Group Ltd. (The) | 476,883 | 5,827,063 | ||||||
Mr. Price Group Ltd. | 508,900 | 7,814,112 | ||||||
Truworths International Ltd. | 936,480 | 4,866,899 | ||||||
|
| |||||||
18,508,074 | ||||||||
Wireless Telecommunication Services — 5.1% | ||||||||
MTN Group Ltd.(b) | 3,146,247 | 18,689,513 | ||||||
Vodacom Group Ltd. | 1,236,594 | 10,212,896 | ||||||
|
| |||||||
28,902,409 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% | 565,103,620 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.5% | ||||||||
BlackRock Cash Funds: Institutional, | 14,027,865 | 14,033,475 | ||||||
BlackRock Cash Funds: Treasury, | 451 | 451 | ||||||
|
| |||||||
14,033,926 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.5% |
| 14,033,926 | ||||||
|
| |||||||
Total Investments in Securities — 102.3% |
| 579,137,546 | ||||||
Other Assets, Less Liabilities — (2.3)% | (12,985,445 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 566,152,101 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI South Africa ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
BlackRock Cash Funds: Institutional, | — | 14,027,865 | 14,027,865 | $ | 14,033,475 | $ | 19,298 | (b) | $ | (110 | ) | $ | 4,195 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 173,320 | (172,869 | ) | 451 | 451 | 3,527 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 14,033,926 | $ | 22,825 | $ | (110 | ) | $ | 4,195 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 565,103,620 | $ | — | $ | — | $ | 565,103,620 | ||||||||
Money Market Funds | 14,033,926 | — | — | 14,033,926 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 579,137,546 | $ | — | $ | — | $ | 579,137,546 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Turkey ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 3.7% | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 4,444,016 | $ | 20,428,810 | |||||
|
| |||||||
Airlines — 3.9% | ||||||||
Pegasus Hava Tasimaciligi AS(a) | 466,709 | 2,581,161 | ||||||
Turk Hava Yollari AO(a) | 7,122,778 | 18,881,905 | ||||||
|
| |||||||
21,463,066 | ||||||||
Auto Components — 0.3% | ||||||||
Kordsa Teknik Tekstil AS | 769,580 | 1,552,434 | ||||||
|
| |||||||
Automobiles — 1.7% | ||||||||
Ford Otomotiv Sanayi AS | 908,185 | 9,441,106 | ||||||
|
| |||||||
Banks — 24.1% | ||||||||
Akbank T.A.S. | 36,644,183 | 47,196,390 | ||||||
Turkiye Garanti Bankasi AS | 29,648,485 | 49,580,894 | ||||||
Turkiye Halk Bankasi AS | 8,072,047 | 11,576,895 | ||||||
Turkiye Is Bankasi AS, Class C | 20,303,614 | 22,115,485 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 16,707,371 | 2,631,082 | ||||||
|
| |||||||
133,100,746 | ||||||||
Beverages — 3.0% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 2,701,298 | 10,158,987 | ||||||
Coca-Cola Icecek AS | 995,290 | 6,269,544 | ||||||
|
| |||||||
16,428,531 | ||||||||
Building Products — 0.7% | ||||||||
Trakya Cam Sanayii AS | 5,691,975 | 4,108,381 | ||||||
|
| |||||||
Capital Markets — 0.2% | ||||||||
Verusa Holding AS(b) | 318,483 | 1,093,852 | ||||||
|
| |||||||
Chemicals — 3.8% | ||||||||
Petkim Petrokimya Holding AS | 10,700,820 | 11,053,903 | ||||||
Sasa Polyester Sanayi AS(a) | 1,567,637 | 2,524,560 | ||||||
Soda Sanayii AS | 5,145,855 | 7,351,221 | ||||||
|
| |||||||
20,929,684 | ||||||||
Construction & Engineering — 2.4% | ||||||||
Tekfen Holding AS | 2,643,769 | 13,085,021 | ||||||
|
| |||||||
Containers & Packaging — 0.3% | ||||||||
Anadolu Cam Sanayii AS(b) | 2,435,688 | 1,465,796 | ||||||
|
| |||||||
Diversified Financial Services — 3.7% | ||||||||
Haci Omer Sabanci Holding AS | 11,858,513 | 20,297,755 | ||||||
|
| |||||||
Electric Utilities — 0.6% | ||||||||
Enerjisa Enerji AS(c) | 3,056,969 | 3,243,803 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) —1.1% | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(b) | 22,263,112 | 6,385,932 | ||||||
|
| |||||||
Food & Staples Retailing — 9.3% | ||||||||
BIM Birlesik Magazalar AS | 2,732,940 | 43,909,441 | ||||||
Migros Ticaret AS(a) | 695,356 | 2,046,698 | ||||||
Sok Marketler Ticaret AS(a)(b) | 2,767,323 | 5,530,496 | ||||||
|
| |||||||
51,486,635 | ||||||||
Food Products — 1.3% | ||||||||
Ulker Biskuvi Sanayi AS | 2,000,741 | 7,269,284 | ||||||
|
| |||||||
Gas Utilities — 0.4% | ||||||||
Aygaz AS(b) | 968,525 | 2,077,226 | ||||||
|
|
Security | Shares | Value | ||||||
Health Care Providers & Services — 0.8% | ||||||||
MLP Saglik Hizmetleri AS(a)(c) | 1,075,293 | $ | 2,802,132 | |||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 2,027,340 | 1,470,905 | ||||||
|
| |||||||
4,273,037 | ||||||||
Household Durables — 2.2% | ||||||||
Arcelik AS(b) | 2,642,909 | 10,315,967 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS(a) | 1,101,922 | 2,067,910 | ||||||
|
| |||||||
12,383,877 | ||||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
Aksa Enerji Uretim AS(a)(b) | 2,020,101 | 1,158,888 | ||||||
Zorlu Enerji Elektrik Uretim AS(a) | 6,467,839 | 1,867,355 | ||||||
|
| |||||||
3,026,243 | ||||||||
Industrial Conglomerates — 9.3% | ||||||||
AG Anadolu Grubu Holding AS(b) | 1,266,449 | 3,233,790 | ||||||
Dogan Sirketler Grubu Holding AS(a)(b) | 13,612,853 | 2,883,863 | ||||||
Enka Insaat ve Sanayi AS | 1 | 1 | ||||||
KOC Holding AS | 9,789,049 | 34,208,451 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 8,704,762 | 10,999,268 | ||||||
|
| |||||||
51,325,373 | ||||||||
Insurance — 0.6% | ||||||||
Anadolu Anonim Turk Sigorta Sirketi | 2,583,036 | 2,014,516 | ||||||
Anadolu Hayat Emeklilik AS | 1,125,023 | 1,225,419 | ||||||
|
| |||||||
3,239,935 | ||||||||
Machinery — 0.7% | ||||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 110,156 | 2,457,549 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 191,184 | 1,248,036 | ||||||
|
| |||||||
3,705,585 | ||||||||
Metals & Mining — 7.1% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 14,566,358 | 25,451,530 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A(a) | 2,842,072 | 1,300,085 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(b) | 8,513,683 | 4,229,708 | ||||||
Koza Altin Isletmeleri AS(a) | 597,969 | 5,490,911 | ||||||
Koza Anadolu Metal Madencilik | 2,538,427 | 2,812,543 | ||||||
|
| |||||||
39,284,777 | ||||||||
Oil, Gas & Consumable Fuels — 7.8% | ||||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,611,621 | 43,357,258 | ||||||
|
| |||||||
Personal Products — 0.2% | ||||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS(b) | 2,285,762 | 1,315,577 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.0% | ||||||||
Aksa Akrilik Kimya Sanayii AS | 1,116,778 | 1,972,262 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(c) | 477,503 | 3,715,106 | ||||||
|
| |||||||
5,687,368 | ||||||||
Transportation Infrastructure — 2.2% | ||||||||
TAV Havalimanlari Holding AS | 2,360,548 | 12,311,670 | ||||||
|
| |||||||
Wireless Telecommunication Services — 6.9% | ||||||||
Turkcell Iletisim Hizmetleri AS | 14,209,515 | 38,094,500 | ||||||
|
| |||||||
Total Common Stocks — 99.8% | 551,863,262 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.7% | ||||||||
BlackRock Cash Funds: Institutional, | 14,787,096 | 14,793,010 |
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 (unaudited) (continued) February 28, 2019 | iShares® MSCI Turkey ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 147,730 | $ | 147,730 | |||||
|
| |||||||
14,940,740 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.7% | 14,940,740 | |||||||
|
| |||||||
Total Investments in Securities — 102.5% | 566,804,002 | |||||||
Other Assets, Less Liabilities — (2.5)% | (13,987,344 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 552,816,658 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
BlackRock Cash Funds: Institutional, | 18,539,409 | (3,752,313 | ) | 14,787,096 | $ | 14,793,010 | $ | 810,789 | (b) | $ | (3,647 | ) | $ | 1,459 | ||||||||||||||
BlackRock Cash Funds: Treasury, | 315,285 | (167,555 | ) | 147,730 | 147,730 | 3,679 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 14,940,740 | $ | 814,468 | $ | (3,647 | ) | $ | 1,459 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 551,863,262 | $ | — | $ | — | $ | 551,863,262 | ||||||||
Money Market Funds | 14,940,740 | — | — | 14,940,740 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 566,804,002 | $ | — | $ | — | $ | 566,804,002 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 2.1% | ||||||||
Arconic Inc. | 22,395 | $ | 414,084 | |||||
Boeing Co. (The) | 942 | 414,442 | ||||||
General Dynamics Corp. | 2,243 | 381,803 | ||||||
Harris Corp. | 2,385 | 393,358 | ||||||
Huntington Ingalls Industries Inc. | 1,800 | 376,938 | ||||||
L3 Technologies Inc. | 1,852 | 392,161 | ||||||
Lockheed Martin Corp. | 1,281 | 396,354 | ||||||
Northrop Grumman Corp. | 1,370 | 397,245 | ||||||
Raytheon Co. | 2,129 | 397,058 | ||||||
Spirit AeroSystems Holdings Inc., Class A | 4,107 | 405,772 | ||||||
Textron Inc. | 7,170 | 389,331 | ||||||
TransDigm Group Inc.(a) | 895 | 388,511 | ||||||
United Technologies Corp. | 3,082 | 387,315 | ||||||
|
| |||||||
5,134,372 | ||||||||
Air Freight & Logistics — 0.8% | ||||||||
CH Robinson Worldwide Inc. | 4,298 | 388,453 | ||||||
Expeditors International of Washington Inc. | 5,337 | 400,008 | ||||||
FedEx Corp. | 2,192 | 396,752 | ||||||
United Parcel Service Inc., Class B | 3,545 | 390,659 | ||||||
XPO Logistics Inc.(a) | 7,563 | 380,797 | ||||||
|
| |||||||
1,956,669 | ||||||||
Airlines — 0.6% | ||||||||
American Airlines Group Inc. | 11,214 | 399,555 | ||||||
Delta Air Lines Inc. | 7,695 | 381,518 | ||||||
Southwest Airlines Co. | 6,812 | 381,745 | ||||||
United Continental Holdings Inc.(a) | 4,451 | 390,842 | ||||||
|
| |||||||
1,553,660 | ||||||||
Auto Components — 0.8% | ||||||||
Aptiv PLC | 4,855 | 403,499 | ||||||
Autoliv Inc. | 5,024 | 411,014 | ||||||
BorgWarner Inc. | 9,376 | 380,759 | ||||||
Goodyear Tire & Rubber Co. (The) | 20,917 | 413,738 | ||||||
Lear Corp. | 2,504 | 380,783 | ||||||
|
| |||||||
1,989,793 | ||||||||
Automobiles — 0.7% | ||||||||
Ford Motor Co. | 46,023 | 403,622 | ||||||
General Motors Co. | 10,055 | 396,971 | ||||||
Harley-Davidson Inc. | 10,537 | 391,133 | ||||||
Tesla Inc.(a)(b) | 1,277 | 408,487 | ||||||
|
| |||||||
1,600,213 | ||||||||
Banks — 3.6% | ||||||||
Bank of America Corp. | 13,502 | 392,638 | ||||||
BB&T Corp. | 7,752 | 395,119 | ||||||
CIT Group Inc. | 7,742 | 394,610 | ||||||
Citigroup Inc. | 6,115 | 391,238 | ||||||
Citizens Financial Group Inc. | 10,709 | 395,591 | ||||||
Comerica Inc. | 4,551 | 396,438 | ||||||
East West Bancorp. Inc. | 7,291 | 398,162 | ||||||
Fifth Third Bancorp. | 14,466 | 398,972 | ||||||
First Republic Bank/CA | 3,867 | 405,958 | ||||||
Huntington Bancshares Inc./OH | 28,054 | 404,258 | ||||||
JPMorgan Chase & Co. | 3,724 | 388,637 | ||||||
KeyCorp | 22,446 | 396,396 | ||||||
M&T Bank Corp. | 2,282 | 394,923 | ||||||
People’s United Financial Inc. | 22,666 | 402,548 | ||||||
PNC Financial Services Group Inc. (The) | 3,165 | 398,853 | ||||||
Regions Financial Corp. | 24,565 | 402,866 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Signature Bank/New York NY | 2,941 | $ | 399,270 | |||||
SunTrust Banks Inc. | 6,036 | 391,555 | ||||||
SVB Financial Group(a) | 1,592 | 393,479 | ||||||
U.S. Bancorp | 7,660 | 395,945 | ||||||
Wells Fargo & Co. | 7,985 | 398,372 | ||||||
Zions Bancorp. N.A. | 7,843 | 400,777 | ||||||
|
| |||||||
8,736,605 | ||||||||
Beverages — 1.0% | ||||||||
Brown-Forman Corp., Class B, NVS | 8,033 | 397,553 | ||||||
Coca-Cola Co. (The) | 8,688 | 393,914 | ||||||
Constellation Brands Inc., Class A | 2,247 | 380,103 | ||||||
Molson Coors Brewing Co., Class B | 6,453 | 397,892 | ||||||
Monster Beverage Corp.(a) | 6,734 | 429,831 | ||||||
PepsiCo Inc. | 3,391 | 392,135 | ||||||
|
| |||||||
2,391,428 | ||||||||
Biotechnology — 2.3% | ||||||||
AbbVie Inc. | 4,861 | 385,186 | ||||||
Alexion Pharmaceuticals Inc.(a) | 3,037 | 410,997 | ||||||
Alkermes PLC(a) | 12,079 | 401,868 | ||||||
Alnylam Pharmaceuticals Inc.(a)(b) | 4,705 | 399,925 | ||||||
Amgen Inc. | 2,087 | 396,697 | ||||||
Biogen Inc.(a) | 1,181 | 387,380 | ||||||
BioMarin Pharmaceutical Inc.(a) | 4,182 | 390,013 | ||||||
Celgene Corp.(a) | 4,334 | 360,242 | ||||||
Gilead Sciences Inc. | 5,815 | 378,091 | ||||||
Incyte Corp.(a) | 4,671 | 402,780 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 927 | 399,296 | ||||||
Seattle Genetics Inc.(a) | 5,499 | 408,466 | ||||||
United Therapeutics Corp.(a) | 3,292 | 415,747 | ||||||
Vertex Pharmaceuticals Inc.(a) | 2,090 | 394,488 | ||||||
|
| |||||||
5,531,176 | ||||||||
Building Products — 1.1% | ||||||||
Allegion PLC | 4,293 | 386,198 | ||||||
AO Smith Corp. | 7,611 | 395,239 | ||||||
Fortune Brands Home & Security Inc. | 8,292 | 390,719 | ||||||
Johnson Controls International PLC | 11,254 | 396,929 | ||||||
Lennox International Inc. | 1,593 | 390,683 | ||||||
Masco Corp. | 10,492 | 394,080 | ||||||
Owens Corning | 7,187 | 358,847 | ||||||
|
| |||||||
2,712,695 | ||||||||
Capital Markets — 4.1% | ||||||||
Affiliated Managers Group Inc. | 3,607 | 395,363 | ||||||
Ameriprise Financial Inc. | 3,008 | 395,943 | ||||||
Bank of New York Mellon Corp. (The) | 7,417 | 389,244 | ||||||
BlackRock Inc.(c) | 910 | 403,330 | ||||||
Cboe Global Markets Inc. | 4,202 | 403,014 | ||||||
Charles Schwab Corp. (The) | 8,483 | 390,303 | ||||||
CME Group Inc. | 2,241 | 407,660 | ||||||
E*TRADE Financial Corp. | 8,281 | 405,686 | ||||||
Eaton Vance Corp., NVS | 9,575 | 400,714 | ||||||
Franklin Resources Inc. | 12,112 | 394,972 | ||||||
Goldman Sachs Group Inc. (The) | 1,980 | 389,466 | ||||||
Intercontinental Exchange Inc. | 5,206 | 401,643 | ||||||
Invesco Ltd. | 20,840 | 403,254 | ||||||
KKR & Co. Inc., Class A, NVS | 16,704 | 371,330 | ||||||
Moody’s Corp. | 2,322 | 401,985 | ||||||
Morgan Stanley | 9,360 | 392,933 | ||||||
MSCI Inc. | 2,244 | 414,512 | ||||||
Nasdaq Inc. | 4,479 | 410,142 |
S C H E D U L E O F I N V E S T M E N T S | 29 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Capital Markets (continued) | ||||||||
Northern Trust Corp. | 4,222 | $ | 393,490 | |||||
Raymond James Financial Inc. | 4,802 | 396,549 | ||||||
S&P Global Inc. | 1,982 | 397,133 | ||||||
SEI Investments Co. | 7,534 | 397,419 | ||||||
State Street Corp. | 5,562 | 399,741 | ||||||
T Rowe Price Group Inc. | 4,028 | 404,532 | ||||||
TD Ameritrade Holding Corp. | 6,912 | 389,353 | ||||||
|
| |||||||
9,949,711 | ||||||||
Chemicals — 2.8% | ||||||||
Air Products & Chemicals Inc. | 2,258 | 409,104 | ||||||
Albemarle Corp. | 4,830 | 440,931 | ||||||
Axalta Coating Systems Ltd.(a) | 14,731 | 393,760 | ||||||
Celanese Corp. | 3,920 | 400,977 | ||||||
CF Industries Holdings Inc. | 9,410 | 397,102 | ||||||
Chemours Co. (The) | 10,412 | 395,968 | ||||||
DowDuPont Inc. | 7,246 | 385,705 | ||||||
Eastman Chemical Co. | 4,752 | 392,943 | ||||||
Ecolab Inc. | 2,404 | 406,060 | ||||||
FMC Corp. | 4,605 | 412,147 | ||||||
International Flavors & Fragrances Inc. | 2,983 | 380,332 | ||||||
Linde PLC | 2,332 | 403,996 | ||||||
LyondellBasell Industries NV, Class A | 4,485 | 383,557 | ||||||
Mosaic Co. (The) | 12,240 | 382,745 | ||||||
PPG Industries Inc. | 3,602 | 403,316 | ||||||
Sherwin-Williams Co. (The) | 895 | 387,714 | ||||||
Westlake Chemical Corp. | 4,870 | 340,267 | ||||||
|
| |||||||
6,716,624 | ||||||||
Commercial Services & Supplies — 1.0% | ||||||||
Cintas Corp. | 1,929 | 398,532 | ||||||
Copart Inc.(a) | 7,274 | 426,766 | ||||||
Republic Services Inc. | 5,063 | 397,091 | ||||||
Rollins Inc. | 9,799 | 388,628 | ||||||
Waste Connections Inc. | 4,746 | 395,816 | ||||||
Waste Management Inc. | 3,968 | 401,760 | ||||||
|
| |||||||
2,408,593 | ||||||||
Communications Equipment — 1.0% | ||||||||
Arista Networks Inc.(a) | 1,489 | 424,737 | ||||||
Cisco Systems Inc. | 7,951 | 411,623 | ||||||
CommScope Holding Co. Inc.(a) | 17,330 | 403,963 | ||||||
F5 Networks Inc.(a) | 2,295 | 385,881 | ||||||
Juniper Networks Inc. | 14,492 | 392,444 | ||||||
Motorola Solutions Inc. | 2,835 | 405,745 | ||||||
|
| |||||||
2,424,393 | ||||||||
Construction & Engineering — 0.3% | ||||||||
Fluor Corp. | 10,824 | 406,982 | ||||||
Jacobs Engineering Group Inc. | 5,719 | 421,948 | ||||||
|
| |||||||
828,930 | ||||||||
Construction Materials — 0.3% | ||||||||
Martin Marietta Materials Inc. | 2,068 | 388,370 | ||||||
Vulcan Materials Co. | 3,474 | 387,212 | ||||||
|
| |||||||
775,582 | ||||||||
Consumer Finance — 0.8% | ||||||||
Ally Financial Inc. | 14,552 | 394,214 | ||||||
American Express Co. | 3,660 | 394,328 | ||||||
Capital One Financial Corp. | 4,818 | 402,689 | ||||||
Discover Financial Services | 5,513 | 394,786 | ||||||
Synchrony Financial | 12,379 | 403,679 | ||||||
|
| |||||||
1,989,696 |
Security | Shares | Value | ||||||
Containers & Packaging — 1.1% | ||||||||
Avery Dennison Corp. | 3,747 | $ | 404,826 | |||||
Ball Corp. | 7,261 | 397,758 | ||||||
Crown Holdings Inc.(a)(b) | 7,377 | 400,497 | ||||||
International Paper Co. | 8,371 | 383,559 | ||||||
Packaging Corp. of America | 3,999 | 382,264 | ||||||
Sealed Air Corp. | 9,325 | 406,757 | ||||||
Westrock Co. | 10,065 | 376,230 | ||||||
|
| |||||||
2,751,891 | ||||||||
Distributors — 0.3% | ||||||||
Genuine Parts Co. | 3,653 | 397,374 | ||||||
LKQ Corp.(a) | 14,476 | 400,985 | ||||||
|
| |||||||
798,359 | ||||||||
Diversified Consumer Services — 0.2% | ||||||||
H&R Block Inc. | 16,309 | 393,862 | ||||||
|
| |||||||
Diversified Financial Services — 0.6% | ||||||||
AXA Equitable Holdings Inc. | 20,322 | 388,557 | ||||||
Berkshire Hathaway Inc., Class B(a) | 1,915 | 385,490 | ||||||
Jefferies Financial Group Inc. | 18,698 | 379,008 | ||||||
Voya Financial Inc. | 7,927 | 400,868 | ||||||
|
| |||||||
1,553,923 | ||||||||
Diversified Telecommunication Services — 0.6% | ||||||||
AT&T Inc. | 12,899 | 401,417 | ||||||
CenturyLink Inc. | 28,605 | 377,300 | ||||||
Verizon Communications Inc. | 7,125 | 405,555 | ||||||
Zayo Group Holdings Inc.(a) | 15,287 | 379,117 | ||||||
|
| |||||||
1,563,389 | ||||||||
Electric Utilities — 2.5% | ||||||||
Alliant Energy Corp. | 8,738 | 400,812 | ||||||
American Electric Power Co. Inc. | 4,958 | 402,342 | ||||||
Duke Energy Corp. | 4,491 | 402,663 | ||||||
Edison International | 6,496 | 389,045 | ||||||
Entergy Corp. | 4,374 | 408,225 | ||||||
Evergy Inc. | 6,688 | 373,926 | ||||||
Eversource Energy | 5,599 | 390,866 | ||||||
Exelon Corp. | 8,144 | 395,717 | ||||||
FirstEnergy Corp. | 9,928 | 404,566 | ||||||
NextEra Energy Inc. | 2,148 | 403,223 | ||||||
OGE Energy Corp. | 9,385 | 399,050 | ||||||
Pinnacle West Capital Corp. | 4,369 | 409,550 | ||||||
PPL Corp. | 12,903 | 415,090 | ||||||
Southern Co. (The) | 8,094 | 402,191 | ||||||
Xcel Energy Inc. | 7,352 | 403,331 | ||||||
|
| |||||||
6,000,597 | ||||||||
Electrical Equipment — 1.0% | ||||||||
Acuity Brands Inc. | 2,999 | 390,230 | ||||||
AMETEK Inc. | 4,975 | 395,910 | ||||||
Eaton Corp. PLC | 4,992 | 398,212 | ||||||
Emerson Electric Co. | 5,775 | 393,566 | ||||||
Rockwell Automation Inc. | 2,216 | 395,689 | ||||||
Sensata Technologies Holding PLC(a) | 7,987 | 405,181 | ||||||
|
| |||||||
2,378,788 | ||||||||
Electronic Equipment, Instruments & Components — 1.8% | ||||||||
Amphenol Corp., Class A | 4,240 | 398,433 | ||||||
Arrow Electronics Inc.(a) | 4,841 | 385,828 | ||||||
CDW Corp./DE | 4,144 | 389,080 | ||||||
Cognex Corp. | 7,748 | 413,743 | ||||||
Corning Inc. | 11,389 | 396,451 | ||||||
Flex Ltd.(a) | 38,345 | 404,156 |
30 | 2 0��1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
FLIR Systems Inc. | 7,499 | $ | 385,824 | |||||
IPG Photonics Corp.(a) | 2,538 | 393,466 | ||||||
Keysight Technologies Inc.(a) | 4,890 | 412,765 | ||||||
TE Connectivity Ltd. | 4,785 | 392,801 | ||||||
Trimble Inc.(a) | 10,024 | 401,060 | ||||||
|
| |||||||
4,373,607 | ||||||||
Energy Equipment & Services — 0.9% | ||||||||
Baker Hughes a GE Co. | 15,216 | 401,398 | ||||||
Halliburton Co. | 12,340 | 378,715 | ||||||
Helmerich & Payne Inc. | 6,847 | 371,107 | ||||||
National Oilwell Varco Inc. | 13,185 | 371,026 | ||||||
Schlumberger Ltd. | 8,744 | 385,261 | ||||||
TechnipFMC PLC | 16,697 | 372,176 | ||||||
|
| |||||||
2,279,683 | ||||||||
Entertainment — 1.4% | ||||||||
Activision Blizzard Inc. | 8,812 | 371,338 | ||||||
Electronic Arts Inc.(a) | 3,679 | 352,375 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) | 12,513 | 389,405 | ||||||
Live Nation Entertainment Inc.(a) | 7,003 | 396,090 | ||||||
Netflix Inc.(a) | 1,103 | 394,984 | ||||||
Take-Two Interactive Software Inc.(a) | 4,213 | 367,626 | ||||||
Twenty-First Century Fox Inc., Class A, NVS | 5,521 | 278,424 | ||||||
Twenty-First Century Fox Inc., Class B | 2,339 | 117,324 | ||||||
Viacom Inc., Class B, NVS | 13,483 | 393,973 | ||||||
Walt Disney Co. (The) | 3,491 | 393,924 | ||||||
|
| |||||||
3,455,463 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.9% | ||||||||
Alexandria Real Estate Equities Inc. | 2,920 | 396,799 | ||||||
American Tower Corp. | 2,215 | 390,172 | ||||||
AvalonBay Communities Inc. | 2,005 | 390,233 | ||||||
Boston Properties Inc. | 2,947 | 391,037 | ||||||
Brookfield Property REIT Inc., Class A | 19,642 | 385,376 | ||||||
Camden Property Trust | 3,983 | 390,692 | ||||||
Crown Castle International Corp. | 3,272 | 388,550 | ||||||
Digital Realty Trust Inc. | 3,417 | 386,531 | ||||||
Duke Realty Corp. | 13,285 | 392,837 | ||||||
Equinix Inc. | 933 | 395,126 | ||||||
Equity Residential | 5,369 | 395,642 | ||||||
Essex Property Trust Inc. | 1,410 | 394,574 | ||||||
Extra Space Storage Inc. | 3,950 | 378,963 | ||||||
Federal Realty Investment Trust | 2,901 | 387,545 | ||||||
HCP Inc. | 12,744 | 392,133 | ||||||
Host Hotels & Resorts Inc. | 21,086 | 413,496 | ||||||
Invitation Homes Inc. | 16,711 | 384,353 | ||||||
Iron Mountain Inc. | 11,191 | 396,385 | ||||||
Kimco Realty Corp. | 22,130 | 389,267 | ||||||
Liberty Property Trust | 8,267 | 391,277 | ||||||
Macerich Co. (The) | 8,996 | 392,226 | ||||||
Mid-America Apartment Communities Inc. | 3,773 | 390,807 | ||||||
National Retail Properties Inc. | 7,476 | 389,500 | ||||||
Prologis Inc. | 5,521 | 386,801 | ||||||
Public Storage | 1,892 | 400,139 | ||||||
Realty Income Corp. | 5,608 | 387,849 | ||||||
Regency Centers Corp. | 5,926 | 386,672 | ||||||
SBA Communications Corp.(a) | 2,119 | 382,607 | ||||||
Simon Property Group Inc. | 2,144 | 388,407 | ||||||
SL Green Realty Corp. | 4,291 | 389,280 | ||||||
UDR Inc. | 8,814 | 391,518 | ||||||
Ventas Inc. | 6,027 | 378,194 |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
VEREIT Inc. | 47,526 | $ | 378,782 | |||||
Vornado Realty Trust | 5,713 | 384,542 | ||||||
Welltower Inc. | 5,064 | 376,306 | ||||||
Weyerhaeuser Co. | 15,389 | 383,032 | ||||||
WP Carey Inc. | 5,227 | 386,119 | ||||||
|
| |||||||
14,403,769 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
Costco Wholesale Corp. | 1,816 | 397,232 | ||||||
Kroger Co. (The) | 13,323 | 390,764 | ||||||
Sysco Corp. | 5,819 | 393,073 | ||||||
Walgreens Boots Alliance Inc. | 5,353 | 381,080 | ||||||
Walmart Inc. | 3,931 | 389,130 | ||||||
|
| |||||||
1,951,279 | ||||||||
Food Products — 2.4% | ||||||||
Archer-Daniels-Midland Co. | 9,362 | 397,885 | ||||||
Bunge Ltd. | 7,514 | 398,843 | ||||||
Campbell Soup Co. | 11,297 | 406,918 | ||||||
Conagra Brands Inc. | 16,042 | 374,902 | ||||||
General Mills Inc. | 8,726 | 411,256 | ||||||
Hershey Co. (The) | 3,610 | 399,555 | ||||||
Hormel Foods Corp. | 9,098 | 394,489 | ||||||
Ingredion Inc. | 4,200 | 388,290 | ||||||
JM Smucker Co. (The) | 3,802 | 402,670 | ||||||
Kellogg Co. | 6,921 | 389,375 | ||||||
Kraft Heinz Co. (The) | 8,254 | 273,950 | ||||||
Lamb Weston Holdings Inc. | 5,654 | 391,879 | ||||||
McCormick &Co. Inc./MD, NVS | 3,065 | 416,779 | ||||||
Mondelez International Inc., Class A | 8,161 | 384,873 | ||||||
Tyson Foods Inc., Class A | 6,278 | 387,101 | ||||||
|
| |||||||
5,818,765 | ||||||||
Gas Utilities — 0.3% | ||||||||
Atmos Energy Corp. | 4,050 | 400,343 | ||||||
UGI Corp. | 7,355 | 403,789 | ||||||
|
| |||||||
804,132 | ||||||||
Health Care Equipment & Supplies — 3.3% | ||||||||
Abbott Laboratories | 5,223 | 405,409 | ||||||
ABIOMED Inc.(a) | 1,086 | 363,267 | ||||||
Align Technology Inc.(a)(b) | 1,542 | 399,332 | ||||||
Baxter International Inc. | 5,353 | 400,030 | ||||||
Becton Dickinson and Co. | 1,588 | 395,079 | ||||||
Boston Scientific Corp.(a) | 9,823 | 394,099 | ||||||
Cooper Companies Inc. (The) | 1,411 | 403,532 | ||||||
Danaher Corp. | 3,533 | 448,762 | ||||||
DENTSPLY SIRONA Inc. | 9,019 | 376,633 | ||||||
DexCom Inc.(a) | 2,647 | 368,806 | ||||||
Edwards Lifesciences Corp.(a) | 2,211 | 374,300 | ||||||
Hologic Inc.(a) | 8,491 | 400,351 | ||||||
IDEXX Laboratories Inc.(a) | 1,873 | 395,259 | ||||||
Intuitive Surgical Inc.(a) | 717 | 392,636 | ||||||
Medtronic PLC | 4,260 | 385,530 | ||||||
ResMed Inc. | 3,913 | 400,809 | ||||||
Stryker Corp. | 2,104 | 396,625 | ||||||
Teleflex Inc. | 1,375 | 398,530 | ||||||
Varian Medical Systems Inc.(a) | 2,961 | 397,840 | ||||||
Zimmer Biomet Holdings Inc. | 3,179 | 394,577 | ||||||
|
| |||||||
7,891,406 | ||||||||
Health Care Providers & Services — 2.4% | ||||||||
AmerisourceBergen Corp. | 4,535 | 377,765 | ||||||
Anthem Inc. | 1,264 | 380,123 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
Cardinal Health Inc. | 7,127 | $ | 387,281 | |||||
Centene Corp.(a) | 6,049 | 368,324 | ||||||
Cigna Corp. | 1,990 | 347,135 | ||||||
CVS Health Corp. | 5,653 | 326,913 | ||||||
DaVita Inc.(a) | 6,650 | 378,385 | ||||||
HCA Healthcare Inc. | 2,730 | 379,579 | ||||||
Henry Schein Inc.(a) | 6,300 | 373,590 | ||||||
Humana Inc. | 1,267 | 361,146 | ||||||
Laboratory Corp. of America Holdings(a) | 2,623 | 388,833 | ||||||
McKesson Corp. | 2,905 | 369,400 | ||||||
Quest Diagnostics Inc. | 4,476 | 387,398 | ||||||
UnitedHealth Group Inc. | 1,450 | 351,219 | ||||||
Universal Health Services Inc., Class B | 2,905 | 403,301 | ||||||
WellCare Health Plans Inc.(a) | 1,408 | 357,041 | ||||||
|
| |||||||
5,937,433 | ||||||||
Health Care Technology — 0.3% | ||||||||
Cerner Corp.(a)(b) | 6,787 | 379,733 | ||||||
Veeva Systems Inc., Class A(a)(b) | 3,260 | 384,386 | ||||||
|
| |||||||
764,119 | ||||||||
Hotels, Restaurants & Leisure — 2.6% | ||||||||
Aramark | 12,360 | 374,508 | ||||||
Carnival Corp. | 6,865 | 396,522 | ||||||
Chipotle Mexican Grill Inc.(a) | 649 | 394,287 | ||||||
Darden Restaurants Inc. | 3,512 | 393,730 | ||||||
Domino’s Pizza Inc. | 1,398 | 350,814 | ||||||
Hilton Worldwide Holdings Inc. | 4,808 | 399,545 | ||||||
Las Vegas Sands Corp. | 6,517 | 400,339 | ||||||
Marriott International Inc./MD, Class A | 3,247 | 406,752 | ||||||
McDonald’s Corp. | 2,184 | 401,507 | ||||||
MGM Resorts International | 13,933 | 372,708 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) | 7,419 | 411,977 | ||||||
Royal Caribbean Cruises Ltd. | 3,332 | 394,775 | ||||||
Starbucks Corp. | 5,558 | 390,505 | ||||||
Vail Resorts Inc. | 1,908 | 397,608 | ||||||
Wynn Resorts Ltd. | 3,157 | 399,487 | ||||||
Yum! Brands Inc. | 4,176 | 394,632 | ||||||
|
| |||||||
6,279,696 | ||||||||
Household Durables — 1.5% | ||||||||
DR Horton Inc. | 9,833 | 382,405 | ||||||
Garmin Ltd. | 5,488 | 460,827 | ||||||
Leggett & Platt Inc. | 8,744 | 397,153 | ||||||
Lennar Corp., Class A | 8,038 | 385,663 | ||||||
Mohawk Industries Inc.(a) | 2,829 | 385,084 | ||||||
Newell Brands Inc. | 22,904 | 371,732 | ||||||
NVR Inc.(a) | 148 | 387,760 | ||||||
PulteGroup Inc. | 14,492 | 391,284 | ||||||
Whirlpool Corp. | 2,826 | 399,907 | ||||||
|
| |||||||
3,561,815 | ||||||||
Household Products — 0.8% | ||||||||
Church & Dwight Co. Inc. | 6,076 | 399,801 | ||||||
Clorox Co. (The) | 2,515 | 397,446 | ||||||
Colgate-Palmolive Co. | 5,912 | 389,423 | ||||||
Kimberly-Clark Corp. | 3,325 | 388,460 | ||||||
Procter & Gamble Co. (The) | 3,991 | 393,313 | ||||||
|
| |||||||
1,968,443 | ||||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
AES Corp./VA | 23,229 | 400,235 | ||||||
NRG Energy Inc. | 9,257 | 385,832 |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers (continued) | ||||||||
Vistra Energy Corp.(a) | 14,826 | $ | 386,069 | |||||
|
| |||||||
1,172,136 | ||||||||
Industrial Conglomerates — 0.7% | ||||||||
3M Co. | 1,882 | 390,308 | ||||||
General Electric Co. | 38,953 | 404,722 | ||||||
Honeywell International Inc. | 2,564 | 395,035 | ||||||
Roper Technologies Inc. | 1,260 | 407,799 | ||||||
|
| |||||||
1,597,864 | ||||||||
Insurance — 5.0% | ||||||||
Aflac Inc. | 7,976 | 391,940 | ||||||
Alleghany Corp. | 607 | 390,277 | ||||||
Allstate Corp. (The) | 4,173 | 393,848 | ||||||
American Financial Group Inc./OH | 3,272 | 326,088 | ||||||
American International Group Inc. | 9,287 | 401,198 | ||||||
Aon PLC | 2,290 | 392,804 | ||||||
Arch Capital Group Ltd.(a) | 12,477 | 407,624 | ||||||
Arthur J Gallagher & Co. | 4,923 | 395,218 | ||||||
Assurant Inc. | 4,002 | 412,166 | ||||||
Athene Holding Ltd., Class A(a) | 8,866 | 394,980 | ||||||
Brighthouse Financial Inc.(a) | 9,369 | 362,768 | ||||||
Chubb Ltd. | 2,951 | 395,139 | ||||||
Cincinnati Financial Corp. | 4,598 | 399,198 | ||||||
Everest Re Group Ltd. | 1,812 | 409,711 | ||||||
Fidelity National Financial Inc. | 11,307 | 396,763 | ||||||
Hartford Financial Services Group Inc. (The) | 8,066 | 398,138 | ||||||
Lincoln National Corp. | 6,379 | 398,815 | ||||||
Loews Corp. | 8,416 | 400,770 | ||||||
Markel Corp.(a) | 390 | 391,903 | ||||||
Marsh & McLennan Companies Inc. | 4,320 | 401,846 | ||||||
MetLife Inc. | 8,761 | 395,910 | ||||||
Principal Financial Group Inc. | 7,738 | 407,328 | ||||||
Progressive Corp. (The) | 5,516 | 402,116 | ||||||
Prudential Financial Inc. | 4,190 | 401,612 | ||||||
Reinsurance Group of America Inc. | 2,722 | 393,302 | ||||||
RenaissanceRe Holdings Ltd. | 2,765 | 406,593 | ||||||
Torchmark Corp. | 4,715 | 389,270 | ||||||
Travelers Companies Inc. (The) | 3,053 | 405,774 | ||||||
Unum Group | 10,821 | 404,273 | ||||||
Willis Towers Watson PLC | 2,318 | 398,742 | ||||||
WR Berkley Corp. | 4,516 | 377,809 | ||||||
|
| |||||||
12,243,923 | ||||||||
Interactive Media & Services — 1.0% | ||||||||
Alphabet Inc., Class A(a) | 172 | 193,767 | ||||||
Alphabet Inc., Class C, NVS(a) | 181 | 202,705 | ||||||
Facebook Inc., Class A(a) | 2,419 | 390,548 | ||||||
IAC/InterActiveCorp.(a) | 1,790 | 381,359 | ||||||
TripAdvisor Inc.(a) | 6,918 | 367,830 | ||||||
Twitter Inc.(a) | 12,585 | 387,366 | ||||||
Zillow Group Inc., Class C, NVS(a)(b) | 10,571 | 441,868 | ||||||
|
| |||||||
2,365,443 | ||||||||
Internet & Direct Marketing Retail — 1.4% | ||||||||
Amazon.com Inc.(a) | 245 | 401,758 | ||||||
Booking Holdings Inc.(a) | 203 | 344,499 | ||||||
eBay Inc. | 10,745 | 399,177 | ||||||
Expedia Group Inc | 3,093 | 381,398 | ||||||
GrubHub Inc.(a) | 4,728 | 385,710 | ||||||
MercadoLibre Inc.(a) | 1,084 | 497,328 | ||||||
Qurate Retail Inc.(a) | 17,980 | 323,820 |
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Internet & Direct Marketing Retail (continued) | ||||||||
Wayfair Inc., Class A(a) | 3,219 | $ | 533,324 | |||||
|
| |||||||
3,267,014 | ||||||||
IT Services — 4.4% | ||||||||
Accenture PLC, Class A | 2,473 | 399,093 | ||||||
Akamai Technologies Inc.(a) | 5,608 | 390,653 | ||||||
Alliance Data Systems Corp. | 2,269 | 392,537 | ||||||
Automatic Data Processing Inc. | 2,632 | 402,775 | ||||||
Broadridge Financial Solutions Inc. | 3,917 | 396,596 | ||||||
Cognizant Technology Solutions Corp., Class A | 5,343 | 379,246 | ||||||
DXC Technology Co. | 6,004 | 395,423 | ||||||
Fidelity National Information Services Inc. | 3,608 | 390,205 | ||||||
First Data Corp., Class A(a) | 15,365 | 386,276 | ||||||
Fiserv Inc.(a)(b) | 4,582 | 388,050 | ||||||
FleetCor Technologies Inc.(a) | 1,757 | 409,873 | ||||||
Gartner Inc.(a) | 2,742 | 390,187 | ||||||
Global Payments Inc. | 3,188 | 415,651 | ||||||
GoDaddy Inc., Class A(a) | 5,394 | 402,662 | ||||||
International Business Machines Corp. | 2,853 | 394,085 | ||||||
Jack Henry & Associates Inc. | 2,938 | 389,667 | ||||||
Leidos Holdings Inc. | 6,202 | 400,587 | ||||||
Mastercard Inc., Class A | 1,818 | 408,632 | ||||||
Paychex Inc. | 5,187 | 399,503 | ||||||
PayPal Holdings Inc.(a) | 4,141 | 406,108 | ||||||
Sabre Corp. | 17,445 | 391,291 | ||||||
Square Inc., Class A(a) | 5,196 | 422,123 | ||||||
Total System Services Inc. | 4,236 | 399,878 | ||||||
VeriSign Inc.(a) | 2,241 | 398,988 | ||||||
Visa Inc., Class A | 2,718 | 402,590 | ||||||
Western Union Co. (The) | 22,081 | 394,588 | ||||||
Worldpay Inc., Class A(a) | 4,455 | 426,789 | ||||||
|
| |||||||
10,774,056 | ||||||||
Leisure Products — 0.5% | ||||||||
Hasbro Inc. | 4,549 | 386,210 | ||||||
Mattel Inc.(a) | 28,440 | 410,105 | ||||||
Polaris Industries Inc. | 4,529 | 386,007 | ||||||
|
| |||||||
1,182,322 | ||||||||
Life Sciences Tools & Services — 1.0% | ||||||||
Agilent Technologies Inc. | 5,020 | 398,789 | ||||||
Illumina Inc.(a) | 1,311 | 410,041 | ||||||
IQVIA Holdings Inc.(a) | 2,771 | 388,217 | ||||||
Mettler-Toledo International Inc.(a) | 588 | 400,375 | ||||||
Thermo Fisher Scientific Inc. | 1,557 | 404,150 | ||||||
Waters Corp.(a) | 1,675 | 405,719 | ||||||
|
| |||||||
2,407,291 | ||||||||
Machinery — 2.9% | ||||||||
Caterpillar Inc. | 2,886 | 396,363 | ||||||
Cummins Inc. | 2,528 | 389,539 | ||||||
Deere & Co. | 2,472 | 405,507 | ||||||
Dover Corp. | 4,310 | 390,184 | ||||||
Flowserve Corp. | 8,226 | 365,317 | ||||||
Fortive Corp. | 4,805 | 391,944 | ||||||
IDEX Corp. | 2,727 | 392,961 | ||||||
Illinois Tool Works Inc. | 2,731 | 393,482 | ||||||
Ingersoll-Rand PLC | 3,766 | 397,539 | ||||||
Middleby Corp. (The)(a) | 3,113 | 381,623 | ||||||
PACCAR Inc. | 5,771 | 391,274 | ||||||
Parker-Hannifin Corp. | 2,268 | 399,531 | ||||||
Pentair PLC | 9,200 | 391,368 | ||||||
Snap-on Inc. | 2,491 | 398,560 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Stanley Black & Decker Inc. | 2,882 | $ | 381,663 | |||||
WABCO Holdings Inc.(a) | 3,366 | 462,926 | ||||||
Wabtec Corp.(b) | 5,544 | 406,153 | ||||||
Xylem Inc./NY | 5,316 | 401,624 | ||||||
|
| |||||||
7,137,558 | ||||||||
Media — 2.1% | ||||||||
Altice USA Inc., Class A | 18,205 | 397,051 | ||||||
CBS Corp., Class B, NVS | 7,761 | 389,680 | ||||||
Charter Communications Inc., Class A(a) | 1,126 | 388,369 | ||||||
Comcast Corp., Class A | 10,406 | 402,400 | ||||||
Discovery Inc., Class A(a) | 4,717 | 136,321 | ||||||
Discovery Inc., Class C, NVS(a) | 9,216 | 251,136 | ||||||
DISH Network Corp., Class A(a) | 12,720 | 413,527 | ||||||
Interpublic Group of Companies Inc. (The) | 16,811 | 387,157 | ||||||
Liberty Broadband Corp., Class C, NVS(a) | 4,414 | 395,053 | ||||||
Liberty Global PLC, Class A(a)(b) | 4,152 | 109,405 | ||||||
Liberty Global PLC, Class C, NVS(a) | 11,543 | 293,077 | ||||||
Liberty Media Corp.-Liberty SiriusXM, | 3,298 | 134,888 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) | 6,398 | 263,662 | ||||||
News Corp., Class A, NVS | 30,826 | 401,355 | ||||||
Omnicom Group Inc. | 5,251 | 397,501 | ||||||
Sirius XM Holdings Inc.(b) | 65,180 | 386,517 | ||||||
|
| |||||||
5,147,099 | ||||||||
Metals & Mining — 0.7% | ||||||||
Freeport-McMoRan Inc. | 32,006 | 412,877 | ||||||
Newmont Mining Corp. | 11,824 | 403,435 | ||||||
Nucor Corp. | 6,606 | 400,126 | ||||||
Steel Dynamics Inc. | 10,597 | 395,480 | ||||||
|
| |||||||
1,611,918 | ||||||||
Mortgage Real Estate Investment — 0.3% | ||||||||
AGNC Investment Corp. | 22,306 | 393,701 | ||||||
Annaly Capital Management Inc. | 38,668 | 391,707 | ||||||
|
| |||||||
785,408 | ||||||||
Multi-Utilities — 1.7% | ||||||||
Ameren Corp. | 5,656 | 402,933 | ||||||
CenterPoint Energy Inc. | 12,724 | 383,501 | ||||||
CMS Energy Corp. | 7,462 | 405,933 | ||||||
Consolidated Edison Inc. | 5,006 | 412,745 | ||||||
Dominion Energy Inc. | 5,365 | 397,493 | ||||||
DTE Energy Co. | 3,289 | 406,389 | ||||||
NiSource Inc. | 14,514 | 391,588 | ||||||
Public Service Enterprise Group Inc. | 6,979 | 410,435 | ||||||
Sempra Energy | 3,426 | 412,627 | ||||||
WEC Energy Group Inc. | 5,278 | 402,606 | ||||||
|
| |||||||
4,026,250 | ||||||||
Multiline Retail — 1.0% | ||||||||
Dollar General Corp. | 3,303 | 391,273 | ||||||
Dollar Tree Inc.(a) | 3,976 | 383,008 | ||||||
Kohl’s Corp. | 5,961 | 402,546 | ||||||
Macy’s Inc. | 15,797 | 391,608 | ||||||
Nordstrom Inc. | 8,844 | 418,144 | ||||||
Target Corp. | 5,396 | 391,966 | ||||||
|
| |||||||
2,378,545 | ||||||||
Oil, Gas & Consumable Fuels — 4.4% | ||||||||
Anadarko Petroleum Corp. | 8,690 | 378,015 | ||||||
Apache Corp. | 11,803 | 391,624 | ||||||
Cabot Oil & Gas Corp. | 15,578 | 383,530 | ||||||
Cheniere Energy Inc.(a) | 5,935 | 382,511 |
S C H E D U L E O F I N V E S T M E N T S | 33 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Chevron Corp. | 3,293 | $ | 393,777 | |||||
Cimarex Energy Co. | 5,172 | 371,918 | ||||||
Concho Resources Inc. | 3,196 | 351,560 | ||||||
ConocoPhillips | 5,600 | 379,960 | ||||||
Continental Resources Inc./OK(a)(b) | 8,399 | 374,679 | ||||||
Devon Energy Corp. | 13,830 | 408,123 | ||||||
Diamondback Energy Inc. | 3,733 | 384,238 | ||||||
EOG Resources Inc. | 3,921 | 368,574 | ||||||
Exxon Mobil Corp. | 5,058 | 399,734 | ||||||
Hess Corp. | 6,826 | 394,884 | ||||||
HollyFrontier Corp. | 6,789 | 347,597 | ||||||
Kinder Morgan Inc./DE | 20,906 | 400,559 | ||||||
Marathon Oil Corp. | 23,011 | 381,983 | ||||||
Marathon Petroleum Corp. | 6,033 | 374,106 | ||||||
Noble Energy Inc. | 17,360 | 384,524 | ||||||
Occidental Petroleum Corp. | 5,850 | 386,977 | ||||||
ONEOK Inc. | 5,805 | 373,029 | ||||||
Parsley Energy Inc., Class A(a) | 20,984 | 380,650 | ||||||
Phillips 66 | 4,095 | 394,594 | ||||||
Pioneer Natural Resources Co. | 2,704 | 381,129 | ||||||
Plains GP Holdings LP, Class A | 16,228 | 376,327 | ||||||
Targa Resources Corp. | 8,636 | 347,513 | ||||||
Valero Energy Corp. | 4,657 | 379,825 | ||||||
Williams Companies Inc. (The) | 14,413 | 384,683 | ||||||
|
| |||||||
10,656,623 | ||||||||
Personal Products — 0.3% | ||||||||
Coty Inc., Class A | 35,601 | 391,611 | ||||||
Estee Lauder Companies Inc. (The), Class A | 2,536 | 398,000 | ||||||
|
| |||||||
789,611 | ||||||||
Pharmaceuticals — 1.8% | ||||||||
Allergan PLC | 2,826 | 389,168 | ||||||
Bristol-Myers Squibb Co. | 7,607 | 392,978 | ||||||
Eli Lilly & Co.(b) | 3,209 | 405,265 | ||||||
Jazz Pharmaceuticals PLC(a) | 3,121 | 437,034 | ||||||
Johnson & Johnson | 2,882 | 393,796 | ||||||
Merck & Co. Inc. | 4,925 | 400,353 | ||||||
Mylan NV(a) | 12,344 | 325,758 | ||||||
Nektar Therapeutics(a) | 9,428 | 382,211 | ||||||
Perrigo Co. PLC | 8,029 | 391,012 | ||||||
Pfizer Inc. | 9,270 | 401,855 | ||||||
Zoetis Inc. | 4,121 | 388,322 | ||||||
|
| |||||||
4,307,752 | ||||||||
Professional Services — 1.3% | ||||||||
CoStar Group Inc.(a) | 958 | 438,314 | ||||||
Equifax Inc. | 3,596 | 393,798 | ||||||
IHS Markit Ltd.(a) | 7,357 | 391,172 | ||||||
Manpower Group Inc. | 4,655 | 392,184 | ||||||
Nielsen Holdings PLC | 15,034 | 393,891 | ||||||
Robert Half International Inc. | 5,868 | 400,139 | ||||||
TransUnion | 6,226 | 401,950 | ||||||
Verisk Analytics Inc.(a) | 3,147 | 397,875 | ||||||
|
| |||||||
3,209,323 | ||||||||
Real Estate Management & Development — 0.3% | ||||||||
CBRE Group Inc., Class A(a) | 7,854 | 390,815 | ||||||
Jones Lang LaSalle Inc. | 2,383 | 393,481 | ||||||
|
| |||||||
784,296 | ||||||||
Road & Rail — 1.3% | ||||||||
AMERCO | 1,046 | 402,281 | ||||||
CSX Corp. | 5,434 | 394,889 |
Security | Shares | Value | ||||||
Road & Rail (continued) | ||||||||
JB Hunt Transport Services Inc. | 3,460 | $ | 372,538 | |||||
Kansas City Southern | 3,655 | 397,079 | ||||||
Knight-Swift Transportation Holdings Inc. | 11,722 | 394,211 | ||||||
Norfolk Southern Corp. | 2,153 | 386,033 | ||||||
Old Dominion Freight Line Inc. | 2,690 | 405,572 | ||||||
Union Pacific Corp. | 2,309 | 387,219 | ||||||
|
| |||||||
3,139,822 | ||||||||
Semiconductors & Semiconductor Equipment — 2.9% | ||||||||
Advanced Micro Devices Inc.(a) | 16,598 | 390,551 | ||||||
Analog Devices Inc. | 3,717 | 397,570 | ||||||
Applied Materials Inc. | 10,052 | 385,394 | ||||||
Broadcom Inc. | 1,394 | 383,852 | ||||||
Intel Corp. | 7,608 | 402,920 | ||||||
KLA-Tencor Corp. | 3,633 | 419,575 | ||||||
Lam Research Corp. | 2,175 | 382,996 | ||||||
Marvell Technology Group Ltd. | 20,873 | 416,416 | ||||||
Maxim Integrated Products Inc. | 7,037 | 383,024 | ||||||
Microchip Technology Inc. | 4,314 | 374,757 | ||||||
Micron Technology Inc.(a) | 9,360 | 382,637 | ||||||
NVIDIA Corp. | 2,502 | 385,959 | ||||||
ON Semiconductor Corp.(a)(b) | 17,111 | 367,544 | ||||||
Qorvo Inc.(a) | 6,032 | 423,084 | ||||||
QUALCOMM Inc. | 7,561 | 403,682 | ||||||
Skyworks Solutions Inc. | 4,714 | 384,945 | ||||||
Texas Instruments Inc. | 3,654 | 386,520 | ||||||
Xilinx Inc. | 3,294 | 412,738 | ||||||
|
| |||||||
7,084,164 | ||||||||
Software — 3.6% | ||||||||
Adobe Inc.(a) | 1,515 | 397,687 | ||||||
ANSYS Inc.(a) | 2,257 | 400,076 | ||||||
Autodesk Inc.(a) | 2,451 | 399,538 | ||||||
Cadence Design Systems Inc.(a) | 7,475 | 427,944 | ||||||
CDK Global Inc. | 6,754 | 391,800 | ||||||
Citrix Systems Inc. | 3,691 | 389,400 | ||||||
Fortinet Inc.(a) | 4,729 | 410,430 | ||||||
Intuit Inc. | 1,685 | 416,414 | ||||||
Microsoft Corp. | 3,632 | 406,893 | ||||||
Oracle Corp. | 7,599 | 396,136 | ||||||
Palo Alto Networks Inc.(a) | 1,736 | 427,525 | ||||||
PTC Inc.(a)(b) | 4,284 | 397,641 | ||||||
Red Hat Inc.(a) | 2,172 | 396,607 | ||||||
salesforce.com Inc.(a) | 2,471 | 404,379 | ||||||
ServiceNow Inc.(a) | 1,676 | 401,301 | ||||||
Splunk Inc.(a) | 2,885 | 392,014 | ||||||
SS&C Technologies Holdings Inc. | 6,566 | 404,334 | ||||||
Symantec Corp. | 16,978 | 381,835 | ||||||
Synopsys Inc.(a) | 3,867 | 393,197 | ||||||
Tableau Software Inc., Class A(a) | 3,039 | 400,844 | ||||||
VMware Inc., Class A | 2,321 | 398,771 | ||||||
Workday Inc., Class A(a) | 2,060 | 407,736 | ||||||
|
| |||||||
8,842,502 | ||||||||
Specialty Retail — 2.5% | ||||||||
Advance Auto Parts Inc. | 2,312 | 374,035 | ||||||
AutoZone Inc.(a) | 428 | 401,879 | ||||||
Best Buy Co. Inc. | 6,531 | 449,594 | ||||||
Burlington Stores Inc.(a) | 2,414 | 409,753 | ||||||
CarMax Inc.(a) | 6,333 | 393,279 | ||||||
Gap Inc. (The) | 15,678 | 398,221 | ||||||
Home Depot Inc. (The) | 2,043 | 378,241 |
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
L Brands Inc. | 14,376 | $ | 375,789 | |||||
Lowe’s Companies Inc. | 3,778 | 397,030 | ||||||
O’Reilly Automotive Inc.(a) | 1,013 | 376,796 | ||||||
Ross Stores Inc. | 4,181 | 396,484 | ||||||
Tiffany & Co. | 4,327 | 411,238 | ||||||
TJX Companies Inc. (The) | 7,825 | 401,344 | ||||||
Tractor Supply Co. | 4,028 | 384,070 | ||||||
Ulta Salon Cosmetics & Fragrance Inc.(a) | 1,283 | 400,925 | ||||||
|
| |||||||
5,948,678 | ||||||||
Technology Hardware, Storage & Peripherals — 1.3% | ||||||||
Apple Inc. | 2,311 | 400,150 | ||||||
Dell Technologies Inc., Class C(a) | 7,146 | 398,890 | ||||||
Hewlett Packard Enterprise Co. | 24,427 | 400,114 | ||||||
HP Inc. | 16,883 | 333,101 | ||||||
NetApp Inc. | 6,138 | 400,198 | ||||||
Seagate Technology PLC | 8,598 | 400,323 | ||||||
Western Digital Corp. | 8,248 | 414,874 | ||||||
Xerox Corp. | 12,903 | 398,703 | ||||||
|
| |||||||
3,146,353 | ||||||||
Textiles, Apparel & Luxury Goods — 1.5% | ||||||||
Capri Holdings Ltd.(a) | 8,834 | 402,830 | ||||||
Hanesbrands Inc. | 20,940 | 389,275 | ||||||
Lululemon Athletica Inc.(a) | 2,606 | 391,995 | ||||||
NIKE Inc., Class B | 4,603 | 394,615 | ||||||
PVH Corp. | 3,481 | 399,758 | ||||||
Ralph Lauren Corp. | 3,142 | 393,284 | ||||||
Tapestry Inc. | 10,945 | 382,418 | ||||||
Under Armour Inc., Class A(a) | 9,661 | 217,856 | ||||||
Under Armour Inc., Class C, NVS(a)(b) | 9,905 | 198,892 | ||||||
VF Corp. | 4,523 | 395,129 | ||||||
|
| |||||||
3,566,052 | ||||||||
Tobacco — 0.3% | ||||||||
Altria Group Inc. | 8,064 | 422,634 | ||||||
Philip Morris International Inc. | 4,709 | 409,401 | ||||||
|
| |||||||
832,035 | ||||||||
Trading Companies & Distributors — 0.6% | ||||||||
Fastenal Co. | 6,242 | 392,871 |
Security | Shares | Value | ||||||
Trading Companies & Distributors (continued) | ||||||||
HD Supply Holdings Inc.(a) | 8,971 | $ | 385,843 | |||||
United Rentals Inc.(a) | 2,920 | 393,003 | ||||||
WW Grainger Inc. | 1,243 | 378,829 | ||||||
|
| |||||||
1,550,546 | ||||||||
Water Utilities — 0.2% | ||||||||
American Water Works Co. Inc. | 4,009 | 407,395 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Sprint Corp.(a) | 62,387 | 396,157 | ||||||
T-Mobile U.S. Inc.(a) | 5,455 | 393,906 | ||||||
|
| |||||||
790,063 | ||||||||
|
| |||||||
Total Common Stocks — 99.8% | 242,782,601 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.8% | ||||||||
BlackRock Cash Funds: Institutional, | 4,155,092 | 4,156,753 | ||||||
BlackRock Cash Funds: Treasury, | 191,638 | 191,638 | ||||||
|
| |||||||
4,348,391 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.8% | 4,348,391 | |||||||
|
| |||||||
Total Investments in Securities — 101.6% |
| 247,130,992 | ||||||
Other Assets, Less Liabilities — (1.6)% | (4,008,561 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 243,122,431 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | | Shares Purchased | | | Shares Sold | | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | ||||||||||
BlackRock Cash Funds: Institutional, | 4,597,711 | — | (442,619 | )(b) | 4,155,092 | $ | 4,156,753 | $ | 13,359 | (c) | $ | (146 | ) | $ | 413 | |||||||||||||||||
BlackRock Cash Funds: Treasury, | 339,808 | — | (148,170 | )(b) | 191,638 | 191,638 | 2,765 | — | — | |||||||||||||||||||||||
BlackRock Inc. | 643 | 283 | (16 | ) | 910 | 403,330 | 4,684 | 409 | (17,933 | ) | ||||||||||||||||||||||
PNC Financial Services Group Inc. (The)(d) | 2,134 | 1,165 | (134 | ) | 3,165 | N/A | 4,632 | (61 | ) | (51,311 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 4,751,721 | $ | 25,440 | $ | 202 | $ | (68,831 | ) |
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
(d) | As of period end, the entity is no longer an affiliate of the Fund. |
S C H E D U L E O F I N V E S T M E N T S | 35 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI USA Equal Weighted ETF |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 242,782,601 | $ | — | $ | — | $ | 242,782,601 | ||||||||
Money Market Funds | 4,348,391 | — | — | 4,348,391 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 247,130,992 | $ | — | $ | — | $ | 247,130,992 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | iShares MSCI Colombia ETF | iShares MSCI Israel ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 8,840,684,171 | $ | 473,554,362 | $ | 23,615,288 | $ | 127,677,310 | ||||||||
Affiliated(c) | 3,782,612 | 470,484 | 28,125 | 23,354,362 | ||||||||||||
Foreign currency, at value(d) | 8,567,737 | — | 5,659 | 341,097 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 5,573,000 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 100,444,556 | 13,388,202 | 2,319,119 | 553,475 | ||||||||||||
Securities lending income — Affiliated | — | — | — | 5,391 | ||||||||||||
Dividends | 104,150,677 | 875 | 2,860 | 35,484 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 9,063,202,753 | 487,413,923 | 25,971,051 | 151,967,119 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | — | — | 23,252,827 | ||||||||||||
Deferred foreign capital gain tax | — | — | — | 59,071 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 92,524,558 | 4,471,654 | 2,544,032 | 585,185 | ||||||||||||
Variation margin on futures contracts | 1,496,807 | — | — | — | ||||||||||||
Capital shares redeemed | — | 9,092,332 | — | — | ||||||||||||
Investment advisory fees | 4,027,925 | 212,228 | 10,751 | 56,302 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 98,049,290 | 13,776,214 | 2,554,783 | 23,953,385 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 8,965,153,463 | $ | 473,637,709 | $ | 23,416,268 | $ | 128,013,734 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 8,994,725,439 | $ | 526,851,366 | $ | 35,024,377 | $ | 173,816,901 | ||||||||
Accumulated loss | (29,571,976 | ) | (53,213,657 | ) | (11,608,109 | ) | (45,803,167 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 8,965,153,463 | $ | 473,637,709 | $ | 23,416,268 | $ | 128,013,734 | ||||||||
|
| �� |
|
|
|
|
|
| ||||||||
Shares outstanding | 207,800,000 | 10,450,000 | 1,750,000 | 2,350,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 43.14 | $ | 45.32 | $ | 13.38 | $ | 54.47 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 500 million | 200 million | 25 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | — | $ | — | $ | — | $ | 22,492,559 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 6,010,170,999 | $ | 347,934,358 | $ | 20,387,276 | $ | 134,709,096 | ||||||||
(c) Investments, at cost — Affiliated | $ | 3,782,612 | $ | 470,484 | $ | 28,125 | $ | 23,348,979 | ||||||||
(d) Foreign currency, at cost | $ | 8,579,409 | $ | — | $ | 5,524 | $ | 341,682 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 37 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2019
iShares MSCI Russia ETF | iShares MSCI South Africa ETF | iShares MSCI Turkey ETF | iShares MSCI USA Equal Weighted ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 574,652,700 | $ | 565,103,620 | $ | 551,863,262 | $ | 242,379,271 | ||||||||
Affiliated(c) | 1,006,440 | 14,033,926 | 14,940,740 | 4,751,721 | ||||||||||||
Foreign currency, at value(d) | — | 546,409 | 163,596 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 10,125,980 | 9,393,052 | 2,807,362 | 8,580,414 | ||||||||||||
Securities lending income — Affiliated | — | 4,752 | 69,755 | 1,254 | ||||||||||||
Dividends | 14,563 | 202 | 406 | 373,828 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 585,799,683 | 589,081,961 | 569,845,121 | 256,086,488 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | 14,029,390 | 14,783,317 | 4,156,265 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 10,092,835 | 8,642,028 | 1,939,323 | 8,759,764 | ||||||||||||
Capital shares redeemed | — | — | 51,223 | 20,647 | ||||||||||||
Investment advisory fees | 254,383 | 258,442 | 254,600 | 27,381 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 10,347,218 | 22,929,860 | 17,028,463 | 12,964,057 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 575,452,465 | $ | 566,152,101 | $ | 552,816,658 | $ | 243,122,431 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 676,503,642 | $ | 810,228,535 | $ | 815,757,999 | $ | 224,537,085 | ||||||||
Accumulated earnings (loss) | (101,051,177 | ) | (244,076,434 | ) | (262,941,341 | ) | 18,585,346 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 575,452,465 | $ | 566,152,101 | $ | 552,816,658 | $ | 243,122,431 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 16,800,000 | 10,500,000 | 19,700,000 | 4,250,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 34.25 | $ | 53.92 | $ | 28.06 | $ | 57.21 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 1 billion | 400 million | 200 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | — | $ | 13,103,486 | $ | 13,956,122 | $ | 4,058,113 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 560,899,830 | $ | 664,206,750 | $ | 696,108,269 | $ | 222,323,430 | ||||||||
(c) Investments, at cost — Affiliated | $ | 1,006,440 | $ | 14,029,731 | $ | 14,935,219 | $ | 4,735,789 | ||||||||
(d) Foreign currency, at cost | $ | — | $ | 550,570 | $ | 158,583 | $ | — |
See notes to financial statements.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | iShares MSCI Colombia ETF | iShares MSCI Israel ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 170,385,819 | $ | 3,664,842 | $ | 268,103 | $ | 632,407 | ||||||||
Dividends — Affiliated | 94,841 | 10,027 | 376 | 1,051 | ||||||||||||
Securities lending income — Affiliated — net | — | — | 48 | 20,180 | ||||||||||||
Foreign taxes withheld | (14,703,492 | ) | (1,186,994 | ) | (14,647 | ) | (133,318 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 155,777,168 | 2,487,875 | 253,880 | 520,320 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 21,634,461 | 1,281,997 | 70,496 | 357,729 | ||||||||||||
Commitment fees | — | — | 41 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 21,634,461 | 1,281,997 | 70,537 | 357,729 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 134,142,707 | 1,205,878 | 183,343 | 162,591 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | 25,550,473 | (9,319,339 | ) | (2,217,930 | ) | 4,130,705 | ||||||||||
Investments — Affiliated | — | — | — | 22 | ||||||||||||
In-kind redemptions — Unaffiliated | — | — | 12,709 | 537,313 | ||||||||||||
Futures contracts | (3,360,937 | ) | — | — | — | |||||||||||
Foreign currency transactions | (1,648,871 | ) | (5,618 | ) | (27,803 | ) | (7,271 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 20,540,665 | (9,324,957 | ) | (2,233,024 | ) | 4,660,769 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(b) | 1,958,032,877 | 23,576,008 | 1,015,094 | (9,544,909 | ) | |||||||||||
Investments — Affiliated | — | — | — | 4,383 | ||||||||||||
Futures contracts | 4,186,311 | — | — | — | ||||||||||||
Foreign currency translations | 5,791,661 | 9 | (22,033 | ) | (2,323 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 1,968,010,849 | 23,576,017 | 993,061 | (9,542,849 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 1,988,551,514 | 14,251,060 | (1,239,963 | ) | (4,882,080 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,122,694,221 | $ | 15,456,938 | $ | (1,056,620 | ) | $ | (4,719,489 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax of | $ | — | $ | — | $ | — | $ | 1,336 | ||||||||
(b) Net of deferred foreign capital gain tax of | $ | — | $ | — | $ | — | $ | 27,757 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 39 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2019
iShares MSCI Russia ETF | iShares MSCI South Africa ETF | iShares MSCI Turkey ETF | iShares MSCI USA Equal Weighted ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 11,060,722 | $ | 6,135,287 | $ | 2,161,912 | $ | 2,045,451 | ||||||||
Dividends — Affiliated | 15,611 | 3,527 | 3,679 | 12,081 | ||||||||||||
Securities lending income — Affiliated — net | — | 19,298 | 810,789 | 13,359 | ||||||||||||
Foreign taxes withheld | (1,187,075 | ) | (895,353 | ) | (324,275 | ) | (226 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 9,889,258 | 5,262,759 | 2,652,105 | 2,070,665 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 1,507,101 | 1,290,791 | 1,479,023 | 153,979 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 1,507,101 | 1,290,791 | 1,479,023 | 153,979 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 8,382,157 | 3,971,968 | 1,173,082 | 1,916,686 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (16,669,880 | ) | (16,405,668 | ) | (36,176,336 | ) | (3,019,477 | ) | ||||||||
Investments — Affiliated | — | (110 | ) | (3,647 | ) | (3,008 | ) | |||||||||
In-kind redemptions — Unaffiliated | 2,589,966 | 10,348,331 | 18,406,048 | 3,734,655 | ||||||||||||
In-kind redemptions — Affiliated | — | — | — | 3,210 | ||||||||||||
Foreign currency transactions | 21,824 | 48,978 | 108,703 | (2 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (14,058,090 | ) | (6,008,469 | ) | (17,665,232 | ) | 715,378 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | 53,985,736 | (3,790,209 | ) | 177,311,086 | (4,793,505 | ) | ||||||||||
Investments — Affiliated | — | 4,195 | 1,459 | (68,831 | ) | |||||||||||
Foreign currency translations | 387 | 25,085 | 10,294 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 53,986,123 | (3,760,929 | ) | 177,322,839 | (4,862,336 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 39,928,033 | (9,769,398 | ) | 159,657,607 | (4,146,958 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 48,310,190 | $ | (5,797,430 | ) | $ | 160,830,689 | $ | (2,230,272 | ) | ||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 134,142,707 | $ | 215,074,597 | $ | 1,205,878 | $ | 7,512,011 | ||||||||
Net realized gain (loss) | 20,540,665 | (317,730,471 | ) | (9,324,957 | ) | 29,985,852 | ||||||||||
Net change in unrealized appreciation (depreciation) | 1,968,010,849 | (1,355,630,047 | ) | 23,576,017 | (56,500,492 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,122,694,221 | (1,458,285,921 | ) | 15,456,938 | (19,002,629 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
From net investment income | (113,734,764 | ) | (186,603,443 | ) | (676,823 | ) | (7,431,414 | ) | ||||||||
Return of capital | — | — | — | (465,343 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Decrease in net assets resulting from distributions to shareholders | (113,734,764 | ) | (186,603,443 | ) | (676,823 | ) | (7,896,757 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 1,455,162,794 | 818,001,540 | 65,506,406 | (47,394,474 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total increase (decrease) in net assets | 3,464,122,251 | (826,887,824 | ) | 80,286,521 | (74,293,860 | ) | ||||||||||
Beginning of period | 5,501,031,212 | 6,327,919,036 | 393,351,188 | 467,645,048 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,965,153,463 | $ | 5,501,031,212 | $ | 473,637,709 | $ | 393,351,188 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 41 |
Statements of Changes in Net Assets (continued)
iShares MSCI Colombia ETF | iShares MSCI Israel ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 183,343 | $ | 462,142 | $ | 162,591 | $ | 1,215,568 | ||||||||
Net realized gain (loss) | (2,233,024 | ) | (150,451 | ) | 4,660,769 | 3,243,415 | ||||||||||
Net change in unrealized appreciation (depreciation) | 993,061 | (1,227,252 | ) | (9,542,849 | ) | 15,413,516 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,056,620 | ) | (915,561 | ) | (4,719,489 | ) | 19,872,499 | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
From net investment income | (295,125 | ) | (365,825 | ) | (184,183 | ) | (2,219,395 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Decrease in net assets resulting from distributions to shareholders | (295,125 | ) | (365,825 | ) | (184,183 | ) | (2,219,395 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (1,066,268 | ) | 4,521,784 | 11,182,036 | 14,930,276 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total increase (decrease) in net assets | (2,418,013 | ) | 3,240,398 | 6,278,364 | 32,583,380 | |||||||||||
Beginning of period | 25,834,281 | 22,593,883 | 121,735,370 | 89,151,990 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 23,416,268 | $ | 25,834,281 | $ | 128,013,734 | $ | 121,735,370 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Russia ETF | iShares MSCI South Africa ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 8,382,157 | $ | 21,439,425 | $ | 3,971,968 | $ | 9,864,282 | ||||||||
Net realized gain (loss) | (14,058,090 | ) | 49,219,605 | (6,008,469 | ) | (17,918,274 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 53,986,123 | (37,535,134 | ) | (3,760,929 | ) | (35,884,667 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 48,310,190 | 33,123,896 | (5,797,430 | ) | (43,938,659 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (21,626,313 | ) | (20,645,275 | ) | (8,217,109 | ) | (9,978,039 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 69,908,765 | (63,695,247 | ) | 207,052,709 | 7,443,919 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total increase (decrease) in net assets | 96,592,642 | (51,216,626 | ) | 193,038,170 | (46,472,779 | ) | ||||||||||
Beginning of period | 478,859,823 | 530,076,449 | 373,113,931 | 419,586,710 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 575,452,465 | $ | 478,859,823 | $ | 566,152,101 | $ | 373,113,931 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 43 |
Statements of Changes in Net Assets (continued)
iShares MSCI Turkey ETF | iShares MSCI USA Equal Weighted ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 1,173,082 | $ | 9,347,813 | $ | 1,916,686 | $ | 2,628,092 | ||||||||
Net realized gain (loss) | (17,665,232 | ) | (19,295,791 | ) | 715,378 | 9,677,841 | ||||||||||
Net change in unrealized appreciation (depreciation) | 177,322,839 | (211,430,501 | ) | (4,862,336 | ) | 11,921,504 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 160,830,689 | (221,378,479 | ) | (2,230,272 | ) | 24,227,437 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,599,742 | ) | (8,942,652 | ) | (2,089,362 | ) | (2,338,579 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase in net assets derived from capital share transactions | 6,788,907 | 192,391,352 | 54,621,704 | 34,986,308 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total increase (decrease) in net assets | 166,019,854 | (37,929,779 | ) | 50,302,070 | 56,875,166 | |||||||||||
Beginning of period | 386,796,804 | 424,726,583 | 192,820,361 | 135,945,195 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 552,816,658 | $ | 386,796,804 | $ | 243,122,431 | $ | 192,820,361 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Brazil ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 32.03 | $ | 40.06 | $ | 33.52 | $ | 24.71 | $ | 53.61 | $ | 42.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.71 | 1.14 | 0.76 | 0.63 | 1.00 | 1.56 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 10.97 | (8.22 | ) | 6.45 | 8.62 | (28.87 | ) | 11.08 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 11.68 | (7.08 | ) | 7.21 | 9.25 | (27.87 | ) | 12.64 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.57 | ) | (0.95 | ) | (0.67 | ) | (0.44 | ) | (1.03 | ) | (1.55 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.57 | ) | (0.95 | ) | (0.67 | ) | (0.44 | ) | (1.03 | ) | (1.55 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 43.14 | $ | 32.03 | $ | 40.06 | $ | 33.52 | $ | 24.71 | $ | 53.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 36.75 | %(c) | (17.87 | )% | 22.03 | % | 38.22 | % | (52.49 | )% | 30.33 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(d) | 0.59 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 3.66 | %(d) | 2.86 | % | 2.10 | % | 2.41 | % | 2.73 | % | 3.37 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 8,965,153 | $ | 5,501,031 | $ | 6,327,919 | $ | 3,899,630 | $ | 1,989,135 | $ | 5,449,685 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 6 | %(c)(f) | 30 | %(f) | 20 | %(f) | 18 | %(f) | 63 | %(f) | 54 | %(f) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(a) Based on average shares outstanding. |
| |||||||||||||||||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| |||||||||||||||||||||||
(c) Not annualized. |
| |||||||||||||||||||||||
(d) Annualized. |
| |||||||||||||||||||||||
(e) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| |||||||||||||||||||||||
(f) Portfolio turnover rate excluding cash creations was as follows: | 5 | % | 13 | % | 13 | % | 4 | % | 48 | % | 11 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 45 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Chile ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.71 | $ | 47.96 | $ | 36.77 | $ | 34.75 | $ | 43.52 | $ | 47.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.12 | 0.78 | 0.69 | 0.78 | 0.66 | 0.69 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.55 | (4.06 | ) | 11.21 | 2.03 | (8.81 | ) | (4.18 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 1.67 | (3.28 | ) | 11.90 | 2.81 | (8.15 | ) | (3.49 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.06 | ) | (0.92 | ) | (0.67 | ) | (0.75 | ) | (0.62 | ) | (0.69 | ) | ||||||||||||
Return of capital | — | (0.05 | ) | (0.04 | ) | (0.04 | ) | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.06 | ) | (0.97 | ) | (0.71 | ) | (0.79 | ) | (0.62 | ) | (0.69 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 45.32 | $ | 43.71 | $ | 47.96 | $ | 36.77 | $ | 34.75 | $ | 43.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 3.86 | %(c) | (7.03 | )% | 32.65 | % | 8.17 | % | (18.85 | )% | (7.40 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(d) | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.56 | %(d) | 1.55 | % | 1.68 | % | 2.20 | % | 1.64 | % | 1.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 473,638 | $ | 393,351 | | $ | 467,645 | $ | 327,244 | $ | 234,536 | $ | 352,499 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 34 | %(c)(f) | 54 | %(f) | 54 | %(f) | 73 | %(f) | 71 | %(f) | 91 | %(f) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(a) Based on average shares outstanding. |
| |||||||||||||||||||||||
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| |||||||||||||||||||||||
(c) Not annualized. |
| |||||||||||||||||||||||
(d) Annualized. |
| |||||||||||||||||||||||
(e) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| |||||||||||||||||||||||
(f) Portfolio turnover rate excluding cash creations was as follows: | 3 | % | 11 | % | 8 | % | 11 | % | 10 | % | 11 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Colombia ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 13.96 | $ | 14.58 | $ | 13.18 | $ | 11.88 | $ | 28.22 | $ | 25.98 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.10 | 0.30 | 0.23 | 0.25 | 0.46 | (b) | 0.67 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.52 | ) | (0.70 | ) | 1.34 | 1.23 | (16.34 | ) | 2.24 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.42 | ) | (0.40 | ) | 1.57 | 1.48 | (15.88 | ) | 2.91 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.16 | ) | (0.22 | ) | (0.17 | ) | (0.18 | ) | (0.45 | ) | (0.63 | ) | ||||||||||||
From net realized gain | — | — | — | — | — | (0.03 | ) | |||||||||||||||||
Return of capital | — | — | — | — | (0.01 | ) | (0.01 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.16 | ) | (0.22 | ) | (0.17 | ) | (0.18 | ) | (0.46 | ) | (0.67 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 13.38 | $ | 13.96 | $ | 14.58 | $ | 13.18 | $ | 11.88 | $ | 28.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.94 | )%(d) | (2.69 | )% | 12.05 | % | 12.49 | % | (56.73 | )% | 11.44 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.61 | %(e) | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.61 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.59 | %(e) | 2.01 | % | 1.72 | % | 2.16 | % | 2.60 | %(b) | 2.54 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 23,416 | $ | 25,834 | $ | 22,594 | $ | 17,136 | $ | 14,251 | $ | 25,396 | ||||||||||||
|
|
|
|
|
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|
|
|
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|
| |||||||||||||
Portfolio turnover rate(f) | 34 | %(d) | 26 | % | 14 | % | 68 | % | 86 | % | 34 | % | ||||||||||||
|
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|
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|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Includes aone-time special distribution from Ecopetrol SA. Excluding such special distribution, the net investment income would have been $0.33 per share and 1.87% of average net assets. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 47 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Israel ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 56.62 | $ | 48.19 | $ | 49.36 | $ | 50.51 | $ | 50.69 | $ | 42.85 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.07 | 0.59 | 0.62 | 0.71 | 1.23 | 0.87 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.14 | ) | 8.88 | (0.98 | ) | (0.87 | ) | (0.34 | ) | 7.95 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (2.07 | ) | 9.47 | (0.36 | ) | (0.16 | ) | 0.89 | 8.82 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.08 | ) | (1.04 | ) | (0.81 | ) | (0.99 | ) | (1.07 | ) | (0.98 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.08 | ) | (1.04 | ) | (0.81 | ) | (0.99 | ) | (1.07 | ) | (0.98 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 54.47 | $ | 56.62 | $ | 48.19 | $ | 49.36 | $ | 50.51 | $ | 50.69 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (3.65 | )%(c) | 19.91 | % | (0.77 | )% | (0.23 | )% | 1.80 | % | 20.67 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(d) | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.27 | %(d) | 1.15 | % | 1.25 | % | 1.46 | % | 2.45 | % | 1.74 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 128,014 | $ | 121,735 | $ | 89,152 | $ | 93,793 | $ | 126,285 | $ | 121,645 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 13 | %(c) | 6 | % | 28 | % | 46 | % | 14 | % | 15 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Russia ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 32.47 | $ | 32.13 | $ | 27.92 | $ | 25.03 | $ | 36.68 | $ | 39.68 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(b) | 0.55 | 1.21 | 1.14 | 1.06 | 0.94 | 1.26 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 2.61 | 0.22 | 4.07 | 2.65 | (11.27 | ) | (4.01 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 3.16 | 1.43 | 5.21 | 3.71 | (10.33 | ) | (2.75 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (1.38 | ) | (1.09 | ) | (1.00 | ) | (0.82 | ) | (1.32 | ) | (0.25 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.38 | ) | (1.09 | ) | (1.00 | ) | (0.82 | ) | (1.32 | ) | (0.25 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 34.25 | $ | 32.47 | $ | 32.13 | $ | 27.92 | $ | 25.03 | $ | 36.68 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 10.13 | %(d) | 4.37 | % | 18.73 | % | 15.62 | % | (27.57 | )% | (7.00 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(e) | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 3.29 | %(e) | 3.50 | % | 4.27 | % | 4.17 | % | 3.33 | % | 3.14 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 575,452 | $ | 478,860 | $ | 530,076 | $ | 319,629 | $ | 210,912 | $ | 289,775 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 11 | %(d) | 32 | % | 18 | % | 23 | % | 19 | % | 15 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect aone-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI South Africa ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 54.87 | $ | 62.62 | $ | 52.78 | $ | 57.44 | $ | 70.77 | $ | 58.88 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.47 | 1.41 | 1.07 | 1.02 | 1.28 | 1.57 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.35 | ) | (7.69 | ) | 9.79 | (3.24 | ) | (13.24 | ) | 11.86 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 0.12 | (6.28 | ) | 10.86 | (2.22 | ) | (11.96 | ) | 13.43 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (1.07 | ) | (1.47 | ) | (1.02 | ) | (2.44 | ) | (1.37 | ) | (1.54 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.07 | ) | (1.47 | ) | (1.02 | ) | (2.44 | ) | (1.37 | ) | (1.54 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 53.92 | $ | 54.87 | $ | 62.62 | $ | 52.78 | $ | 57.44 | $ | 70.77 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.38 | %(c) | (10.20 | )% | 20.91 | % | (3.64 | )% | (17.07 | )% | 23.13 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(d) | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.81 | %(d) | 2.20 | % | 1.91 | % | 1.96 | % | 1.94 | % | 2.40 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 566,152 | $ | 373,114 | $ | 419,587 | $ | 406,443 | $ | 373,346 | $ | 587,396 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 6 | %(c) | 15 | % | 13 | % | 12 | % | 9 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
50 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Turkey ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.09 | $ | 46.17 | $ | 38.16 | $ | 38.27 | $ | 55.72 | $ | 49.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.06 | 1.01 | 0.97 | 0.96 | 1.13 | (b) | 0.85 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | 7.99 | (26.05 | ) | 8.12 | (0.17 | ) | (17.49 | ) | 6.75 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 8.05 | (25.04 | ) | 9.09 | 0.79 | (16.36 | ) | 7.60 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.08 | ) | (1.04 | ) | (1.08 | ) | (0.90 | ) | (1.09 | ) | (0.88 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.08 | ) | (1.04 | ) | (1.08 | ) | (0.90 | ) | (1.09 | ) | (0.88 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 28.06 | $ | 20.09 | $ | 46.17 | $ | 38.16 | $ | 38.27 | $ | 55.72 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 40.11 | %(d) | (54.97 | )% | 24.23 | % | 1.98 | % | (29.69 | )% | 15.52 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(e) | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.47 | %(e) | 2.76 | % | 2.58 | % | 2.45 | % | 2.31 | %(b) | 1.64 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 552,817 | $ | 386,797 | $ | 424,727 | $ | 368,225 | $ | 371,225 | $ | 515,367 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 7 | %(d) | 7 | % | 6 | % | 6 | % | 6 | % | 8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Includes aone-time special distribution from Turkcell Iletisim Hizmetleri AS. Excluding such special distribution, the net investment income would have been $0.76 per share and 1.55% of average net assets. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI USA Equal Weighted ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 59.33 | $ | 51.30 | $ | 46.05 | $ | 42.51 | $ | 43.08 | $ | 35.26 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.51 | 0.98 | 0.85 | 0.77 | 0.80 | 0.71 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.06 | ) | 7.94 | 5.18 | 3.63 | (0.57 | ) | 8.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.55 | ) | 8.92 | 6.03 | 4.40 | 0.23 | 8.72 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.57 | ) | (0.89 | ) | (0.78 | ) | (0.86 | ) | (0.80 | ) | (0.90 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.57 | ) | (0.89 | ) | (0.78 | ) | (0.86 | ) | (0.80 | ) | (0.90 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 57.21 | $ | 59.33 | $ | 51.30 | $ | 46.05 | $ | 42.51 | $ | 43.08 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.55 | )%(c) | 17.55 | % | 13.22 | % | 10.54 | % | 0.48 | % | 24.98 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.15 | %(d) | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.87 | %(d) | 1.76 | % | 1.72 | % | 1.79 | % | 1.82 | % | 1.82 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 243,122 | $ | 192,820 | $ | 135,945 | $ | 73,673 | $ | 44,632 | $ | 47,391 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 11 | %(c) | 23 | % | 27 | % | 28 | % | 39 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
52 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Brazil | Non-diversified | |||
MSCI Chile | Non-diversified | |||
MSCI Colombia | Non-diversified | |||
MSCI Israel | Non-diversified | |||
MSCI Russia | Non-diversified | |||
MSCI South Africa | Non-diversified | |||
MSCI Turkey | Non-diversified | |||
MSCI USA Equal Weighted | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 53 |
Notes to Financial Statements (unaudited) (continued)
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S.
54 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
MSCI Israel | ||||||||||||||||
JPMorgan Securities LLC | $ | 393,960 | $ | 393,960 | $ | — | $ | — | ||||||||
Merrill Lynch, Pierce, Fenner & Smith | 4,902,555 | 4,902,555 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 17,103,655 | 17,103,655 | — | — | ||||||||||||
UBS AG | 92,389 | 92,389 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 22,492,559 | $ | 22,492,559 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI South Africa | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 13,103,486 | $ | 13,103,486 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Turkey | ||||||||||||||||
Credit Suisse Securities (USA) LLC | $ | 7,523,695 | $ | 7,523,695 | $ | — | $ | — | ||||||||
Deutsche Bank Securities Inc. | 1,107,987 | 1,107,987 | — | — | ||||||||||||
Goldman Sachs & Co. | 21,130 | 21,130 | — | — | ||||||||||||
HSBC Bank PLC | 18,795 | 18,795 | — | — | ||||||||||||
JPMorgan Securities LLC | 3,108,480 | 3,108,480 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 167,244 | 167,244 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,747,047 | 1,747,047 | — | — | ||||||||||||
UBS AG | 261,744 | 261,744 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 13,956,122 | $ | 13,956,122 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI USA Equal Weighted | ||||||||||||||||
BNP Paribas Prime Brokerage International Ltd. | $ | 1,234,274 | $ | 1,234,274 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 5,270 | 5,270 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 378,491 | 378,491 | — | — | ||||||||||||
Goldman Sachs & Co. | 659,751 | 659,751 | — | — | ||||||||||||
HSBC Bank PLC | 529,575 | 529,575 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 458,725 | 458,725 | — | — | ||||||||||||
National Financial Services LLC | 5,539 | 5,539 | — | — | ||||||||||||
TD Prime Services LLC | 362,331 | 362,331 | — | — | ||||||||||||
UBS AG | 424,157 | 424,157 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,058,113 | $ | 4,058,113 | $ | — | $ | — | |||||||||
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|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an
N O T E S T O F I N A N C I A L S T A T E M E N T S | 55 |
Notes to Financial Statements (unaudited) (continued)
investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $2 billion | 0.74 | % | ||
Over $2 billion, up to and including $4 billion | 0.69 | |||
Over $4 billion, up to and including $8 billion | 0.64 | |||
Over $8 billion, up to and including $16 billion | 0.57 | |||
Over $16 billion, up to and including $24 billion | 0.51 | |||
Over $24 billion, up to and including $32 billion | 0.48 | |||
Over $32 billion | 0.45 |
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
MSCI Colombia | 0.61 | % | ||
MSCI USA Equal Weighted | 0.15 |
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
56 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Pursuant to the current securities lending agreement, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 73.5% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, each of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, each Group 1 Fund would have retained for the remainder of that calendar year 75% of securities lending income (which excludes collateral investment fees) and the amount retained would not have been less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Colombia | $ | 8 | ||
MSCI Israel | 5,876 | |||
MSCI South Africa | 5,596 | |||
MSCI Turkey | 155,571 | |||
MSCI USA Equal Weighted | 5,459 |
Officers and Trustees:Certain officers and/or trustees of the Company are officers and/or trustees of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Israel | $ | 577,066 | $ | 1,562,066 | ||||
MSCI Russia | 3,314,597 | 886,771 | ||||||
MSCI USA Equal Weighted | 9,012,813 | 7,506,339 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Brazil | $ | 1,871,921,450 | $ | 458,652,121 | ||||
MSCI Chile | 213,759,976 | 147,625,062 | ||||||
MSCI Colombia | 8,044,234 | 8,834,144 | ||||||
MSCI Israel | 15,913,636 | 15,945,196 | ||||||
MSCI Russia | 61,356,371 | 55,668,676 | ||||||
MSCI South Africa | 33,491,113 | 25,800,826 | ||||||
MSCI Turkey | 35,579,429 | 40,393,771 | ||||||
MSCI USA Equal Weighted | 23,224,722 | 22,205,821 |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 57 |
Notes to Financial Statements (unaudited) (continued)
For the six months ended February 28, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Colombia | $ | 153,255 | $ | 213,804 | ||||
MSCI Israel | 13,528,998 | 2,370,627 | ||||||
MSCI Russia | 63,691,276 | 13,563,821 | ||||||
MSCI South Africa | 373,365,588 | 171,464,721 | ||||||
MSCI Turkey | 72,424,684 | 65,721,709 | ||||||
MSCI USA Equal Weighted | 65,692,022 | 11,269,102 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non-Expiring(a) | Expiring 2019 | Total | |||||||||
MSCI Brazil | $ | 2,448,185,257 | $ | — | $ | 2,448,185,257 | ||||||
MSCI Chile | 125,803,638 | 976,991 | 126,780,629 | |||||||||
MSCI Colombia | 8,968,691 | — | 8,968,691 | |||||||||
MSCI Israel | 33,403,898 | 7,130,249 | 40,534,147 | |||||||||
MSCI Russia | 83,968,805 | — | 83,968,805 | |||||||||
MSCI South Africa | 108,053,243 | 6,137,142 | 114,190,385 | |||||||||
MSCI Turkey | 81,724,632 | 3,859,184 | 85,583,816 | |||||||||
MSCI USA Equal Weighted | 950,870 | — | 950,870 |
(a) | Must be utilized prior to losses subject to expiration. |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Brazil | $ | 6,524,440,357 | $ | 2,950,527,093 | $ | (627,643,953 | ) | $ | 2,322,883,140 | |||||||
MSCI Chile | 391,610,186 | 126,825,613 | (44,410,953 | ) | 82,414,660 | |||||||||||
MSCI Colombia | 24,061,134 | 3,715,362 | (4,133,083 | ) | (417,721 | ) | ||||||||||
MSCI Israel | 160,880,209 | 21,502,383 | (31,350,920 | ) | (9,848,537 | ) | ||||||||||
MSCI Russia | 579,206,339 | 61,525,848 | (65,073,047 | ) | (3,547,199 | ) | ||||||||||
MSCI South Africa | 706,246,642 | 10,883,044 | (137,992,140 | ) | (127,109,096 | ) | ||||||||||
MSCI Turkey | 726,312,915 | 14,803,678 | (174,312,591 | ) | (159,508,913 | ) | ||||||||||
MSCI USA Equal Weighted | 228,830,061 | 28,119,708 | (9,818,777 | ) | 18,300,931 |
9. | LINE OF CREDIT |
The iShares MSCI Colombia ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) theone-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’spro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.
The Fund did not borrow under the credit agreement during the six months ended February 28, 2019.
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Notes to Financial Statements (unaudited) (continued)
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which can consist of prohibiting certain securities trades, prohibiting certain private transactions in the energy sector, asset freezes and prohibition of all business, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy, and may negatively impact a fund. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 59 |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Brazil | ||||||||||||||||
Shares sold | 38,400,000 | $ | 1,536,626,625 | 51,100,000 | $ | 2,106,146,096 | ||||||||||
Shares redeemed | (2,350,000 | ) | (81,463,831 | ) | (37,300,000 | ) | (1,288,144,556 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 36,050,000 | $ | 1,455,162,794 | 13,800,000 | $ | 818,001,540 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Chile | ||||||||||||||||
Shares sold | 4,500,000 | $ | 200,090,036 | 4,200,000 | $ | 204,165,240 | ||||||||||
Shares redeemed | (3,050,000 | ) | (134,583,630 | ) | (4,950,000 | ) | (251,559,714 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase(decrease) | 1,450,000 | $ | 65,506,406 | (750,000 | ) | $ | (47,394,474 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Colombia | ||||||||||||||||
Shares sold | 350,000 | $ | 4,605,984 | 400,000 | $ | 6,036,941 | ||||||||||
Shares redeemed | (450,000 | ) | (5,672,252 | ) | (100,000 | ) | (1,515,157 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase(decrease) | (100,000 | ) | $ | (1,066,268 | ) | 300,000 | $ | 4,521,784 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Israel | ||||||||||||||||
Shares sold | 250,000 | $ | 13,618,762 | 600,000 | $ | 30,421,376 | ||||||||||
Shares redeemed | (50,000 | ) | (2,436,726 | ) | (300,000 | ) | (15,491,100 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 200,000 | $ | 11,182,036 | 300,000 | $ | 14,930,276 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Russia | ||||||||||||||||
Shares sold | 2,550,000 | $ | 86,467,817 | 6,800,000 | $ | 228,623,987 | ||||||||||
Shares redeemed | (500,000 | ) | (16,559,052 | ) | (8,550,000 | ) | (292,319,234 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase(decrease) | 2,050,000 | $ | 69,908,765 | (1,750,000 | ) | $ | (63,695,247 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI South Africa | ||||||||||||||||
Shares sold | 7,100,000 | $ | 378,771,749 | 3,500,000 | $ | 223,536,185 | ||||||||||
Shares redeemed | (3,400,000 | ) | (171,719,040 | ) | (3,400,000 | ) | (216,092,266 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 3,700,000 | $ | 207,052,709 | 100,000 | $ | 7,443,919 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Turkey | ||||||||||||||||
Shares sold | 3,000,000 | $ | 72,879,422 | 13,950,000 | $ | 339,600,282 | ||||||||||
Shares redeemed | (2,550,000 | ) | (66,090,515 | ) | (3,900,000 | ) | (147,208,930 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 450,000 | $ | 6,788,907 | 10,050,000 | $ | 192,391,352 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI USA Equal Weighted | ||||||||||||||||
Shares sold | 1,200,000 | $ | 66,040,244 | 1,400,000 | $ | 78,296,192 | ||||||||||
Shares redeemed | (200,000 | ) | (11,418,540 | ) | (800,000 | ) | (43,309,884 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 1,000,000 | $ | 54,621,704 | 600,000 | $ | 34,986,308 | ||||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
12. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
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Notes to Financial Statements (unaudited) (continued)
13. | REGULATIONS-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532,Disclosure Update and Simplification.The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | Return of capital | ||||||
MSCI Brazil | $ | 186,603,443 | $ | — | ||||
MSCI Chile | 7,431,414 | 465,343 | ||||||
MSCI Colombia | 365,825 | — | ||||||
MSCI Israel | 2,219,395 | — | ||||||
MSCI Russia | 20,645,275 | — | ||||||
MSCI South Africa | 9,978,039 | — | ||||||
MSCI Turkey | 8,942,652 | — | ||||||
MSCI USA Equal Weighted | 2,338,579 | — |
Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed (distributions in excess of) net investment income | |||
MSCI Brazil | $ | 50,812,884 | ||
MSCI Chile | (51,786 | ) | ||
MSCI Colombia | 100,951 | |||
MSCI Israel | (519,165 | ) | ||
MSCI Russia | 13,405,253 | |||
MSCI South Africa | 504,766 | |||
MSCI Turkey | 167,417 | |||
MSCI USA Equal Weighted | 692,087 |
14. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 61 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Brazil(a) | $ | 0.411091 | $ | — | $ | 0.163327 | $ | 0.574418 | 72 | % | — | % | 28 | % | 100 | % | ||||||||||||||||
MSCI Colombia(a) | 0.136165 | — | 0.019164 | 0.155329 | 88 | — | 12 | 100 | ||||||||||||||||||||||||
MSCI Israel(a) | 0.051244 | — | 0.025499 | 0.076743 | 67 | — | 33 | 100 | ||||||||||||||||||||||||
MSCI Russia(a) | 1.216263 | — | 0.165610 | 1.381873 | 88 | — | 12 | 100 | ||||||||||||||||||||||||
MSCI South Africa(a) | 1.018108 | — | 0.049049 | 1.067157 | 95 | — | 5 | 100 | ||||||||||||||||||||||||
MSCI Turkey(a) | 0.050520 | — | 0.025840 | 0.076360 | 66 | — | 34 | 100 | ||||||||||||||||||||||||
MSCI USA Equal Weighted(a) | 0.465325 | — | 0.109672 | 0.574997 | 81 | — | 19 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
62 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
GENERAL INFORMATION | 63 |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Equity | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVS | Non-Voting Shares |
64 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. | |
![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares MSCI Australia ETF | EWA | NYSE Arca |
▶ | iShares MSCI Canada ETF | EWC | NYSE Arca |
▶ | iShares MSCI Japan ETF | EWJ | NYSE Arca |
▶ | iShares MSCI Mexico ETF | EWW | NYSE Arca |
▶ | iShares MSCI South Korea ETF | EWY | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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52 |
Fund Summary as of February 28, 2019 | iShares® MSCI Australia ETF |
Investment Objective
TheiShares MSCI Australia ETF(the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (1.81 | )% | (2.25 | )% | 1.80 | % | 11.53 | % | (2.25 | )% | 9.33 | % | 197.72 | % | ||||||||||||||||||
Fund Market | (1.82 | ) | (1.34 | ) | 1.67 | 11.65 | (1.34 | ) | 8.61 | 200.89 | ||||||||||||||||||||||
Index | (1.63 | ) | (1.88 | ) | 2.16 | 11.99 | (1.88 | ) | 11.27 | 210.36 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 981.90 | $ | 2.41 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 38.0 | % | ||
Materials | 18.8 | |||
Health Care | 8.8 | |||
Real Estate | 7.3 | |||
Energy | 6.5 | |||
Industrials | 6.0 | |||
Consumer Discretionary | 5.4 | |||
Consumer Staples | 4.9 | |||
Utilities | 2.2 | |||
Communication Services | 1.5 | |||
Information Technology | 0.6 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Commonwealth Bank of Australia | 9.8 | % | ||
BHP Group Ltd. | 8.2 | |||
Westpac Banking Corp. | 7.0 | |||
CSL Ltd. | 6.6 | |||
Australia & New Zealand Banking Group Ltd. | 6.0 | |||
National Australia Bank Ltd. | 5.2 | |||
Macquarie Group Ltd. | 3.1 | |||
Woolworths Group Ltd. | 2.8 | |||
Wesfarmers Ltd. | 2.8 | |||
Rio Tinto Ltd. | 2.7 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI Canada ETF |
Investment Objective
TheiShares MSCI Canada ETF(the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Custom Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (1.72 | )% | 2.70 | % | 1.19 | % | 8.46 | % | 2.70 | % | 6.10 | % | 125.33 | % | ||||||||||||||||||
Fund Market | (1.75 | ) | 2.81 | 1.18 | 8.51 | 2.81 | 6.03 | 126.31 | ||||||||||||||||||||||||
Index | (1.67 | ) | 2.84 | 1.37 | 8.68 | 2.84 | 7.01 | 129.98 |
Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 982.80 | $ | 2.41 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 39.4 | % | ||
Energy | 20.3 | |||
Materials | 10.3 | |||
Industrials | 9.2 | |||
Information Technology | 4.8 | |||
Consumer Staples | 4.4 | |||
Consumer Discretionary | 4.2 | |||
Communication Services | 3.2 | |||
Utilities | 2.3 | |||
Health Care | 1.2 | |||
Real Estate | 0.7 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Royal Bank of Canada | 8.2 | % | ||
Toronto-Dominion Bank (The) | 7.6 | |||
Enbridge Inc. | 4.8 | |||
Bank of Nova Scotia (The) | 4.8 | |||
Canadian National Railway Co. | 4.4 | |||
Suncor Energy Inc. | 4.0 | |||
Bank of Montreal | 3.7 | |||
TransCanada Corp. | 2.9 | |||
Brookfield Asset Management Inc., Class A | 2.8 | |||
Canadian Imperial Bank of Commerce | 2.7 |
(a) | Excludes money market funds. |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Japan ETF |
Investment Objective
TheiShares MSCI Japan ETF(the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (6.43 | )% | (10.58 | )% | 4.85 | % | 7.63 | % | (10.58 | )% | 26.72 | % | 108.53 | % | ||||||||||||||||||
Fund Market | (5.94 | ) | (9.61 | ) | 4.73 | 7.94 | (9.61 | ) | 26.00 | 114.65 | ||||||||||||||||||||||
Index | (6.27 | ) | (10.29 | ) | 5.22 | 8.12 | (10.29 | ) | 28.99 | 118.33 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 935.70 | $ | 2.35 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Industrials | 20.9 | % | ||
Consumer Discretionary | 18.5 | |||
Financials | 11.2 | |||
Information Technology | 10.4 | |||
Health Care | 9.3 | |||
Consumer Staples | 8.6 | |||
Communication Services | 8.3 | |||
Materials | 5.6 | |||
Real Estate | 4.1 | |||
Utilities | 2.1 | |||
Energy | 1.0 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Toyota Motor Corp. | 4.2 | % | ||
SoftBank Group Corp. | 2.3 | |||
Sony Corp. | 1.9 | |||
Mitsubishi UFJ Financial Group Inc. | 1.9 | |||
Takeda Pharmaceutical Co. Ltd. | 1.8 | |||
Keyence Corp. | 1.8 | |||
Sumitomo Mitsui Financial Group Inc. | 1.4 | |||
Honda Motor Co. Ltd. | 1.4 | |||
KDDI Corp. | 1.3 | |||
Kao Corp. | 1.2 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares® MSCI Mexico ETF |
Investment Objective
TheiShares MSCI Mexico ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (12.65 | )% | (10.84 | )% | (4.56 | )% | 7.96 | % | (10.84 | )% | (20.82 | )% | 115.10 | % | ||||||||||||||||||
Fund Market | (12.70 | ) | (10.92 | ) | (4.53 | ) | 8.01 | (10.92 | ) | (20.70 | ) | 116.09 | ||||||||||||||||||||
Index | (12.46 | ) | (10.54 | ) | (4.27 | ) | 7.88 | (10.54 | ) | (19.61 | ) | 113.45 |
Index performance through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 873.50 | $ | 2.28 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Consumer Staples | 29.2 | % | ||
Communication Services | 19.5 | |||
Financials | 16.7 | |||
Materials | 12.6 | |||
Industrials | 11.5 | |||
Real Estate | 6.4 | |||
Consumer Discretionary | 2.4 | |||
Utilities | 1.3 | |||
Health Care | 0.4 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
America Movil SAB de CV, Series L | 14.8 | % | ||
Fomento Economico Mexicano SAB de CV | 10.6 | |||
Grupo Financiero Banorte SAB de CV, Class O | 8.5 | |||
Wal-Mart de Mexico SAB de CV | 8.0 | |||
Grupo Mexico SAB de CV, Series B | 4.9 | |||
Cemex SAB de CV | 4.1 | |||
Grupo Televisa SAB | 3.3 | |||
Fibra Uno Administracion SA de CV | 2.8 | |||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 2.3 | |||
Grupo Financiero Inbursa SAB de CV, Class O | 2.3 |
(a) | Excludes money market funds. |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI South Korea ETF |
Investment Objective
TheiShares MSCI South Korea ETF(the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (5.35 | )% | (12.26 | )% | 2.37 | % | 12.50 | % | (12.26 | )% | 12.41 | % | 224.71 | % | ||||||||||||||||||
Fund Market | (5.08 | ) | (11.50 | ) | 2.45 | 12.80 | (11.50 | ) | 12.86 | 233.64 | ||||||||||||||||||||||
Index | (5.25 | ) | (11.98 | ) | 2.83 | 13.13 | (11.98 | ) | 14.99 | 243.31 |
Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 946.50 | $ | 2.85 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 31.8 | % | ||
Financials | 13.3 | |||
Consumer Discretionary | 12.1 | |||
Industrials | 11.0 | |||
Materials | 8.4 | |||
Consumer Staples | 6.8 | |||
Health Care | 6.3 | |||
Communication Services | 6.3 | |||
Energy | 2.6 | |||
Utilities | 1.4 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Samsung Electronics Co. Ltd. | 22.0 | % | ||
SK Hynix Inc. | 5.2 | |||
POSCO | 2.6 | |||
Hyundai Motor Co. | 2.5 | |||
Shinhan Financial Group Co. Ltd. | 2.4 | |||
NAVER Corp. | 2.4 | |||
LG Chem Ltd. | 2.3 | |||
KB Financial Group Inc. | 2.3 | |||
Celltrion Inc. | 2.2 | |||
Hyundai Mobis Co. Ltd. | 2.0 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 9 |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by 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.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Australia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Banks — 28.3% | ||||||||
Australia & New Zealand Banking Group Ltd. | 3,677,072 | $ | 73,249,488 | |||||
Bank of Queensland Ltd. | 506,501 | 3,246,755 | ||||||
Bendigo & Adelaide Bank Ltd. | 622,437 | 4,366,332 | ||||||
Commonwealth Bank of Australia | 2,270,334 | 119,446,207 | ||||||
National Australia Bank Ltd. | 3,506,465 | 62,691,178 | ||||||
Westpac Banking Corp. | 4,405,089 | 84,492,665 | ||||||
|
| |||||||
347,492,625 | ||||||||
Beverages — 1.1% | ||||||||
Coca-Cola Amatil Ltd. | 651,837 | 3,696,083 | ||||||
Treasury Wine Estates Ltd. | 922,577 | 9,832,385 | ||||||
|
| |||||||
13,528,468 | ||||||||
Biotechnology — 6.5% | ||||||||
CSL Ltd. | 580,193 | 79,979,934 | ||||||
|
| |||||||
Capital Markets — 4.1% | ||||||||
ASX Ltd. | 248,356 | 12,327,863 | ||||||
Macquarie Group Ltd. | 414,702 | 37,953,916 | ||||||
|
| |||||||
50,281,779 | ||||||||
Chemicals — 0.9% | ||||||||
Incitec Pivot Ltd. | 2,099,206 | 5,033,029 | ||||||
Orica Ltd. | 486,146 | 6,104,581 | ||||||
|
| |||||||
11,137,610 | ||||||||
Commercial Services & Supplies — 1.4% | ||||||||
Brambles Ltd. | 2,041,727 | 17,082,421 | ||||||
|
| |||||||
Construction & Engineering — 0.4% | ||||||||
CIMIC Group Ltd. | 125,092 | 4,463,185 | ||||||
|
| |||||||
Construction Materials — 1.0% | ||||||||
Boral Ltd. | 1,504,530 | 5,330,582 | ||||||
James Hardie Industries PLC | 566,009 | 7,103,401 | ||||||
|
| |||||||
12,433,983 | ||||||||
Containers & Packaging — 1.3% | ||||||||
Amcor Ltd./Australia | 1,485,302 | 15,903,609 | ||||||
|
| |||||||
Diversified Financial Services — 0.8% | ||||||||
AMP Ltd. | 3,739,807 | 6,279,219 | ||||||
Challenger Ltd./Australia | 707,601 | 4,052,553 | ||||||
|
| |||||||
10,331,772 | ||||||||
Diversified Telecommunication Services — 1.1% | ||||||||
Telstra Corp. Ltd. | 5,338,557 | 11,888,106 | ||||||
TPG Telecom Ltd. | 474,514 | 2,248,369 | ||||||
|
| |||||||
14,136,475 | ||||||||
Electric Utilities — 0.2% | ||||||||
AusNet Services | 2,304,359 | 2,844,422 | ||||||
|
| |||||||
Energy Equipment & Services — 0.4% | ||||||||
WorleyParsons Ltd. | 412,976 | 4,380,734 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.7% | ||||||||
BGP Holdings PLC(a)(b) | 18,888,372 | 215 | ||||||
Dexus | 1,304,538 | 11,155,926 | ||||||
Goodman Group | 2,093,651 | 19,065,960 | ||||||
GPT Group (The) | 2,315,235 | 9,635,969 | ||||||
Mirvac Group | 4,693,766 | 8,582,207 | ||||||
Scentre Group | 6,818,996 | 18,774,822 | ||||||
Stockland | 3,086,215 | 7,684,908 |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) (continued) | ||||||||
Vicinity Centres | 4,212,025 | $ | 7,371,748 | |||||
|
| |||||||
82,271,755 | ||||||||
Food & Staples Retailing — 3.7% | ||||||||
Coles Group Ltd.(b) | 1,454,138 | 11,721,413 | ||||||
Woolworths Group Ltd. | 1,684,322 | 34,355,577 | ||||||
|
| |||||||
46,076,990 | ||||||||
Gas Utilities — 0.9% | ||||||||
APA Group | 1,514,880 | 10,788,393 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.7% | ||||||||
Cochlear Ltd. | 74,061 | 8,983,765 | ||||||
|
| |||||||
Health Care Providers & Services — 1.5% | ||||||||
Ramsay Health Care Ltd. | 181,175 | 8,349,946 | ||||||
Sonic Healthcare Ltd. | 554,708 | 9,518,887 | ||||||
|
| |||||||
17,868,833 | ||||||||
Hotels, Restaurants & Leisure — 2.4% | ||||||||
Aristocrat Leisure Ltd. | 737,033 | 12,909,797 | ||||||
Crown Resorts Ltd. | 486,098 | 3,963,263 | ||||||
Domino’s Pizza Enterprises Ltd.(c) | 76,408 | 2,242,370 | ||||||
Flight Centre Travel Group Ltd. | 71,077 | 2,314,485 | ||||||
Tabcorp Holdings Ltd. | 2,448,648 | 8,222,669 | ||||||
|
| |||||||
29,652,584 | ||||||||
Insurance — 4.4% | ||||||||
Insurance Australia Group Ltd. | 2,963,448 | 15,496,338 | ||||||
Medibank Pvt Ltd. | 3,529,363 | 7,131,142 | ||||||
QBE Insurance Group Ltd. | 1,703,054 | 14,963,728 | ||||||
Suncorp Group Ltd. | 1,665,315 | 16,053,884 | ||||||
|
| |||||||
53,645,092 | ||||||||
Interactive Media & Services — 0.3% | ||||||||
REA Group Ltd. | 67,815 | 3,934,059 | ||||||
|
| |||||||
IT Services — 0.6% | ||||||||
Computershare Ltd. | 591,085 | 7,254,099 | ||||||
|
| |||||||
Metals & Mining — 15.4% | ||||||||
Alumina Ltd. | 3,141,038 | 5,698,464 | ||||||
BHP Group Ltd. | 3,778,024 | 100,069,604 | ||||||
BlueScope Steel Ltd. | 697,553 | 6,679,850 | ||||||
Fortescue Metals Group Ltd. | 1,995,986 | 8,605,469 | ||||||
Newcrest Mining Ltd. | 984,615 | 17,036,267 | ||||||
Rio Tinto Ltd. | 476,018 | 32,565,838 | ||||||
South32 Ltd. | 6,513,924 | 18,120,237 | ||||||
|
| |||||||
188,775,729 | ||||||||
Multi-Utilities — 1.0% | ||||||||
AGL Energy Ltd. | 841,085 | 12,691,852 | ||||||
|
| |||||||
Multiline Retail — 3.0% | ||||||||
Harvey Norman Holdings Ltd. | 757,083 | 1,939,056 | ||||||
Wesfarmers Ltd. | 1,454,138 | 34,326,256 | ||||||
|
| |||||||
36,265,312 | ||||||||
Oil, Gas & Consumable Fuels — 6.0% | ||||||||
Caltex Australia Ltd. | 334,483 | 6,805,884 | ||||||
Oil Search Ltd. | 1,754,903 | 10,450,162 | ||||||
Origin Energy Ltd.(b) | 2,257,204 | 11,819,335 | ||||||
Santos Ltd. | 2,273,703 | 11,193,973 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 137,728 | 2,883,745 | ||||||
Woodside Petroleum Ltd. | 1,200,598 | 30,963,501 | ||||||
|
| |||||||
74,116,600 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Australia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Professional Services — 0.5% | ||||||||
Seek Ltd. | 428,092 | $ | 5,610,107 | |||||
|
| |||||||
Real Estate Management & Development — 0.5% | ||||||||
Lendlease Group | 735,976 | 6,744,099 | ||||||
|
| |||||||
Road & Rail — 0.7% | ||||||||
Aurizon Holdings Ltd. | 2,548,037 | 8,193,861 | ||||||
|
| |||||||
Transportation Infrastructure — 3.1% | ||||||||
Sydney Airport | 1,415,386 | 7,250,231 | ||||||
Transurban Group | 3,427,989 | 30,412,373 | ||||||
|
| |||||||
37,662,604 | ||||||||
|
| |||||||
Total Common Stocks — 98.9% | 1,214,532,751 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, | ||||||||
2.62%(d)(e)(f) | 2,223,435 | 2,224,325 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | ||||||||
2.33%(d)(e) | 663,873 | $ | 663,873 | |||||
|
| |||||||
2,888,198 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.2% |
| 2,888,198 | ||||||
|
| |||||||
Total Investments in Securities — 99.1% |
| 1,217,420,949 | ||||||
Other Assets, Less Liabilities — 0.9% |
| 11,285,700 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,228,706,649 | |||||
|
|
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(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 cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | Net Activity | | Shares Held at 02/28/19 | | Value at 02/28/19 | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 5,082,269 | (2,858,834 | ) | 2,223,435 | $ | 2,224,325 | $ | 14,720 | (b) | $ | 663 | $ | (261 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, | 358,813 | 305,060 | 663,873 | 663,873 | 16,217 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 2,888,198 | $ | 30,937 | $ | 663 | $ | (261 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
ASX SPI 200 Index | 128 | 03/21/19 | $ | 13,999 | $ | 456,706 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 456,706 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Australia ETF |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (1,080,414 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 276,271 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 13,555,449 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 1,214,532,536 | $ | — | $ | 215 | $ | 1,214,532,751 | ||||||||
Money Market Funds | 2,888,198 | — | — | 2,888,198 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,217,420,734 | $ | — | $ | 215 | $ | 1,217,420,949 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 456,706 | $ | — | $ | — | $ | 456,706 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
The Fund had transfers from Level 2 to Level 1 during the six months ended February 28, 2019 in the amount of $ 26,380,384 (the value of the securities as of the beginning of the period), resulting in a difference of valuation methodology, due to a resumption of trading.
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 | 13 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Canada ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.8% | ||||||||
Bombardier Inc., Class B(a) | 4,145,489 | $ | 8,813,492 | |||||
CAE Inc. | 522,879 | 11,017,382 | ||||||
|
| |||||||
19,830,874 | ||||||||
Auto Components — 1.3% | ||||||||
Magna International Inc. | 660,431 | 34,821,814 | ||||||
|
| |||||||
Banks — 28.0% | ||||||||
Bank of Montreal | 1,237,543 | 96,428,749 | ||||||
Bank of Nova Scotia (The) | 2,262,876 | 125,669,514 | ||||||
Canadian Imperial Bank of Commerce | 842,382 | 71,400,989 | ||||||
National Bank of Canada | 657,389 | 30,992,622 | ||||||
Royal Bank of Canada | 2,763,712 | 215,829,749 | ||||||
Toronto-Dominion Bank (The) | 3,524,218 | 201,926,720 | ||||||
|
| |||||||
742,248,343 | ||||||||
Capital Markets — 3.2% | ||||||||
Brookfield Asset Management Inc., Class A | 1,612,399 | 72,772,207 | ||||||
CI Financial Corp. | 532,098 | 7,514,824 | ||||||
IGM Financial Inc. | 167,510 | 4,372,812 | ||||||
|
| |||||||
84,659,843 | ||||||||
Chemicals — 2.8% | ||||||||
Methanex Corp. | 130,717 | 7,351,715 | ||||||
Nutrien Ltd. | 1,237,265 | 67,293,312 | ||||||
|
| |||||||
74,645,027 | ||||||||
Construction & Engineering — 0.8% | ||||||||
SNC-Lavalin Group Inc. | 340,765 | 9,405,321 | ||||||
WSP Global Inc. | 201,696 | 10,672,888 | ||||||
|
| |||||||
20,078,209 | ||||||||
Containers & Packaging — 0.4% | ||||||||
CCL Industries Inc., Class B, NVS | 288,107 | 11,760,541 | ||||||
|
| |||||||
Diversified Financial Services — 0.4% | ||||||||
Onex Corp. | 167,701 | 10,078,614 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.0% | ||||||||
BCE Inc. | 297,007 | 13,197,304 | ||||||
TELUS Corp. | 380,465 | 13,808,829 | ||||||
|
| |||||||
27,006,133 | ||||||||
Electric Utilities — 1.6% | ||||||||
Emera Inc. | 114,634 | 4,075,295 | ||||||
Fortis Inc./Canada | 810,876 | 29,214,933 | ||||||
Hydro One Ltd.(b) | 635,333 | 9,961,751 | ||||||
|
| |||||||
43,251,979 | ||||||||
Equity Real Estate Investment Trusts (REITs) —0.5% | ||||||||
H&R Real Estate Investment Trust | 280,533 | 4,837,437 | ||||||
RioCan REIT | 307,313 | 5,866,248 | ||||||
SmartCentres Real Estate Investment Trust | 131,954 | 3,382,511 | ||||||
|
| |||||||
14,086,196 | ||||||||
Food & Staples Retailing — 3.8% | ||||||||
Alimentation Couche-Tard Inc., Class B | 830,849 | 46,791,245 | ||||||
Empire Co. Ltd., Class A, NVS | 339,440 | 7,879,029 | ||||||
George Weston Ltd. | 149,360 | 10,637,789 | ||||||
Loblaw Companies Ltd. | 370,776 | 18,451,525 | ||||||
Metro Inc. | 470,264 | 17,660,788 | ||||||
|
| |||||||
101,420,376 | ||||||||
Food Products — 0.6% | ||||||||
Saputo Inc. | 449,388 | 14,634,967 | ||||||
|
|
Security | Shares | Value | ||||||
Gas Utilities — 0.3% | ||||||||
AltaGas Ltd. | 519,872 | $ | 6,978,995 | |||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.2% | ||||||||
Restaurant Brands International Inc. | 446,321 | 28,202,607 | ||||||
Stars Group Inc. (The)(a)(c) | 197,192 | 3,285,036 | ||||||
|
| |||||||
31,487,643 | ||||||||
Insurance — 7.7% | ||||||||
Fairfax Financial Holdings Ltd. | 53,701 | 26,566,296 | ||||||
Great-West Lifeco Inc. | 573,104 | 13,167,902 | ||||||
IA Financial Corp Inc.(a) | 208,327 | 7,986,659 | ||||||
Intact Financial Corp. | 268,583 | 22,432,901 | ||||||
Manulife Financial Corp. | 3,807,009 | 64,288,444 | ||||||
Power Corp. of Canada | 682,507 | 14,557,040 | ||||||
Power Financial Corp. | 485,531 | 10,827,673 | ||||||
Sun Life Financial Inc. | 1,174,868 | 44,443,374 | ||||||
|
| |||||||
204,270,289 | ||||||||
IT Services — 2.5% | ||||||||
CGI Inc.(a) | 491,137 | 32,902,823 | ||||||
Shopify Inc., Class A(a)(c) | 168,774 | 31,945,317 | ||||||
|
| |||||||
64,848,140 | ||||||||
Media — 0.7% | ||||||||
Shaw Communications Inc., Class B, NVS | 875,783 | 18,047,647 | ||||||
|
| |||||||
Metals & Mining — 6.8% | ||||||||
Agnico Eagle Mines Ltd. | 450,037 | 19,125,718 | ||||||
Barrick Gold Corp. | 3,358,864 | 42,336,479 | ||||||
First Quantum Minerals Ltd. | 1,338,041 | 15,331,085 | ||||||
Franco-Nevada Corp. | 357,628 | 26,921,215 | ||||||
Goldcorp Inc. | 1,673,870 | 17,666,509 | ||||||
Kinross Gold Corp.(a) | 2,428,568 | 8,095,227 | ||||||
Lundin Mining Corp. | 1,291,044 | 6,548,348 | ||||||
Teck Resources Ltd., Class B | 990,928 | 22,188,661 | ||||||
Turquoise Hill Resources Ltd.(a) | 1,982,060 | 3,416,307 | ||||||
Wheaton Precious Metals Corp. | 855,010 | 18,580,399 | ||||||
|
| |||||||
180,209,948 | ||||||||
Multi-Utilities — 0.4% | ||||||||
Atco Ltd./Canada, Class I, NVS | 151,339 | 5,089,449 | ||||||
Canadian Utilities Ltd., Class A, NVS | 254,491 | 6,761,306 | ||||||
|
| |||||||
11,850,755 | ||||||||
Multiline Retail — 1.1% | ||||||||
Canadian Tire Corp. Ltd., Class A, NVS | 121,543 | 13,400,185 | ||||||
Dollarama Inc. | 601,574 | 16,270,361 | ||||||
|
| |||||||
29,670,546 | ||||||||
Oil, Gas & Consumable Fuels — 20.2% | ||||||||
ARC Resources Ltd. | 703,742 | 5,311,463 | ||||||
Cameco Corp. | 771,596 | 8,946,295 | ||||||
Canadian Natural Resources Ltd. | 2,338,043 | 66,359,945 | ||||||
Cenovus Energy Inc. | 2,018,655 | 18,485,178 | ||||||
Enbridge Inc. | 3,452,188 | 127,602,515 | ||||||
Encana Corp. | 2,935,777 | 21,533,490 | ||||||
Husky Energy Inc. | 689,597 | 7,660,444 | ||||||
Imperial Oil Ltd. | 563,252 | 15,238,169 | ||||||
Inter Pipeline Ltd. | 742,217 | 11,925,066 | ||||||
Keyera Corp. | 401,646 | 9,853,593 | ||||||
Pembina Pipeline Corp. | 966,862 | 35,356,168 | ||||||
PrairieSky Royalty Ltd. | 419,450 | 6,105,434 | ||||||
Seven Generations Energy Ltd., Class A(a) | 533,790 | 3,899,058 | ||||||
Suncor Energy Inc. | 3,102,223 | 106,846,496 | ||||||
Tourmaline Oil Corp. | 506,215 | 7,675,864 |
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Canada ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
TransCanada Corp. | 1,690,455 | $ | 75,537,796 | |||||
Vermilion Energy Inc. | 284,287 | 7,265,832 | ||||||
|
| |||||||
535,602,806 | ||||||||
Paper & Forest Products — 0.2% | ||||||||
West Fraser Timber Co. Ltd. | 118,646 | 5,835,005 | ||||||
|
| |||||||
Pharmaceuticals — 1.2% | ||||||||
Aurora Cannabis Inc.(a)(c) | 591,594 | 4,456,046 | ||||||
Bausch Health Companies Inc.(a) | 605,950 | 14,382,686 | ||||||
Canopy Growth Corp.(a)(c) | 251,553 | 11,914,864 | ||||||
|
| |||||||
30,753,596 | ||||||||
Professional Services — 0.8% | ||||||||
Thomson Reuters Corp. | 394,256 | 21,422,141 | ||||||
|
| |||||||
Real Estate Management & Development — 0.2% | ||||||||
First Capital Realty Inc. | 332,524 | 5,408,249 | ||||||
|
| |||||||
Road & Rail — 6.6% | ||||||||
Canadian National Railway Co. | 1,370,136 | 117,475,898 | ||||||
Canadian Pacific Railway Ltd. | 277,129 | 57,218,616 | ||||||
|
| |||||||
174,694,514 | ||||||||
Software — 2.3% | ||||||||
BlackBerry Ltd.(a) | 997,688 | 8,666,325 | ||||||
Constellation Software Inc./Canada | 38,805 | 33,110,359 | ||||||
Open Text Corp. | 513,257 | 19,439,073 | ||||||
|
| |||||||
61,215,757 | ||||||||
Textiles, Apparel & Luxury Goods — 0.6% | ||||||||
Gildan Activewear Inc. | 425,784 | 15,214,423 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.2% | ||||||||
Finning International Inc. | 328,663 | 6,121,567 | ||||||
|
|
Security | Shares | Value | ||||||
Wireless Telecommunication Services — 1.5% | ||||||||
Rogers Communications Inc., Class B, NVS | 696,450 | $ | 38,450,174 | |||||
|
| |||||||
Total Common Stocks — 99.7% |
| 2,640,605,111 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.5% | ||||||||
BlackRock Cash Funds: Institutional, | ||||||||
2.62%(d)(e)(f) | 40,196,185 | 40,212,263 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
2.33%(d)(e) | 1,384,636 | 1,384,636 | ||||||
|
| |||||||
41,596,899 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.5% |
| 41,596,899 | ||||||
|
| |||||||
Total Investments in Securities — 101.2% |
| 2,682,202,010 | ||||||
Other Assets, Less Liabilities — (1.2)% |
| (32,914,482 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 2,649,287,528 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(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 cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | Shares Held at 08/31/18 | Net Activity | Shares Held at 02/28/19 | Value at 02/28/19 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 13,326,671 | 26,869,514 | 40,196,185 | $ | 40,212,263 | $ | 334,564 | (b) | $ | (2,418 | ) | $ | 6,308 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 840,722 | 543,914 | 1,384,636 | 1,384,636 | 22,040 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 41,596,899 | $ | 356,604 | $ | (2,418 | ) | $ | 6,308 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
S&P/TSX 60 Index | 53 | 03/14/19 | $ | 7,665 | $ | 400,683 | ||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Canada ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 400,683 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (617,089 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 388,785 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 10,028,165 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 2,640,605,111 | $ | — | $ | — | $ | 2,640,605,111 | ||||||||
Money Market Funds | 41,596,899 | — | — | 41,596,899 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,682,202,010 | $ | — | $ | — | $ | 2,682,202,010 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 400,683 | $ | — | $ | — | $ | 400,683 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.3% | ||||||||
SG Holdings Co. Ltd. | 413,600 | $ | 12,112,253 | |||||
Yamato Holdings Co. Ltd. | 1,490,600 | 38,818,266 | ||||||
|
| |||||||
50,930,519 | ||||||||
Airlines — 0.3% | ||||||||
ANA Holdings Inc. | 572,400 | 21,246,468 | ||||||
Japan Airlines Co. Ltd. | 572,400 | 20,901,958 | ||||||
|
| |||||||
42,148,426 | ||||||||
Auto Components — 2.7% | ||||||||
Aisin Seiki Co. Ltd. | 769,000 | 30,015,316 | ||||||
Bridgestone Corp. | 2,888,700 | 113,996,219 | ||||||
Denso Corp. | 2,098,800 | 90,158,656 | ||||||
Koito Manufacturing Co. Ltd. | 520,400 | 30,105,785 | ||||||
NGK Spark Plug Co. Ltd. | 758,300 | 16,116,940 | ||||||
Stanley Electric Co. Ltd. | 573,400 | 16,482,932 | ||||||
Sumitomo Electric Industries Ltd. | 3,434,400 | 47,789,127 | ||||||
Sumitomo Rubber Industries Ltd. | 765,100 | 9,835,233 | ||||||
Toyoda Gosei Co. Ltd. | 348,100 | 7,886,348 | ||||||
Toyota Industries Corp. | 763,200 | 39,147,251 | ||||||
Yokohama Rubber Co. Ltd. (The) | 572,400 | 11,677,330 | ||||||
|
| |||||||
413,211,137 | ||||||||
Automobiles — 7.9% | ||||||||
Honda Motor Co. Ltd. | 7,632,000 | 216,166,870 | ||||||
Isuzu Motors Ltd. | 2,480,400 | 35,550,469 | ||||||
Mazda Motor Corp. | 2,666,800 | 31,322,682 | ||||||
Mitsubishi Motors Corp. | 3,017,700 | 16,942,710 | ||||||
Nissan Motor Co. Ltd. | 10,862,200 | 93,907,485 | ||||||
Subaru Corp. | 2,928,100 | 74,346,700 | ||||||
Suzuki Motor Corp. | 1,639,900 | 83,983,740 | ||||||
Toyota Motor Corp. | 10,735,200 | 645,828,552 | ||||||
Yamaha Motor Co. Ltd. | 1,331,800 | 27,002,090 | ||||||
|
| |||||||
1,225,051,298 | ||||||||
Banks — 6.1% | ||||||||
Aozora Bank Ltd. | 572,400 | 16,505,605 | ||||||
Bank of Kyoto Ltd. (The) | 262,100 | 11,737,051 | ||||||
Chiba Bank Ltd. (The) | 2,864,400 | 17,394,308 | ||||||
Concordia Financial Group Ltd. | 5,151,600 | 20,871,107 | ||||||
Fukuoka Financial Group Inc. | 729,500 | 15,780,057 | ||||||
Japan Post Bank Co. Ltd. | 1,718,200 | 19,185,435 | ||||||
Mebuki Financial Group Inc. | 3,625,280 | 9,802,455 | ||||||
Mitsubishi UFJ Financial Group Inc. | 55,332,180 | 286,651,709 | ||||||
Mizuho Financial Group Inc. | 112,953,780 | 177,771,310 | ||||||
Resona Holdings Inc. | 9,541,000 | 43,136,771 | ||||||
Seven Bank Ltd. | 2,657,600 | 7,758,893 | ||||||
Shinsei Bank Ltd. | 755,500 | 10,376,927 | ||||||
Shizuoka Bank Ltd. (The) | 2,077,000 | 16,400,314 | ||||||
Sumitomo Mitsui Financial Group Inc. | 6,296,400 | 222,964,506 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 1,555,232 | 58,942,902 | ||||||
Yamaguchi Financial Group Inc. | 839,400 | 7,826,960 | ||||||
|
| |||||||
943,106,310 | ||||||||
Beverages — 1.3% | ||||||||
Asahi Group Holdings Ltd. | 1,717,200 | 74,151,818 | ||||||
Coca-Cola Bottlers Japan Holdings Inc. | 629,500 | 16,218,164 | ||||||
Kirin Holdings Co. Ltd. | 3,939,300 | 88,078,672 | ||||||
Suntory Beverage & Food Ltd. | 638,700 | 28,171,191 | ||||||
|
| |||||||
206,619,845 | ||||||||
Building Products — 1.3% | ||||||||
AGC Inc./Japan | 917,400 | 31,810,672 |
Security | Shares | Value | ||||||
Building Products (continued) | ||||||||
Daikin Industries Ltd. | 1,179,500 | $ | 128,100,566 | |||||
LIXIL Group Corp. | 1,286,200 | 17,435,104 | ||||||
TOTO Ltd. | 674,300 | 25,531,571 | ||||||
|
| |||||||
202,877,913 | ||||||||
Capital Markets — 1.1% | ||||||||
Daiwa Securities Group Inc. | 7,552,300 | 38,365,304 | ||||||
Japan Exchange Group Inc. | 2,264,400 | 39,970,769 | ||||||
Nomura Holdings Inc. | 16,245,200 | 62,838,512 | ||||||
SBI Holdings Inc./Japan | 1,087,110 | 22,890,638 | ||||||
|
| |||||||
164,065,223 | ||||||||
Chemicals — 4.0% | ||||||||
Air Water Inc. | 756,900 | 12,075,588 | ||||||
Asahi Kasei Corp. | 5,842,900 | 63,719,732 | ||||||
Daicel Corp. | 1,144,800 | 12,052,691 | ||||||
Hitachi Chemical Co. Ltd. | 403,100 | 7,321,849 | ||||||
JSR Corp. | 941,500 | 15,612,729 | ||||||
Kaneka Corp. | 248,000 | 9,702,120 | ||||||
Kansai Paint Co. Ltd. | 786,900 | 14,469,856 | ||||||
Kuraray Co. Ltd. | 1,521,200 | 20,415,674 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,874,800 | 43,374,938 | ||||||
Mitsubishi Gas Chemical Co. Inc. | 779,500 | 11,917,975 | ||||||
Mitsui Chemicals Inc. | 844,500 | 20,581,463 | ||||||
Nippon Paint Holdings Co. Ltd.(a) | 724,900 | 27,870,751 | ||||||
Nissan Chemical Corp. | 582,900 | 29,427,758 | ||||||
Nitto Denko Corp. | 779,600 | 41,613,216 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,735,100 | 144,503,343 | ||||||
Showa Denko KK | 637,100 | 23,722,417 | ||||||
Sumitomo Chemical Co. Ltd. | 6,679,000 | 33,119,008 | ||||||
Taiyo Nippon Sanso Corp. | 583,000 | 8,238,044 | ||||||
Teijin Ltd. | 732,400 | 12,283,424 | ||||||
Toray Industries Inc. | 6,487,200 | 45,192,451 | ||||||
Tosoh Corp. | 1,285,400 | 18,971,543 | ||||||
|
| |||||||
616,186,570 | ||||||||
Commercial Services & Supplies — 1.0% | ||||||||
Dai Nippon Printing Co. Ltd. | 1,159,400 | 26,849,921 | ||||||
Park24 Co. Ltd. | 572,400 | 13,749,529 | ||||||
Secom Co. Ltd. | 963,100 | 83,228,728 | ||||||
Sohgo Security Services Co. Ltd. | 381,600 | 16,488,466 | ||||||
Toppan Printing Co. Ltd. | 1,194,100 | 19,007,772 | ||||||
|
| |||||||
159,324,416 | ||||||||
Construction & Engineering — 0.9% | ||||||||
JGC Corp. | 953,000 | 13,860,106 | ||||||
Kajima Corp. | 2,100,400 | 31,094,675 | ||||||
Obayashi Corp. | 3,050,100 | 29,728,337 | ||||||
Shimizu Corp. | 2,480,400 | 21,791,513 | ||||||
Taisei Corp. | 999,500 | 47,227,542 | ||||||
|
| |||||||
143,702,173 | ||||||||
Construction Materials — 0.1% | ||||||||
Taiheiyo Cement Corp. | 572,400 | 19,565,056 | ||||||
|
| |||||||
Consumer Finance — 0.2% | ||||||||
Acom Co. Ltd. | 1,529,600 | 5,235,157 | ||||||
AEON Financial Service Co. Ltd. | 572,470 | 11,257,068 | ||||||
Credit Saison Co. Ltd. | 764,400 | 11,096,572 | ||||||
|
| |||||||
27,588,797 | ||||||||
Containers & Packaging — 0.1% | ||||||||
Toyo Seikan Group Holdings Ltd. | 756,900 | 15,998,794 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Diversified Consumer Services — 0.1% | ||||||||
Benesse Holdings Inc. | 381,600 | $ | 10,369,565 | |||||
|
| |||||||
Diversified Financial Services — 0.7% | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 1,889,000 | 9,621,479 | ||||||
ORIX Corp. | 6,105,600 | 88,413,827 | ||||||
Tokyo Century Corp. | 196,200 | 8,750,745 | ||||||
|
| |||||||
106,786,051 | ||||||||
Diversified Telecommunication Services — 0.8% | ||||||||
Nippon Telegraph & Telephone Corp. | 2,972,800 | 128,210,679 | ||||||
|
| |||||||
Electric Utilities — 1.3% | ||||||||
Chubu Electric Power Co. Inc. | 2,847,000 | 44,820,046 | ||||||
Chugoku Electric Power Co. Inc. (The) | 1,331,800 | 17,311,486 | ||||||
Kansai Electric Power Co. Inc. (The) | 3,384,700 | 50,639,758 | ||||||
Kyushu Electric Power Co. Inc. | 1,710,600 | 20,345,261 | ||||||
Tohoku Electric Power Co. Inc. | 2,081,600 | 27,300,898 | ||||||
Tokyo Electric Power Co. Holdings Inc.(b) | 6,740,000 | 42,019,044 | ||||||
|
| |||||||
202,436,493 | ||||||||
Electrical Equipment — 1.6% | ||||||||
Fuji Electric Co. Ltd. | 572,400 | 17,996,766 | ||||||
Mitsubishi Electric Corp. | 8,315,500 | 104,130,498 | ||||||
Nidec Corp. | 1,074,200 | 130,029,150 | ||||||
|
| |||||||
252,156,414 | ||||||||
Electronic Equipment, Instruments & Components — 5.6% | ||||||||
Alps Alpine Co. Ltd. | 1,032,100 | 20,276,704 | ||||||
Hamamatsu Photonics KK | 583,200 | 20,536,687 | ||||||
Hirose Electric Co. Ltd. | 167,658 | 17,244,737 | ||||||
Hitachi High-Technologies Corp. | 347,000 | 13,201,087 | ||||||
Hitachi Ltd. | 4,581,200 | 137,246,694 | ||||||
Keyence Corp. | 466,152 | 271,894,083 | ||||||
Kyocera Corp. | 1,526,400 | 84,204,298 | ||||||
Murata Manufacturing Co. Ltd. | 862,900 | 134,295,208 | ||||||
Nippon Electric Glass Co. Ltd. | 385,700 | 10,429,006 | ||||||
Omron Corp. | 954,000 | 41,178,315 | ||||||
Shimadzu Corp. | 1,090,100 | 26,880,385 | ||||||
TDK Corp. | 612,100 | 47,837,496 | ||||||
Yaskawa Electric Corp. | 1,142,400 | 32,480,201 | ||||||
Yokogawa Electric Corp. | 926,200 | 17,838,419 | ||||||
|
| |||||||
875,543,320 | ||||||||
Entertainment — 1.5% | ||||||||
DeNA Co. Ltd. | 557,300 | 8,585,784 | ||||||
Konami Holdings Corp. | 431,700 | 17,819,453 | ||||||
Nexon Co. Ltd.(b) | 2,101,200 | 33,352,681 | ||||||
Nintendo Co. Ltd. | 544,300 | 148,836,615 | ||||||
Toho Co. Ltd./Tokyo | 572,400 | 20,464,894 | ||||||
|
| |||||||
229,059,427 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.3% | ||||||||
Daiwa House REIT Investment Corp. | 7,644 | 17,056,860 | ||||||
Japan Prime Realty Investment Corp. | 3,816 | 14,980,165 | ||||||
Japan Real Estate Investment Corp. | 6,036 | 34,973,230 | ||||||
Japan Retail Fund Investment Corp. | 11,448 | 23,076,996 | ||||||
Nippon Building Fund Inc. | 6,259 | 40,763,340 | ||||||
Nippon Prologis REIT Inc. | 7,644 | 16,260,324 | ||||||
Nomura Real Estate Master Fund Inc. | 19,068 | 26,138,850 | ||||||
United Urban Investment Corp. | 13,247 | 20,539,276 | ||||||
|
| |||||||
193,789,041 | ||||||||
Food & Staples Retailing — 1.9% | ||||||||
Aeon Co. Ltd. | 2,671,200 | 56,293,884 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 1,218,800 | 34,761,858 |
Security | Shares | Value | ||||||
Food & Staples Retailing (continued) | ||||||||
Lawson Inc. | 233,400 | $ | 14,152,443 | |||||
Seven & i Holdings Co. Ltd. | 3,625,280 | 159,379,449 | ||||||
Sundrug Co. Ltd. | 365,700 | 11,202,273 | ||||||
Tsuruha Holdings Inc. | 190,800 | 16,899,820 | ||||||
Welcia Holdings Co. Ltd. | 202,500 | 7,185,367 | ||||||
|
| |||||||
299,875,094 | ||||||||
Food Products — 1.5% | ||||||||
Ajinomoto Co. Inc. | 2,098,800 | 31,749,723 | ||||||
Calbee Inc. | 382,600 | 10,602,956 | ||||||
Kikkoman Corp. | 714,600 | 35,563,097 | ||||||
MEIJI Holdings Co. Ltd. | 580,056 | 45,958,443 | ||||||
NH Foods Ltd. | 442,700 | 16,165,788 | ||||||
Nisshin Seifun Group Inc. | 763,275 | 16,373,524 | ||||||
Nissin Foods Holdings Co. Ltd. | 281,500 | 19,547,206 | ||||||
Toyo Suisan Kaisha Ltd. | 387,900 | 14,391,188 | ||||||
Yakult Honsha Co. Ltd. | 572,400 | 38,410,241 | ||||||
Yamazaki Baking Co. Ltd. | 575,000 | 9,845,041 | ||||||
|
| |||||||
238,607,207 | ||||||||
Gas Utilities — 0.6% | ||||||||
Osaka Gas Co. Ltd. | 1,725,700 | 35,344,916 | ||||||
Toho Gas Co. Ltd. | 381,600 | 17,345,455 | ||||||
Tokyo Gas Co. Ltd. | 1,717,200 | 47,280,075 | ||||||
|
| |||||||
99,970,446 | ||||||||
Health Care Equipment & Supplies — 2.1% | ||||||||
Asahi Intecc Co. Ltd. | 442,100 | 21,247,170 | ||||||
Hoya Corp. | 1,835,100 | 112,179,802 | ||||||
Olympus Corp. | 1,352,300 | 59,828,221 | ||||||
Sysmex Corp. | 793,200 | 47,733,083 | ||||||
Terumo Corp. | 1,470,600 | 90,096,047 | ||||||
|
| |||||||
331,084,323 | ||||||||
Health Care Providers & Services — 0.4% | ||||||||
Alfresa Holdings Corp. | 933,100 | 27,032,407 | ||||||
Medipal Holdings Corp. | 764,400 | 17,825,929 | ||||||
Suzuken Co. Ltd./Aichi Japan | 381,640 | 20,912,720 | ||||||
|
| |||||||
65,771,056 | ||||||||
Health Care Technology — 0.2% | ||||||||
M3 Inc. | 1,836,500 | 30,454,357 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.8% | ||||||||
McDonald’s Holdings Co. Japan Ltd. | 381,600 | 17,105,497 | ||||||
Oriental Land Co. Ltd./Japan(a) | 954,000 | 104,809,738 | ||||||
|
| |||||||
121,915,235 | ||||||||
Household Durables — 3.4% | ||||||||
Casio Computer Co. Ltd. | 753,600 | 10,228,976 | ||||||
Iida Group Holdings Co. Ltd. | 745,780 | 13,626,631 | ||||||
Nikon Corp. | 1,521,200 | 23,039,375 | ||||||
Panasonic Corp. | 10,113,415 | 93,121,185 | ||||||
Rinnai Corp. | 190,800 | 12,837,693 | ||||||
Sekisui Chemical Co. Ltd. | 1,710,600 | 26,845,295 | ||||||
Sekisui House Ltd. | 2,906,200 | 43,689,595 | ||||||
Sharp Corp./Japan | 988,600 | 11,562,677 | ||||||
Sony Corp. | 6,053,300 | 290,430,069 | ||||||
|
| |||||||
525,381,496 | ||||||||
Household Products — 0.7% | ||||||||
Lion Corp. | 1,106,300 | 22,688,492 | ||||||
Pigeon Corp. | 572,400 | 23,344,377 | ||||||
Unicharm Corp. | 1,908,400 | 60,773,248 | ||||||
|
| |||||||
106,806,117 |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
Electric Power Development Co. Ltd. | 741,700 | $ | 18,549,163 | |||||
|
| |||||||
Industrial Conglomerates — 0.7% | ||||||||
Keihan Holdings Co. Ltd. | 381,600 | 15,802,874 | ||||||
Toshiba Corp. | 3,104,500 | 97,329,366 | ||||||
|
| |||||||
113,132,240 | ||||||||
Insurance — 3.2% | ||||||||
Dai-ichi Life Holdings Inc. | 5,140,600 | 77,834,004 | ||||||
Japan Post Holdings Co. Ltd. | 7,338,800 | 89,328,728 | ||||||
MS&AD Insurance Group Holdings Inc. | 2,270,140 | 68,173,536 | ||||||
Sompo Holdings Inc. | 1,526,450 | 57,001,910 | ||||||
Sony Financial Holdings Inc. | 782,500 | 14,796,645 | ||||||
T&D Holdings Inc. | 2,657,000 | 31,899,753 | ||||||
Tokio Marine Holdings Inc. | 3,174,800 | 154,747,258 | ||||||
|
| |||||||
493,781,834 | ||||||||
Interactive Media & Services — 0.4% | ||||||||
Kakaku.com Inc. | 575,000 | 11,058,884 | ||||||
LINE Corp.(a)(b) | 357,100 | 13,184,342 | ||||||
Yahoo Japan Corp. | 12,975,400 | 34,734,722 | ||||||
|
| |||||||
58,977,948 | ||||||||
Internet & Direct Marketing Retail — 0.3% | ||||||||
Rakuten Inc.(a) | 4,006,800 | 31,530,334 | ||||||
ZOZO Inc. | 959,000 | 18,056,630 | ||||||
|
| |||||||
49,586,964 | ||||||||
IT Services — 1.1% | ||||||||
Fujitsu Ltd. | 954,000 | 64,351,294 | ||||||
Nomura Research Institute Ltd. | 572,404 | 23,293,120 | ||||||
NTT Data Corp. | 2,862,000 | 31,288,663 | ||||||
Obic Co. Ltd. | 343,000 | 32,753,234 | ||||||
Otsuka Corp. | 434,900 | 15,646,555 | ||||||
|
| |||||||
167,332,866 | ||||||||
Leisure Products — 0.9% | ||||||||
Bandai Namco Holdings Inc. | 954,098 | 40,625,445 | ||||||
Sankyo Co. Ltd. | 190,800 | 7,027,309 | ||||||
Sega Sammy Holdings Inc. | 775,000 | 9,022,637 | ||||||
Shimano Inc. | 368,300 | 55,946,398 | ||||||
Yamaha Corp. | 611,500 | 30,102,587 | ||||||
|
| |||||||
142,724,376 | ||||||||
Machinery — 5.1% | ||||||||
Amada Holdings Co. Ltd. | 1,531,700 | 16,112,295 | ||||||
Daifuku Co. Ltd. | 478,800 | 23,484,082 | ||||||
FANUC Corp. | 930,200 | 154,086,310 | ||||||
Hino Motors Ltd. | 1,146,400 | 10,535,099 | ||||||
Hitachi Construction Machinery Co. Ltd. | 537,100 | 13,408,201 | ||||||
Hoshizaki Corp. | 256,400 | 17,366,655 | ||||||
IHI Corp. | 719,500 | 18,976,392 | ||||||
JTEKT Corp. | 953,000 | 11,814,050 | ||||||
Kawasaki Heavy Industries Ltd. | 715,100 | 18,372,134 | ||||||
Komatsu Ltd. | 4,388,700 | 107,667,442 | ||||||
Kubota Corp. | 4,538,300 | 61,254,004 | ||||||
Kurita Water Industries Ltd. | 385,600 | 9,712,742 | ||||||
Makita Corp. | 1,091,300 | 38,673,900 | ||||||
MINEBEA MITSUMI Inc. | 1,717,200 | 27,550,478 | ||||||
MISUMI Group Inc. | 1,331,800 | 32,313,976 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,470,000 | 59,832,645 | ||||||
Nabtesco Corp. | 557,000 | 14,705,560 | ||||||
NGK Insulators Ltd. | 1,142,400 | 17,435,659 | ||||||
NSK Ltd. | 1,699,100 | 15,614,259 | ||||||
SMC Corp./Japan | 275,600 | 95,935,142 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Sumitomo Heavy Industries Ltd. | 557,400 | $ | 19,077,380 | |||||
THK Co. Ltd. | 572,400 | 14,068,329 | ||||||
|
| |||||||
797,996,734 | ||||||||
Marine — 0.2% | ||||||||
Mitsui OSK Lines Ltd. | 563,300 | 13,207,088 | ||||||
Nippon Yusen KK | 751,400 | 11,846,092 | ||||||
|
| |||||||
25,053,180 | ||||||||
Media — 0.5% | ||||||||
CyberAgent Inc. | 485,600 | 15,115,020 | ||||||
Dentsu Inc. | 1,022,400 | 42,707,150 | ||||||
Hakuhodo DY Holdings Inc. | 954,000 | 14,628,800 | ||||||
|
| |||||||
72,450,970 | ||||||||
Metals & Mining — 1.2% | ||||||||
Hitachi Metals Ltd. | 976,600 | 9,948,476 | ||||||
JFE Holdings Inc. | 2,345,650 | 40,909,805 | ||||||
Kobe Steel Ltd. | 1,494,600 | 11,828,446 | ||||||
Maruichi Steel Tube Ltd. | 247,200 | 7,439,095 | ||||||
Mitsubishi Materials Corp. | 535,100 | 14,709,001 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 3,859,470 | 69,461,446 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,128,500 | 33,088,609 | ||||||
|
| |||||||
187,384,878 | ||||||||
Multiline Retail — 0.7% | ||||||||
Isetan Mitsukoshi Holdings Ltd. | 1,534,960 | 15,250,321 | ||||||
J Front Retailing Co. Ltd. | 1,129,500 | 12,510,542 | ||||||
Marui Group Co. Ltd. | 763,200 | 13,430,729 | ||||||
Pan Pacific International Holdings Corp.(a) | 572,400 | 34,142,436 | ||||||
Ryohin Keikaku Co. Ltd. | 119,600 | 28,385,124 | ||||||
Takashimaya Co. Ltd. | 706,000 | 9,291,143 | ||||||
|
| |||||||
113,010,295 | ||||||||
Oil, Gas & Consumable Fuels — 1.0% | ||||||||
Idemitsu Kosan Co. Ltd. | 646,400 | 22,936,400 | ||||||
Inpex Corp. | 4,896,800 | 47,639,547 | ||||||
JXTG Holdings Inc. | 15,264,095 | 71,397,900 | ||||||
Showa Shell Sekiyu KK | 918,500 | 13,779,150 | ||||||
|
| |||||||
155,752,997 | ||||||||
Paper & Forest Products — 0.2% | ||||||||
Oji Holdings Corp. | 3,963,200 | 23,568,437 | ||||||
|
| |||||||
Personal Products — 2.3% | ||||||||
Kao Corp. | 2,364,400 | 178,922,975 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 222,600 | 17,956,773 | ||||||
Kose Corp. | 148,000 | 23,957,600 | ||||||
Pola Orbis Holdings Inc. | 409,500 | 11,495,576 | ||||||
Shiseido Co. Ltd. | 1,814,200 | 119,751,541 | ||||||
|
| |||||||
352,084,465 | ||||||||
Pharmaceuticals — 6.5% | ||||||||
Astellas Pharma Inc. | 8,587,050 | 132,562,392 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,086,200 | 73,863,942 | ||||||
Daiichi Sankyo Co. Ltd. | 2,694,069 | 100,846,079 | ||||||
Eisai Co. Ltd. | 1,203,400 | 99,400,494 | ||||||
Hisamitsu Pharmaceutical Co. Inc. | 258,000 | 12,747,036 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,172,600 | 22,394,427 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,142,400 | 16,481,265 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,830,200 | 37,624,979 | ||||||
Otsuka Holdings Co. Ltd. | 1,908,000 | 79,562,846 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,518,600 | 23,668,442 | ||||||
Shionogi & Co. Ltd. | 1,335,600 | 85,376,658 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 764,400 | 18,862,799 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Pharmaceuticals (continued) | ||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 190,800 | $ | 19,316,529 | |||||
Takeda Pharmaceutical Co. Ltd. | 7,059,600 | 283,411,358 | ||||||
|
| |||||||
1,006,119,246 | ||||||||
Professional Services — 1.0% | ||||||||
Persol Holdings Co. Ltd. | 810,000 | 13,883,219 | ||||||
Recruit Holdings Co. Ltd. | 5,151,600 | 144,107,819 | ||||||
|
| |||||||
157,991,038 | ||||||||
Real Estate Management & Development — 2.8% | ||||||||
Aeon Mall Co. Ltd. | 535,200 | 8,730,895 | ||||||
Daito Trust Construction Co. Ltd. | 352,900 | 48,931,113 | ||||||
Daiwa House Industry Co. Ltd. | 2,682,400 | 83,011,750 | ||||||
Hulic Co. Ltd. | 1,331,800 | 12,238,874 | ||||||
Mitsubishi Estate Co. Ltd. | 5,343,400 | 91,824,687 | ||||||
Mitsui Fudosan Co. Ltd. | 4,227,000 | 100,150,130 | ||||||
Nomura Real Estate Holdings Inc. | 575,000 | 10,893,595 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,717,200 | 64,233,029 | ||||||
Tokyu Fudosan Holdings Corp. | 2,739,200 | 15,133,022 | ||||||
|
| |||||||
435,147,095 | ||||||||
Road & Rail — 4.4% | ||||||||
Central Japan Railway Co. | 686,500 | 154,018,483 | ||||||
East Japan Railway Co. | 1,480,200 | 141,743,909 | ||||||
Hankyu Hanshin Holdings Inc. | 1,130,200 | 41,016,960 | ||||||
Keikyu Corp.(a) | 1,101,000 | 18,257,690 | ||||||
Keio Corp. | 532,000 | 31,254,761 | ||||||
Keisei Electric Railway Co. Ltd. | 590,500 | 20,157,204 | ||||||
Kintetsu Group Holdings Co. Ltd. | 825,100 | 37,282,187 | ||||||
Kyushu Railway Co. | 764,400 | 26,162,091 | ||||||
Nagoya Railroad Co. Ltd. | 877,600 | 24,163,169 | ||||||
Nippon Express Co. Ltd. | 381,600 | 22,521,667 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,331,800 | 31,117,605 | ||||||
Seibu Holdings Inc. | 1,113,400 | 19,783,554 | ||||||
Tobu Railway Co. Ltd. | 953,000 | 26,624,416 | ||||||
Tokyu Corp. | 2,297,600 | 38,946,921 | ||||||
West Japan Railway Co. | 763,200 | 57,527,948 | ||||||
|
| |||||||
690,578,565 | ||||||||
Semiconductors & Semiconductor Equipment — 1.2% | ||||||||
Disco Corp. | 142,300 | 19,609,073 | ||||||
Renesas Electronics Corp.(b) | 3,816,000 | 22,350,269 | ||||||
Rohm Co. Ltd. | 440,800 | 27,837,082 | ||||||
SUMCO Corp. | 1,123,700 | 14,263,278 | ||||||
Tokyo Electron Ltd. | 763,252 | 103,874,127 | ||||||
|
| |||||||
187,933,829 | ||||||||
Software — 0.3% | ||||||||
Oracle Corp. Japan | 190,800 | 14,243,155 | ||||||
Trend Micro Inc./Japan | 572,400 | 28,229,213 | ||||||
|
| |||||||
42,472,368 | ||||||||
Specialty Retail — 1.6% | ||||||||
ABC-Mart Inc. | 190,800 | 10,935,178 | ||||||
Fast Retailing Co. Ltd. | 281,000 | 131,665,110 | ||||||
Hikari Tsushin Inc. | 99,600 | 17,849,623 | ||||||
Nitori Holdings Co. Ltd. | 381,600 | 47,597,161 | ||||||
Shimamura Co. Ltd. | 108,100 | 9,137,810 | ||||||
USS Co. Ltd. | 953,100 | 17,363,338 | ||||||
Yamada Denki Co. Ltd.(a) | 2,654,800 | 12,830,420 | ||||||
|
| |||||||
247,378,640 | ||||||||
Technology Hardware, Storage & Peripherals — 2.2% | ||||||||
Brother Industries Ltd. | 954,000 | 17,439,723 |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals (continued) | ||||||||
Canon Inc. | 4,579,250 | $ | 131,676,062 | |||||
FUJIFILM Holdings Corp. | 1,860,500 | 83,414,979 | ||||||
Konica Minolta Inc. | 2,089,400 | 20,270,859 | ||||||
NEC Corp. | 1,270,200 | 42,389,445 | ||||||
Ricoh Co. Ltd. | 3,052,800 | 30,988,717 | ||||||
Seiko Epson Corp. | 1,331,800 | 19,692,264 | ||||||
|
| |||||||
345,872,049 | ||||||||
Textiles, Apparel & Luxury Goods — 0.1% | ||||||||
Asics Corp. | 764,400 | 10,176,435 | ||||||
|
| |||||||
Tobacco — 0.8% | ||||||||
Japan Tobacco Inc. | 5,151,600 | 131,103,870 | ||||||
|
| |||||||
Trading Companies & Distributors — 3.8% | ||||||||
ITOCHU Corp. | 6,487,200 | 116,433,935 | ||||||
Marubeni Corp. | 7,251,400 | 51,766,866 | ||||||
Mitsubishi Corp. | 6,296,400 | 177,545,810 | ||||||
Mitsui & Co. Ltd. | 7,822,800 | 122,977,902 | ||||||
MonotaRO Co. Ltd.(a) | 574,400 | 13,549,896 | ||||||
Sumitomo Corp. | 5,117,200 | 73,572,391 | ||||||
Toyota Tsusho Corp. | 981,000 | 31,151,949 | ||||||
|
| |||||||
586,998,749 | ||||||||
Transportation Infrastructure — 0.1% | ||||||||
Japan Airport Terminal Co. Ltd. | 190,800 | 7,575,782 | ||||||
Kamigumi Co. Ltd. | 381,600 | 8,847,553 | ||||||
|
| |||||||
16,423,335 | ||||||||
Wireless Telecommunication Services — 5.2% | ||||||||
KDDI Corp. | 8,205,400 | 198,169,403 | ||||||
NTT DOCOMO Inc. | 6,105,600 | 142,136,744 | ||||||
Softbank Corp.(b) | 7,872,000 | 98,293,927 | ||||||
SoftBank Group Corp. | 3,935,900 | 363,466,152 | ||||||
|
| |||||||
802,066,226 | ||||||||
|
| |||||||
Total Common Stocks — 99.7% | 15,480,241,590 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, | ||||||||
2.62%(c)(d)(e) | 31,785,538 | 31,798,253 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
2.33%(c)(d) | 8,014,536 | 8,014,536 | ||||||
|
| |||||||
39,812,789 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.2% |
| 39,812,789 | ||||||
|
| |||||||
Total Investments in Securities — 99.9% |
| 15,520,054,379 | ||||||
Other Assets, Less Liabilities — 0.1% |
| 11,347,565 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 15,531,401,944 | |||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Japan ETF |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 |
| Net Activity | | Shares Held at 02/28/19 |
| | Value at 02/28/19 |
| Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 71,651,613 | (39,866,075 | ) | 31,785,538 | $ | 31,798,253 | $ | 1,566,964 | (b) | $ | 21,130 | $ | (10,183 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 6,517,877 | 1,496,659 | 8,014,536 | 8,014,536 | 116,957 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 39,812,789 | $ | 1,683,921 | $ | 21,130 | $ | (10,183 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
TOPIX Index | 323 | 03/07/19 | $46,599 | $ | 1,300,486 | |||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Equity Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 1,300,486 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (16,223,271 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 1,773,028 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 79,940,938 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Japan ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 15,480,241,590 | $ | — | $ | — | $ | 15,480,241,590 | ||||||||
Money Market Funds | 39,812,789 | — | — | 39,812,789 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 15,520,054,379 | $ | — | $ | — | $ | 15,520,054,379 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 1,300,486 | $ | — | $ | — | $ | 1,300,486 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Mexico ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.7% | ||||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a) | 5,169,900 | $ | 4,424,164 | |||||
Grupo Aeromexico SAB de CV(a) | 2,439,443 | 2,635,723 | ||||||
|
| |||||||
7,059,887 | ||||||||
Banks — 14.2% | ||||||||
Banco del Bajio SA(b) | 5,029,330 | 9,714,376 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 12,882,450 | 17,696,233 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 16,234,061 | 88,333,215 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 16,096,092 | 24,023,582 | ||||||
Regional SAB de CV | 1,753,500 | 9,121,689 | ||||||
|
| |||||||
148,889,095 | ||||||||
Beverages — 13.8% | ||||||||
Arca Continental SAB de CV | 3,107,729 | 17,527,549 | ||||||
Coca-Cola Femsa SAB de CV, Series L, NVS | 2,617,547 | 15,838,771 | ||||||
Fomento Economico Mexicano SAB de CV | 12,188,210 | 110,619,918 | ||||||
|
| |||||||
143,986,238 | ||||||||
Capital Markets — 0.7% | ||||||||
Bolsa Mexicana de Valores SAB de CV | 3,404,987 | 7,103,460 | ||||||
|
| |||||||
Chemicals — 1.7% | ||||||||
Mexichem SAB de CV | 7,344,418 | 17,803,102 | ||||||
|
| |||||||
Construction Materials — 4.2% | ||||||||
Cemex SAB de CV, CPO(a) | 87,336,529 | 42,876,121 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 192,100 | 1,046,656 | ||||||
|
| |||||||
43,922,777 | ||||||||
Consumer Finance — 1.1% | ||||||||
Credito Real SAB de CV SOFOM ER | 2,277,774 | 2,280,191 | ||||||
Gentera SAB de CV | 7,662,606 | 6,294,856 | ||||||
Unifin Financiera SAB de CV SOFOM ENR | 1,267,748 | 2,950,034 | ||||||
|
| |||||||
11,525,081 | ||||||||
Diversified Telecommunication Services — 0.8% | ||||||||
Axtel SAB de CV, CPO(a) | 11,530,677 | 1,663,520 | ||||||
Telesites SAB de CV(a) | 10,439,346 | 6,479,372 | ||||||
|
| |||||||
8,142,892 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.6% | ||||||||
Concentradora Fibra Danhos SA de CV | 2,503,000 | 3,572,086 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV(b) | 7,592,490 | 4,066,234 | ||||||
Fibra Uno Administracion SA de CV | 21,128,800 | 29,254,258 | ||||||
Macquarie Mexico Real Estate Management SA de CV(b) | 6,251,800 | 7,225,264 | ||||||
PLA Administradora Industrial S. de RL de CV | 6,110,900 | 9,063,498 | ||||||
Prologis Property Mexico SA de CV | 3,027,100 | 5,559,500 | ||||||
|
| |||||||
58,740,840 | ||||||||
Food & Staples Retailing — 9.0% | ||||||||
Grupo Comercial Chedraui SA de CV | 2,840,400 | 5,561,536 | ||||||
La Comer SAB de CV(a) | 4,202,255 | 4,416,069 | ||||||
Wal-Mart de Mexico SAB de CV | 32,417,833 | 83,864,386 | ||||||
|
| |||||||
93,841,991 | ||||||||
Food Products — 4.7% | ||||||||
Gruma SAB de CV, Series B | 1,501,635 | 16,274,456 | ||||||
Grupo Bimbo SAB de CV, Series A | 11,393,604 | 22,604,445 | ||||||
Grupo Herdez SAB de CV | 2,020,744 | 4,478,879 | ||||||
Industrias Bachoco SAB de CV, Series B | 1,526,200 | 5,927,529 | ||||||
|
| |||||||
49,285,309 |
Security | Shares | Value | ||||||
Gas Utilities — 1.3% | ||||||||
Infraestructura Energetica Nova SAB de CV | 3,612,500 | $ | 13,897,295 | |||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.3% | ||||||||
Alsea SAB de CV | 3,765,666 | 9,538,477 | ||||||
Hoteles City Express SAB de CV(a) | 3,499,100 | 3,991,282 | ||||||
|
| |||||||
13,529,759 | ||||||||
Household Durables — 0.2% | ||||||||
Consorcio ARA SAB de CV | 9,291,519 | 2,521,836 | ||||||
|
| |||||||
Household Products — 1.7% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 10,756,754 | 17,388,724 | ||||||
|
| |||||||
Industrial Conglomerates — 3.4% | ||||||||
Alfa SAB de CV, Class A | 20,424,051 | 23,265,096 | ||||||
Grupo Carso SAB de CV, Series A1 | 3,338,879 | 12,366,443 | ||||||
|
| |||||||
35,631,539 | ||||||||
Insurance — 0.4% | ||||||||
Qualitas Controladora SAB de CV | 1,668,200 | 4,275,782 | ||||||
|
| |||||||
Machinery — 0.2% | ||||||||
Grupo Rotoplas SAB de CV | 1,892,800 | 2,018,575 | ||||||
|
| |||||||
Media — 3.8% | ||||||||
Grupo Televisa SAB, CPO | 14,490,847 | 33,953,141 | ||||||
Megacable Holdings SAB de CV, CPO | 895,700 | 4,092,798 | ||||||
TV Azteca SAB de CV, CPO | 15,645,339 | 1,883,655 | ||||||
|
| |||||||
39,929,594 | ||||||||
Metals & Mining — 6.7% | ||||||||
Grupo Mexico SAB de CV, Series B | 20,260,986 | 50,774,565 | ||||||
Industrias CH SAB de CV, Series B(a) | 1,304,983 | 5,732,036 | ||||||
Industrias Penoles SAB de CV | 1,015,358 | 13,457,628 | ||||||
|
| |||||||
69,964,229 | ||||||||
Mortgage Real Estate Investment — 0.2% | ||||||||
Concentradora Hipotecaria SAPI de CV(c) | 3,145,400 | 2,301,566 | ||||||
|
| |||||||
Multiline Retail — 0.9% | ||||||||
El Puerto de Liverpool SAB de CV, Series C1, NVS | 1,436,865 | 9,015,849 | ||||||
|
| |||||||
Pharmaceuticals — 0.4% | ||||||||
Genomma Lab Internacional SAB de CV, Class B(a) | 6,792,193 | 4,487,111 | ||||||
|
| |||||||
Real Estate Management & Development — 0.8% | ||||||||
Corp Inmobiliaria Vesta SAB de CV | 4,626,949 | 6,689,663 | ||||||
Grupo GICSA SA de CV(a) | 5,594,566 | 1,802,962 | ||||||
|
| |||||||
8,492,625 | ||||||||
Transportation Infrastructure — 7.2% | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 2,051,392 | 11,694,378 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 2,485,149 | 23,162,594 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,436,875 | 24,381,214 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,628,710 | 16,047,437 | ||||||
|
| |||||||
75,285,623 | ||||||||
Wireless Telecommunication Services — 14.8% | ||||||||
America Movil SAB de CV, Series L, NVS | 215,184,118 | 154,998,719 | ||||||
|
| |||||||
Total Common Stocks — 99.8% | 1,044,039,498 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Institutional, | 181,348 | 181,420 |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Mexico ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 167,152 | $ | 167,152 | |||||
|
| |||||||
348,572 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.0% | 348,572 | |||||||
|
| |||||||
Total Investments in Securities — 99.8% | 1,044,388,070 | |||||||
Other Assets, Less Liabilities — 0.2% | 2,317,527 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,046,705,597 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(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 cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 16,322,257 | (16,140,909 | ) | 181,348 | $ | 181,420 | $ | 78,871 | (b) | $ | (977 | ) | $ | (4,806 | ) | |||||||||||||
BlackRock Cash Funds: Treasury, | 734,154 | (567,002 | ) | 167,152 | 167,152 | 10,012 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 348,572 | $ | 88,883 | $ | (977 | ) | $ | (4,806 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | | Number of Contracts | | | Expiration Date |
| | Notional Amount (000) |
| | Value/ Unrealized Appreciation (Depreciation) |
| ||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MEX BOLSA Index | 110 | 03/15/19 | $ | 2,454 | $ | 4,456 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
| Equity Contracts |
| ||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 4,456 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Mexico ETF |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
| Equity Contracts |
| ||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (465,098 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 13,801 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 2,536,807 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 1,044,039,498 | $ | — | $ | — | $ | 1,044,039,498 | ||||||||
Money Market Funds | 348,572 | — | — | 348,572 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,044,388,070 | $ | — | $ | — | $ | 1,044,388,070 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 4,456 | $ | — | $ | — | $ | 4,456 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.4% | ||||||||
Korea Aerospace Industries Ltd.(a) | 624,963 | $ | 20,448,687 | |||||
|
| |||||||
Air Freight & Logistics — 0.4% | ||||||||
Hyundai Glovis Co. Ltd. | 165,840 | 20,569,645 | ||||||
|
| |||||||
Airlines — 0.3% | ||||||||
Korean Air Lines Co. Ltd.(a) | 479,487 | 15,688,736 | ||||||
|
| |||||||
Auto Components — 2.8% | ||||||||
Hankook Tire Co. Ltd. | 619,103 | 23,532,189 | ||||||
Hanon Systems | 1,717,956 | 19,017,118 | ||||||
Hyundai Mobis Co. Ltd. | 498,572 | 97,746,178 | ||||||
|
| |||||||
140,295,485 | ||||||||
Automobiles — 3.8% | ||||||||
Hyundai Motor Co. | 1,116,201 | 125,544,080 | ||||||
Kia Motors Corp. | 1,989,522 | 64,654,600 | ||||||
|
| |||||||
190,198,680 | ||||||||
Banks — 8.1% | ||||||||
BNK Financial Group Inc. | 2,283,073 | 14,392,271 | ||||||
DGB Financial Group Inc. | 1,619,714 | 12,212,301 | ||||||
Hana Financial Group Inc. | 2,178,536 | 75,252,177 | ||||||
Industrial Bank of Korea | 2,045,625 | 25,372,516 | ||||||
KB Financial Group Inc. | 2,871,005 | 113,211,587 | ||||||
Shinhan Financial Group Co. Ltd. | 3,095,627 | 120,142,366 | ||||||
Woori Financial Group Inc.(a) | 3,585,971 | 47,188,024 | ||||||
|
| |||||||
407,771,242 | ||||||||
Biotechnology — 3.6% | ||||||||
Celltrion Inc.(a)(b) | 597,585 | 108,656,648 | ||||||
Medy-Tox Inc. | 36,681 | 17,807,261 | ||||||
SillaJen Inc.(a)(b) | 449,646 | 29,704,541 | ||||||
ViroMed Co. Ltd.(a) | 112,838 | 27,870,896 | ||||||
|
| |||||||
184,039,346 | ||||||||
Building Products — 0.3% | ||||||||
KCC Corp. | 53,948 | 15,325,319 | ||||||
|
| |||||||
Capital Markets — 1.5% | ||||||||
Korea Investment Holdings Co. Ltd.(a) | 342,208 | 19,625,158 | ||||||
Mirae Asset Daewoo Co. Ltd. | 3,290,518 | 22,118,179 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,282,763 | 14,884,020 | ||||||
Samsung Securities Co. Ltd. | 566,147 | 17,441,979 | ||||||
|
| |||||||
74,069,336 | ||||||||
Chemicals — 4.0% | ||||||||
Hanwha Chemical Corp. | 926,881 | 19,284,267 | ||||||
Kumho Petrochemical Co. Ltd. | 167,547 | 14,256,467 | ||||||
LG Chem Ltd. | 334,928 | 116,288,240 | ||||||
Lotte Chemical Corp. | 132,445 | 37,565,533 | ||||||
OCI Co. Ltd.(a) | 158,003 | 15,172,334 | ||||||
|
| |||||||
202,566,841 | ||||||||
Commercial Services & Supplies — 0.3% | ||||||||
S-1 Corp. | 165,898 | 15,045,431 | ||||||
|
| |||||||
Construction & Engineering — 2.1% | ||||||||
Daelim Industrial Co. Ltd. | 250,035 | 20,808,461 | ||||||
Daewoo Engineering & Construction Co. | 1,917,061 | 8,607,769 | ||||||
GS Engineering & Construction Corp. | 472,741 | 17,989,966 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(a) | 237,105 | 10,150,801 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 618,454 | 31,453,338 |
Security | Shares | Value | ||||||
Construction & Engineering (continued) | ||||||||
Samsung Engineering Co. Ltd.(a) | 1,351,077 | $ | 18,860,059 | |||||
|
| |||||||
107,870,394 | ||||||||
Construction Materials — 0.2% | ||||||||
POSCO Chemtech Co. Ltd.(b) | 202,743 | 12,420,194 | ||||||
|
| |||||||
Consumer Finance — 0.2% | ||||||||
Samsung Card Co. Ltd. | 320,102 | 9,691,005 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.4% | ||||||||
KT Corp. | 205,716 | 5,203,717 | ||||||
LG Uplus Corp. | 940,855 | 12,548,079 | ||||||
|
| |||||||
17,751,796 | ||||||||
Electric Utilities — 1.2% | ||||||||
Korea Electric Power Corp.(a) | 1,930,832 | 59,828,839 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.4% | ||||||||
LG Display Co. Ltd.(a) | 1,840,045 | 34,765,677 | ||||||
LG Innotek Co. Ltd. | 131,483 | 12,625,735 | ||||||
Samsung Electro-Mechanics Co. Ltd.(b) | 422,281 | 40,174,328 | ||||||
Samsung SDI Co. Ltd. | 405,514 | 85,631,346 | ||||||
|
| |||||||
173,197,086 | ||||||||
Entertainment — 1.7% | ||||||||
NCSoft Corp. | 134,905 | 55,295,816 | ||||||
Netmarble Corp.(a)(b)(c) | 207,499 | 21,770,145 | ||||||
Pearl Abyss Corp.(a)(b) | 58,642 | 9,390,437 | ||||||
|
| |||||||
86,456,398 | ||||||||
Food & Staples Retailing —1.0% | ||||||||
BGF retail Co. Ltd. | 77,036 | 14,589,373 | ||||||
E-MART Inc. | 164,137 | 26,268,925 | ||||||
GS Retail Co. Ltd. | 293,285 | 10,091,695 | ||||||
|
| |||||||
50,949,993 | ||||||||
Food Products — 0.9% | ||||||||
CJ CheilJedang Corp. | 72,640 | 20,796,728 | ||||||
Orion Corp./Republic of Korea | 181,376 | 17,981,172 | ||||||
Ottogi Corp. | 13,512 | 9,178,597 | ||||||
|
| |||||||
47,956,497 | ||||||||
Gas Utilities — 0.2% | ||||||||
Korea Gas Corp. | 266,149 | 11,855,664 | ||||||
|
| |||||||
Health Care Providers & Services — 0.5% | ||||||||
Celltrion Healthcare Co. Ltd.(a)(b) | 386,449 | 23,983,409 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.5% | ||||||||
Kangwon Land Inc.(a) | 986,158 | 27,093,698 | ||||||
|
| |||||||
Household Durables — 1.7% | ||||||||
Coway Co. Ltd. | 422,342 | 35,523,743 | ||||||
LG Electronics Inc. | 800,175 | 50,157,675 | ||||||
|
| |||||||
85,681,418 | ||||||||
Industrial Conglomerates — 4.1% | ||||||||
CJ Corp. | 135,868 | 15,100,471 | ||||||
Hanwha Corp. | 425,549 | 12,164,489 | ||||||
LG Corp. | 726,624 | 48,454,521 | ||||||
Lotte Corp. | 282,270 | 13,326,698 | ||||||
Samsung C&T Corp. | 569,690 | 58,503,774 | ||||||
SK Holdings Co. Ltd. | 239,191 | 57,952,830 | ||||||
|
| |||||||
205,502,783 | ||||||||
Insurance — 3.4% | ||||||||
DB Insurance Co. Ltd. | 420,644 | 27,115,400 | ||||||
Hanwha Life Insurance Co. Ltd. | 2,928,087 | 10,856,337 |
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Insurance (continued) | ||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 560,208 | $ | 18,778,200 | |||||
Orange Life Insurance Ltd.(c) | 332,772 | 10,562,781 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 232,658 | 62,368,976 | ||||||
Samsung Life Insurance Co. Ltd. | 535,347 | 42,220,396 | ||||||
|
| |||||||
171,902,090 | ||||||||
Interactive Media & Services — 3.1% | ||||||||
Kakao Corp. | 393,644 | 36,224,908 | ||||||
NAVER Corp. | 1,013,779 | 119,883,175 | ||||||
|
| |||||||
156,108,083 | ||||||||
Internet & Direct Marketing Retail — 0.4% | ||||||||
CJ ENM Co. Ltd. | 89,673 | 18,999,801 | ||||||
|
| |||||||
IT Services — 1.1% | ||||||||
Samsung SDS Co. Ltd. | 266,302 | 54,576,875 | ||||||
|
| |||||||
Leisure Products — 0.4% | ||||||||
HLB Inc.(a)(b) | 263,979 | 21,077,011 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.8% | ||||||||
Samsung Biologics Co. Ltd.(a)(c) | 126,044 | 42,137,943 | ||||||
|
| |||||||
Machinery — 2.2% | ||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 345,408 | 9,704,715 | ||||||
Doosan Bobcat Inc. | 492,107 | 13,957,689 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 296,119 | 34,622,253 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 80,433 | 25,816,941 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 3,376,871 | 27,502,568 | ||||||
|
| |||||||
111,604,166 | ||||||||
Marine — 0.2% | ||||||||
Pan Ocean Co. Ltd.(a) | 2,594,668 | 9,977,718 | ||||||
|
| |||||||
Media — 0.3% | ||||||||
Cheil Worldwide Inc. | 705,714 | 15,718,090 | ||||||
|
| |||||||
Metals & Mining — 3.7% | ||||||||
Hyundai Steel Co. | 642,798 | 28,490,691 | ||||||
Korea Zinc Co. Ltd.(a) | 70,181 | 28,485,486 | ||||||
POSCO | 561,383 | 131,273,877 | ||||||
|
| |||||||
188,250,054 | ||||||||
Multiline Retail — 0.9% | ||||||||
Hyundai Department Store Co. Ltd. | 138,197 | 11,894,256 | ||||||
Lotte Shopping Co. Ltd. | 100,446 | 17,058,048 | ||||||
Shinsegae Inc. | 62,995 | 15,990,995 | ||||||
|
| |||||||
44,943,299 | ||||||||
Oil, Gas & Consumable Fuels — 2.6% | ||||||||
GS Holdings Corp. | 436,686 | 20,811,212 | ||||||
SK Innovation Co. Ltd. | 476,115 | 79,585,329 | ||||||
S-Oil Corp. | 356,478 | 31,695,385 | ||||||
|
| |||||||
132,091,926 | ||||||||
Personal Products — 2.7% | ||||||||
Amorepacific Corp. | 239,713 | 42,627,011 | ||||||
AMOREPACIFIC Group | 241,610 | 15,746,433 | ||||||
LG Household & Health Care Ltd. | 68,730 | 76,142,598 | ||||||
|
| |||||||
134,516,042 | ||||||||
Pharmaceuticals — 1.2% | ||||||||
Celltrion Pharm Inc.(a)(b) | 157,044 | 8,461,693 | ||||||
Hanmi Pharm Co. Ltd. | 54,873 | 24,101,771 | ||||||
Hanmi Science Co. Ltd.(b) | 154,999 | 11,204,249 | ||||||
Yuhan Corp. | 83,924 | 19,438,252 | ||||||
|
| |||||||
63,205,965 |
Security | Shares | Value | ||||||
Road & Rail — 0.3% | ||||||||
CJ Logistics Corp.(a) | 85,019 | $ | 14,362,594 | |||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.1% | ||||||||
SK Hynix Inc. | 4,138,589 | 257,580,893 | ||||||
|
| |||||||
Specialty Retail — 0.4% | ||||||||
Hotel Shilla Co. Ltd. | 255,929 | 18,659,356 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 21.7% | ||||||||
Samsung Electronics Co. Ltd. | 27,379,355 | 1,097,900,694 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
Fila Korea Ltd. | 395,688 | 19,560,997 | ||||||
|
| |||||||
Tobacco — 1.6% | ||||||||
KT&G Corp. | 861,333 | 80,795,440 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.2% | ||||||||
Posco Daewoo Corp. | 549,066 | 9,251,179 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.7% | ||||||||
SK Telecom Co. Ltd. | 159,740 | 36,998,552 | ||||||
|
| |||||||
Total Common Stocks — 97.0% | 4,906,476,690 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Automobiles — 0.7% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 219,822 | 14,404,625 | ||||||
Series 2, Preference Shares, NVS | 312,046 | 22,306,836 | ||||||
|
| |||||||
36,711,461 | ||||||||
Chemicals — 0.3% | ||||||||
LG Chem Ltd., Preference Shares, NVS | 75,466 | 14,761,732 | ||||||
|
| |||||||
Industrial Conglomerates — .00% | ||||||||
CJ Corp., Preference Shares | 17,539 | 421,048 | ||||||
|
| |||||||
Personal Products — 0.5% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 92,172 | 9,137,706 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 20,480 | 13,638,766 | ||||||
|
| |||||||
22,776,472 | ||||||||
Technology Hardware, Storage & Peripherals — .00% | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 22,352 | 715,455 | ||||||
|
| |||||||
Total Preferred Stocks — 1.5% | 75,386,168 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 3.8% | ||||||||
BlackRock Cash Funds: Institutional, | 186,701,514 | 186,776,194 |
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 (unaudited) (continued) February 28, 2019 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 8,062,513 | $ | 8,062,513 | |||||
|
| |||||||
194,838,707 | ||||||||
|
| |||||||
Total Short-Term Investments — 3.8% | 194,838,707 | |||||||
|
| |||||||
Total Investments in Securities — 102.3% |
| 5,176,701,565 | ||||||
Other Assets, Less Liabilities — (2.3)% | (116,991,839 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 5,059,709,726 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 |
| Net Activity | | Shares Held at 02/28/19 |
| | Value at 02/28/19 |
| Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 289,663,819 | (102,962,305 | ) | 186,701,514 | $ | 186,776,194 | $ | 4,207,317 | (b) | $ | 9,520 | $ | 667 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 3,563,166 | 4,499,347 | 8,062,513 | 8,062,513 | 97,946 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 194,838,707 | $ | 4,305,263 | $ | 9,520 | $ | 667 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | | ||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
KOSPI 200 Index | 1,200 | 03/14/19 | $ | 75,714 | $ | 5,136,660 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
| Equity Contracts | | ||
| ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 5,136,660 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI South Korea ETF |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
| Equity Contracts |
| ||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (1,062,674 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 5,128,687 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 32,271,852 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 4,906,476,690 | $ | — | $ | — | $ | 4,906,476,690 | ||||||||
Preferred Stocks | 74,965,120 | 421,048 | — | 75,386,168 | ||||||||||||
Money Market Funds | 194,838,707 | — | — | 194,838,707 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,176,280,517 | $ | 421,048 | $ | — | $ | 5,176,701,565 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 5,136,660 | $ | — | $ | — | $ | 5,136,660 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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 | 29 |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares MSCI Australia ETF | iShares MSCI Canada ETF | iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 1,214,532,751 | $ | 2,640,605,111 | $ | 15,480,241,590 | $ | 1,044,039,498 | ||||||||
Affiliated(c) | 2,888,198 | 41,596,899 | 39,812,789 | 348,572 | ||||||||||||
Foreign currency, at value(d) | 2,979,791 | 4,691,056 | 5,572,635 | 2,051,323 | ||||||||||||
Foreign currency pledged: | ||||||||||||||||
Futures contracts(e) | 601,176 | 367,502 | 936,606 | 228,340 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 1,027,137 | 6,674,180 | 21,511,255 | 1,478,313 | ||||||||||||
Securities lending income — Affiliated | 2,920 | 110,650 | 31,146 | 2,517 | ||||||||||||
Variation margin on futures contracts | 96,180 | — | — | — | ||||||||||||
Capital shares sold | — | — | 1,645,912 | 4,239,933 | ||||||||||||
Dividends | 10,627,850 | 3,943,033 | 27,577,534 | 772,372 | ||||||||||||
Tax reclaims | — | — | 366,512 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 1,232,756,003 | 2,697,988,431 | 15,577,695,979 | 1,053,160,868 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 2,224,424 | 40,210,527 | 31,773,328 | 181,488 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,361,805 | 7,463,034 | 84 | 5,732,082 | ||||||||||||
Variation margin on futures contracts | — | 40,372 | 292,889 | 25,061 | ||||||||||||
Capital shares redeemed | — | — | 8,236,055 | 106,085 | ||||||||||||
Investment advisory fees | 463,125 | 986,970 | 5,991,679 | 410,555 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 4,049,354 | 48,700,903 | 46,294,035 | 6,455,271 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,228,706,649 | $ | 2,649,287,528 | $ | 15,531,401,944 | $ | 1,046,705,597 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 1,727,406,941 | $ | 3,653,459,391 | $ | 17,754,743,144 | $ | 1,810,151,916 | ||||||||
Accumulated loss | (498,700,292 | ) | (1,004,171,863 | ) | (2,223,341,200 | ) | (763,446,319 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 1,228,706,649 | $ | 2,649,287,528 | $ | 15,531,401,944 | $ | 1,046,705,597 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 57,600,000 | 95,200,000 | 286,200,000 | 24,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 21.33 | $ | 27.83 | $ | 54.27 | $ | 43.61 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 627.8 million | 340.2 million | 2.5246 billion | 255 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 2,110,601 | $ | 38,646,486 | $ | 27,245,530 | $ | 174,736 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 1,458,987,822 | $ | 3,114,137,839 | $ | 16,897,758,390 | $ | 1,478,735,388 | ||||||||
(c) Investments, at cost — Affiliated | $ | 2,887,315 | $ | 41,589,187 | $ | 39,805,137 | $ | 348,505 | ||||||||
(d) Foreign currency, at cost | $ | 2,985,715 | $ | 4,683,284 | $ | 5,562,868 | $ | 2,044,116 | ||||||||
(e) Foreign currency collateral pledged, at cost | $ | 603,548 | $ | 361,137 | $ | 948,639 | $ | 223,156 |
See notes to financial statements.
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2019
iShares ETF | ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 4,981,862,858 | ||
Affiliated(c) | 194,838,707 | |||
Foreign currency, at value(d) | 761 | |||
Foreign currency pledged: | ||||
Futures contracts(e) | 5,324,962 | |||
Receivables: | ||||
Investments sold | 26,955,394 | |||
Securities lending income — Affiliated | 629,124 | |||
Variation margin on futures contracts | 5,139,348 | |||
Dividends | 61,139,842 | |||
|
| |||
Total assets | 5,275,890,996 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 186,724,697 | |||
Payables: | ||||
Investments purchased | 27,209,594 | |||
Investment advisory fees | 2,226,474 | |||
Foreign taxes | 20,505 | |||
|
| |||
Total liabilities | 216,181,270 | |||
|
| |||
NET ASSETS | $ | 5,059,709,726 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 4,153,185,378 | ||
Accumulated earnings | 906,524,348 | |||
|
| |||
NET ASSETS | $ | 5,059,709,726 | ||
|
| |||
Shares outstanding | 80,100,000 | |||
|
| |||
Net asset value | $ | 63.17 | ||
|
| |||
Shares authorized | 200 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 176,962,653 | ||
(b) Investments, at cost — Unaffiliated | $ | 3,109,193,808 | ||
(c) Investments, at cost — Affiliated | $ | 194,777,913 | ||
(d) Foreign currency, at cost | $ | 761 | ||
(e) Foreign currency collateral pledged, at cost | $ | 5,509,139 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 31 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares MSCI Australia ETF | iShares MSCI Canada ETF | iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends— Unaffiliated | $ | 33,769,598 | $ | 41,699,181 | $ | 179,097,926 | $ | 10,102,926 | ||||||||
Dividends— Affiliated | 16,217 | 22,040 | 116,957 | 10,012 | ||||||||||||
Interest— Unaffiliated | 112 | 2,688 | — | 6,597 | ||||||||||||
Securities lending income— Affiliated— net | 14,720 | 334,564 | 1,566,964 | 78,871 | ||||||||||||
Foreign taxes withheld | (271,084 | ) | (6,223,156 | ) | (17,891,709 | ) | (637,914 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 33,529,563 | 35,835,317 | 162,890,138 | 9,560,492 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 2,935,040 | 6,519,859 | 39,613,969 | 2,576,529 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 2,935,040 | 6,519,859 | 39,613,969 | 2,576,529 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 30,594,523 | 29,315,458 | 123,276,169 | 6,983,963 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments— Unaffiliated | (32,936,541 | ) | (74,376,071 | ) | (208,584,381 | ) | (9,725,527 | ) | ||||||||
Investments— Affiliated | 663 | (2,418 | ) | 21,130 | (977 | ) | ||||||||||
In-kind redemptions— Unaffiliated | 6,193,337 | 22,016,610 | 505,540,633 | (12,681,467 | ) | |||||||||||
Futures contracts | (1,080,414 | ) | (617,089 | ) | (16,223,271 | ) | (465,098 | ) | ||||||||
Foreign currency transactions | (268,831 | ) | 4,405 | (978,173 | ) | (299,158 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (28,091,786 | ) | (52,974,563 | ) | 279,775,938 | (23,172,227 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments— Unaffiliated | (33,578,577 | ) | (57,842,455 | ) | (1,515,402,672 | ) | (94,903,118 | ) | ||||||||
Investments— Affiliated | (261 | ) | 6,308 | (10,183 | ) | (4,806 | ) | |||||||||
Futures contracts | 276,271 | 388,785 | 1,773,028 | 13,801 | ||||||||||||
Foreign currency translations | 56,015 | 15,312 | (244,866 | ) | 250,647 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (33,246,552 | ) | (57,432,050 | ) | (1,513,884,693 | ) | (94,643,476 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized loss | (61,338,338 | ) | (110,406,613 | ) | (1,234,108,755 | ) | (117,815,703 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (30,743,815 | ) | $ | (81,091,155 | ) | $ | (1,110,832,586 | ) | $ | (110,831,740 | ) | ||||
|
|
|
|
|
|
|
|
See notes to financial statements.
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2019
iShares MSCI South Korea ETF | ||||
INVESTMENT INCOME | ||||
Dividends— Unaffiliated | $ | 80,904,715 | ||
Dividends— Affiliated | 97,946 | |||
Interest— Unaffiliated | 748 | |||
Securities lending income— Affiliated— net | 4,207,317 | |||
Foreign taxes withheld | (12,635,541 | ) | ||
Other foreign taxes | (20,722 | ) | ||
|
| |||
Total investment income | 72,554,463 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 11,993,631 | |||
|
| |||
Total expenses | 11,993,631 | |||
|
| |||
Net investment income | 60,560,832 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments— Unaffiliated(a) | (27,357,198 | ) | ||
Investments— Affiliated | 9,520 | |||
Futures contracts | (1,062,674 | ) | ||
Foreign currency transactions | 81,252 | |||
|
| |||
Net realized loss | (28,329,100 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments— Unaffiliated | (176,223,786 | ) | ||
Investments— Affiliated | 667 | |||
Futures contracts | 5,128,687 | |||
Foreign currency translations | (239,818 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | (171,334,250 | ) | ||
|
| |||
Net realized and unrealized loss | (199,663,350 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (139,102,518 | ) | |
|
| |||
(a) Net of foreign capital gain tax of | $ | 155,721 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 33 |
Statements of Changes in Net Assets
iShares MSCI Australia ETF | iShares MSCI Canada ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 30,594,523 | $ | 64,332,341 | $ | 29,315,458 | $ | 59,726,961 | ||||||||
Net realized gain (loss) | (28,091,786 | ) | 50,011,791 | (52,974,563 | ) | 136,191,288 | ||||||||||
Net change in unrealized appreciation (depreciation) | (33,246,552 | ) | (43,294,526 | ) | (57,432,050 | ) | (30,882,799 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (30,743,815 | ) | 71,049,606 | (81,091,155 | ) | 165,035,450 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (43,797,886 | ) | (70,243,817 | ) | (40,528,818 | ) | (62,114,985 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net decrease in net assets derived from capital share transactions | (59,521,814 | ) | (403,947,951 | ) | (223,719,461 | ) | (236,213,205 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total decrease in net assets | (134,063,515 | ) | (403,142,162 | ) | (345,339,434 | ) | (133,292,740 | ) | ||||||||
Beginning of period | 1,362,770,164 | 1,765,912,326 | 2,994,626,962 | 3,127,919,702 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,228,706,649 | $ | 1,362,770,164 | $ | 2,649,287,528 | $ | 2,994,626,962 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 123,276,169 | $ | 282,498,661 | $ | 6,983,963 | $ | 20,797,009 | ||||||||
Net realized gain (loss) | 279,775,938 | 941,647,734 | (23,172,227 | ) | (73,800,013 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (1,513,884,693 | ) | 60,627,778 | (94,643,476 | ) | (90,670,280 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (1,110,832,586 | ) | 1,284,774,173 | (110,831,740 | ) | (143,673,284 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (118,844,429 | ) | (279,038,333 | ) | (9,554,874 | ) | (22,542,336 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (211,959,305 | ) | (50,386,475 | ) | (1,838,042 | ) | 14,504,278 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total increase (decrease) in net assets | (1,441,636,320 | ) | 955,349,365 | (122,224,656 | ) | (151,711,342 | ) | |||||||||
Beginning of period | 16,973,038,264 | 16,017,688,899 | 1,168,930,253 | 1,320,641,595 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 15,531,401,944 | $ | 16,973,038,264 | $ | 1,046,705,597 | $ | 1,168,930,253 | ||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed (distributions in excess of) net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 35 |
Statements of Changes in Net Assets (continued)
iShares MSCI South Korea ETF | ||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 60,560,832 | $ | 52,988,296 | ||||
Net realized gain (loss) | (28,329,100 | ) | 37,400,518 | |||||
Net change in unrealized appreciation (depreciation) | (171,334,250 | ) | (23,002,777 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (139,102,518 | ) | 67,386,037 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (52,766,055 | ) | (118,169,941 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 1,344,687,385 | 173,037,055 | ||||||
|
|
|
| |||||
NET ASSETS(a) | ||||||||
Total increase in net assets | 1,152,818,812 | 122,253,151 | ||||||
Beginning of period | 3,906,890,914 | 3,784,637,763 | ||||||
|
|
|
| |||||
End of period | $ | 5,059,709,726 | $ | 3,906,890,914 | ||||
|
|
|
|
(a) | Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Australia ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) |
| | Year Ended 08/31/18 |
| | Year Ended 08/31/17 |
| | Year Ended 08/31/16 |
| | Year Ended 08/31/15 |
| | Year Ended 08/31/14 |
| |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.56 | $ | 22.58 | $ | 20.30 | $ | 18.66 | $ | 27.15 | $ | 23.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.53 | 0.90 | 0.84 | 0.84 | 1.23 | 1.10 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.02 | ) | 0.07 | 2.45 | 1.59 | (8.49 | ) | 3.43 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.49 | ) | 0.97 | 3.29 | 2.43 | (7.26 | ) | 4.53 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.74 | ) | (0.99 | ) | (1.01 | ) | (0.79 | ) | (1.23 | ) | (0.99 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.74 | ) | (0.99 | ) | (1.01 | ) | (0.79 | ) | (1.23 | ) | (0.99 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 21.33 | $ | 22.56 | $ | 22.58 | $ | 20.30 | $ | 18.66 | $ | 27.15 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (1.81 | )%(c) | 4.43 | % | 16.70 | % | 13.36 | % | (27.31 | )% | 19.76 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 5.13 | %(d) | 3.95 | % | 3.90 | % | 4.41 | % | 5.37 | % | 4.28 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,228,707 | $ | 1,362,770 | $ | 1,765,912 | $ | 1,668,702 | $ | 1,228,063 | $ | 2,047,113 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 4 | %(c) | 3 | % | 4 | % | 7 | % | 9 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 37 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Canada ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) |
| | Year Ended 08/31/18 |
| | Year Ended 08/31/17 |
| | Year Ended 08/31/16 |
| | Year Ended 08/31/15 |
| | Year Ended 08/31/14 |
| |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.79 | $ | 27.83 | $ | 25.33 | $ | 24.02 | $ | 32.93 | $ | 27.34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.29 | 0.58 | 0.51 | 0.51 | 0.54 | 0.59 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.84 | ) | 0.97 | 2.47 | 1.29 | (8.85 | ) | 5.62 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.55 | ) | 1.55 | 2.98 | 1.80 | (8.31 | ) | 6.21 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.41 | ) | (0.59 | ) | (0.48 | ) | (0.49 | ) | (0.60 | ) | (0.62 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.41 | ) | (0.59 | ) | (0.48 | ) | (0.49 | ) | (0.60 | ) | (0.62 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 27.83 | $ | 28.79 | $ | 27.83 | $ | 25.33 | $ | 24.02 | $ | 32.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (1.72 | )%(c) | 5.61 | % | 11.88 | % | 7.73 | % | (25.48 | )% | 23.00 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2.21 | %(d) | 2.01 | % | 1.93 | % | 2.18 | % | 1.92 | % | 1.97 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,649,288 | $ | 2,994,627 | $ | 3,127,920 | $ | 3,097,794 | $ | 1,931,454 | $ | 3,786,906 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 4 | %(c) | 3 | % | 6 | % | 4 | % | 5 | % | 6 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Japan ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) |
| | Year Ended 08/31/18 |
| | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 58.45 | $ | 54.57 | $ | 49.05 | $ | 48.61 | $ | 47.32 | $ | 43.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(b) | 0.42 | 0.87 | 0.49 | 0.72 | 0.60 | 0.60 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (4.19 | ) | 3.87 | 5.96 | 0.44 | 1.22 | 3.53 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (3.77 | ) | 4.74 | 6.45 | 1.16 | 1.82 | 4.13 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.41 | ) | (0.86 | ) | (0.93 | ) | (0.72 | ) | (0.53 | ) | (0.68 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.41 | ) | (0.86 | ) | (0.93 | ) | (0.72 | ) | (0.53 | ) | (0.68 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 54.27 | $ | 58.45 | $ | 54.57 | $ | 49.05 | $ | 48.61 | $ | 47.32 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (6.43 | )%(d) | 8.67 | % | 13.31 | % | 2.44 | % | 3.84 | % | 9.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(e) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.53 | %(e) | 1.46 | % | 1.45 | % | 1.53 | % | 1.20 | % | 1.31 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 15,531,402 | $ | 16,973,038 | $ | 16,017,689 | $ | 14,015,180 | $ | 19,147,802 | $ | 14,729,189 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 3 | %(d) | 4 | % | 4 | % | 4 | % | 2 | % | 2 | % | ||||||||||||
|
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|
|
|
|
|
|
(a) | Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 39 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Mexico ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) |
| | Year Ended 08/31/18 |
| | Year Ended 08/31/17 |
| | Year Ended 08/31/16 |
| | Year Ended 08/31/15 |
| | Year Ended 08/31/14 |
| |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.38 | $ | 56.68 | $ | 50.48 | $ | 52.70 | $ | 71.51 | $ | 61.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.30 | 0.95 | 0.88 | 0.93 | 0.68 | 1.06 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (6.70 | ) | (6.17 | ) | 6.10 | (1.82 | ) | (18.56 | ) | 9.61 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (6.40 | ) | (5.22 | ) | 6.98 | (0.89 | ) | (17.88 | ) | 10.67 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.37 | ) | (1.08 | ) | (0.78 | ) | (1.33 | ) | (0.93 | ) | (1.09 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.37 | ) | (1.08 | ) | (0.78 | ) | (1.33 | ) | (0.93 | ) | (1.09 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 43.61 | $ | 50.38 | $ | 56.68 | $ | 50.48 | $ | 52.70 | $ | 71.51 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (12.65 | )%(c) | (9.02 | )% | 14.03 | % | (1.68 | )% | (25.10 | )% | 17.42 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.49 | %(d) | 0.47 | % | 0.49 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.33 | %(d) | 1.87 | % | 1.79 | % | 1.82 | % | 1.10 | % | 1.61 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,046,706 | $ | 1,168,930 | $ | 1,320,642 | $ | 1,317,518 | $ | 1,206,942 | $ | 3,275,152 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 1 | %(c) | 7 | % | 8 | % | 8 | % | 13 | % | 19 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI South Korea ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) |
| | Year Ended 08/31/18 |
| | Year Ended 08/31/17 |
| | Year Ended 08/31/16 |
| | Year Ended 08/31/15 |
| | Year Ended 08/31/14 |
| |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 67.65 | $ | 68.19 | $ | 56.89 | $ | 48.15 | $ | 66.42 | $ | 57.67 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.91 | 0.94 | 0.64 | 0.56 | 0.46 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (4.60 | ) | 0.70 | 11.31 | 9.38 | (18.07 | ) | 9.40 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (3.69 | ) | 1.64 | 11.95 | 9.94 | (17.61 | ) | 9.65 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.79 | ) | (2.18 | ) | (0.65 | ) | (1.20 | ) | (0.66 | ) | (0.90 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.79 | ) | (2.18 | ) | (0.65 | ) | (1.20 | ) | (0.66 | ) | (0.90 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 63.17 | $ | 67.65 | $ | 68.19 | $ | 56.89 | $ | 48.15 | $ | 66.42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (5.35 | )%(c) | 2.15 | % | 21.28 | % | 20.92 | % | (26.58 | )% | 16.83 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.59 | %(d) | 0.59 | % | 0.62 | % | 0.64 | % | 0.62 | % | 0.62 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2.98 | %(d) | 1.31 | % | 1.05 | % | 1.09 | % | 0.81 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,059,710 | $ | 3,906,891 | $ | 3,784,638 | $ | 3,452,970 | $ | 3,160,954 | $ | 4,891,619 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 2 | %(c)(f) | 18 | %(f) | 16 | %(f) | 22 | %(f) | 24 | %(f) | 13 | %(f) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Not annualized. (d) Annualized. (e) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
| |||||||||||||||||||||||
(f) Portfolio turnover rate excluding cash creations was as follows: | 2 | % | 11 | % | 6 | % | 10 | % | 10 | % | 10 | % | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 41 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
MSCI Australia | Non-diversified | |
MSCI Canada | Diversified | |
MSCI Japan | Diversified | |
MSCI Mexico | Non-diversified | |
MSCI South Korea | Non-diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
N O T E S T O F I N A N C I A L S T A T E M E N T S | 43 |
Notes to Financial Statements (unaudited) (continued)
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
iShares ETF and Counterparty | | Market Value of Securities on Loan |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received |
| Net Amount | ||||||
MSCI Australia | ||||||||||||||||
JPMorgan Securities LLC | $ | 1,505,958 | $ | 1,505,958 | $ | — | $ | — | ||||||||
Macquarie Bank Limited | 604,643 | 604,643 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,110,601 | $ | 2,110,601 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Canada | ||||||||||||||||
BNP Paribas Securities Corp. | $ | 3,847,335 | $ | 3,847,335 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 158,330 | 158,330 | — | — | ||||||||||||
Goldman Sachs & Co. | 2,622,849 | 2,622,849 | — | — | ||||||||||||
JPMorgan Securities LLC | 10,405,027 | 10,405,027 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 161,401 | 161,401 | — | — | ||||||||||||
State Street Bank & Trust Company | 12,288,379 | 12,288,379 | — | — | ||||||||||||
UBS AG | 2,822,869 | 2,822,869 | — | — | ||||||||||||
Wells Fargo Securities LLC | 6,340,296 | 6,340,296 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 38,646,486 | $ | 38,646,486 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Japan | ||||||||||||||||
Barclays Capital Inc. | $ | 1,846,029 | $ | 1,846,029 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 2,326,985 | 2,326,985 | — | — | ||||||||||||
Goldman Sachs & Co. | 9,090,763 | 9,090,763 | — | — | ||||||||||||
Jefferies LLC | 369,206 | 369,206 | — | — | ||||||||||||
JPMorgan Securities LLC | 49,436 | 49,436 | — | — | ||||||||||||
Macquarie Bank Limited | 203,063 | 203,063 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 4,059,659 | 4,059,659 | — | — | ||||||||||||
State Street Bank & Trust Company | 3,027,488 | 3,027,488 | — | — | ||||||||||||
UBS AG | 738,412 | 738,412 | — | — | ||||||||||||
Wells Fargo Securities LLC | 5,534,489 | 5,534,489 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 27,245,530 | $ | 27,245,530 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Mexico | ||||||||||||||||
Deutsche Bank Securities Inc. | $ | 174,736 | $ | 174,736 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI South Korea | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 41,908,318 | $ | 41,908,318 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 7,268,838 | 7,268,838 | — | — | ||||||||||||
Goldman Sachs & Co. | 88,033,495 | 88,033,495 | — | — | ||||||||||||
Jefferies LLC | 262,292 | 262,292 | — | — | ||||||||||||
Macquarie Bank Limited | 811,139 | 811,139 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 38,678,571 | 38,678,571 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 176,962,653 | $ | 176,962,653 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $7 billion | 0.59 | % | ||
Over $7 billion, up to and including $11 billion | 0.54 | |||
Over $11 billion, up to and including $24 billion | 0.49 | |||
Over $24 billion, up to and including $48 billion | 0.44 | |||
Over $48 billion, up to and including $72 billion | 0.40 | |||
Over $72 billion, up to and including $96 billion | 0.36 | |||
Over $96 billion | 0.32 |
For its investment advisory services to the iShares MSCI South Korea ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $2 billion | 0.74 | % | ||
Over $2 billion, up to and including $4 billion | 0.69 | |||
Over $4 billion, up to and including $8 billion | 0.64 | |||
Over $8 billion, up to and including $16 billion | 0.57 | |||
Over $16 billion, up to and including $24 billion | 0.51 | |||
Over $24 billion, up to and including $32 billion | 0.48 | |||
Over $32 billion | 0.45 |
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 45 |
Notes to Financial Statements (unaudited) (continued)
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Australia | $ | 3,726 | ||
MSCI Canada | 72,919 | |||
MSCI Japan | 328,570 | |||
MSCI Mexico | 16,947 | |||
MSCI South Korea | 837,865 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Australia | $ | 2,867,047 | $ | 3,152,007 | ||||
MSCI Japan | 6,316,752 | 41,958,385 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Australia | $ | 48,826,568 | $ | 63,769,538 | ||||
MSCI Canada | 96,658,868 | 100,541,964 | ||||||
MSCI Japan | 515,856,970 | 449,547,961 | ||||||
MSCI Mexico | 19,877,043 | 12,846,751 | ||||||
MSCI South Korea | 1,365,563,338 | 74,136,410 |
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For the six months ended February 28, 2019, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Australia | $ | 129,689,221 | $ | 187,109,223 | ||||
MSCI Canada | 126,252,996 | 347,630,077 | ||||||
MSCI Japan | 3,423,861,634 | 3,721,453,626 | ||||||
MSCI Mexico | 926,883,381 | 936,293,824 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non-Expiring(a) | Expiring 2019 | Total | |||||||||
MSCI Australia | $ | 169,154,600 | $ | 12,127,364 | $ | 181,281,964 | ||||||
MSCI Canada | 408,551,036 | 14,903,919 | 423,454,955 | |||||||||
MSCI Japan | 768,834,306 | 139,228,194 | 908,062,500 | |||||||||
MSCI Mexico | 248,780,167 | 22,863,665 | 271,643,832 | |||||||||
MSCI South Korea | 328,092,540 | 78,503,704 | 406,596,244 |
(a) | Must be utilized prior to losses subject to expiration. |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Australia | $ | 1,508,876,269 | $ | 66,594,293 | $ | (357,592,907 | ) | $ | (290,998,614 | ) | ||||||
MSCI Canada | 3,208,747,923 | 172,274,535 | (698,419,765 | ) | (526,145,230 | ) | ||||||||||
MSCI Japan | 17,134,800,478 | 804,850,236 | (2,418,295,849 | ) | (1,613,445,613 | ) | ||||||||||
MSCI Mexico | 1,516,182,228 | 5,776,414 | (477,566,116 | ) | (471,789,702 | ) | ||||||||||
MSCI South Korea | 3,866,321,054 | 1,960,485,628 | (644,968,457 | ) | 1,315,517,171 |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability
N O T E S T O F I N A N C I A L S T A T E M E N T S | 47 |
Notes to Financial Statements (unaudited) (continued)
Or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
10. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
MSCI Australia | ||||||||||||||||||||
Shares sold | 6,400,000 | $ | 130,440,646 | 8,600,000 | $ | 194,963,106 | ||||||||||||||
Shares redeemed | (9,200,000 | ) | (189,962,460 | ) | (26,400,000 | ) | (598,911,057 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (2,800,000 | ) | $ | (59,521,814 | ) | (17,800,000 | ) | $ | (403,947,951 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
MSCI Canada | ||||||||||||||||||||
Shares sold | 4,600,000 | $ | 127,122,023 | 35,900,000 | $ | 1,032,578,219 | ||||||||||||||
Shares redeemed | (13,400,000 | ) | (350,841,484 | ) | (44,300,000 | ) | (1,268,791,424 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (8,800,000 | ) | $ | (223,719,461 | ) | (8,400,000 | ) | $ | (236,213,205 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
MSCI Japan | ||||||||||||||||||||
Shares sold | 68,250,000 | $ | 3,734,304,291 | 99,600,000 | $ | 6,015,335,010 | ||||||||||||||
Shares redeemed | (72,450,000 | ) | (3,946,263,596 | ) | (102,750,000 | ) | (6,065,721,485 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net decrease | (4,200,000 | ) | $ | (211,959,305 | ) | (3,150,000 | ) | $ | (50,386,475 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
MSCI Mexico | ||||||||||||||||||||
Shares sold | 22,000,000 | $ | 938,736,358 | 33,200,000 | $ | 1,674,175,777 | ||||||||||||||
Shares redeemed | (21,200,000 | ) | (940,574,400 | ) | (33,300,000 | ) | (1,659,671,499 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | 800,000 | $ | (1,838,042 | ) | (100,000 | ) | $ | 14,504,278 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
MSCI South Korea | ||||||||||||||||||||
Shares sold | 22,350,000 | $ | 1,344,687,385 | 6,850,000 | $ | 492,531,534 | ||||||||||||||
Shares redeemed | — | — | (4,600,000 | ) | (319,494,479 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase | 22,350,000 | $ | 1,344,687,385 | 2,250,000 | $ | 173,037,055 | ||||||||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
11. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
12. | REGULATION S-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532,Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
MSCI Australia | $ | 70,243,817 | ||
MSCI Canada | 62,114,985 | |||
MSCI Japan | 279,038,333 | |||
MSCI Mexico | 22,542,336 | |||
MSCI South Korea | 118,169,941 |
Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed (distributions in excess of) net investment income | |||
MSCI Australia | $ | 5,589,658 | ||
MSCI Canada | 4,969,296 | |||
MSCI Japan | (13,175,500 | ) | ||
MSCI Mexico | 5,242,328 | |||
MSCI South Korea | (104,898,504 | ) |
13. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 49 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
MSCI Australia(a) | $ | 0.508674 | $ | — | $ | 0.236188 | $ | 0.744862 | 68 | % | — | % | 32 | % | 100 | % | ||||||||||||||||||||
MSCI Canada(a) | 0.282805 | — | 0.126577 | 0.409382 | 69 | — | 31 | 100 | ||||||||||||||||||||||||||||
MSCI South Korea(a) | 0.318643 | — | 0.471268 | 0.789911 | 40 | — | 60 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
50 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
G E N E R A L I N F O R M A T I O N | 51 |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Equity | ||
CPO | Certificates of Participation (Ordinary) | |
NVS | Non-Voting Shares |
52 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)
| This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. |
![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca |
▶ | iShares MSCI BRIC ETF | BKF | NYSE Arca |
▶ | iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ |
▶ | iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Fund Summary as of February 28, 2019 | iShares® Core MSCI Emerging Markets ETF |
Investment Objective
TheiShares Core MSCI Emerging Markets ETF( the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (0.08 | )% | (10.07 | )% | 3.93 | % | 2.95 | % | (10.07 | )% | 21.28 | % | 20.35 | % | ||||||||||||||||||
Fund Market | (0.52 | ) | (9.47 | ) | 3.96 | 2.88 | (9.47 | ) | 21.43 | 19.83 | ||||||||||||||||||||||
Index | (0.19 | ) | (10.38 | ) | 3.87 | 2.90 | (10.38 | ) | 20.93 | 19.97 |
The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 999.20 | $ | 0.69 | $ | 1,000.00 | $ | 1,024.10 | $ | 0.70 | 0.14 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 23.1 | % | ||
Information Technology | 14.6 | |||
Consumer Discretionary | 13.4 | |||
Communication Services | 11.2 | |||
Materials | 7.9 | |||
Energy | 7.3 | |||
Consumer Staples | 6.4 | |||
Industrials | 6.4 | |||
Real Estate | 3.5 | |||
Health Care | 3.4 | |||
Utilities | 2.8 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
China | 30.2 | % | ||
South Korea | 14.1 | |||
Taiwan | 12.0 | |||
India | 9.1 | |||
Brazil | 7.5 | |||
South Africa | 6.0 | |||
Russia | 3.4 | |||
Mexico | 2.7 | |||
Thailand | 2.6 | |||
Malaysia | 2.4 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI BRIC ETF |
Investment Objective
TheiShares MSCI BRIC ETF(the “Fund”) seeks to track the investment of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 4.07 | % | (9.13 | )% | 5.87 | % | 9.01 | % | (9.13 | )% | 33.02 | % | 136.89 | % | ||||||||||||||||||
Fund Market | 4.17 | (7.95 | ) | 6.05 | 9.11 | (7.95 | ) | 34.12 | 139.18 | |||||||||||||||||||||||
Index | 4.12 | (8.79 | ) | 6.39 | 9.65 | (8.79 | ) | 36.31 | 151.26 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,040.70 | $ | 3.54 | $ | 1,000.00 | $ | 1,021.30 | $ | 3.51 | 0.70 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 25.1 | % | ||
Communication Services | 16.6 | |||
Consumer Discretionary | 16.6 | |||
Energy | 11.8 | |||
Materials | 5.8 | |||
Information Technology | 5.0 | |||
Consumer Staples | 5.0 | |||
Industrials | 4.8 | |||
Real Estate | 3.5 | |||
Utilities | 3.0 | |||
Health Care | 2.8 |
(a) | Excludes money market funds. |
ALLOCATION BY COUNTRY
Country | | Percent of Total Investments | (a) | |
China | 62.1 | % | ||
India | 16.2 | |||
Brazil | 14.5 | |||
Russia | 7.2 |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF |
Investment Objective
TheiShares MSCI Emerging Markets Asia ETF(the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI EM Asia Custom Capped Index (the “Index”) The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (2.80 | )% | (9.99 | )% | 5.70 | % | 4.76 | % | (9.99 | )% | 31.94 | % | 38.81 | % | ||||||||||||||||||
Fund Market | (2.73 | ) | (9.08 | ) | 5.68 | 4.72 | (9.08 | ) | 31.83 | 38.43 | ||||||||||||||||||||||
Index(a) | (2.73 | ) | (9.81 | ) | 6.11 | 5.12 | (9.81 | ) | 34.51 | 42.23 | ||||||||||||||||||||||
MSCI Emerging Markets Asia Index | (2.70 | ) | (9.76 | ) | 6.12 | 4.90 | (9.76 | ) | 34.60 | 40.18 | ||||||||||||||||||||||
MSCI EM Asia Custom Capped Index(b) | (2.73 | ) | N/A | N/A | N/A | N/A | N/A | N/A |
The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.
(a) | Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets Asia. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EM Asia Custom Capped Index, which, effective as of June 1, 2018, replaced the MSCI Emerging Markets Asia Index as the underlying index of the Fund. |
(b) | The inception date of the MSCI EM Asia Custom Capped Index was February 27, 2018. The cumulative total return of this index for the period February 27, 2018 through February 28, 2019 was -10.92%. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 972.00 | $ | 2.44 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 21.4 | % | ||
Information Technology | 19.6 | |||
Communication Services | 14.1 | |||
Consumer Discretionary | 14.0 | |||
Industrials | 5.8 | |||
Energy | 5.6 | |||
Materials | 5.5 | |||
Consumer Staples | 5.3 | |||
Health Care | 3.2 | |||
Real Estate | 3.1 | |||
Utilities | 2.4 |
(a) | Excludes money market funds. |
(b) | Rounds to less than 0.1%. |
ALLOCATION BY COUNTRY
Country | | Percent of Total Investments | (a) | |
China | 43.5 | % | ||
South Korea | 18.8 | |||
Taiwan | 15.0 | |||
India | 11.7 | |||
Thailand | 3.3 | |||
Malaysia | 3.2 | |||
Indonesia | 3.0 | |||
Philippines | 1.5 | |||
Pakistan | 0.0 | (b) |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF |
Investment Objective
TheiShares MSCI Emerging Markets Small-Cap ETF(the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (4.06 | )% | (14.01 | )% | 1.59 | % | 1.23 | % | (14.01 | )% | 8.21 | % | 9.67 | % | ||||||||||||||||||
Fund Market | (3.90 | ) | (13.25 | ) | 1.62 | 1.16 | (13.25 | ) | 8.36 | 9.12 | ||||||||||||||||||||||
Index | (4.20 | ) | (14.34 | ) | 2.00 | 1.68 | (14.34 | ) | 10.42 | 13.40 |
The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 959.40 | $ | 3.35 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.46 | 0.69 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Information Technology | 14.5 | % | ||
Consumer Discretionary | 14.3 | |||
Industrials | 14.2 | |||
Materials | 11.7 | |||
Financials | 10.9 | |||
Health Care | 8.6 | |||
Real Estate | 7.6 | |||
Consumer Staples | 7.0 | |||
Utilities | 4.8 | |||
Communication Services | 4.5 | |||
Energy | 1.9 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
Taiwan | 19.1 | % | ||
South Korea | 18.2 | |||
India | 14.4 | |||
China | 12.3 | |||
Brazil | 6.8 | |||
South Africa | 5.6 | |||
Thailand | 3.9 | |||
Malaysia | 3.2 | |||
Mexico | 3.0 | |||
Indonesia | 2.7 |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 9 |
Consolidated Schedule of Investments (unaudited) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
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Brazil — 4.7% | ||||||||
AES Tiete Energia SA | 1,604,400 | $ | 4,979,726 | |||||
Aliansce Shopping Centers SA | 1,072,900 | 5,750,361 | ||||||
Alupar Investimento SA | 1,917,524 | 11,683,334 | ||||||
Ambev SA | 46,580,599 | 214,008,058 | ||||||
Anima Holding SA | 235,300 | 1,174,539 | ||||||
Arezzo Industria e Comercio SA | 503,712 | 7,248,940 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda | 3,785,000 | 19,700,873 | ||||||
B2W Cia. Digital(a) | 1,822,374 | 23,494,909 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 20,473,328 | 179,006,846 | ||||||
Banco ABC Brasil SA(a) | 39,331 | 189,825 | ||||||
Banco Bradesco SA | 10,086,424 | 103,627,736 | ||||||
Banco do Brasil SA | 8,507,013 | 114,780,310 | ||||||
Banco Santander Brasil SA | 4,056,663 | 48,611,809 | ||||||
BB Seguridade Participacoes SA | 6,739,243 | 49,058,418 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA | 1,050,800 | 6,211,915 | ||||||
BR Malls Participacoes SA | 8,306,765 | 29,658,712 | ||||||
BR Properties SA | 1,251,800 | 2,924,010 | ||||||
BRF SA(a) | 5,242,658 | 28,755,810 | ||||||
Camil Alimentos SA | 1,148,300 | 2,201,527 | ||||||
CCR SA | 12,091,487 | 45,880,104 | ||||||
Centrais Eletricas Brasileiras SA(a) | 2,168,000 | 21,377,945 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 3,396,228 | 35,635,377 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 642,100 | 10,606,785 | ||||||
Cia. Hering | 1,237,100 | 9,958,816 | ||||||
Cia. Siderurgica Nacional SA(a) | 6,292,356 | 21,946,275 | ||||||
Cielo SA | 12,325,618 | 35,725,476 | ||||||
Cosan Logistica SA(a) | 812,684 | 3,265,688 | ||||||
Cosan SA | 1,639,377 | 19,102,933 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA | 1,337,340 | 20,825,453 | ||||||
Cyrela Brazil Realty SA Empreendimentos | 2,595,300 | 11,833,779 | ||||||
Dommo Energia SA(a) | 10,936,300 | 2,595,376 | ||||||
Duratex SA | 3,205,308 | 10,085,363 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 2,546,600 | 7,686,824 | ||||||
EDP - Energias do Brasil SA | 3,080,200 | 14,209,042 | ||||||
Embraer SA | 6,621,383 | 33,687,351 | ||||||
Eneva SA(a) | 843,500 | 4,203,724 | ||||||
Engie Brasil Energia SA | 1,852,775 | 20,334,703 | ||||||
Equatorial Energia SA | 1,708,076 | 37,406,648 | ||||||
Estacio Participacoes SA | 2,642,824 | 19,414,653 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 705,823 | 5,019,479 | ||||||
Fleury SA | 1,844,014 | 9,834,086 | ||||||
Gafisa SA(a) | 1 | 3 | ||||||
Grendene SA | 1,737,200 | 4,016,139 | ||||||
Guararapes Confeccoes SA | 56,700 | 2,209,490 | ||||||
Hypera SA | 3,149,600 | 22,591,625 | ||||||
Iguatemi Empresa de Shopping Centers SA | 893,500 | 10,006,533 | ||||||
Instituto Hermes Pardini SA | 662,074 | 3,382,531 | ||||||
Iochpe Maxion SA | 1,095,028 | 6,341,979 | ||||||
IRB Brasil Resseguros S/A | 1,033,915 | 24,536,614 | ||||||
JBS SA | 9,521,361 | 34,096,894 | ||||||
Klabin SA | 6,913,624 | 33,256,923 | ||||||
Kroton Educacional SA | 14,036,215 | 41,057,870 | ||||||
Light SA | 938,500 | 4,967,462 | ||||||
Linx SA | 1,245,100 | 9,468,769 | ||||||
Localiza Rent a Car SA | 5,459,284 | 50,294,850 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
LOG Commercial Properties e Participacoes SA(a) | 245,572 | $ | 1,143,962 | |||||
Lojas Renner SA | 7,291,160 | 84,144,098 | ||||||
M. Dias Branco SA | 1,042,304 | 13,057,114 | ||||||
Magazine Luiza SA | 753,821 | 34,866,420 | ||||||
Mahle-Metal Leve SA | 188,300 | 1,322,029 | ||||||
Marfrig Global Foods SA(a) | 2,486,713 | 3,646,936 | ||||||
Movida Participacoes SA | 751,500 | 2,324,485 | ||||||
MRV Engenharia e Participacoes SA | 2,940,992 | 10,657,445 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 2,532,133 | 16,994,544 | ||||||
Multiplus SA | 698,400 | 4,966,690 | ||||||
Natura Cosmeticos SA | 1,931,817 | 24,921,354 | ||||||
Odontoprev SA | 2,782,100 | 12,314,608 | ||||||
Omega Geracao SA | 232,075 | 1,230,844 | ||||||
Petrobras Distribuidora SA | 3,464,412 | 22,586,460 | ||||||
Petroleo Brasileiro SA | 29,494,279 | 234,837,456 | ||||||
Porto Seguro SA | 974,298 | 14,558,939 | ||||||
QGEP Participacoes SA | 584,200 | 2,059,362 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 2,415,900 | 9,978,612 | ||||||
Raia Drogasil SA | 2,296,157 | 40,048,431 | ||||||
Rumo SA(a) | 10,951,881 | 56,829,173 | ||||||
Santos Brasil Participacoes SA | 1,977,900 | 1,988,316 | ||||||
Sao Martinho SA | 1,772,411 | 8,875,643 | ||||||
Ser Educacional SA(b) | 585,300 | 2,962,201 | ||||||
SLC Agricola SA | 510,289 | 5,581,509 | ||||||
Smiles Fidelidade SA | 638,000 | 8,165,856 | ||||||
Sonae Sierra Brasil SA | 482,443 | 3,973,779 | ||||||
Sul America SA | 2,070,432 | 16,783,183 | ||||||
Suzano Papel e Celulose SA | 5,374,754 | 68,304,987 | ||||||
TIM Participacoes SA | 8,455,800 | 26,650,905 | ||||||
TOTVS SA | 1,109,200 | 10,780,705 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,923,100 | 12,799,300 | ||||||
Tupy SA | 429,300 | 2,106,292 | ||||||
Ultrapar Participacoes SA | 3,588,280 | 51,103,269 | ||||||
Vale SA | 31,308,083 | 393,203,309 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 515,600 | 2,707,063 | ||||||
Via Varejo SA | 4,709,299 | 5,751,240 | ||||||
Vulcabras Azaleia SA(a) | 595,000 | 1,262,902 | ||||||
WEG SA | 8,375,059 | 41,135,547 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 543,900 | 1,303,823 | ||||||
|
| |||||||
2,757,860,011 | ||||||||
Chile — 1.0% | ||||||||
AES Gener SA | 31,498,183 | 9,432,740 | ||||||
Aguas Andinas SA, Class A | 25,901,125 | 15,188,840 | ||||||
Banco de Chile | 262,763,109 | 41,776,455 | ||||||
Banco de Credito e Inversiones SA | 495,741 | 33,947,272 | ||||||
Banco Santander Chile | 653,754,857 | 52,214,529 | ||||||
Besalco SA | 1,030,637 | 1,023,043 | ||||||
CAP SA | 839,069 | 9,264,132 | ||||||
Cencosud SA | 13,614,588 | 25,386,037 | ||||||
Cia. Cervecerias Unidas SA | 1,539,267 | 21,802,316 | ||||||
Cia. Sud Americana de Vapores SA(a) | 190,335,970 | 6,220,272 | ||||||
Colbun SA | 84,829,482 | 19,626,109 | ||||||
Empresa Nacional de Telecomunicaciones SA | 1,511,493 | 15,926,853 | ||||||
Empresas CMPC SA | 12,562,254 | 47,192,983 | ||||||
Empresas COPEC SA | 3,918,192 | 53,253,784 | ||||||
Enel Americas SA | 290,588,423 | 50,589,211 | ||||||
Enel Chile SA | 292,221,691 | 30,707,097 | ||||||
Engie Energia Chile SA | 5,543,939 | 11,051,050 | ||||||
Forus SA | 346,847 | 984,779 |
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
Grupo Security SA | 3,666,773 | $ | 1,612,131 | |||||
Inversiones Aguas Metropolitanas SA | 5,173,152 | 7,994,853 | ||||||
Inversiones La Construccion SA | 522,722 | 9,434,660 | ||||||
Itau CorpBanca | 1,502,118,029 | 14,245,261 | ||||||
Latam Airlines Group SA | 3,031,343 | 35,274,819 | ||||||
Parque Arauco SA | 6,650,476 | 18,281,001 | ||||||
Ripley Corp. SA | 2,429,458 | 2,047,968 | ||||||
SACI Falabella | 7,075,610 | 55,107,259 | ||||||
Salfacorp SA | 4,858,469 | 7,489,235 | ||||||
SONDA SA | 4,744,785 | 7,940,763 | ||||||
Vina Concha y Toro SA | 4,942,481 | 10,612,191 | ||||||
|
| |||||||
615,627,643 | ||||||||
China — 30.1% | ||||||||
21Vianet Group Inc., ADR(a) | 684,158 | 6,458,452 | ||||||
361 Degrees International Ltd. | 11,666,000 | 2,303,536 | ||||||
3SBio Inc.(b)(c) | 12,849,000 | 21,246,404 | ||||||
500.com Ltd., ADR(a)(c) | 96,061 | 1,460,127 | ||||||
51job Inc., ADR(a)(c) | 247,648 | 17,895,045 | ||||||
58.com Inc., ADR(a) | 939,327 | 68,486,332 | ||||||
AAC Technologies Holdings Inc. | 7,267,500 | 43,189,492 | ||||||
Agile Group Holdings Ltd.(c) | 15,512,500 | 19,386,179 | ||||||
Agricultural Bank of China Ltd., Class A | 21,783,548 | 12,363,706 | ||||||
Agricultural Bank of China Ltd., Class H | 288,619,000 | 138,246,508 | ||||||
AGTech Holdings Ltd.(a)(c) | 35,792,000 | 2,507,784 | ||||||
Air China Ltd., Class H | 18,190,000 | 19,650,335 | ||||||
Ajisen China Holdings Ltd. | 11,289,000 | 3,207,021 | ||||||
AK Medical Holdings Ltd.(b) | 4,018,000 | 2,160,050 | ||||||
Alibaba Group Holding Ltd., ADR(a)(c) | 12,808,611 | 2,344,360,071 | ||||||
Alibaba Health Information Technology Ltd.(a) | 34,920,000 | 35,810,594 | ||||||
Alibaba Pictures Group | 147,200,000 | 27,190,502 | ||||||
Aluminum Corp. of China Ltd., | 41,222,000 | 16,909,328 | ||||||
Angang Steel Co. Ltd., Class H | 9,266,000 | 6,893,608 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 12,542,500 | 71,741,732 | ||||||
ANTA Sports Products Ltd. | �� | 10,726,000 | 62,854,595 | |||||
Anton Oilfield Services Group/Hong Kong(a) | 13,878,000 | 1,838,661 | ||||||
APT Satellite Holdings Ltd. | 8,709,500 | 3,872,220 | ||||||
Ascletis Pharma Inc.(a)(b) | 2,543,000 | 2,264,462 | ||||||
Asia Cement China Holdings Corp. | 6,168,500 | 5,571,437 | ||||||
Autohome Inc., ADR(a) | 585,135 | 55,031,947 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 21,342,000 | 15,143,690 | ||||||
BAIC Motor Corp. Ltd., | 17,830,500 | 11,334,581 | ||||||
Baidu Inc., ADR(a)(c) | 2,734,745 | 444,505,452 | ||||||
Bank of Beijing Co. Ltd., Class A | 12,845,282 | 12,317,289 | ||||||
Bank of China Ltd., Class H | 787,938,000 | 367,379,179 | ||||||
Bank of Communications Co. Ltd., Class A | 14,931,801 | 14,273,439 | ||||||
Bank of Communications Co. Ltd., Class H | 85,223,000 | 71,545,717 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 5,689,482 | 6,373,389 | ||||||
Baozun Inc., ADR(a)(c) | 368,005 | 13,781,787 | ||||||
BBMG Corp., Class H | 20,347,000 | 7,465,077 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 16,646,000 | 16,646,424 | ||||||
Beijing Capital Land Ltd., Class H | 13,332,000 | 5,587,694 | ||||||
Beijing Enterprises Holdings Ltd. | 4,944,500 | 29,006,373 | ||||||
Beijing Enterprises Water Group Ltd.(c) | 57,040,000 | 34,152,208 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(a) | 73,664,000 | 2,956,019 | ||||||
Beijing Sports and Entertainment Industry Group Ltd.(a)(c) | 4,170,000 | 1,418,367 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 3,449,000 | 5,949,127 | ||||||
Bitauto Holdings Ltd., ADR(a) | 271,898 | 5,318,325 | ||||||
BOC Aviation Ltd.(b) | 2,469,700 | 21,362,663 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
BOE Technology Group Co. Ltd., Class A | 17,777,100 | $ | 10,806,667 | |||||
Bosideng International Holdings Ltd. | 35,796,000 | 6,885,775 | ||||||
Brilliance China Automotive Holdings Ltd.(c) | 30,212,000 | 29,596,968 | ||||||
BYD Co. Ltd., Class H(c) | 6,566,000 | 41,990,013 | ||||||
BYD Electronic International Co. Ltd. | 7,046,500 | 9,012,568 | ||||||
C&D International Investment Group Ltd. | 922,000 | 902,056 | ||||||
Camsing International Holding Ltd.(c) | 3,294,000 | 3,386,402 | ||||||
Canvest Environment Protection Group Co. Ltd. | 4,140,000 | 2,172,896 | ||||||
CAR Inc.(a) | 5,999,000 | 5,273,141 | ||||||
Carnival Group International Holdings | 48,920,000 | 760,305 | ||||||
CGN Power Co. Ltd., Class H(b) | 115,134,000 | 30,360,949 | ||||||
Changyou.com Ltd., ADR | 153,668 | 3,134,827 | ||||||
Chaowei Power Holdings Ltd.(c) | 8,511,000 | 3,393,644 | ||||||
China Agri-Industries Holdings Ltd. | 25,273,200 | 8,982,678 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 5,268,500 | 5,919,663 | ||||||
China Animal Healthcare Ltd.(a)(c)(d) | 1,237,000 | 9,455 | ||||||
China Animation Characters Co. Ltd. | 1,596,000 | 502,194 | ||||||
China Aoyuan Group Ltd. | 12,818,000 | 10,075,041 | ||||||
China BlueChemical Ltd., Class H | 20,588,000 | 6,504,400 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 90,966,000 | 26,421,371 | ||||||
China CITIC Bank Corp. Ltd., Class H | 87,871,000 | 57,089,620 | ||||||
China Coal Energy Co. Ltd., Class H | 15,217,000 | 6,610,356 | ||||||
China Communications Construction Co. Ltd., Class H | 44,185,000 | 47,619,697 | ||||||
China Communications Services Corp. Ltd., Class H | 23,938,000 | 24,060,590 | ||||||
China Conch Venture Holdings Ltd. | 16,210,500 | 54,105,213 | ||||||
China Construction Bank Corp., Class H | 949,485,000 | 844,276,962 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H | 34,902,000 | 4,668,539 | ||||||
China Ding Yi Feng Holdings Ltd.(a) | 9,096,000 | 29,316,518 | ||||||
China Dongxiang Group Co. Ltd. | 48,108,000 | 6,925,277 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 12,468,000 | 7,957,487 | ||||||
China Everbright Bank Co. Ltd., Class A | 17,572,344 | 11,102,135 | ||||||
China Everbright Bank Co. Ltd., Class H | 19,171,000 | 9,182,777 | ||||||
China Everbright Greentech Ltd., | 4,764,000 | 3,744,539 | ||||||
China Everbright International Ltd.(c) | 34,306,148 | 33,564,067 | ||||||
China Everbright Ltd. | 9,802,000 | 19,804,291 | ||||||
China Everbright Water Ltd.(c) | 13,369,700 | 3,463,140 | ||||||
China Evergrande Group(c) | 25,850,000 | 79,857,130 | ||||||
China Fiber Optic Network System Group Ltd.(d) | 10,394,800 | 463,474 | ||||||
China First Capital Group Ltd.(a) | 33,284,000 | 14,755,576 | ||||||
China Foods Ltd.(c) | 10,632,000 | 4,090,377 | ||||||
China Galaxy Securities Co. Ltd., Class H | 35,955,000 | 24,459,184 | ||||||
China Gas Holdings Ltd. | 17,574,400 | 57,761,920 | ||||||
China Goldjoy Group Ltd.(c) | 85,492,000 | 4,193,027 | ||||||
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(a) | 4,016,000 | 2,517,099 | ||||||
China Harmony New Energy Auto Holding Ltd. | 2,999,500 | 1,199,831 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(c) | 3,838,000 | 3,774,537 | ||||||
China Hongqiao Group Ltd.(c) | 20,752,500 | 13,879,414 | ||||||
China Huarong Asset Management Co. Ltd., Class H(b) | 102,319,000 | 23,462,279 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 16,599,187 | 42,292 | ||||||
China Huiyuan Juice Group Ltd.(a)(c)(d) | 10,877,000 | 2,036,891 | ||||||
China International Capital Corp. Ltd., | 10,463,200 | 24,312,564 | ||||||
China International Travel Service Corp. Ltd., Class A | 770,438 | 7,341,669 | ||||||
China Jinmao Holdings Group Ltd.(c) | 51,064,000 | 24,784,560 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 11 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
China (continued) | ||||||||
China Life Insurance Co. Ltd., Class H | 73,498,000 | $ | 202,241,688 | |||||
China Lilang Ltd. | 5,270,000 | 5,055,301 | ||||||
China Literature Ltd.(a)(b)(c) | 2,910,200 | 13,884,047 | ||||||
China LNG Group Ltd.(a) | 3,883,000 | 608,435 | ||||||
China Logistics Property Holdings Co. | 13,617,000 | 4,492,857 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 31,535,000 | 23,541,377 | ||||||
China Lumena New Materials Corp.(a)(c)(d) | 2,584,000 | 3 | ||||||
China Maple Leaf Educational Systems | 15,682,000 | 7,052,085 | ||||||
China Medical System Holdings Ltd. | 13,814,000 | 14,535,866 | ||||||
China Mengniu Dairy Co. Ltd. | 27,331,000 | 84,432,310 | ||||||
China Merchants Bank Co. Ltd., Class A | 4,202,322 | 19,921,989 | ||||||
China Merchants Bank Co. Ltd., Class H | 38,067,464 | 174,581,353 | ||||||
China Merchants Land Ltd. | 28,526,000 | 4,397,113 | ||||||
China Merchants Port Holdings Co. Ltd. | 13,670,270 | 28,734,421 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 2,333,397 | 7,388,579 | ||||||
China Metal Recycling Holdings Ltd.(a)(d) | 62,400 | — | ||||||
China Metal Resources Utilization Ltd.(a)(b) | 1,204,000 | 671,803 | ||||||
China Minsheng Banking Corp. Ltd., | 63,911,220 | 49,339,091 | ||||||
China Mobile Ltd. | 60,624,000 | 637,919,743 | ||||||
China Molybdenum Co. Ltd., Class H | 42,555,000 | 20,383,551 | ||||||
China National Building Material Co. Ltd., Class H | 38,794,850 | 30,888,406 | ||||||
China New Higher Education Group | 4,870,000 | 2,766,975 | ||||||
China Oil and Gas Group Ltd. | 75,248,000 | 5,272,287 | ||||||
China Oilfield Services Ltd., Class H | 17,878,000 | 17,696,255 | ||||||
China Oriental Group Co. Ltd. | 9,770,000 | 6,546,689 | ||||||
China Overseas Grand Oceans Group Ltd. | 17,453,500 | 6,870,406 | ||||||
China Overseas Land & Investment Ltd. | 37,366,000 | 137,567,505 | ||||||
China Overseas Property Holdings Ltd. | 8,865,000 | 3,331,518 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,790,445 | 9,097,703 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 25,409,200 | 95,651,082 | ||||||
China Petroleum & Chemical Corp., Class A | 10,746,014 | 9,646,246 | ||||||
China Petroleum & Chemical Corp., | 248,990,200 | 215,056,888 | ||||||
China Power Clean Energy Development Co. Ltd.(c) | 7,189,000 | 2,509,345 | ||||||
China Power International Development Ltd. | 47,187,000 | 11,902,247 | ||||||
China Railway Construction Corp. Ltd., Class H(c) | 20,137,500 | 28,988,477 | ||||||
China Railway Group Ltd., Class H | 38,088,000 | 37,749,324 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(b) | 11,902,000 | 9,855,410 | ||||||
China Reinsurance Group Corp., Class H | 41,958,000 | 9,674,639 | ||||||
China Resources Beer Holdings Co. Ltd. | 14,464,000 | 53,895,895 | ||||||
China Resources Cement Holdings Ltd. | 24,308,000 | 25,887,905 | ||||||
China Resources Gas Group Ltd.(c) | 8,788,000 | 38,175,597 | ||||||
China Resources Land Ltd. | 27,243,777 | 101,689,555 | ||||||
China Resources Medical Holdings Co. | 10,659,000 | 7,644,802 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 17,202,000 | 23,053,459 | ||||||
China Resources Power Holdings Co. Ltd. | 18,588,000 | 35,235,221 | ||||||
China SCE Group Holdings Ltd. | 19,896,200 | 7,831,952 | ||||||
China Shenhua Energy Co. Ltd., Class H | 33,619,000 | 82,914,704 | ||||||
China Shineway Pharmaceutical Group Ltd. | 3,329,000 | 3,485,997 | ||||||
China Southern Airlines Co. Ltd., Class H | 19,156,000 | 15,642,432 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 11,782,121 | 10,822,686 | ||||||
China State Construction International Holdings Ltd. | 20,148,000 | 21,303,524 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 19,795,000 | 5,497,350 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 16,135,108 | 49,948,167 | ||||||
China Telecom Corp. Ltd., Class H | 134,832,000 | 73,000,076 | ||||||
China Tian Lun Gas Holdings Ltd. | 2,251,000 | 2,606,638 | ||||||
China Tower Corp. Ltd., Class H(a)(b) | 412,026,000 | 97,629,030 |
Security | Shares | Value | ||||||
| ||||||||
China (continued) | ||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 22,740,000 | $ | 15,005,886 | |||||
China Travel International Investment Hong Kong Ltd. | 28,152,000 | 8,356,157 | ||||||
China Unicom Hong Kong Ltd. | 58,730,000 | 69,654,807 | ||||||
China Vanke Co. Ltd., Class A | 2,241,288 | 9,369,944 | ||||||
China Vanke Co. Ltd., Class H | 11,984,687 | 45,497,168 | ||||||
China Vast Industrial Urban Development Co. Ltd.(b) | 759,000 | 312,310 | ||||||
China Water Affairs Group Ltd.(c) | 8,714,000 | 9,080,552 | ||||||
China Yangtze Power Co. Ltd., Class A | 4,172,193 | 10,157,538 | ||||||
China Youzan Ltd.(a)(c) | 126,812,000 | 8,723,596 | ||||||
China Yuchai International Ltd. | 121,914 | 2,344,406 | ||||||
China Yuhua Education Corp. Ltd., | 12,520,000 | 4,992,178 | ||||||
China ZhengTong Auto Services Holdings Ltd.(c) | 11,660,000 | 7,115,009 | ||||||
China Zhongwang Holdings Ltd.(c) | 5,710,000 | 3,026,013 | ||||||
Chinasoft International Ltd.(c) | 21,268,000 | 13,086,249 | ||||||
Chong Sing Holdings FinTech Group(a)(c) | 196,152,000 | 1,799,147 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 24,982,000 | 15,626,082 | ||||||
CIFI Holdings Group Co. Ltd. | 34,710,000 | 22,639,456 | ||||||
CIMC Enric Holdings Ltd. | 7,568,000 | 6,758,348 | ||||||
CITIC Ltd. | 56,774,000 | 86,356,539 | ||||||
CITIC Resources Holdings Ltd. | 42,828,000 | 3,928,273 | ||||||
CITIC Securities Co. Ltd., Class A | 4,359,145 | 15,307,011 | ||||||
CITIC Securities Co. Ltd., Class H | 22,510,500 | 54,542,754 | ||||||
Citychamp Watch & Jewellery Group Ltd. | 6,298,000 | 1,339,863 | ||||||
CNOOC Ltd. | 176,721,000 | 304,823,351 | ||||||
COFCO Meat Holdings Ltd.(a)(c) | 5,909,000 | 1,610,902 | ||||||
Colour Life Services Group Co. Ltd.(c) | 4,105,000 | 2,452,604 | ||||||
Comba Telecom Systems Holdings Ltd.(a)(c) | 20,699,524 | 5,511,224 | ||||||
Concord New Energy Group Ltd. | 131,490,000 | 6,281,529 | ||||||
Consun Pharmaceutical Group Ltd. | 2,133,000 | 1,633,077 | ||||||
Coolpad Group Ltd.(a)(c)(d) | 22,836,000 | 145,456 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 9,216,000 | 5,424,077 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 26,864,000 | 11,704,105 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd.(c) | 12,214,000 | 4,527,853 | ||||||
COSCO SHIPPING Ports Ltd. | 16,972,000 | 18,031,858 | ||||||
Country Garden Holdings Co. Ltd.(c) | 75,183,733 | 99,034,345 | ||||||
Country Garden Services Holdings Co. | 12,426,000 | 20,451,976 | ||||||
CPMC Holdings Ltd.(c) | 5,740,000 | 2,530,052 | ||||||
CRRC Corp. Ltd., Class A | 7,522,491 | 10,628,923 | ||||||
CRRC Corp. Ltd., Class H | 39,730,750 | 41,705,697 | ||||||
CSPC Pharmaceutical Group Ltd. | 46,450,000 | 79,292,466 | ||||||
CT Environmental Group Ltd.(c) | 33,282,000 | 1,632,344 | ||||||
Ctrip.com International Ltd., ADR(a)(c) | 4,057,327 | 138,476,571 | ||||||
Dah Chong Hong Holdings Ltd.(c) | 13,821,000 | 5,158,798 | ||||||
Dali Foods Group Co. Ltd.(b) | 19,363,000 | 13,196,776 | ||||||
Daqin Railway Co. Ltd., Class A | 6,515,399 | 8,690,183 | ||||||
Daqo New Energy Corp., ADR(a)(c) | 87,382 | 3,178,957 | ||||||
Datang International Power Generation Co. Ltd., Class H | 25,892,000 | 7,190,573 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 15,649,000 | 3,269,429 | ||||||
Digital China Holdings Ltd.(a)(c) | 10,575,000 | 5,658,106 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 26,898,000 | 28,611,977 | ||||||
Dongyue Group Ltd. | 10,572,000 | 7,205,305 | ||||||
Eastern Communications Co. Ltd., Class B | 5,143,049 | 3,296,694 | ||||||
eHi Car Services Ltd., ADR(a)(c) | 150,289 | 1,812,485 | ||||||
ENN Energy Holdings Ltd. | 7,825,900 | 80,753,382 |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
China (continued) | ||||||||
Fang Holdings Ltd., ADR(a)(c) | 2,542,003 | $ | 3,965,525 | |||||
Fanhua Inc., ADR(c) | 385,491 | 9,714,373 | ||||||
Fantasia Holdings Group Co. Ltd.(c) | 30,973,500 | 4,853,296 | ||||||
Far East Horizon Ltd. | 22,255,000 | 24,835,512 | ||||||
FingerTango Inc.(a) | 2,488,700 | 519,945 | ||||||
First Tractor Co. Ltd., Class H(a) | 9,278,000 | 2,517,534 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 4,160,311 | 4,188,149 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 689,831 | 7,900,622 | ||||||
Fosun International Ltd. | 25,859,000 | 42,561,375 | ||||||
Fu Shou Yuan International Group Ltd. | 10,211,000 | 8,910,463 | ||||||
Fufeng Group Ltd. | 18,092,400 | 9,196,244 | ||||||
Fullshare Holdings Ltd.(c) | 67,185,000 | 13,437,342 | ||||||
Future Land Development Holdings Ltd. | 18,288,000 | 15,749,048 | ||||||
Fuyao Glass Industry Group Co. Ltd., | 5,206,400 | 18,604,235 | ||||||
GCL New Energy Holdings Ltd.(a)(c) | 116,302,000 | 5,481,890 | ||||||
GCL-Poly Energy Holdings Ltd.(a)(c) | 137,851,000 | 11,941,537 | ||||||
GDS Holdings Ltd., ADR(a)(c) | 758,899 | 25,248,570 | ||||||
Geely Automobile Holdings Ltd. | 49,020,000 | 92,047,543 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 26,026,000 | 2,983,949 | ||||||
Genertec Universal Medical Group Co. Ltd.(b) | 9,787,500 | 9,176,794 | ||||||
Genscript Biotech Corp.(a)(c) | 9,072,000 | 16,965,650 | ||||||
GF Securities Co. Ltd., Class H | 14,781,800 | 24,931,977 | ||||||
Glorious Property Holdings Ltd.(a)(c) | 40,822,000 | 1,898,141 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 125,218,000 | 11,325,738 | ||||||
Goodbaby International Holdings Ltd.(c) | 5,174,000 | 1,865,324 | ||||||
Grand Baoxin Auto Group Ltd. | 3,305,500 | 1,027,468 | ||||||
Great Wall Motor Co. Ltd., Class H(c) | 30,935,000 | 22,659,972 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 13,402,000 | 8,331,647 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 1,175,002 | 7,862,363 | ||||||
Greenland Hong Kong Holdings Ltd. | 3,405,000 | 1,006,344 | ||||||
Greentown China Holdings Ltd. | 9,446,500 | 8,026,721 | ||||||
Greentown Service Group Co. Ltd. | 7,888,000 | 7,194,843 | ||||||
Guangdong Investment Ltd. | 29,444,000 | 56,488,909 | ||||||
Guangdong Land Holdings Ltd.(a) | 4,992,000 | 1,023,863 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 29,225,200 | 35,927,435 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 9,591,600 | 17,937,360 | ||||||
Guorui Properties Ltd. | 6,257,000 | 1,299,257 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 4,358,745 | 12,701,505 | ||||||
Guotai Junan Securities Co. Ltd., Class H(b) | 4,084,600 | 9,095,621 | ||||||
Haier Electronics Group Co. Ltd. | 12,743,000 | 37,986,471 | ||||||
Haitian International Holdings Ltd. | 6,619,000 | 14,469,418 | ||||||
Haitong Securities Co. Ltd., Class H | 33,364,800 | 44,289,181 | ||||||
Hanergy Thin Film Power Group Ltd.(a)(d) | 8,046 | — | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 2,747,751 | 14,159,011 | ||||||
Hangzhou Steam Turbine Co. Ltd., Class B | 4,134,359 | 3,734,185 | ||||||
Harbin Electric Co. Ltd., Class H | 5,816,000 | 3,082,188 | ||||||
HC Group Inc.(a)(c) | 6,970,500 | 4,253,445 | ||||||
Hengan International Group Co. Ltd.(c) | 7,110,500 | 57,474,232 | ||||||
Heng Ten Networks Group Ltd.(a)(c) | 238,724,000 | 8,515,213 | ||||||
Hi Sun Technology China Ltd.(a)(c) | 37,238,000 | 6,119,522 | ||||||
Hope Education Group Co. Ltd.(a)(b) | 18,456,000 | 2,821,371 | ||||||
Hua Han Health Industry Holdings Ltd., | 22,424,288 | 914,134 | ||||||
Hua Hong Semiconductor Ltd.(b)(c) | 4,544,000 | 10,628,021 | ||||||
Huabao International Holdings Ltd. | 11,824,000 | 5,287,044 | ||||||
Huadian Power International Corp. Ltd., Class H | 16,070,000 | 7,042,320 | ||||||
Huaneng Power International Inc., Class H | 42,110,000 | 25,964,025 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 48,482,000 | 14,761,138 |
Security | Shares | Value | ||||||
| ||||||||
China (continued) | ||||||||
Huangshi Dongbei Electrical Appliance Co. Ltd., Class B(a) | 2,379,586 | $ | 3,086,323 | |||||
Huatai Securities Co. Ltd., Class H(b) | 16,691,000 | 33,808,110 | ||||||
Huaxia Bank Co. Ltd., Class A | 9,393,415 | 11,673,021 | ||||||
Huazhu Group Ltd., ADR(c) | 1,297,207 | 45,493,050 | ||||||
Hutchison China MediTech Ltd., ADR(a)(c) | 528,437 | 13,786,921 | ||||||
IGG Inc. | 10,382,000 | 14,760,009 | ||||||
IMAX China Holding Inc.(b) | 971,600 | 2,537,364 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 688,813,000 | 530,004,652 | ||||||
Industrial Bank Co. Ltd., Class A | 6,229,344 | 16,617,291 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,861,628 | 7,518,584 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 11,315,895 | 13,975,130 | ||||||
Inspur International Ltd. | 2,788,000 | 1,616,016 | ||||||
iQIYI Inc., ADR(a) | 965,933 | 26,234,740 | ||||||
JD.com Inc., ADR(a)(c) | 7,241,299 | 200,656,395 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 12,360,000 | 17,036,765 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 965,978 | 10,373,673 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 370,377 | 6,143,262 | ||||||
Jiangxi Copper Co. Ltd., Class H | 13,308,000 | 18,173,936 | ||||||
Jiayuan International Group Ltd. | 12,592,000 | 6,127,728 | ||||||
Jinchuan Group International Resources Co. Ltd.(a)(c) | 23,379,000 | 2,114,588 | ||||||
JNBY Design Ltd. | 1,882,000 | 3,716,146 | ||||||
Jumei International Holding Ltd., ADR(a) | 1,027,651 | 2,723,275 | ||||||
Kaisa Group Holdings Ltd.(c) | 22,052,000 | 7,865,882 | ||||||
Kama Co. Ltd., Class B(a) | 4,396,224 | 2,444,301 | ||||||
Kasen International Holdings Ltd.(c) | 4,228,000 | 2,725,379 | ||||||
Kingboard Holdings Ltd. | 7,042,200 | 24,670,756 | ||||||
Kingboard Laminates Holdings Ltd. | 11,039,500 | 13,529,006 | ||||||
Kingdee International Software Group Co. Ltd.(c) | 23,019,000 | 24,925,667 | ||||||
Kingsoft Corp. Ltd. | 8,521,000 | 16,564,812 | ||||||
Konka Group Co. Ltd., Class B | 11,249,818 | 3,797,806 | ||||||
Kunlun Energy Co. Ltd. | 32,678,000 | 35,884,272 | ||||||
Kweichow Moutai Co. Ltd., Class A | 216,356 | 24,398,217 | ||||||
KWG Group Holdings Ltd. | 12,561,500 | 11,809,711 | ||||||
Launch Tech Co. Ltd., Class H | 3,141,500 | 2,321,167 | ||||||
Lee & Man Paper Manufacturing Ltd. | 16,033,000 | 14,767,076 | ||||||
Lee’s Pharmaceutical Holdings Ltd. | 3,636,500 | 3,173,332 | ||||||
Legend Holdings Corp., Class H(b) | 2,418,500 | 6,731,920 | ||||||
Lenovo Group Ltd. | 73,172,000 | 65,903,085 | ||||||
Li Ning Co. Ltd.(a) | 17,556,500 | 24,602,092 | ||||||
Lifetech Scientific Corp.(a) | 28,508,000 | 6,028,597 | ||||||
Logan Property Holdings Co. Ltd. | 13,434,000 | 19,133,242 | ||||||
Longfor Group Holdings Ltd. | 14,636,000 | 43,442,992 | ||||||
Lonking Holdings Ltd. | 20,856,000 | 6,987,602 | ||||||
Luthai Textile Co. Ltd., Class B | 3,896,221 | 4,789,744 | ||||||
Luye Pharma Group Ltd.(b)(c) | 12,412,500 | 9,266,128 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 15,506,000 | 7,387,760 | ||||||
Meitu Inc.(a)(b)(c) | 19,554,500 | 7,996,375 | ||||||
Meituan Dianping, Class B(a) | 2,499,600 | 19,392,295 | ||||||
Metallurgical Corp. of China Ltd., Class H | 8,964,000 | 2,626,462 | ||||||
Midea Group Co. Ltd., Class A | 1,727,036 | 12,324,916 | ||||||
Ming Lam Holdings Ltd.(a)(c) | 94,940,000 | 786,147 | ||||||
MMG Ltd.(a)(c) | 24,547,999 | 11,633,234 | ||||||
Momo Inc., ADR(a)(c) | 1,440,430 | 47,779,063 | ||||||
NetDragon Websoft Holdings Ltd.(c) | 2,626,500 | 5,634,572 | ||||||
NetEase Inc., ADR | 768,083 | 171,451,487 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 13 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
China (continued) | ||||||||
New China Life Insurance Co. Ltd., | 8,341,400 | $ | 40,379,780 | |||||
New Oriental Education & Technology Group Inc., ADR(a) | 1,415,181 | 116,129,753 | ||||||
Nexteer Automotive Group Ltd. | 8,641,000 | 12,306,859 | ||||||
Nine Dragons Paper Holdings Ltd. | 16,786,000 | 17,406,563 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 282,981 | 16,342,153 | ||||||
Panda Green Energy Group Ltd.(a)(c) | 72,342,852 | 3,502,036 | ||||||
PAX Global Technology Ltd.(c) | 12,268,000 | 5,735,632 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 69,905,000 | 31,702,948 | ||||||
PetroChina Co. Ltd., Class H | 207,970,000 | 137,502,140 | ||||||
PICC Property & Casualty Co. Ltd., | 67,625,040 | 80,979,818 | ||||||
Pinduoduo Inc., ADR(a) | 1,664,219 | 49,826,717 | ||||||
Ping An Bank Co. Ltd., Class A | 4,667,861 | 8,617,332 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,231,735 | 23,336,684 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 51,252,000 | 539,628,755 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 3,066,939 | 6,051,240 | ||||||
Poly Property Group Co. Ltd. | 23,618,000 | 8,905,868 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 69,571,000 | 41,655,036 | ||||||
Pou Sheng International Holdings Ltd.(c) | 23,926,000 | 4,876,761 | ||||||
Powerlong Real Estate Holdings Ltd. | 3,575,000 | 1,666,858 | ||||||
Q Technology Group Co. Ltd. | 3,473,000 | 2,884,654 | ||||||
Qingdao Haier Co. Ltd., Class A | 2,510,510 | 6,179,532 | ||||||
Realord Group Holdings Ltd.(a) | 1,568,000 | 1,000,749 | ||||||
Redco Group(b) | 6,912,000 | 3,240,358 | ||||||
Redsun Properties Group Ltd.(a) | 3,438,000 | 1,357,716 | ||||||
Renhe Commercial Holdings Co. Ltd.(a)(c) | 57,304,000 | 2,591,521 | ||||||
RISE Education Cayman Ltd., ADR(a)(c) | 119,835 | 1,313,392 | ||||||
Road King Infrastructure Ltd. | 4,328,000 | �� | 8,281,301 | |||||
Ronshine China Holdings Ltd.(a) | 5,810,500 | 7,624,162 | ||||||
SAIC Motor Corp. Ltd., Class A | 2,217,786 | 9,381,004 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd.(a) | 14,040,000 | 5,008,026 | ||||||
Seaspan Corp.(c) | 627,678 | 5,523,566 | ||||||
Semiconductor Manufacturing International Corp.(a)(c) | 30,659,700 | 31,051,061 | ||||||
Shandong Airlines Co. Ltd., Class B | 2,221,153 | 3,664,288 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 19,524,000 | 16,962,684 | ||||||
Shang Gong Group Co. Ltd., Class B(a) | 5,202,560 | 3,849,894 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | 6,718,227 | 4,655,731 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 29,974,000 | 11,111,664 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 5,763,500 | 20,448,097 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a) | 436,000 | 466,004 | ||||||
Shanghai Haixin Group Co., Class B | 6,646,610 | 3,283,425 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., Class H(b) | 156,000 | 954,903 | ||||||
Shanghai Industrial Holdings Ltd. | 4,884,000 | 10,950,394 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 28,198,000 | 5,316,446 | ||||||
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B | 2,584,241 | 2,728,959 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 9,956,927 | 14,069,138 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 8,858,300 | 19,906,292 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 7,851,368 | 13,767,335 |
Security | Shares | Value | ||||||
| ||||||||
China (continued) | ||||||||
Shanghai Shibei Hi-Tech Co. Ltd., Class B | 3,660,600 | $ | 1,910,833 | |||||
Sheng Ye Capital Ltd.(a) | 1,348,000 | 1,348,034 | ||||||
Shenzhen International Holdings Ltd. | 9,781,750 | 20,187,056 | ||||||
Shenzhen Investment Ltd. | 35,668,000 | 13,313,363 | ||||||
Shenzhou International Group Holdings Ltd. | 7,533,700 | 94,053,683 | ||||||
Shimao Property Holdings Ltd. | 11,382,000 | 26,911,504 | ||||||
Shougang Concord International Enterprises Co. Ltd.(a)(c) | 266,070,000 | 7,761,985 | ||||||
Shougang Fushan Resources Group Ltd. | 29,366,000 | 6,658,957 | ||||||
Shui On Land Ltd. | 43,681,666 | 10,906,783 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 40,254,000 | 8,409,967 | ||||||
Silver Grant International Industries | 5,108,000 | 1,073,683 | ||||||
SINA Corp./China(a) | 649,951 | 43,787,199 | ||||||
Sino Biopharmaceutical Ltd. | 69,040,000 | 59,894,825 | ||||||
Sinofert Holdings Ltd.(a)(c) | 37,754,000 | 4,905,740 | ||||||
Sino-Ocean Group Holding Ltd. | 30,824,500 | 14,411,312 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 11,276,000 | 10,242,029 | ||||||
Sinopec Kantons Holdings Ltd.(c) | 12,296,000 | 5,780,050 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 33,999,000 | 17,238,149 | ||||||
Sinopharm Group Co. Ltd., Class H | 11,801,200 | 52,467,818 | ||||||
Sinosoft Technology Group Ltd.(c) | 8,803,600 | 3,028,067 | ||||||
Sinotrans Ltd., Class H | 21,416,000 | 10,067,141 | ||||||
Sinotruk Hong Kong Ltd. | 6,882,500 | 12,520,332 | ||||||
Skyfame Realty Holdings Ltd. | 45,074,000 | 6,890,469 | ||||||
SMI Holdings Group Ltd.(a)(c)(d) | 15,427,999 | 4,697,307 | ||||||
SOHO China Ltd.(a)(c) | 22,800,500 | 9,730,398 | ||||||
Springland International Holdings Ltd. | 3,333,000 | 666,617 | ||||||
SSY Group Ltd. | 15,286,411 | 13,553,647 | ||||||
Sun Art Retail Group Ltd.(c) | 23,794,500 | 24,189,165 | ||||||
Sunac China Holdings Ltd.(c) | 23,997,000 | 100,423,125 | ||||||
Suning.com Co. Ltd., Class A | 4,674,273 | 8,545,391 | ||||||
Sunny Optical Technology Group Co. | 7,090,100 | 83,999,503 | ||||||
Superb Summit International Group | 6,035,000 | 7,688 | ||||||
TAL Education Group, ADR(a) | 3,519,683 | 125,300,715 | ||||||
Tarena International Inc., ADR(c) | 423,665 | 2,800,426 | ||||||
TCL Electronics Holdings Ltd. | 10,134,000 | 4,996,125 | ||||||
Tencent Holdings Ltd. | 56,484,800 | 2,416,315,809 | ||||||
Tencent Music Entertainment Group, | 539,175 | 9,715,934 | ||||||
Texhong Textile Group Ltd. | 1,847,500 | 2,475,948 | ||||||
Tian Ge Interactive Holdings Ltd.(b) | 7,625,000 | 3,292,918 | ||||||
Tiangong International Co. Ltd.(c) | 5,154,000 | 1,168,707 | ||||||
Tianjin Development Holdings Ltd. | 10,366,000 | 3,869,192 | ||||||
Tianjin Port Development Holdings Ltd. | 44,830,000 | 5,196,986 | ||||||
Tianneng Power International Ltd.(c) | 7,078,000 | 6,933,912 | ||||||
Tibet Water Resources Ltd.(a)(c) | 26,120,000 | 8,185,584 | ||||||
Tingyi Cayman Islands Holding Corp. | 19,662,000 | 27,302,071 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 6,623,000 | 8,673,398 | ||||||
Tongda Group Holdings Ltd.(c) | 42,290,000 | 4,687,037 | ||||||
Towngas China Co. Ltd. | 11,413,000 | 9,101,554 | ||||||
TravelSky Technology Ltd., Class H | 9,542,000 | 27,654,271 | ||||||
Truly International Holdings Ltd.(a)(c) | 19,750,000 | 3,648,182 | ||||||
Tsaker Chemical Group Ltd.(b) | 3,629,000 | 693,457 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 3,536,000 | 15,000,229 | ||||||
Tuniu Corp., ADR(a)(c) | 393,960 | 1,961,921 | ||||||
Uni-President China Holdings Ltd. | 12,771,000 | 11,372,174 | ||||||
Vinda International Holdings Ltd.(c) | 3,023,000 | 5,930,622 | ||||||
Vipshop Holdings Ltd., ADR(a) | 4,330,287 | 31,091,461 | ||||||
Want Want China Holdings Ltd.(c) | 50,077,000 | 40,381,591 | ||||||
Wasion Holdings Ltd. | 6,614,000 | 3,227,040 | ||||||
Weibo Corp., ADR(a)(c) | 546,202 | 39,463,095 |
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Weichai Power Co. Ltd., Class H | 19,492,000 | $ | 27,066,014 | |||||
West China Cement Ltd. | 35,204,000 | 5,291,946 | ||||||
Wisdom Education International Holdings Co. Ltd. | 5,278,000 | 2,292,795 | ||||||
Wise Talent Information Technology Co. Ltd.(a) | 943,200 | 3,244,210 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 913,775 | 9,758,471 | ||||||
Wuxi Biologics Cayman Inc.(a)(b)(c) | 5,030,000 | 47,738,159 | ||||||
Xiamen International Port Co. Ltd., Class H | 25,324,000 | 3,645,459 | ||||||
Xiaomi Corp., Class B(a)(b) | 29,775,000 | 45,365,360 | ||||||
Xingda International Holdings Ltd. | 13,638,000 | 4,048,070 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 5,921,000 | 6,788,581 | ||||||
Xinyi Solar Holdings Ltd. | 30,148,800 | 14,825,138 | ||||||
Xtep International Holdings Ltd. | 11,655,500 | 7,646,797 | ||||||
Yadea Group Holdings Ltd.(b) | 7,430,000 | 2,707,050 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 18,396,000 | 18,255,859 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., | 1,285,200 | 5,484,751 | ||||||
Yihai International Holding Ltd.(c) | 4,436,000 | 14,014,727 | ||||||
Yintech Investment Holdings Ltd., ADR | 160,426 | 1,065,229 | ||||||
Yirendai Ltd., ADR(c) | 105,195 | 1,474,834 | ||||||
Youyuan International Holdings Ltd.(a) | 3,050,000 | 971,362 | ||||||
Yuexiu Property Co. Ltd. | 71,048,880 | 16,382,388 | ||||||
Yuexiu REIT | 18,702,000 | 12,650,975 | ||||||
Yuexiu Transport Infrastructure Ltd. | 11,188,000 | 8,708,334 | ||||||
Yum China Holdings Inc. | 3,578,598 | 149,299,109 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A(d) | 424,124 | 5,389,603 | ||||||
Yuzhou Properties Co. Ltd. | 17,581,400 | 8,578,150 | ||||||
YY Inc., ADR(a)(c) | 490,462 | 34,577,571 | ||||||
Zai Lab Ltd., ADR(a) | 236,171 | 6,806,448 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 12,084,000 | 12,884,797 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 14,664,000 | 15,299,518 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 2,738,000 | 10,289,562 | ||||||
Zhongsheng Group Holdings | 5,693,000 | 13,228,403 | ||||||
Zhuguang Holdings Group Co. Ltd.(a) | 5,996,000 | 954,801 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 5,434,900 | 30,498,528 | ||||||
Zijin Mining Group Co. Ltd., Class H | 59,684,000 | 25,546,924 | ||||||
ZTE Corp., Class H(a) | 7,511,440 | 22,439,205 | ||||||
ZTO Express Cayman Inc., ADR | 2,834,102 | 56,341,948 | ||||||
|
| |||||||
17,662,954,901 | ||||||||
Colombia — 0.3% | ||||||||
Almacenes Exito SA | 2,015,192 | 9,555,015 | ||||||
Bancolombia SA | 1,934,886 | 22,608,859 | ||||||
Cementos Argos SA | 4,802,553 | 12,680,162 | ||||||
Corp. Financiera Colombiana | 1,249,133 | 9,938,867 | ||||||
Ecopetrol SA | 49,149,125 | 49,800,361 | ||||||
Grupo Argos SA/Colombia | 2,879,142 | 16,755,724 | ||||||
Grupo de Inversiones Suramericana SA | 2,612,040 | 29,689,984 | ||||||
Interconexion Electrica SA ESP | 4,161,038 | 18,891,696 | ||||||
|
| |||||||
169,920,668 | ||||||||
Czech Republic — 0.2% | ||||||||
Central European Media Enterprises Ltd. Class A(a) | 466,110 | 1,638,876 | ||||||
CEZ AS | 1,640,111 | 39,805,865 | ||||||
Komercni Banka AS | 787,852 | 33,129,659 | ||||||
Moneta Money Bank AS(b) | 5,831,658 | 20,685,981 | ||||||
|
| |||||||
95,260,381 | ||||||||
Egypt — 0.2% | ||||||||
Alexandria Mineral Oils Co. | 2,614,519 | 914,783 | ||||||
Commercial International Bank Egypt SAE | 11,863,755 | 47,522,736 |
Security | Shares | Value | ||||||
Egypt (continued) | ||||||||
Eastern Tobacco | 8,547,771 | $ | 8,142,825 | |||||
Egyptian Financial Group-Hermes Holding Co.(a) | 8,189,859 | 7,984,178 | ||||||
EISewedy Electric Co. | 4,950,968 | 4,863,365 | ||||||
Ezz Steel Co.(a) | 3,621,229 | 3,970,537 | ||||||
Global Telecom Holding SAE(a) | 32,473,057 | 8,804,054 | ||||||
Heliopolis Housing | 2,650,149 | 3,128,144 | ||||||
Juhayna Food Industries | 1,869,301 | 1,424,382 | ||||||
Medinet Nasr Housing(a) | 8,256,253 | 3,407,118 | ||||||
Oriental Weavers | 2,364,462 | 1,616,795 | ||||||
Palm Hills Developments SAE(a) | 13,649,493 | 2,158,053 | ||||||
Pioneers Holding For Financial Investments SAE(a) | 4,490,649 | 1,835,220 | ||||||
Sidi Kerir Petrochemicals Co. | 820,598 | 904,906 | ||||||
Six of October Development & Investment(a) | 3,641,920 | 3,350,899 | ||||||
Talaat Moustafa Group | 3,490,863 | 2,243,557 | ||||||
Telecom Egypt Co. | 5,763,845 | 4,898,610 | ||||||
|
| |||||||
107,170,162 | ||||||||
Greece — 0.3% | ||||||||
Alpha Bank AE(a) | 13,967,348 | 19,721,737 | ||||||
Athens Water Supply & Sewage Co. SA | 412,698 | 2,631,661 | ||||||
Eurobank Ergasias SA(a)(c) | 19,018,824 | 14,488,363 | ||||||
FF Group(a)(d) | 343,633 | 3,913 | ||||||
GEK Terna Holding Real Estate Construction SA(a) | 237,437 | 1,400,515 | ||||||
Grivalia Properties REIC AE | 346,544 | 3,871,123 | ||||||
Hellenic Exchanges-Athens Stock Exchange SA | 851,775 | 4,054,252 | ||||||
Hellenic Telecommunications Organization SA | 2,440,356 | 30,984,007 | ||||||
Holding Co. ADMIE IPTO SA | 1,336,491 | 2,648,042 | ||||||
JUMBO SA | 1,049,854 | 17,095,212 | ||||||
Motor Oil Hellas Corinth Refineries SA | 586,725 | 14,297,427 | ||||||
Mytilineos Holdings SA | 1,082,479 | 11,303,120 | ||||||
National Bank of Greece SA(a) | 6,064,794 | 10,980,515 | ||||||
OPAP SA | 2,341,885 | 24,000,352 | ||||||
Piraeus Bank SA(a)(c) | 3,338,097 | 4,675,344 | ||||||
Piraeus Port Authority SA | 69,974 | 1,324,272 | ||||||
Public Power Corp. SA(a)(c) | 1,520,634 | 2,721,992 | ||||||
Sarantis SA | 113,196 | 943,521 | ||||||
Terna Energy SA | 388,052 | 2,916,375 | ||||||
Titan Cement Co. SA | 450,059 | 9,870,412 | ||||||
|
| |||||||
179,932,155 | ||||||||
Hungary —0.3% | ||||||||
Magyar Telekom Telecommunications PLC | 4,646,412 | 7,830,694 | ||||||
MOL Hungarian Oil & Gas PLC | 3,640,269 | 42,518,642 | ||||||
Opus Global Nyrt(a) | 814,165 | 1,276,740 | ||||||
OTP Bank Nyrt | 2,249,501 | 95,203,999 | ||||||
Richter Gedeon Nyrt | 1,403,490 | 27,194,977 | ||||||
|
| |||||||
174,025,052 | ||||||||
India — 9.1% | ||||||||
Aarti Industries Ltd. | 162,904 | 3,183,815 | ||||||
Adani Enterprises Ltd. | 1,476,219 | 2,674,270 | ||||||
Adani Ports &Special Economic Zone Ltd. | 5,413,940 | 24,802,831 | ||||||
Adani Power Ltd.(a) | 7,184,510 | 4,863,664 | ||||||
Adani Transmissions Ltd.(a) | 609,685 | 1,747,376 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 1,653,559 | 5,237,825 | ||||||
Aegis Logistics Ltd. | 318,019 | 889,320 | ||||||
AIA Engineering Ltd. | 504,212 | 12,160,423 | ||||||
Ajanta Pharma Ltd. | 299,844 | 4,126,708 | ||||||
Alembic Pharmaceuticals Ltd. | 86,973 | 678,591 | ||||||
Allahabad Bank(a) | 2,611,792 | 1,762,584 | ||||||
Amara Raja Batteries Ltd. | 464,243 | 4,679,226 | ||||||
Ambuja Cements Ltd. | 6,488,734 | 19,344,982 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 15 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
India (continued) | ||||||||
Anup Engineering Ltd. (The)(a) | 55,455 | $ | 1,347,796 | |||||
Apollo Hospitals Enterprise Ltd. | 928,545 | 14,894,318 | ||||||
Apollo Tyres Ltd. | 3,192,470 | 9,760,146 | ||||||
Arvind Fashions Ltd.(a) | 299,456 | 2,911,230 | ||||||
Arvind Ltd. | 1,503,819 | 1,598,407 | ||||||
Ashok Leyland Ltd. | 12,276,633 | 14,930,195 | ||||||
Asian Paints Ltd. | 2,960,448 | 58,487,851 | ||||||
Astral Poly Technik Ltd. | 235,546 | 3,578,580 | ||||||
Atul Ltd. | 46,400 | 2,196,467 | ||||||
AU Small Finance Bank Ltd.(b) | 1,197,052 | 9,754,645 | ||||||
Aurobindo Pharma Ltd. | 2,677,021 | 26,799,850 | ||||||
Avanti Feeds Ltd. | 440,721 | 2,073,598 | ||||||
Avenue Supermarts Ltd.(a)(b) | 1,297,652 | 26,560,121 | ||||||
Axis Bank Ltd.(a) | 17,971,720 | 179,284,497 | ||||||
Bajaj Auto Ltd. | 849,684 | 34,650,968 | ||||||
Bajaj Consumer Care Ltd.(a) | 110,032 | 541,294 | ||||||
Bajaj Electricals Ltd. | 164,176 | 1,045,630 | ||||||
Bajaj Finance Ltd. | 1,759,052 | 65,513,488 | ||||||
Bajaj Finserv Ltd. | 391,328 | 35,555,616 | ||||||
Balkrishna Industries Ltd. | 819,755 | 10,208,003 | ||||||
BASF India Ltd. | 28,052 | 520,289 | ||||||
Bata India Ltd. | 495,786 | 8,983,589 | ||||||
Bayer CropScience Ltd./India | 149,850 | 9,156,016 | ||||||
Bharat Financial Inclusion Ltd.(a) | 952,597 | 12,373,833 | ||||||
Bharat Forge Ltd. | 2,235,686 | 16,121,802 | ||||||
Bharat Petroleum Corp. Ltd. | 7,543,727 | 35,800,918 | ||||||
Bharti Airtel Ltd. | 14,124,823 | 63,160,928 | ||||||
Bharti Infratel Ltd. | 3,632,345 | 14,996,406 | ||||||
Birlasoft Ltd.(a) | 2,005,865 | 3,065,500 | ||||||
Blue Dart Express Ltd. | 101,478 | 4,462,528 | ||||||
Blue Star Ltd. | 96,012 | 838,006 | ||||||
Bosch Ltd. | 79,165 | 21,176,669 | ||||||
Britannia Industries Ltd. | 591,012 | 25,400,813 | ||||||
Cadila Healthcare Ltd. | 2,199,979 | 9,857,589 | ||||||
Can Fin Homes Ltd. | 237,218 | 887,822 | ||||||
Canara Bank(a) | 1,702,134 | 5,538,868 | ||||||
Care Ratings Ltd. | 387,461 | 5,232,334 | ||||||
Ceat Ltd. | 308,829 | 4,733,847 | ||||||
Century Plyboards India Ltd. | 202,286 | 475,950 | ||||||
Century Textiles & Industries Ltd. | 516,895 | 5,828,729 | ||||||
CESC Ltd. | 855,820 | 8,097,208 | ||||||
CESC Ventures Ltd.(a) | 161,239 | 1,129,730 | ||||||
CG Power and Industrial Solutions Ltd.(a) | 4,859,959 | 2,200,182 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 667,992 | 1,485,288 | ||||||
Cipla Ltd./India | 3,489,250 | 27,204,634 | ||||||
City Union Bank Ltd. | 2,352,153 | 6,066,712 | ||||||
Coal India Ltd. | 7,078,975 | 22,721,991 | ||||||
Container Corp. of India Ltd. | 2,165,079 | 14,390,483 | ||||||
Coromandel International Ltd. | 255,698 | 1,588,445 | ||||||
Cox & Kings Ltd. | 475,558 | 970,489 | ||||||
CRISIL Ltd. | 311,826 | 6,392,047 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 4,348,893 | 12,840,091 | ||||||
Dabur India Ltd. | 5,464,823 | 33,656,571 | ||||||
DCB Bank Ltd. | 2,716,912 | 6,942,567 | ||||||
DCM Shriram Ltd. | 141,474 | 780,008 | ||||||
Dilip Buildcon Ltd.(b) | 310,509 |
| 1,877,209 |
| ||||
Dish TV India Ltd. | 8,604,093 | 4,717,803 | ||||||
Dishman Carbogen Amcis Ltd.(a) | 257,990 | 675,750 | ||||||
Divi’s Laboratories Ltd. | 752,494 | 17,501,460 | ||||||
Dr Lal PathLabs Ltd.(b) | 203,893 | 2,899,028 |
Security | Shares | Value | ||||||
| ||||||||
India (continued) | ||||||||
Dr. Reddy’s Laboratories Ltd. | 1,152,205 | $ | 42,631,241 | |||||
Edelweiss Financial Services Ltd. | 4,770,878 | 9,172,669 | ||||||
Eicher Motors Ltd. | 135,397 | 37,823,118 | ||||||
EIH Ltd. | 771,286 | 2,012,086 | ||||||
Endurance Technologies Ltd.(b) | 104,139 | 1,900,604 | ||||||
Engineers India Ltd. | 1,045,500 | 1,575,756 | ||||||
Equitas Holdings Ltd./India(a) | 1,395,151 | 2,232,202 | ||||||
Escorts Ltd. | 710,108 | 6,565,326 | ||||||
Exide Industries Ltd. | 2,722,860 | 8,412,485 | ||||||
Federal Bank Ltd. | 15,381,641 | 18,133,257 | ||||||
Finolex Cables Ltd. | 1,297,679 | 7,363,572 | ||||||
Fortis Healthcare Ltd.(a) | 4,223,477 | 8,001,456 | ||||||
Future Consumer Ltd.(a) | 3,961,855 | 2,584,560 | ||||||
GAIL India Ltd. | 8,004,861 | 38,490,184 | ||||||
Gayatri Projects Ltd.(a) | 359,943 | 759,599 | ||||||
GE T&D India Ltd. | 1,106,636 | 4,498,037 | ||||||
Gillette India Ltd. | 18,000 | 1,647,392 | ||||||
Glenmark Pharmaceuticals Ltd. | 1,479,874 | 12,411,997 | ||||||
GMR Infrastructure Ltd.(a) | 21,011,080 | 4,785,568 | ||||||
Godrej Consumer Products Ltd. | 3,653,386 | 34,560,809 | ||||||
Godrej Industries Ltd. | 1,225,376 | 8,494,355 | ||||||
Godrej Properties Ltd.(a) | 440,228 | 4,391,062 | ||||||
Granules India Ltd. | 834,018 | 1,145,619 | ||||||
Graphite India Ltd. | 552,706 | 3,201,947 | ||||||
Grasim Industries Ltd. | 3,482,667 | 38,047,927 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 149,391 | 564,683 | ||||||
GRUH Finance Ltd. | 2,182,782 | 7,595,488 | ||||||
Gujarat Fluorochemicals Ltd. | 97,265 | 1,243,808 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 620,476 | 2,265,952 | ||||||
Gujarat Pipavav Port Ltd. | 2,673,019 | 3,044,088 | ||||||
Gujarat State Petronet Ltd. | 795,887 | 1,759,593 | ||||||
Havells India Ltd. | 2,634,375 | 26,495,143 | ||||||
HCL Technologies Ltd. | 5,465,392 | 80,982,431 | ||||||
HEG Ltd. | 79,074 | 2,269,509 | ||||||
Hero MotoCorp Ltd. | 520,479 | 19,231,590 | ||||||
Hexaware Technologies Ltd. | 1,144,021 | 5,705,126 | ||||||
Himachal Futuristic Communications Ltd. | 4,454,153 | 1,324,481 | ||||||
Himadri Speciality Chemical Ltd. | 546,375 | 900,303 | ||||||
Hindalco Industries Ltd. | 12,104,409 | 33,313,131 | ||||||
Hindustan Petroleum Corp. Ltd. | 6,085,675 | 19,110,181 | ||||||
Hindustan Unilever Ltd. | 6,554,265 | 159,663,236 | ||||||
Housing Development Finance Corp. Ltd. | 16,079,471 | 416,239,040 | ||||||
ICICI Bank Ltd. | 23,951,424 | 117,911,335 | ||||||
ICICI Securities Ltd.(b) | 439,159 | 1,240,120 | ||||||
IDFC First Bank Ltd.(a) | 20,630,450 | 12,979,914 | ||||||
IDFC Ltd. | 11,803,105 | 6,065,320 | ||||||
IFCI Ltd.(a) | 15,142,527 | 2,671,851 | ||||||
IIFL Holdings Ltd. | 1,177,809 | 5,445,563 | ||||||
India Cements Ltd. (The) | 3,638,436 | 4,483,702 | ||||||
Indiabulls Housing Finance Ltd. | 2,799,652 | 25,791,771 | ||||||
Indiabulls Ventures Ltd. | 1,626,573 | 6,394,120 | ||||||
Indian Bank(a) | 883,463 | 2,789,769 | ||||||
Indian Hotels Co. Ltd. (The) | 5,750,965 | 11,214,690 | ||||||
Indian Oil Corp. Ltd. | 14,497,060 | 29,472,591 | ||||||
Indraprastha Gas Ltd. | 1,805,338 | 7,431,897 | ||||||
Info Edge India Ltd. | 582,199 | 14,649,056 | ||||||
Infosys Ltd. | 34,641,624 | 357,636,520 | ||||||
Inox Leisure Ltd.(a) | 284,199 | 1,108,606 | ||||||
InterGlobe Aviation Ltd.(b) | 954,435 | 15,100,943 |
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Ipca Laboratories Ltd. | 316,804 | $ | 3,606,937 | |||||
IRB Infrastructure Developers Ltd. | 2,013,545 | 3,800,544 | ||||||
ITC Ltd. | 34,269,491 | 133,004,242 | ||||||
Jain Irrigation Systems Ltd. | 4,397,860 | 3,515,135 | ||||||
Jammu & Kashmir Bank Ltd. (The)(a) | 4,020,470 | 2,176,244 | ||||||
Jindal Steel & Power Ltd.(a) | 4,087,227 | 9,013,291 | ||||||
JM Financial Ltd. | 824,535 | 899,582 | ||||||
JSW Energy Ltd.(a) | 1,215,318 | 1,101,242 | ||||||
JSW Steel Ltd. | 8,583,295 | 33,922,275 | ||||||
Jubilant Foodworks Ltd. | 683,917 | 12,199,711 | ||||||
Jubilant Life Sciences Ltd. | 829,548 | 9,137,989 | ||||||
Just Dial Ltd.(a) | 451,446 | 3,283,994 | ||||||
Jyothy Laboratories Ltd. | 514,111 | 1,296,368 | ||||||
Kajaria Ceramics Ltd. | 822,160 | 6,264,489 | ||||||
Karnataka Bank Ltd. (The) | 970,899 | 1,532,253 | ||||||
Karur Vysya Bank Ltd. (The) | 5,600,700 | 5,445,084 | ||||||
Kaveri Seed Co. Ltd. | 163,552 | 936,915 | ||||||
KEC International Ltd. | 382,913 | 1,421,262 | ||||||
KEI Industries Ltd. | 304,261 | 1,463,422 | ||||||
KPIT Engineering Ltd.(a) | 2,363,284 | 2,661,119 | ||||||
KRBL Ltd. | 334,980 | 1,657,798 | ||||||
Lakshmi Machine Works Ltd. | 3,936 | 317,428 | ||||||
Larsen & Toubro Ltd. | 4,834,054 | 87,874,591 | ||||||
Lemon Tree Hotels Ltd.(a)(b) | 912,868 | 976,062 | ||||||
LIC Housing Finance Ltd. | 3,122,255 | 20,873,197 | ||||||
Lupin Ltd. | 2,249,970 | 24,160,062 | ||||||
Mahanagar Gas Ltd. | 453,834 | 5,736,871 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 3,224,463 | 17,968,273 | ||||||
Mahindra & Mahindra Ltd. | 7,586,636 | 68,894,511 | ||||||
Mahindra CIE Automotive Ltd.(a) | 225,320 | 738,118 | ||||||
Manappuram Finance Ltd. | 5,363,476 | 8,524,855 | ||||||
Marico Ltd. | 4,815,196 | 22,997,446 | ||||||
Maruti Suzuki India Ltd. | 1,066,146 | 102,373,699 | ||||||
Max Financial Services Ltd.(a) | 1,594,272 | 8,845,953 | ||||||
Merck Ltd./India | 29,024 | 1,284,950 | ||||||
Minda Industries Ltd. | 396,548 | 1,793,564 | ||||||
Mindtree Ltd. | 1,027,563 | 13,129,460 | ||||||
Motherson Sumi Systems Ltd. | 10,887,347 | 24,889,301 | ||||||
Motilal Oswal Financial Services Ltd. | 298,224 | 2,362,060 | ||||||
Mphasis Ltd. | 890,083 | 13,029,710 | ||||||
Muthoot Finance Ltd. | 754,578 | 5,601,549 | ||||||
Natco Pharma Ltd. | 1,012,965 | 8,197,573 | ||||||
National Aluminium Co. Ltd. | 6,208,585 | 4,412,491 | ||||||
NBCC India Ltd. | 3,694,468 | 2,745,156 | ||||||
NCC Ltd./India | 5,168,216 | 6,219,916 | ||||||
Nestle India Ltd. | 242,325 | 36,249,309 | ||||||
NIIT Technologies Ltd. | 388,540 | 7,214,563 | ||||||
NTPC Ltd. | 19,979,770 | 39,677,932 | ||||||
Oberoi Realty Ltd. | 375,692 | 2,616,461 | ||||||
Oil & Natural Gas Corp. Ltd. | 14,094,278 | 29,456,276 | ||||||
Page Industries Ltd. | 56,849 | 17,813,586 | ||||||
PC Jeweller Ltd. | 1,307,487 | 1,298,732 | ||||||
Persistent Systems Ltd. | 521,218 | 4,801,350 | ||||||
Petronet LNG Ltd. | 6,116,844 | 19,229,558 | ||||||
Pfizer Ltd./India | 88,330 | 4,020,450 | ||||||
Phillips Carbon Black Ltd. | 359,649 | 786,031 | ||||||
Phoenix Mills Ltd. (The) | 206,898 | 1,813,689 | ||||||
PI Industries Ltd. | 754,096 | 9,778,426 | ||||||
Pidilite Industries Ltd. | 1,273,017 | 20,626,540 | ||||||
Piramal Enterprises Ltd. | 837,457 | 27,393,341 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
PNB Housing Finance Ltd.(b) | 542,660 | $ | 6,836,061 | |||||
Power Finance Corp. Ltd. | 6,588,536 | 10,388,630 | ||||||
Power Grid Corp. of India Ltd. | 16,537,035 | 42,513,093 | ||||||
Prestige Estates Projects Ltd. | 750,522 | 2,172,650 | ||||||
PTC India Ltd. | 4,490,120 | 4,835,672 | ||||||
PVR Ltd. | 285,965 | 6,041,244 | ||||||
Quess Corp. Ltd.(a)(b) | 330,494 | 3,326,953 | ||||||
Radico Khaitan Ltd. | 440,044 | 2,242,716 | ||||||
Rain Industries Ltd. | 1,129,113 | 1,442,223 | ||||||
Rajesh Exports Ltd. | 963,660 | 7,859,534 | ||||||
Rallis India Ltd. | 1,823,390 | 3,863,340 | ||||||
Ramco Cements Ltd. (The) | 1,021,334 | 9,633,757 | ||||||
Raymond Ltd. | 371,827 | 4,013,570 | ||||||
RBL Bank Ltd.(b) | 2,776,197 | 22,554,619 | ||||||
REC Ltd. | 7,249,366 | 13,897,134 | ||||||
Redington India Ltd. | 3,927,431 | 4,674,182 | ||||||
Reliance Industries Ltd. | 28,269,843 | 489,293,197 | ||||||
Reliance Infrastructure Ltd. | 1,433,790 | 2,475,449 | ||||||
Reliance Power Ltd.(a) | 4,723,580 | 713,920 | ||||||
Repco Home Finance Ltd. | 246,214 | 1,159,479 | ||||||
Sadbhav Engineering Ltd. | 361,930 | 969,370 | ||||||
Sanofi India Ltd. | 16,682 | 1,400,231 | ||||||
Schaeffler India Ltd. | 6,462 | 490,558 | ||||||
Shree Cement Ltd. | 90,877 | 21,200,385 | ||||||
Shriram Transport Finance Co. Ltd. | 1,506,505 | 24,193,674 | ||||||
Sobha Ltd. | 730,030 | 4,495,571 | ||||||
Sonata Software Ltd. | 268,620 | 1,276,890 | ||||||
Spencer’s Retail Ltd.(a) | 483,770 | 969,223 | ||||||
SpiceJet Ltd.(a) | 1,186,905 | 1,332,481 | ||||||
SRF Ltd. | 185,826 | 5,996,359 | ||||||
State Bank of India(a) | 18,004,242 | 68,104,832 | ||||||
Sterlite Technologies Ltd. | 1,190,520 | 4,043,931 | ||||||
Strides Pharma Science Ltd. | 354,246 | 2,096,303 | ||||||
Sun Pharma Advanced Research Co. Ltd.(a) | 1,210,222 | 3,033,797 | ||||||
Sun Pharmaceutical Industries Ltd. | 8,485,244 | 53,105,659 | ||||||
Sundaram Finance Ltd. | 442,997 | 10,195,759 | ||||||
Sundram Fasteners Ltd. | 137,061 | 1,000,022 | ||||||
Sunteck Realty Ltd. | 333,413 | 1,623,792 | ||||||
Supreme Industries Ltd. | 261,897 | 4,205,191 | ||||||
Suzlon Energy Ltd.(a) | 26,331,657 | 2,128,708 | ||||||
Symphony Ltd. | 62,920 | 1,144,306 | ||||||
Syngene International Ltd.(b) | 242,794 | 2,014,685 | ||||||
Tata Chemicals Ltd. | 340,046 | 2,659,842 | ||||||
Tata Communications Ltd. | 1,013,105 | 8,405,241 | ||||||
Tata Consultancy Services Ltd. | 8,981,251 | 250,454,119 | ||||||
Tata Elxsi Ltd. | 332,519 | 4,136,721 | ||||||
Tata Global Beverages Ltd. | 3,253,026 | 8,859,052 | ||||||
Tata Motors Ltd.(a) | 16,134,476 | 40,253,251 | ||||||
Tata Power Co. Ltd. (The) | 11,759,576 | 10,821,100 | ||||||
Tata Steel Ltd. | 3,599,165 | 25,324,014 | ||||||
TeamLease Service Ltd.(a) | 52,297 | 2,096,990 | ||||||
Tech Mahindra Ltd. | 4,785,506 | 55,854,031 | ||||||
Thermax Ltd. | 453,779 | 6,309,411 | ||||||
Thomas Cook India Ltd. | 524,945 | 1,562,076 | ||||||
TI Financial Holdings Ltd. | 1,006,146 | 6,197,326 | ||||||
Time Technoplast Ltd. | 495,906 | 615,993 | ||||||
Titan Co. Ltd. | 3,131,706 | 45,139,804 | ||||||
Torrent Power Ltd. | 1,471,672 | 5,026,874 | ||||||
TTK Prestige Ltd | 66,226 | 7,052,840 | ||||||
Tube Investments of India Ltd. | 943,290 | 4,747,865 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 17 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
TV18 Broadcast Ltd.(a) | 7,600,778 | $ | 3,590,603 | |||||
UltraTech Cement Ltd. | 988,439 | 53,176,736 | ||||||
United Spirits Ltd.(a) | 2,923,450 | 22,452,112 | ||||||
UPL Ltd. | 3,628,988 | 44,776,716 | ||||||
Varun Beverages Ltd. | 271,539 | 3,088,905 | ||||||
Vedanta Ltd. | 13,275,071 | 31,616,977 | ||||||
Venky’s India Ltd. | 29,547 | 855,571 | ||||||
V-Guard Industries Ltd. | 690,487 | 1,991,577 | ||||||
Vijaya Bank | 4,341,630 | 2,466,064 | ||||||
Vinati Organics Ltd. | 53,567 | 1,087,777 | ||||||
VIP Industries Ltd. | 283,887 | 1,628,255 | ||||||
V-Mart Retail Ltd. | 40,044 | 1,452,593 | ||||||
Vodafone Idea Ltd.(a) | 20,875,534 | 8,775,641 | ||||||
Voltas Ltd. | 1,292,524 | 10,295,488 | ||||||
WABCO India Ltd. | 12,167 | 1,164,222 | ||||||
Welspun India Ltd. | 3,884,483 | 2,815,347 | ||||||
Westlife Development Ltd.(a) | 158,114 | 784,943 | ||||||
Whirlpool of India Ltd. | 178,380 | 3,444,774 | ||||||
Wipro Ltd. | 11,303,421 | 58,625,782 | ||||||
Wockhardt Ltd.(a) | 599,663 | 3,338,663 | ||||||
Yes Bank Ltd. | 17,128,240 | 55,664,297 | ||||||
Zee Entertainment Enterprises Ltd. | 5,034,788 | 33,036,123 | ||||||
Zensar Technologies Ltd. | 403,542 | 1,144,365 | ||||||
Zydus Wellness Ltd. | 853 | 14,938 | ||||||
|
| |||||||
5,318,359,931 | ||||||||
Indonesia — 2.2% | ||||||||
Ace Hardware Indonesia Tbk PT | 82,973,400 | 10,351,400 | ||||||
Adaro Energy Tbk PT | 141,448,600 | 13,172,040 | ||||||
Adhi Karya Persero Tbk PT | 24,979,100 | 2,663,490 | ||||||
AKR Corporindo Tbk PT | 19,620,900 | 7,740,963 | ||||||
Alam Sutera Realty Tbk PT(a) | 148,475,300 | 3,419,655 | ||||||
Aneka Tambang Tbk | 95,113,443 | 6,862,637 | ||||||
Astra International Tbk PT | 198,984,100 | 101,136,401 | ||||||
Bank Central Asia Tbk PT | 97,290,400 | 190,707,857 | ||||||
Bank Danamon Indonesia Tbk PT | 29,410,000 | 17,822,659 | ||||||
Bank Mandiri Persero Tbk PT | 183,059,800 | 92,717,333 | ||||||
Bank Negara Indonesia Persero Tbk PT | 73,418,900 | 45,927,586 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 29,059,900 | 4,234,782 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 543,256,300 | 148,678,639 | ||||||
Bank Tabungan Negara Persero Tbk PT | 44,817,176 | 7,741,655 | ||||||
Bukit Asam Tbk PT | 24,092,800 | 6,816,374 | ||||||
Bumi Resources Tbk PT(a) | 538,777,900 | 5,744,922 | ||||||
Bumi Serpong Damai Tbk PT(a) | 84,629,300 | 8,151,605 | ||||||
Charoen Pokphand Indonesia Tbk PT | 73,461,000 | 38,120,867 | ||||||
Ciputra Development Tbk PT | 107,672,527 | 6,697,243 | ||||||
Delta Dunia Makmur Tbk PT(a) | 54,172,400 | 2,195,008 | ||||||
Eagle High Plantations Tbk PT(a) | 137,107,700 | 1,617,905 | ||||||
Gudang Garam Tbk PT | 4,633,600 | 28,129,336 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 91,319,500 | 24,667,787 | ||||||
Hanson International Tbk PT(a) | 818,727,400 | 5,819,992 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 27,278,100 | 21,378,429 | ||||||
Indika Energy Tbk PT | 19,887,500 | 2,763,822 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 18,210,800 | 24,887,338 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 23,924,900 | 17,389,878 | ||||||
Indofood Sukses Makmur Tbk PT | 43,032,400 | 21,642,384 | ||||||
Inti Agri Resources Tbk PT(a) | 339,383,800 | 4,825,076 | ||||||
Japfa Comfeed Indonesia Tbk PT | 34,657,500 | 5,518,593 | ||||||
Jasa Marga Persero Tbk PT | 24,664,880 | 9,161,116 | ||||||
Kalbe Farma Tbk PT | 205,847,000 | 21,876,045 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Krakatau Steel Persero Tbk PT(a) | 65,669,914 | $ | 2,231,400 | |||||
Kresna Graha Investama Tbk PT(a) | 102,479,300 | 4,480,168 | ||||||
Link Net Tbk PT | 15,591,800 | 4,765,931 | ||||||
Matahari Department Store Tbk PT | 24,994,900 | 10,216,504 | ||||||
Medco Energi Internasional Tbk PT(a) | 74,415,100 | 4,893,120 | ||||||
Media Nusantara Citra Tbk PT | 69,346,200 | 4,609,113 | ||||||
Mitra Adiperkasa Tbk PT | 111,346,100 | 8,390,038 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 13,244,900 | 10,521,540 | ||||||
Pakuwon Jati Tbk PT | 192,663,000 | 8,491,278 | ||||||
Panin Financial Tbk PT(a) | 210,184,100 | 6,663,736 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 108,143,300 | 19,526,141 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 34,652,200 | 3,005,202 | ||||||
Pool Advista Indonesia Tbk PT(a) | 12,496,200 | 4,343,801 | ||||||
PP Persero Tbk PT | 33,255,550 | 4,727,997 | ||||||
PP Properti Tbk PT | 189,452,100 | 2,114,376 | ||||||
Ramayana Lestari Sentosa Tbk PT | 38,233,000 | 4,756,193 | ||||||
Salim Ivomas Pratama Tbk PT | 58,165,800 | 1,968,148 | ||||||
Sawit Sumbermas Sarana Tbk PT | 19,703,300 | 1,526,682 | ||||||
Semen Indonesia Persero Tbk PT | 29,673,000 | 26,683,025 | ||||||
Sentul City Tbk PT(a) | 142,223,400 | 1,273,869 | ||||||
Sugih Energy Tbk PT(a)(d) | 82,105,800 | 291,828 | ||||||
Summarecon Agung Tbk PT | 107,472,200 | 7,181,366 | ||||||
Surya Citra Media Tbk PT | 65,488,500 | 8,146,783 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 490,037,000 | 134,461,903 | ||||||
Timah Tbk PT | 50,885,352 | 4,955,602 | ||||||
Tower Bersama Infrastructure Tbk PT | 23,927,200 | 6,769,522 | ||||||
Trada Alam Minera Tbk PT(a) | 231,502,500 | 2,995,092 | ||||||
Unilever Indonesia Tbk PT | 14,892,500 | 51,529,585 | ||||||
United Tractors Tbk PT | 16,484,100 | 31,052,330 | ||||||
Waskita Beton Precast Tbk PT | 60,640,600 | 1,663,925 | ||||||
Waskita Karya Persero Tbk PT | 50,245,500 | 6,697,019 | ||||||
Wijaya Karya Persero Tbk PT | 33,980,823 | 4,311,766 | ||||||
|
| |||||||
1,305,825,800 | ||||||||
Malaysia — 2.4% | ||||||||
Aeon Co. M Bhd | 2,473,900 | 1,003,796 | ||||||
AEON Credit Service M Bhd | 2,634,500 | 10,715,512 | ||||||
AirAsia Group Bhd | 15,042,000 | 10,246,241 | ||||||
Alliance Bank Malaysia Bhd | 11,510,400 | 11,208,947 | ||||||
AMMB Holdings Bhd(c) | 17,043,300 | 18,734,428 | ||||||
Axiata Group Bhd(c) | 27,220,700 | 27,846,579 | ||||||
Berjaya Corp. Bhd(a)(c) | 49,997,706 | 3,319,656 | ||||||
Berjaya Sports Toto Bhd | 8,264,773 | 4,796,475 | ||||||
Bermaz Auto Bhd | 2,912,000 | 1,568,248 | ||||||
British American Tobacco Malaysia Bhd | 1,135,800 | 9,412,630 | ||||||
Bursa Malaysia Bhd(c) | 7,426,500 | 12,966,470 | ||||||
Cahya Mata Sarawak Bhd(c) | 6,441,900 | 5,021,720 | ||||||
Carlsberg Brewery Malaysia Bhd(c) | 1,835,900 | 11,060,998 | ||||||
CIMB Group Holdings Bhd | 45,875,800 | 65,996,171 | ||||||
Dialog Group Bhd(c) | 36,791,396 | 29,223,216 | ||||||
DiGi.Com Bhd(c) | 31,432,900 | 35,170,219 | ||||||
DRB-Hicom Bhd(c) | 8,147,000 | 3,706,369 | ||||||
Eastern & Oriental Bhd(a) | 12,657,519 | 2,676,864 | ||||||
FGV Holdings Bhd(a) | 18,260,200 | 5,029,245 | ||||||
Fraser & Neave Holdings Bhd | 738,900 | 6,414,157 | ||||||
Gamuda Bhd | 19,997,800 | 14,458,019 | ||||||
Genting Bhd | 21,157,800 | 38,345,748 | ||||||
Genting Malaysia Bhd(c) | 29,657,800 | 25,526,202 | ||||||
Genting Plantations Bhd(c) | 3,383,100 | 8,735,411 | ||||||
Globetronics Technology BHD | 3,429,000 | 1,619,004 |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
HAP Seng Consolidated Bhd(c) | 7,409,500 | $ | 17,947,516 | |||||
Hartalega Holdings Bhd | 13,378,400 | 16,449,527 | ||||||
Hibiscus Petroleum Bhd(a) | 8,471,900 | 2,125,006 | ||||||
Hong Leong Bank Bhd | 6,779,500 | 35,477,133 | ||||||
Hong Leong Financial Group Bhd | 2,580,300 | 12,500,162 | ||||||
IHH Healthcare Bhd | 23,427,400 | 33,010,944 | ||||||
IJM Corp. Bhd(c) | 30,084,200 | 13,316,503 | ||||||
Inari Amertron Bhd(c) | 25,554,200 | 9,866,001 | ||||||
IOI Corp. Bhd(c) | 20,049,200 | 22,137,196 | ||||||
IOI Properties Group Bhd | 20,153,541 | 7,979,147 | ||||||
Kossan Rubber Industries(c) | 7,348,100 | 7,011,098 | ||||||
KPJ Healthcare Bhd(c) | 31,746,700 | 7,884,954 | ||||||
Kuala Lumpur Kepong Bhd(c) | 4,683,000 | 28,490,697 | ||||||
Lafarge Malaysia Bhd(a)(c) | 5,683,900 | 2,613,769 | ||||||
Magnum Bhd(c) | 10,147,800 | 6,014,066 | ||||||
Mah Sing Group Bhd(c) | 18,228,323 | 4,482,558 | ||||||
Malayan Banking Bhd | 36,504,600 | 85,549,942 | ||||||
Malaysia Airports Holdings Bhd(c) | 7,264,300 | 14,594,696 | ||||||
Malaysia Building Society Bhd(c) | 18,765,400 | 4,799,217 | ||||||
Malaysian Pacific Industries Bhd | 397,800 | 963,563 | ||||||
Malaysian Resources Corp. Bhd(c) | 20,335,300 | 3,900,537 | ||||||
Maxis Bhd(c) | 20,157,900 | 26,619,433 | ||||||
MISC Bhd | 11,246,300 | 19,082,619 | ||||||
My EG Services Bhd | 20,579,300 | 5,111,298 | ||||||
Nestle Malaysia Bhd | 528,600 | 19,238,362 | ||||||
OSK Holdings Bhd(c) | 14,340,300 | 3,403,022 | ||||||
Padini Holdings Bhd | 2,708,100 | 2,563,921 | ||||||
Pavilion REIT | 16,269,800 | 6,961,626 | ||||||
Petronas Chemicals Group Bhd | 23,829,800 | 54,029,449 | ||||||
Petronas Dagangan Bhd(c) | 2,163,200 | 14,203,231 | ||||||
Petronas Gas Bhd | 6,850,700 | 30,458,787 | ||||||
Pos Malaysia Bhd(c) | 4,841,900 | 2,286,106 | ||||||
PPB Group Bhd | 6,006,520 | 27,119,072 | ||||||
Press Metal Aluminium Holdings Bhd(c) | 14,388,200 | 14,966,700 | ||||||
Public Bank Bhd(c) | 28,801,860 | 177,067,872 | ||||||
QL Resources Bhd(c) | 7,037,995 | 11,942,006 | ||||||
RHB Bank Bhd | 9,418,066 | 13,108,632 | ||||||
RHB Capital Bhd(a)(d) | 1,769,000 | 4 | ||||||
Sapura Energy Bhd(a)(c) | 57,897,600 | 4,413,687 | ||||||
Scientex BHD | 1,131,300 | 2,459,287 | ||||||
Serba Dinamik Holdings Bhd | 5,191,300 | 5,042,576 | ||||||
Sime Darby Bhd(c) | 23,853,700 | 12,729,012 | ||||||
Sime Darby Plantation Bhd | 23,651,500 | 29,662,523 | ||||||
Sime Darby Property Bhd | 30,252,000 | 7,811,287 | ||||||
SKP Resources Bhd | 3,499,500 | 1,153,161 | ||||||
SP Setia Bhd Group | 13,073,100 | 7,361,957 | ||||||
Sunway Bhd(c) | 23,077,954 | 9,193,726 | ||||||
Sunway Construction Group Bhd(c) | 7,761,370 | 3,320,985 | ||||||
Sunway REIT(c) | 22,650,200 | 9,803,111 | ||||||
Supermax Corp. Bhd | 8,727,400 | 3,283,640 | ||||||
Telekom Malaysia Bhd(c) | 11,633,700 | 8,725,633 | ||||||
Tenaga Nasional Bhd(c) | 31,151,900 | 102,805,483 | ||||||
TIME dotCom Bhd(c) | 4,878,100 | 9,296,760 | ||||||
Top Glove Corp. Bhd | 14,206,600 | 15,860,805 | ||||||
UEM Sunrise Bhd(c) | 18,591,600 | 3,748,952 | ||||||
UMW Holdings Bhd | 1,934,100 | 2,758,584 | ||||||
UOA Development Bhd(c) | 11,023,700 | 6,180,754 | ||||||
ViTrox Corp. Bhd | 795,200 | 1,368,843 | ||||||
VS Industry Bhd(c) | 14,699,675 | 3,596,748 | ||||||
WCT Holdings Bhd(c) | 13,734,679 | 2,854,003 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Westports Holdings Bhd | 11,723,400 | $ | 10,637,980 | |||||
Yinson Holdings BHD | 1,630,400 | 1,744,065 | ||||||
YTL Corp. Bhd | 35,772,966 | 9,324,811 | ||||||
|
| |||||||
1,405,217,070 | ||||||||
Mexico — 2.7% | ||||||||
Alfa SAB de CV, Class A . | 29,885,547 | 34,042,713 | ||||||
Alsea SAB de CV(c) | 5,098,495 | 12,914,549 | ||||||
America Movil SAB de CV, Series L, NVS | 332,677,072 | 239,629,766 | ||||||
Arca Continental SAB de CV | 4,462,438 | 25,168,090 | ||||||
Axtel SAB de CV, CPO(a)(c) | 17,693,500 | 2,552,625 | ||||||
Banco del Bajio SA(b) | 7,193,997 | 13,895,528 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 17,856,111 | 24,528,401 | ||||||
Bolsa Mexicana de Valores SAB de CV | 4,842,678 | 10,102,761 | ||||||
Cemex SAB de CV, CPO(a) | 148,975,683 | 73,136,631 | ||||||
Coca-Cola Femsa SAB de CV, Series L, NVS(c) | 5,073,700 | 30,700,946 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV(b) | 8,312,663 | 4,451,930 | ||||||
Concentradora Hipotecaria SAPI de CV(c) | 1,464,200 | 1,071,391 | ||||||
Consorcio ARA SAB de CV(c) | 14,319,200 | 3,886,412 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(c) | 7,183,459 | 6,147,276 | ||||||
Corp. Inmobiliaria Vesta SAB de CV. | 6,141,300 | 8,879,118 | ||||||
Credito Real SAB de CV SOFOM ER | 977,800 | 978,838 | ||||||
El Puerto de Liverpool SAB de CV, Series C1, NVS(c) | 1,829,005 | 11,476,396 | ||||||
Fibra Uno Administracion SA de CV | 33,771,400 | 46,758,796 | ||||||
Fomento Economico Mexicano SAB de CV | 19,278,545 | 174,971,638 | ||||||
Genomma Lab Internacional SAB de CV, Class B(a)(c) | 9,105,268 | 6,015,193 | ||||||
Gentera SAB de CV | 8,703,492 | 7,149,948 | ||||||
Gruma SAB de CV, Series B | 2,127,765 | 23,060,344 | ||||||
Grupo Aeromexico SAB de CV(a)(c) | 4,779,300 | 5,163,848 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 3,275,900 | 18,674,936 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 3,561,900 | 33,198,349 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 2,100,625 | 35,643,871 | ||||||
Grupo Bimbo SAB de CV, Series A(c) | 16,489,202 | 32,713,903 | ||||||
Grupo Carso SAB de CV, Series A1(c) | 4,656,048 | 17,244,935 | ||||||
Grupo Cementos de Chihuahua SAB de | 916,200 | 4,991,909 | ||||||
Grupo Comercial Chedraui SA de CV | 4,169,300 | 8,163,537 | ||||||
Grupo Financiero Banorte SAB de CV, Class O . | 25,555,778 | 139,054,795 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(c) | 23,594,342 | 35,214,796 | ||||||
Grupo Herdez SAB de CV(c) | 3,148,000 | 6,977,386 | ||||||
Grupo Mexico SAB de CV, Series B . | 35,000,320 | 87,711,724 | ||||||
Grupo Televisa SAB, CPO(c) | 24,695,056 | 57,862,367 | ||||||
Hoteles City Express SAB de CV(a) | 1,129,300 | 1,288,147 | ||||||
Industrias Bachoco SAB de CV, Series B(c) | 2,140,084 | 8,311,761 | ||||||
Industrias CH SAB de CV, Series B(a)(c) | 1,822,400 | 8,004,750 | ||||||
Industrias Penoles SAB de CV | 1,440,790 | 19,096,334 | ||||||
Infraestructura Energetica Nova SAB de CV | 5,389,071 | 20,731,768 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 15,181,075 | 24,540,816 | ||||||
La Comer SAB de CV(a)(c) | 5,564,602 | 5,847,733 | ||||||
Macquarie Mexico Real Estate Management SA de CV(b) | 9,497,700 | 10,976,581 | ||||||
Megacable Holdings SAB de CV, CPO | 2,436,577 | 11,133,659 | ||||||
Mexichem SAB de CV | 10,537,583 | 25,543,435 | ||||||
PLA Administradora Industrial S.de RL de CV(c) | 8,160,549 | 12,103,474 | ||||||
Prologis Property Mexico SA de CV | 1,163,500 | 2,136,857 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 19 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Promotora y Operadora de Infraestructura SAB de CV(c) | 2,297,580 | $ | 22,637,713 | |||||
Qualitas Controladora SAB de CV | 2,576,678 | 6,604,312 | ||||||
Regional SAB de CV(c) | 2,511,747 | 13,066,082 | ||||||
Telesites SAB de CV(a)(c) | 16,790,495 | 10,421,329 | ||||||
Unifin Financiera SAB de CV SOFOM ENR | 480,700 | 1,118,583 | ||||||
Wal-Mart de Mexico SAB de CV | 51,282,796 | 132,667,726 | ||||||
|
| |||||||
1,580,366,706 | ||||||||
Pakistan — 0.1% | ||||||||
Engro Corp. Ltd./Pakistan | 3,525,900 | 8,301,521 | ||||||
Engro Fertilizers Ltd. | 6,671,847 | 3,540,174 | ||||||
Fauji Fertilizer Co. Ltd. | 6,554,320 | 5,070,252 | ||||||
Habib Bank Ltd. | 5,864,700 | 5,565,325 | ||||||
Hub Power Co. Ltd. (The) | 8,034,495 | 5,038,818 | ||||||
Lucky Cement Ltd. | 1,597,600 | 5,383,854 | ||||||
MCB Bank Ltd. | 4,101,300 | 6,074,366 | ||||||
National Bank of Pakistan(a) | 5,799,500 | 1,793,029 | ||||||
Nishat Mills Ltd. | 4,195,800 | 4,236,395 | ||||||
Oil & Gas Development Co. Ltd. | 7,572,600 | 8,155,444 | ||||||
Pakistan Oilfields Ltd. | 1,498,020 | 5,091,213 | ||||||
Pakistan State Oil Co. Ltd. | 2,915,438 | 4,717,957 | ||||||
Searle Co. Ltd. (The) | 1,359,375 | 2,473,670 | ||||||
United Bank Ltd./Pakistan | 4,845,200 | 4,754,243 | ||||||
|
| |||||||
70,196,261 | ||||||||
Peru — 0.4% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 1,861,436 | 30,974,295 | ||||||
Credicorp Ltd. | 675,381 | 164,178,367 | ||||||
Southern Copper Corp. | 875,402 | 31,173,065 | ||||||
|
| |||||||
226,325,727 | ||||||||
Philippines — 1.1% | ||||||||
Aboitiz Equity Ventures Inc. | 20,164,950 | 23,783,100 | ||||||
Aboitiz Power Corp. | 14,108,600 | 9,506,665 | ||||||
Alliance Global Group Inc. | 37,012,700 | 9,804,215 | ||||||
Ayala Corp. | 2,546,085 | 45,536,130 | ||||||
Ayala Land Inc. | 73,502,900 | 62,531,470 | ||||||
Bank of the Philippine Islands | 9,688,323 | 15,735,095 | ||||||
BDO Unibank Inc. | 20,061,676 | 49,494,777 | ||||||
Bloomberry Resorts Corp. | 38,126,500 | 8,403,753 | ||||||
Cebu Air Inc. | 3,280,380 | 5,330,935 | ||||||
Cosco Capital Inc. | 32,631,500 | 4,952,770 | ||||||
D&L Industries Inc. | 34,079,600 | 7,696,244 | ||||||
DMCI Holdings Inc | 43,488,000 | 9,585,522 | ||||||
DoubleDragon Properties Corp.(a) | 2,718,200 | 1,135,211 | ||||||
Filinvest Land Inc. | 136,055,000 | 3,893,299 | ||||||
First Gen Corp. | 14,938,900 | 6,137,889 | ||||||
Globe Telecom Inc. | 352,210 | 12,938,882 | ||||||
GT Capital Holdings Inc. | 912,219 | 16,843,951 | ||||||
Integrated Micro-Electronics Inc. | 2,615,000 | 661,334 | ||||||
International Container Terminal Services Inc. | 6,011,340 | 13,482,510 | ||||||
JG Summit Holdings Inc. | 29,295,643 | 37,497,517 | ||||||
Jollibee Foods Corp. | 4,484,700 | 26,689,688 | ||||||
MacroAsia Corp. | 3,301,000 | 1,227,982 | ||||||
Manila Electric Co. | 1,667,770 | 11,853,679 | ||||||
Manila Water Co. Inc. | 14,980,000 | 7,820,186 | ||||||
Megawide Construction Corp. | 5,207,000 | 2,013,534 | ||||||
Megaworld Corp. | 122,152,600 | 12,210,536 | ||||||
Metro Pacific Investments Corp. | 152,536,000 | 13,861,547 | ||||||
Metropolitan Bank & Trust Co. | 13,589,192 | 19,968,650 | ||||||
Petron Corp. | 7,871,600 | 1,015,150 |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Pilipinas Shell Petroleum Corp. | 1,091,700 | $ | 1,033,231 | |||||
PLDT Inc. | 891,955 | 17,763,218 | ||||||
Robinsons Land Corp. | 24,542,713 | 11,104,012 | ||||||
Security Bank Corp. | 2,450,230 | 7,854,759 | ||||||
SM Investments Corp. | 2,465,862 | 44,816,517 | ||||||
SM Prime Holdings Inc. | 95,310,396 | 70,671,958 | ||||||
Universal Robina Corp. | 9,233,830 | 24,298,613 | ||||||
Vista Land & Lifescapes Inc. | 56,127,100 | 8,030,560 | ||||||
Wilcon Depot Inc. | 10,211,500 | 2,914,187 | ||||||
|
| |||||||
630,099,276 | ||||||||
Poland — 1.2% | ||||||||
Alior Bank SA(a) | 967,454 | 15,029,655 | ||||||
Asseco Poland SA | 712,202 | 10,008,714 | ||||||
Bank Handlowy w Warszawie SA | 355,839 | 6,206,111 | ||||||
Bank Millennium SA(a) | 6,509,738 | 14,902,536 | ||||||
Bank Polska Kasa Opieki SA | 1,609,517 | 48,262,082 | ||||||
Budimex SA. | 143,038 | 4,360,984 | ||||||
CCC SA | 296,042 | 14,377,056 | ||||||
CD Projekt SA(a) | 677,200 | 34,070,589 | ||||||
Ciech SA | 316,223 | 4,979,560 | ||||||
Cyfrowy Polsat SA(a) | 2,638,984 | 17,823,706 | ||||||
Dino Polska SA(a)(b) | 496,248 | 14,052,808 | ||||||
Enea SA(a) | 2,464,379 | 6,574,286 | ||||||
Energa SA(a) | 1,377,998 | 3,574,006 | ||||||
Eurocash SA(c) | 939,651 | 5,065,685 | ||||||
Famur SA | 507,434 | 655,360 | ||||||
Grupa Azoty SA(c) | 495,305 | 5,833,286 | ||||||
Grupa Lotos SA | 909,270 | 22,904,412 | ||||||
Jastrzebska Spolka Weglowa SA(a) | 539,525 | 8,224,597 | ||||||
KGHM Polska Miedz SA(a) | 1,421,508 | 38,110,033 | ||||||
KRUK SA(c) | 191,492 | 8,362,096 | ||||||
LPP SA | 13,402 | 28,925,052 | ||||||
Lubelski Wegiel Bogdanka SA(a)(c) | 195,958 | 2,670,858 | ||||||
mBank SA | 153,678 | 17,383,083 | ||||||
Orange Polska SA(a) | 6,566,252 | 9,418,840 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 8,389,370 | 25,755,377 | ||||||
PLAY Communications SA(b) | 1,170,118 | 6,627,107 | ||||||
Polski Koncern Naftowy ORLEN SA | 2,926,132 | 78,913,021 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 17,267,101 | 31,623,221 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 8,669,988 | 87,284,992 | ||||||
Powszechny Zaklad Ubezpieczen SA | 5,981,343 | 64,586,157 | ||||||
Santander Bank Polska SA | 351,052 | 34,970,484 | ||||||
Tauron Polska Energia SA(a) | 12,050,806 | 7,431,091 | ||||||
Warsaw Stock Exchange(c) | 436,227 | 4,641,081 | ||||||
|
| |||||||
683,607,926 | ||||||||
Qatar — 1.0% | ||||||||
Al Meera Consumer Goods Co. QSC | 132,941 | 5,618,762 | ||||||
Barwa Real Estate Co. . | 1,366,092 | 14,798,863 | ||||||
Commercial Bank PQSC (The) . | 2,191,582 | 24,041,154 | ||||||
Doha Bank QPSC | 1,241,615 | 6,962,962 | ||||||
Ezdan Holding Group QSC(a) | 8,043,716 | 28,605,747 | ||||||
Gulf International Services QSC(a) | 891,809 | 3,432,568 | ||||||
Industries Qatar QSC | 1,749,189 | 63,641,673 | ||||||
Masraf Al Rayan QSC . | 4,128,268 | 41,672,299 | ||||||
Medicare Group | 48,461 | 882,254 | ||||||
Ooredoo QPSC | 894,204 | 16,387,013 | ||||||
Qatar Electricity & Water Co. QSC | 476,544 | 23,009,169 | ||||||
Qatar Gas Transport Co. Ltd. . | 2,752,058 | 15,057,081 | ||||||
Qatar Industrial Manufacturing Co. QSC | 345,263 | 3,872,462 |
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Qatar (continued) | ||||||||
Qatar Insurance Co. SAQ | 1,742,959 | $ | 15,972,952 | |||||
Qatar Islamic Bank SAQ | 1,149,836 | 45,672,599 | ||||||
Qatar National Bank QPSC | 4,489,702 | 231,148,110 | ||||||
Qatar National Cement Co. QSC | 268,434 | 4,552,840 | ||||||
Qatar Navigation QSC | 148,212 | 2,736,783 | ||||||
United Development Co. QSC | 2,266,945 | 8,582,826 | ||||||
Vodafone Qatar QSC(a) | 3,325,422 | 7,468,668 | ||||||
|
| |||||||
564,116,785 | ||||||||
Russia — 3.3% | ||||||||
Aeroflot PJSC | 6,894,927 | 10,159,871 | ||||||
Alrosa PJSC | 27,962,730 | 40,355,189 | ||||||
Credit Bank of Moscow PJSC(a) | 16,617,900 | 1,390,788 | ||||||
Detsky Mir PJSC(b) | 1,003,490 | 1,354,103 | ||||||
Gazprom PJSC | 86,033,590 | 207,576,007 | ||||||
Gazprom PJSC, ADR | 9,387,090 | 44,532,355 | ||||||
Inter RAO UES PJSC | 362,938,505 | 21,562,748 | ||||||
LSR Group PJSC, GDR(e) | 3,150,884 | 6,144,224 | ||||||
LUKOIL PJSC | 4,129,655 | 344,742,412 | ||||||
LUKOIL PJSC, ADR | 745,266 | 62,006,131 | ||||||
M.Video PJSC(a) | 749,267 | 4,684,607 | ||||||
Magnit PJSC, GDR(e) | 3,376,266 | 48,483,180 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 26,881,757 | 18,153,358 | ||||||
Mechel PJSC, ADR(a) | 1,162,867 | 2,697,851 | ||||||
MMC Norilsk Nickel PJSC | 667,388 | 142,944,617 | ||||||
Mobile TeleSystems PJSC, ADR | 5,107,398 | 39,480,187 | ||||||
Moscow Exchange MICEX-RTS | 13,482,645 | 18,663,989 | ||||||
Novatek PJSC, GDR(e) | 907,692 | 157,303,024 | ||||||
Novolipetsk Steel PJSC | 13,165,048 | 31,653,853 | ||||||
PhosAgro PJSC, GDR(e) | 1,425,976 | 19,478,832 | ||||||
Polymetal International PLC | 1,000,000 | 11,526,649 | ||||||
Polyus PJSC | 180,001 | 14,941,753 | ||||||
Raspadskaya OJSC(a) | 1,033,000 | 2,445,167 | ||||||
Ros Agro PLC, GDR(e) | 269,830 | 3,394,564 | ||||||
Rosneft Oil Co. PJSC | 1,378,100 | 8,340,175 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 10,260,525 | 61,460,545 | ||||||
Safmar Financial Investment | 273,080 | 2,149,954 | ||||||
Sberbank of Russia PJSC | 14,908,356 | 47,012,635 | ||||||
Sberbank of Russia PJSC, ADR | 22,080,397 | 281,745,866 | ||||||
Severstal PJSC | 2,260,110 | 35,285,789 | ||||||
Sistema PJSFC, GDR(e) | 493,840 | 1,473,619 | ||||||
Surgutneftegas PJSC | 65,895,150 | 25,689,571 | ||||||
Surgutneftegas PJSC, ADR | 1,602,484 | 6,175,973 | ||||||
Tatneft PJSC | 15,388,518 | 181,239,886 | ||||||
Unipro PJSC | 37,730,000 | 1,551,656 | ||||||
VTB Bank PJSC | 2,703,690,000 | 1,472,959 | ||||||
VTB Bank PJSC, GDR(e) | 12,368,775 | 14,558,048 | ||||||
X5 Retail Group NV, GDR(e) | 1,053,466 | 26,801,764 | ||||||
|
| |||||||
1,950,633,899 | ||||||||
South Africa — 6.0% | ||||||||
Absa Group Ltd. | 6,925,914 | 88,963,020 | ||||||
Adcock Ingram Holdings Ltd.(c) | 1,093,372 | 5,054,707 | ||||||
Advtech Ltd.(c) | 6,595,776 | 6,239,248 | ||||||
AECI Ltd. | 1,471,744 | 10,247,776 | ||||||
African Rainbow Minerals Ltd. | 1,146,378 | 13,679,078 | ||||||
Alexander Forbes Group Holdings Ltd. | 4,646,880 | 1,523,621 | ||||||
Anglo American Platinum Ltd. | 544,430 | 29,684,600 | ||||||
AngloGold Ashanti Ltd. | 4,165,931 | 59,854,888 | ||||||
Arrowhead Properties Ltd., Class A | 6,029,324 | 1,775,349 | ||||||
Aspen Pharmacare Holdings Ltd. | 3,854,957 | 38,231,522 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Astral Foods Ltd. | 476,932 | $ | 5,529,155 | |||||
Attacq Ltd. | 6,201,647 | 6,938,258 | ||||||
AVI Ltd.(c) | 3,436,215 | 21,883,264 | ||||||
Barloworld Ltd. | 2,092,796 | 18,771,160 | ||||||
Bid Corp. Ltd. | 3,373,130 | 70,694,183 | ||||||
Bidvest Group Ltd. (The) | 3,245,745 | 48,032,871 | ||||||
Blue Label Telecoms Ltd.(a) | 6,429,930 | 2,085,383 | ||||||
Brait SE(a)(c) | 3,397,030 | 6,523,457 | ||||||
Capitec Bank Holdings Ltd. | 404,331 | 37,563,385 | ||||||
Cashbuild Ltd.(c) | 262,769 | 4,821,792 | ||||||
City Lodge Hotels Ltd. | 620,340 | 5,549,969 | ||||||
Clicks Group Ltd.(c) | 2,527,313 | 32,473,995 | ||||||
Coronation Fund Managers Ltd. | 2,090,703 | 6,336,049 | ||||||
Curro Holdings Ltd.(a) | 389,612 | 693,875 | ||||||
DataTec Ltd.(a) | 1,335,494 | 2,992,038 | ||||||
Dis-Chem Pharmacies Ltd.(b) | 2,772,350 | 5,087,243 | ||||||
Discovery Ltd. | 3,521,554 | 38,591,824 | ||||||
Emira Property Fund Ltd. | 7,432,516 | 7,945,286 | ||||||
EOH Holdings Ltd.(a)(c) | 581,239 | 669,706 | ||||||
Equites Property Fund Ltd. | 1,466,334 | 2,094,167 | ||||||
Exxaro Resources Ltd. | 2,490,776 | 26,875,934 | ||||||
Famous Brands Ltd.(a) | 964,782 | 6,175,703 | ||||||
FirstRand Ltd. | 32,907,527 | 150,494,594 | ||||||
Fortress REIT Ltd., Series A | 13,102,580 | 17,631,637 | ||||||
Fortress REIT Ltd., Series B | 5,614,232 | 5,550,343 | ||||||
Foschini Group Ltd. (The) | 2,222,474 | 27,156,546 | ||||||
Gold Fields Ltd. | 8,334,828 | 34,092,173 | ||||||
Grindrod Ltd.(a) | 5,619,356 | 3,317,259 | ||||||
Growthpoint Properties Ltd. | 29,670,327 | 51,532,673 | ||||||
Harmony Gold Mining Co. Ltd.(a) | 4,814,959 | 10,136,756 | ||||||
Hosken Consolidated Investments Ltd. | 839,626 | 6,957,072 | ||||||
Hudaco Industries Ltd. | 656,336 | 5,881,816 | ||||||
Hyprop Investments Ltd. | 2,656,673 | 14,641,934 | ||||||
Impala Platinum Holdings Ltd.(a)(c) | 6,969,721 | 29,841,906 | ||||||
Imperial Logistics Ltd. | 1,600,050 | 7,332,235 | ||||||
Investec Ltd. | 2,675,552 | 17,423,438 | ||||||
JSE Ltd.(c) | 873,135 | 10,031,116 | ||||||
KAP Industrial Holdings Ltd. | 14,555,453 | 8,126,622 | ||||||
Kumba Iron Ore Ltd. | 651,724 | 17,304,987 | ||||||
Liberty Holdings Ltd. | 1,291,184 | 9,458,887 | ||||||
Life Healthcare Group Holdings Ltd. | 13,307,759 | 25,612,230 | ||||||
Massmart Holdings Ltd. | 1,132,518 | 7,016,618 | ||||||
MMI Holdings Ltd./South Africa(a) | 9,012,584 | 9,999,738 | ||||||
Mondi Ltd. | 1,192,243 | 28,085,548 | ||||||
Motus Holdings Ltd.(a) | 1,579,903 | 10,169,361 | ||||||
Mr. Price Group Ltd. | 2,495,198 | 38,313,535 | ||||||
MTN Group Ltd.(c) | 16,715,528 | 99,294,516 | ||||||
Multichoice Group Ltd. | 4,360,795 | 32,581,900 | ||||||
Murray & Roberts Holdings Ltd. | 4,500,626 | 4,529,435 | ||||||
Nampak Ltd.(a)(c) | 6,825,861 | 5,558,756 | ||||||
Naspers Ltd., Class N | 4,343,136 | 940,721,404 | ||||||
Nedbank Group Ltd. | 3,797,580 | 76,815,914 | ||||||
NEPI Rockcastle PLC | 3,749,116 | 31,560,837 | ||||||
Netcare Ltd. | 10,865,615 | 19,660,117 | ||||||
Northam Platinum Ltd.(a) | 3,735,403 | 14,689,220 | ||||||
Old Mutual Ltd. | 49,074,587 | 81,151,077 | ||||||
Omnia Holdings Ltd. | 780,608 | 3,311,754 | ||||||
Pick n Pay Stores Ltd. | 3,733,514 | 18,409,995 | ||||||
Pioneer Foods Group Ltd. | 1,364,530 | 7,812,565 | ||||||
PPC Ltd.(a)(c) | 17,026,697 | 6,297,214 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 21 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
PSG Group Ltd.(c) | 1,472,356 | $ | 27,204,029 | |||||
Rand Merchant Investment Holdings Ltd. | 7,377,485 | 17,457,249 | ||||||
Redefine Properties Ltd. | 54,221,401 | 37,445,932 | ||||||
Reinet Investments SCA | 1,467,334 | 23,175,737 | ||||||
Remgro Ltd. | 5,157,929 | 73,810,478 | ||||||
Resilient REIT Ltd. | 2,797,546 | 12,242,746 | ||||||
Reunert Ltd. | 1,795,042 | 8,936,909 | ||||||
RMB Holdings Ltd. | 7,046,439 | 40,153,677 | ||||||
Royal Bafokeng Platinum Ltd.(a) | 801,109 | 1,851,781 | ||||||
SA Corporate Real Estate Ltd. | 27,979,350 | 7,283,387 | ||||||
Sanlam Ltd. | 17,075,354 | 95,566,117 | ||||||
Sappi Ltd. | 5,473,830 | 28,128,323 | ||||||
Sasol Ltd. | 5,527,439 | 168,999,678 | ||||||
Shoprite Holdings Ltd. | 4,302,553 | 52,542,557 | ||||||
Sibanye Gold Ltd.(a) | 17,957,584 | 19,643,502 | ||||||
SPAR Group Ltd. (The) | 1,917,624 | 27,236,807 | ||||||
Standard Bank Group Ltd. | 12,596,518 | 173,591,844 | ||||||
Steinhoff International Holdings NV, | 17,834,413 | 2,613,008 | ||||||
Sun International Ltd./South Africa(a) | 341,126 | 1,528,516 | ||||||
Super Group Ltd./South Africa(a)(c) | 3,865,761 | 9,276,727 | ||||||
Telkom SA SOC Ltd. | 2,745,768 | 13,674,159 | ||||||
Tiger Brands Ltd.(c) | 1,577,741 | 29,881,696 | ||||||
Tongaat Hulett Ltd. | 1,265,701 | 2,526,901 | ||||||
Trencor Ltd. | 2,212,093 | 4,413,173 | ||||||
Truworths International Ltd.(c) | 4,373,355 | 22,728,382 | ||||||
Tsogo Sun Holdings Ltd. | 5,076,128 | 7,451,727 | ||||||
Vodacom Group Ltd. | 5,732,525 | 47,344,296 | ||||||
Vukile Property Fund Ltd. | 7,568,514 | 10,830,619 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 622,383 | 5,267,680 | ||||||
Woolworths Holdings Ltd./South Africa | 9,983,581 | 32,521,196 | ||||||
Zeder Investments Ltd. | 16,677,671 | 5,017,535 | ||||||
|
| |||||||
3,512,432,602 | ||||||||
South Korea — 13.4% | ||||||||
Advanced Process Systems Corp.(c) | 130,990 | 3,284,359 | ||||||
Aekyung Industrial Co. Ltd. | 58,206 | 2,411,665 | ||||||
Ahnlab Inc. | 69,125 | 3,116,064 | ||||||
AK Holdings Inc. | 63,023 | 3,081,946 | ||||||
Amicogen Inc.(a) | 119,556 | 3,848,073 | ||||||
Amorepacific Corp. | 316,018 | 56,195,963 | ||||||
AMOREPACIFIC Group | 287,718 | 18,751,427 | ||||||
Ananti Inc.(a)(c) | 493,136 | 9,251,507 | ||||||
Anterogen Co. Ltd.(a) | 32,887 | 2,476,686 | ||||||
Aprogen pharmaceuticals Inc.(a)(c) | 1,474,677 | 3,212,375 | ||||||
Asia Cement Co. Ltd. | 11,683 | 1,288,070 | ||||||
Asiana Airlines Inc.(a) | 1,155,036 | 4,333,824 | ||||||
ATGen Co. Ltd.(a)(c) | 357,258 | 4,383,534 | ||||||
BGF retail Co. Ltd.(c) | 77,605 | 14,697,133 | ||||||
BH Co. Ltd.(a)(c) | 265,450 | 4,590,560 | ||||||
Binex Co. Ltd.(a) | 222,018 | 2,131,941 | ||||||
Binggrae Co. Ltd.(a)(c) | 79,887 | 4,972,073 | ||||||
BNK Financial Group Inc. | 2,495,801 | 15,733,288 | ||||||
Boditech Med Inc. | 320,698 | 3,492,976 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 381,031 | 7,707,349 | ||||||
Cafe24 Corp.(a) | 60,554 | 6,358,520 | ||||||
Caregen Co. Ltd.(c) | 51,993 | 3,448,633 | ||||||
Celltrion Healthcare Co. Ltd.(a)(c) | 498,110 | 30,913,202 | ||||||
Celltrion Inc.(a)(c) | 822,307 | 149,517,010 | ||||||
Celltrion Pharm Inc.(a)(c) | 144,419 | 7,781,445 | ||||||
Cheil Worldwide Inc. | 715,560 | 15,937,386 | ||||||
Chong Kun Dang Pharmaceutical Corp. | 74,750 | 6,978,528 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
CJ CGV Co. Ltd.(c) | 174,752 | $ | 6,828,799 | |||||
CJ CheilJedang Corp. | 77,971 | 22,322,986 | ||||||
CJ Corp. | 143,766 | 15,978,261 | ||||||
CJ ENM Co. Ltd. | 107,422 | 22,760,436 | ||||||
CJ Freshway Corp.(c) | 83,696 | 2,336,671 | ||||||
CJ Logistics Corp.(a)(c) | 79,305 | 13,397,306 | ||||||
CMG Pharmaceutical Co. Ltd.(a) | 685,428 | 2,980,122 | ||||||
Com2uSCorp | 97,752 | 10,586,106 | ||||||
Cosmax Inc.(c) | 78,061 | 10,167,988 | ||||||
Coway Co. Ltd. | 510,451 | 42,934,707 | ||||||
CrystalGenomics Inc.(a)(c) | 372,248 | 6,156,142 | ||||||
Cuckoo Holdings Co. Ltd.(a) | 9,367 | 1,178,475 | ||||||
Cuckoo Homesys Co. Ltd.(a)(c) | 5,913 | 938,446 | ||||||
Dae Hwa Pharmaceutical Co. Ltd. | 75,288 | 1,459,303 | ||||||
Daea TI Co. Ltd.(c) | 574,145 | 3,731,662 | ||||||
Daeduck Electronics Co.(c) | 689,350 | 6,251,774 | ||||||
Daekyo Co. Ltd. | 437,443 | 2,570,906 | ||||||
Daelim Industrial Co. Ltd. | 268,880 | 22,376,783 | ||||||
Daesang Corp. | 234,165 | 5,756,790 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 1,652,159 | 7,418,336 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(c) | 347,983 | 9,777,063 | ||||||
Daewoong Co. Ltd.(a) | 148,000 | 2,631,813 | ||||||
Daewoong Pharmaceutical Co. Ltd.(a)(c) | 48,082 | 8,293,685 | ||||||
Daishin Securities Co. Ltd.(a) | 440,449 | 4,346,923 | ||||||
Daou Technology Inc. | 354,274 | 6,929,873 | ||||||
DB HiTek Co. Ltd. | 405,806 | 4,492,118 | ||||||
DB Insurance Co. Ltd. | 486,883 | 31,385,274 | ||||||
Dentium Co. Ltd.(a)(c) | 80,614 | 4,465,415 | ||||||
DGB Financial Group Inc. | 1,543,237 | 11,635,680 | ||||||
DIO Corp.(a) | 158,056 | 4,307,297 | ||||||
Dong-A Socio Holdings Co. Ltd.(a) | 47,800 | 4,590,024 | ||||||
Dong-A ST Co. Ltd. | 60,356 | 5,527,401 | ||||||
DongKook Pharmaceutical Co. Ltd. | 76,540 | 3,913,088 | ||||||
Dongkuk Steel Mill Co. Ltd.(a)(c) | 655,885 | 4,781,948 | ||||||
Dongsuh Cos. Inc. | 375,327 | 6,590,832 | ||||||
Dongsung Pharmaceutical Co. Ltd.(a)(c) | 156,053 | 2,469,764 | ||||||
Dongwon F&B Co. Ltd. | 7,916 | 1,914,423 | ||||||
Dongwon Industries Co. Ltd. | 18,475 | 3,695,986 | ||||||
Doosan Bobcat Inc. | 365,672 | 10,371,598 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a)(c) | 833,845 | 6,138,736 | ||||||
Doosan Infracore Co. Ltd.(a)(c) | 1,313,191 | 8,885,377 | ||||||
DoubleUGames Co. Ltd.(c) | 94,280 | 5,138,583 | ||||||
Douzone Bizon Co. Ltd.(c) | 196,957 | 7,442,582 | ||||||
E1 Corp. | 44,199 | 2,295,031 | ||||||
Ecopro Co. Ltd.(a)(c) | 194,821 | 5,629,663 | ||||||
E-MART Inc. | 205,341 | 32,863,324 | ||||||
Enzychem Lifesciences Corp.(a) | 50,201 | 4,293,888 | ||||||
Eo Technics Co Ltd.(a) | 111,332 | 5,830,404 | ||||||
Esmo Corp.(a) | 369,769 | 2,123,862 | ||||||
Eugene Corp. | 324,929 | 1,935,649 | ||||||
F&F Co. Ltd. | 56,592 | 3,310,886 | ||||||
Feelux Co. Ltd.(a)(c) | 377,039 | 3,939,013 | ||||||
Fila Korea Ltd. | 482,493 | 23,852,237 | ||||||
Foosung Co. Ltd.(a)(c) | 647,632 | 4,692,986 | ||||||
Gamevil Inc.(a) | 31,026 | 1,464,818 | ||||||
GemVax & Kael Co. Ltd.(a)(c) | 344,028 | 4,450,616 | ||||||
Genexine Co. Ltd.(a)(c) | 142,025 | 10,935,685 | ||||||
Grand Korea Leisure Co. Ltd. | 337,117 | 7,073,852 |
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Green Cross Cell Corp. | 64,512 | $ | 3,068,722 | |||||
Green Cross Corp./South Korea | 62,527 | 8,394,752 | ||||||
Green Cross Holdings Corp. | 323,041 | 7,510,912 | ||||||
Green Cross LabCell Corp. | 40,927 | 1,735,768 | ||||||
GS Engineering & Construction Corp. | 575,885 | 21,915,069 | ||||||
GS Holdings Corp. | 490,577 | 23,379,503 | ||||||
GS Home Shopping Inc. | 37,029 | 6,057,914 | ||||||
GS Retail Co. Ltd. | 266,691 | 9,176,618 | ||||||
G-treeBNT Co. Ltd.(a)(c) | 224,782 | 6,055,743 | ||||||
Halla Holdings Corp.(c) | 102,358 | 3,963,449 | ||||||
Hana Financial Group Inc. | 2,836,564 | 97,982,139 | ||||||
Hana Tour Service Inc.(c) | 108,906 | 6,758,815 | ||||||
Hanall Biopharma Co. Ltd.(a) | 288,176 | 9,531,561 | ||||||
Hancom Inc. | 254,365 | 3,041,886 | ||||||
Handok Inc. | 43,345 | 1,092,585 | ||||||
Handsome Co. Ltd. | 160,305 | 5,238,027 | ||||||
Hanil Cement Co. Ltd./New(c) | 25,897 | 3,292,675 | ||||||
Hanil Holdings Co. Ltd. | 23,444 | 1,244,427 | ||||||
Hanjin Kal Corp.(a)(c) | 435,502 | 9,874,012 | ||||||
Hanjin Transportation Co. Ltd.(a)(c) | 81,851 | 3,103,890 | ||||||
Hankook Shell Oil Co. Ltd. | 14,397 | 4,249,848 | ||||||
Hankook Tire Co. Ltd. | 715,716 | 27,204,463 | ||||||
Hankook Tire Worldwide Co. Ltd.(c) | 347,526 | 5,036,609 | ||||||
Hanmi Pharm Co. Ltd. | 63,083 | 27,707,835 | ||||||
Hanmi Science Co. Ltd.(c) | 129,173 | 9,337,392 | ||||||
Hanon Systems | 1,835,570 | 20,319,060 | ||||||
Hansae Co. Ltd. | 196,230 | 4,213,528 | ||||||
Hansol Chemical Co. Ltd. | 98,136 | 7,852,974 | ||||||
Hanwha Aerospace Co. Ltd.(a) | 364,186 | 10,669,448 | ||||||
Hanwha Chemical Corp. | 1,036,019 | 21,554,943 | ||||||
Hanwha Corp. | 399,901 | 11,431,330 | ||||||
Hanwha General Insurance Co. Ltd. | 743,642 | 3,577,046 | ||||||
Hanwha Investment & Securities Co. Ltd.(a)(c) | 1,811,109 | 3,671,493 | ||||||
Hanwha Life Insurance Co. Ltd. | 2,623,902 | 9,728,524 | ||||||
Harim Holdings Co. Ltd. | 183,191 | 2,011,567 | ||||||
HDC Holdings Co. Ltd.(a) | 277,411 | 4,920,734 | ||||||
HDC Hyundai Development Co-Engineering& Construction, Class E(a)(c) | 269,479 | 11,536,778 | ||||||
Hite Jinro Co. Ltd.(a) | 306,822 | 4,828,620 | ||||||
HLB Inc.(a)(c) | 327,957 | 26,185,239 | ||||||
HLB Life Science Co. Ltd.(a)(c) | 325,402 | 5,497,144 | ||||||
Hotel Shilla Co. Ltd.(c) | 312,185 | 22,760,887 | ||||||
HS Industries Co. Ltd.(a)(c) | 573,284 | 4,011,510 | ||||||
Huchems Fine Chemical Corp. | 225,544 | 4,401,788 | ||||||
Hugel Inc.(a) | 24,944 | 7,780,168 | ||||||
Huons Co. Ltd.(c) | 62,841 | 4,095,532 | ||||||
Huons Global Co. Ltd.(c) | 68,846 | 2,650,513 | ||||||
Hy-Lok Corp.(c) | 129,132 | 2,066,663 | ||||||
Hyosung Advanced Materials Corp.(a)(c) | 30,087 | 3,143,258 | ||||||
Hyosung Chemical Corp.(c) | 24,302 | 3,295,150 | ||||||
Hyosung Heavy Industries Corp.(a) | 68,042 | 2,661,908 | ||||||
Hyosung TNC Co. Ltd. | 26,493 | 3,957,343 | ||||||
Hyundai Construction Equipment Co. Ltd.(c) | 125,271 | 5,992,336 | ||||||
Hyundai Department Store Co. Ltd. | 136,362 | 11,736,322 | ||||||
Hyundai Electric & Energy System Co. Ltd.(a) | 90,444 | 2,444,650 | ||||||
Hyundai Elevator Co. Ltd.(a)(c) | 147,988 | 12,539,572 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 767,574 | 39,037,284 | ||||||
Hyundai Glovis Co. Ltd. | 184,679 | 22,906,304 | ||||||
Hyundai Greenfood Co. Ltd. | 535,549 | 6,618,770 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 374,318 | 43,765,286 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 97,060 | $ | 31,153,783 | |||||
Hyundai Home Shopping Network Corp. | 77,212 | 7,482,980 | ||||||
Hyundai Livart Furniture Co. Ltd.(c) | 165,182 | 3,076,876 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 610,972 | 20,479,812 | ||||||
Hyundai Merchant Marine Co. Ltd.(a)(c) | 2,632,999 | 9,364,271 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(c) | 234,755 | 12,982,805 | ||||||
Hyundai Mobis Co. Ltd. | 669,979 | 131,350,911 | ||||||
Hyundai Motor Co. | 1,378,586 | 155,055,685 | ||||||
Hyundai Rotem Co. Ltd.(a)(c) | 294,345 | 6,778,284 | ||||||
Hyundai Steel Co. | 774,760 | 34,339,634 | ||||||
Hyundai Wia Corp. | 125,638 | 4,853,713 | ||||||
Il Dong Pharmaceutical Co. Ltd. | 144,828 | 2,614,038 | ||||||
Iljin Materials Co. Ltd.(a)(c) | 207,948 | 7,534,348 | ||||||
Ilyang Pharmaceutical Co. Ltd.(a) | 206,092 | 5,451,442 | ||||||
InBody Co. Ltd. | 127,928 | 2,695,735 | ||||||
Industrial Bank of Korea | 2,396,613 | 29,725,928 | ||||||
Innocean Worldwide Inc. | 105,112 | 6,532,701 | ||||||
Innox Advanced Materials Co. Ltd.(a)(c) | 96,453 | 4,399,430 | ||||||
Inscobee Inc.(a) | 760,991 | 3,890,547 | ||||||
iNtRON Biotechnology Inc.(a)(c) | 276,713 | 5,068,274 | ||||||
IS Dongseo Co. Ltd. | 178,544 | 5,246,625 | ||||||
It’s Hanbul Co. Ltd.(a)(c) | 103,660 | 2,875,604 | ||||||
Jayjun Cosmetic Co. Ltd.(a)(c) | 259,520 | 2,584,355 | ||||||
JB Financial Group Co. Ltd. | 1,962,499 | 10,364,759 | ||||||
Jcontentree Corp.(a) | 307,359 | 1,407,397 | ||||||
Jeil Pharmaceutical Co. Ltd.(c) | 66,234 | 2,658,900 | ||||||
Jeju Air Co. Ltd. | 37,783 | 1,268,168 | ||||||
Jenax Inc.(a)(c) | 182,144 | 1,838,121 | ||||||
Jusung Engineering Co. Ltd.(c) | 556,872 | 3,569,883 | ||||||
JW Holdings Corp. | 439,717 | 2,861,855 | ||||||
JW Pharmaceutical Corp. | 143,208 | 5,335,125 | ||||||
JYP Entertainment Corp. | 247,604 | 6,274,308 | ||||||
Kakao Corp. | 500,782 | 46,084,233 | ||||||
Kangwon Land Inc.(a) | 1,129,211 | 31,023,935 | ||||||
KB Financial Group Inc. | 3,906,072 | 154,027,112 | ||||||
KCC Corp. | 57,954 | 16,463,326 | ||||||
KEPCO Engineering & Construction Co. Inc.(a) | 152,982 | 3,590,935 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(a) | 231,372 | 7,447,023 | ||||||
Kginicis Co. Ltd. | 108,823 | 1,398,144 | ||||||
Kia Motors Corp. | 2,520,982 | 81,925,751 | ||||||
KISWIRE Ltd.(a)(c) | 110,757 | 2,708,116 | ||||||
KIWOOM Securities Co. Ltd.(a)(c) | 130,761 | 9,417,303 | ||||||
Koh Young Technology Inc.(c) | 117,925 | 8,450,925 | ||||||
Kolmar BNH Co. Ltd.(a) | 76,190 | 1,991,630 | ||||||
Kolmar Korea Holdings Co. Ltd.(a)(c) | 54,244 | 1,762,797 | ||||||
Kolon Corp.(c) | 94,739 | 2,935,587 | ||||||
Kolon Industries Inc.(c) | 168,385 | 8,084,636 | ||||||
Kolon Life Science Inc.(a) | 79,526 | 6,045,588 | ||||||
Komipharm International Co Ltd.(a)(c) | 420,444 | 8,897,099 | ||||||
Korea Aerospace Industries Ltd.(a) | 727,420 | 23,801,063 | ||||||
Korea Electric Power Corp.(a) | 2,500,591 | 77,483,415 | ||||||
Korea Gas Corp. | 259,033 | 11,538,680 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 412,828 | 23,675,119 | ||||||
Korea Kolmar Co. Ltd.(a)(c) | 149,800 | 10,548,733 | ||||||
Korea Line Corp.(a) | 146,755 | 2,994,601 | ||||||
Korea Petrochemical Ind. Co. Ltd. | 35,273 | 5,488,375 | ||||||
Korea REIT Co. Ltd.(c) | 2,148,243 | 4,851,549 | ||||||
Korea Zinc Co. Ltd.(a) | 81,971 | 33,270,882 | ||||||
Korean Air Lines Co. Ltd.(a) | 451,182 | 14,762,601 | ||||||
Korean Reinsurance Co. | 985,232 | 7,936,518 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 23 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
KT Corp. | 51,660 | $ | 1,306,772 | |||||
KT Skylife Co. Ltd. | 396,610 | 4,178,740 | ||||||
KT&G Corp. | 1,142,204 | 107,141,924 | ||||||
Kumho Industrial Co. Ltd.(c) | 226,786 | 2,520,517 | ||||||
Kumho Petrochemical Co. Ltd. | 178,795 | 15,213,552 | ||||||
Kumho Tire Co. Inc.(a)(c) | 1,035,442 | 4,704,462 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 562,680 | 3,627,127 | ||||||
Kyung Dong Navien Co. Ltd.(c) | 43,960 | 1,842,904 | ||||||
L&F Co. Ltd.(c) | 141,599 | 4,286,873 | ||||||
LEENO Industrial Inc. | 70,466 | 3,308,086 | ||||||
LegoChem Biosciences Inc.(a) | 72,632 | 3,681,003 | ||||||
LF Corp. | 218,983 | 4,945,468 | ||||||
LG Chem Ltd. | 452,641 | 157,158,629 | ||||||
LG Corp. | 924,328 | 61,638,304 | ||||||
LG Display Co. Ltd.(a)(c) | 2,263,607 | 42,768,426 | ||||||
LG Electronics Inc. | 1,048,344 | 65,713,748 | ||||||
LG Hausys Ltd. | 88,244 | 5,146,978 | ||||||
LG Household & Health Care Ltd. | 92,765 | 102,769,796 | ||||||
LG Innotek Co. Ltd. | 142,065 | 13,641,878 | ||||||
LG International Corp. | 328,877 | 4,941,781 | ||||||
LG Uplus Corp. | 1,050,033 | 14,004,174 | ||||||
LIG Nex1 Co. Ltd.(c) | 107,207 | 3,712,735 | ||||||
Lock&Lock Co. Ltd. | 217,003 | 3,665,917 | ||||||
Lotte Chemical Corp. | 166,840 | 47,321,028 | ||||||
Lotte Chilsung Beverage Co. Ltd.(a) | 1,199 | 1,698,237 | ||||||
Lotte Confectionery Co. Ltd.(a)(c) | 24,447 | 3,890,827 | ||||||
Lotte Corp. | 293,176 | 13,841,598 | ||||||
LOTTE Fine Chemical Co. Ltd. | 188,780 | 8,140,686 | ||||||
Lotte Food Co. Ltd.(a) | 6,646 | 3,894,118 | ||||||
LOTTE Himart Co. Ltd. | 87,304 | 3,799,707 | ||||||
Lotte Shopping Co. Ltd. | 109,242 | 18,551,811 | ||||||
Lotte Tour Development Co. Ltd.(a)(c) | 97,751 | 1,225,473 | ||||||
LS Corp. | 189,725 | 10,205,710 | ||||||
LS Industrial Systems Co. Ltd. | 158,286 | 7,459,018 | ||||||
Maeil Dairies Co. Ltd.(a) | 51,314 | 3,604,344 | ||||||
Mando Corp.(c) | 330,765 | 9,646,210 | ||||||
Medipost Co. Ltd.(a) | 80,023 | 5,763,193 | ||||||
Medy-Tox Inc. | 43,251 | 20,996,751 | ||||||
MeereCo. Inc. | 26,706 | 1,536,301 | ||||||
Meritz Financial Group Inc. | 131,719 | 1,499,069 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 521,207 | 10,241,553 | ||||||
Meritz Securities Co. Ltd.(c) | 3,063,677 | 12,516,756 | ||||||
Mezzion Pharma Co. Ltd.(a) | 54,848 | 5,686,207 | ||||||
Mirae Asset Daewoo Co. Ltd.(c) | 3,953,006 | 26,571,286 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 385,392 | 1,781,843 | ||||||
Modetour Network Inc. | 175,549 | 3,746,044 | ||||||
Muhak Co. Ltd. | 233,754 | 2,972,066 | ||||||
Namhae Chemical Corp.(a) | 241,179 | 2,605,428 | ||||||
Namyang Dairy Products Co. Ltd.(a)(c) | 6,461 | 3,601,891 | ||||||
Naturalendo Tech Co. Ltd.(a)(c) | 185,527 | 1,623,176 | ||||||
Naturecell Co. Ltd.(a)(c) | 387,268 | 4,717,322 | ||||||
NAVER Corp. | 1,392,827 | 164,707,025 | ||||||
NCSoft Corp. | 173,600 | 71,156,397 | ||||||
Netmarble Corp.(a)(b)(c) | 255,236 | 26,778,561 | ||||||
Nexen Corp. | 572,756 | 3,116,624 | ||||||
Nexen Tire Corp. | 402,941 | 3,435,764 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,409,901 | 16,359,214 | ||||||
NHN Entertainment Corp.(a) | 120,650 | 7,938,206 | ||||||
NICE Holdings Co. Ltd.(a) | 235,490 | 3,747,907 | ||||||
NICE Information Service Co. Ltd.(a) | 378,156 | 3,479,963 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Nong Shim Holdings Co. Ltd.(c) | 43,754 | $ | 3,256,166 | |||||
NongShim Co. Ltd. | 30,852 | 7,379,024 | ||||||
NS Shopping Co. Ltd. | 317,639 | 3,487,900 | ||||||
NUTRIBIOTECH Co. Ltd. | 144,887 | 2,164,223 | ||||||
OCI Co. Ltd.(a) | 177,828 | 17,076,042 | ||||||
Orange Life Insurance Ltd.(b)(c) | 336,197 | 10,671,497 | ||||||
Orion Corp./Republic of Korea | 213,971 | 21,212,560 | ||||||
Orion Holdings Corp. | 148,520 | 2,515,610 | ||||||
Oscotec Inc.(a)(c) | 216,624 | 5,537,423 | ||||||
Osstem Implant Co. Ltd.(a) | 127,356 | 5,967,512 | ||||||
Ottogi Corp. | 13,384 | 9,091,648 | ||||||
Pan Ocean Co. Ltd.(a) | 2,393,530 | 9,204,248 | ||||||
Paradise Co. Ltd.(c) | 475,426 | 7,777,930 | ||||||
Partron Co. Ltd. | 464,098 | 4,085,152 | ||||||
Pearl Abyss Corp.(a)(c) | 59,135 | 9,469,382 | ||||||
Peptron Inc.(a) | 100,224 | 2,267,894 | ||||||
Pharmicell Co. Ltd.(a)(c) | 508,596 | 5,471,692 | ||||||
Poongsan Corp. | 230,056 | 6,525,106 | ||||||
POSCO | 765,751 | 179,063,317 | ||||||
POSCO Chemtech Co. Ltd.(c) | 232,824 | 14,262,980 | ||||||
Posco Daewoo Corp. | 475,400 | 8,009,985 | ||||||
Posco ICT Co. Ltd. | 555,451 | 2,859,484 | ||||||
Prostemics Co. Ltd.(a) | 235,860 | 1,304,392 | ||||||
RFHIC Corp. | 84,505 | 2,178,932 | ||||||
S&T Motiv Co. Ltd. | 124,773 | 4,004,895 | ||||||
S-1 Corp. | 169,960 | 15,413,817 | ||||||
Sam Chun Dang Pharm Co. Ltd. | 120,471 | 5,441,386 | ||||||
Samchully Co. Ltd.(a) | 34,845 | 2,958,742 | ||||||
Samjin Pharmaceutical Co. Ltd.(a) | 120,278 | 4,331,163 | ||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 163,505 | 54,661,581 | ||||||
Samsung C&T Corp. | 760,234 | 78,071,510 | ||||||
Samsung Card Co. Ltd. | 247,016 | 7,478,345 | ||||||
Samsung Electro-Mechanics Co. Ltd.(c) | 556,708 | 52,963,240 | ||||||
Samsung Electronics Co. Ltd. | 47,147,383 | 1,890,590,356 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,554,249 | 21,696,194 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 299,304 | 80,234,868 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 4,360,830 | 35,516,318 | ||||||
Samsung Life Insurance Co. Ltd. | 680,905 | 53,699,896 | ||||||
Samsung SDI Co. Ltd. | 551,771 | 116,516,060 | ||||||
Samsung SDS Co. Ltd. | 346,648 | 71,043,268 | ||||||
Samsung Securities Co. Ltd. | 600,125 | 18,488,780 | ||||||
Samwha Capacitor Co. Ltd.(c) | 71,200 | 3,886,974 | ||||||
Samyang Corp.(c) | 58,082 | 3,263,788 | ||||||
Samyang Foods Co. Ltd.(c) | 22,184 | 1,289,974 | ||||||
Samyang Holdings Corp. | 44,881 | 3,363,980 | ||||||
Sangsangin Co. Ltd.(a)(c) | 334,402 | 6,228,969 | ||||||
Seah Besteel Corp. | 172,069 | 2,952,727 | ||||||
Sebang Global Battery Co. Ltd. | 105,743 | 3,897,081 | ||||||
Seegene Inc.(a) | 307,468 | 5,891,291 | ||||||
Seobu T&D(a) | 408,830 | 3,326,038 | ||||||
Seoul Semiconductor Co. Ltd.(a)(c) | 402,031 | 8,489,585 | ||||||
SFA Engineering Corp. | 209,080 | 7,733,376 | ||||||
Shinhan Financial Group Co. Ltd. | 4,036,886 | 156,672,956 | ||||||
Shinsegae Food Co. Ltd. | 31,418 | 2,544,838 | ||||||
Shinsegae Inc. | 73,339 | 18,616,773 | ||||||
Shinsegae International Inc.(c) | 26,878 | 5,424,830 | ||||||
Silicon Works Co. Ltd.(c) | 130,363 | 4,978,297 | ||||||
SillaJen Inc.(a)(c) | 589,355 | 38,934,006 | ||||||
Sindoh Co. Ltd. | 93,430 | 4,062,174 | ||||||
SK Chemicals Co. Ltd.(c) | 100,672 | 6,596,894 |
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
SK D&D Co. Ltd. | 40,634 | $ | 1,085,669 | |||||
SK Discovery Co. Ltd. | 97,626 | 2,499,892 | ||||||
SK Gas Ltd.(c) | 57,066 | 4,079,405 | ||||||
SK Holdings Co. Ltd. | 312,897 | 75,810,823 | ||||||
SK Hynix Inc. | 5,750,024 | 357,874,704 | ||||||
SK Innovation Co. Ltd. | 631,933 | 105,631,194 | ||||||
SK Materials Co. Ltd.(c) | 57,666 | 8,752,188 | ||||||
SK Networks Co. Ltd. | 1,430,508 | 7,504,221 | ||||||
SK Telecom Co. Ltd. | 192,518 | 44,590,503 | ||||||
SKC Co. Ltd. | 223,793 | 7,700,533 | ||||||
SKCKOLONPI Inc.(c) | 161,919 | 4,966,841 | ||||||
SL Corp.(a)(c) | 151,426 | 2,840,836 | ||||||
SM Entertainment Co. Ltd.(a) | 196,009 | 8,103,866 | ||||||
S-Oil Corp. | 438,771 | 39,012,270 | ||||||
Songwon Industrial Co. Ltd.(c) | 170,766 | 3,127,749 | ||||||
Soulbrain Co. Ltd. | 108,663 | 4,946,693 | ||||||
SPC Samlip Co. Ltd.(a) | 28,389 | 2,877,519 | ||||||
Ssangyong Motor Co.(a)(c) | 828,501 | 3,734,774 | ||||||
STCUBE(a)(c) | 201,577 | 4,659,911 | ||||||
Sungwoo Hitech Co. Ltd. | 721,086 | 2,692,772 | ||||||
Taekwang Industrial Co. Ltd.(a)(c) | 4,435 | 5,914,911 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 369,113 | 3,905,437 | ||||||
Taihan Fiberoptics Co. Ltd.(a)(c) | 455,379 | 2,048,740 | ||||||
Tego Science Inc.(a)(c) | 37,506 | 1,310,559 | ||||||
Telcon RF Pharmaceutical Inc.(a)(c) | 663,270 | 4,776,818 | ||||||
Tera Resource Co. Ltd.(a)(d) | 49,111 | — | ||||||
Theragen Etex Co. Ltd.(a)(c) | 205,515 | 2,211,018 | ||||||
Tokai Carbon Korea Co. Ltd. | 30,838 | 1,765,775 | ||||||
Tongyang Inc.(a)(c) | 2,246,017 | 3,804,270 | ||||||
Tongyang Life Insurance Co. Ltd. | 557,647 | 2,392,324 | ||||||
Toptec Co. Ltd.(c) | 241,273 | 2,177,399 | ||||||
Value Added Technology Co. Ltd.(a)(c) | 120,513 | 2,544,842 | ||||||
Vieworks Co. Ltd. | 89,520 | 2,730,093 | ||||||
ViroMed Co. Ltd.(a)(c) | 135,107 | 33,371,321 | ||||||
Webzen Inc.(a)(c) | 172,814 | 3,188,308 | ||||||
WeMade Entertainment Co. Ltd. | 83,639 | 3,636,478 | ||||||
Wonik Holdings Co. Ltd.(a)(c) | 810,227 | 2,993,237 | ||||||
WONIK IPS Co. Ltd.(a) | 300,793 | 6,164,558 | ||||||
Woori Financial Group Inc.(a)(c) | 4,595,386 | 60,470,981 | ||||||
Woori Investment Bank Co. Ltd.(a) | 1,865,660 | 1,250,740 | ||||||
YG Entertainment Inc.(c) | 121,203 | 4,531,507 | ||||||
Youlchon Chemical Co. Ltd. | 217,858 | 2,605,308 | ||||||
Youngone Corp.(a) | 219,382 | 6,846,544 | ||||||
Youngone Holdings Co. Ltd.(a) | 91,271 | 5,015,158 | ||||||
Yuanta Securities Korea Co. Ltd.(a)(c) | 1,235,029 | 3,618,228 | ||||||
Yuhan Corp. | 88,633 | 20,528,938 | ||||||
Yungjin Pharmaceutical Co. Ltd.(a) | 1,151,085 | 6,785,537 | ||||||
Yuyang DNU Co. Ltd.(a) | 398,776 | 3,439,252 | ||||||
|
| |||||||
7,878,388,013 | ||||||||
Taiwan — 12.0% | ||||||||
AcBel Polytech Inc.(c) | 7,726,000 | 5,397,267 | ||||||
Accton Technology Corp.(c) | 4,674,000 | 16,477,800 | ||||||
Acer Inc.(c) | 29,363,872 | 19,415,944 | ||||||
A-DATA Technology Co. Ltd.(c) | 2,730,820 | 3,864,221 | ||||||
Advanced Ceramic X Corp.(c) | 465,000 | 3,966,094 | ||||||
Advantech Co. Ltd. | 3,216,165 | 24,557,658 | ||||||
Airtac International Group(c) | 1,093,880 | 13,612,855 | ||||||
AmTRAN Technology Co. Ltd.(a)(c) | 10,789,000 | 4,329,412 | ||||||
Arcadyan Technology Corp.(c) | 1,186,000 | 3,533,742 | ||||||
Ardentec Corp. | 5,119,546 | 4,990,378 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
ASE Technology Holding Co. Ltd. | 36,813,222 | $ | 75,237,654 | |||||
Asia Cement Corp.(c) | 21,728,050 | 27,392,600 | ||||||
Asia Optical Co. Inc.(c) | 2,416,000 | 6,060,312 | ||||||
Asia Pacific Telecom Co. Ltd.(a) | 27,729,000 | 6,414,975 | ||||||
ASMedia Technology Inc.(c) | 251,000 | 4,779,166 | ||||||
Asustek Computer Inc. | 6,586,000 | 46,971,780 | ||||||
AU Optronics Corp.(c) | 82,839,000 | 30,550,019 | ||||||
Bank of Kaohsiung Co. Ltd.(c) | 25,692,303 | 7,989,061 | ||||||
BES Engineering Corp.(c) | 21,661,000 | 5,609,415 | ||||||
Bizlink Holding Inc.(c) | 1,053,926 | 6,814,656 | ||||||
Brighton-Best International Taiwan Inc. | 3,560,000 | 4,164,216 | ||||||
Capital Securities Corp. | 28,370,050 | 8,535,950 | ||||||
Career Technology MFG. Co. Ltd.(c) | 3,630,000 | 3,520,722 | ||||||
Casetek Holdings Ltd.(c) | 2,097,485 | 3,284,934 | ||||||
Catcher Technology Co. Ltd.(c) | 6,444,000 | 48,995,045 | ||||||
Cathay Financial Holding Co. Ltd. | 79,805,078 | 117,465,275 | ||||||
Cathay Real Estate Development Co. Ltd. | 8,536,900 | 5,755,712 | ||||||
Center Laboratories Inc.(c) | 2,599,898 | 6,622,975 | ||||||
Century Iron & Steel Industrial Co. Ltd.(c) | 1,061,000 | 2,392,520 | ||||||
Chailease Holding Co. Ltd. | 11,611,803 | 45,652,630 | ||||||
Chang Hwa Commercial Bank Ltd.(c) | 53,799,768 | 32,339,470 | ||||||
Charoen Pokphand Enterprise | 1,156,000 | 2,009,520 | ||||||
Cheng Loong Corp.(c) | 8,908,000 | 5,846,721 | ||||||
Cheng Shin Rubber Industry Co. Ltd.(c) | 18,317,650 | 26,039,257 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 4,676,000 | 4,375,702 | ||||||
Chicony Electronics Co. Ltd. | 4,794,787 | 10,593,976 | ||||||
Chilisin Electronics Corp.(c) | 1,540,000 | 4,423,375 | ||||||
China Airlines Ltd. | 26,732,000 | 8,816,136 | ||||||
China Bills Finance Corp. | 17,329,000 | 8,079,904 | ||||||
China Development Financial Holding Corp. | 147,775,000 | 47,871,485 | ||||||
China General Plastics Corp. | 2,083,000 | 1,597,284 | ||||||
China Life Insurance Co. Ltd./Taiwan . | 28,211,499 | 26,353,893 | ||||||
China Man-Made Fiber Corp. | 15,856,535 | 5,136,700 | ||||||
China Metal Products(c) | 3,430,146 | 4,224,084 | ||||||
China Motor Corp.(c) | 6,091,000 | 4,789,440 | ||||||
China Petrochemical Development Corp.(a)(c) | 27,430,900 | 9,759,666 | ||||||
China Steel Chemical Corp.(c) | 1,949,000 | 8,549,218 | ||||||
China Steel Corp. | 119,350,529 | 98,888,389 | ||||||
Chin-Poon Industrial Co. Ltd.(c) | 3,936,000 | 5,269,059 | ||||||
Chipbond Technology Corp. | 6,105,000 | 13,389,680 | ||||||
ChipMOS Technologies Inc. | 1,767,000 | 1,466,926 | ||||||
Chlitina Holding Ltd. | 472,000 | 4,263,513 | ||||||
Chong Hong Construction Co. Ltd. | 2,332,122 | 6,584,940 | ||||||
Chroma ATE Inc.(c) | 3,723,000 | 15,484,022 | ||||||
Chung Hung Steel Corp.(a)(c) | 5,452,000 | 2,134,635 | ||||||
Chunghwa Precision Test Tech Co. Ltd.(c) | 198,000 | 2,676,328 | ||||||
Chunghwa Telecom Co. Ltd. | 37,111,000 | 129,023,021 | ||||||
Cleanaway Co. Ltd.(c) | 858,000 | 4,878,722 | ||||||
Clevo Co.(c) | 5,084,175 | 4,947,640 | ||||||
CMC Magnetics Corp.(a)(c) | 17,840,566 | 3,889,663 | ||||||
Compal Electronics Inc. | 38,242,000 | 23,733,115 | ||||||
Compeq Manufacturing Co. Ltd.(c) | 10,989,000 | 8,105,220 | ||||||
Concraft Holding Co. Ltd.(c) | 409,300 | 1,516,098 | ||||||
Continental Holdings Corp.(c) | 10,148,600 | 4,946,274 | ||||||
Coretronic Corp. | 4,345,200 | 6,551,014 | ||||||
CSBC Corp. Taiwan(a)(c) | 2,553,715 | 2,373,117 | ||||||
CTBC Financial Holding Co. Ltd. | 171,856,599 | 116,426,822 | ||||||
CTCI Corp.(c) | 6,367,000 | 9,971,550 | ||||||
Cub Elecparts Inc.(c) | 523,079 | 5,302,768 | ||||||
Darfon Electronics Corp. | 1,803,000 | 2,847,166 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 25 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Darwin Precisions Corp.(c) | 4,185,000 | $ | 2,801,196 | |||||
Delta Electronics Inc. | 20,719,000 | 103,337,498 | ||||||
Depo Auto Parts Ind. Co. Ltd.(c) | 1,068,000 | 2,363,193 | ||||||
E Ink Holdings Inc. | 8,781,000 | 9,201,412 | ||||||
E.Sun Financial Holding Co. Ltd. | 96,306,999 | 69,156,164 | ||||||
Eclat Textile Co. Ltd. | 1,621,683 | 18,574,018 | ||||||
Elan Microelectronics Corp. | 2,958,100 | 8,592,730 | ||||||
Elite Material Co. Ltd.(c) | 2,852,000 | 8,822,004 | ||||||
Elite Semiconductor Memory Technology Inc.(c) | 4,492,000 | 4,977,083 | ||||||
eMemory Technology Inc. | 630,000 | 5,680,471 | ||||||
Ennoconn Corp.(c) | 535,000 | 5,093,334 | ||||||
Epistar Corp.(c) | 10,128,000 | 8,983,946 | ||||||
Eternal Materials Co. Ltd.(c) | 10,279,915 | 8,534,168 | ||||||
Eva Airways Corp. | 21,043,081 | 10,563,761 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 23,378,544 | 9,457,309 | ||||||
Everlight Chemical Industrial Corp.(c) | 10,026,781 | 5,440,750 | ||||||
Everlight Electronics Co. Ltd.(c) | 4,338,000 | 4,454,074 | ||||||
Far Eastern Department Stores Ltd. | 10,603,167 | 5,615,701 | ||||||
Far Eastern International Bank(c) | 25,813,265 | 9,058,316 | ||||||
Far Eastern New Century Corp. | 28,599,916 | 28,342,971 | ||||||
Far EasTone Telecommunications Co. Ltd. | 14,756,000 | 34,568,830 | ||||||
Faraday Technology Corp.(c) | 2,289,000 | 3,417,528 | ||||||
Farglory Land Development Co. Ltd. | 3,256,782 | 3,904,773 | ||||||
Feng Hsin Steel Co. Ltd. | 4,689,000 | 9,019,505 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,066,506 | 19,279,935 | ||||||
Firich Enterprises Co. Ltd.(c) | 2,878,041 | 4,021,112 | ||||||
First Financial Holding Co. Ltd.(c) | 93,113,512 | 62,929,867 | ||||||
FLEXium Interconnect Inc.(c) | 3,313,616 | 9,679,271 | ||||||
Formosa Chemicals & Fibre Corp. | 34,242,210 | 117,380,246 | ||||||
Formosa Petrochemical Corp.(c) | 12,049,000 | 45,609,751 | ||||||
Formosa Plastics Corp. | 43,006,800 | 143,232,564 | ||||||
Formosa Taffeta Co. Ltd. | 5,389,000 | 6,224,845 | ||||||
Foxconn Technology Co. Ltd. | 9,060,424 | 18,576,276 | ||||||
Foxsemicon Integrated Technology Inc.(c) | 773,000 | 3,553,994 | ||||||
Fubon Financial Holding Co. Ltd. | 64,671,000 | 95,609,653 | ||||||
General Interface Solution Holding Ltd.(c) | 2,335,000 | 8,155,979 | ||||||
Genius Electronic Optical Co. Ltd.(c) | 640,000 | 6,654,428 | ||||||
Getac Technology Corp. | 4,879,000 | 7,498,471 | ||||||
Giant Manufacturing Co. Ltd. | 2,891,000 | 15,922,035 | ||||||
Gigabyte Technology Co. Ltd.(c) | 5,557,000 | 8,648,816 | ||||||
Ginko International Co. Ltd. | 531,000 | 3,933,781 | ||||||
Global Unichip Corp.(c) | 851,000 | 5,848,180 | ||||||
Globalwafers Co. Ltd.(c) | 2,179,000 | 23,718,259 | ||||||
Goldsun Building Materials Co. Ltd.(c) | 19,229,000 | 5,579,418 | ||||||
Gourmet Master Co. Ltd.(c) | 872,471 | 6,562,703 | ||||||
Grand Pacific Petrochemical | 9,492,000 | 7,417,432 | ||||||
Grape King Bio Ltd.(c) | 1,088,000 | 7,194,060 | ||||||
Great Wall Enterprise Co. Ltd.(c) | 6,935,895 | 7,820,108 | ||||||
Greatek Electronics Inc. | 4,237,000 | 5,823,440 | ||||||
HannStar Display Corp.(c) | 30,992,640 | 7,139,792 | ||||||
Highwealth Construction Corp. | 8,149,230 | 12,643,599 | ||||||
Hiwin Technologies Corp.(c) | 2,240,890 | 20,168,847 | ||||||
Holtek Semiconductor Inc. | 1,310,000 | 3,107,241 | ||||||
Holy Stone Enterprise Co. Ltd.(c) | 1,301,330 | 5,137,413 | ||||||
Hon Hai Precision Industry Co. Ltd. | 130,225,928 | 307,618,637 | ||||||
Hota Industrial Manufacturing Co. Ltd.(c) | 2,219,216 | 8,652,898 | ||||||
Hotai Motor Co. Ltd.(c) | 2,679,000 | 29,117,200 | ||||||
Hsin Kuang Steel Co. Ltd.(c) | 1,722,000 | 1,812,838 | ||||||
HTC Corp.(a)(c) | 6,905,000 | 8,256,429 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 75,231,155 | 46,199,822 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Huaku Development Co. Ltd. | 3,132,000 | $ | 7,082,911 | |||||
Hung Sheng Construction Ltd.(c) | 8,239,000 | 7,549,260 | ||||||
IEI Integration Corp. | 3,307,623 | 3,826,016 | ||||||
Innolux Corp.(c) | 88,499,241 | 29,474,346 | ||||||
International CSRC Investment Holdings | 7,206,757 | 10,455,435 | ||||||
International Games System Co. Ltd. | 655,000 | 4,171,365 | ||||||
Inventec Corp. | 24,813,000 | 19,188,322 | ||||||
ITEQ Corp.(c) | 2,323,000 | 5,155,261 | ||||||
Kenda Rubber Industrial Co. Ltd. | 5,165,889 | 5,153,048 | ||||||
Kerry TJ Logistics Co. Ltd.(c) | 4,007,000 | 4,940,966 | ||||||
Kindom Construction Corp.(c) | 4,784,000 | 2,992,283 | ||||||
King Slide Works Co. Ltd.(c) | 545,000 | 5,932,286 | ||||||
King Yuan Electronics Co. Ltd.(c) | 11,920,000 | 9,779,540 | ||||||
King’s Town Bank Co. Ltd. | 10,293,000 | 11,036,635 | ||||||
Kinpo Electronics(c) | 21,210,000 | 8,166,572 | ||||||
Kinsus Interconnect Technology Corp.(c) | 3,007,000 | 4,147,553 | ||||||
LandMark Optoelectronics Corp.(c) | 687,900 | 6,861,901 | ||||||
Largan Precision Co. Ltd.(c) | 985,000 | 139,541,533 | ||||||
Lealea Enterprise Co. Ltd.(c) | 11,924,173 | 3,804,701 | ||||||
Lien Hwa Industrial Corp.(c) | 8,475,945 | 8,716,510 | ||||||
Lite-On Technology Corp. | 21,016,238 | 30,421,698 | ||||||
Long Chen Paper Co. Ltd.(c) | 5,060,000 | 2,868,975 | ||||||
Lotes Co. Ltd. | 669,722 | 4,983,229 | ||||||
Lotus Pharmaceutical Co. Ltd.(a) | 725,000 | 2,497,035 | ||||||
Machvision Inc. | 301,000 | 4,767,842 | ||||||
Macronix International(c) | 18,451,554 | 13,999,116 | ||||||
Makalot Industrial Co. Ltd. | 1,906,208 | 11,613,211 | ||||||
MediaTek Inc. | 14,811,572 | 134,753,470 | ||||||
Mega Financial Holding Co. Ltd. | 104,628,958 | 92,640,135 | ||||||
Mercuries Life Insurance Co. Ltd.(a)(c) | 4,770,000 | 1,759,118 | ||||||
Merida Industry Co. Ltd. | 2,143,850 | 11,215,046 | ||||||
Merry Electronics Co. Ltd.(c) | 1,834,053 | 9,802,990 | ||||||
Micro-Star International Co. Ltd. | 6,684,000 | 17,765,217 | ||||||
Mitac Holdings Corp.(c) | 9,750,632 | 9,472,939 | ||||||
momo.com Inc.(c) | 250,000 | 1,998,278 | ||||||
Nan Kang Rubber Tire Co. Ltd.(c) | 6,576,000 | 5,993,430 | ||||||
Nan Ya Plastics Corp. | 49,292,440 | 123,165,033 | ||||||
Nan Ya Printed Circuit Board Corp.(c) | 2,572,000 | 3,154,777 | ||||||
Nanya Technology Corp.(c) | 10,520,000 | 21,261,157 | ||||||
Nien Made Enterprise Co. Ltd. | 1,508,000 | 13,107,078 | ||||||
Novatek Microelectronics Corp. | 5,285,000 | 29,364,450 | ||||||
OBI Pharma Inc.(a) | 1,112,000 | 6,503,664 | ||||||
On-Bright Electronics Inc. | 251,000 | 1,549,559 | ||||||
Oriental Union Chemical Corp. | 6,396,000 | 5,444,908 | ||||||
Pan Jit International Inc.(a)(c) | 2,615,000 | 2,442,814 | ||||||
Pan-International Industrial Corp. | 5,937,366 | 4,253,860 | ||||||
Parade Technologies Ltd.(c) | 671,000 | 11,882,280 | ||||||
PChome Online Inc.(a)(c) | 936,070 | 4,288,528 | ||||||
Pegatron Corp.(c) | 18,383,000 | 31,537,777 | ||||||
PharmaEngine Inc. | 1,202,793 | 4,064,480 | ||||||
PharmaEssentia Corp.(a) | 1,535,000 | 8,478,872 | ||||||
Pharmally International Holding Co. Ltd.(c) | 449,704 | 3,075,811 | ||||||
Phison Electronics Corp. | 1,383,000 | 12,582,327 | ||||||
Pixart Imaging Inc.(c) | 1,356,000 | 3,930,116 | ||||||
Pou Chen Corp. | 19,153,000 | 24,146,228 | ||||||
Powertech Technology Inc. | 6,594,000 | 15,340,614 | ||||||
Poya International Co. Ltd. | 512,447 | 5,244,937 | ||||||
President Chain Store Corp. . | 5,557,000 | 57,508,310 | ||||||
President Securities Corp.(c) | 15,036,135 | 6,595,546 | ||||||
Primax Electronics Ltd. | 4,347,000 | 8,220,408 |
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Prince Housing & Development Corp. | 14,131,995 | $ | 5,005,077 | |||||
Qisda Corp.(c) | 17,889,000 | 11,566,978 | ||||||
Quanta Computer Inc.(c) | 25,437,000 | 47,276,214 | ||||||
Radiant Opto-Electronics Corp. | 4,350,000 | 12,946,891 | ||||||
Radium Life Tech Co. Ltd.(a) | 10,377,196 | 5,007,111 | ||||||
Realtek Semiconductor Corp. | 4,524,110 | 26,165,795 | ||||||
Ritek Corp.(a) | 13,678,583 | 4,933,383 | ||||||
Roo Hsing Co. Ltd.(a)(c) | 5,375,000 | 2,567,300 | ||||||
Ruentex Development Co. Ltd.(c) | 6,023,391 | 9,492,128 | ||||||
Ruentex Industries Ltd. | 3,837,943 | 10,150,880 | ||||||
Sanyang Motor Co. Ltd. | 7,921,000 | 5,237,514 | ||||||
ScinoPharm Taiwan Ltd.(c) | 2,870,027 | 2,527,179 | ||||||
SDI Corp. | 756,000 | 2,004,438 | ||||||
Sercomm Corp.(c) | 2,455,000 | 5,224,847 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 23,563,000 | 36,673,036 | ||||||
Shin Kong Financial Holding Co. Ltd.(c) | 106,857,188 | 32,046,914 | ||||||
Shin Zu Shing Co. Ltd. | 1,376,000 | 4,515,653 | ||||||
Shining Building Business Co. Ltd.(a)(c) | 10,789,945 | 3,716,258 | ||||||
Shinkong Synthetic Fibers Corp.(c) | 18,136,000 | 7,719,578 | ||||||
Sigurd Microelectronics Corp. | 6,575,000 | 6,409,111 | ||||||
Silergy Corp.(c) | 646,000 | 11,628,483 | ||||||
Simplo Technology Co. Ltd. | 1,489,400 | 10,574,104 | ||||||
Sinbon Electronics Co. Ltd. | 2,665,809 | 7,812,973 | ||||||
Sino-American Silicon Products Inc. | 4,991,000 | 11,578,880 | ||||||
SinoPac Financial Holdings Co. Ltd. | 99,891,660 | 34,891,406 | ||||||
Sinyi Realty Inc.(c) | 4,442,704 | 4,467,749 | ||||||
Sitronix Technology Corp.(c) | 1,093,000 | 4,155,151 | ||||||
Soft-World International Corp.(c) | 1,298,000 | 3,036,603 | ||||||
Sporton International Inc. | 490,000 | 2,674,768 | ||||||
St. Shine Optical Co. Ltd.(c) | 456,000 | 8,563,937 | ||||||
Standard Foods Corp. | 5,873,096 | 10,056,769 | ||||||
Sunny Friend Environmental Technology Co. Ltd.(c) | 698,000 | 5,601,872 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 1,172,000 | 1,458,502 | ||||||
Supreme Electronics Co. Ltd. | 1,323,000 | 1,289,620 | ||||||
Synnex Technology International Corp. | 13,072,250 | 15,928,042 | ||||||
TA Chen Stainless Pipe(c) | 8,298,596 | 11,864,189 | ||||||
Taichung Commercial Bank Co. Ltd.(c) | 29,472,899 | 10,198,898 | ||||||
TaiDoc Technology Corp. | 358,000 | 2,070,541 | ||||||
Taigen Biopharmaceuticals Holdings | 4,786,000 | 2,690,293 | ||||||
TaiMed Biologics Inc.(a)(c) | 1,749,000 | 10,314,477 | ||||||
Tainan Spinning Co. Ltd.(c) | 12,287,894 | 4,890,962 | ||||||
Taishin Financial Holding Co. Ltd. | 95,341,424 | 43,215,209 | ||||||
Taiwan Business Bank | 42,777,706 | 15,775,899 | ||||||
Taiwan Cement Corp.(c) | 44,337,800 | 55,320,505 | ||||||
Taiwan Cogeneration Corp.(c) | 6,049,000 | 5,070,889 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 81,022,964 | 50,283,126 | ||||||
Taiwan Fertilizer Co. Ltd.(c) | 5,864,000 | 8,574,074 | ||||||
Taiwan Glass Industry Corp | 13,489,053 | 5,982,668 | ||||||
Taiwan High Speed Rail Corp. | 17,910,000 | 19,203,938 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 3,980,674 | 6,518,804 | ||||||
Taiwan Mobile Co. Ltd. | 15,200,000 | 54,327,165 | ||||||
Taiwan Paiho Ltd. | 2,342,000 | 4,923,477 | ||||||
Taiwan Secom Co. Ltd. | 2,851,185 | 8,004,236 | ||||||
Taiwan Semiconductor Co. Ltd. | 2,495,000 | 4,499,293 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 243,396,000 | 1,890,131,886 | ||||||
Taiwan Shin Kong Security Co. Ltd.(c) | 6,099,770 | 7,590,895 | ||||||
Taiwan Styrene Monomer | 2,410,000 | 1,910,679 | ||||||
Taiwan TEA Corp.(c) | 11,707,000 | 6,067,183 | ||||||
Taiwan Union Technology Corp. | 1,696,000 | 5,538,252 | ||||||
Tanvex BioPharma Inc.(a) | 486,000 | 1,192,241 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Tatung Co. Ltd.(a)(c) | 18,630,000 | $ | 16,222,897 | |||||
TCI Co. Ltd.(c) | 743,557 | 11,367,230 | ||||||
Teco Electric and Machinery Co. Ltd. | 20,496,000 | 12,686,589 | ||||||
Test Research Inc.(c) | 1,852,400 | 3,087,684 | ||||||
Test Rite International Co. Ltd.(c) | 9,479,000 | 7,006,880 | ||||||
Thinking Electronic Industrial Co. Ltd. | 373,000 | 1,007,142 | ||||||
Ton Yi Industrial Corp.(c) | 10,373,000 | 4,499,522 | ||||||
Tong Hsing Electronic Industries Ltd.(c) | 1,436,000 | 4,945,852 | ||||||
Tong Yang Industry Co. Ltd.(c) | 3,881,400 | 4,842,843 | ||||||
Topco Scientific Co. Ltd. | 2,406,639 | 5,982,093 | ||||||
TPK Holding Co. Ltd.(c) | 3,597,000 | 6,112,557 | ||||||
Transcend Information Inc.(c) | 2,047,000 | 4,576,011 | ||||||
Tripod Technology Corp. | 4,429,000 | 13,570,572 | ||||||
TSRC Corp.(c) | 6,857,900 | 6,294,922 | ||||||
TTY Biopharm Co. Ltd. | 2,339,124 | 6,209,492 | ||||||
Tung Ho Steel Enterprise Corp.(c) | 9,709,000 | 6,467,093 | ||||||
TXC Corp.(c) | 4,235,000 | 4,671,689 | ||||||
U-Ming Marine Transport Corp. | 5,338,000 | 5,333,404 | ||||||
Unimicron Technology Corp.(c) | 12,638,000 | 9,896,375 | ||||||
Uni-President Enterprises Corp. | 47,247,369 | 115,138,261 | ||||||
Unitech Printed Circuit Board Corp.(c) | 4,214,000 | 2,772,684 | ||||||
United Integrated Services Co. Ltd. | 2,353,400 | 7,990,847 | ||||||
United Microelectronics Corp.(c) | 117,220,000 | 43,610,190 | ||||||
United Renewable Energy Co. Ltd.(a)(c) | 24,464,895 | 6,955,561 | ||||||
UPC Technology Corp.(c) | 11,606,826 | 4,978,152 | ||||||
USI Corp.(c) | 13,390,300 | 5,351,508 | ||||||
Vanguard International Semiconductor Corp. | 8,907,000 | 20,056,053 | ||||||
Via Technologies Inc.(a)(c) | 1,634,000 | 1,505,171 | ||||||
Visual Photonics Epitaxy Co. Ltd.(c) | 1,837,000 | 4,261,752 | ||||||
Voltronic Power Technology Corp.(c) | 454,974 | 8,470,752 | ||||||
Wafer Works Corp.(c) | 5,119,404 | 6,570,483 | ||||||
Wah Lee Industrial Corp. | 2,796,000 | 4,733,209 | ||||||
Walsin Lihwa Corp. | 26,976,000 | 15,908,710 | ||||||
Walsin Technology Corp.(c) | 3,114,597 | 18,317,289 | ||||||
Waterland Financial Holdings Co. Ltd. | 31,494,645 | 10,335,675 | ||||||
Win Semiconductors Corp.(c) | 3,446,427 | 19,596,924 | ||||||
Winbond Electronics Corp.(c) | 30,252,480 | 15,088,641 | ||||||
Wistron Corp.(c) | 28,345,004 | 19,663,244 | ||||||
Wistron NeWeb Corp. | 2,842,654 | 7,259,845 | ||||||
WPG Holdings Ltd.(c) | 13,939,200 | 18,026,097 | ||||||
WT Microelectronics Co. Ltd.(c) | 5,839,734 | 7,608,836 | ||||||
XinTec Inc.(a)(c) | 1,583,000 | 2,057,414 | ||||||
XPEC Entertainment Inc.(d) | 31,000 | — | ||||||
Xxentria Technology Materials Corp. | 826,000 | 1,969,958 | ||||||
Yageo Corp.(c) | 2,504,454 | 28,155,933 | ||||||
Yang Ming Marine Transport Corp.(a) | 14,225,677 | 4,266,340 | ||||||
YFY Inc.(c) | 16,103,000 | 6,357,170 | ||||||
Yieh Phui Enterprise Co. Ltd.(c) | 16,870,477 | 5,536,426 | ||||||
Yuanta Financial Holding Co. Ltd. | 100,813,912 | 57,160,586 | ||||||
Yulon Finance Corp.(c) | 1,818,000 | 6,113,853 | ||||||
Yulon Motor Co. Ltd.(c) | 9,795,000 | 6,015,158 | ||||||
YungShin Global Holding Corp. | 4,112,650 | 5,512,219 | ||||||
Yungtay Engineering Co. Ltd. | 3,910,000 | 7,584,586 | ||||||
Zhen Ding Technology Holding Ltd. | 4,346,950 | 12,627,080 | ||||||
|
| |||||||
7,041,594,660 | ||||||||
Thailand — 2.6% | ||||||||
Advanced Info Service PCL, NVDR | 10,164,400 | 58,704,349 | ||||||
Airports of Thailand PCL, NVDR | 42,507,100 | 91,050,512 | ||||||
Amata Corp. PCL, NVDR(c) | 6,132,200 | 4,222,729 | ||||||
AP Thailand PCL, NVDR | 18,950,990 | 4,239,730 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 27 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangchak Corp. PCL, NVDR | 5,217,200 | $ | 5,463,470 | |||||
Bangkok Airways PCL, NVDR(c) | 9,243,200 | 3,607,818 | ||||||
Bangkok Bank PCL, Foreign | 2,364,500 | 16,057,215 | ||||||
Bangkok Chain Hospital PCL, NVDR | 15,310,550 | 7,919,459 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 38,572,300 | 28,887,149 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 77,462,785 | 26,056,502 | ||||||
Bangkok Land PCL, NVDR | 150,251,300 | 7,867,184 | ||||||
Banpu PCL, NVDR(c) | 21,559,900 | 11,151,967 | ||||||
BCPG PCL, NVDR(c) | 4,351,500 | 2,319,879 | ||||||
Beauty Community PCL, NVDR(c) | 22,357,700 | 4,859,984 | ||||||
BEC World PCL, NVDR(a) | 8,021,000 | 1,590,837 | ||||||
Berli Jucker PCL, NVDR(c) | 12,439,700 | 19,540,346 | ||||||
BTS Group Holdings PCL, NVDR | 66,179,600 | 21,841,106 | ||||||
Bumrungrad Hospital PCL, NVDR | 3,515,000 | 20,802,777 | ||||||
Carabao Group PCL, NVDR(c) | 2,324,200 | 4,056,517 | ||||||
Central Pattana PCL, NVDR(c) | 13,491,600 | 32,324,182 | ||||||
Charoen Pokphand Foods PCL, NVDR(c) | 32,695,200 | 27,235,192 | ||||||
Chularat Hospital PCL, NVDR(c) | 70,959,300 | 4,143,280 | ||||||
CK Power PCL, NVDR(c) | 13,524,200 | 2,120,097 | ||||||
CP ALL PCL, NVDR | 49,823,600 | 122,928,517 | ||||||
Delta Electronics Thailand PCL, NVDR | 5,293,000 | 12,177,469 | ||||||
Dynasty Ceramic PCL, NVDR(c) | 47,064,320 | 3,315,598 | ||||||
Eastern Polymer Group PCL, NVDR(c) | 14,681,300 | 3,447,572 | ||||||
Electricity Generating PCL, NVDR | 1,439,400 | 12,195,789 | ||||||
Energy Absolute PCL, NVDR(c) | 13,023,600 | 19,734,293 | ||||||
Esso Thailand PCL, NVDR | 12,486,000 | 4,318,839 | ||||||
GFPT PCL, NVDR | 2,928,600 | 1,347,551 | ||||||
Glow Energy PCL, NVDR | 5,225,300 | 15,089,323 | ||||||
Gulf Energy Development PCL, NVDR | 3,931,500 | 11,290,781 | ||||||
Gunkul Engineering PCL, NVDR(c) | 41,216,135 | 4,263,851 | ||||||
Hana Microelectronics PCL, NVDR(c) | 6,682,300 | 7,580,872 | ||||||
Home Product Center PCL, NVDR | 41,476,375 | 19,742,820 | ||||||
Indorama Ventures PCL, NVDR(c) | 16,981,400 | 27,752,229 | ||||||
Inter Far East Energy Corp., NVDR(a)(c)(d) | 7,049,000 | 2 | ||||||
IRPC PCL, NVDR | 102,985,200 | 19,281,640 | ||||||
Italian-Thai Development PCL, NVDR(a)(c) | 36,226,500 | 2,782,011 | ||||||
Jasmine International PCL, NVDR(c) | 46,814,700 | 8,913,549 | ||||||
Kasikornbank PCL, Foreign | 11,692,400 | 73,465,933 | ||||||
Kasikornbank PCL, NVDR | 5,732,000 | 35,924,474 | ||||||
KCE Electronics PCL, NVDR(c) | 5,954,400 | 5,196,224 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(c) | 23,474,486 | 2,353,967 | ||||||
Kiatnakin Bank PCL, NVDR(c) | 4,534,500 | 10,144,617 | ||||||
Krung Thai Bank PCL, NVDR(c) | 33,262,500 | 20,371,797 | ||||||
Land & Houses PCL, NVDR | 11,378,700 | 3,791,396 | ||||||
LPN Development PCL, NVDR(c) | 10,902,100 | 2,421,728 | ||||||
Major Cineplex Group PCL, NVDR | 5,822,200 | 5,127,046 | ||||||
MBK PCL, NVDR(c) | 4,422,600 | 3,045,472 | ||||||
Mega Lifesciences PCL, NVDR(c) | 2,172,000 | 2,291,757 | ||||||
Minor International PCL, NVDR(c) | 22,925,160 | 28,190,399 | ||||||
Muangthai Capital PCL, NVDR(c) | 6,764,200 | 10,088,612 | ||||||
Origin Property PCL, NVDR | 4,592,900 | 1,085,826 | ||||||
Plan B Media PCL, NVDR(c) | 6,555,400 | 1,289,757 | ||||||
Precious Shipping PCL, NVDR(a) | 3,788,700 | 1,100,091 | ||||||
Prima Marine PCL, NVDR(c) | 6,042,200 | 1,150,439 | ||||||
PTG Energy PCL, NVDR(c) | 9,046,000 | 2,899,313 | ||||||
PTT Exploration & Production PCL, NVDR | 13,684,801 | 54,066,092 | ||||||
PTT Global Chemical PCL, NVDR | 21,766,200 | 49,731,580 | ||||||
PTT PCL, NVDR | 103,301,500 | 158,988,425 | ||||||
Quality Houses PCL, NVDR | 60,139,317 | 5,839,788 | ||||||
Ratchthani Leasing PCL, NVDR(c) | 6,908,600 | 1,655,214 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Robinson PCL, NVDR | 5,480,600 | $ | 11,217,729 | |||||
RS PCL, NVDR | 3,427,100 | 1,946,691 | ||||||
Siam Cement PCL (The),NVDR | 3,628,400 | 54,577,123 | ||||||
Siam Commercial Bank PCL (The),NVDR(c) | 17,860,900 | 75,949,563 | ||||||
Siam Global House PCL, NVDR(c) | 19,214,365 | 11,585,020 | ||||||
Siamgas & Petrochemicals PCL, NVDR(c) | 4,493,600 | 1,418,844 | ||||||
Singha Estate PCL, NVDR(a)(c) | 39,687,700 | 4,105,733 | ||||||
Sino-Thai Engineering & | 8,997,428 | 6,367,081 | ||||||
Sri Trang Agro-Industry PCL, | 8,598,560 | 4,338,504 | ||||||
Srisawad Corp. PCL, NVDR(c) | 5,874,681 | 9,367,798 | ||||||
Supalai PCL, NVDR(c) | 9,228,700 | 5,740,024 | ||||||
Super Energy Corp. PCL, NVDR(a)(c) | 114,052,500 | 2,135,374 | ||||||
SVI PCL, NVDR | 7,957,200 | 1,287,798 | ||||||
Taokaenoi Food & Marketing PCL, NVDR(c) | 4,212,400 | 1,457,046 | ||||||
Thai Airways International PCL, NVDR(a)(c) | 7,959,500 | 3,308,828 | ||||||
Thai Oil PCL, NVDR | 10,601,100 | 24,305,576 | ||||||
Thai Union Group PCL, NVDR(c) | 19,111,600 | 11,219,821 | ||||||
Thai Vegetable Oil PCL, NVDR(c) | 6,484,400 | 5,915,954 | ||||||
Thanachart Capital PCL, NVDR | 6,721,300 | 11,890,916 | ||||||
Thonburi Healthcare Group PCL, NVDR(c) | 1,402,800 | 1,402,244 | ||||||
Thoresen Thai Agencies PCL, NVDR(c) | 17,708,423 | 3,090,720 | ||||||
Tisco Financial Group PCL, NVDR(c) | 3,620,850 | 10,053,927 | ||||||
TMB Bank PCL, NVDR(c) | 131,672,400 | 9,526,793 | ||||||
TPI Polene PCL, NVDR | 26,787,200 | 1,802,106 | ||||||
True Corp. PCL, NVDR | 105,083,311 | 18,007,136 | ||||||
TTW PCL, NVDR(c) | 20,262,600 | 8,166,125 | ||||||
U City PCL, NVDR(a)(c) | 17,524,900 | 1,401,436 | ||||||
Unique Engineering & Construction PCL, NVDR | 10,538,500 | 3,511,440 | ||||||
VGI Global Media PCL, NVDR | 35,293,900 | 8,735,975 | ||||||
Vibhavadi Medical Center PCL, NVDR(c) | 69,460,600 | 4,232,110 | ||||||
WHA Corp. PCL, NVDR(c) | 76,611,700 | 10,210,841 | ||||||
Workpoint Entertainment PCL, NVDR(c) | 1,598,200 | 1,318,626 | ||||||
|
| |||||||
1,512,039,836 | ||||||||
Turkey —0.7% | ||||||||
AG Anadolu Grubu Holding AS(c) | 967,407 | 2,470,207 | ||||||
Akbank T.A.S.(c) | 28,411,164 | 36,592,557 | ||||||
Aksa Akrilik Kimya Sanayii AS | 1,469,778 | 2,595,671 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 2,365,736 | 8,897,012 | ||||||
Arcelik AS | 1,794,613 | 7,004,845 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 3,476,104 | 15,979,391 | ||||||
BIM Birlesik Magazalar AS(c) | 2,178,329 | 34,998,649 | ||||||
Coca-Cola Icecek AS | 961,344 | 6,055,710 | ||||||
Dogan Sirketler Grubu Holding AS(a) | 9,455,724 | 2,003,181 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(c) | 22,337,364 | 6,407,230 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 14,149,566 | 24,723,276 | ||||||
Ford Otomotiv Sanayi AS | 772,441 | 8,029,969 | ||||||
Haci Omer Sabanci Holding AS | 10,321,706 | 17,667,262 | ||||||
Kardemir Karabuk Demir Celik | 8,694,325 | 4,319,453 | ||||||
KOC Holding AS | 7,574,737 | 26,470,397 | ||||||
Koza Altin Isletmeleri AS(a) | 506,491 | 4,650,905 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(c) | 2,017,427 | 2,235,282 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b) | 295,914 | 2,302,293 | ||||||
MLP Saglik Hizmetleri AS(a)(b)(c) | 661,637 | 1,724,176 | ||||||
Petkim Petrokimya Holding AS | 8,503,382 | 8,783,959 | ||||||
Sasa Polyester Sanayi AS(a) | 962,208 | 1,549,563 | ||||||
Soda Sanayii AS | 4,501,180 | 6,430,257 | ||||||
Sok Marketler Ticaret AS(a) | 1,773,588 | 3,544,516 | ||||||
TAV Havalimanlari Holding AS | 1,938,122 | 10,108,465 |
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Tekfen Holding AS | 2,220,304 | $ | 10,989,131 | |||||
Trakya Cam Sanayii AS | 6,840,375 | 4,937,279 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,246,107 | 33,523,876 | ||||||
Turk Hava Yollari AO(a) | 5,502,236 | 14,585,980 | ||||||
Turkcell Iletisim Hizmetleri AS | 11,157,724 | 29,912,908 | ||||||
Turkiye Garanti Bankasi AS | 22,926,731 | 38,340,165 | ||||||
Turkiye Halk Bankasi AS | 5,449,254 | 7,815,297 | ||||||
Turkiye Is Bankasi AS, Class C | 16,277,090 | 17,729,639 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 7,673,164 | 9,695,749 | ||||||
Ulker Biskuvi Sanayi AS | 2,096,224 | 7,616,202 | ||||||
Zorlu Enerji Elektrik Uretim AS(a)(c) | 12,345,748 | 3,564,389 | ||||||
|
| |||||||
424,254,841 | ||||||||
United Arab Emirates — 0.7% | ||||||||
Abu Dhabi Commercial Bank PJSC | 21,370,083 | 55,447,016 | ||||||
Air Arabia PJSC | 28,929,884 | 7,466,793 | ||||||
Aldar Properties PJSC | 37,435,753 | 18,142,020 | ||||||
Amanat Holdings PJSC | 12,072,868 | 3,286,923 | ||||||
Arabtec Holding PJSC | 5,403,296 | 3,177,544 | ||||||
DAMAC Properties Dubai Co. PJSC | 17,974,525 | 6,753,293 | ||||||
Deyaar Development PJSC(a) | 31,498,329 | 3,078,655 | ||||||
DP World Ltd. | 1,750,384 | 28,023,648 | ||||||
Dubai Investments PJSC | 20,546,017 | 7,160,060 | ||||||
Dubai Islamic Bank PJSC | 19,672,683 | 27,958,455 | ||||||
DXB Entertainments PJSC(a) | 24,749,909 | 1,772,182 | ||||||
Emaar Development PJSC | 7,769,525 | 8,249,700 | ||||||
Emaar Malls PJSC | 19,688,494 | 9,380,578 | ||||||
Emaar Properties PJSC | 36,194,900 | 48,286,145 | ||||||
Emirates Telecommunications Group Co. PJSC | 18,433,709 | 84,715,766 | ||||||
Eshraq Properties Co. PJSC(a) | 22,335,199 | 2,663,441 | ||||||
First Abu Dhabi Bank PJSC | 25,823,984 | 106,867,563 | ||||||
|
| |||||||
422,429,782 | ||||||||
|
| |||||||
Total Common Stocks — 96.0% |
| 56,288,640,088 | ||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 2.7% | ||||||||
Alpargatas SA, Preference Shares, NVS | 1,746,500 | 8,932,170 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 1,227,297 | 5,982,265 | ||||||
Banco Bradesco SA, Preference Shares, NVS | 33,000,202 | 380,752,947 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS | 1,881,400 | 12,541,830 | ||||||
Bradespar SA, Preference Shares, NVS | 2,234,300 | 17,170,195 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 1,719,300 | 24,939,649 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 2,238,100 | 23,256,785 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 1,568,600 | 38,944,696 | ||||||
Cia. de Gas de Sao Paulo - COMGAS, Class A, Preference Shares, NVS | 151,192 | 3,268,755 | ||||||
Cia. de Saneamento do Parana, Preference Shares, NVS | 1,413,709 | 5,156,867 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 8,643,094 | 33,187,268 | ||||||
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS | 1,883,900 | 12,106,390 | ||||||
Cia. Energetica do Ceara, Class A, Preference Shares, NVS | 107,700 | 1,579,495 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Cia. Paranaense de Energia, Preference Shares, NVS | 1,018,600 | $ | 9,707,290 | |||||
Gerdau SA, Preference Shares, NVS | 10,273,374 | 41,474,270 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS | 1,080,400 | 7,680,412 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 47,827,682 | 449,295,177 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 44,188,977 | 145,754,988 | ||||||
Lojas Americanas SA, Preference Shares, NVS | 7,444,110 | 39,520,627 | ||||||
Marcopolo SA, Preference Shares, NVS | 6,077,021 | 6,562,745 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 6,789,336 | 12,998,449 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 38,727,808 | 279,441,233 | ||||||
Randon SA Implemetos e Participacoes, Preference Shares, NVS | 1,416,800 | 3,645,656 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 4,374,640 | 54,580,203 | ||||||
|
| |||||||
1,618,480,362 | ||||||||
Chile — 0.1% | ||||||||
Coca-Cola Embonor SA, Class B, Preference Shares | 779,845 | 2,083,874 | ||||||
Embotelladora Andina SA, Class B, Preference Shares | 2,945,591 | 11,043,296 | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 1,193,468 | 49,665,182 | ||||||
|
| |||||||
62,792,352 | ||||||||
Colombia — 0.1% | ||||||||
Avianca Holdings SA, Preference Shares, NVS | 4,610,799 | 2,785,167 | ||||||
Bancolombia SA, Preference Shares, NVS | 4,642,977 | 55,971,455 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares, NVS | 41,387,540 | 15,793,180 | ||||||
Grupo de Inversiones Suramericana SA, Preference Shares, NVS | 827,135 | 8,875,208 | ||||||
|
| |||||||
83,425,010 | ||||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC,Preference Shares, NVS | 72,920,377 | 44,457,403 | ||||||
Transneft PJSC, Preference Shares | 2,163 | 5,599,830 | ||||||
|
| |||||||
50,057,233 | ||||||||
South Korea — 0.6% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 92,740 | 9,194,016 | ||||||
CJ Corp., Preference Shares | 19,985 | 479,768 | ||||||
Hyundai Motor Co. | 216,488 | 14,186,153 | ||||||
Series 2, Preference Shares, NVS | 341,547 | 24,415,737 | ||||||
LG Chem Ltd., Preference Shares, NVS | 75,101 | 14,690,335 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 21,212 | 14,126,245 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 8,165,346 | 261,360,768 | ||||||
|
| |||||||
338,453,022 | ||||||||
|
| |||||||
Total Preferred Stocks — 3.6% |
| 2,153,207,979 | ||||||
|
| |||||||
Rights | ||||||||
China — 0.0% | ||||||||
China Aoyuan Group Ltd. | 153,482 | — | ||||||
|
| |||||||
Total Rights — 0.0% | — | |||||||
|
|
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 29 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Warrants |
| |||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL, NVDR (Expires 11/29/19)(a) | 6,377,054 | $ | 145,703 | |||||
|
| |||||||
Total Warrants — 0.0% |
| 145,703 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 4.6% | ||||||||
BlackRock Cash Funds: Institutional, | 2,544,054,738 | 2,545,072,360 | ||||||
BlackRock Cash Funds: Treasury, | 126,376,708 | 126,376,708 | ||||||
|
| |||||||
2,671,449,068 | ||||||||
|
| |||||||
Total Short-Term Investments — 4.6% |
| 2,671,449,068 | ||||||
|
| |||||||
Total Investments in Securities — 104.2% |
| 61,113,442,838 | ||||||
Other Assets, Less Liabilities — (4.2)% |
| (2,463,211,077 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 58,650,231,761 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 2,670,933,233 | (126,878,495 | ) | 2,544,054,738 | $ | 2,545,072,360 | $ | 27,018,948 | (b) | $ | (34,473 | ) | $ | 255,039 | ||||||||||||||
BlackRock Cash Funds: Treasury, | 110,463,488 | 15,913,220 | 126,376,708 | 126,376,708 | 1,220,705 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 2,671,449,068 | $ | 28,239,653 | $ | (34,473 | ) | $ | 255,039 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
| ||||||||||||||||
Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | | ||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets E-Mini | 3,258 | 03/15/19 | $170,507 | $ | (2,071,283 | ) | ||||||||||
|
|
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Core MSCI Emerging Markets ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:
| ||||
| Equity Contracts | | ||
| ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized depreciation(a) | $ | 2,071,283 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported separately within the Consolidated Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:
| ||||
Equity Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 9,519,916 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 1,000,093 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 151,771,782 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 56,267,717,893 | $ | 6,920,145 | $ | 14,002,050 | $ | 56,288,640,088 | ||||||||
Preferred Stocks | 2,152,728,211 | 479,768 | — | 2,153,207,979 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Warrants | 145,703 | — | — | 145,703 | ||||||||||||
Money Market Funds | 2,671,449,068 | — | — | 2,671,449,068 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 61,092,040,875 | $ | 7,399,913 | $ | 14,002,050 | $ | 61,113,442,838 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(b) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (2,071,283 | ) | $ | — | $ | — | $ | (2,071,283 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Rounds to less than $1. |
(b) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to consolidated financial statements.
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 31 |
Consolidated Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 9.1% | ||||||||
Ambev SA | 518,065 | $ | 2,380,177 | |||||
Atacadao Distribuicao Comercio e Industria Ltda | 42,000 | 218,609 | ||||||
B2W Cia. Digital(a) | 14,000 | 180,495 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 224,069 | 1,959,129 | ||||||
Banco Bradesco SA | 112,039 | 1,151,087 | ||||||
Banco do Brasil SA | 84,089 | 1,134,565 | ||||||
Banco Santander Brasil SA | 42,000 | 503,294 | ||||||
BB Seguridade Participacoes SA | 70,000 | 509,566 | ||||||
BR Malls Participacoes SA | 86,718 | 309,620 | ||||||
BRF SA(a) | 56,000 | 307,158 | ||||||
CCR SA | 126,000 | 478,096 | ||||||
Centrais Eletricas Brasileiras SA(a) | 28,000 | 276,099 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 42,000 | 440,691 | ||||||
Cia. Siderurgica Nacional SA(a) | 70,000 | 244,144 | ||||||
Cielo SA | 126,021 | 365,269 | ||||||
Cosan SA | 14,000 | 163,136 | ||||||
Embraer SA | 70,000 | 356,136 | ||||||
Engie Brasil Energia SA | 16,325 | 179,171 | ||||||
Equatorial Energia SA | 14,000 | 306,598 | ||||||
Hypera SA | 42,000 | 301,260 | ||||||
IRB Brasil Resseguros S/A | 14,000 | 332,245 | ||||||
JBSSA | 98,052 | 351,133 | ||||||
Klabin SA | 70,000 | 336,724 | ||||||
Kroton Educacional SA | 154,064 | 450,658 | ||||||
Localiza Rent a Car SA | 56,079 | 516,640 | ||||||
Lojas Renner SA | 70,060 | 808,532 | ||||||
M. Dias Branco SA | 14,000 | 175,380 | ||||||
Magazine Luiza SA | 14,000 | 647,541 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 28,030 | 188,125 | ||||||
Natura Cosmeticos SA | 28,000 | 361,213 | ||||||
Petrobras Distribuidora SA | 42,000 | 273,822 | ||||||
Petroleo Brasileiro SA | 336,000 | 2,675,278 | ||||||
Porto Seguro SA | 14,000 | 209,202 | ||||||
Raia Drogasil SA | 28,050 | 489,234 | ||||||
Rumo SA(a) | 112,000 | 581,167 | ||||||
Sul America SA | 28,089 | 227,693 | ||||||
Suzano Papel e Celulose SA | 54,115 | 687,720 | ||||||
TIM Participacoes SA | 98,069 | 309,093 | ||||||
Ultrapar Participacoes SA | 42,000 | 598,152 | ||||||
Vale SA | 336,029 | 4,220,243 | ||||||
WEG SA | 91,672 | 450,263 | ||||||
|
| |||||||
26,654,358 | ||||||||
China — 62.0% | ||||||||
3SBio Inc.(b) | 140,000 | 231,496 | ||||||
51job Inc., ADR(a) | 2,660 | 192,212 | ||||||
58.com Inc., ADR(a) | 9,940 | 724,725 | ||||||
AAC Technologies Holdings Inc. | 84,000 | 499,197 | ||||||
Agile Group Holdings Ltd. | 280,000 | 349,920 | ||||||
Agricultural Bank of China Ltd., Class A | 256,800 | 145,752 | ||||||
Agricultural Bank of China Ltd., Class H | 2,940,000 | 1,408,240 | ||||||
Air China Ltd., Class H | 280,000 | 302,479 | ||||||
Alibaba Group Holding Ltd., ADR(a)(c) | 138,180 | 25,291,084 | ||||||
Alibaba Health Information Technology Ltd.(a) | 358,000 | 367,130 | ||||||
Alibaba Pictures Group Ltd.(a) | 1,400,000 | 258,605 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 560,000 | 229,713 | ||||||
Angang Steel Co. Ltd., Class A | 42,000 | 35,569 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 140,000 | 800,785 | ||||||
ANTA Sports Products Ltd. | 140,040 | 820,637 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Anxin Trust Co. Ltd., Class A | 58,400 | $ | 65,856 | |||||
Autohome Inc., ADR(a) | 6,580 | 618,849 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 280,000 | 198,680 | ||||||
BAIC Motor Corp. Ltd., Class H(b) | 210,000 | 133,494 | ||||||
Baidu Inc., ADR(a) | 29,820 | 4,846,943 | ||||||
Bank of China Ltd., Class H | 8,680,000 | 4,047,084 | ||||||
Bank of Communications Co. Ltd., Class H | 980,200 | 822,890 | ||||||
Baozun Inc., ADR(a)(c) | 5,460 | 204,477 | ||||||
BBMG Corp., Class H . | 280,000 | 102,729 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 280,000 | 280,007 | ||||||
Beijing Enterprises Holdings Ltd. | 70,000 | 410,647 | ||||||
Beijing Enterprises Water Group Ltd.(c) | 560,000 | 335,295 | ||||||
BOC Aviation Ltd.(b) | 28,000 | 242,197 | ||||||
BOE Technology Group Co. Ltd., Class A | 98,000 | 59,574 | ||||||
Brilliance China Automotive Holdings Ltd.(c) | 280,000 | 274,300 | ||||||
BYD Co. Ltd., Class H(c) | 70,000 | 447,655 | ||||||
BYD Electronic International Co. Ltd. | 70,000 | 89,531 | ||||||
CAR Inc.(a) | 140,000 | 123,060 | ||||||
CGN Power Co. Ltd., Class H(b) | 980,000 | 258,427 | ||||||
China Agri-Industries Holdings Ltd. | 140,000 | 49,759 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 980,000 | 284,644 | ||||||
China CITIC Bank Corp. Ltd., Class H | 980,000 | 636,704 | ||||||
China Coal Energy Co. Ltd., Class H | 280,000 | 121,634 | ||||||
China Communications Construction Co. Ltd., Class H | 420,000 | 452,648 | ||||||
China Communications Services Corp. Ltd., Class H | 280,800 | 282,238 | ||||||
China Conch Venture Holdings Ltd | 210,000 | 700,910 | ||||||
China Construction Bank Corp., Class A | 56,000 | 60,055 | ||||||
China Construction Bank Corp., Class H | 10,220,370 | 9,087,898 | ||||||
China Ding Yi Feng Holdings Ltd.(a) | 56,000 | 180,489 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 112,000 | 97,694 | ||||||
China Everbright Bank Co. Ltd., Class H | 280,000 | 134,118 | ||||||
China Everbright International Ltd. | 360,000 | 352,213 | ||||||
China Evergrande Group | 280,000 | 864,990 | ||||||
China First Capital Group Ltd.(a) | 280,000 | 124,131 | ||||||
China Galaxy Securities Co. Ltd., Class H | 350,000 | 238,095 | ||||||
China Gas Holdings Ltd. | 196,000 | 644,195 | ||||||
China Grand Automotive Services Co. Ltd., Class A | 42,000 | 30,927 | ||||||
China Hongqiao Group Ltd.(c) | 210,000 | 140,449 | ||||||
China Huarong Asset Management Co. Ltd., Class H(b) | 980,000 | 224,719 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 51,450 | 131 | ||||||
China International Capital Corp. Ltd., | 112,000 | 260,246 | ||||||
China Jinmao Holdings Group Ltd. | 560,000 | 271,803 | ||||||
China Life Insurance Co. Ltd., Class H | 840,000 | 2,311,396 | ||||||
China Literature Ltd.(a)(b)(c) | 28,000 | 133,583 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 280,000 | 209,024 | ||||||
China Medical System Holdings Ltd. | 144,000 | 151,525 | ||||||
China Mengniu Dairy Co. Ltd. | 280,000 | 864,990 | ||||||
China Merchants Bank Co. Ltd., Class A | 57,600 | 273,065 | ||||||
China Merchants Bank Co. Ltd., Class H | 420,456 | 1,928,255 | ||||||
China Merchants Port Holdings Co. Ltd. | 136,000 | 285,867 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 770,000 | 594,436 | ||||||
China Mobile Ltd. | 630,000 | 6,629,213 | ||||||
China Molybdenum Co. Ltd., Class H . | 420,000 | 201,177 | ||||||
China National Building Material Co. Ltd., Class H | 326,000 | 259,561 | ||||||
China National Nuclear Power Co. Ltd., Class A | 126,000 | 112,729 | ||||||
China Oilfield Services Ltd., Class H | 280,000 | 277,154 | ||||||
China Overseas Land & Investment Ltd. | 376,800 | 1,387,235 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 280,000 | 1,054,040 | ||||||
China Petroleum & Chemical Corp., Class H | 2,800,600 | 2,418,924 | ||||||
China Power International Development Ltd. | 420,000 | 105,939 |
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Railway Construction Corp. Ltd., Class H | 222,000 | $ | 319,575 | |||||
China Railway Group Ltd., Class H | 420,000 | 416,265 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(b) | 144,000 | 119,239 | ||||||
China Reinsurance Group Corp., Class H | 560,000 | 129,124 | ||||||
China Resources Beer Holdings Co. Ltd. | 138,000 | 514,217 | ||||||
China Resources Cement Holdings Ltd. | 280,000 | 298,199 | ||||||
China Resources Gas Group Ltd. | 59,000 | 256,300 | ||||||
China Resources Land Ltd. | 280,444 | 1,046,779 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 140,000 | 187,623 | ||||||
China Resources Power Holdings Co. Ltd. | 280,200 | 531,144 | ||||||
China Shenhua Energy Co. Ltd., Class H | 350,000 | 863,207 | ||||||
China Southern Airlines Co. Ltd., Class H | 280,000 | 228,643 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 98,000 | 90,020 | ||||||
China State Construction International Holdings Ltd. | 280,000 | 296,059 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 168,040 | 520,188 | ||||||
China Telecom Corp. Ltd., Class H | 1,680,000 | 909,577 | ||||||
China Tower Corp. Ltd., Class H(a)(b) | 4,200,000 | 995,185 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 280,000 | 184,769 | ||||||
China Travel International Investment Hong Kong Ltd. | 280,000 | 83,110 | ||||||
China Unicom Hong Kong Ltd. | 603,900 | 716,236 | ||||||
China Vanke Co. Ltd., Class H | 154,001 | 584,630 | ||||||
China Yangtze Power Co. Ltd., Class A | 42,000 | 102,252 | ||||||
China Zhongwang Holdings Ltd. | 224,000 | 118,709 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 280,000 | 175,138 | ||||||
CIFI Holdings Group Co. Ltd. | 280,000 | 182,629 | ||||||
CITIC Ltd. | 560,000 | 851,792 | ||||||
CITIC Securities Co. Ltd., Class H | 280,000 | 678,438 | ||||||
CNOOC Ltd. | 1,820,000 | 3,139,290 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A(a) | 98,000 | 43,766 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 280,000 | 164,794 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 98,000 | 73,333 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 140,000 | 60,995 | ||||||
COSCO SHIPPING Ports Ltd. | 280,000 | 297,485 | ||||||
Country Garden Holdings Co. Ltd. | 840,046 | 1,106,535 | ||||||
Country Garden Services Holdings Co. Ltd.(a) | 144,000 | 237,010 | ||||||
CRRC Corp. Ltd., Class H | 495,400 | 520,025 | ||||||
CSPC Pharmaceutical Group Ltd. | 560,000 | 955,948 | ||||||
Ctrip.com International Ltd., ADR(a)(c) | 43,260 | 1,476,464 | ||||||
Dali Foods Group Co. Ltd.(b) | 210,000 | 143,125 | ||||||
Datang International Power Generation Co. Ltd., Class H | 280,000 | 77,760 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 280,000 | 297,842 | ||||||
ENN Energy Holdings Ltd. | 84,000 | 866,774 | ||||||
Everbright Securities Co. Ltd., Class A | 42,097 | 83,185 | ||||||
Far East Horizon Ltd. | 280,000 | 312,467 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 73,239 | 73,729 | ||||||
Fosun International Ltd. | 280,000 | 460,853 | ||||||
Founder Securities Co. Ltd., Class A | 28,099 | 31,225 | ||||||
Fullshare Holdings Ltd.(c) | 785,000 | 157,004 | ||||||
Future Land Development Holdings Ltd.(c) | 280,000 | 241,127 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 56,000 | 200,107 | ||||||
GDS Holdings Ltd., ADR(a) | 6,580 | 218,917 | ||||||
Geely Automobile Holdings Ltd. | 560,000 | 1,051,543 | ||||||
GF Securities Co. Ltd., Class H | 140,000 | 236,133 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 1,260,400 | 114,001 | ||||||
Great Wall Motor Co. Ltd., Class H(c) | 350,000 | 256,376 | ||||||
Greentown China Holdings Ltd. | 70,000 | 59,479 | ||||||
Guangdong Investment Ltd. | 280,000 | 537,186 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 286,235 | $ | 351,877 | |||||
Guangzhou R&F Properties Co. Ltd., Class H | 112,000 | 209,452 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 70,000 | 203,982 | ||||||
Guotai Junan Securities Co. Ltd., Class H(b) | 28,000 | 62,351 | ||||||
Haier Electronics Group Co. Ltd. | 160,000 | 476,955 | ||||||
Haitong Securities Co. Ltd., Class H | 336,000 | 446,014 | ||||||
Hanergy Thin Film Power Group Ltd.(a)(d) | 7,709 | — | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 28,000 | 144,282 | ||||||
Hengan International Group Co. Ltd. | 70,000 | 565,811 | ||||||
HengTen Networks Group Ltd.(a) | 2,240,000 | 79,900 | ||||||
Huadian Power International Corp. Ltd., Class A | 112,000 | 74,441 | ||||||
Huaneng Power International Inc., Class H | 560,000 | 345,283 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 560,000 | 170,501 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 168,000 | 340,289 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 14,699 | 45,556 | ||||||
Huazhu Group Ltd., ADR | 14,700 | 515,529 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 42,000 | 43,849 | ||||||
Hubei Energy Group Co. Ltd., Class A | 72,400 | 44,228 | ||||||
Hutchison China MediTech Ltd., ADR(a)(c) | 5,880 | 153,409 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 70,000 | 60,118 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 7,560,050 | 5,817,053 | ||||||
Industrial Bank Co. Ltd., Class A | 70,000 | 186,731 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 14,000 | 56,542 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 112,000 | 138,320 | ||||||
iQIYI Inc., ADR(a) | 13,300 | 361,228 | ||||||
JD.com Inc., ADR(a) | 77,560 | 2,149,188 | ||||||
Jiangxi Copper Co. Ltd., Class H | 140,000 | 191,190 | ||||||
Kaisa Group Holdings Ltd. | 280,000 | 99,875 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 14,000 | 22,207 | ||||||
Kingboard Holdings Ltd. | 70,000 | 245,229 | ||||||
Kingboard Laminates Holdings Ltd. | 140,000 | 171,571 | ||||||
Kingdee International Software Group Co. Ltd. | 280,000 | 303,192 | ||||||
Kingsoft Corp. Ltd. | 140,000 | 272,160 | ||||||
Kunlun Energy Co. Ltd. | 280,000 | 307,473 | ||||||
KWG Group Holdings Ltd. | 140,000 | 131,621 | ||||||
Lee & Man Paper Manufacturing Ltd. | 140,000 | 128,946 | ||||||
Legend Holdings Corp., Class H(b) | 42,000 | 116,907 | ||||||
Lenovo Group Ltd. | 840,000 | 756,554 | ||||||
Logan Property Holdings Co. Ltd. | 280,000 | 398,787 | ||||||
Longfor Group Holdings Ltd. | 140,000 | 415,552 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 17,570 | 55,031 | ||||||
Luye Pharma Group Ltd.(b)(c) | 140,000 | 104,512 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 280,000 | 133,405 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 16,638 | 42,992 | ||||||
Meitu Inc.(a)(b)(c) | 210,000 | 85,875 | ||||||
Meituan Dianping, Class B(a) | 28,000 | 217,228 | ||||||
Metallurgical Corp. of China Ltd., Class A | 224,000 | 116,430 | ||||||
Metallurgical Corp. of China Ltd., Class H | 140,000 | 41,020 | ||||||
Midea Group Co. Ltd., Class A | 14,700 | 104,906 | ||||||
Momo Inc., ADR(a) | 14,560 | 482,955 | ||||||
NetEase Inc., ADR | 8,400 | 1,875,048 | ||||||
New China Life Insurance Co. Ltd., Class H | 98,000 | 474,407 | ||||||
New Hope Liuhe Co. Ltd., Class A | 72,400 | 114,625 | ||||||
New Oriental Education & Technology Group Inc., ADR(a). | 15,260 | 1,252,236 | ||||||
Nexteer Automotive Group Ltd. | 140,000 | 199,394 | ||||||
Nine Dragons Paper Holdings Ltd. | 140,000 | 145,176 | ||||||
Noah Holdings Ltd., ADR(a) | 2,800 | 161,700 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 840,000 | 380,952 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 33 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
PetroChina Co. Ltd., Class H | 2,240,000 | $ | 1,481,006 | |||||
PICC Property & Casualty Co. Ltd., Class H | 842,322 | 1,008,666 | ||||||
Pinduoduo Inc., ADR(a) | 20,300 | 607,782 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 14,000 | 146,394 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 560,000 | 5,896,201 | ||||||
Postal Savings Bank of China Co. Ltd., | 840,000 | 502,943 | ||||||
Qingdao Haier Co. Ltd., Class A | 28,079 | 69,115 | ||||||
Sanan Optoelectronics Co. Ltd., Class A | 14,096 | 30,318 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 70,099 | 84,598 | ||||||
Semiconductor Manufacturing International Corp.(a)(c) | 280,200 | 283,777 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 184,000 | 159,861 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A | 56,050 | 41,021 | ||||||
Shanghai Electric Group Co. Ltd., Class A | 126,000 | 105,013 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 73,500 | 260,768 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 112,080 | 158,369 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 98,000 | 220,225 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 84,000 | 147,294 | ||||||
Shenergy Co. Ltd., Class A | 72,400 | 59,259 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 281,999 | 231,658 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 57,600 | 52,565 | ||||||
Shenzhen International Holdings Ltd. | 70,000 | 144,462 | ||||||
Shenzhen Investment Ltd. | 280,000 | 104,512 | ||||||
Shenzhou International Group Holdings Ltd. | 78,500 | 980,025 | ||||||
Shimao Property Holdings Ltd. | 140,000 | 331,015 | ||||||
Shui On Land Ltd. | 350,000 | 87,391 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 72,400 | 99,486 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 420,000 | 87,747 | ||||||
SINA Corp./China(a) | 7,000 | 471,590 | ||||||
Sino Biopharmaceutical Ltd. | 700,000 | 607,277 | ||||||
Sino-Ocean Group Holding Ltd. | 350,000 | 163,635 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 140,000 | 127,162 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 281,000 | 142,472 | ||||||
Sinopharm Group Co. Ltd., Class H | 112,000 | 497,949 | ||||||
Sinotrans Ltd., Class H | 140,000 | 65,811 | ||||||
Sinotruk Hong Kong Ltd. | 70,000 | 127,341 | ||||||
SOHO China Ltd.(a) | 210,000 | 89,620 | ||||||
SSY Group Ltd. | 280,000 | 248,261 | ||||||
Sun Art Retail Group Ltd. | 280,000 | 284,644 | ||||||
Sunac China Holdings Ltd. | 280,000 | 1,171,750 | ||||||
Suning.com Co. Ltd., Class A | 42,000 | 76,783 | ||||||
Sunny Optical Technology Group Co. Ltd. | 70,000 | 829,320 | ||||||
TAL Education Group, ADR(a) | 36,960 | 1,315,776 | ||||||
Tencent Holdings Ltd. | 609,000 | 26,051,899 | ||||||
Tencent Music Entertainment Group, ADR(a) | 9,520 | 171,550 | ||||||
Tingyi Cayman Islands Holding Corp. | 280,000 | 388,800 | ||||||
Tongwei Co. Ltd., Class A | 14,695 | 26,119 | ||||||
Towngas China Co. Ltd. | 140,000 | 111,646 | ||||||
TravelSky Technology Ltd., Class H | 140,000 | 405,743 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 40,000 | 169,686 | ||||||
Uni-President China Holdings Ltd. | 140,000 | 124,666 | ||||||
Vipshop Holdings Ltd., ADR(a) | 47,880 | 343,778 | ||||||
Want Want China Holdings Ltd. | 560,000 | 451,578 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 43,600 | 39,724 | ||||||
Weibo Corp., ADR(a) | 5,180 | 374,255 | ||||||
Weichai Power Co. Ltd., Class H | 140,100 | 194,539 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) | 70,000 | 664,348 | ||||||
Xiaomi Corp., Class B(a)(b) | 364,000 | 554,592 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 43,599 | $ | 89,996 | |||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 28,000 | 32,103 | ||||||
Xinyi Solar Holdings Ltd. | 344,000 | 169,156 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 280,000 | 277,867 | ||||||
Yonghui Superstores Co. Ltd., Class A | 56,093 | 72,470 | ||||||
Youngor Group Co. Ltd., Class A | 57,687 | 73,410 | ||||||
Yuexiu Property Co. Ltd. | 840,000 | 193,686 | ||||||
Yum China Holdings Inc | 38,080 | 1,588,698 | ||||||
Yuzhou Properties Co. Ltd. | 140,000 | 68,307 | ||||||
YY Inc., ADR(a) | 5,040 | 355,320 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 140,000 | 149,278 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 280,000 | 292,135 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 42,000 | 68,126 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 112,000 | 79,962 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., | 28,000 | 105,226 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 56,000 | 72,685 | ||||||
Zhongsheng Group Holdings Ltd. | 70,000 | 162,654 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 56,000 | 314,250 | ||||||
Zijin Mining Group Co. Ltd., Class A | 154,000 | 82,346 | ||||||
Zijin Mining Group Co. Ltd., Class H | 591,000 | 252,970 | ||||||
ZTE Corp., Class H(a) | 56,048 | 167,434 | ||||||
ZTO Express Cayman Inc., ADR | 33,880 | 673,534 | ||||||
|
| |||||||
182,159,010 | ||||||||
India — 16.1% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 59,781 | 273,874 | ||||||
Ambuja Cements Ltd. | 66,220 | 197,423 | ||||||
Ashok Leyland Ltd. | 136,382 | 165,861 | ||||||
Asian Paints Ltd. | 31,780 | 627,859 | ||||||
Aurobindo Pharma Ltd. | 29,960 | 299,932 | ||||||
Avenue Supermarts Ltd.(a)(b) | 13,300 | 272,222 | ||||||
Axis Bank Ltd.(a) | 194,880 | 1,944,108 | ||||||
Bajaj Auto Ltd. | 8,960 | 365,398 | ||||||
Bajaj Finance Ltd. | 18,900 | 703,905 | ||||||
Bajaj Finserv Ltd. | 3,920 | 356,167 | ||||||
Bharat Forge Ltd. | 20,860 | 150,424 | ||||||
Bharat Petroleum Corp. Ltd. | 84,560 | 401,304 | ||||||
Bharti Airtel Ltd. | 148,680 | 664,841 | ||||||
Bharti Infratel Ltd. | 36,820 | 152,014 | ||||||
Bosch Ltd. | 840 | 224,700 | ||||||
Britannia Industries Ltd. | 6,160 | 264,748 | ||||||
Cadila Healthcare Ltd. | 22,820 | 102,251 | ||||||
Cipla Ltd./India | 39,340 | 306,722 | ||||||
Coal India Ltd. | 76,440 | 245,356 | ||||||
Container Corp. of India Ltd. | 16,450 | 109,337 | ||||||
Dabur India Ltd. | 58,380 | 359,549 | ||||||
Divi’s Laboratories Ltd. | 8,680 | 201,879 | ||||||
Dr. Reddy’s Laboratories Ltd. | 12,180 | 450,656 | ||||||
Eicher Motors Ltd. | 1,400 | 391,090 | ||||||
GAIL India Ltd. | 81,340 | 391,111 | ||||||
Glenmark Pharmaceuticals Ltd. | 15,820 | 132,685 | ||||||
Godrej Consumer Products Ltd. | 39,668 | 375,257 | ||||||
Grasim Industries Ltd. | 35,467 | 387,475 | ||||||
Havells India Ltd. | 28,280 | 284,425 | ||||||
HCL Technologies Ltd. | 58,100 | 860,886 | ||||||
Hero MotoCorp Ltd. | 5,040 | 186,227 | ||||||
Hindalco Industries Ltd. | 128,660 | 354,091 | ||||||
Hindustan Petroleum Corp. Ltd. | 68,040 | 213,659 | ||||||
Hindustan Unilever Ltd. | 70,980 | 1,729,087 |
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI BRIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Housing Development Finance Corp. Ltd. | 172,900 | $ | 4,475,752 | |||||
ICICI Bank Ltd. | 253,960 | 1,250,229 | ||||||
Indiabulls Housing Finance Ltd. | 31,080 | 286,324 | ||||||
Indian Oil Corp. Ltd. | 150,640 | 306,252 | ||||||
Infosys Ltd. | 373,240 | 3,853,291 | ||||||
InterGlobe Aviation Ltd.(b) | 10,360 | 163,915 | ||||||
ITC Ltd. | 382,060 | 1,482,823 | ||||||
JSW Steel Ltd. | 90,902 | 359,256 | ||||||
Larsen & Toubro Ltd. | 51,100 | 928,908 | ||||||
LIC Housing Finance Ltd. | 32,760 | 219,010 | ||||||
Lupin Ltd. | 24,220 | 260,073 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 34,249 | 190,852 | ||||||
Mahindra & Mahindra Ltd. | 80,511 | 731,123 | ||||||
Marico Ltd. | 49,280 | 235,362 | ||||||
Maruti Suzuki India Ltd. | 11,340 | 1,088,892 | ||||||
Motherson Sumi Systems Ltd. | 107,426 | 245,584 | ||||||
Nestle India Ltd. | 2,520 | 376,966 | ||||||
NTPC Ltd. | 194,460 | 386,179 | ||||||
Oil & Natural Gas Corp. Ltd. | 135,940 | 284,107 | ||||||
Page Industries Ltd. | 560 | 175,476 | ||||||
Petronet LNG Ltd. | 62,720 | 197,173 | ||||||
Pidilite Industries Ltd. | 11,340 | 183,741 | ||||||
Piramal Enterprises Ltd. | 9,190 | 300,606 | ||||||
Power Grid Corp. of India Ltd. | 160,860 | 413,536 | ||||||
REC Ltd. | 72,240 | 138,485 | ||||||
Reliance Industries Ltd. | 303,940 | 5,260,580 | ||||||
Shree Cement Ltd. | 980 | 228,621 | ||||||
Shriram Transport Finance Co. Ltd. | 16,940 | 272,047 | ||||||
State Bank of India(a) | 190,820 | 721,817 | ||||||
Sun Pharmaceutical Industries Ltd. | 89,740 | 561,646 | ||||||
Tata Consultancy Services Ltd. | 97,300 | 2,713,340 | ||||||
Tata Motors Ltd.(a) | 160,720 | 400,974 | ||||||
Tata Power Co. Ltd. (The) | 58,660 | 53,979 | ||||||
Tata Steel Ltd. | 38,220 | 268,919 | ||||||
Tech Mahindra Ltd. | 49,420 | 576,805 | ||||||
Titan Co. Ltd. | 32,760 | 472,196 | ||||||
UltraTech Cement Ltd. | 9,940 | 534,759 | ||||||
United Spirits Ltd.(a) | 32,900 | 252,672 | ||||||
UPL Ltd. | 38,298 | 472,545 | ||||||
Vedanta Ltd. | 135,660 | 323,099 | ||||||
Vodafone Idea Ltd.(a) | 219,100 | 92,105 | ||||||
Wipro Ltd. | 120,960 | 627,365 | ||||||
Yes Bank Ltd. | 182,560 | 593,294 | ||||||
Zee Entertainment Enterprises Ltd. | 51,800 | 339,889 | ||||||
|
| |||||||
47,447,090 | ||||||||
Russia — 7.0% | ||||||||
Alrosa PJSC | 294,000 | 424,294 | ||||||
Gazprom PJSC | 986,424 | 2,379,977 | ||||||
Gazprom PJSC, ADR | 90,160 | 427,719 | ||||||
Inter RAO UES PJSC | 4,060,000 | 241,211 | ||||||
LUKOIL PJSC | 37,380 | 3,120,472 | ||||||
LUKOIL PJSC, ADR | 15,280 | 1,271,296 | ||||||
Magnit PJSC, GDR(e) | 26,319 | 377,941 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 322,000 | 217,448 | ||||||
MMC Norilsk Nickel PJSC | 7,000 | 1,499,296 | ||||||
Mobile TeleSystems PJSC,ADR | 55,580 | 429,633 | ||||||
Moscow Exchange MICEX-RTS PJSC(a) | 96,000 | 132,893 | ||||||
Novatek PJSC, GDR(e) | 9,800 | 1,698,340 | ||||||
Novolipetsk Steel PJSC | 133,000 | 319,783 | ||||||
PhosAgro PJSC, GDR(e) | 16,800 | 229,488 |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
Polymetal International PLC | 13,206 | $ | 152,221 | |||||
Polyus PJSC | 2,093 | 173,739 | ||||||
Rosneft Oil Co. PJSC | 85,562 | 517,816 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 40,000 | 239,600 | ||||||
Sberbank of Russia PJSC | 1,164,350 | 3,671,710 | ||||||
Severstal PJSC . | 21,000 | 327,861 | ||||||
Surgutneftegas PJSC | 672,010 | 261,987 | ||||||
Surgutneftegas PJSC, ADR | 11,340 | 43,704 | ||||||
Tatneft PJSC | 168,003 | 1,978,673 | ||||||
VTB Bank PJSC | 254,006,001 | 138,381 | ||||||
X5 Retail Group NV, GDR(e) | 12,460 | 317,001 | ||||||
|
| |||||||
20,592,484 | ||||||||
|
| |||||||
Total Common Stocks — 94.2% | 276,852,942 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 5.4% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 350,002 | 4,038,287 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 14,000 | 203,080 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 28,082 | 291,809 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 14,356 | 356,426 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 98,087 | 376,629 | ||||||
Gerdau SA, Preference Shares, NVS | 112,000 | 452,151 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 504,056 | 4,735,122 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 490,044 | 1,616,384 | ||||||
Lojas Americanas SA, Preference Shares, NVS | 84,104 | 446,506 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 392,014 | 2,828,585 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 42,064 | 524,812 | ||||||
|
| |||||||
15,869,791 | ||||||||
Russia — 0.2% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 812,000 | 495,053 | ||||||
|
| |||||||
Total Preferred Stocks — 5.6% | 16,364,844 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SLAgency Shares, 2.62%(f)(g)(h) | 1,839,262 | 1,839,999 | ||||||
BlackRock Cash Funds: Treasury, SLAgency Shares, 2.33%(f)(g) | 130,111 | 130,111 | ||||||
|
| |||||||
1,970,110 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.7% | 1,970,110 | |||||||
|
| |||||||
Total Investments in Securities — 100.5% | 295,187,896 | |||||||
Other Assets, Less Liabilities — (0.5)% | (1,399,148 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 293,788,748 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 35 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI BRIC ETF |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SLAgency Shares | 3,027,232 | (1,187,970 | ) | 1,839,262 | $ | 1,839,999 | $ | 30,496 | (b) | $ | 1,001 | $ | (53 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, SLAgency Shares | — | 130,111 | 130,111 | 130,111 | 3,625 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,970,110 | $ | 34,121 | $ | 1,001 | $ | (53 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 276,852,811 | $ | — | $ | 131 | $ | 276,852,942 | ||||||||
Preferred Stocks | 16,364,844 | — | — | 16,364,844 | ||||||||||||
Money Market Funds | 1,970,110 | — | — | 1,970,110 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 295,187,765 | $ | — | $ | 131 | $ | 295,187,896 | |||||||||
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
China — 43.3% | ||||||||
3SBio Inc.(a) | 173,500 | $ | 286,890 | |||||
51job Inc., ADR(b)(c) | 3,241 | 234,195 | ||||||
58.com Inc., ADR(b) | 12,227 | 891,471 | ||||||
AAC Technologies Holdings Inc. | 97,000 | 576,454 | ||||||
Agile Group Holdings Ltd. | 218,000 | 272,438 | ||||||
Agricultural Bank of China Ltd., Class A | 96,700 | 54,884 | ||||||
Agricultural Bank of China Ltd., Class H | 3,828,000 | 1,833,586 | ||||||
Air China Ltd., Class H | 232,000 | 250,625 | ||||||
Alibaba Group Holding Ltd., ADR(b)(c) | 164,102 | 30,035,588 | ||||||
Alibaba Health Information Technology Ltd.(b) | 232,000 | 237,917 | ||||||
Alibaba Pictures Group Ltd.(b)(c) | 750,000 | 138,539 | ||||||
Aluminum Corp. of China Ltd., Class H(b) | 566,000 | 232,174 | ||||||
Angang Steel Co. Ltd., Class A | 26,900 | 22,781 | ||||||
Angang Steel Co. Ltd., Class H | 126,000 | 93,740 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 9,700 | 51,360 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 156,500 | 895,163 | ||||||
ANTA Sports Products Ltd. | 141,000 | 826,263 | ||||||
Autohome Inc., ADR(b) | 7,843 | 737,634 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 302,000 | 214,291 | ||||||
BAIC Motor Corp. Ltd., Class H(a) | 242,000 | 153,836 | ||||||
Baidu Inc., ADR(b) | 36,459 | 5,926,046 | ||||||
Bank of Beijing Co. Ltd., Class A | 43,500 | 41,712 | ||||||
Bank of China Ltd., Class A | 83,300 | 47,776 | ||||||
Bank of China Ltd., Class H | 10,427,000 | 4,861,630 | ||||||
Bank of Communications Co. Ltd., Class A | 79,000 | 75,517 | ||||||
Bank of Communications Co. Ltd., Class H | 1,106,000 | 928,500 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 19,799 | 20,996 | ||||||
Bank of Ningbo Co. Ltd., Class A | 10,100 | 29,115 | ||||||
Bank of Shanghai Co. Ltd., Class A | 15,000 | 27,557 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 46,100 | 51,641 | ||||||
Baozun Inc., ADR(b)(c) | 2,086 | 78,121 | ||||||
BBMG Corp., Class H | 343,000 | 125,843 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 240,000 | 240,006 | ||||||
Beijing Enterprises Holdings Ltd. | 66,000 | 387,182 | ||||||
Beijing Enterprises Water Group Ltd.(c) | 746,000 | 446,661 | ||||||
BOC Aviation Ltd.(a) | 28,700 | 248,252 | ||||||
BOE Technology Group Co. Ltd., Class A | 100,700 | 61,215 | ||||||
Brilliance China Automotive Holdings Ltd. | 400,000 | 391,857 | ||||||
BYD Co. Ltd., Class H(c) | 87,000 | 556,371 | ||||||
BYD Electronic International Co. Ltd. | 95,000 | 121,506 | ||||||
CAR Inc.(b) | 90,000 | 79,110 | ||||||
CGN Power Co. Ltd., Class H(a) | 1,406,000 | 370,764 | ||||||
Changjiang Securities Co. Ltd., Class A | 22,000 | 23,100 | ||||||
China Agri-Industries Holdings Ltd. | 268,000 | 95,253 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 1,237,000 | 359,291 | ||||||
China CITIC Bank Corp. Ltd., Class H | 1,201,000 | 780,287 | ||||||
China Coal Energy Co. Ltd., Class H | 322,000 | 139,879 | ||||||
China Communications Construction Co. Ltd., Class H | 569,000 | 613,231 | ||||||
China Communications Services Corp. Ltd., Class H | 318,000 | 319,629 | ||||||
China Conch Venture Holdings Ltd. | 205,500 | 685,890 | ||||||
China Construction Bank Corp., Class A | 20,200 | 21,663 | ||||||
China Construction Bank Corp., Class H | 12,690,000 | 11,283,880 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 41,100 | 35,850 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 160,000 | 102,117 | ||||||
China Everbright Bank Co. Ltd., Class A | 93,000 | 58,757 | ||||||
China Everbright Bank Co. Ltd., Class H | 289,000 | 138,429 | ||||||
China Everbright International Ltd. | 447,481 | 437,801 | ||||||
China Everbright Ltd. | 116,000 | 234,370 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Evergrande Group(c) | 348,000 | $ | 1,075,059 | |||||
China First Capital Group Ltd.(b) | 418,000 | 185,309 | ||||||
China Galaxy Securities Co. Ltd., Class H | 488,500 | 332,313 | ||||||
China Gas Holdings Ltd. | 229,600 | 754,628 | ||||||
China Huarong Asset Management Co. Ltd., Class H(a) | 1,359,000 | 311,626 | ||||||
China Huishan Dairy Holdings Co. Ltd.(b)(d) | 20,200 | 51 | ||||||
China International Capital Corp. Ltd., Class H(a) | 141,200 | 328,096 | ||||||
China International Marine Containers Group Co. | 9,900 | 19,563 | ||||||
China International Travel Service Corp. Ltd., Class A | 4,300 | 40,976 | ||||||
China Jinmao Holdings Group Ltd. | 676,000 | 328,105 | ||||||
China Life Insurance Co. Ltd., Class H | 980,000 | 2,696,629 | ||||||
China Literature Ltd.(a)(b)(c) | 2,800 | 13,358 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 422,000 | 315,030 | ||||||
China Medical System Holdings Ltd. | 187,000 | 196,772 | ||||||
China Mengniu Dairy Co. Ltd. | 361,000 | 1,115,219 | ||||||
China Merchants Bank Co. Ltd., Class A | 22,700 | 107,614 | ||||||
China Merchants Bank Co. Ltd., Class H | 512,831 | 2,351,896 | ||||||
China Merchants Port Holdings Co. Ltd. | 178,000 | 374,150 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 14,600 | 46,230 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 88,800 | 86,609 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 709,660 | 547,853 | ||||||
China Mobile Ltd. | 810,000 | 8,523,274 | ||||||
China Molybdenum Co. Ltd., Class H | 516,000 | 247,160 | ||||||
China National Building Material Co. Ltd., | 506,000 | 402,877 | ||||||
China National Nuclear Power Co. Ltd., Class A | 43,900 | 39,276 | ||||||
China Oilfield Services Ltd., Class H | 236,000 | 233,601 | ||||||
China Overseas Land & Investment Ltd. | 506,000 | 1,862,901 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 10,900 | 55,386 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 340,600 | 1,282,164 | ||||||
China Petroleum & Chemical Corp., Class A | 68,500 | 61,490 | ||||||
China Petroleum & Chemical Corp., Class H | 3,324,600 | 2,871,511 | ||||||
China Power International Development Ltd. | 622,000 | 156,891 | ||||||
China Railway Construction Corp. Ltd., Class A | 15,999 | 27,242 | ||||||
China Railway Construction Corp. Ltd., Class H | 264,000 | 380,035 | ||||||
China Railway Group Ltd., Class H | 505,000 | 500,510 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(a) | 195,000 | 161,469 | ||||||
China Reinsurance Group Corp., Class H | 816,000 | 188,153 | ||||||
China Resources Beer Holdings Co. Ltd. | 192,000 | 715,432 | ||||||
China Resources Cement Holdings Ltd. | 340,000 | 362,098 | ||||||
China Resources Gas Group Ltd. | 116,000 | 503,911 | ||||||
China Resources Land Ltd. | 365,777 | 1,365,292 | ||||||
China Resources Pharmaceutical Group Ltd.(a) | 209,000 | 280,094 | ||||||
China Resources Power Holdings Co. Ltd. | 250,000 | 473,897 | ||||||
China Shenhua Energy Co. Ltd., Class H | 450,000 | 1,109,837 | ||||||
China Southern Airlines Co. Ltd., Class H | 268,000 | 218,844 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 59,740 | 54,875 | ||||||
China State Construction International Holdings Ltd. | 284,000 | 300,288 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 220,300 | 681,965 | ||||||
China Telecom Corp. Ltd., Class H | 1,836,000 | 994,038 | ||||||
China Tower Corp. Ltd., Class H(a)(b) | 4,556,000 | 1,079,538 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 306,000 | 201,926 | ||||||
China Travel International Investment Hong Kong Ltd. | 352,000 | 104,482 | ||||||
China Unicom Hong Kong Ltd. | 814,000 | 965,418 | ||||||
China Vanke Co. Ltd., Class A | 14,900 | 62,291 | ||||||
China Vanke Co. Ltd., Class H | 159,900 | 607,024 | ||||||
China Yangtze Power Co. Ltd., Class A | 22,500 | 54,778 | ||||||
China Zhongwang Holdings Ltd. | 236,400 | 125,280 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 37 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 365,000 | $ | 228,305 | |||||
CIFI Holdings Group Co. Ltd. | 450,000 | 293,511 | ||||||
CITIC Ltd. | 770,000 | 1,171,215 | ||||||
CITIC Securities Co. Ltd., Class A | 20,500 | 71,985 | ||||||
CITIC Securities Co. Ltd., Class H | 296,500 | 718,417 | ||||||
CNOOC Ltd. | 2,354,000 | 4,060,379 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A(b) | 75,900 | 33,896 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 174,000 | 102,408 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 360,000 | 156,845 | ||||||
COSCO SHIPPING Ports Ltd. | 228,000 | 242,238 | ||||||
Country Garden Holdings Co. Ltd. | 1,000,828 | 1,318,322 | ||||||
Country Garden Services Holdings Co. Ltd.(b) | 64,000 | 105,338 | ||||||
CRRC Corp. Ltd., Class A | 31,300 | 44,225 | ||||||
CRRC Corp. Ltd., Class H | 557,750 | 585,475 | ||||||
CSPC Pharmaceutical Group Ltd. | 616,000 | 1,051,543 | ||||||
Ctrip.com International Ltd., ADR(b) | 51,899 | 1,771,313 | ||||||
Dali Foods Group Co. Ltd.(a) | 288,000 | 196,285 | ||||||
Daqin Railway Co. Ltd., Class A | 18,899 | 25,207 | ||||||
Datang International Power Generation Co. Ltd., Class H | 420,000 | 116,640 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 346,000 | 368,048 | ||||||
ENN Energy Holdings Ltd. | 99,800 | 1,029,810 | ||||||
Far East Horizon Ltd. | 294,000 | 328,090 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 18,400 | 18,523 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 1,800 | 20,615 | ||||||
Fosun International Ltd. | 352,500 | 580,180 | ||||||
Fullshare Holdings Ltd.(c) | 557,500 | 111,503 | ||||||
Future Land Development Holdings Ltd. | 238,000 | 204,958 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) | 72,000 | 257,280 | ||||||
GDS Holdings Ltd., ADR(b) | 7,603 | 252,952 | ||||||
Geely Automobile Holdings Ltd. | 650,000 | 1,220,541 | ||||||
Gemdale Corp., Class A | 13,200 | 22,298 | ||||||
Genscript Biotech Corp.(b) | 106,000 | 198,232 | ||||||
GF Securities Co. Ltd., Class H | 209,200 | 352,851 | ||||||
GOME Retail Holdings Ltd.(b)(c) | 1,665,000 | 150,596 | ||||||
Great Wall Motor Co. Ltd., Class H(c) | 415,500 | 304,355 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 4,600 | 30,780 | ||||||
Greentown China Holdings Ltd. | 135,000 | 114,710 | ||||||
Guangdong Investment Ltd. | 380,000 | 729,038 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 396,800 | 487,798 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 128,800 | 240,870 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 18,300 | 53,327 | ||||||
Guotai Junan Securities Co. Ltd., Class H(a) | 80,000 | 178,145 | ||||||
Haier Electronics Group Co. Ltd. | 158,000 | 470,993 | ||||||
Haitian International Holdings Ltd. | 95,000 | 207,674 | ||||||
Haitong Securities Co. Ltd., Class H | 434,400 | 576,632 | ||||||
Hanergy Thin Film Power Group Ltd.(b)(d) | 2,513 | — | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 13,200 | 68,019 | ||||||
Hengan International Group Co. Ltd. | 96,000 | 775,969 | ||||||
HengTen Networks Group Ltd.(b) | 2,564,000 | 91,457 | ||||||
Hua Hong Semiconductor Ltd.(a) | 9,000 | 21,050 | ||||||
Huadian Power International Corp. Ltd., Class H | 244,000 | 106,928 | ||||||
Huaneng Power International Inc., Class H | 558,000 | 344,050 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 644,000 | 196,076 | ||||||
Huatai Securities Co. Ltd., Class A | 12,200 | 41,929 | ||||||
Huatai Securities Co. Ltd., Class H(a) | 206,400 | 418,069 | ||||||
Huaxia Bank Co. Ltd., Class A | 39,700 | 49,334 | ||||||
Huazhu Group Ltd., ADR(c) | 17,434 | 611,410 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 94,400 | 81,073 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 9,121,000 | 7,018,120 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Industrial Bank Co. Ltd., Class A | 25,800 | $ | 68,824 | |||||
Industrial Securities Co. Ltd., Class A | 42,900 | 43,828 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 8,600 | 34,733 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 151,200 | 186,732 | ||||||
iQIYI Inc., ADR(b) | 1,037 | 28,165 | ||||||
JD.com Inc., ADR(b)(c) | 95,398 | 2,643,479 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 170,000 | 234,324 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 5,600 | 60,139 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 1,803 | 29,905 | ||||||
Jiangxi Copper Co. Ltd., Class H | 178,000 | 243,084 | ||||||
Jiayuan International Group Ltd. | 126,000 | 61,316 | ||||||
Kaisa Group Holdings Ltd. | 332,000 | 118,423 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 5,900 | 9,359 | ||||||
Kingboard Holdings Ltd. | 93,000 | 325,804 | ||||||
Kingboard Laminates Holdings Ltd. | 161,000 | 197,307 | ||||||
Kingdee International Software Group Co. Ltd. | 254,000 | 275,039 | ||||||
Kingsoft Corp. Ltd. | 107,000 | 208,008 | ||||||
Kunlun Energy Co. Ltd. | 436,000 | 478,779 | ||||||
Kweichow Moutai Co. Ltd., Class A | 1,418 | 159,906 | ||||||
KWG Group Holdings Ltd. | 173,000 | 162,646 | ||||||
Lee & Man Paper Manufacturing Ltd. | 205,000 | 188,814 | ||||||
Legend Holdings Corp., Class H(a) | 46,300 | 128,877 | ||||||
Lenovo Group Ltd.(c) | 968,000 | 871,839 | ||||||
Logan Property Holdings Co. Ltd. | 180,000 | 256,363 | ||||||
Longfor Group Holdings Ltd. | 196,000 | 581,773 | ||||||
Luye Pharma Group Ltd.(a)(c) | 167,000 | 124,668 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 2,500 | 19,133 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A | 13,320 | 34,418 | ||||||
Meitu Inc.(a)(b)(c) | 207,000 | 84,648 | ||||||
Metallurgical Corp. of China Ltd., Class A | 72,100 | 37,476 | ||||||
Metallurgical Corp. of China Ltd., Class H | 345,000 | 101,085 | ||||||
Midea Group Co. Ltd., Class A | 10,400 | 74,219 | ||||||
MMG Ltd.(b) | 324,000 | 153,543 | ||||||
Momo Inc., ADR(b) | 15,774 | 523,224 | ||||||
NetEase Inc., ADR | 10,468 | 2,336,667 | ||||||
New China Life Insurance Co. Ltd., Class A | 3,600 | 26,971 | ||||||
New China Life Insurance Co. Ltd., Class H | 112,000 | 542,179 | ||||||
New Oriental Education & Technology Group Inc., ADR(b) | 18,805 | 1,543,138 | ||||||
Nexteer Automotive Group Ltd. | 109,000 | 155,242 | ||||||
Nine Dragons Paper Holdings Ltd. | 222,000 | 230,207 | ||||||
Noah Holdings Ltd., ADR(b)(c) | 3,818 | 220,489 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 1,007,000 | 456,689 | ||||||
PetroChina Co. Ltd., Class H | 2,782,000 | 1,839,356 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 908,740 | 1,088,200 | ||||||
Pinduoduo Inc., ADR(b) | 12,584 | 376,765 | ||||||
Ping An Bank Co. Ltd., Class A | 21,000 | 38,768 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 12,600 | 131,755 | ||||||
Ping An Insurance Group Co. of China Ltd., | 685,500 | 7,217,582 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 13,100 | 25,847 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 471,000 | 282,007 | ||||||
Qingdao Haier Co. Ltd., Class A | 10,700 | 26,338 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 14,900 | 21,253 | ||||||
SAIC Motor Corp. Ltd., Class A | 10,400 | 43,991 | ||||||
Semiconductor Manufacturing International | 372,300 | 377,052 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 260,000 | 225,891 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 434,000 | 160,888 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 5,100 | 21,923 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 73,500 | 260,768 |
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai Industrial Holdings Ltd. | 63,000 | $ | 141,252 | |||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 116,180 | 164,162 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 10,800 | 29,713 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 114,100 | 256,404 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 34,000 | 59,619 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 88,300 | 72,537 | ||||||
Shenzhen International Holdings Ltd. | 124,000 | 255,905 | ||||||
Shenzhen Investment Ltd. | 450,000 | 167,966 | ||||||
Shenzhou International Group Holdings Ltd. | 98,600 | 1,230,961 | ||||||
Shimao Property Holdings Ltd. | 150,000 | 354,659 | ||||||
Shui On Land Ltd. | 496,000 | 123,845 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 499,000 | 104,252 | ||||||
SINA Corp./China(b) | 8,643 | 582,279 | ||||||
Sino Biopharmaceutical Ltd. | 878,500 | 762,132 | ||||||
Sino-Ocean Group Holding Ltd. | 362,500 | 169,479 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 176,500 | 160,316 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 411,000 | 208,385 | ||||||
Sinopharm Group Co. Ltd., Class H | 157,600 | 700,685 | ||||||
Sinotrans Ltd., Class H | 286,000 | 134,442 | ||||||
Sinotruk Hong Kong Ltd. | 97,000 | 176,458 | ||||||
SOHO China Ltd.(b) | 321,000 | 136,991 | ||||||
SSY Group Ltd. | 218,000 | 193,289 | ||||||
Sun Art Retail Group Ltd. | 325,000 | 330,391 | ||||||
Sunac China Holdings Ltd. | 319,000 | 1,334,958 | ||||||
Suning.com Co. Ltd., Class A | 13,300 | 24,315 | ||||||
Sunny Optical Technology Group Co. Ltd. | 94,100 | 1,114,844 | ||||||
TAL Education Group, ADR(b) | 43,699 | 1,555,684 | ||||||
Tencent Holdings Ltd. | 739,000 | 31,613,060 | ||||||
Tingyi Cayman Islands Holding Corp. | 258,000 | 358,251 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 82,000 | 107,386 | ||||||
Towngas China Co. Ltd. | 118,000 | 94,102 | ||||||
TravelSky Technology Ltd., Class H | 126,000 | 365,169 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 48,000 | 203,623 | ||||||
Uni-President China Holdings Ltd. | 195,000 | 173,641 | ||||||
Vipshop Holdings Ltd., ADR(b) | 56,844 | 408,140 | ||||||
Want Want China Holdings Ltd. | 654,000 | 527,379 | ||||||
Weibo Corp., ADR(b)(c) | 6,167 | 445,566 | ||||||
Weichai Power Co. Ltd., Class H | 270,200 | 375,192 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 4,700 | 50,193 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) | 64,000 | 607,404 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 34,200 | 20,126 | ||||||
Xiaomi Corp., Class B(a)(b) | 211,400 | 322,090 | ||||||
Xinhu Zhongbao Co. Ltd., Class A | 19,200 | 10,496 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 15,800 | 32,614 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 79,800 | 91,493 | ||||||
Xinyi Solar Holdings Ltd. | 366,000 | 179,974 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 228,000 | 226,263 | ||||||
Yuexiu Property Co. Ltd. | 868,000 | 200,143 | ||||||
Yum China Holdings Inc. | 48,409 | 2,019,623 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A(d) | 2,100 | 26,686 | ||||||
Yuzhou Properties Co. Ltd. | 192,000 | 93,679 | ||||||
YY Inc., ADR(b) | 6,258 | 441,189 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(c) | 149,000 | 158,874 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 198,000 | 206,581 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 19,900 | 29,871 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., | 24,900 | 93,576 | ||||||
Zhongsheng Group Holdings Ltd. | 78,500 | 182,405 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 69,500 | $ | 390,007 | |||||
Zijin Mining Group Co. Ltd., Class H | 796,000 | 340,717 | ||||||
ZTE Corp., Class H(b) | 98,960 | 295,627 | ||||||
ZTO Express Cayman Inc., ADR | 23,313 | 463,462 | ||||||
|
| |||||||
215,697,169 | ||||||||
India — 11.7% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 69,580 | 318,766 | ||||||
Ambuja Cements Ltd. | 77,413 | 230,793 | ||||||
Ashok Leyland Ltd. | 150,048 | 182,481 | ||||||
Asian Paints Ltd. | 38,301 | 756,691 | ||||||
Aurobindo Pharma Ltd. | 34,655 | 346,934 | ||||||
Avenue Supermarts Ltd.(a)(b) | 16,184 | 331,251 | ||||||
Axis Bank Ltd.(b) | 226,967 | 2,264,205 | ||||||
Bajaj Auto Ltd. | 11,396 | 464,740 | ||||||
Bajaj Finance Ltd. | 22,954 | 854,890 | ||||||
Bajaj Finserv Ltd. | 5,103 | 463,653 | ||||||
Bharat Forge Ltd. | 26,703 | 192,559 | ||||||
Bharat Petroleum Corp. Ltd. | 102,207 | 485,053 | ||||||
Bharti Airtel Ltd. | 185,044 | 827,448 | ||||||
Bharti Infratel Ltd. | 45,072 | 186,083 | ||||||
Bosch Ltd. | 980 | 262,150 | ||||||
Britannia Industries Ltd. | 7,693 | 330,634 | ||||||
Cadila Healthcare Ltd. | 28,422 | 127,352 | ||||||
Cipla Ltd./India | 44,702 | 348,528 | ||||||
Coal India Ltd. | 91,987 | 295,259 | ||||||
Container Corp. of India Ltd. | 27,371 | 181,925 | ||||||
Dabur India Ltd. | 69,972 | 430,941 | ||||||
Dr. Reddy’s Laboratories Ltd. | 15,067 | 557,475 | ||||||
Eicher Motors Ltd. | 1,771 | 494,728 | ||||||
GAIL India Ltd. | 104,977 | 504,766 | ||||||
Glenmark Pharmaceuticals Ltd. | 18,631 | 156,262 | ||||||
Godrej Consumer Products Ltd. | 48,567 | 459,441 | ||||||
Grasim Industries Ltd. | 44,464 | 485,767 | ||||||
Havells India Ltd. | 34,272 | 344,690 | ||||||
HCL Technologies Ltd. | 71,622 | 1,061,246 | ||||||
Hero MotoCorp Ltd. | 6,869 | 253,808 | ||||||
Hindalco Industries Ltd. | 150,868 | 415,211 | ||||||
Hindustan Petroleum Corp. Ltd. | 76,638 | 240,658 | ||||||
Hindustan Unilever Ltd. | 85,661 | 2,086,720 | ||||||
Housing Development Finance Corp. Ltd. | 208,664 | 5,401,552 | ||||||
ICICI Bank Ltd. | 315,694 | 1,554,141 | ||||||
Indiabulls Housing Finance Ltd. | 37,187 | 342,585 | ||||||
Indian Oil Corp. Ltd. | 242,337 | 492,672 | ||||||
Infosys Ltd. | 461,078 | 4,760,121 | ||||||
InterGlobe Aviation Ltd.(a) | 11,749 | 185,891 | ||||||
ITC Ltd. | 449,930 | 1,746,235 | ||||||
JSW Steel Ltd. | 109,229 | 431,687 | ||||||
Larsen & Toubro Ltd. | 63,041 | 1,145,974 | ||||||
LIC Housing Finance Ltd. | 38,421 | 256,856 | ||||||
Lupin Ltd. | 28,819 | 309,457 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 39,489 | 220,052 | ||||||
Mahindra & Mahindra Ltd. | 99,664 | 905,052 | ||||||
Marico Ltd. | 61,780 | 295,062 | ||||||
Maruti Suzuki India Ltd. | 14,022 | 1,346,424 | ||||||
Motherson Sumi Systems Ltd. | 122,399 | 279,813 | ||||||
Nestle India Ltd. | 3,084 | 461,334 | ||||||
NTPC Ltd. | 262,957 | 522,208 | ||||||
Oil & Natural Gas Corp. Ltd. | 194,983 | 407,504 | ||||||
Page Industries Ltd. | 460 | 144,141 | ||||||
Petronet LNG Ltd. | 78,750 | 247,567 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 39 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Pidilite Industries Ltd. | 15,992 | $ | 259,116 | |||||
Piramal Enterprises Ltd. | 11,123 | 363,835 | ||||||
Power Grid Corp. of India Ltd. | 208,444 | 535,864 | ||||||
REC Ltd. | 93,891 | 179,990 | ||||||
Reliance Industries Ltd. | 375,901 | 6,506,078 | ||||||
Shree Cement Ltd. | 1,068 | 249,150 | ||||||
Shriram Transport Finance Co. Ltd. | 18,716 | 300,569 | ||||||
State Bank of India(b) | 229,936 | 869,781 | ||||||
Sun Pharmaceutical Industries Ltd. | 110,895 | 694,046 | ||||||
Tata Consultancy Services Ltd. | 118,827 | 3,313,649 | ||||||
Tata Motors Ltd.(b) | 211,815 | 528,449 | ||||||
Tata Power Co. Ltd. (The) | 150,665 | 138,641 | ||||||
Tata Steel Ltd. | 47,162 | 331,836 | ||||||
Tech Mahindra Ltd. | 62,225 | 726,259 | ||||||
Titan Co. Ltd. | 41,167 | 593,373 | ||||||
UltraTech Cement Ltd. | 12,755 | 686,202 | ||||||
United Spirits Ltd.(b) | 39,490 | 303,283 | ||||||
UPL Ltd. | 47,460 | 585,591 | ||||||
Vedanta Ltd. | 166,762 | 397,174 | ||||||
Vodafone Idea Ltd.(b) | 271,445 | 114,110 | ||||||
Wipro Ltd. | 150,270 | 779,383 | ||||||
Yes Bank Ltd. | 218,829 | 711,163 | ||||||
Zee Entertainment Enterprises Ltd. | 62,988 | 413,300 | ||||||
|
| |||||||
57,980,278 | ||||||||
Indonesia — 3.0% | �� | |||||||
Adaro Energy Tbk PT | 1,948,000 | 181,402 | ||||||
Astra International Tbk PT | 2,664,900 | 1,354,472 | ||||||
Bank Central Asia Tbk PT | 1,295,900 | 2,540,213 | ||||||
Bank Danamon Indonesia Tbk PT | 386,300 | 234,100 | ||||||
Bank Mandiri Persero Tbk PT | 2,460,300 | 1,246,109 | ||||||
Bank Negara Indonesia Persero Tbk PT | 981,000 | 613,670 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 7,311,300 | 2,000,960 | ||||||
Bank Tabungan Negara Persero Tbk PT | 615,200 | 106,269 | ||||||
Bumi Serpong Damai Tbk PT(b) | 959,600 | 92,430 | ||||||
Charoen Pokphand Indonesia Tbk PT | 992,500 | 515,035 | ||||||
Gudang Garam Tbk PT | 62,700 | 380,635 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 1,248,300 | 337,198 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 372,900 | 292,250 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 237,100 | 324,027 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 302,200 | 219,655 | ||||||
Indofood Sukses Makmur Tbk PT | 584,500 | 293,964 | ||||||
Jasa Marga Persero Tbk PT | 306,498 | 113,841 | ||||||
Kalbe Farma Tbk PT | 2,818,600 | 299,542 | ||||||
Pakuwon Jati Tbk PT | 2,025,300 | 89,261 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 1,588,200 | 286,762 | ||||||
Semen Indonesia Persero Tbk PT | 392,700 | 353,130 | ||||||
Surya Citra Media Tbk PT | 868,900 | 108,091 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 6,620,900 | 1,816,718 | ||||||
Tower Bersama Infrastructure Tbk PT | 296,400 | 83,858 | ||||||
Unilever Indonesia Tbk PT | 203,900 | 705,515 | ||||||
United Tractors Tbk PT | 217,800 | 410,286 | ||||||
|
| |||||||
14,999,393 | ||||||||
Malaysia — 3.2% | ||||||||
AirAsia Group Bhd | 204,400 | 139,232 | ||||||
Alliance Bank Malaysia Bhd | 144,300 | 140,521 | ||||||
AMMB Holdings Bhd | 217,600 | 239,191 | ||||||
Axiata Group Bhd | 360,600 | 368,891 | ||||||
British American Tobacco Malaysia Bhd | 18,600 | 154,142 | ||||||
CIMB Group Holdings Bhd | 604,300 | 869,336 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Dialog Group Bhd | 482,678 | $ | 383,389 | |||||
DiGi.Com Bhd(c) | 414,000 | 463,224 | ||||||
Fraser & Neave Holdings Bhd | 17,700 | 153,648 | ||||||
Gamuda Bhd | 251,600 | 181,902 | ||||||
Genting Bhd | 277,000 | 502,026 | ||||||
Genting Malaysia Bhd(c) | 414,000 | 356,326 | ||||||
Genting Plantations Bhd | 37,800 | 97,602 | ||||||
HAP Seng Consolidated Bhd | 77,800 | 188,450 | ||||||
Hartalega Holdings Bhd | 175,100 | 215,296 | ||||||
Hong Leong Bank Bhd | 89,600 | 468,877 | ||||||
Hong Leong Financial Group Bhd | 31,900 | 154,538 | ||||||
IHH Healthcare Bhd | 321,100 | 452,454 | ||||||
IJM Corp. Bhd(c) | 404,100 | 178,871 | ||||||
IOI Corp. Bhd | 255,000 | 281,557 | ||||||
IOI Properties Group Bhd | 277,943 | 110,043 | ||||||
Kuala Lumpur Kepong Bhd | 56,300 | 342,521 | ||||||
Malayan Banking Bhd | 497,900 | 1,166,848 | ||||||
Malaysia Airports Holdings Bhd | 109,300 | 219,594 | ||||||
Maxis Bhd(c) | 309,100 | 408,181 | ||||||
MISC Bhd | 144,500 | 245,186 | ||||||
Nestle Malaysia Bhd | 7,800 | 283,880 | ||||||
Petronas Chemicals Group Bhd | 319,900 | 725,311 | ||||||
Petronas Dagangan Bhd | 25,800 | 169,399 | ||||||
Petronas Gas Bhd | 92,400 | 410,818 | ||||||
PPB Group Bhd | 73,280 | 330,855 | ||||||
Press Metal Aluminium Holdings Bhd(c) | 173,300 | 180,268 | ||||||
Public Bank Bhd | 383,510 | 2,357,740 | ||||||
RHB Bank Bhd | 137,962 | 192,024 | ||||||
RHB Capital Bhd(b)(d) | 28,800 | — | ||||||
Sime Darby Bhd | 316,400 | 168,840 | ||||||
Sime Darby Plantation Bhd | 311,000 | 390,041 | ||||||
Sime Darby Property Bhd | 437,800 | 113,043 | ||||||
SP Setia Bhd Group | 220,700 | 124,285 | ||||||
Telekom Malaysia Bhd(c) | 154,900 | 116,180 | ||||||
Tenaga Nasional Bhd(c) | 409,600 | 1,351,735 | ||||||
Top Glove Corp. Bhd | 194,900 | 217,594 | ||||||
Westports Holdings Bhd | 128,000 | 116,149 | ||||||
YTL Corp. Bhd | 383,708 | 100,020 | ||||||
|
| |||||||
15,830,028 | ||||||||
Pakistan — 0.0% | ||||||||
Habib Bank Ltd. | 62,100 | 58,930 | ||||||
MCB Bank Ltd. | 51,800 | 76,720 | ||||||
Oil & Gas Development Co. Ltd. | 82,400 | 88,742 | ||||||
|
| |||||||
224,392 | ||||||||
Philippines — 1.5% | ||||||||
Aboitiz Equity Ventures Inc. | 248,850 | 293,501 | ||||||
Aboitiz Power Corp. | 211,800 | 142,715 | ||||||
Alliance Global Group Inc. | 568,800 | 150,668 | ||||||
Ayala Corp. | 32,760 | 585,905 | ||||||
Ayala Land Inc. | 962,500 | 818,832 | ||||||
Bank of the Philippine Islands | 117,772 | 191,277 | ||||||
BDO Unibank Inc. | 260,049 | 641,575 | ||||||
DMCI Holdings Inc. | 566,100 | 124,778 | ||||||
Globe Telecom Inc. | 4,685 | 172,109 | ||||||
GT Capital Holdings Inc. | 11,506 | 212,456 | ||||||
International Container Terminal Services Inc. | 59,410 | 133,248 | ||||||
JG Summit Holdings Inc. | 376,716 | 482,185 | ||||||
Jollibee Foods Corp. | 56,150 | 334,164 | ||||||
Manila Electric Co. | 29,370 | 208,747 |
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Megaworld Corp. | 1,613,500 | $ | 161,288 | |||||
Metro Pacific Investments Corp. | 1,976,400 | 179,603 | ||||||
Metropolitan Bank & Trust Co. | 105,168 | 154,539 | ||||||
PLDT Inc. | 11,440 | 227,827 | ||||||
Robinsons Land Corp. | 274,390 | 124,144 | ||||||
Security Bank Corp. | 26,770 | 85,817 | ||||||
SM Investments Corp. | 31,509 | 572,669 | ||||||
SM Prime Holdings Inc. | 1,326,950 | 983,924 | ||||||
Universal Robina Corp. | 115,500 | 303,936 | ||||||
|
| |||||||
7,285,907 | ||||||||
South Korea — 17.8% | ||||||||
Amorepacific Corp. | 4,157 | 739,219 | ||||||
AMOREPACIFIC Group | 3,735 | 243,421 | ||||||
BGF retail Co. Ltd. | 1,008 | 190,899 | ||||||
BNK Financial Group Inc. | 34,000 | 214,333 | ||||||
Celltrion Healthcare Co. Ltd.(b) | 4,725 | 293,238 | ||||||
Celltrion Inc.(b) | 10,947 | 1,990,452 | ||||||
Celltrion Pharm Inc.(b) | 2,180 | 117,461 | ||||||
Cheil Worldwide Inc. | 9,242 | 205,843 | ||||||
CJ CheilJedang Corp. | 1,095 | 313,497 | ||||||
CJ Corp. | 1,895 | 210,612 | ||||||
CJ ENM Co. Ltd. | 1,507 | 319,301 | ||||||
CJ Logistics Corp.(b) | 1,078 | 182,111 | ||||||
Coway Co. Ltd. | 7,105 | 597,611 | ||||||
Daelim Industrial Co. Ltd. | 3,601 | 299,683 | ||||||
Daewoo Engineering & Construction Co. Ltd.(b) | 19,492 | 87,521 | ||||||
DB Insurance Co. Ltd. | 6,466 | 416,809 | ||||||
DGB Financial Group Inc. | 22,419 | 169,035 | ||||||
Doosan Bobcat Inc. | 6,113 | 173,384 | ||||||
E-MART Inc. | 2,716 | 434,676 | ||||||
GS Engineering & Construction Corp. | 6,344 | 241,418 | ||||||
GS Holdings Corp. | 7,010 | 334,077 | ||||||
GS Retail Co. Ltd. | 3,271 | 112,552 | ||||||
Hana Financial Group Inc. | 39,050 | 1,348,886 | ||||||
Hankook Tire Co. Ltd. | 9,757 | 370,865 | ||||||
Hanmi Pharm Co. Ltd. | 853 | 374,662 | ||||||
Hanmi Science Co. Ltd. | 1,867 | 134,958 | ||||||
Hanon Systems | 25,342 | 280,526 | ||||||
Hanwha Chemical Corp. | 14,055 | 292,422 | ||||||
Hanwha Corp. | 5,629 | 160,907 | ||||||
Hanwha Life Insurance Co. Ltd. | 42,214 | 156,515 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(b) | 3,414 | 146,158 | ||||||
HLB Inc.(b) | 4,189 | 334,464 | ||||||
Hotel Shilla Co. Ltd. | 3,962 | 288,863 | ||||||
Hyundai Department Store Co. Ltd. | 1,990 | 171,274 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 10,464 | 532,178 | ||||||
Hyundai Glovis Co. Ltd. | 2,393 | 296,811 | ||||||
Hyundai Heavy Industries Co. Ltd.(b) | 4,859 | 568,115 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 1,289 | 413,736 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 8,574 | 287,401 | ||||||
Hyundai Mobis Co. Ltd. | 9,001 | 1,764,667 | ||||||
Hyundai Motor Co. | 20,564 | 2,312,924 | ||||||
Hyundai Steel Co. | 10,603 | 469,956 | ||||||
Industrial Bank of Korea | 33,415 | 414,457 | ||||||
Kakao Corp. | 6,646 | 611,595 | ||||||
Kangwon Land Inc.(b) | 16,030 | 440,408 | ||||||
KB Financial Group Inc. | 52,583 | 2,073,492 | ||||||
KCC Corp. | 789 | 224,136 | ||||||
Kia Motors Corp. | 34,986 | 1,136,959 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Korea Aerospace Industries Ltd.(b) | 9,646 | $ | 315,616 | |||||
Korea Electric Power Corp.(b) | 33,886 | 1,049,993 | ||||||
Korea Gas Corp. | 3,522 | 156,888 | ||||||
Korea Investment Holdings Co. Ltd.(b) | 5,655 | 324,306 | ||||||
Korea Zinc Co. Ltd.(b) | 1,134 | 460,275 | ||||||
Korean Air Lines Co. Ltd.(b) | 6,345 | 207,607 | ||||||
KT Corp. | 574 | 14,520 | ||||||
KT&G Corp. | 15,370 | 1,441,749 | ||||||
Kumho Petrochemical Co. Ltd. | 2,385 | 202,938 | ||||||
LG Chem Ltd. | 6,094 | 2,115,859 | ||||||
LG Corp. | 12,513 | 834,422 | ||||||
LG Display Co. Ltd.(b) | 31,056 | 586,770 | ||||||
LG Electronics Inc. | 14,059 | 881,266 | ||||||
LG Household & Health Care Ltd. | 1,228 | 1,360,441 | ||||||
LG Innotek Co. Ltd. | 1,970 | 189,170 | ||||||
LG Uplus Corp. | 19,808 | 264,177 | ||||||
Lotte Chemical Corp. | 2,274 | 644,977 | ||||||
Lotte Corp. | 3,769 | 177,944 | ||||||
Lotte Shopping Co. Ltd. | 1,420 | 241,149 | ||||||
Medy-Tox Inc. | 563 | 273,316 | ||||||
Mirae Asset Daewoo Co. Ltd. | 51,705 | 347,550 | ||||||
NAVER Corp. | 18,523 | 2,190,414 | ||||||
NCSoft Corp. | 2,324 | 952,578 | ||||||
Netmarble Corp.(a)(b) | 3,362 | 352,730 | ||||||
NH Investment & Securities Co. Ltd.(b) | 18,910 | 219,414 | ||||||
OCI Co. Ltd.(b) | 2,373 | 227,869 | ||||||
Orange Life Insurance Ltd.(a) | 4,475 | 142,045 | ||||||
Orion Corp./Republic of Korea | 3,004 | 297,809 | ||||||
Ottogi Corp. | 173 | 117,518 | ||||||
Pan Ocean Co. Ltd.(b) | 30,895 | 118,806 | ||||||
Pearl Abyss Corp.(b) | 780 | 124,903 | ||||||
POSCO | 10,343 | 2,418,609 | ||||||
Posco Daewoo Corp. | 5,945 | 100,167 | ||||||
S-1 Corp. | 2,179 | 197,615 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 2,169 | 725,121 | ||||||
Samsung C&T Corp. | 10,122 | 1,039,469 | ||||||
Samsung Card Co. Ltd. | 3,485 | 105,507 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 7,463 | 710,004 | ||||||
Samsung Electronics Co. Ltd. | 622,986 | 24,981,478 | ||||||
Samsung Engineering Co. Ltd.(b) | 21,264 | 296,830 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 4,059 | 1,088,102 | ||||||
Samsung Heavy Industries Co. Ltd.(b) | 51,133 | 416,447 | ||||||
Samsung Life Insurance Co. Ltd. | 9,403 | 741,572 | ||||||
Samsung SDI Co. Ltd. | 7,280 | 1,537,299 | ||||||
Samsung SDS Co. Ltd. | 4,616 | 946,019 | ||||||
Samsung Securities Co. Ltd. | 8,255 | 254,322 | ||||||
Shinhan Financial Group Co. Ltd. | 56,297 | 2,184,906 | ||||||
Shinsegae Inc. | 977 | 248,007 | ||||||
SillaJen Inc.(b)(c) | 6,624 | 437,595 | ||||||
SK Holdings Co. Ltd. | 4,196 | 1,016,636 | ||||||
SK Hynix Inc. | 76,786 | 4,779,070 | ||||||
SK Innovation Co. Ltd. | 8,533 | 1,426,339 | ||||||
SK Telecom Co. Ltd. | 2,739 | 634,400 | ||||||
S-Oil Corp. | 5,943 | 528,408 | ||||||
ViroMed Co. Ltd.(b) | 1,802 | 445,093 | ||||||
Woori Financial Group Inc.(b) | 62,569 | 823,350 | ||||||
Yuhan Corp. | 1,218 | 282,110 | ||||||
|
| |||||||
88,693,982 | ||||||||
Taiwan — 15.0% | ||||||||
Acer Inc. | 387,062 | 255,933 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 41 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Advantech Co. Ltd. | 45,282 | $ | 345,760 | |||||
Airtac International Group | 16,000 | 199,113 | ||||||
ASE Technology Holding Co. Ltd. | 460,484 | 941,122 | ||||||
Asia Cement Corp. | 303,229 | 382,281 | ||||||
Asustek Computer Inc. | 93,000 | 663,282 | ||||||
AU Optronics Corp. | 1,057,000 | 389,809 | ||||||
Catcher Technology Co. Ltd. | 87,000 | 661,479 | ||||||
Cathay Financial Holding Co. Ltd. | 1,070,944 | 1,576,325 | ||||||
Chailease Holding Co. Ltd. | 154,105 | 605,875 | ||||||
Chang Hwa Commercial Bank Ltd. | 763,585 | 458,997 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 264,776 | 376,389 | ||||||
Chicony Electronics Co. Ltd. | 80,518 | 177,903 | ||||||
China Airlines Ltd. | 336,000 | 110,812 | ||||||
China Development Financial Holding Corp. | 1,868,200 | 605,201 | ||||||
China Life Insurance Co. Ltd./Taiwan | 324,298 | 302,944 | ||||||
China Steel Corp. | 1,661,867 | 1,376,947 | ||||||
Chunghwa Telecom Co. Ltd. | 499,000 | 1,734,863 | ||||||
Compal Electronics Inc. | 571,000 | 354,365 | ||||||
CTBC Financial Holding Co. Ltd. | 2,250,265 | 1,524,476 | ||||||
Delta Electronics Inc. | 273,000 | 1,361,607 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,225,564 | 880,053 | ||||||
Eclat Textile Co. Ltd. | 24,604 | 281,803 | ||||||
Eva Airways Corp. | 325,669 | 163,488 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 275,221 | 111,335 | ||||||
Far Eastern New Century Corp. | 427,460 | 423,620 | ||||||
Far EasTone Telecommunications Co. Ltd. | 216,000 | 506,022 | ||||||
Feng TAY Enterprise Co. Ltd. | 43,064 | 270,755 | ||||||
First Financial Holding Co. Ltd. | 1,246,725 | 842,587 | ||||||
Formosa Chemicals & Fibre Corp. | 465,950 | 1,597,249 | ||||||
Formosa Petrochemical Corp. | 169,000 | 639,725 | ||||||
Formosa Plastics Corp. | 591,400 | 1,969,636 | ||||||
Formosa Taffeta Co. Ltd. | 103,000 | 118,976 | ||||||
Foxconn Technology Co. Ltd. | 123,521 | 253,251 | ||||||
Fubon Financial Holding Co. Ltd. | 873,396 | 1,291,229 | ||||||
Giant Manufacturing Co. Ltd. | 45,000 | 247,835 | ||||||
Globalwafers Co. Ltd. | 31,000 | 337,433 | ||||||
Highwealth Construction Corp. | 100,840 | 156,454 | ||||||
Hiwin Technologies Corp. | 32,181 | 289,641 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,737,651 | 4,104,665 | ||||||
Hotai Motor Co. Ltd. | 37,000 | 402,141 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 990,461 | 608,247 | ||||||
Innolux Corp. | 1,190,620 | 396,532 | ||||||
Inventec Corp. | 345,980 | 267,552 | ||||||
Largan Precision Co. Ltd. | 13,000 | 1,841,665 | ||||||
Lite-On Technology Corp. | 263,032 | 380,747 | ||||||
MediaTek Inc. | 197,176 | 1,793,878 | ||||||
Mega Financial Holding Co. Ltd. | 1,430,542 | 1,266,624 | ||||||
Micro-Star International Co. Ltd. | 88,000 | 233,893 | ||||||
Nan Ya Plastics Corp. | 680,090 | 1,699,313 | ||||||
Nanya Technology Corp. | 142,000 | 286,985 | ||||||
Nien Made Enterprise Co. Ltd. | 20,000 | 173,834 | ||||||
Novatek Microelectronics Corp. | 76,000 | 422,270 | ||||||
Pegatron Corp. | 264,000 | 452,917 | ||||||
Phison Electronics Corp. | 23,000 | 209,251 | ||||||
Pou Chen Corp. | 283,000 | 356,779 | ||||||
Powertech Technology Inc. | 103,000 | 239,624 | ||||||
President Chain Store Corp. | 75,000 | 776,160 | ||||||
Quanta Computer Inc. | 341,000 | 633,769 | ||||||
Realtek Semiconductor Corp. | 62,140 | 359,395 | ||||||
Ruentex Development Co. Ltd. | 80,439 | 126,762 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Ruentex Industries Ltd. | 50,113 | $ | 132,543 | |||||
Shanghai Commercial & Savings Bank Ltd. (The) | 154,000 | 239,683 | ||||||
Shin Kong Financial Holding Co. Ltd. | 1,399,389 | 419,683 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,419,699 | 495,890 | ||||||
Standard Foods Corp. | 52,987 | 90,732 | ||||||
Synnex Technology International Corp. | 186,050 | 226,695 | ||||||
TaiMed Biologics Inc.(b) | 25,000 | 147,434 | ||||||
Taishin Financial Holding Co. Ltd. | 1,254,129 | 568,456 | ||||||
Taiwan Business Bank . | 487,278 | 179,702 | ||||||
Taiwan Cement Corp. | 610,100 | 761,225 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,187,626 | 737,045 | ||||||
Taiwan High Speed Rail Corp. | 272,000 | 291,651 | ||||||
Taiwan Mobile Co. Ltd. | 217,000 | 775,592 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,944,000 | 22,862,119 | ||||||
Uni-President Enterprises Corp. | 633,650 | 1,544,157 | ||||||
United Microelectronics Corp. | 1,601,000 | 595,631 | ||||||
Vanguard International Semiconductor Corp. | 120,000 | 270,206 | ||||||
Walsin Technology Corp. | 41,000 | 241,126 | ||||||
Win Semiconductors Corp. | 52,000 | 295,680 | ||||||
Winbond Electronics Corp. | 397,000 | 198,007 | ||||||
Wistron Corp. | 396,080 | 274,765 | ||||||
WPG Holdings Ltd. | 209,320 | 270,691 | ||||||
Yageo Corp. | 32,151 | 361,453 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,319,893 | 748,367 | ||||||
Zhen Ding Technology Holding Ltd. | 55,455 | 161,086 | ||||||
|
| |||||||
74,709,197 | ||||||||
Thailand — 3.3% | ||||||||
Advanced Info Service PCL, NVDR | 141,100 | 814,921 | ||||||
Airports of Thailand PCL, NVDR | 564,600 | 1,209,377 | ||||||
Bangkok Bank PCL, Foreign | 31,400 | 213,236 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 508,400 | 380,745 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 993,500 | 334,188 | ||||||
Banpu PCL, NVDR | 258,600 | 133,762 | ||||||
Berli Jucker PCL, NVDR | 159,800 | 251,015 | ||||||
BTS Group Holdings PCL,, NVDR | 723,200 | 238,676 | ||||||
Bumrungrad Hospital PCL, NVDR | 47,600 | 281,710 | ||||||
Central Pattana PCL, NVDR | 178,400 | 427,424 | ||||||
Charoen Pokphand Foods PCL, NVDR(c) | 447,200 | 372,519 | ||||||
CP ALL PCL, NVDR | 661,000 | 1,630,869 | ||||||
Delta Electronics Thailand PCL, NVDR | 73,700 | 169,560 | ||||||
Electricity Generating PCL, NVDR | 17,200 | 145,733 | ||||||
Energy Absolute PCL, NVDR | 166,900 | 252,899 | ||||||
Glow Energy PCL, NVDR | 71,300 | 205,896 | ||||||
Home Product Center PCL, NVDR | 533,949 | 254,161 | ||||||
Indorama Ventures PCL, NVDR | 213,800 | 349,407 | ||||||
IRPC PCL, NVDR | 1,301,600 | 243,695 | ||||||
Kasikornbank PCL, Foreign | 159,600 | 1,002,802 | ||||||
Kasikornbank PCL, NVDR | 83,700 | 524,577 | ||||||
Krung Thai Bank PCL, NVDR | 478,750 | 293,213 | ||||||
Land & Houses PCL, NVDR | 355,800 | 118,553 | ||||||
Minor International PCL, NVDR | 305,680 | 375,886 | ||||||
PTT Exploration & Production PCL, NVDR | 183,510 | 725,014 | ||||||
PTT Global Chemical PCL, NVDR | 290,900 | 664,650 | ||||||
PTT PCL, NVDR | 1,391,600 | 2,141,772 | ||||||
Robinson PCL, NVDR | 75,100 | 153,715 | ||||||
Siam Cement PCL (The),NVDR | 51,300 | 771,637 | ||||||
Siam Commercial Bank PCL (The), NVDR | 243,300 | 1,034,580 | ||||||
Thai Oil PCL, NVDR | 150,200 | 344,370 | ||||||
Thai Union Group PCL, NVDR | 294,100 | 172,657 | ||||||
TMB Bank PCL, NVDR | 1,509,500 | 109,216 |
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
True Corp. PCL, NVDR | 1,237,005 | $ | 211,974 | |||||
|
| |||||||
16,554,409 | ||||||||
|
| |||||||
Total Common Stocks — 98.8% | 491,974,755 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
South Korea — 0.9% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 1,338 | 132,646 | ||||||
CJ Corp., Preference Shares | 284 | 6,818 | ||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 2,840 | 186,101 | ||||||
Series 2, Preference Shares, NVS | 4,779 | 341,630 | ||||||
LG Chem Ltd., Preference Shares, NVS | 937 | 183,285 | ||||||
LG Household & Health Care Ltd., Preference | ||||||||
Shares, NVS | 298 | 198,455 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 106,048 | 3,394,441 | ||||||
|
| |||||||
4,443,376 | ||||||||
|
| |||||||
Total Preferred Stocks — 0.9% | 4,443,376 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 7.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g) | 36,639,670 | 36,654,327 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(e)(f) | 99,014 | $ | 99,014 | |||||
|
| |||||||
36,753,341 | ||||||||
|
| |||||||
Total Short-Term Investments — 7.4% | 36,753,341 | |||||||
|
| |||||||
Total Investments in Securities — 107.1% | 533,171,472 | |||||||
Other Assets, Less Liabilities — (7.1)% | (35,503,771 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 497,667,701 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized7-day yield as ofperiod-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at | | | Net Activity | | | Shares Held at | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation | ) | |||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 31,286,159 | 5,353,511 | 36,639,670 | $ | 36,654,327 | $ | 112,770(b | ) | $ | (2,582 | ) $ | 3,170 | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 99,014 | 99,014 | 99,014 | 7,867 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 36,753,341 | $ | 120,637 | $ | (2,582 | ) $ | 3,170 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 43 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Asia ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 491,948,018 | $ | — | $ | 26,737 | $ | 491,974,755 | ||||||||
Preferred Stocks | 4,436,558 | 6,818 | — | 4,443,376 | ||||||||||||
Money Market Funds | 36,753,341 | — | — | 36,753,341 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 533,137,917 | $ | 6,818 | $ | 26,737 | $ | 533,171,472 | |||||||||
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 5.2% | ||||||||
AES Tiete Energia SA | 68,800 | $ | 213,541 | |||||
Aliansce Shopping Centers SA | 34,900 | 187,052 | ||||||
Alupar Investimento SA | 72,608 | 442,395 | ||||||
Anima Holding SA | 16,000 | 79,867 | ||||||
Arezzo Industria e Comercio SA | 18,700 | 269,112 | ||||||
Banco ABC Brasil SA(a) | 1,053 | 5,082 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA | 53,600 | 316,862 | ||||||
BR Properties SA | 48,641 | 113,618 | ||||||
Camil Alimentos SA | 68,100 | 130,562 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 26,900 | 444,358 | ||||||
Cia. Hering | 56,600 | 455,637 | ||||||
Cosan Logistica SA(a) | 60,922 | 244,809 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA | 56,000 | 872,049 | ||||||
Cyrela Brazil Realty SA Empreendimentos | 108,200 | 493,359 | ||||||
Dommo Energia SA(a) | 523,800 | 124,307 | ||||||
Duratex SA | 129,000 | 405,893 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 94,199 | 284,336 | ||||||
EDP — Energias do Brasil SA | 129,000 | 595,080 | ||||||
Eneva SA(a) | 57,700 | 287,558 | ||||||
Estacio Participacoes SA | 109,300 | 802,937 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 21,844 | 155,344 | ||||||
Fleury SA | 79,800 | 425,572 | ||||||
Grendene SA | 115,500 | 267,018 | ||||||
Guararapes Confeccoes SA | 3,600 | 140,285 | ||||||
Iguatemi Empresa de Shopping Centers SA | 37,000 | 414,372 | ||||||
Instituto Hermes Pardini SA | 23,300 | 119,040 | ||||||
Iochpe Maxion SA | 46,805 | 271,076 | ||||||
Light SA | 35,500 | 187,901 | ||||||
Linx SA | 52,300 | 397,732 | ||||||
LOG Commercial Properties e Participacoes SA(a) | 11,760 | 54,782 | ||||||
Mahle-Metal Leve SA | 17,300 | 121,461 | ||||||
Marfrig Global Foods SA(a) | 93,300 | 136,831 | ||||||
Minerva SA(a) | 53,600 | 91,185 | ||||||
MRV Engenharia e Participacoes SA | 118,300 | 428,691 | ||||||
Multiplus SA | 24,400 | 173,521 | ||||||
Odontoprev SA | 109,800 | 486,016 | ||||||
QGEP Participacoes SA | 33,800 | 119,148 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 100,600 | 415,517 | ||||||
Santos Brasil Participacoes SA | 116,400 | 117,013 | ||||||
Sao Martinho SA | 68,600 | 343,526 | ||||||
Ser Educacional SA(b) | 32,535 | 164,660 | ||||||
SLC Agricola SA | 20,400 | 223,134 | ||||||
Smiles Fidelidade SA | 25,900 | 331,498 | ||||||
TOTVS SA | 52,800 | 513,182 | ||||||
Transmissora Alianca de Energia Eletrica SA | 95,700 | 636,937 | ||||||
Tupy SA | 24,300 | 119,224 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 31,940 | 167,695 | ||||||
Via Varejo SA | 184,500 | 225,321 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 38,200 | 91,572 | ||||||
|
| |||||||
14,107,668 | ||||||||
Chile — 1.6% | ||||||||
AES Gener SA | 1,180,229 | 353,442 | ||||||
Besalco SA | 160,834 | 159,649 | ||||||
CAP SA | 31,711 | 350,120 | ||||||
Cia. Sud Americana de Vapores SA(a) | 6,652,312 | 217,401 | ||||||
Engie Energia Chile SA | 215,232 | 429,034 |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
Forus SA | 41,471 | $ | 117,746 | |||||
Grupo Security SA | 453,614 | 199,436 | ||||||
Inversiones Aguas Metropolitanas SA | 193,423 | 298,926 | ||||||
Inversiones La Construccion SA | 13,447 | 242,706 | ||||||
Parque Arauco SA | 235,144 | 646,370 | ||||||
Ripley Corp. SA | 296,314 | 249,785 | ||||||
Salfacorp SA | 138,659 | 213,740 | ||||||
SMU SA(a) | 1,023,539 | 275,960 | ||||||
SONDA SA | 195,021 | 326,383 | ||||||
Vina Concha y Toro SA | 162,479 | 348,865 | ||||||
|
| |||||||
4,429,563 | ||||||||
China — 12.3% | ||||||||
21Vianet Group Inc., ADR(a) | 26,186 | 247,196 | ||||||
361 Degrees International Ltd. | 451,000 | 89,053 | ||||||
500.com Ltd., ADR(a)(c) | 7,245 | 110,124 | ||||||
AGM Group Holdings Inc.(a) | 3,851 | 108,637 | ||||||
AGTech Holdings Ltd.(a)(c) | 1,568,000 | 109,863 | ||||||
Ajisen China Holdings Ltd. | 311,000 | 88,350 | ||||||
AK Medical Holdings Ltd.(b)(c) | 160,000 | 86,015 | ||||||
Anton Oilfield Services Group/Hong Kong(a) | 858,000 | 113,674 | ||||||
Anxin-China Holdings Ltd.(a)(d) | 1,084,000 | 11,047 | ||||||
APT Satellite Holdings Ltd. | 271,000 | 120,486 | ||||||
Ascletis Pharma Inc.(a)(b) | 111,000 | 98,842 | ||||||
Asia Cement China Holdings Corp. | 201,000 | 181,545 | ||||||
AVIC International Holdings Ltd., Class H | 124,000 | 85,302 | ||||||
Beijing Capital Land Ltd., Class H | 412,000 | 172,677 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(a)(c) | 2,904,000 | 116,533 | ||||||
Beijing Sports and Entertainment Industry Group Ltd.(a)(c) | 527,500 | 179,422 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 120,000 | 206,986 | ||||||
Best Pacific International Holdings Ltd.(c) | 202,000 | 60,473 | ||||||
Bitauto Holdings Ltd., ADR(a) | 11,145 | 217,996 | ||||||
Boshiwa International Holding Ltd.(a)(d) | 32,000 | 122 | ||||||
Bosideng International Holdings Ltd. | 1,354,000 | 260,458 | ||||||
Camsing International Holding Ltd.(c) | 186,000 | 191,218 | ||||||
Canvest Environment Protection Group Co. | 472,000 | 247,731 | ||||||
Capital Environment Holdings Ltd.(a)(c) | 3,002,000 | 72,279 | ||||||
Carnival Group International Holdings Ltd.(a) | 4,577,500 | 71,143 | ||||||
Central China Real Estate Ltd. | 368,000 | 155,173 | ||||||
CGN Meiya Power Holdings Co. Ltd.(a)(b) | 734,000 | 111,272 | ||||||
Changyou.com Ltd., ADR | 7,876 | 160,670 | ||||||
Chaowei Power Holdings Ltd. | 287,000 | 114,437 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 162,500 | 182,584 | ||||||
China Animal Healthcare Ltd.(a)(c)(d) | 126,000 | 963 | ||||||
China Aoyuan Group Ltd. | 498,000 | 391,432 | ||||||
China BlueChemical Ltd., Class H | 778,000 | 245,795 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H | 1,104,000 | 147,673 | ||||||
China Dongxiang Group Co. Ltd. | 1,749,000 | 251,773 | ||||||
China Everbright Greentech Ltd., Class L(b)(c) | 261,000 | 205,148 | ||||||
China Fangda Group Co. Ltd., Class B | 263,600 | 138,352 | ||||||
China Foods Ltd. | 384,000 | 147,734 | ||||||
China Goldjoy Group Ltd.(c) | 3,748,000 | 183,824 | ||||||
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(a) | 592,000 | 371,046 | ||||||
China Harmony New Energy Auto Holding Ltd. | 335,500 | 134,203 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(c) | 221,000 | 217,346 | ||||||
China Huiyuan Juice Group Ltd.(a)(d) | 379,000 | 70,974 | ||||||
China Lilang Ltd. | 186,000 | 178,422 | ||||||
China LNG Group Ltd.(a)(c) | 946,000 | 148,231 | ||||||
China Logistics Property Holdings Co. | 507,000 | 167,282 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 45 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Lumena New Materials Corp.(a)(c)(d) | 210,000 | $ | — | |||||
China Maple Leaf Educational Systems Ltd.(c) | 626,000 | 281,508 | ||||||
China Merchants Land Ltd. | 752,000 | 115,916 | ||||||
China Metal Recycling Holdings Ltd.(a)(d) | 12,000 | — | ||||||
China Metal Resources Utilization Ltd.(a)(b)(c) | 368,000 | 205,335 | ||||||
China Modern Dairy Holdings Ltd.(a) | 951,000 | 136,899 | ||||||
China New Higher Education Group Ltd.(b) | 193,000 | 109,656 | ||||||
China Oil and Gas Group Ltd. | 2,490,000 | 174,463 | ||||||
China Overseas Grand Oceans Group Ltd. | 631,000 | 248,387 | ||||||
China Overseas Property Holdings Ltd.(c) | 580,000 | 217,967 | ||||||
China Power Clean Energy Development Co. Ltd. | 272,000 | 94,943 | ||||||
China Resources Medical Holdings Co. Ltd. | 369,000 | 264,653 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 394,000 | 106,910 | ||||||
China SCE Group Holdings Ltd. | 713,000 | 280,666 | ||||||
China Shineway Pharmaceutical Group Ltd. | 128,000 | 134,037 | ||||||
China Suntien Green Energy Corp. Ltd., Class H | 676,000 | 187,735 | ||||||
China Tian Lun Gas Holdings Ltd. | 137,000 | 158,645 | ||||||
China Water Affairs Group Ltd. | 344,000 | 358,470 | ||||||
China Youzan Ltd.(a)(c) | 3,096,000 | 212,979 | ||||||
China Yuchai International Ltd. | 7,846 | 150,879 | ||||||
China Yuhua Education Corp Ltd., Class L(b) | 480,000 | 191,393 | ||||||
China ZhengTong Auto Services Holdings Ltd. | 478,500 | 291,984 | ||||||
Chinasoft International Ltd.(c) | 866,000 | 532,852 | ||||||
Chong Sing Holdings FinTech Group(a) | 7,372,000 | 67,618 | ||||||
CIMC Enric Holdings Ltd. | 268,000 | 239,328 | ||||||
CITIC Resources Holdings Ltd. | 1,568,000 | 143,820 | ||||||
Citychamp Watch & Jewellery Group Ltd. | 874,000 | 185,938 | ||||||
COFCO Meat Holdings Ltd.(a) | 370,000 | 100,869 | ||||||
Colour Life Services Group Co. Ltd.(c) | 148,000 | 88,425 | ||||||
Comba Telecom Systems Holdings Ltd.(a)(c) | 630,894 | 167,975 | ||||||
Concord New Energy Group Ltd. | 3,990,000 | 190,610 | ||||||
Consun Pharmaceutical Group Ltd. | 169,000 | 129,391 | ||||||
Coolpad Group Ltd.(a)(d) | 1,024,000 | 6,522 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd.(c) | 406,000 | 150,508 | ||||||
Cosmo Lady China Holdings Co. Ltd.(b)(c) | 284,000 | 89,725 | ||||||
CPMC Holdings Ltd. | 202,000 | 89,037 | ||||||
Dah Chong Hong Holdings Ltd.(c) | 387,000 | 144,451 | ||||||
Daqo New Energy Corp., ADR(a)(c) | 4,072 | 148,139 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 471,000 | 98,403 | ||||||
Digital China Holdings Ltd.(a)(c) | 351,000 | 187,801 | ||||||
Dongyue Group Ltd. | 493,000 | 336,002 | ||||||
eHi Car Services Ltd., ADR(a)(c) | 12,557 | 151,437 | ||||||
Fang Holdings Ltd., ADR(a)(c) | 94,949 | 148,120 | ||||||
Fanhua Inc., ADR(c) | 16,250 | 409,500 | ||||||
Fantasia Holdings Group Co. Ltd. | 754,500 | 118,224 | ||||||
Fu Shou Yuan International Group Ltd.(c) | 382,000 | 333,346 | ||||||
Fufeng Group Ltd. | 652,400 | 331,610 | ||||||
GCL New Energy Holdings Ltd.(a)(c) | 3,240,000 | 152,717 | ||||||
GCL-Poly Energy Holdings Ltd.(a)(c) | 5,367,000 | 464,924 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 2,182,000 | 250,172 | ||||||
Genertec Universal Medical Group Co. Ltd.(b) | 368,000 | 345,038 | ||||||
Glorious Property Holdings Ltd.(a) | 1,454,000 | 67,608 | ||||||
Goodbaby International Holdings Ltd.(c) | 396,000 | 142,765 | ||||||
Grand Baoxin Auto Group Ltd. | 323,500 | 100,555 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 344,000 | 213,855 | ||||||
Greenland Hong Kong Holdings Ltd. | 410,000 | 121,175 | ||||||
Guorui Properties Ltd. | 440,000 | 91,365 | ||||||
Haichang Ocean Park Holdings Ltd.(a)(b) | 619,000 | 126,169 | ||||||
Hangzhou Steam Turbine Co. Ltd., Class B | 173,880 | 157,050 | ||||||
Harbin Electric Co. Ltd., Class H | 286,000 | 151,566 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
HC Group Inc.(a)(c) | 243,000 | $ | 148,280 | |||||
Hi Sun Technology China Ltd.(a) | 939,000 | 154,311 | ||||||
Honghua Group Ltd.(a) | 1,337,000 | 95,381 | ||||||
Hope Education Group Co. Ltd.(a)(b) | 796,000 | 121,685 | ||||||
Hua Han Health Industry Holdings Ltd., Class H(a)(d) | 1,112,400 | 45,347 | ||||||
Huabao International Holdings Ltd. | 343,000 | 153,371 | ||||||
Huangshi Dongbei Electrical Appliance Co. Ltd., | 84,400 | 109,467 | ||||||
Huanxi Media Group Ltd.(a)(c) | 540,000 | 111,442 | ||||||
IGG Inc. | 384,000 | 545,930 | ||||||
IMAX China Holding Inc.(b) | 54,400 | 142,067 | ||||||
Jinchuan Group International Resources Co. Ltd.(a)(c) | 1,104,000 | 99,855 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(c) | 12,312 | 253,504 | ||||||
JNBY Design Ltd. | 78,500 | 155,004 | ||||||
Jumei International Holding Ltd., ADR(a) | 35,452 | 93,948 | ||||||
Kama Co. Ltd., Class B(a) | 174,700 | 97,133 | ||||||
Kasen International Holdings Ltd. | 333,000 | 214,653 | ||||||
Konka Group Co. Ltd., Class B | 426,300 | 143,914 | ||||||
Launch Tech Co. Ltd., Class H | 99,500 | 73,518 | ||||||
Lee’s Pharmaceutical Holdings Ltd. | 126,000 | 109,952 | ||||||
Li Ning Co. Ltd.(a) | 726,500 | 1,018,051 | ||||||
Lifestyle China Group Ltd.(a) | 316,500 | 120,958 | ||||||
Lifetech Scientific Corp.(a) | 1,010,000 | 213,585 | ||||||
Lonking Holdings Ltd. | 819,000 | 274,398 | ||||||
Luthai Textile Co. Ltd., Class B | 133,100 | 163,624 | ||||||
Nam Tai Property Inc. | 14,836 | 140,794 | ||||||
National Agricultural Holdings Ltd.(a)(c)(d) | 354,000 | 32,019 | ||||||
NetDragon Websoft Holdings Ltd.(c) | 101,000 | 216,673 | ||||||
Panda Green Energy Group Ltd.(a)(c) | 1,840,000 | 89,072 | ||||||
PAX Global Technology Ltd. | 412,000 | 192,621 | ||||||
Phoenix Media Investment Holdings Ltd. | 646,000 | 74,066 | ||||||
Poly Property Group Co. Ltd. | 862,000 | 325,043 | ||||||
Pou Sheng International Holdings Ltd. | 947,000 | 193,024 | ||||||
Powerlong Real Estate Holdings Ltd. | 493,000 | 229,863 | ||||||
Q Technology Group Co. Ltd.(c) | 167,000 | 138,709 | ||||||
Realord Group Holdings Ltd.(a) | 244,000 | 155,729 | ||||||
Redco Group(b) | 376,000 | 176,269 | ||||||
Renhe Commercial Holdings Co. Ltd.(a)(c) | 9,648,000 | 436,322 | ||||||
Road King Infrastructure Ltd. | 102,000 | 195,169 | ||||||
Ronshine China Holdings Ltd.(a) | 233,500 | 306,384 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd.(a) | 428,000 | 152,666 | ||||||
Seaspan Corp.(c) | 29,085 | 255,948 | ||||||
Shandong Airlines Co. Ltd., Class B | 63,400 | 104,592 | ||||||
Shang Gong Group Co. Ltd., Class B(a) | 193,600 | 143,264 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., | 134,000 | 143,221 | ||||||
Shanghai Haixin Group Co., Class B | 268,600 | 132,688 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., | 18,300 | 112,018 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 796,000 | 150,078 | ||||||
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B | 143,500 | 151,536 | ||||||
Shanghai ShibeiHi-Tech Co. Ltd., Class B | 122,600 | 63,997 | ||||||
Sheng Ye Capital Ltd.(a) | 74,000 | 74,002 | ||||||
Shougang Concord International Enterprises Co. | 3,806,000 | 111,031 | ||||||
Shougang Fushan Resources Group Ltd. | 1,022,000 | 231,746 | ||||||
Silver Grant International Industries Ltd.(a) | 610,000 | 128,220 | ||||||
Sinopec Kantons Holdings Ltd. | 438,000 | 205,893 | ||||||
Sinosoft Technology Group Ltd. | 285,800 | 98,303 | ||||||
Skyfame Realty Holdings Ltd. | 1,120,000 | 171,215 |
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||||
China (continued) | ||||||||||
Skyworth Digital Holdings Ltd. | | 772,000 | | $ | 240,949 | |||||
SMI Holdings Group Ltd.(a)(d) | 468,800 | 142,734 | ||||||||
Sohu.com Ltd., ADR(a)(c) | 13,182 | 264,431 | ||||||||
Superb Summit International Group | 238,250 | 304 | ||||||||
Tarena International Inc., ADR | 15,452 | 102,138 | ||||||||
TCL Electronics Holdings Ltd. | 363,000 | 178,961 | ||||||||
Texhong Textile Group Ltd. | 126,000 | 168,860 | ||||||||
Tian Ge Interactive Holdings Ltd.(b) | 285,000 | 123,080 | ||||||||
Tianjin Development Holdings Ltd. | 440,000 | 164,233 | ||||||||
Tianjin Port Development Holdings Ltd. | 1,468,000 | 170,180 | ||||||||
Tianneng Power International Ltd. | 278,000 | 272,341 | ||||||||
Tibet Water Resources Ltd.(a) | 937,000 | 293,641 | ||||||||
Tongda Group Holdings Ltd.(c) | 1,640,000 | 181,763 | ||||||||
Truly International Holdings Ltd.(a) | 752,000 | 138,908 | ||||||||
Vinda International Holdings Ltd. | 108,000 | 211,878 | ||||||||
Wasion Holdings Ltd. | 266,000 | 129,784 | ||||||||
West China Cement Ltd. | 1,172,000 | 176,178 | ||||||||
Wisdom Education International Holdings Co. Ltd.(c) | 252,000 | 109,470 | ||||||||
Wise Talent Information Technology Co. Ltd.(a) | 47,000 | 161,660 | ||||||||
Xiamen International Port Co. Ltd., Class H | 872,000 | 125,527 | ||||||||
Xingda International Holdings Ltd. | 422,000 | 125,259 | ||||||||
Xtep International Holdings Ltd. | 433,500 | 284,405 | ||||||||
Xunlei Ltd., ADR(a) | 13,038 | 58,801 | ||||||||
Yadea Group Holdings Ltd.(b) | 526,000 | 191,643 | ||||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(b) | 43,800 | 186,922 | ||||||||
Yirendai Ltd., ADR(c) | 5,106 | 71,586 | ||||||||
Yuexiu REIT | 695,000 | 470,133 | ||||||||
Yuexiu Transport Infrastructure Ltd. | 370,000 | 287,995 | ||||||||
Zai Lab Ltd., ADR(a) | 11,053 | 318,547 | ||||||||
Zhuguang Holdings Group Co. Ltd.(a)(c) | 894,000 | 142,360 | ||||||||
|
| |||||||||
33,355,765 | ||||||||||
Colombia — 0.3% | ||||||||||
Almacenes Exito SA | 75,007 | 355,645 | ||||||||
Cemex Latam Holdings SA(a) | 88,694 | 144,021 | ||||||||
Corp. Financiera Colombiana SA(a) | 40,325 | 320,851 | ||||||||
|
| |||||||||
820,517 | ||||||||||
Czech Republic — 0.1% | ||||||||||
Central European Media Enterprises Ltd. | 51,171 | 179,921 | ||||||||
|
| |||||||||
Egypt — 0.7% | ||||||||||
Alexandria Mineral Oils Co. | 158,301 | 55,387 | ||||||||
Egyptian Financial Group-Hermes Holding Co.(a) | 262,107 | 255,524 | ||||||||
Ezz Steel Co.(a) | 93,860 | 102,914 | ||||||||
Global Telecom Holding SAE(a) | 855,206 | 231,862 | ||||||||
Heliopolis Housing | 74,860 | 88,362 | ||||||||
Juhayna Food Industries | 209,252 | 159,447 | ||||||||
Medinet Nasr Housing(a) | 284,520 | 117,413 | ||||||||
Oriental Weavers | 104,075 | 71,166 | ||||||||
Palm Hills Developments SAE(a) | 715,941 | 113,194 | ||||||||
Pioneers Holding For Financial Investments | 251,076 | 102,609 | ||||||||
Sidi Kerir Petrochemicals Co. | 76,412 | 84,263 | ||||||||
Six of October Development & Investment(a) | 94,670 | 87,105 | ||||||||
Talaat Moustafa Group | 418,476 | 268,952 | ||||||||
Telecom Egypt Co. | 133,088 | 113,110 | ||||||||
|
| |||||||||
1,851,308 | ||||||||||
Greece — 1.1% | ||||||||||
Aegean Airlines SA | 23,169 | 205,784 | ||||||||
Eurobank Ergasias SA(a) | 782,403 | 596,027 |
Security | Shares | Value | ||||||
Greece (continued) | ||||||||
GEK Terna Holding Real Estate Construction | 42,302 | $ | 249,517 | |||||
Grivalia Properties REIC AE | 25,192 | 281,411 | ||||||
Hellenic Exchanges-Athens Stock Exchange SA | 44,324 | 210,972 | ||||||
Mytilineos Holdings SA | 45,935 | 479,648 | ||||||
National Bank of Greece SA(a) | 238,908 | 432,551 | ||||||
Piraeus Bank SA(a)(c) | 123,941 | 173,592 | ||||||
Public Power Corp. SA(a)(c) | 56,032 | 100,299 | ||||||
Terna Energy SA | 27,039 | 203,210 | ||||||
|
| |||||||
2,933,011 | ||||||||
Hungary — 0.1% | ||||||||
Magyar Telekom Telecommunications PLC | 224,398 | 378,183 | ||||||
Opus Global Nyrt(a) | 29,350 | 46,025 | ||||||
|
| |||||||
424,208 | ||||||||
India — 14.3% | ||||||||
Aarti Industries Ltd. | 8,974 | 175,389 | ||||||
Adani Enterprises Ltd. | 53,448 | 96,825 | ||||||
Adani Power Ltd.(a) | 334,912 | 226,724 | ||||||
Adani Transmissions Ltd.(a) | 105,879 | 303,452 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 80,333 | 254,463 | ||||||
Aegis Logistics Ltd. | 37,817 | 105,753 | ||||||
AIA Engineering Ltd. | 17,467 | 421,263 | ||||||
Ajanta Pharma Ltd. | 10,021 | 137,918 | ||||||
Alembic Pharmaceuticals Ltd. | 21,547 | 168,117 | ||||||
Amara Raja Batteries Ltd. | 10,907 | 109,935 | ||||||
Anup Engineering Ltd. (The)(a) | 1,927 | 46,838 | ||||||
Apollo Hospitals Enterprise Ltd. | 37,883 | 607,662 | ||||||
Apollo Tyres Ltd. | 106,037 | 324,181 | ||||||
Arvind Fashions Ltd.(a) | 10,406 | 101,164 | ||||||
Arvind Ltd. | 72,422 | 76,977 | ||||||
Asahi India Glass Ltd. | 31,990 | 115,364 | ||||||
Astral Poly Technik Ltd. | 21,518 | 326,917 | ||||||
Atul Ltd. | 7,449 | 352,618 | ||||||
AU Small Finance Bank Ltd.(b) | 63,244 | 515,368 | ||||||
Avanti Feeds Ltd. | 15,918 | 74,894 | ||||||
Bajaj Consumer Care Ltd.(a) | 27,186 | 133,739 | ||||||
Balkrishna Industries Ltd. | 33,034 | 411,356 | ||||||
BASF India Ltd. | 6,389 | 118,499 | ||||||
Bata India Ltd. | 15,834 | 286,910 | ||||||
Bayer CropScience Ltd./India | 3,654 | 223,264 | ||||||
Bharat Financial Inclusion Ltd.(a) | 45,064 | 585,362 | ||||||
Birla Corp. Ltd. | 10,104 | 65,978 | ||||||
Birlasoft Ltd.(a) | 66,651 | 101,861 | ||||||
Blue Dart Express Ltd. | 2,885 | 126,869 | ||||||
Can Fin Homes Ltd. | 13,848 | 51,828 | ||||||
Canara Bank(a) | 64,962 | 211,391 | ||||||
Care Ratings Ltd. | 11,484 | 155,082 | ||||||
Ceat Ltd. | 8,809 | 135,028 | ||||||
Century Plyboards India Ltd. | 39,496 | 92,929 | ||||||
Century Textiles & Industries Ltd. | 14,243 | 160,610 | ||||||
CESC Ltd. | 29,009 | 274,464 | ||||||
CESC Ventures Ltd.(a) | 6,897 | 48,324 | ||||||
CG Power and Industrial Solutions Ltd.(a) | 172,978 | 78,310 | ||||||
City Union Bank Ltd. | 124,636 | 321,463 | ||||||
Coromandel International Ltd. | 33,904 | 210,618 | ||||||
Cox & Kings Financial Service Ltd.(a) | 13,922 | 10,353 | ||||||
Cox & Kings Ltd. | 44,525 | 90,864 | ||||||
CRISIL Ltd. | 8,930 | 183,054 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 163,274 | 482,066 | ||||||
DCB Bank Ltd. | 74,593 | 190,609 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 47 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||||||
India (continued) | ||||||||||||
DCM Shriram Ltd. | 9,559 | $ | 52,703 | |||||||||
Dewan Housing Finance Corp. Ltd. | 61,725 | 110,561 | ||||||||||
Dilip Buildcon Ltd.(b) | 15,973 | 96,566 | ||||||||||
Dish TV India Ltd. | 283,803 | 155,615 | ||||||||||
Dr Lal PathLabs Ltd.(b) | 11,530 | 163,938 | ||||||||||
eClerx Services Ltd. | 10,198 | 148,612 | ||||||||||
Edelweiss Financial Services Ltd. | 192,411 | 369,937 | ||||||||||
EID Parry India Ltd. |
| 33,627 | 87,535 | |||||||||
EIH Ltd. |
| 69,637 | 181,665 | |||||||||
Endurance Technologies Ltd.(b) |
| 13,372 | 244,048 | |||||||||
Engineers India Ltd. |
| 87,910 | 132,496 | |||||||||
Equitas Holdings Ltd./India(a) |
| 71,003 | 113,603 | |||||||||
Eris Lifesciences Ltd.(a)(b) |
| 17,349 | 148,607 | |||||||||
Escorts Ltd. |
| 26,899 | 248,696 | |||||||||
Exide Industries Ltd. |
| 94,270 | 291,254 | |||||||||
Federal Bank Ltd. |
| 616,396 | 726,663 | |||||||||
Finolex Cables Ltd. |
| 34,035 | 193,129 | |||||||||
Fortis Healthcare Ltd.(a) |
| 183,640 | 347,909 | |||||||||
Future Consumer Ltd.(a) |
| 198,600 | 129,559 | |||||||||
Future Lifestyle Fashions Ltd. |
| 23,059 | 139,113 | |||||||||
Gayatri Projects Ltd.(a) |
| 49,988 | 105,491 | |||||||||
GE T&D India Ltd. |
| 31,490 | 127,994 | |||||||||
Gillette India Ltd. |
| 3,512 | 321,424 | |||||||||
GMR Infrastructure Ltd.(a) |
| 638,154 | 145,349 | |||||||||
Godfrey Phillips India Ltd. |
| 6,727 | 83,759 | |||||||||
Godrej Industries Ltd. |
| 38,176 | 264,638 | |||||||||
Godrej Properties Ltd.(a) |
| 24,658 | 245,952 | |||||||||
Graphite India Ltd. |
| 24,817 | 143,770 | |||||||||
Great Eastern Shipping Co. Ltd. (The) |
| 26,986 | 102,004 | |||||||||
GRUH Finance Ltd. |
| 75,736 | 263,541 | |||||||||
Gujarat Fluorochemicals Ltd. |
| 13,889 | 177,610 | |||||||||
Gujarat Gas Ltd. |
| 91,410 | 153,001 | |||||||||
Gujarat Mineral Development Corp. Ltd. |
| 60,176 | 65,103 | |||||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. |
| 21,559 | 78,733 | |||||||||
Gujarat Pipavav Port Ltd. |
| 111,598 | 127,090 | |||||||||
Gujarat State Petronet Ltd. |
| 71,495 | 158,065 | |||||||||
HEG Ltd. |
| 3,264 | 93,680 | |||||||||
Hexaware Technologies Ltd. |
| 41,580 | 207,356 | |||||||||
IDFC First Bank Ltd.(a) |
| 892,656 | 561,626 | |||||||||
IDFC Ltd. |
| 384,044 | 197,351 | |||||||||
IIFL Holdings Ltd. |
| 41,719 | 192,887 | |||||||||
India Cements Ltd. (The) |
| 91,114 | 112,281 | |||||||||
Indiabulls Real Estate Ltd.(a) |
| 98,920 | 97,979 | |||||||||
Indiabulls Ventures Ltd. |
| 66,371 | 260,907 | |||||||||
Indian Bank(a) |
| 43,435 | 137,158 | |||||||||
Indian Hotels Co. Ltd. (The) |
| 216,176 | 421,555 | |||||||||
Indraprastha Gas Ltd. |
| 92,626 | 381,306 | |||||||||
Info Edge India Ltd. |
| 26,605 | 669,424 | |||||||||
Inox Leisure Ltd.(a) |
| 25,878 | 100,945 | |||||||||
Ipca Laboratories Ltd. |
| 19,596 | 223,108 | |||||||||
IRB Infrastructure Developers Ltd. |
| 61,616 | 116,300 | |||||||||
Jain Irrigation Systems Ltd. |
| 133,860 | 106,992 | |||||||||
Jammu & Kashmir Bank Ltd. (The)(a) |
| 124,274 | 67,268 | |||||||||
Jindal Steel & Power Ltd.(a) |
| 166,268 | 366,660 | |||||||||
JK Cement Ltd. |
| 10,329 | 105,343 | |||||||||
JM Financial Ltd. |
| 94,136 | 102,704 | |||||||||
JSW Energy Ltd.(a) |
| 144,004 | 130,487 | |||||||||
Jubilant Foodworks Ltd. |
| 27,955 | 498,661 | |||||||||
Jubilant Life Sciences Ltd. |
| 30,820 | 339,502 | |||||||||
Just Dial Ltd.(a) |
| 15,739 | 114,492 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Kajaria Ceramics Ltd. | 28,387 | $ | 216,296 | |||||
Karnataka Bank Ltd. (The) | 80,311 | 126,745 | ||||||
Karur Vysya Bank Ltd. (The) | 139,913 | 136,026 | ||||||
Kaveri Seed Co. Ltd. | 12,734 | 72,947 | ||||||
KEC International Ltd. | 30,264 | 112,331 | ||||||
KPIT Engineering Ltd.(a) | 69,401 | 78,147 | ||||||
KRBL Ltd. | 23,173 | 114,682 | ||||||
Lakshmi Machine Works Ltd. | 1,614 | 130,165 | ||||||
Laurus Labs Ltd.(b) | 20,772 | 97,382 | ||||||
Magma Fincorp Ltd. | 64,061 | 92,228 | ||||||
Mahanagar Gas Ltd. | 18,600 | 235,121 | ||||||
Mahindra CIE Automotive Ltd.(a) | 48,829 | 159,957 | ||||||
Manappuram Finance Ltd. | 189,237 | 300,778 | ||||||
Max Financial Services Ltd.(a) | 55,778 | 309,489 | ||||||
Minda Industries Ltd. | 29,812 | 134,838 | ||||||
Mindtree Ltd. | 42,264 | 540,019 | ||||||
MOIL Ltd. | 43,010 | 86,744 | ||||||
Motilal Oswal Financial Services Ltd. | 16,888 | 133,760 | ||||||
Mphasis Ltd. | 38,962 | 570,355 | ||||||
Muthoot Finance Ltd. | 42,397 | 314,731 | ||||||
Natco Pharma Ltd. | 39,534 | 319,935 | ||||||
National Aluminium Co. Ltd. | 208,272 | 148,021 | ||||||
NBCC India Ltd. | 196,716 | 146,169 | ||||||
NCC Ltd./India | 185,529 | 223,283 | ||||||
NIIT Technologies Ltd. | 13,085 | 242,967 | ||||||
Oberoi Realty Ltd. | 23,867 | 166,219 | ||||||
Odisha Cement Ltd.(a) | 21,660 | 351,183 | ||||||
PC Jeweller Ltd. | 69,858 | 69,390 | ||||||
Persistent Systems Ltd. | 18,053 | 166,300 | ||||||
Pfizer Ltd./India | 5,152 | 234,500 | ||||||
Phoenix Mills Ltd. (The) | 25,021 | 219,337 | ||||||
PI Industries Ltd. | 25,411 | 329,507 | ||||||
PNB Housing Finance Ltd.(b) | 24,708 | 311,255 | ||||||
Power Finance Corp. Ltd. | 270,613 | 426,695 | ||||||
Prestige Estates Projects Ltd. | 55,895 | 161,808 | ||||||
PVR Ltd. | 13,870 | 293,015 | ||||||
Quess Corp. Ltd.(a)(b) | 17,149 | 172,632 | ||||||
Radico Khaitan Ltd. | 22,515 | 114,749 | ||||||
Rain Industries Ltd. | 36,126 | 46,144 | ||||||
Rajesh Exports Ltd. | 32,857 | 267,979 | ||||||
Ramco Cements Ltd. (The) | 29,677 | 279,929 | ||||||
Raymond Ltd. | 12,027 | 129,822 | ||||||
RBL Bank Ltd.(b) | 129,205 | 1,049,698 | ||||||
Redington India Ltd. | 109,389 | 130,188 | ||||||
Reliance Capital Ltd. | 45,596 | 110,743 | ||||||
Reliance Communications Ltd.(a) | 282,146 | 25,784 | ||||||
Reliance Infrastructure Ltd. | 56,755 | 97,988 | ||||||
Reliance Power Ltd.(a) | 273,896 | 41,397 | ||||||
Repco Home Finance Ltd. | 16,410 | 77,278 | ||||||
Sadbhav Engineering Ltd. | 50,092 | 134,163 | ||||||
Sanofi India Ltd. | 3,021 | 253,573 | ||||||
Shankara Building Products Ltd. | 5,942 | 35,818 | ||||||
Sobha Ltd. | 18,957 | 116,738 | ||||||
Spencer’s Retail Ltd.(a)(d) | 19,481 | 39,030 | ||||||
SpiceJet Ltd.(a) | 66,189 | 74,307 | ||||||
SRF Ltd. | 6,056 | 195,419 | ||||||
Sterlite Technologies Ltd. | 42,751 | 145,216 | ||||||
Strides Pharma Science Ltd. | 20,075 | 118,797 | ||||||
Sun Pharma Advanced Research Co. Ltd.(a) | 41,814 | 104,820 | ||||||
Sundaram Finance Ltd. | 12,712 | 292,572 |
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Sundram Fasteners Ltd. | 26,779 | $ | 195,384 | |||||
Sunteck Realty Ltd. | 24,557 | 119,598 | ||||||
Supreme Industries Ltd. | 16,915 | 271,598 | ||||||
Suzlon Energy Ltd.(a) | 1,519,756 | 122,860 | ||||||
Symphony Ltd. | 8,736 | 158,879 | ||||||
Syngene International Ltd.(b) | 23,497 | 194,976 | ||||||
Tata Chemicals Ltd. | 30,852 | 241,325 | ||||||
Tata Communications Ltd. | 29,766 | 246,954 | ||||||
Tata Elxsi Ltd. | 9,401 | 116,954 | ||||||
Tata Global Beverages Ltd. | 129,650 | 353,079 | ||||||
TeamLease Service Ltd.(a) | 3,867 | 155,058 | ||||||
Thermax Ltd. | 14,520 | 201,888 | ||||||
Thomas Cook India Ltd. | 49,769 | 148,097 | ||||||
TI Financial Holdings Ltd. | 32,377 | 199,425 | ||||||
Time Technoplast Ltd. | 66,055 | 82,051 | ||||||
Timken India Ltd. | 16,724 | 134,142 | ||||||
Torrent Power Ltd. | 55,832 | 190,709 | ||||||
TTK Prestige Ltd. | 1,550 | 165,070 | ||||||
Tube Investments of India Ltd. | 39,355 | 198,086 | ||||||
TV18 Broadcast Ltd.(a) | 258,366 | 122,052 | ||||||
Union Bank of India(a) | 102,992 | 103,750 | ||||||
Varun Beverages Ltd. | 20,202 | 229,809 | ||||||
V-Guard Industries Ltd. | 55,706 | 160,673 | ||||||
Vinati Organics Ltd. | 5,939 | 120,602 | ||||||
VIP Industries Ltd. | 16,545 | 94,895 | ||||||
V-Mart Retail Ltd. | 3,765 | 136,575 | ||||||
Voltas Ltd. | 42,804 | 340,952 | ||||||
WABCO India Ltd. | 2,395 | 229,170 | ||||||
Welspun India Ltd. | 130,953 | 94,910 | ||||||
Whirlpool of India Ltd. | 14,263 | 275,439 | ||||||
Wockhardt Ltd.(a) | 15,405 | 85,768 | ||||||
|
| |||||||
38,862,195 | ||||||||
Indonesia — 2.7% | ||||||||
Ace Hardware Indonesia Tbk PT | 3,185,000 | 397,347 | ||||||
AKR Corporindo Tbk PT | 754,700 | 297,749 | ||||||
Alam Sutera Realty Tbk PT(a) | 6,126,600 | 141,107 | ||||||
Aneka Tambang Tbk | 3,720,300 | 268,428 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 953,000 | 138,877 | ||||||
Bumi Resources Tbk PT(a) | 21,467,300 | 228,903 | ||||||
Ciputra Development Tbk PT | 4,369,763 | 271,800 | ||||||
Delta Dunia Makmur Tbk PT(a) | 1,993,500 | 80,775 | ||||||
Global Mediacom Tbk PT | 3,227,900 | 90,865 | ||||||
Hanson International Tbk PT(a) | 32,695,900 | 232,422 | ||||||
Indika Energy Tbk PT | 818,100 | 113,694 | ||||||
Inti Agri Resources Tbk PT(a) | 13,140,200 | 186,816 | ||||||
Japfa Comfeed Indonesia Tbk PT | 1,980,400 | 315,344 | ||||||
Krakatau Steel Persero Tbk PT(a) | 2,709,000 | 92,049 | ||||||
Kresna Graha Investama Tbk PT(a) | 5,421,100 | 236,999 | ||||||
Link Net Tbk PT | 532,300 | 162,708 | ||||||
Lippo Karawaci Tbk PT | 5,295,300 | 117,443 | ||||||
Matahari Department Store Tbk PT | 1,033,900 | 422,600 | ||||||
Medco Energi Internasional Tbk PT(a) | 3,109,066 | 204,435 | ||||||
Media Nusantara Citra Tbk PT | 2,731,100 | 181,523 | ||||||
Mitra Adiperkasa Tbk PT | 3,567,600 | 268,822 | ||||||
Panin Financial Tbk PT(a) | 6,839,900 | 216,854 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,432,500 | 124,233 | ||||||
Pool Advista Indonesia Tbk PT(a) | 636,400 | 221,219 | ||||||
PP Persero Tbk PT | 1,242,125 | 176,595 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
PP Properti Tbk PT | 12,756,569 | $ | 142,369 | |||||
Ramayana Lestari Sentosa Tbk PT | 1,209,300 | 150,437 | ||||||
Sawit Sumbermas Sarana Tbk PT | 1,839,200 | 142,508 | ||||||
Sentul City Tbk PT(a) | 5,165,800 | 46,269 | ||||||
Sitara Propertindo Tbk PT(a) | 2,911,400 | 165,567 | ||||||
Sri Rejeki Isman Tbk PT | 5,297,700 | 132,560 | ||||||
Sugih Energy Tbk PT(a)(d) | 5,450,300 | 19,372 | ||||||
Summarecon Agung Tbk PT | 4,477,900 | 299,216 | ||||||
Timah Tbk PT | 1,331,796 | 129,700 | ||||||
Trada Alam Minera Tbk PT(a) | 10,442,100 | 135,096 | ||||||
Tunas Baru Lampung Tbk PT | 1,343,200 | 79,250 | ||||||
Waskita Beton Precast Tbk PT | 5,581,400 | 153,149 | ||||||
Waskita Karya Persero Tbk PT | 1,954,800 | 260,547 | ||||||
Wijaya Karya Persero Tbk PT | 1,441,648 | 182,928 | ||||||
|
| |||||||
7,228,575 | ||||||||
Malaysia — 3.2% | ||||||||
Aeon Co. M Bhd | 308,000 | 124,972 | ||||||
AEON Credit Service M Bhd | 44,000 | 178,965 | ||||||
Berjaya Sports Toto Bhd | 339,500 | 197,029 | ||||||
Bermaz Auto Bhd(c) | 373,300 | 201,039 | ||||||
Bumi Armada Bhd(a)(c) | 1,167,100 | 51,661 | ||||||
Bursa Malaysia Bhd | 285,850 | 499,086 | ||||||
Cahya Mata Sarawak Bhd | 248,900 | 194,028 | ||||||
Carlsberg Brewery Malaysia Bhd | 69,000 | 415,714 | ||||||
DRB-Hicom Bhd(c) | 302,600 | 137,664 | ||||||
Eastern & Oriental Bhd(a) | 482,677 | 102,079 | ||||||
Eco World Development Group Bhd(a) | 556,900 | 130,101 | ||||||
FGV Holdings Bhd(a) | 722,200 | 198,909 | ||||||
Globetronics Technology BHD | 247,066 | 116,652 | ||||||
Hengyuan Refining Co. Bhd | 49,800 | 73,233 | ||||||
Hibiscus Petroleum Bhd(a) | 541,800 | 135,900 | ||||||
IGB REIT(c) | 935,300 | 400,202 | ||||||
Inari Amertron Bhd | 1,006,250 | 388,494 | ||||||
Kossan Rubber Industries | 292,000 | 278,608 | ||||||
KPJ Healthcare Bhd | 1,021,400 | 253,686 | ||||||
Lafarge Malaysia Bhd(a)(c) | 209,000 | 96,110 | ||||||
Magnum Bhd | 325,000 | 192,610 | ||||||
Mah Sing Group Bhd | 478,957 | 117,781 | ||||||
Malaysia Building Society Bhd | 714,100 | 182,630 | ||||||
Malaysian Pacific Industries Bhd | 37,300 | 90,349 | ||||||
Malaysian Resources Corp. Bhd(c) | 777,300 | 149,095 | ||||||
My EG Services Bhd | 909,800 | 225,968 | ||||||
OSK Holdings Bhd | 828,080 | 196,507 | ||||||
Padini Holdings Bhd(c) | 164,300 | 155,553 | ||||||
Pos Malaysia Bhd(c) | 186,700 | 88,151 | ||||||
Sapura Energy Bhd(a) | 2,537,400 | 193,433 | ||||||
Scientex BHD | 113,400 | 246,516 | ||||||
Serba Dinamik Holdings Bhd(c) | 292,300 | 283,926 | ||||||
SKP Resources Bhd(c) | 382,000 | 125,877 | ||||||
Sunway Bhd | 750,035 | 298,797 | ||||||
Sunway Construction Group Bhd | 242,020 | 103,557 | ||||||
Sunway REIT | 813,800 | 352,216 | ||||||
Supermax Corp. Bhd | 363,000 | 136,577 | ||||||
TIME dotCom Bhd | 178,800 | 340,760 | ||||||
UMW Holdings Bhd | 124,600 | 177,715 | ||||||
Velesto Energy Bhd(a)(c) | 1,316,400 | 80,930 | ||||||
ViTrox Corp. Bhd | 76,100 | 130,997 | ||||||
VS Industry Bhd(c) | 572,625 | 140,111 | ||||||
WCT Holdings Bhd(c) | 470,415 | 97,750 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 49 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Yinson Holdings BHD(c) | 275,500 | $ | 294,707 | |||||
|
| |||||||
8,576,645 | ||||||||
Mexico — 3.0% | ||||||||
Banco del Bajio SA(b) | 348,200 | 672,564 | ||||||
Bolsa Mexicana de Valores SAB de CV | 170,100 | 354,861 | ||||||
Concentradora Fibra Danhos SA de CV | 150,200 | 214,354 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV(b) | 348,800 | 186,803 | ||||||
Consorcio ARA SAB de CV | 432,300 | 117,332 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(c) | 252,500 | 216,078 | ||||||
Corp Inmobiliaria Vesta SAB de CV | 269,700 | 389,934 | ||||||
Credito Real SAB de CV SOFOM ER | 132,400 | 132,541 | ||||||
Genomma Lab Internacional SAB de CV, Class B(a) | 352,300 | 232,739 | ||||||
Gentera SAB de CV(c) | 442,200 | 363,269 | ||||||
Grupo Aeromexico SAB de CV(a)(c) | 148,100 | 160,016 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 136,700 | 779,286 | ||||||
Grupo Cementos de Chihuahua SAB de CV(c) | 74,600 | 406,458 | ||||||
Grupo Comercial Chedraui SA de CV | 145,700 | 285,282 | ||||||
Grupo Herdez SAB de CV(c) | 100,600 | 222,975 | ||||||
Hoteles City Express SAB de CV(a)(c) | 169,800 | 193,684 | ||||||
Industrias Bachoco SAB de CV, Series B | 84,100 | 326,632 | ||||||
Industrias CH SAB de CV, Series B(a)(c) | 69,997 | 307,456 | ||||||
La Comer SAB de CV(a)(c) | 211,500 | 222,261 | ||||||
Macquarie Mexico Real Estate Management SA de CV(b) | 346,700 | 400,685 | ||||||
PLA Administradora Industrial S. de RL de CV(c) | 331,000 | 490,929 | ||||||
Prologis Property Mexico SA de CV | 148,300 | 272,364 | ||||||
Qualitas Controladora SAB de CV | 75,800 | 194,284 | ||||||
Regional SAB de CV | 93,000 | 483,785 | ||||||
Telesites SAB de CV(a)(c) | 563,200 | 349,560 | ||||||
TV Azteca SAB de CV, CPO(c) | 650,100 | 78,270 | ||||||
Unifin Financiera SAB de CV SOFOM ENR | 48,200 | 112,161 | ||||||
Urbi Desarrollos Urbanos SAB de CV(a) | 1 | — | ||||||
|
| |||||||
8,166,563 | ||||||||
Pakistan — 0.8% | ||||||||
Bank Alfalah Ltd. | 259,850 | 90,901 | ||||||
DG Khan Cement Co. Ltd. | 119,973 | 79,927 | ||||||
Engro Corp. Ltd./Pakistan | 116,300 | 273,821 | ||||||
Engro Fertilizers Ltd. | 220,000 | 116,735 | ||||||
Fauji Cement Co. Ltd. | 328,500 | 50,402 | ||||||
Fauji Fertilizer Co. Ltd. | 200,000 | 154,715 | ||||||
Hub Power Co. Ltd. (The) | 260,400 | 163,309 | ||||||
Indus Motor Co. Ltd. | 5,220 | 46,066 | ||||||
International Steels Ltd. | 81,500 | 37,519 | ||||||
Kot Addu Power Co. Ltd. | 133,000 | 43,271 | ||||||
Lucky Cement Ltd. | 57,050 | 192,256 | ||||||
Millat Tractors Ltd. | 17,610 | 105,125 | ||||||
National Bank of Pakistan(a) | 128,500 | 39,728 | ||||||
Nishat Mills Ltd. | 72,764 | 73,468 | ||||||
Packages Ltd. | 27,850 | 73,645 | ||||||
Pakistan Oilfields Ltd. | 43,850 | 149,030 | ||||||
Pakistan State Oil Co. Ltd. | 87,057 | 140,881 | ||||||
Searle Co. Ltd. (The) | 39,647 | 72,146 | ||||||
SUI Northern Gas Pipeline(a) | 78,300 | 41,327 | ||||||
Thal Ltd. | 15,200 | 49,012 | ||||||
United Bank Ltd./Pakistan | 180,000 | 176,621 | ||||||
|
| |||||||
2,169,905 | ||||||||
Philippines — 1.1% | ||||||||
Bloomberry Resorts Corp. | 1,653,100 | 364,372 | ||||||
Cebu Air Inc. | 92,330 | 150,045 |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Cosco Capital Inc. | 1,307,300 | $ | 198,420 | |||||
D&L Industries Inc. | 1,352,600 | 305,460 | ||||||
DoubleDragon Properties Corp.(a) | 381,510 | 159,331 | ||||||
Filinvest Land Inc. | 5,915,000 | 169,261 | ||||||
First Gen Corp. | 560,900 | 230,455 | ||||||
MacroAsia Corp. | 131,000 | 48,732 | ||||||
Manila Water Co. Inc. | 627,900 | 327,790 | ||||||
Megawide Construction Corp. | 376,700 | 145,669 | ||||||
Petron Corp. | 1,294,000 | 166,879 | ||||||
Pilipinas Shell Petroleum Corp. | 193,800 | 183,421 | ||||||
Vista Land & Lifescapes Inc. | 1,708,800 | 244,492 | ||||||
Wilcon Depot Inc. | 637,500 | 181,932 | ||||||
|
| |||||||
2,876,259 | ||||||||
Poland — 1.1% | ||||||||
Asseco Poland SA | 32,392 | 455,211 | ||||||
Boryszew SA(a) | 48,673 | 58,482 | ||||||
Budimex SA | 5,201 | 158,570 | ||||||
Ciech SA | 12,118 | 190,822 | ||||||
Enea SA(a) | 94,601 | 252,369 | ||||||
Energa SA(a) | 87,586 | 227,165 | ||||||
Eurocash SA(c) | 35,020 | 188,794 | ||||||
Famur SA | 132,225 | 170,771 | ||||||
Grupa Azoty SA(c) | 19,033 | 224,155 | ||||||
KRUK SA | 7,360 | 321,397 | ||||||
PKP Cargo SA(a) | 13,605 | 153,747 | ||||||
PLAY Communications SA(b) | 47,797 | 270,704 | ||||||
Tauron Polska Energia SA(a) | 451,723 | 278,554 | ||||||
Warsaw Stock Exchange | 13,217 | 140,618 | ||||||
|
| |||||||
3,091,359 | ||||||||
Qatar — 1.0% | ||||||||
Doha Bank QPSC | 63,137 | 354,071 | ||||||
Gulf International Services QSC(a) | 35,465 | 136,505 | ||||||
Gulf Warehousing Co. | 14,485 | 166,386 | ||||||
Medicare Group | 6,293 | 114,567 | ||||||
Qatar Gas Transport Co. Ltd. | 114,904 | 628,664 | ||||||
Qatar National Cement Co. QSC | 9,535 | 161,721 | ||||||
Qatar Navigation QSC | 24,108 | 445,162 | ||||||
United Development Co. QSC | 82,215 | 311,272 | ||||||
Vodafone Qatar QSC(a) | 146,779 | 329,655 | ||||||
|
| |||||||
2,648,003 | ||||||||
Russia — 0.9% | ||||||||
Aeroflot PJSC | 231,316 | 340,851 | ||||||
Credit Bank of Moscow PJSC(a) | 3,703,900 | 309,987 | ||||||
Detsky Mir PJSC(b) | 119,810 | 161,671 | ||||||
LSR Group PJSC, GDR(e) | 102,356 | 199,594 | ||||||
M.Video PJSC(a) | 27,830 | 174,000 | ||||||
Mechel PJSC, ADR(a) | 48,587 | 112,722 | ||||||
Raspadskaya OJSC(a) | 63,220 | 149,645 | ||||||
Ros Agro PLC, GDR(e) | 15,452 | 194,392 | ||||||
Safmar Financial Investment | 22,000 | 173,206 | ||||||
Sistema PJSFC, GDR(e) | 69,415 | 207,134 | ||||||
TMK PJSC, GDR(e) | 30,683 | 88,981 | ||||||
Unipro PJSC | 5,879,000 | 241,775 | ||||||
|
| |||||||
2,353,958 | ||||||||
South Africa — 5.5% | ||||||||
Adcock Ingram Holdings Ltd. | 21,766 | 100,625 | ||||||
Advtech Ltd.(c) | 220,253 | 208,347 | ||||||
AECI Ltd. | 44,297 | 308,441 | ||||||
African Rainbow Minerals Ltd. | 44,597 | 532,151 |
50 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Alexander Forbes Group Holdings Ltd. | 369,052 | $ | 121,005 | |||||
Arrowhead Properties Ltd., Class A | 445,237 | 131,101 | ||||||
Ascendis Health Ltd.(a) | 113,615 | 46,707 | ||||||
Astral Foods Ltd. | 17,750 | 205,779 | ||||||
Attacq Ltd. | 238,226 | 266,522 | ||||||
AVI Ltd.(c) | 141,145 | 898,871 | ||||||
Barloworld Ltd. | 86,918 | 779,604 | ||||||
Blue Label Telecoms Ltd.(a) | 172,847 | 56,058 | ||||||
Brait SE(a)(c) | 142,044 | 272,773 | ||||||
Cashbuild Ltd. | 8,328 | 152,818 | ||||||
City Lodge Hotels Ltd. | 15,686 | 140,337 | ||||||
Coronation Fund Managers Ltd. | 87,018 | 263,715 | ||||||
Curro Holdings Ltd.(a)(c) | 75,707 | 134,830 | ||||||
DataTec Ltd.(a) | 89,263 | 199,985 | ||||||
Delta Property Fund Ltd. | 302,262 | 53,960 | ||||||
Dis-Chem Pharmacies Ltd.(b)(c) | 137,693 | 252,666 | ||||||
Emira Property Fund Ltd. | 199,205 | 212,948 | ||||||
EOH Holdings Ltd.(a) | 57,185 | 65,889 | ||||||
Equites Property Fund Ltd. | 151,266 | 216,033 | ||||||
Famous Brands Ltd.(a) | 31,130 | 199,267 | ||||||
Grindrod Ltd.(a) | 195,323 | 115,304 | ||||||
Harmony Gold Mining Co. Ltd.(a) | 191,703 | 403,585 | ||||||
Hosken Consolidated Investments Ltd. | 20,638 | 171,005 | ||||||
Hudaco Industries Ltd. | 14,279 | 127,963 | ||||||
Impala Platinum Holdings Ltd.(a) | 290,090 | 1,242,064 | ||||||
Imperial Logistics Ltd. | 66,239 | 303,540 | ||||||
Invicta Holdings Ltd. | 34,402 | 68,877 | ||||||
JSE Ltd.(c) | 34,327 | 394,370 | ||||||
KAP Industrial Holdings Ltd. | 828,367 | 462,495 | ||||||
Massmart Holdings Ltd. | 44,565 | 276,106 | ||||||
Motus Holdings Ltd.(a) | 66,757 | 429,695 | ||||||
Murray & Roberts Holdings Ltd. | 167,937 | 169,012 | ||||||
Nampak Ltd.(a) | 271,133 | 220,802 | ||||||
Northam Platinum Ltd.(a) | 149,842 | 589,244 | ||||||
Oceana Group Ltd. | 19,395 | 100,700 | ||||||
Omnia Holdings Ltd. | 28,545 | 121,103 | ||||||
Pioneer Foods Group Ltd. | 53,725 | 307,600 | ||||||
PPC Ltd.(a)(c) | 642,204 | 237,515 | ||||||
Reunert Ltd. | 71,565 | 356,298 | ||||||
Royal Bafokeng Platinum Ltd.(a) | 23,393 | 54,073 | ||||||
SA Corporate Real Estate Ltd. | 803,797 | 209,239 | ||||||
Sibanye Gold Ltd.(a) | 760,042 | 831,397 | ||||||
Steinhoff International Holdings NV, Class H(a)(c) | 1,464,685 | 214,598 | ||||||
Sun International Ltd./South Africa(a) | 53,190 | 238,334 | ||||||
Super Group Ltd./South Africa(a) | 147,444 | 353,824 | ||||||
Tongaat Hulett Ltd.(c) | 44,942 | 89,724 | ||||||
Trencor Ltd. | 71,803 | 143,249 | ||||||
Tsogo Sun Holdings Ltd. | 216,995 | 318,547 | ||||||
Vukile Property Fund Ltd. | 283,133 | 405,166 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 20,352 | 172,254 | ||||||
Zeder Investments Ltd. | 404,799 | 121,785 | ||||||
|
| |||||||
15,069,900 | ||||||||
South Korea — 18.1% | ||||||||
Advanced Process Systems Corp.(c) | 5,119 | 128,351 | ||||||
Aekyung Industrial Co. Ltd. | 2,773 | 114,894 | ||||||
Ahnlab Inc. | 2,938 | 132,441 | ||||||
AK Holdings Inc. | 2,318 | 113,355 | ||||||
Amicogen Inc.(a) | 5,734 | 184,557 | ||||||
Ananti Inc.(a)(c) | 12,097 | 226,947 | ||||||
Anterogen Co. Ltd.(a)(c) | 1,691 | 127,347 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Aprogen KIC Inc.(a)(c) | 15,444 | $ | 35,222 | |||||
Aprogen pharmaceuticals Inc.(a) | 54,208 | 118,084 | ||||||
APS Holdings Corp.(a) | 1 | 4 | ||||||
Asiana Airlines Inc.(a) | 45,844 | 172,012 | ||||||
ATGen Co. Ltd.(a)(c) | 12,410 | 152,270 | ||||||
BGF Co. Ltd. | 15,184 | 117,994 | ||||||
BH Co. Ltd.(a)(c) | 11,067 | 191,387 | ||||||
Binex Co. Ltd.(a) | 13,883 | 133,312 | ||||||
Binggrae Co. Ltd.(a) | 3,134 | 195,056 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 16,933 | 342,514 | ||||||
Cafe24 Corp.(a) | 2,669 | 280,260 | ||||||
Caregen Co. Ltd. | 2,119 | 140,551 | ||||||
Chabiotech Co. Ltd.(a) | 1 | 21 | ||||||
Chong Kun Dang Pharmaceutical Corp. | 2,994 | 279,515 | ||||||
CJ CGV Co. Ltd. | 6,343 | 247,866 | ||||||
CJ Freshway Corp. | 3,123 | 87,190 | ||||||
CMG Pharmaceutical Co. Ltd.(a)(c) | 37,426 | 162,722 | ||||||
Com2uSCorp. | 4,161 | 450,618 | ||||||
Cosmax Inc. | 3,291 | 428,676 | ||||||
CrystalGenomics Inc.(a)(c) | 14,794 | 244,659 | ||||||
Dae Hwa Pharmaceutical Co. Ltd. | 6,129 | 118,798 | ||||||
Daea TI Co. Ltd.(c) | 25,335 | 164,665 | ||||||
Daeduck Electronics Co. | 27,946 | 253,445 | ||||||
Daesang Corp. | 9,629 | 236,723 | ||||||
Daewoong Co. Ltd.(a) | 10,672 | 189,775 | ||||||
Daewoong Pharmaceutical Co. Ltd.(a) | 2,014 | 347,396 | ||||||
Daishin Securities Co. Ltd.(a) | 21,000 | 207,255 | ||||||
Daou Technology Inc. | 13,232 | 258,828 | ||||||
DB HiTek Co. Ltd. | 16,581 | 183,545 | ||||||
Dentium Co. Ltd.(a) | 3,210 | 177,810 | ||||||
DIO Corp.(a) | 5,320 | 144,979 | ||||||
Dong-A Socio Holdings Co. Ltd.(a) | 1,993 | 191,379 | ||||||
Dong-A ST Co. Ltd. | 2,349 | 215,121 | ||||||
Dongjin Semichem Co. Ltd.(a) | 14,991 | 135,288 | ||||||
DongKook Pharmaceutical Co. Ltd. | 2,952 | 150,920 | ||||||
Dongkuk Steel Mill Co. Ltd.(a) | 26,692 | 194,607 | ||||||
Dongsuh Cos. Inc. | 14,892 | 261,507 | ||||||
Dongsung Pharmaceutical Co. Ltd.(a) | 7,906 | 125,124 | ||||||
Dongwon F&B Co. Ltd. | 541 | 130,837 | ||||||
Dongwon Industries Co. Ltd. | 721 | 144,238 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(a)(c) | 33,731 | 248,326 | ||||||
Doosan Infracore Co. Ltd.(a)(c) | 57,913 | 391,854 | ||||||
DoubleUGames Co. Ltd. | 3,773 | 205,641 | ||||||
Douzone Bizon Co. Ltd. | 8,342 | 315,226 | ||||||
Duk San Neolux Co. Ltd.(a) | 5,558 | 93,399 | ||||||
Easy Bio Inc.(a)(c) | 23,172 | 126,295 | ||||||
Ecopro Co. Ltd.(a) | 8,109 | 234,323 | ||||||
Enzychem Lifesciences Corp.(a) | 2,826 | 241,719 | ||||||
Eo Technics Co Ltd.(a) | 4,233 | 221,680 | ||||||
Esmo Corp.(a)(c) | 18,511 | 106,323 | ||||||
Eugene Corp.(c) | 19,838 | 118,178 | ||||||
F&F Co. Ltd. | 2,641 | 154,510 | ||||||
Feelux Co. Ltd.(a) | 17,273 | 180,455 | ||||||
Foosung Co. Ltd.(a)(c) | 24,646 | 178,594 | ||||||
Gamevil Inc.(a) | 1,968 | 92,914 | ||||||
GemVax & Kael Co. Ltd.(a) | 13,203 | 170,804 | ||||||
Genexine Co. Ltd.(a) | 5,711 | 439,737 | ||||||
Grand Korea Leisure Co. Ltd. | 13,818 | 289,948 | ||||||
Green Cross Cell Corp. | 2,438 | 115,971 | ||||||
Green Cross Corp./South Korea | 2,532 | 339,941 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 51 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
South Korea (continued) | ||||||||
Green Cross Holdings Corp. | 12,270 | $ | 285,285 | |||||
Green Cross LabCell Corp. | 2,032 | 86,180 | ||||||
GS Home Shopping Inc. | 1,439 | 235,419 | ||||||
G-treeBNT Co. Ltd.(a)(c) | 9,233 | 248,742 | ||||||
Halla Holdings Corp.(c) | 4,018 | 155,583 | ||||||
Hana Tour Service Inc. | 4,308 | 267,359 | ||||||
Hanall Biopharma Co. Ltd.(a) | 12,293 | 406,597 | ||||||
Handsome Co. Ltd. | 6,513 | 212,815 | ||||||
Hanil Cement Co. Ltd./New(c) | 952 | 121,042 | ||||||
Hanil Holdings Co. Ltd. | 726 | 38,537 | ||||||
Hanjin Kal Corp.(a)(c) | 18,757 | 425,272 | ||||||
Hanjin Transportation Co. Ltd.(a) | 3,158 | 119,755 | ||||||
Hankook Tire Worldwide Co. Ltd. | 12,422 | 180,029 | ||||||
Hansae Co. Ltd. | 8,351 | 179,316 | ||||||
Hansol Chemical Co. Ltd. | 4,087 | 327,047 | ||||||
Hanssem Co. Ltd. | 4,516 | 360,573 | ||||||
Hanwha Aerospace Co. Ltd.(a) | 15,352 | 449,763 | ||||||
Hanwha General Insurance Co. Ltd. | 26,998 | 129,865 | ||||||
Hanwha Investment & Securities Co. Ltd.(a) | 60,737 | 123,127 | ||||||
Harim Holdings Co. Ltd. | 17,470 | 191,833 | ||||||
HDC Holdings Co. Ltd.(a) | 15,469 | 274,390 | ||||||
Hite Jinro Co. Ltd.(a) | 14,464 | 227,628 | ||||||
HLB Life Science Co. Ltd.(a)(c) | 15,239 | 257,438 | ||||||
HS Industries Co. Ltd.(a) | 21,134 | 147,884 | ||||||
Huchems Fine Chemical Corp. | 9,329 | 182,068 | ||||||
Hugel Inc.(a) | 1,032 | 321,886 | ||||||
Huons Co. Ltd.(c) | 2,440 | 159,022 | ||||||
Huons Global Co. Ltd. | 2,566 | 98,789 | ||||||
Hyosung Advanced Materials Corp.(a) | 1,320 | 137,903 | ||||||
Hyosung Chemical Corp. | 906 | 122,846 | ||||||
Hyosung Corp. | 3,872 | 258,202 | ||||||
Hyosung Heavy Industries Corp.(a) | 2,592 | 101,403 | ||||||
Hyosung TNC Co. Ltd. | 1,212 | 181,040 | ||||||
Hyundai Construction Equipment Co. Ltd.(c) | 5,053 | 241,710 | ||||||
Hyundai Electric & Energy System Co. Ltd.(a) | 4,656 | 125,849 | ||||||
Hyundai Elevator Co. Ltd.(a) | 6,303 | 534,077 | ||||||
Hyundai Greenfood Co. Ltd. | 22,901 | 283,030 | ||||||
Hyundai Home Shopping Network Corp. | 3,061 | 296,656 | ||||||
Hyundai Livart Furniture Co. Ltd. | 7,169 | 133,538 | ||||||
Hyundai Merchant Marine Co. Ltd.(a) | 108,370 | 385,418 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 10,183 | 563,157 | ||||||
Hyundai Rotem Co. Ltd.(a) | 12,561 | 289,259 | ||||||
Hyundai Wia Corp. | 6,917 | 267,221 | ||||||
Iljin Materials Co. Ltd.(a)(c) | 8,768 | 317,681 | ||||||
Ilyang Pharmaceutical Co. Ltd.(a) | 8,144 | 215,421 | ||||||
InBody Co. Ltd. | 5,254 | 110,714 | ||||||
Innocean Worldwide Inc. | 3,805 | 236,480 | ||||||
Innox Advanced Materials Co. Ltd.(a) | 3,101 | 141,443 | ||||||
Inscobee Inc.(a) | 35,531 | 181,651 | ||||||
iNtRON Biotechnology Inc.(a) | 10,124 | 185,431 | ||||||
IS Dongseo Co. Ltd.(c) | 7,010 | 205,993 | ||||||
It’s Hanbul Co. Ltd.(a) | 3,763 | 104,388 | ||||||
Jayjun Cosmetic Co. Ltd.(a)(c) | 9,338 | 92,990 | ||||||
JB Financial Group Co. Ltd. | 62,878 | 332,084 | ||||||
Jeil Pharmaceutical Co. Ltd. | 2,549 | 102,327 | ||||||
Jeju Air Co. Ltd. | 3,389 | 113,750 | ||||||
Jenax Inc.(a) | 7,453 | 75,213 | ||||||
Jin Air Co. Ltd.(a) | 5,765 | 109,180 | ||||||
Jusung Engineering Co. Ltd.(c) | 19,133 | 122,654 | ||||||
JW Holdings Corp. | 17,088 | 111,216 |
Security | Shares | Value | ||||||
| ||||||||
South Korea (continued) | ||||||||
JW Pharmaceutical Corp. | 6,062 | $ | 225,836 | |||||
JYP Entertainment Corp. | 11,402 | 288,928 | ||||||
KEPCO Engineering & Construction Co. Inc.(a) | 5,829 | 136,824 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(a) | 9,745 | 313,656 | ||||||
Kginicis Co. Ltd.(c) | 7,732 | 99,340 | ||||||
KIWOOM Securities Co. Ltd.(a)(c) | 5,170 | 372,339 | ||||||
Koh Young Technology Inc. | 4,845 | 347,210 | ||||||
Kolmar BNH Co. Ltd.(a) | 5,950 | 155,535 | ||||||
Kolmar Korea Holdings Co. Ltd.(a)(c) | 4,072 | 132,330 | ||||||
Kolon Corp. | 3,420 | 105,972 | ||||||
Kolon Industries Inc. | 7,335 | 352,174 | ||||||
Kolon Life Science Inc.(a) | 3,256 | 247,522 | ||||||
Komipharm International Co. Ltd.(a) | 16,817 | 355,868 | ||||||
Korea Kolmar Co. Ltd.(a)(c) | 6,351 | 447,230 | ||||||
Korea Line Corp.(a) | 5,535 | 112,944 | ||||||
Korea Petrochemical Ind. Co Ltd. | 1,397 | 217,369 | ||||||
Korea REIT Co. Ltd. | 87,414 | 197,414 | ||||||
Korean Reinsurance Co. | 43,453 | 350,035 | ||||||
KT Skylife Co. Ltd. | 13,302 | 140,152 | ||||||
Kumho Tire Co. Inc.(a) | 44,741 | 203,278 | ||||||
Kyung Dong Navien Co. Ltd.(c) | 2,758 | 115,622 | ||||||
L&F Co. Ltd. | 5,694 | 172,384 | ||||||
LEENO Industrial Inc. | 4,685 | 219,941 | ||||||
LegoChem Biosciences Inc.(a) | 3,431 | 173,884 | ||||||
LF Corp. | 9,079 | 205,038 | ||||||
LG Hausys Ltd. | 3,141 | 183,204 | ||||||
LG International Corp. | 15,314 | 230,112 | ||||||
LIG Nex1 Co. Ltd. | 4,348 | 150,578 | ||||||
Lock&Lock Co. Ltd. | 9,196 | 155,352 | ||||||
Lotte Chilsung Beverage Co. Ltd.(a) | 169 | 239,368 | ||||||
LOTTE Fine Chemical Co. Ltd. | 7,823 | 337,348 | ||||||
Lotte Food Co. Ltd.(a) | 276 | 161,718 | ||||||
LOTTE Himart Co. Ltd. | 3,773 | 164,211 | ||||||
Lotte Tour Development Co. Ltd.(a) | 3,522 | 44,154 | ||||||
LS Corp. | 7,714 | 414,952 | ||||||
LS Industrial Systems Co. Ltd. | 6,488 | 305,738 | ||||||
Maeil Dairies Co. Ltd.(a) | 1,910 | 134,160 | ||||||
Mando Corp. | 13,775 | 401,725 | ||||||
Medipost Co. Ltd.(a) | 3,299 | 237,591 | ||||||
MeereCo. Inc. | 1,453 | 83,586 | ||||||
Meritz Financial Group Inc. | 19,733 | 224,578 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 21,995 | 432,195 | ||||||
Meritz Securities Co. Ltd.(c) | 127,886 | 522,483 | ||||||
Mezzion Pharma Co. Ltd.(a) | 2,629 | 272,554 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 36,356 | 168,090 | ||||||
Modetour Network Inc. | 6,307 | 134,585 | ||||||
Muhak Co. Ltd. | 8,350 | 106,166 | ||||||
Namhae Chemical Corp.(a) | 10,553 | 114,003 | ||||||
Naturalendo Tech Co. Ltd.(a) | 6,870 | 60,106 | ||||||
Naturecell Co. Ltd.(a)(c) | 17,717 | 215,811 | ||||||
Nexen Tire Corp. | 15,681 | 133,707 | ||||||
NHN Entertainment Corp.(a) | 4,775 | 314,173 | ||||||
NICE Holdings Co. Ltd.(a)(c) | 8,800 | 140,055 | ||||||
NICE Information Service Co. Ltd.(a) | 14,920 | 137,301 | ||||||
NongShim Co. Ltd. | 1,385 | 331,257 | ||||||
NUTRIBIOTECH Co. Ltd. | 5,211 | 77,838 | ||||||
Orion Holdings Corp.(c) | 10,896 | 184,555 | ||||||
Oscotec Inc.(a)(c) | 9,717 | 248,390 | ||||||
Osstem Implant Co. Ltd.(a) | 5,187 | 243,047 | ||||||
Paradise Co. Ltd. | 19,479 | 318,675 |
52 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Partron Co. Ltd. | 19,429 | $ | 171,021 | |||||
Peptron Inc.(a)(c) | 5,781 | 130,814 | ||||||
Pharmicell Co. Ltd.(a) | 23,012 | 247,573 | ||||||
Poongsan Corp. | 8,561 | 242,817 | ||||||
Posco ICT Co. Ltd. | 29,060 | 149,602 | ||||||
Prostemics Co. Ltd.(a) | 8,377 | 46,328 | ||||||
RFHIC Corp. | 5,119 | 131,992 | ||||||
S&T Motiv Co. Ltd. | 4,961 | 159,235 | ||||||
Sam Chun Dang Pharm Co. Ltd. | 5,606 | 253,210 | ||||||
Samjin Pharmaceutical Co. Ltd.(a) | 4,250 | 153,041 | ||||||
Samwha Capacitor Co. Ltd.(c) | 3,451 | 188,398 | ||||||
Samyang Corp. | 2,798 | 157,227 | ||||||
Samyang Foods Co. Ltd. | 1,616 | 93,969 | ||||||
Samyang Holdings Corp. | 1,702 | 127,571 | ||||||
Sangsangin Co. Ltd.(a) | 13,893 | 258,788 | ||||||
Seah Besteel Corp. | 7,792 | 133,712 | ||||||
Seegene Inc.(a) | 10,098 | 193,484 | ||||||
Seoul Semiconductor Co. Ltd.(a) | 16,135 | 340,719 | ||||||
SFA Engineering Corp. | 8,358 | 309,143 | ||||||
Shinsegae International Inc. | 1,055 | 212,932 | ||||||
Silicon Works Co. Ltd.(c) | 5,369 | 205,031 | ||||||
SK Chemicals Co. Ltd.(c) | 3,933 | 257,724 | ||||||
SK Discovery Co. Ltd. | 6,023 | 154,230 | ||||||
SK Gas Ltd. | 2,127 | 152,050 | ||||||
SK Materials Co. Ltd. | 2,325 | 352,874 | ||||||
SK Networks Co. Ltd. | 65,224 | 342,155 | ||||||
SKC Co. Ltd. | 9,107 | 313,364 | ||||||
SKCKOLONPI Inc.(c) | 6,776 | 207,853 | ||||||
SL Corp.(a) | 3,103 | 58,214 | ||||||
SM Entertainment Co. Ltd.(a)(c) | 8,075 | 333,856 | ||||||
Songwon Industrial Co. Ltd. | 6,655 | 121,893 | ||||||
Soulbrain Co. Ltd. | 4,413 | 200,894 | ||||||
SPC Samlip Co. Ltd.(a) | 968 | 98,117 | ||||||
STCUBE(a) | 9,364 | 216,470 | ||||||
Sungwoo Hitech Co. Ltd. | 29,162 | 108,901 | ||||||
Taekwang Industrial Co. Ltd.(a) | 188 | 250,734 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 15,514 | 164,147 | ||||||
Taihan Fiberoptics Co. Ltd.(a)(c) | 27,455 | 123,519 | ||||||
Tego Science Inc.(a) | 1,301 | 45,460 | ||||||
Telcon RF Pharmaceutical Inc.(a) | 27,088 | 195,086 | ||||||
Theragen Etex Co. Ltd.(a)(c) | 12,022 | 129,338 | ||||||
Tokai Carbon Korea Co. Ltd. | 2,201 | 126,029 | ||||||
Tongyang Inc.(a) | 87,637 | 148,438 | ||||||
Tongyang Life Insurance Co. Ltd. | 20,355 | 87,324 | ||||||
Toptec Co. Ltd. | 8,783 | 79,263 | ||||||
Vieworks Co. Ltd.(c) | 3,341 | 101,891 | ||||||
Webzen Inc.(a) | 7,747 | 142,927 | ||||||
WeMade Entertainment Co. Ltd. | 4,363 | 189,696 | ||||||
WONIK IPS Co. Ltd.(a) | 12,842 | 263,189 | ||||||
YG Entertainment Inc.(c) | 4,754 | 177,741 | ||||||
Young Poong Corp.(a) | 240 | 168,578 | ||||||
Youngone Corp.(a) | 10,930 | 341,107 | ||||||
Yuanta Securities Korea Co. Ltd.(a)(c) | 46,118 | 135,111 | ||||||
Yungjin Pharmaceutical Co. Ltd.(a) | 44,694 | 263,467 | ||||||
Yuyang DNU Co. Ltd.(a)(c) | 19,178 | 165,401 | ||||||
|
| |||||||
49,234,911 | ||||||||
Taiwan — 19.0% | ||||||||
AcBel Polytech Inc. | 329,000 | 229,834 | ||||||
Accton Technology Corp. | 196,000 | 690,982 | ||||||
A-DATA Technology Co. Ltd. | 89,000 | 125,939 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Advanced Ceramic X Corp. | 19,000 | $ | 162,055 | |||||
AmTRAN Technology Co. Ltd.(a) | 488,312 | 195,950 | ||||||
Arcadyan Technology Corp. | 50,000 | 148,977 | ||||||
Ardentec Corp. | 178,000 | 173,509 | ||||||
Asia Optical Co. Inc. | 97,000 | 243,316 | ||||||
Asia Pacific Telecom Co. Ltd.(a) | 904,000 | 209,136 | ||||||
ASMedia Technology Inc. | 11,000 | 209,446 | ||||||
ASPEED Technology Inc. | 9,000 | 204,994 | ||||||
BES Engineering Corp. | 693,000 | 179,462 | ||||||
Bizlink Holding Inc. | 45,770 | 295,948 | ||||||
Brighton-Best International Taiwan Inc. | 228,000 | 266,697 | ||||||
Capital Securities Corp. | 972,530 | 292,614 | ||||||
Career Technology MFG. Co. Ltd. | 164,000 | 159,063 | ||||||
Casetek Holdings Ltd. | 70,816 | 110,907 | ||||||
Cathay Real Estate Development Co. Ltd. | 246,300 | 166,059 | ||||||
Center Laboratories Inc. | 95,200 | 242,512 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 49,000 | 110,493 | ||||||
Charoen Pokphand Enterprise | 74,000 | 128,637 | ||||||
Cheng Loong Corp. | 331,000 | 217,250 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 170,000 | 159,082 | ||||||
Chilisin Electronics Corp. | 65,459 | 188,019 | ||||||
China Bills Finance Corp. | 591,000 | 275,563 | ||||||
China General Plastics Corp. | 138,660 | 106,327 | ||||||
ChinaMan-Made Fiber Corp. | 510,595 | 165,406 | ||||||
China Motor Corp. | 344,000 | 270,492 | ||||||
China Petrochemical Development Corp.(a) | 1,126,000 | 400,621 | ||||||
China Steel Chemical Corp. | 69,000 | 302,666 | ||||||
Chin-Poon Industrial Co. Ltd. | 146,000 | 195,448 | ||||||
Chipbond Technology Corp. | 249,000 | 546,115 | ||||||
ChipMOS Technologies Inc. | 130,000 | 107,923 | ||||||
Chlitina Holding Ltd. | 18,000 | 162,592 | ||||||
Chong Hong Construction Co. Ltd. | 81,424 | 229,907 | ||||||
Chroma ATE Inc. | 155,000 | 644,648 | ||||||
Chung Hung Steel Corp.(a) | 433,000 | 169,534 | ||||||
Chunghwa Precision Test Tech Co. Ltd. | 8,000 | 108,134 | ||||||
Cleanaway Co. Ltd. | 57,000 | 324,111 | ||||||
Clevo Co. | 209,000 | 203,387 | ||||||
CMC Magnetics Corp.(a) | 698,000 | 152,180 | ||||||
Compeq Manufacturing Co. Ltd. | 426,000 | 314,207 | ||||||
Concraft Holding Co. Ltd. | 15,980 | 59,192 | ||||||
Coretronic Corp. | 157,400 | 237,303 | ||||||
CSBC Corp. Taiwan(a) | 79,455 | 73,836 | ||||||
CTCI Corp. | 274,000 | 429,120 | ||||||
Cub Elecparts Inc. | 20,008 | 202,833 | ||||||
Darfon Electronics Corp. | 86,000 | 135,805 | ||||||
Darwin Precisions Corp. | 164,000 | 109,772 | ||||||
E Ink Holdings Inc. | 348,000 | 364,661 | ||||||
Elan Microelectronics Corp. | 113,000 | 328,244 | ||||||
Elite Material Co. Ltd. | 113,000 | 349,539 | ||||||
Elite Semiconductor Memory Technology Inc. | 126,000 | 139,607 | ||||||
eMemory Technology Inc. | 29,000 | 261,482 | ||||||
Ennoconn Corp. | 22,000 | 209,446 | ||||||
Epistar Corp. | 406,000 | 360,138 | ||||||
Eternal Materials Co. Ltd. | 510,399 | 423,722 | ||||||
Everlight Electronics Co. Ltd. | 169,000 | 173,522 | ||||||
Far Eastern Department Stores Ltd. | 486,000 | 257,398 | ||||||
Far Eastern International Bank | 935,832 | 328,399 | ||||||
Faraday Technology Corp. | 94,000 | 140,344 | ||||||
Farglory Land Development Co. Ltd. | 150,000 | 179,845 | ||||||
Feng Hsin Steel Co. Ltd. | 215,000 | 413,562 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 53 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Firich Enterprises Co. Ltd. | 99,155 | $ | 138,536 | |||||
FLEXium Interconnect Inc. | 126,418 | 369,275 | ||||||
Foxsemicon Integrated Technology Inc. | 28,200 | 129,654 | ||||||
General Interface Solution Holding Ltd. | 100,000 | 349,292 | ||||||
Genius Electronic Optical Co. Ltd. | 28,000 | 291,131 | ||||||
Getac Technology Corp. | 170,000 | 261,271 | ||||||
Gigabyte Technology Co. Ltd. | 209,000 | 325,284 | ||||||
Ginko International Co. Ltd. | 21,000 | 155,573 | ||||||
Global Unichip Corp. | 35,000 | 240,524 | ||||||
Goldsun Building Materials Co. Ltd. | 670,000 | 194,405 | ||||||
Gourmet Master Co. Ltd. | 38,821 | 292,011 | ||||||
Grand Pacific Petrochemical | 358,000 | 279,756 | ||||||
Grape King Bio Ltd. | 50,000 | 330,609 | ||||||
Great Wall Enterprise Co. Ltd. | 251,466 | 283,524 | ||||||
Greatek Electronics Inc. | 141,000 | 193,794 | ||||||
HannStar Display Corp. | 1,232,320 | 283,890 | ||||||
Holtek Semiconductor Inc. | 73,000 | 173,152 | ||||||
Holy Stone Enterprise Co. Ltd. | 57,050 | 225,223 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 92,192 | 359,464 | ||||||
Hsin Kuang Steel Co. Ltd. | 103,000 | 108,433 | ||||||
HTC Corp.(a) | 291,000 | 347,954 | ||||||
Huaku Development Co. Ltd. | 112,080 | 253,465 | ||||||
Hung Sheng Construction Ltd. | 277,400 | 254,177 | ||||||
International CSRC Investment Holdings Co. | 270,810 | 392,886 | ||||||
International Games System Co. Ltd. | 34,000 | 216,529 | ||||||
ITEQ Corp. | 89,600 | 198,843 | ||||||
Jih Sun Financial Holdings Co. Ltd. | 592,752 | 180,080 | ||||||
Kenda Rubber Industrial Co. Ltd. | 250,341 | 249,719 | ||||||
Kerry TJ Logistics Co. Ltd. | 129,000 | 159,068 | ||||||
Kindom Construction Corp. | 165,000 | 103,204 | ||||||
King Slide Works Co. Ltd. | 28,000 | 304,778 | ||||||
King Yuan Electronics Co. Ltd. | 465,000 | 381,501 | ||||||
King’s Town Bank Co. Ltd. | 331,000 | 354,914 | ||||||
Kinpo Electronics | 656,000 | 252,582 | ||||||
Kinsus Interconnect Technology Corp. | 106,000 | 146,206 | ||||||
LandMark Optoelectronics Corp. | 27,400 | 273,319 | ||||||
Lealea Enterprise Co. Ltd. | 290,590 | 92,720 | ||||||
Lien Hwa Industrial Corp. | 269,494 | 277,143 | ||||||
Long Chen Paper Co. Ltd. | 255,751 | 145,009 | ||||||
Lotes Co. Ltd. | 27,968 | 208,103 | ||||||
Lotus Pharmaceutical Co. Ltd.(a) | 35,000 | 120,547 | ||||||
Lung Yen Life Service Corp. | 80,000 | 165,321 | ||||||
Machvision Inc. | 13,000 | 205,920 | ||||||
Macronix International | 759,000 | 575,850 | ||||||
Makalot Industrial Co. Ltd. | 77,559 | 472,514 | ||||||
Mercuries & Associates Holding Ltd. | 175,436 | 105,456 | ||||||
Mercuries Life Insurance Co. Ltd.(a) | 507,246 | 187,066 | ||||||
Merida Industry Co. Ltd. | 88,000 | 460,351 | ||||||
Merry Electronics Co. Ltd. | 74,224 | 396,726 | ||||||
Mitac Holdings Corp. | 328,509 | 319,153 | ||||||
momo.com Inc. | 18,000 | 143,876 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 204,000 | 185,928 | ||||||
OBI Pharma Inc.(a) | 49,000 | 286,582 | ||||||
On-Bright Electronics Inc. | 14,000 | 86,430 | ||||||
Oriental Union Chemical Corp. | 237,000 | 201,758 | ||||||
Pan Jit International Inc.(a) | 133,000 | 124,243 | ||||||
Pan-International Industrial Corp. | 225,722 | 161,720 | ||||||
Parade Technologies Ltd. | 29,000 | 513,541 | ||||||
PChome Online Inc.(a) | 42,305 | 193,817 | ||||||
PharmaEngine Inc. | 41,756 | 141,102 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
PharmaEssentia Corp.(a) | 70,000 | $ | 386,659 | |||||
Pharmally International Holding Co. Ltd. | 16,851 | 115,255 | ||||||
Pixart Imaging Inc. | 54,635 | 158,349 | ||||||
Poya International Co. Ltd. | 23,453 | 240,043 | ||||||
President Securities Corp. | 422,741 | 185,434 | ||||||
Primax Electronics Ltd. | 159,000 | 300,677 | ||||||
Prince Housing & Development Corp. | 573,917 | 203,262 | ||||||
Qisda Corp. | 694,000 | 448,739 | ||||||
Radiant Opto-Electronics Corp. | 180,000 | 535,733 | ||||||
Radium Life Tech Co. Ltd.(a) | 293,707 | 141,717 | ||||||
Ritek Corp.(a) | 548,218 | 197,723 | ||||||
Roo Hsing Co. Ltd.(a) | 304,000 | 145,202 | ||||||
Run Long Construction Co. Ltd. | 59,000 | 117,707 | ||||||
Sanyang Motor Co. Ltd. | 356,820 | 235,936 | ||||||
ScinoPharm Taiwan Ltd. | 114,708 | 101,005 | ||||||
SDI Corp. | 56,000 | 148,477 | ||||||
Senao International Co. Ltd. | 58,000 | 65,865 | ||||||
Sercomm Corp. | 94,000 | 200,055 | ||||||
Shin Zu Shing Co. Ltd. | 59,000 | 193,622 | ||||||
Shining Building Business Co. Ltd.(a) | 218,300 | 75,187 | ||||||
Shinkong Synthetic Fibers Corp. | 486,135 | 206,923 | ||||||
Sigurd Microelectronics Corp. | 177,000 | 172,534 | ||||||
Silergy Corp. | 28,000 | 504,021 | ||||||
Simplo Technology Co. Ltd. | 71,600 | 508,329 | ||||||
Sinbon Electronics Co. Ltd. | 90,000 | 263,773 | ||||||
Sino-American Silicon Products Inc. | 212,000 | 491,830 | ||||||
Sinyi Realty Inc. | 144,778 | 145,594 | ||||||
Sitronix Technology Corp. | 46,000 | 174,874 | ||||||
Soft-World International Corp. | 48,140 | 112,621 | ||||||
Sporton International Inc. | 30,330 | 165,563 | ||||||
St. Shine Optical Co. Ltd. | 20,000 | 375,611 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 26,000 | 208,666 | ||||||
Supreme Electronics Co. Ltd. | 175,000 | 170,585 | ||||||
TA Chen Stainless Pipe | 347,188 | 496,362 | ||||||
Taichung Commercial Bank Co. Ltd. | 1,174,400 | 406,393 | ||||||
TaiDoc Technology Corp. | 22,000 | 127,240 | ||||||
Tainan Spinning Co. Ltd. | 577,190 | 229,739 | ||||||
Taiwan Cogeneration Corp. | 206,000 | 172,690 | ||||||
Taiwan Fertilizer Co. Ltd. | 342,000 | 500,057 | ||||||
Taiwan Glass Industry Corp. | 486,000 | 215,551 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 135,004 | 221,084 | ||||||
Taiwan Paiho Ltd. | 102,050 | 214,535 | ||||||
Taiwan Secom Co. Ltd. | 149,450 | 419,556 | ||||||
Taiwan Semiconductor Co. Ltd. | 91,000 | 164,102 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 155,640 | 193,687 | ||||||
Taiwan Styrene Monomer | 218,000 | 172,833 | ||||||
Taiwan TEA Corp. | 414,000 | 214,557 | ||||||
Taiwan Union Technology Corp. | 90,000 | 293,893 | ||||||
TCI Co. Ltd. | 31,181 | 476,684 | ||||||
Teco Electric and Machinery Co. Ltd. | 799,000 | 494,564 | ||||||
Test Research Inc. | 62,000 | 103,345 | ||||||
Ton Yi Industrial Corp. | 510,000 | 221,224 | ||||||
Tong Hsing Electronic Industries Ltd. | 60,000 | 206,651 | ||||||
Tong Yang Industry Co. Ltd. | 139,133 | 173,597 | ||||||
Topco Scientific Co. Ltd. | 82,000 | 203,824 | ||||||
TPK Holding Co. Ltd. | 131,000 | 222,615 | ||||||
Transcend Information Inc. | 117,000 | 261,550 | ||||||
Tripod Technology Corp. | 183,000 | 560,717 | ||||||
TSRC Corp. | 291,000 | 267,111 | ||||||
TTY Biopharm Co. Ltd. | 103,450 | 274,621 |
54 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Tung Ho Steel Enterprise Corp. | 454,000 | $ | 302,406 | |||||
TXC Corp. | 154,000 | 169,880 | ||||||
U-Ming Marine Transport Corp. | 208,000 | 207,821 | ||||||
Unimicron Technology Corp. | 530,000 | 415,024 | ||||||
Unitech Printed Circuit Board Corp. | 216,420 | 142,398 | ||||||
United Integrated Services Co. Ltd. | 74,400 | 252,621 | ||||||
United Renewable Energy Co. Ltd.(a) | 865,563 | 246,086 | ||||||
UPC Technology Corp. | 357,458 | 153,313 | ||||||
USI Corp. | 581,070 | 232,228 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 71,425 | 165,703 | ||||||
Voltronic Power Technology Corp. | 24,077 | 448,268 | ||||||
Wafer Works Corp. | 209,681 | 269,114 | ||||||
Wah Lee Industrial Corp. | 126,000 | 213,299 | ||||||
Walsin Lihwa Corp. | 1,117,000 | 658,735 | ||||||
Waterland Financial Holdings Co. Ltd. | 1,211,178 | 397,475 | ||||||
Win Semiconductors Corp. | 1 | 6 | ||||||
Wistron NeWeb Corp. | 121,481 | 310,250 | ||||||
WT Microelectronics Co. Ltd. | 218,757 | 285,028 | ||||||
XinTec Inc.(a) | 67,000 | 87,079 | ||||||
Xxentria Technology Materials Corp. | 61,000 | 145,481 | ||||||
Yang Ming Marine Transport Corp.(a) | 478,820 | 143,600 | ||||||
YFY Inc. | 640,000 | 252,660 | ||||||
Yieh Phui Enterprise Co. Ltd. | 630,782 | 207,005 | ||||||
Yulon Finance Corp. | 52,000 | 174,874 | ||||||
Yulon Motor Co. Ltd. | 390,000 | 239,501 | ||||||
YungShin Global Holding Corp. | 155,200 | 208,016 | ||||||
Yungtay Engineering Co. Ltd. | 152,000 | 294,848 | ||||||
|
| |||||||
51,621,886 | ||||||||
Thailand — 3.9% | ||||||||
Amata Corp. PCL, NVDR(c) | 274,600 | 189,094 | ||||||
Bangchak Corp. PCL, NVDR | 254,100 | 266,095 | ||||||
Bangkok Airways PCL, NVDR(c) | 511,600 | 199,688 | ||||||
Bangkok Chain Hospital PCL, NVDR(c) | 671,700 | 347,440 | ||||||
Bangkok Land PCL, NVDR | 3,794,200 | 198,665 | ||||||
Beauty Community PCL, NVDR | 940,900 | 204,527 | ||||||
Carabao Group PCL, NVDR | 94,900 | 165,633 | ||||||
CH Karnchang PCL, NVDR | 376,300 | 304,503 | ||||||
Chularat Hospital PCL, NVDR | 2,539,000 | 148,251 | ||||||
CK Power PCL, NVDR | 920,700 | 144,332 | ||||||
Eastern Polymer Group PCL, NVDR | 691,500 | 162,383 | ||||||
Esso Thailand PCL, NVDR | 537,700 | 185,988 | ||||||
GFPT PCL, NVDR | 335,200 | 154,237 | ||||||
Gunkul Engineering PCL, NVDR(c) | 1,662,583 | 171,996 | ||||||
Hana Microelectronics PCL, NVDR | 265,300 | 300,975 | ||||||
Italian-Thai Development PCL, | 2,059,700 | 158,175 | ||||||
Jasmine International PCL, NVDR | 1,942,800 | 369,910 | ||||||
KCE Electronics PCL, NVDR(c) | 245,700 | 214,415 | ||||||
Khon Kaen Sugar Industry PCL, | 1,394,030 | 139,790 | ||||||
Kiatnakin Bank PCL, NVDR | 210,132 | 470,109 | ||||||
LPN Development PCL, NVDR(c) | 459,700 | 102,115 | ||||||
Major Cineplex Group PCL, NVDR | 363,000 | 319,659 | ||||||
MBK PCL, NVDR | 200,600 | 138,136 | ||||||
Mega Lifesciences PCL, NVDR | 121,500 | 128,199 | ||||||
PTG Energy PCL, NVDR(c) | 358,700 | 114,966 | ||||||
Quality Houses PCL, NVDR | 3,051,667 | 296,330 | ||||||
Siam Global House PCL, NVDR(c) | 719,028 | 433,527 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 377,400 | 119,163 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR(a) | 358,628 | 253,785 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 356,080 | 179,664 | ||||||
Srisawad Corp PCL, NVDR(c) | 247,943 | 395,371 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Supalai PCL, NVDR(c) | 463,800 | $ | 288,472 | |||||
Super Energy Corp. PCL, NVDR(a) | 6,239,800 | 116,826 | ||||||
Taokaenoi Food & Marketing PCL, NVDR(c) | 308,600 | 106,743 | ||||||
Thai Airways International PCL, NVDR(a)(c) | 417,500 | 173,558 | ||||||
Thai Vegetable Oil PCL, NVDR | 290,600 | 265,125 | ||||||
Thaicom PCL, NVDR | 372,600 | 87,497 | ||||||
Thanachart Capital PCL, NVDR | 336,000 | 594,431 | ||||||
Tisco Financial Group PCL, NVDR | 160,840 | 446,601 | ||||||
TTW PCL, NVDR | 1,038,100 | 418,370 | ||||||
U City PCL, NVDR(a)(c) | 1,306,800 | 104,503 | ||||||
VGI Global Media PCL, NVDR(c) | 1,295,100 | 320,564 | ||||||
Vibhavadi Medical Center PCL, NVDR | 2,195,800 | 133,786 | ||||||
WHA Corp. PCL, NVDR(c) | 3,601,700 | 480,036 | ||||||
Workpoint Entertainment PCL, NVDR(c) | 102,000 | 84,157 | ||||||
|
| |||||||
10,597,790 | ||||||||
Turkey — 1.3% |
| |||||||
AG Anadolu Grubu Holding AS(c) | 48,165 | 122,986 | ||||||
Aygaz AS | 50,486 | 108,279 | ||||||
Coca-Cola Icecek AS | 36,436 | 229,518 | ||||||
Dogan Sirketler Grubu Holding AS(a) | 450,890 | 95,520 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 880,496 | 252,561 | ||||||
Enerjisa Enerji AS(b) | 189,900 | 201,506 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(c) | 356,321 | 177,025 | ||||||
Koza Altin Isletmeleri AS(a) | 21,721 | 199,455 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri | 82,820 | 91,763 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b) | 16,963 | 131,977 | ||||||
MLP Saglik Hizmetleri AS(a)(b)(c) | 36,879 | 96,104 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 5,492 | 122,525 | ||||||
Pegasus Hava Tasimaciligi AS(a) | 9,365 | 51,794 | ||||||
Sasa Polyester Sanayi AS(a)(c) | 58,153 | 93,651 | ||||||
Soda Sanayii AS | 192,128 | 274,469 | ||||||
Sok Marketler Ticaret AS(a)(c) | 95,585 | 191,027 | ||||||
Tekfen Holding AS | 92,212 | 456,392 | ||||||
Trakya Cam Sanayii AS | 242,824 | 175,267 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 906,926 | 142,823 | ||||||
Ulker Biskuvi Sanayi AS | 82,038 | 298,068 | ||||||
|
| |||||||
3,512,710 | ||||||||
United Arab Emirates — 0.6% |
| |||||||
Air Arabia PJSC | 1,088,711 | 280,996 | ||||||
Amanat Holdings PJSC | 673,856 | 183,462 | ||||||
Arabtec Holding PJSC | 285,404 | 167,839 | ||||||
Deyaar Development PJSC(a) | 1,063,003 | 103,898 | ||||||
Drake & Scull International PJSC(a)(d) | 241,185 | 20,770 | ||||||
Dubai Financial Market PJSC | 1,103,900 | 252,157 | ||||||
Dubai Investments PJSC | 882,498 | 307,541 | ||||||
DXB Entertainments PJSC(a) | 1,680,393 | 120,322 | ||||||
Eshraq Properties Co. PJSC(a) | 868,661 | 103,586 | ||||||
|
| |||||||
1,540,571 | ||||||||
|
| |||||||
Total Common Stocks — 97.9% |
| 265,653,191 | ||||||
|
| |||||||
Preferred Stocks |
| |||||||
Brazil — 1.6% |
| |||||||
Alpargatas SA, Preference Shares, NVS | 67,800 | 346,751 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 29,416 | 143,384 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS | 75,500 | 503,300 |
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 55 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Bradespar SA, Preference Shares, NVS | 93,700 | $ | 720,068 | |||||
Cia. de Gas de Sao Paulo - COMGAS, Class A, Preference Shares, NVS | 11,460 | 247,764 | ||||||
Cia. de Saneamento do Parana, Preference Shares, NVS | 38,000 | 138,615 | ||||||
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS | 79,000 | 507,673 | ||||||
Cia. Paranaense de Energia, Preference Shares, NVS | 42,800 | 407,885 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS | 43,800 | 311,368 | ||||||
Marcopolo SA, Preference Shares, NVS | 226,069 | 244,138 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 279,700 | 535,497 | ||||||
Randon SA Implemetos e Participacoes, Preference Shares, NVS | 76,625 | 197,168 | ||||||
|
| |||||||
4,303,611 | ||||||||
Chile — 0.1% | ||||||||
Coca-Cola Embonor SA, Class B, Preference Shares | 110,409 | 295,031 | ||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Avianca Holdings SA, Preference Shares, NVS | 146,059 | 88,227 | ||||||
|
| |||||||
Total Preferred Stocks — 1.7% | 4,686,869 | |||||||
|
| |||||||
Rights | ||||||||
China — 0.0% | ||||||||
China Aoyuan Group Ltd. (Expires 03/04/19)(a) | 6,094 | — | ||||||
|
| |||||||
Total Rights — 0.0% | — | |||||||
|
| |||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
Samart Corp. PCL (Expires 05/17/21)(a) | 101,933 | 1,456 | ||||||
|
| |||||||
Total Warrants — 0.0% |
| 1,456 | ||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 6.8% | ||||||||
BlackRock Cash Funds: Institutional, | 18,190,879 | $ | 18,198,155 | |||||
BlackRock Cash Funds: Treasury, | 85,339 | 85,339 | ||||||
|
| |||||||
18,283,494 | ||||||||
|
| |||||||
Total Short-Term Investments — 6.8% |
| 18,283,494 | ||||||
|
| |||||||
Total Investments in Securities — 106.4% |
| 288,625,010 | ||||||
Other Assets, Less Liabilities — (6.4)% |
| (17,286,134 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 271,338,876 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized7-day yield as ofperiod-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of
Section 2(a)(3) of the 1940Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 21,372,298 | (3,181,419) | 18,190,879 | $ | 18,198,155 | $ | 535,497 | (b) | $ | 465 | $ | 692 | ||||||||||||||||
BlackRock Cash Funds: Treasury, | 768,641 | (683,302) | 85,339 | 85,339 | 4,240 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 18,283,494 | $ | 539,737 | $ | 465 | $ | 692 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
56 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging MarketsSmall-Cap ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 265,066,515 | $ | 236,502 | $ | 350,174 | $ | 265,653,191 | ||||||||
Preferred Stocks | 4,686,869 | — | — | 4,686,869 | ||||||||||||
Rights | — | 0 | (a) | — | 0 | (a) | ||||||||||
Warrants | 1,456 | — | — | 1,456 | ||||||||||||
Money Market Funds | 18,283,494 | — | — | 18,283,494 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 288,038,334 | $ | 236,502 | $ | 350,174 | $ | 288,625,010 | |||||||||
|
|
|
|
|
|
|
|
(a) | Rounds to less than $1. |
See notes to consolidated financial statements.
C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S | 57 |
Consolidated Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares Core MSCI Emerging Markets ETF | iShares MSCI BRIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Small-Cap ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 58,441,993,770 | $ | 293,217,786 | $ | 496,418,131 | $ | 270,341,516 | ||||||||
Affiliated(c) | 2,671,449,068 | 1,970,110 | 36,753,341 | 18,283,494 | ||||||||||||
Cash | 15,370,651 | 101,148 | 229,769 | 79,563 | ||||||||||||
Foreign currency, at value(d) | 63,638,653 | 679,165 | 337,648 | 366,503 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 15,252,200 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 247,479,101 | 4,839,848 | 1,906,635 | 1,208,139 | ||||||||||||
Securities lending income — Affiliated | 4,006,184 | 4,901 | 13,101 | 66,320 | ||||||||||||
Capital shares sold | 65,450,068 | — | — | — | ||||||||||||
Dividends | 156,902,194 | 533,702 | 1,252,184 | 657,807 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 61,681,541,889 | 301,346,660 | 536,910,809 | 291,003,342 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 2,544,509,653 | 1,838,861 | 36,651,621 | 18,193,095 | ||||||||||||
Deferred foreign capital gain tax | 30,143,555 | 330,839 | 413,371 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 446,547,799 | 5,238,240 | 1,881,846 | 1,319,891 | ||||||||||||
Variation margin on futures contracts | 3,733,406 | — | — | — | ||||||||||||
Bank borrowings | — | — | 115,011 | — | ||||||||||||
Capital shares redeemed | — | — | — | 7,378 | ||||||||||||
Investment advisory fees | 5,771,855 | 149,972 | 180,922 | 143,631 | ||||||||||||
Professional fees | 6,227 | — | — | — | ||||||||||||
Foreign taxes | 597,633 | — | 337 | 471 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 3,031,310,128 | 7,557,912 | 39,243,108 | 19,664,466 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 58,650,231,761 | $ | 293,788,748 | $ | 497,667,701 | $ | 271,338,876 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 56,348,027,579 | $ | 497,904,809 | $ | 494,427,073 | $ | 303,359,565 | ||||||||
Accumulated earnings (loss) | 2,302,204,182 | (204,116,061 | ) | 3,240,628 | (32,020,689 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 58,650,231,761 | $ | 293,788,748 | $ | 497,667,701 | $ | 271,338,876 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 1,143,600,000 | 7,000,000 | 7,500,000 | 6,050,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 51.29 | $ | 41.97 | $ | 66.36 | $ | 44.85 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 2.05 billion | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 2,359,558,257 | $ | 1,749,320 | $ | 35,511,432 | $ | 16,705,838 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 53,395,332,737 | $ | 268,688,355 | $ | 448,248,748 | $ | 273,103,755 | ||||||||
(c) Investments, at cost — Affiliated | $ | 2,670,561,694 | $ | 1,969,467 | $ | 36,745,236 | $ | 18,276,390 | ||||||||
(d) Foreign currency, at cost | $ | 63,701,738 | $ | 679,056 | $ | 337,163 | $ | 367,113 |
See notes to consolidated financial statements
58 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares Core MSCI Emerging Markets ETF | iShares MSCI BRIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Small-Cap ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 475,826,715 | $ | 1,675,815 | $ | 3,117,196 | $ | 2,229,330 | ||||||||
Dividends — Affiliated | 1,220,705 | 3,625 | 7,867 | 4,240 | ||||||||||||
Interest — Unaffiliated | 161,156 | — | 48 | 7,769 | ||||||||||||
Securities lending income — Affiliated — net(a) | 27,018,948 | 30,496 | 112,770 | 535,497 | ||||||||||||
Foreign taxes withheld | (49,269,463 | ) | (117,088 | ) | (321,054 | ) | (243,724 | ) | ||||||||
Foreign withholding tax claims | 62,273 | — | — | — | ||||||||||||
Other foreign taxes | (581,891 | ) | — | (4,705 | ) | (6,848 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 454,438,443 | 1,592,848 | 2,912,122 | 2,526,264 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 34,791,420 | 681,725 | 1,038,882 | 850,977 | ||||||||||||
Commitment fees | 155,542 | 1,232 | 1,740 | 1,292 | ||||||||||||
Professional fees | 6,227 | — | — | — | ||||||||||||
Mauritius income taxes | 1,113,198 | 12,789 | 14,576 | 8,982 | ||||||||||||
Interest expense | — | 134 | 11 | 2,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 36,066,387 | 695,880 | 1,055,209 | 863,396 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (1,268,740 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 34,797,647 | 695,880 | 1,055,209 | 863,396 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 419,640,796 | 896,968 | 1,856,913 | 1,662,868 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(b) | (793,492,897 | ) | (1,597,748 | ) | (2,772,457 | ) | (8,206,033 | ) | ||||||||
Investments — Affiliated | (34,473 | ) | 1,001 | (2,582 | ) | 465 | ||||||||||
In-kind redemptions — Unaffiliated | — | 1,154,989 | 1,275,648 | 649,908 | ||||||||||||
Futures contracts | 9,519,916 | — | — | — | ||||||||||||
Foreign currency transactions | (2,965,031 | ) | (11,464 | ) | (10,353 | ) | (23,712 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized loss | (786,972,485 | ) | (453,222 | ) | (1,509,744 | ) | (7,579,372 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(c) | 746,034,516 | 8,505,307 | (8,183,695 | ) | (3,293,523 | ) | ||||||||||
Investments — Affiliated | 255,039 | (53 | ) | 3,170 | 692 | |||||||||||
Futures contracts | 1,000,093 | — | — | — | ||||||||||||
Foreign currency translations | 2,261,045 | 24,203 | (3,010 | ) | 5,198 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 749,550,693 | 8,529,457 | (8,183,535 | ) | (3,287,633 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (37,421,792 | ) | 8,076,235 | (9,693,279 | ) | (10,867,005 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 382,219,004 | $ | 8,973,203 | $ | (7,836,366 | ) | $ | (9,204,137 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of securities lending income tax paid of | $ | 1,246,768 | $ | — | $ | — | $ | — | ||||||||
(b) Net of foreign capital gain tax of | $ | 41,618 | $ | — | $ | 2,556 | $ | — | ||||||||
(c) Net of deferred foreign capital gain tax of | $ | (33,129,520 | ) | $ | (368,432 | ) | $ | (523,046 | ) | $ | (23,388 | ) |
See notes to consolidated financial statements.
C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | 59 |
Consolidated Statements of Changes in Net Assets
iShares Core MSCI Emerging Markets ETF | iShares MSCI BRIC ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 419,640,796 | $ | 1,131,105,074 | $ | 896,968 | $ | 4,523,668 | ||||||||||||
Net realized gain (loss) | (786,972,485 | ) | (779,346,985 | ) | (453,222 | ) | 18,799,905 | |||||||||||||
Net change in unrealized appreciation (depreciation) | 749,550,693 | (1,566,053,631 | ) | 8,529,457 | (26,853,985 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 382,219,004 | (1,214,295,542 | ) | 8,973,203 | (3,530,412 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (878,886,503 | ) | (1,110,833,238 | ) | (2,980,864 | ) | (4,984,880 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share | 10,067,173,676 | 14,629,556,824 | 82,732,263 | (48,122,268 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | 9,570,506,177 | 12,304,428,044 | 88,724,602 | (56,637,560 | ) | |||||||||||||||
Beginning of period | 49,079,725,584 | 36,775,297,540 | 205,064,146 | 261,701,706 | ||||||||||||||||
|
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|
|
|
|
| |||||||||||||
End of period | $ | 58,650,231,761 | $ | 49,079,725,584 | $ | 293,788,748 | $ | 205,064,146 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 14 for this prior year information. |
See notes to consolidated financial statements.
60 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Small-Cap ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 1,856,913 | $ | 8,923,956 | $ | 1,662,868 | $ | 6,406,951 | ||||||||||||
Net realized gain (loss) | (1,509,744 | ) | 25,175,395 | (7,579,372 | ) | 13,157,734 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (8,183,535 | ) | (22,402,586 | ) | (3,287,633 | ) | (26,436,641 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,836,366 | ) | 11,696,765 | (9,204,137 | ) | (6,871,956 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (6,767,800 | ) | (10,521,349 | ) | (4,832,530 | ) | (8,416,326 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share | 71,733,687 | (61,967,541 | ) | 23,351,830 | 23,792,902 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | 57,129,521 | (60,792,125 | ) | 9,315,163 | 8,504,620 | |||||||||||||||
Beginning of period | 440,538,180 | 501,330,305 | 262,023,713 | 253,519,093 | ||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||
End of period | $ | 497,667,701 | $ | 440,538,180 | $ | 271,338,876 | $ | 262,023,713 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 14 for this prior year information. |
See notes to consolidated financial statements.
C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | 61 |
Consolidated Financial Highlights
(For a share outstanding throughout each period)
iShares Core MSCI Emerging Markets ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Year Ended 08/31/15 | | | Year Ended 08/31/14 | | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 52.27 | $ | 53.91 | $ | 44.60 | $ | 40.75 | $ | 53.89 | $ | 45.71 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.41 | 1.39 | 1.31 | 1.20 | 1.21 | 1.31 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.53 | ) | (1.61 | ) | 8.95 | 3.58 | (13.26 | ) | 7.78 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.12 | ) | (0.22 | ) | 10.26 | 4.78 | (12.05 | ) | 9.09 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.86 | ) | (1.42 | ) | (0.95 | ) | (0.93 | ) | (1.09 | ) | (0.91 | ) | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.86 | ) | (1.42 | ) | (0.95 | ) | (0.93 | ) | (1.09 | ) | (0.91 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 51.29 | $ | 52.27 | $ | 53.91 | $ | 44.60 | $ | 40.75 | $ | 53.89 | ||||||||||||
|
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|
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| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (0.08 | )%(c) | (0.52 | )% | 23.45 | % | 11.99 | % | (22.61 | )% | 20.05 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.15 | %(d) | 0.14 | % | 0.15 | % | 0.17 | % | 0.18 | % | 0.18 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.14 | %(d) | 0.14 | % | 0.14 | % | 0.17 | % | 0.18 | % | 0.17 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.15 | %(d) | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.69 | %(d) | 2.48 | % | 2.74 | % | 2.93 | % | 2.49 | % | 2.61 | % | ||||||||||||
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|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 58,650,232 | $ | 49,079,726 | $ | 36,775,298 | $ | 16,003,488 | $ | 7,025,331 | $ | 5,669,167 | ||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 4 | %(c) | 6 | % | 4 | % | 10 | % | 7 | % | 8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to consolidated financial statements.
62 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI BRIC ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Year Ended 08/31/15 | | | Year Ended 08/31/14 | | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 41.01 | $ | 42.21 | $ | 33.48 | $ | 30.74 | $ | 41.12 | $ | 34.41 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.18 | 0.68 | 0.70 | 0.64 | 0.77 | 0.89 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.42 | (1.13 | ) | 8.57 | 2.84 | (10.20 | ) | 6.53 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 1.60 | (0.45 | ) | 9.27 | 3.48 | (9.43 | ) | 7.42 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.64 | ) | (0.75 | ) | (0.54 | ) | (0.74 | ) | (0.95 | ) | (0.71 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.64 | ) | (0.75 | ) | (0.54 | ) | (0.74 | ) | (0.95 | ) | (0.71 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 41.97 | $ | 41.01 | $ | 42.21 | $ | 33.48 | $ | 30.74 | $ | 41.12 | ||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 4.07 | %(c) | (1.16 | )% | 28.15 | % | 11.61 | % | (23.19 | )% | 21.73 | % | ||||||||||||
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.70 | %(d) | 0.67 | % | 0.70 | % | 0.73 | % | 0.69 | % | 0.68 | % | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.90 | %(d) | 1.51 | % | 1.96 | % | 2.13 | % | 2.07 | % | 2.38 | % | ||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 293,789 | $ | 205,064 | $ | 261,702 | $ | 182,488 | $ | 196,758 | $ | 411,164 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 7 | %(c) | 22 | % | 24 | % | 20 | % | 9 | % | 10 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to consolidated financial statements.
C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S | 63 |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Asia ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Year Ended 08/31/15 | | | Year Ended 08/31/14 | | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 69.38 | $ | 69.15 | $ | 56.33 | $ | 50.87 | $ | 62.08 | $ | 52.23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.28 | 1.16 | 1.31 | 1.02 | 1.25 | 1.36 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.31 | ) | 0.42 | 12.43 | 5.54 | (11.61 | ) | 9.75 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (2.03 | ) | 1.58 | 13.74 | 6.56 | (10.36 | ) | 11.11 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.99 | ) | (1.35 | ) | (0.92 | ) | (1.10 | ) | (0.85 | ) | (1.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.99 | ) | (1.35 | ) | (0.92 | ) | (1.10 | ) | (0.85 | ) | (1.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 66.36 | $ | 69.38 | $ | 69.15 | $ | 56.33 | $ | 50.87 | $ | 62.08 | ||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (2.80 | )%(c) | 2.22 | % | 24.80 | % | 13.14 | % | (16.86 | )% | 21.54 | %(d) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.50 | %(e) | 0.50 | % | 0.49 | % | 0.66 | % | 0.68 | % | 0.68 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.50 | %(e) | 0.50 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.88 | %(e) | 1.58 | % | 2.16 | % | 1.98 | % | 2.10 | % | 2.36 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 497,668 | $ | 440,538 | $ | 501,330 | $ | 216,863 | $ | 124,637 | $ | 80,706 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 4 | %(c) | 33 | % | 15 | % | 22 | % | 16 | % | 33 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 21.46%. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to consolidated financial statements.
64 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging MarketsSmall-Cap ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Year Ended 08/31/15 | | | Year Ended 08/31/14 | | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 47.64 | $ | 49.23 | $ | 43.27 | $ | 40.06 | $ | 51.37 | $ | 43.78 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.29 | 1.10 | 1.04 | 0.90 | 1.04 | 0.93 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.29 | ) | (1.22 | ) | 5.81 | 3.36 | (11.06 | ) | 7.67 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (2.00 | ) | (0.12 | ) | 6.85 | 4.26 | (10.02 | ) | 8.60 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.79 | ) | (1.47 | ) | (0.89 | ) | (1.05 | ) | (1.29 | ) | (1.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.79 | ) | (1.47 | ) | (0.89 | ) | (1.05 | ) | (1.29 | ) | (1.01 | ) | ||||||||||||
|
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|
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| |||||||||||||
Net asset value, end of period | $ | 44.85 | $ | 47.64 | $ | 49.23 | $ | 43.27 | $ | 40.06 | $ | 51.37 | ||||||||||||
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Total Return | ||||||||||||||||||||||||
Based on net asset value | (4.06 | )%(c) | (0.38 | )% | 16.17 | % | 10.83 | % | (19.77 | )% | 19.92 | %(d) | ||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.69 | %(e) | 0.67 | % | 0.69 | % | 0.71 | % | 0.69 | % | 0.67 | % | ||||||||||||
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Net investment income | 1.33 | %(e) | 2.14 | % | 2.32 | % | 2.20 | % | 2.20 | % | 1.93 | % | ||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 271,339 | $ | 262,024 | $ | 253,519 | $ | 121,151 | $ | 76,120 | $ | 43,666 | ||||||||||||
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Portfolio turnover rate(f) | 15 | %(c) | 39 | % | 19 | % | 24 | % | 23 | % | 20 | % | ||||||||||||
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(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 19.73%. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to consolidated financial statements.
C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S | 65 |
Notes to Consolidated Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
Core MSCI Emerging Markets | Diversified | |
MSCI BRIC | Diversified | |
MSCI Emerging Markets Asia | Diversified | |
MSCI Emerging MarketsSmall-Cap | Diversified |
Basis of Consolidation:The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the consolidated statement of assets and liabilities.
Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.
66 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Consolidated Financial Statements (unaudited) (continued)
The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement��� which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company ( the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | 67 |
Notes to Consolidated Financial Statements (unaudited) (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its consolidated schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the consolidated schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its consolidated schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
68 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Consolidated Financial Statements (unaudited) (continued)
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
Core MSCI Emerging Markets | ||||||||||||||||
Barclays Bank PLC | $ | 51,282,502 | $ | 51,282,502 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 134,539,436 | 134,539,436 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 401,927 | 401,927 | — | — | ||||||||||||
BNP Paribas Securities Corp. | 3,656,790 | 3,656,790 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 257,157,011 | 257,157,011 | — | — | ||||||||||||
Citigroup Global Markets Ltd. | 59,069,180 | 59,069,180 | — | — | ||||||||||||
Credit Suisse Securities (Europe) Ltd. | 28,772,692 | 28,772,692 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 172,832,719 | 172,832,719 | — | — | ||||||||||||
Deutsche Bank AG | 426,700 | 426,700 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 2,917,333 | 2,917,333 | — | — | ||||||||||||
Goldman Sachs & Co. | 302,224,135 | 302,224,135 | — | — | ||||||||||||
Goldman Sachs International | 81,038,705 | 81,038,705 | — | — | ||||||||||||
HSBC Bank PLC | 49,141,935 | 49,141,935 | — | — | ||||||||||||
Jefferies LLC | 5,621,251 | 5,621,251 | — | — | ||||||||||||
JPMorgan Securities LLC | 492,173,936 | 492,173,936 | — | — | ||||||||||||
JPMorgan Securities PLC | 42,340,302 | 42,340,302 | — | — | ||||||||||||
Macquarie Bank Limited | 30,629,277 | 30,629,277 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 12,336,337 | 12,336,337 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 225,231,407 | 225,231,407 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 323,569,905 | 323,569,905 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 34,202,124 | 34,202,124 | — | — | ||||||||||||
SG Americas Securities LLC | 629,842 | 629,842 | — | — | ||||||||||||
State Street Bank & Trust Company | 329,137 | 329,137 | — | — | ||||||||||||
UBS AG | 15,981,438 | 15,981,438 | — | — | ||||||||||||
UBS Ltd. | 12,653,919 | 12,653,919 | — | — | ||||||||||||
UBS Securities LLC | 6,707,014 | 6,707,014 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 6,790,413 | 6,790,413 | — | — | ||||||||||||
Wells Fargo Securities LLC | 6,900,890 | 6,806,144 | — | (94,746 | )(b) | |||||||||||
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$ | 2,359,558,257 | $ | 2,359,463,511 | $ | — | $ | (94,746 | ) | ||||||||
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| |||||||||
MSCI BRIC | ||||||||||||||||
Barclays Bank PLC | $ | 19,147 | $ | 19,147 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 7,902 | 7,902 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 72,643 | 72,643 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 184,560 | 184,560 | — | — | ||||||||||||
Jefferies LLC | 146,946 | 146,946 | — | — | ||||||||||||
JPMorgan Securities LLC | 575,505 | 575,505 | — | — | ||||||||||||
Macquarie Bank Limited | 578,807 | 578,807 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 153,374 | 153,374 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 10,436 | 10,436 | — | — | ||||||||||||
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| |||||||||
$ | 1,749,320 | $ | 1,749,320 | $ | — | $ | — | |||||||||
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| |||||||||
MSCI Emerging Markets Asia | ||||||||||||||||
Barclays Capital Inc. | $ | 1,065,755 | $ | 1,065,755 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 1,367,518 | 1,367,518 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 426,978 | 426,978 | — | — | ||||||||||||
Deutsche Bank AG | 71,752 | 71,752 | — | — | ||||||||||||
HSBC Bank PLC | 18,161 | 18,161 | — | — | ||||||||||||
Jefferies LLC | 82,051 | 82,051 | — | — | ||||||||||||
JPMorgan Securities LLC | 29,915,990 | 29,915,990 | — | — | ||||||||||||
JPMorgan Securities PLC | 58,090 | 58,090 | — | — | ||||||||||||
Macquarie Bank Limited | 1,129,929 | 1,129,929 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 283,919 | 283,919 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 1,071,146 | 1,071,146 | — | — | ||||||||||||
Nomura Securities International Inc. | 20,143 | 20,143 | — | — | ||||||||||||
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| |||||||||
$ | 35,511,432 | $ | 35,511,432 | $ | — | $ | — | |||||||||
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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | 69 |
Notes to Consolidated Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Emerging MarketsSmall-Cap | ||||||||||||||||
Barclays Bank PLC | $ | 214,755 | $ | 214,755 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 204,513 | 204,513 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 940,990 | 940,990 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 2,269,017 | 2,269,017 | — | — | ||||||||||||
Deutsche Bank AG | 44,101 | 44,101 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 408,232 | 408,232 | — | — | ||||||||||||
Goldman Sachs & Co. | 3,587,960 | 3,587,960 | — | — | ||||||||||||
HSBC Bank PLC | 2,412,719 | 2,412,719 | — | — | ||||||||||||
JPMorgan Securities LLC | 987,923 | 987,923 | — | — | ||||||||||||
Macquarie Bank Limited | 1,054,401 | 1,054,401 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 58,898 | 58,898 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 114,890 | 114,890 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 2,916,087 | 2,916,087 | — | — | ||||||||||||
SG Americas Securities LLC | 2,038 | 2,038 | — | — | ||||||||||||
UBS AG | 1,047,948 | 1,047,948 | — | — | ||||||||||||
UBS Securities LLC | 441,366 | 441,366 | — | — | ||||||||||||
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| |||||||||
$ | 16,705,838 | $ | 16,705,838 | $ | — | $ | — | |||||||||
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|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s consolidated statement of assets and liabilities. |
(b) | Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc.. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the consolidated schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the consolidated statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
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Notes to Consolidated Financial Statements (unaudited) (continued)
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Core MSCI Emerging Markets | 0.14 | % | ||
MSCI Emerging Markets Asia | 0.49 |
For its investment advisory services to each of the iShares MSCIBRIC and iShares MSCI Emerging MarketsSmall-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $14 billion | 0.75 | % | ||
Over $14 billion, up to and including $28 billion | 0.68 | |||
Over $28 billion, up to and including $42 billion | 0.61 | |||
Over $42 billion, up to and including $56 billion | 0.54 | |||
Over $56 billion, up to and including $70 billion | 0.47 | |||
Over $70 billion, up to and including $84 billion | 0.41 | |||
Over $84 billion | .0.35 |
Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary(including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
Expense Waivers:The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.14% of average daily net assets.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in its consolidated statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
Core MSCI Emerging Markets | $ | 5,856,522 | ||
MSCI BRIC | 6,936 | |||
MSCI Emerging Markets Asia | 26,637 | |||
MSCI Emerging MarketsSmall-Cap | 105,097 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | 71 |
Notes to Consolidated Financial Statements (unaudited) (continued)
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
Core MSCI Emerging Markets | $ | 24,055,790 | $ | 15,604,888 | ||||
MSCI BRIC | 124,257 | 831,072 | ||||||
MSCI Emerging Markets Asia | 305,727 | 67,223 | ||||||
MSCI Emerging MarketsSmall-Cap | 2,373,037 | 1,318,818 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends — affiliated in the consolidated statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Core MSCI Emerging Markets | $ | 7,801,782,672 | $ | 1,837,422,557 | ||||
MSCI BRIC | 86,242,398 | 16,262,255 | ||||||
MSCI Emerging Markets Asia | 88,403,264 | 17,114,299 | ||||||
MSCI Emerging MarketsSmall-Cap | 60,037,745 | 38,093,250 |
For the six months ended February 28, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Core MSCI Emerging Markets | $ | 3,767,417,056 | $ | — | ||||
MSCI BRIC | 19,138,598 | 8,473,887 | ||||||
MSCI Emerging Markets Asia | 4,767,336 | 9,448,267 | ||||||
MSCI Emerging MarketsSmall-Cap | 5,260,479 | 6,971,180 |
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non-Expiring(a) | Expiring 2019 | Total | |||||||||
Core MSCI Emerging Markets | $ | 1,039,051,226 | $ | — | $ | 1,039,051,226 | ||||||
MSCI BRIC | 216,012,610 | 7,760,558 | 223,773,168 | |||||||||
MSCI Emerging Markets Asia | 34,528,807 | — | 34,528,807 | |||||||||
MSCI Emerging MarketsSmall-Cap | 9,761,132 | — | 9,761,132 |
(a) | Must be utilized prior to losses subject to expiration. |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
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Notes to Consolidated Financial Statements (unaudited) (continued)
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Core MSCI Emerging Markets | $ | 57,066,388,069 | $ | 8,177,056,418 | $ | (4,132,072,932 | ) | $ | 4,044,983,486 | |||||||
MSCI BRIC | 274,791,848 | 43,847,725 | (23,451,677 | ) | 20,396,048 | |||||||||||
MSCI Emerging Markets Asia | 493,370,308 | 71,817,239 | (32,016,075 | ) | 39,801,164 | |||||||||||
MSCI Emerging MarketsSmall-Cap | 303,009,888 | 32,275,831 | (46,660,709 | ) | (14,384,878 | ) |
9. | LINE OF CREDIT |
The Funds, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) theone-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’spro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.
The iShares Core MSCI Emerging Markets ETF did not borrow under the credit agreement during the six months ended February 28, 2019.
For the six months ended ended February 28, 2019, the maximum amount borrowed, the average borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Average Interest Rates | |||||||||
MSCI BRIC | $ | 240,000 | $ | 10,840 | 3.21 | % | ||||||
MSCI Emerging Markets Asia | 115,000 | 635 | 3.49 | |||||||||
MSCI Emerging MarketsSmall-Cap | 2,800,000 | 141,436 | 3.31 |
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s consolidated schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of
N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | 73 |
Notes to Consolidated Financial Statements (unaudited) (continued)
financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its consolidated statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its consolidated schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currencynon-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
Core MSCI Emerging Markets | ||||||||||||||||
Shares sold | 204,600,000 | $ | 10,067,173,676 | 256,800,000 | $ | 14,629,556,824 | ||||||||||
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|
|
|
|
|
| |||||||||
MSCI BRIC | ||||||||||||||||
Shares sold | 2,350,000 | $ | 96,105,672 | 1,450,000 | $ | 67,260,906 | ||||||||||
Shares redeemed | (350,000 | ) | (13,373,409 | ) | (2,650,000 | ) | (115,383,174 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase(decrease) | 2,000,000 | $ | 82,732,263 | (1,200,000 | ) | $ | (48,122,268 | ) | ||||||||
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| |||||||||
MSCI Emerging Markets Asia | ||||||||||||||||
Shares sold | 1,500,000 | $ | 94,065,859 | 2,100,000 | $ | 159,314,183 | ||||||||||
Shares redeemed | (350,000 | ) | (22,332,172 | ) | (3,000,000 | ) | (221,281,724 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase(decrease) | 1,150,000 | $ | 71,733,687 | (900,000 | ) | $ | (61,967,541 | ) | ||||||||
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|
|
|
|
| |||||||||
MSCI Emerging MarketsSmall-Cap | ||||||||||||||||
Shares sold | 1,100,000 | $ | 47,301,251 | 2,450,000 | $ | 129,553,510 | ||||||||||
Shares redeemed | (550,000 | ) | (23,949,421 | ) | (2,100,000 | ) | (105,760,608 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 550,000 | $ | 23,351,830 | 350,000 | $ | 23,792,902 | ||||||||||
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|
|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the consolidated statement of assets and liabilities.
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Notes to Consolidated Financial Statements (unaudited) (continued)
12. | FOREIGN WITHHOLDING TAX CLAIMS |
The iShares Core MSCI Emerging Markets ETF has filed claims to recover taxes withheld by Poland on dividend income on the basis that Poland had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. The Fund has received payments on certain of the claims resulting from a favorable court ruling that the imposition of a withholding tax by a European Union member state on dividends paid to a nonresident company, including the Fund, while exempting domestic funds from such taxes results in discriminatory tax withholding contrary to the free movement of capital. The Fund continues to evaluate developments in Poland for potential impacts to the receivables and payables recorded. Polish withholding tax claims received are disclosed in the statement of operations. Professional fees associated with the filing of tax claims in Poland that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund.
The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the Fund is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc.. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
14. | REGULATIONS-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532,Disclosure Update and Simplification.The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the consolidated statement of assets and liabilities, consolidated statement of changes in net assets and notes to the consolidated financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the consolidated statement of changes in net assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
Core MSCI Emerging Markets | $ | 1,110,833,238 | ||
MSCI BRIC | 4,984,880 | |||
MSCI Emerging Markets Asia | 10,521,349 | |||
MSCI Emerging MarketsSmall-Cap | 8,416,326 |
Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed net investment income | |||
Core MSCI Emerging Markets | $ | 396,725,467 | ||
MSCI BRIC | 1,966,005 | |||
MSCI Emerging Markets Asia | 3,898,199 | |||
MSCI Emerging MarketsSmall-Cap | 377,735 |
15. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.
N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | 75 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Core MSCI Emerging Markets(a) | $ | 0.700665 | $ | — | $ | 0.157958 | $ | 0.858623 | 82 | % | — | % | 18 | % | 100 | % | ||||||||||||||||
MSCI BRIC(a) | 0.500345 | — | 0.140701 | 0.641046 | 78 | — | 22 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Asia(a) | 0.789428 | — | 0.198572 | 0.988000 | 80 | — | 20 | 100 | ||||||||||||||||||||||||
MSCI Emerging MarketsSmall-Cap(a) | 0.630850 | — | 0.161368 | 0.792218 | 80 | — | 20 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
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Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q.The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
G E N E R A L I N F O R M A T I O N | | 77 | |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Equity | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares |
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For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
| This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. | |||
![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX |
▶ | iShares MSCI Emerging Markets ETF | EEM | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
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39 |
Fund Summary as of February 28, 2019 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Investment Objective
TheiShares Currency Hedged MSCI Emerging Markets ETF(the “Fund”) seeks to track the investment results of an index composed of large- andmid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (0.93 | )% | (4.74 | )% | 3.83 | % | (4.74 | )% | 18.12 | % | ||||||||||||||
Fund Market | (0.82 | ) | (4.55 | ) | 3.86 | (4.55 | ) | 18.29 | ||||||||||||||||
Index | (0.83 | ) | (5.27 | ) | 4.26 | (5.27 | ) | 20.34 |
The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a)(b) | | Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a)(b) | | Annualized Expense Ratio |
(a) | ||||||||||
$ | 1,000.00 | $ | 990.70 | $ | 0.00 | $ | 1,000.00 | $ | 1,024.80 | $ | 0.00 | 0.00 | % |
(a) | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
Tables shown are for the underlying fund in which the Fund invests.
ALLOCATION BY SECTOR
|
| |||
Sector | | Percent of Total Investments | (a) | |
Financials | 24.6 | % | ||
Information Technology | 14.5 | |||
Consumer Discretionary | 13.3 | |||
Communication Services | 12.0 | |||
Energy | 8.0 | |||
Materials | 7.4 | |||
Consumer Staples | 6.4 | |||
Industrials | 5.5 | |||
Real Estate | 3.0 | |||
Health Care | 2.7 | |||
Utilities | 2.6 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
|
| |||
Country | | Percent of Total Investments | (a) | |
China | 32.4 | % | ||
South Korea | 13.5 | |||
Taiwan | 11.2 | |||
India | 8.5 | |||
Brazil | 7.6 | |||
South Africa | 6.1 | |||
Russia | 3.7 | |||
Mexico | 2.7 | |||
Thailand | 2.4 | |||
Malaysia | 2.3 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI Emerging Markets ETF |
Investment Objective
TheiShares MSCI Emerging Markets ETF(the “Fund”) seeks to track the investment results of an index composed of large- andmid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 0.09 | % | (10.33 | )% | 3.56 | % | 9.26 | % | (10.33 | )% | 19.10 | % | 142.38 | % | ||||||||||||||||||
Fund Market | (0.22 | ) | (9.70 | ) | 3.62 | 9.28 | (9.70 | ) | 19.48 | 142.87 | ||||||||||||||||||||||
Index | 0.33 | (9.89 | ) | 4.13 | 10.32 | (9.89 | ) | 22.45 | 167.13 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 1,000.90 | $ | 3.42 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.46 | 0.69 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
|
| |||
Sector | | Percent of Total Investments | (a) | |
Financials | 24.6 | % | ||
Information Technology | 14.5 | |||
Consumer Discretionary | 13.3 | |||
Communication Services | 12.0 | |||
Energy | 8.0 | |||
Materials | 7.4 | |||
Consumer Staples | 6.4 | |||
Industrials | 5.5 | |||
Real Estate | 3.0 | |||
Health Care | 2.7 | |||
Utilities | 2.6 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
|
| |||
Country | | Percent of Total Investments | (a) | |
China | 32.4 | % | ||
South Korea | 13.5 | |||
Taiwan | 11.2 | |||
India | 8.5 | |||
Brazil | 7.6 | |||
South Africa | 6.1 | |||
Russia | 3.7 | |||
Mexico | 2.7 | |||
Thailand | 2.4 | |||
Malaysia | 2.3 |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 7 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® Currency Hedged MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Investment Companies |
| |||||||
Exchange-Traded Funds — 99.6% | ||||||||
iShares MSCI Emerging | 6,267,104 | $ | 265,975,894 | |||||
|
| |||||||
Total Investment Companies — 99.6% |
| 265,975,894 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 42.3% | ||||||||
BlackRock Cash Funds: Institutional, | ||||||||
2.62%(a)(c)(d) | 112,643,337 | 112,688,394 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
2.33%(a)(c) | 168,256 | 168,256 | ||||||
|
| |||||||
112,856,650 | ||||||||
|
| |||||||
Total Short-Term Investments — 42.3% |
| 112,856,650 | ||||||
|
| |||||||
Total Investments in Securities — 141.9% |
| 378,832,544 | ||||||
Other Assets, Less Liabilities — (41.9)% |
| (111,923,701 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 266,908,843 | |||||
|
|
(a) | Affiliate of the Fund. |
(b) | All or a portion of this security is on loan. |
(c) | Annualized7-day yield as ofperiod-end. |
(d) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at | | | Shares Purchased | | | Shares Sold | | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized | | | Change in Unrealized Appreciation (Depreciation) |
| ||||||||||
| ||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 155,991,380 | — | (43,348,043 | )(b) | 112,643,337 | $ | 112,688,394 | $ | 71,610 | (c) | $ | 11,689 | $ | (2,548 | ) | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 7,866,429 | — | (7,698,173 | )(b) | 168,256 | 168,256 | 12,624 | — | — | |||||||||||||||||||||||
iShares MSCI Emerging Markets ETF | 7,975,290 | 1,289,480 | (2,997,666 | ) | 6,267,104 | 265,975,894 | 4,082,350 | 2,248,389 | (11,812,623 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 378,832,544 | $ | 4,166,584 | $ | 2,260,078 | $ | (11,815,171 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
CLP | 114,477,000 | USD | 172,698 | MS | 03/06/19 | $ | 1,854 | |||||||||||
CNY | 539,000 | USD | 80,222 | MS | 03/06/19 | 232 | ||||||||||||
EUR | 21,000 | USD | 23,870 | MS | 03/06/19 | 20 | ||||||||||||
INR | 1,724,414,000 | USD | 24,219,313 | MS | 03/06/19 | 49,104 | ||||||||||||
TWD | 5,974,000 | USD | 194,029 | MS | 03/06/19 | 11 | ||||||||||||
USD | 43,837,904 | BRL | 163,825,000 | MS | 03/06/19 | 222,766 | ||||||||||||
USD | 325,432 | CLP | 212,605,000 | MS | 03/06/19 | 1,256 | ||||||||||||
USD | 5,252,581 | EUR | 4,580,000 | MS | 03/06/19 | 42,199 | ||||||||||||
USD | 63,253,214 | HKD | 495,581,000 | MS | 03/06/19 | 114,167 |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
USD | 108,159 | INR | 7,649,000 | MS | 03/06/19 | $ | 511 | |||||||||||
USD | 48,475,388 | KRW | 54,158,394,000 | MS | 03/06/19 | 325,483 | ||||||||||||
USD | 7,755,732 | MXN | 148,071,000 | MS | 03/06/19 | 78,727 | ||||||||||||
USD | 795,238 | RUB | 52,343,000 | MS | 03/06/19 | 1,536 | ||||||||||||
USD | 342,217 | TRY | 1,807,000 | MS | 03/06/19 | 4,694 | ||||||||||||
USD | 2,275,858 | TWD | 69,801,000 | MS | 03/06/19 | 8,671 | ||||||||||||
USD | 17,515,673 | ZAR | 239,435,000 | MS | 03/06/19 | 530,776 | ||||||||||||
RUB | 7,585,000 | USD | 114,560 | MS | 04/02/19 | 34 | ||||||||||||
USD | 21,200,539 | BRL | 79,211,000 | MS | 04/02/19 | 151,139 | ||||||||||||
USD | 4,291,284 | CLP | 2,785,538,000 | MS | 04/02/19 | 44,514 | ||||||||||||
USD | 2,171,858 | CNY | 14,515,320 | MS | 04/02/19 | 5,033 | ||||||||||||
USD | 5,085,878 | EUR | 4,456,000 | MS | 04/02/19 | 4,988 | ||||||||||||
USD | 60,963,096 | HKD | 478,030,000 | MS | 04/02/19 | 4,215 | ||||||||||||
USD | 46,713,976 | KRW | 52,233,980,000 | MS | 04/02/19 | 270,923 | ||||||||||||
USD | 7,448,755 | MXN | 143,391,000 | MS | 04/02/19 | 45,675 | ||||||||||||
USD | 8,915,531 | RUB | 588,960,000 | MS | 04/02/19 | 17,595 | ||||||||||||
USD | 1,814,255 | TRY | 9,786,000 | MS | 04/02/19 | 14,334 | ||||||||||||
USD | 41,446,881 | TWD | 1,273,787,000 | MS | 04/02/19 | 87,091 | ||||||||||||
USD | 16,670,151 | ZAR | 232,002,000 | MS | 04/02/19 | 264,886 | ||||||||||||
|
| |||||||||||||||||
2,292,434 | ||||||||||||||||||
|
| |||||||||||||||||
BRL | 164,190,000 | USD | 43,989,825 | MS | 03/06/19 | (277,513 | ) | |||||||||||
CLP | 2,721,517,000 | USD | 4,194,370 | MS | 03/06/19 | (44,663 | ) | |||||||||||
CNY | 12,787,320 | USD | 1,913,857 | MS | 03/06/19 | (5,169 | ) | |||||||||||
EUR | 4,622,000 | USD | 5,265,674 | MS | 03/06/19 | (7,511 | ) | |||||||||||
HKD | 495,581,000 | USD | 63,156,541 | MS | 03/06/19 | (17,494 | ) | |||||||||||
KRW | 54,399,156,000 | USD | 48,633,477 | MS | 03/06/19 | (269,521 | ) | |||||||||||
MXN | 149,394,000 | USD | 7,793,237 | MS | 03/06/19 | (47,639 | ) | |||||||||||
RUB | 613,484,000 | USD | 9,320,913 | MS | 03/06/19 | (18,368 | ) | |||||||||||
TRY | 10,194,000 | USD | 1,918,809 | MS | 03/06/19 | (14,713 | ) | |||||||||||
TWD | 1,321,044,000 | USD | 42,963,730 | MS | 03/06/19 | (55,277 | ) | |||||||||||
USD | 96,948 | BRL | 365,000 | MS | 03/06/19 | (226 | ) | |||||||||||
USD | 3,915,759 | CLP | 2,623,389,000 | MS | 03/06/19 | (84,325 | ) | |||||||||||
USD | 1,973,937 | CNY | 13,326,320 | MS | 03/06/19 | (15,204 | ) | |||||||||||
USD | 71,346 | EUR | 63,000 | MS | 03/06/19 | (325 | ) | |||||||||||
USD | 24,033,640 | INR | 1,716,765,000 | MS | 03/06/19 | (127,129 | ) | |||||||||||
USD | 213,927 | KRW | 240,762,000 | MS | 03/06/19 | (124 | ) | |||||||||||
USD | 68,175 | MXN | 1,323,000 | MS | 03/06/19 | (419 | ) | |||||||||||
USD | 8,433,712 | RUB | 561,141,000 | MS | 03/06/19 | (75,132 | ) | |||||||||||
USD | 1,547,269 | TRY | 8,387,000 | MS | 03/06/19 | (19,305 | ) | |||||||||||
USD | 40,814,908 | TWD | 1,257,217,000 | MS | 03/06/19 | (20,399 | ) | |||||||||||
ZAR | 239,435,000 | USD | 17,285,485 | MS | 03/06/19 | (300,588 | ) | |||||||||||
BRL | 1,443,000 | USD | 384,559 | MS | 04/02/19 | (1,098 | ) | |||||||||||
CLP | 50,089,000 | USD | 76,403 | MS | 04/02/19 | (38 | ) | |||||||||||
CNY | 81,000 | USD | 12,094 | MS | 04/02/19 | (2 | ) | |||||||||||
EUR | 80,000 | USD | 91,267 | MS | 04/02/19 | (49 | ) | |||||||||||
HKD | 6,737,000 | USD | 859,143 | MS | 04/02/19 | (34 | ) | |||||||||||
INR | 11,700,000 | USD | 164,596 | MS | 04/02/19 | (77 | ) | |||||||||||
KRW | 710,540,000 | USD | 632,119 | MS | 04/02/19 | (353 | ) | |||||||||||
MXN | 3,945,000 | USD | 203,868 | MS | 04/02/19 | (193 | ) |
S C H E D U L E O F I N V E S T M E N T S | 9 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
RUB | 2,539,000 | USD | 38,375 | MS | 04/02/19 | $ | (16 | ) | ||||||||||
TRY | 266,000 | USD | 48,979 | MS | 04/02/19 | (54 | ) | |||||||||||
TWD | 6,887,000 | USD | 223,675 | MS | 04/02/19 | (55 | ) | |||||||||||
USD | 10,147 | CNY | 68,000 | MS | 04/02/19 | (4 | ) | |||||||||||
USD | 23,943 | EUR | 21,000 | MS | 04/02/19 | (2 | ) | |||||||||||
USD | 2,540,579 | HKD | 19,924,000 | MS | 04/02/19 | (150 | ) | |||||||||||
USD | 22,799,420 | INR | 1,630,988,000 | MS | 04/02/19 | (134,611 | ) | |||||||||||
USD | 216,222 | KRW | 243,259,000 | MS | 04/02/19 | (68 | ) | |||||||||||
USD | 33,968 | MXN | 658,000 | MS | 04/02/19 | (4 | ) | |||||||||||
USD | 41,259 | RUB | 2,733,000 | MS | 04/02/19 | (31 | ) | |||||||||||
USD | 8,276 | TRY | 45,000 | MS | 04/02/19 | (1 | ) | |||||||||||
USD | 1,351,963 | TWD | 41,650,000 | MS | 04/02/19 | (410 | ) | |||||||||||
ZAR | 2,081,000 | USD | 147,548 | MS | 04/02/19 | (396 | ) | |||||||||||
|
| |||||||||||||||||
(1,538,690 | ) | |||||||||||||||||
|
| |||||||||||||||||
Net unrealized appreciation | $ | 753,744 | ||||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| ||||
Foreign Currency Exchange Contracts | ||||
| ||||
Assets — Derivative Financial Instruments | ||||
Forward foreign currency exchange contracts | $ | 2,292,434 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Forward foreign currency exchange contracts | $ | 1,538,690 | ||
|
|
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
| ||||
Foreign Currency Exchange Contracts | ||||
| ||||
Net Realized Gain (Loss) from: | ||||
Forward foreign currency exchange contracts | $ | 3,639,558 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Forward foreign currency exchange contracts | $ | (6,309,565 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 359,855,884 | ||
Average amounts sold — in USD | $ | 630,428,166 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Currency Hedged MSCI Emerging Markets 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: | ||||||||
Forward foreign currency exchange contracts | $ | 2,292,434 | $ | 1,538,690 | ||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | $ | 2,292,434 | $ | 1,538,690 | ||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | — | ||||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | $ | 2,292,434 | $ | 1,538,690 | ||||
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|
|
The following tables presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
| ||||||||||||
Counterparty | | Derivative Assets Subject to an MNA by Counterparty | | | Derivatives Available for Offset |
(a) | | Net Amount of Derivative Assets |
(b) | |||
| ||||||||||||
Morgan Stanley & Co. International PLC | $ | 2,292,434 | $ | (1,538,690 | ) | $ | 753,744 | |||||
|
|
|
|
|
|
| ||||||||||||
Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset | (a) | | Net Amount of Derivative Liabilities | | |||
| ||||||||||||
Morgan Stanley & Co. International PLC | $ | 1,538,690 | $ | (1,538,690 | ) | $ | — | |||||
|
|
|
|
|
|
(a) | The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA. |
(b) | Net amount represents the net amount receivable from the counterparty in the event of default. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Investment Companies | $ | 265,975,894 | $ | — | $ | — | $ | 265,975,894 | ||||||||
Money Market Funds | 112,856,650 | — | — | 112,856,650 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 378,832,544 | $ | — | $ | — | $ | 378,832,544 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 2,292,434 | $ | — | $ | 2,292,434 | ||||||||
Liabilities | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | — | (1,538,690 | ) | — | (1,538,690 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | 753,744 | $ | — | $ | 753,744 | |||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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 | 11 |
Consolidated Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 4.7% | ||||||||
Ambev SA | 30,938,715 | $ | 142,143,606 | |||||
Atacadao Distribuicao Comercio e Industria Ltda | 2,562,300 | 13,336,737 | ||||||
B2W Cia. Digital(a) | 1,190,200 | 15,344,622 | ||||||
B3 SA — Brasil, Bolsa, Balcao | 13,482,901 | 117,886,627 | ||||||
Banco Bradesco SA | 6,645,391 | 68,274,626 | ||||||
Banco do Brasil SA | 5,614,374 | 75,751,570 | ||||||
Banco Santander Brasil SA | 2,686,300 | 32,190,473 | ||||||
BB Seguridade Participacoes SA | 4,596,300 | 33,458,834 | ||||||
BR Malls Participacoes SA | 5,426,388 | 19,374,531 | ||||||
BRF SA(a) | 3,415,585 | 18,734,373 | ||||||
CCR SA | 7,899,100 | 29,972,453 | ||||||
Centrais Eletricas Brasileiras SA(a) | 1,350,100 | 13,312,899 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 2,215,924 | 23,250,879 | ||||||
Cia. Siderurgica Nacional SA(a) | 4,115,828 | 14,355,051 | ||||||
Cielo SA | 7,981,976 | 23,135,545 | ||||||
Cosan SA | 1,044,900 | 12,175,756 | ||||||
Embraer SA | 4,389,400 | 22,331,778 | ||||||
Engie Brasil Energia SA | 1,317,550 | 14,460,465 | ||||||
Equatorial Energia SA | 1,094,000 | 23,958,462 | ||||||
Hypera SA | 2,216,000 | 15,895,047 | ||||||
IRB Brasil Resseguros S/A | 695,700 | 16,510,179 | ||||||
JBS SA | 6,221,965 | 22,281,445 | ||||||
Klabin SA | 4,554,900 | 21,910,645 | ||||||
Kroton Educacional SA | 9,162,780 | 26,802,399 | ||||||
Localiza Rent a Car SA | 3,767,589 | 34,709,739 | ||||||
Lojas Renner SA | 4,691,990 | 54,148,211 | ||||||
M. Dias Branco SA | 667,700 | 8,364,388 | ||||||
Magazine Luiza SA | 495,600 | 22,922,945 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,836,409 | 12,325,156 | ||||||
Natura Cosmeticos SA | 1,263,100 | 16,294,588 | ||||||
Petrobras Distribuidora SA | 2,258,900 | 14,727,046 | ||||||
Petroleo Brasileiro SA | 19,488,674 | 155,171,470 | ||||||
Porto Seguro SA | 638,100 | 9,535,131 | ||||||
Raia Drogasil SA | 1,515,200 | 26,427,367 | ||||||
Rumo SA(a) | 7,141,500 | 37,057,154 | ||||||
Sul America SA | 1,340,636 | 10,867,365 | ||||||
Suzano Papel e Celulose SA | 3,542,500 | 45,019,812 | ||||||
TIM Participacoes SA | 5,443,576 | 17,157,008 | ||||||
Ultrapar Participacoes SA | 2,346,400 | 33,416,765 | ||||||
Vale SA | 20,643,009 | 259,258,909 | ||||||
WEG SA | 5,449,006 | 26,763,733 | ||||||
|
| |||||||
1,601,015,789 | ||||||||
Chile — 1.0% | ||||||||
Aguas Andinas SA, Class A | 18,069,094 | 10,596,010 | ||||||
Banco de Chile | 165,411,791 | 26,298,662 | ||||||
Banco de Credito e Inversiones SA | 292,885 | 20,056,131 | ||||||
Banco Santander Chile | 432,598,354 | 34,551,054 | ||||||
Cencosud SA | 9,235,987 | 17,221,609 | ||||||
Cia. Cervecerias Unidas SA | 976,004 | 13,824,208 | ||||||
Colbun SA | 54,600,645 | 12,632,379 | ||||||
Empresa Nacional de Telecomunicaciones SA | 1,006,218 | 10,602,687 | ||||||
Empresas CMPC SA | 8,449,402 | 31,742,113 | ||||||
Empresas COPEC SA | 2,502,353 | 34,010,524 | ||||||
Enel Americas SA | 189,085,304 | 32,918,298 | ||||||
Enel Chile SA | 192,654,915 | 20,244,469 | ||||||
Itau CorpBanca | 1,039,522,619 | 9,858,261 | ||||||
Latam Airlines Group SA | 2,016,149 | 23,461,315 |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
SACI Falabella | 4,766,404 | $ | 37,122,377 | |||||
|
| |||||||
335,140,097 | ||||||||
China — 32.3% | ||||||||
3SBio Inc.(b)(c) | 8,420,500 | 13,923,678 | ||||||
51job Inc., ADR(a)(c) | 165,193 | 11,936,846 | ||||||
58.com Inc., ADR(a)(c) | 616,505 | 44,949,380 | ||||||
AAC Technologies Holdings Inc.(c) | 4,806,000 | 28,561,225 | ||||||
Agile Group Holdings Ltd. | 10,160,000 | 12,697,088 | ||||||
Agricultural Bank of China Ltd., Class A | 13,197,100 | 7,490,289 | ||||||
Agricultural Bank of China Ltd., Class H | 186,246,000 | 89,210,548 | ||||||
Air China Ltd., Class H | 12,358,000 | 13,350,129 | ||||||
Alibaba Group Holding Ltd., ADR(a)(c) | 8,448,775 | 1,546,379,288 | ||||||
Alibaba Health Information Technology | 23,076,000 | 23,664,526 | ||||||
Alibaba Pictures Group Ltd.(a)(c) | 94,310,000 | 17,420,762 | ||||||
Aluminum Corp. of China Ltd., Class H(a)(c) | 26,846,000 | 11,012,270 | ||||||
Angang Steel Co. Ltd., Class A | 3,608,083 | 3,055,597 | ||||||
Angang Steel Co. Ltd., Class H | 4,636,000 | 3,449,036 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 8,413,500 | 48,124,303 | ||||||
ANTA Sports Products Ltd. | 6,980,402 | 40,905,309 | ||||||
Autohome Inc., ADR(a) | 388,117 | 36,502,404 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 14,421,000 | 10,232,741 | ||||||
BAIC Motor Corp. Ltd., Class H(b) | 11,548,000 | 7,340,890 | ||||||
Baidu Inc., ADR(a) | 1,802,644 | 293,001,756 | ||||||
Bank of Beijing Co. Ltd., Class A | 7,546,007 | 7,235,835 | ||||||
Bank of China Ltd., Class A | 8,868,400 | 5,086,429 | ||||||
Bank of China Ltd., Class H | 515,172,000 | 240,200,963 | ||||||
Bank of Communications Co. Ltd., Class A | 10,617,893 | 10,149,736 | ||||||
Bank of Communications Co. Ltd., Class H | 49,612,600 | 41,650,365 | ||||||
Bank of Shanghai Co. Ltd., Class A | 2,432,850 | 4,469,479 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 2,704,874 | 3,030,015 | ||||||
Baozun Inc., ADR(a)(c) | 244,430 | 9,153,904 | ||||||
BBMG Corp., Class H | 16,094,000 | 5,904,701 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 11,186,000 | 11,186,285 | ||||||
Beijing Enterprises Holdings Ltd. | 3,365,500 | 19,743,341 | ||||||
Beijing Enterprises Water Group Ltd.(c) | 37,434,000 | 22,413,284 | ||||||
BOC Aviation Ltd.(b) | 1,381,300 | 11,948,110 | ||||||
BOE Technology Group Co. Ltd., Class A | 5,688,700 | 3,458,150 | ||||||
Brilliance China Automotive | 19,864,000 | 19,459,624 | ||||||
BYD Co. Ltd., Class H(c) | 4,344,000 | 27,780,173 | ||||||
BYD Electronic International Co. Ltd. | 4,576,500 | 5,853,405 | ||||||
CAR Inc.(a)(c) | 4,789,000 | 4,209,547 | ||||||
CGN Power Co. Ltd., Class H(b) | 72,485,000 | 19,114,366 | ||||||
China Agri-Industries Holdings Ltd. | 13,094,000 | 4,653,910 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 60,212,000 | 17,488,772 | ||||||
China CITIC Bank Corp. Ltd., Class H | 59,492,800 | 38,652,358 | ||||||
China Coal Energy Co. Ltd., Class H | 12,822,000 | 5,569,953 | ||||||
China Communications Construction Co. Ltd., Class H | 29,513,000 | 31,807,177 | ||||||
China Communications Services Corp. Ltd., Class H | 16,098,000 | 16,180,440 | ||||||
China Conch Venture Holdings Ltd. | 10,771,000 | 35,949,986 | ||||||
China Construction Bank Corp., Class A | 3,089,069 | 3,312,749 | ||||||
China Construction Bank Corp., Class H | 629,020,760 | 559,321,881 | ||||||
China Ding Yi Feng Holdings Ltd.(a)(c) | 5,872,000 | 18,925,527 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 4,893,032 | 4,268,029 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 5,124,000 | 3,270,305 | ||||||
China Everbright Bank Co. Ltd., Class H | 19,441,000 | 9,312,105 | ||||||
China Everbright International Ltd.(c) | 22,413,813 | 21,928,977 | ||||||
China Everbright Ltd. | 6,512,000 | 13,157,064 |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Evergrande Group(c) | 17,083,388 | $ | 52,774,868 | |||||
China First Capital Group Ltd.(a) | 21,288,000 | 9,437,468 | ||||||
China Galaxy Securities Co. Ltd., Class H | 23,461,500 | 15,960,204 | ||||||
China Gas Holdings Ltd. | 11,627,600 | 38,216,525 | ||||||
China Hongqiao Group Ltd.(c) | 14,241,500 | 9,524,813 | ||||||
China Huarong Asset Management | 66,903,000 | 15,341,206 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 5,603,350 | 14,276 | ||||||
China International Capital Corp. Ltd., Class H(b) | 6,851,600 | 15,920,556 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 1,363,673 | 2,694,676 | ||||||
China International Travel Service Corp. Ltd., Class A | 368,244 | 3,509,076 | ||||||
China Jinmao Holdings Group Ltd. | 34,380,000 | 16,686,769 | ||||||
China Life Insurance Co. Ltd., Class H | 48,865,000 | 134,459,986 | ||||||
China Literature Ltd.(a)(b)(c) | 1,556,600 | 7,426,262 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 21,107,000 | 15,756,710 | ||||||
China Medical System Holdings Ltd. | 9,147,000 | 9,624,987 | ||||||
China Mengniu Dairy Co. Ltd.(c) | 18,067,000 | 55,813,492 | ||||||
China Merchants Bank Co. Ltd., Class A | 2,602,987 | 12,340,006 | ||||||
China Merchants Bank Co. Ltd., Class H | 25,140,467 | 115,296,799 | ||||||
China Merchants Port Holdings Co. Ltd. | 8,846,000 | 18,593,977 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,168,273 | 3,699,275 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 9,378,353 | 9,146,948 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 34,671,048 | 26,765,848 | ||||||
China Mobile Ltd. | 40,061,500 | 421,549,581 | ||||||
China Molybdenum Co. Ltd., Class H | 26,427,000 | 12,658,351 | ||||||
China National Building Material Co. Ltd., Class H | 25,658,000 | 20,428,864 | ||||||
China Oilfield Services Ltd., Class H | 12,216,000 | 12,091,814 | ||||||
China Oriental Group Co. Ltd. | 7,280,000 | 4,878,188 | ||||||
China Overseas Land & Investment Ltd. | 25,090,960 | 92,375,442 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 960,474 | 4,880,411 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 16,831,000 | 63,359,073 | ||||||
China Petroleum & Chemical Corp., Class A | 6,059,622 | 5,439,468 | ||||||
China Petroleum & Chemical Corp., Class H | 163,868,800 | 141,536,149 | ||||||
China Power International Development Ltd. | 28,069,000 | 7,080,005 | ||||||
China Railway Construction Corp. Ltd., Class H | 13,935,000 | 20,059,810 | ||||||
China Railway Group Ltd., Class H | 25,463,000 | 25,236,584 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(b) | 9,580,000 | 7,932,686 | ||||||
China Reinsurance Group Corp., Class H | 31,516,000 | 7,266,932 | ||||||
China Resources Beer Holdings Co. Ltd. | 9,462,000 | 35,257,395 | ||||||
China Resources Cement Holdings Ltd. | 15,870,000 | 16,901,475 | ||||||
China Resources Gas Group Ltd. | 5,756,000 | 25,004,408 | ||||||
China Resources Land Ltd. | 18,137,333 | 67,699,031 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 10,786,000 | 14,454,982 | ||||||
China Resources Power Holdings Co. Ltd. | 12,450,999 | 23,601,985 | ||||||
China Shenhua Energy Co. Ltd., Class H | 22,607,500 | 55,756,987 | ||||||
China Southern Airlines Co. Ltd., Class H | 12,780,000 | 10,435,909 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 6,247,373 | 5,738,640 | ||||||
China State Construction International Holdings Ltd.(c) | 13,182,000 | 13,938,011 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 10,674,460 | 33,044,075 | ||||||
China Telecom Corp. Ltd., Class H | 91,004,000 | 49,270,937 | ||||||
China Tower Corp. Ltd., Class H(a)(b) | 259,762,000 | 61,550,271 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 15,060,000 | 9,937,935 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Travel International Investment Hong Kong Ltd. | 13,966,000 | $ | 4,145,428 | |||||
China Unicom Hong Kong Ltd. | 39,984,000 | 47,421,723 | ||||||
China United Network Communications Ltd., Class A | 5,458,700 | 5,242,478 | ||||||
China Vanke Co. Ltd., Class A | 1,329,565 | 5,558,389 | ||||||
China Vanke Co. Ltd., Class H | 7,862,731 | 29,849,090 | ||||||
China Yangtze Power Co. Ltd., Class A | 2,551,165 | 6,211,015 | ||||||
China Zhongwang Holdings Ltd.(c) | 10,623,200 | 5,629,763 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 17,150,000 | 10,727,216 | ||||||
CIFI Holdings Group Co. Ltd. | 22,782,000 | 14,859,466 | ||||||
CITIC Ltd. | 38,319,000 | 58,285,416 | ||||||
CITIC Securities Co. Ltd., Class A | 1,772,185 | 6,222,976 | ||||||
CITIC Securities Co. Ltd., Class H | 14,563,000 | 35,286,028 | ||||||
CNOOC Ltd. | 116,443,000 | 200,850,750 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 7,426,000 | 4,370,573 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 4,181,109 | 3,128,713 | ||||||
COSCO SHIPPING Holdings | 14,427,000 | 6,285,554 | ||||||
COSCO SHIPPING Ports Ltd. | 11,484,000 | 12,201,147 | ||||||
Country Garden Holdings Co. Ltd.(c) | 49,596,939 | 65,330,626 | ||||||
Country Garden Services Holdings | 7,809,000 | 12,852,847 | ||||||
CRRC Corp. Ltd., Class A | 4,080,142 | 5,765,047 | ||||||
CRRC Corp. Ltd., Class H | 25,824,300 | 27,107,981 | ||||||
CSPC Pharmaceutical Group Ltd. | 30,708,000 | 52,420,087 | ||||||
Ctrip.com International Ltd., ADR(a)(c) | 2,691,155 | 91,849,120 | ||||||
Dali Foods Group Co. Ltd.(b) | 13,368,000 | 9,110,907 | ||||||
Daqin Railway Co. Ltd., Class A | 2,961,755 | 3,950,363 | ||||||
Datang International Power Generation Co. Ltd., Class H | 19,570,000 | 5,434,865 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 18,230,000 | 19,391,641 | ||||||
ENN Energy Holdings Ltd. | 5,149,500 | 53,136,322 | ||||||
Far East Horizon Ltd. | 14,303,000 | 15,961,461 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 2,144,278 | 2,158,626 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 369,153 | 4,227,902 | ||||||
Fosun International Ltd. | 17,065,000 | 28,087,314 | ||||||
Fullshare Holdings Ltd.(c) | 46,750,000 | 9,350,238 | ||||||
Future Land Development Holdings | 11,670,000 | 10,049,836 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 3,500,400 | 12,508,117 | ||||||
GDS Holdings Ltd., ADR(a)(c) | 387,330 | 12,886,469 | ||||||
Geely Automobile Holdings Ltd.(c) | 32,319,000 | 60,687,159 | ||||||
Genscript Biotech Corp.(a)(c) | 6,000,000 | 11,220,668 | ||||||
GF Securities Co. Ltd., Class H | 9,864,600 | 16,638,297 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 77,855,200 | 7,041,860 | ||||||
Great Wall Motor Co. Ltd., Class H(c) | 20,461,500 | 14,988,105 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 559,575 | 3,744,318 | ||||||
Greentown China Holdings Ltd. | 5,758,500 | 4,893,016 | ||||||
Greentown Service Group Co. Ltd. | 6,354,000 | 5,795,643 | ||||||
Guangdong Investment Ltd. | 19,620,110 | 37,641,578 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 19,515,838 | 23,991,418 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 6,364,400 | 11,902,137 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 2,522,800 | 7,351,510 | ||||||
Guotai Junan Securities Co. Ltd., Class H(b) | 2,140,400 | 4,766,261 | ||||||
Haier Electronics Group Co. Ltd. | 8,306,000 | 24,759,917 | ||||||
Haitian International Holdings Ltd. | 4,503,000 | 9,843,751 | ||||||
Haitong Securities Co. Ltd., Class H | 22,400,000 | 29,734,261 |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 1,395,302 | $ | 7,189,915 | |||||
Hengan International Group Co. Ltd. | 4,752,500 | 38,414,498 | ||||||
HengTen Networks Group Ltd.(a)(c) | 147,664,000 | 5,267,130 | ||||||
Hua Hong Semiconductor Ltd.(b) | 2,921,000 | 6,831,965 | ||||||
Huadian Power International Corp. Ltd., Class H | 10,938,000 | 4,793,335 | ||||||
Huaneng Power International Inc., Class H | 28,330,000 | 17,467,604 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 32,724,000 | 9,963,357 | ||||||
Huatai Securities Co. Ltd., | 11,477,200 | 23,247,405 | ||||||
Huazhu Group Ltd., ADR(c) | 863,409 | 30,279,754 | ||||||
Hutchison China MediTech Ltd., | 353,799 | 9,230,616 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 8,541,035 | 7,335,248 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 449,912,085 | 346,183,214 | ||||||
Industrial Bank Co. Ltd., Class A | 3,476,372 | 9,273,510 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 965,920 | 3,901,075 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 6,746,417 | 8,331,825 | ||||||
iQIYI Inc., ADR(a) | 808,029 | 21,946,068 | ||||||
JD.com Inc., ADR(a)(c) | 4,764,900 | 132,035,379 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 8,400,000 | 11,578,384 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 521,467 | 5,600,053 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 203,787 | 3,380,115 | ||||||
Jiangxi Copper Co. Ltd., Class H | 8,825,000 | 12,051,772 | ||||||
Jiayuan International Group Ltd. | 6,566,000 | 3,195,256 | ||||||
Kaisa Group Holdings Ltd. | 13,999,000 | 4,993,401 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 914,794 | 1,451,056 | ||||||
Kingboard Holdings Ltd. | 4,626,500 | 16,207,897 | ||||||
Kingboard Laminates Holdings Ltd. | 7,100,500 | 8,701,726 | ||||||
Kingdee International Software Group Co. Ltd. | 15,217,000 | 16,477,426 | ||||||
Kingsoft Corp. Ltd.(c) | 5,469,000 | 10,631,728 | ||||||
Kunlun Energy Co. Ltd. | 21,404,000 | 23,504,099 | ||||||
Kweichow Moutai Co. Ltd., Class A | 131,713 | 14,853,123 | ||||||
KWG Group Holdings Ltd.(c) | 8,348,500 | 7,848,853 | ||||||
Lee & Man Paper Manufacturing Ltd. | 10,400,000 | 9,578,843 | ||||||
Legend Holdings Corp., Class H(b) | 2,447,200 | 6,811,807 | ||||||
Lenovo Group Ltd.(c) | 47,326,000 | 42,624,630 | ||||||
Logan Property Holdings Co. Ltd. | 8,950,000 | 12,746,949 | ||||||
Longfor Group Holdings Ltd. | 9,881,000 | 29,329,066 | ||||||
Luye Pharma Group Ltd.(b)(c) | 7,717,000 | 5,760,863 | ||||||
Maanshan Iron &Steel Co. Ltd., Class H | 11,590,000 | 5,522,001 | ||||||
Meitu Inc.(a)(b)(c) | 11,485,500 | 4,696,738 | ||||||
Meituan Dianping, Class B(a) | 1,810,400 | 14,045,372 | ||||||
Metallurgical Corp. of China Ltd., Class A | 8,745,590 | 4,545,742 | ||||||
Metallurgical Corp. of China Ltd., Class H | 12,177,000 | 3,567,874 | ||||||
Midea Group Co. Ltd., Class A | 913,160 | 6,516,726 | ||||||
MMG Ltd.(a)(c) | 16,168,000 | 7,661,974 | ||||||
Momo Inc., ADR(a) | 954,538 | 31,662,025 | ||||||
NetEase Inc., ADR | 506,084 | 112,968,070 | ||||||
New China Life Insurance Co. Ltd., Class H | 5,651,500 | 27,358,277 | ||||||
New Oriental Education & Technology Group Inc., ADR(a) | 932,530 | 76,523,412 | ||||||
Nexteer Automotive Group Ltd. | 5,830,000 | 8,303,320 | ||||||
Nine Dragons Paper Holdings Ltd. | 10,910,000 | 11,313,333 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 189,658 | 10,952,750 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 48,582,000 | 22,032,653 | ||||||
Petro China Co. Ltd., Class H | 140,024,000 | 92,578,736 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
PICC Property & Casualty Co. Ltd., Class H | 45,097,192 | $ | 54,003,109 | |||||
Pinduoduo Inc., ADR(a) | 1,224,503 | 36,661,620 | ||||||
Ping An Bank Co. Ltd., Class A | 2,956,334 | 5,457,684 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 1,457,894 | 15,244,826 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 33,544,500 | 353,187,715 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 1,659,430 | 3,274,147 | ||||||
Postal Savings Bank of China | 43,208,000 | 25,870,417 | ||||||
Qingdao Haier Co. Ltd., Class A | 1,193,644 | 2,938,113 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,235,878 | 5,227,635 | ||||||
Semiconductor Manufacturing International Corp.(a)(c) | 19,947,999 | 20,202,628 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 13,100,000 | 11,381,436 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 20,162,000 | 7,474,257 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 3,849,500 | 13,657,491 | ||||||
Shanghai Industrial Holdings Ltd. | 3,434,000 | 7,699,355 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 6,903,472 | 9,754,606 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 5,941,500 | 13,351,685 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 4,552,945 | 7,983,566 | ||||||
Shenzhen International Holdings Ltd. | 6,001,500 | 12,385,577 | ||||||
Shenzhen Investment Ltd. | 17,062,000 | 6,368,527 | ||||||
Shenzhou International Group Holdings Ltd. | 4,922,800 | 61,458,177 | ||||||
Shimao Property Holdings Ltd. | 7,612,500 | 17,998,930 | ||||||
Shui On Land Ltd. | 23,265,000 | 5,808,989 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 25,857,000 | 5,402,110 | ||||||
SINA Corp./China(a) | 429,648 | 28,945,386 | ||||||
Sino Biopharmaceutical Ltd. | 45,723,500 | 39,666,875 | ||||||
Sino-Ocean Group Holding Ltd. | 20,481,000 | 9,575,438 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 8,384,000 | 7,615,216 | ||||||
Sinopec Shanghai Petrochemical | 23,733,000 | 12,033,089 | ||||||
Sinopharm Group Co. Ltd., Class H | 7,822,000 | 34,776,402 | ||||||
Sinotrans Ltd., Class H | 13,202,000 | 6,205,939 | ||||||
Sinotruk Hong Kong Ltd. | 4,561,500 | 8,298,074 | ||||||
SOHO China Ltd.(a)(c) | 14,923,000 | 6,368,576 | ||||||
SSY Group Ltd. | 9,778,000 | 8,669,632 | ||||||
Sun Art Retail Group Ltd.(c) | 15,760,000 | 16,021,402 | ||||||
Sunac China Holdings Ltd. | 15,839,000 | 66,283,364 | ||||||
Suning.com Co. Ltd., Class A | 2,205,435 | 4,031,922 | ||||||
Sunny Optical Technology Group | 4,692,100 | 55,589,353 | ||||||
TAL Education Group, ADR(a) | 2,319,618 | 82,578,401 | ||||||
Tencent Holdings Ltd. | 37,255,500 | 1,593,721,738 | ||||||
Tencent Music Entertainment Group, ADR(a) | 542,238 | 9,771,129 | ||||||
Tingyi Cayman Islands Holding Corp. | 12,902,000 | 17,915,335 | ||||||
Tong Ren Tang Technologies | 3,466,000 | 4,539,030 | ||||||
Towngas China Co. Ltd. | 6,231,000 | 4,969,051 | ||||||
TravelSky Technology Ltd., Class H | 6,301,000 | 18,261,325 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 2,310,000 | 9,799,358 | ||||||
Uni-President China Holdings Ltd.(c) | 8,401,000 | 7,480,826 | ||||||
Vipshop Holdings Ltd., ADR(a)(c) | 2,864,481 | 20,566,974 | ||||||
Want Want China Holdings Ltd.(c) | 33,000,000 | 26,610,869 | ||||||
Weibo Corp., ADR(a)(c) | 362,981 | 26,225,377 | ||||||
Weichai Power Co. Ltd., Class H | 13,076,800 | 18,158,058 |
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Wuliangye Yibin Co. Ltd., Class A | 486,281 | $ | 5,193,137 | |||||
Wuxi Biologics Cayman Inc.(a)(b) | 3,224,000 | 30,597,977 | ||||||
Xiaomi Corp., Class B(a)(b) | 21,920,800 | 33,398,656 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 1,817,737 | 3,752,110 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 2,863,400 | 3,282,963 | ||||||
Xinyi Solar Holdings Ltd.(c) | 20,332,000 | 9,997,901 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 12,212,800 | 12,119,763 | ||||||
Yihai International Holding Ltd.(c) | 3,052,000 | 9,642,233 | ||||||
Yuexiu Property Co. Ltd. | 43,004,000 | 9,915,825 | ||||||
Yum China Holdings Inc. | 2,355,846 | 98,285,895 | ||||||
Yunnan Baiyao Group Co. Ltd., | 220,692 | 2,804,468 | ||||||
Yuzhou Properties Co. Ltd. | 10,897,000 | 5,316,761 | ||||||
YY Inc., ADR(a) | 324,462 | 22,874,571 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 6,625,000 | 7,064,033 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 9,682,000 | 10,101,605 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 1,573,200 | 5,912,176 | ||||||
Zhongsheng Group Holdings Ltd. | 3,718,500 | 8,640,404 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 3,617,500 | 20,299,992 | ||||||
Zijin Mining Group Co. Ltd., Class H | 39,988,000 | 17,116,319 | ||||||
ZTE Corp., Class H(a) | 5,042,600 | 15,063,947 | ||||||
ZTO Express Cayman Inc., ADR | 1,815,272 | 36,087,607 | ||||||
|
| |||||||
11,134,487,559 | ||||||||
Colombia — 0.3% | ||||||||
Bancolombia SA | 1,496,694 | 17,488,650 | ||||||
Cementos Argos SA | 3,117,684 | 8,231,609 | ||||||
Ecopetrol SA | 32,296,843 | 32,724,782 | ||||||
Grupo Argos SA/Colombia | 2,038,125 | 11,861,263 | ||||||
Grupo de Inversiones Suramericana SA | 1,731,533 | 19,681,623 | ||||||
Interconexion Electrica SA ESP | 2,687,733 | 12,202,685 | ||||||
|
| |||||||
102,190,612 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 1,058,924 | 25,700,325 | ||||||
Komercni Banka AS | 486,248 | 20,447,026 | ||||||
Moneta Money Bank AS(b) | 3,177,740 | 11,272,038 | ||||||
|
| |||||||
57,419,389 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 8,400,132 | 33,648,474 | ||||||
Eastern Tobacco | 6,608,122 | 6,295,066 | ||||||
EISewedy Electric Co. | 4,520,308 | 4,440,325 | ||||||
|
| |||||||
44,383,865 | ||||||||
Greece — 0.2% | ||||||||
Alpha Bank AE(a) | 9,087,070 | 12,830,840 | ||||||
FF Group(a)(d) | 246,892 | 2,811 | ||||||
Hellenic Telecommunications Organization SA | 1,504,909 | 19,107,094 | ||||||
JUMBO SA | 701,034 | 11,415,230 | ||||||
Motor Oil Hellas Corinth Refineries SA | 377,414 | 9,196,897 | ||||||
OPAP SA | 1,416,581 | 14,517,554 | ||||||
Titan Cement Co. SA | 315,636 | 6,922,331 | ||||||
|
| |||||||
73,992,757 | ||||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 2,422,745 | 28,297,862 | ||||||
OTP Bank Nyrt | 1,476,652 | 62,495,271 | ||||||
Richter Gedeon Nyrt | 915,411 | 17,737,626 | ||||||
|
| |||||||
108,530,759 |
Security | Shares | Value | ||||||
India — 8.4% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 3,374,038 | $ | 15,457,448 | |||||
Ambuja Cements Ltd. | 3,910,754 | 11,659,203 | ||||||
Ashok Leyland Ltd. | 7,801,361 | 9,487,604 | ||||||
Asian Paints Ltd. | 1,883,098 | 37,203,273 | ||||||
Aurobindo Pharma Ltd. | 1,748,140 | 17,500,755 | ||||||
Avenue Supermarts Ltd.(a)(b) | 819,931 | 16,782,208 | ||||||
Axis Bank Ltd.(a) | 11,778,807 | 117,504,473 | ||||||
Bajaj Auto Ltd. | 548,286 | 22,359,654 | ||||||
Bajaj Finance Ltd. | 1,143,053 | 42,571,447 | ||||||
Bajaj Finserv Ltd. | 251,018 | 22,807,209 | ||||||
Bharat Forge Ltd. | 1,396,898 | 10,073,201 | ||||||
Bharat Petroleum Corp. Ltd. | 4,953,962 | 23,510,446 | ||||||
Bharti Airtel Ltd. | 9,160,064 | 40,960,382 | ||||||
Bharti Infratel Ltd. | 2,125,482 | 8,775,210 | ||||||
Bosch Ltd. | 49,432 | 13,223,080 | ||||||
Britannia Industries Ltd. | 373,043 | 16,032,831 | ||||||
Cadila Healthcare Ltd. | 1,357,796 | 6,083,965 | ||||||
Cipla Ltd./India | 2,260,378 | 17,623,488 | ||||||
Coal India Ltd. | 4,407,202 | 14,146,173 | ||||||
Container Corp. of India Ltd. | 1,304,400 | 8,669,867 | ||||||
Dabur India Ltd. | 3,459,708 | 21,307,535 | ||||||
Divi’s Laboratories Ltd. | 515,769 | 11,995,724 | ||||||
Dr. Reddy’s Laboratories Ltd. | 755,794 | 27,964,152 | ||||||
Eicher Motors Ltd. | 87,731 | 24,507,633 | ||||||
GAIL India Ltd. | 5,160,379 | 24,812,915 | ||||||
Glenmark Pharmaceuticals Ltd. | 916,990 | 7,690,977 | ||||||
Godrej Consumer Products Ltd. | 2,345,442 | 22,187,739 | ||||||
Grasim Industries Ltd. | 2,173,902 | 23,749,749 | ||||||
Havells India Ltd. | 1,654,639 | 16,641,479 | ||||||
HCL Technologies Ltd. | 3,581,859 | 53,073,531 | ||||||
Hero MotoCorp Ltd. | 326,540 | 12,065,584 | ||||||
Hindalco Industries Ltd. | 7,763,692 | 21,366,833 | ||||||
Hindustan Petroleum Corp. Ltd. | 3,970,112 | 12,466,909 | ||||||
Hindustan Unilever Ltd. | 4,256,727 | 103,694,741 | ||||||
Housing Development Finance Corp. Ltd. | 10,585,905 | 274,030,591 | ||||||
ICICI Bank Ltd. | 15,675,790 | 77,170,916 | ||||||
Indiabulls Housing Finance Ltd. | 1,829,511 | 16,854,355 | ||||||
Indian Oil Corp. Ltd. | 11,367,316 | 23,109,807 | ||||||
Infosys Ltd. | 22,835,708 | 235,753,472 | ||||||
InterGlobe Aviation Ltd.(b) | 605,917 | 9,586,738 | ||||||
ITC Ltd. | 22,384,504 | 86,877,100 | ||||||
JSW Steel Ltd. | 5,549,914 | 21,933,967 | ||||||
Larsen & Toubro Ltd. | 3,104,714 | 56,438,234 | ||||||
LIC Housing Finance Ltd. | 1,956,387 | 13,079,025 | ||||||
Lupin Ltd. | 1,460,203 | 15,679,584 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 1,994,360 | 11,113,542 | ||||||
Mahindra & Mahindra Ltd. | 4,916,329 | 44,645,358 | ||||||
Marico Ltd. | 2,932,644 | 14,006,350 | ||||||
Maruti Suzuki India Ltd. | 694,211 | 66,659,677 | ||||||
Motherson Sumi Systems Ltd. | 6,223,666 | 14,227,772 | ||||||
Nestle India Ltd. | 151,531 | 22,667,468 | ||||||
NTPC Ltd. | 12,897,040 | 25,612,301 | ||||||
Oil & Natural Gas Corp. Ltd. | 9,081,977 | 18,980,839 | ||||||
Page Industries Ltd. | 35,917 | 11,254,561 | ||||||
Petronet LNG Ltd. | 3,900,075 | 12,260,688 | ||||||
Pidilite Industries Ltd. | 785,522 | 12,727,718 | ||||||
Piramal Enterprises Ltd. | 541,664 | 17,717,908 | ||||||
Power Grid Corp. of India Ltd. | 10,784,802 | 27,725,362 | ||||||
REC Ltd. | 4,669,247 | 8,951,011 | ||||||
Reliance Industries Ltd. | 18,607,476 | 322,057,374 |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Shree Cement Ltd. | 56,611 | $ | 13,206,587 | |||||
Shriram Transport Finance Co. Ltd. | 985,966 | 15,834,093 | ||||||
State Bank of India(a) | 11,769,366 | 44,520,102 | ||||||
Sun Pharmaceutical Industries Ltd. | 5,525,451 | 34,581,530 | ||||||
Tata Consultancy Services Ltd. | 5,885,190 | 164,116,344 | ||||||
Tata Motors Ltd.(a) | 10,297,279 | 25,690,264 | ||||||
Tata Power Co. Ltd. (The) | 7,575,084 | 6,970,552 | ||||||
Tata Steel Ltd. | 2,266,103 | 15,944,483 | ||||||
Tech Mahindra Ltd. | 3,109,841 | 36,296,508 | ||||||
Titan Co. Ltd. | 2,038,522 | 29,382,862 | ||||||
UltraTech Cement Ltd. | 627,493 | 33,758,310 | ||||||
United Spirits Ltd.(a) | 1,916,179 | 14,716,266 | ||||||
UPL Ltd. | 2,365,230 | 29,183,682 | ||||||
Vedanta Ltd. | 8,605,436 | 20,495,399 | ||||||
Vodafone Idea Ltd.(a) | 12,867,515 | 5,409,236 | ||||||
Wipro Ltd. | 7,414,997 | 38,458,268 | ||||||
Yes Bank Ltd. | 11,237,866 | 36,521,435 | ||||||
Zee Entertainment Enterprises Ltd. | 3,160,837 | 20,740,059 | ||||||
|
| |||||||
2,902,905,116 | ||||||||
Indonesia — 2.2% | ||||||||
Adaro Energy Tbk PT | 93,976,900 | 8,751,359 | ||||||
Astra International Tbk PT | 131,398,700 | 66,785,193 | ||||||
Bank Central Asia Tbk PT | 64,260,800 | 125,963,502 | ||||||
Bank Danamon Indonesia Tbk PT | 20,034,716 | 12,141,173 | ||||||
Bank Mandiri Persero Tbk PT | 121,350,900 | 61,462,603 | ||||||
Bank Negara Indonesia Persero Tbk PT | 48,484,576 | 30,329,786 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 362,055,010 | 99,087,385 | ||||||
Bank Tabungan Negara Persero Tbk PT | 27,885,800 | 4,816,954 | ||||||
Bukit Asam Tbk PT | 18,592,200 | 5,260,135 | ||||||
Bumi Serpong Damai Tbk PT(a) | 50,420,300 | 4,856,549 | ||||||
Charoen Pokphand Indonesia Tbk PT | 48,572,345 | 25,205,482 | ||||||
Gudang Garam Tbk PT | 3,093,000 | 18,776,769 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 59,894,200 | 16,178,991 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 17,977,100 | 14,089,037 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 12,115,300 | 16,557,074 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 15,208,500 | 11,054,339 | ||||||
Indofood Sukses Makmur Tbk PT | 28,295,200 | 14,230,570 | ||||||
Jasa Marga Persero Tbk PT | 14,440,195 | 5,363,428 | ||||||
Kalbe Farma Tbk PT | 138,288,815 | 14,696,412 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 7,844,500 | 6,231,547 | ||||||
Pakuwon Jati Tbk PT | 123,214,600 | 5,430,464 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 71,764,900 | 12,957,729 | ||||||
Semen Indonesia Persero Tbk PT | 19,536,100 | 17,567,561 | ||||||
Surya Citra Media Tbk PT | 39,006,700 | 4,852,442 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 322,739,000 | 88,556,783 | ||||||
Tower Bersama Infrastructure Tbk PT | 14,062,500 | 3,978,585 | ||||||
Unilever Indonesia Tbk PT | 9,871,300 | 34,155,715 | ||||||
United Tractors Tbk PT | 10,894,553 | 20,522,883 | ||||||
|
| |||||||
749,860,450 | ||||||||
Malaysia — 2.3% | ||||||||
AirAsia Group Bhd | 9,972,100 | 6,792,750 | ||||||
Alliance Bank Malaysia Bhd | 7,107,500 | 6,921,357 | ||||||
AMMB Holdings Bhd | 11,247,375 | 12,363,400 | ||||||
Axiata Group Bhd | 17,925,300 | 18,337,452 | ||||||
British American Tobacco Malaysia Bhd | 936,900 | 7,764,301 | ||||||
CIMB Group Holdings Bhd | 30,575,400 | 43,985,267 | ||||||
Dialog Group Bhd | 23,729,112 | 18,847,911 | ||||||
DiGi.Com Bhd(c) | 20,977,800 | 23,472,025 | ||||||
Fraser & Neave Holdings Bhd | 723,700 | 6,282,211 |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Gamuda Bhd | 12,792,800 | $ | 9,248,944 | |||||
Genting Bhd | 13,974,700 | 25,327,318 | ||||||
Genting Malaysia Bhd | 19,443,000 | 16,734,415 | ||||||
Genting Plantations Bhd | 1,949,300 | 5,033,235 | ||||||
HAP Seng Consolidated Bhd(c) | 3,969,300 | 9,614,559 | ||||||
Hartalega Holdings Bhd | 8,789,100 | 10,806,713 | ||||||
Hong Leong Bank Bhd | 4,253,200 | 22,257,001 | ||||||
Hong Leong Financial Group Bhd | 1,419,200 | 6,875,259 | ||||||
IHH Healthcare Bhd(c) | 15,065,100 | 21,227,843 | ||||||
IJM Corp. Bhd(c) | 19,310,640 | 8,547,683 | ||||||
IOI Corp. Bhd | 13,331,520 | 14,719,913 | ||||||
IOI Properties Group Bhd(c) | 13,616,456 | 5,390,998 | ||||||
Kuala Lumpur Kepong Bhd | 2,912,500 | 17,719,230 | ||||||
Malayan Banking Bhd | 24,895,700 | 58,344,036 | ||||||
Malaysia Airports Holdings Bhd(c) | 5,746,900 | 11,546,089 | ||||||
Maxis Bhd(c) | 14,281,500 | 18,859,377 | ||||||
MISC Bhd | 7,609,500 | 12,911,730 | ||||||
Nestle Malaysia Bhd | 373,500 | 13,593,508 | ||||||
Petronas Chemicals Group Bhd | 15,694,300 | 35,583,781 | ||||||
Petronas Dagangan Bhd | 1,376,200 | 9,035,913 | ||||||
Petronas Gas Bhd | 4,555,000 | 20,251,912 | ||||||
PPB Group Bhd | 3,939,760 | 17,787,777 | ||||||
Press Metal Aluminium Holdings Bhd(c) | 9,017,400 | 9,379,959 | ||||||
Public Bank Bhd | 19,039,030 | 117,048,014 | ||||||
QL Resources Bhd | 3,025,400 | 5,133,471 | ||||||
RHB Bank Bhd | 5,911,225 | 8,227,600 | ||||||
RHB Capital Bhd(a)(d) | 3,214,200 | 8 | ||||||
Sime Darby Bhd | 15,683,073 | 8,368,934 | ||||||
Sime Darby Plantation Bhd | 15,681,973 | 19,667,543 | ||||||
Sime Darby Property Bhd | 18,662,073 | 4,818,684 | ||||||
SP Setia Bhd Group | 8,516,400 | 4,795,907 | ||||||
Telekom Malaysia Bhd(c) | 7,327,800 | 5,496,075 | ||||||
Tenaga Nasional Bhd | 20,349,250 | 67,155,277 | ||||||
Top Glove Corp. Bhd | 9,240,400 | 10,316,345 | ||||||
Westports Holdings Bhd | 6,681,500 | 6,062,888 | ||||||
YTL Corp. Bhd | 22,053,489 | 5,748,604 | ||||||
|
| |||||||
788,403,217 | ||||||||
Mexico — 2.7% | ||||||||
Alfa SAB de CV, Class A | 19,710,400 | 22,452,173 | ||||||
Alsea SAB de CV(c) | 2,986,000 | 7,563,574 | ||||||
America Movil SAB de CV, Series L, NVS | 219,312,300 | 157,972,279 | ||||||
Arca Continental SAB de CV | 2,877,336 | 16,228,136 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 12,014,300 | 16,503,682 | ||||||
Cemex SAB de CV, CPO(a) | 95,912,773 | 47,086,457 | ||||||
Coca-Cola Femsa SAB de CV, Series L, NVS | 3,417,993 | 20,682,267 | ||||||
El Puerto de Liverpool SAB de CV, | 1,208,465 | 7,582,715 | ||||||
Fibra Uno Administracion SA de CV | 21,850,000 | 30,252,808 | ||||||
Fomento Economico Mexicano SAB de CV | 12,635,800 | 114,682,235 | ||||||
Gruma SAB de CV, Series B | 1,391,795 | 15,084,030 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 2,333,100 | 21,745,436 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,371,175 | 23,266,402 | ||||||
Grupo Bimbo SAB de CV, Series A(c) | 10,912,100 | 21,649,161 | ||||||
Grupo Carso SAB de CV, Series A1 | 3,295,313 | 12,205,085 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 16,925,056 | 92,093,075 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(c) | 15,296,600 | 22,830,332 | ||||||
Grupo Mexico SAB de CV, Series B | 22,934,888 | 57,475,434 |
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Mexico (continued) | ||||||||
Grupo Televisa SAB, CPO(c) | 16,073,800 | $ | 37,662,118 | |||||
Industrias Penoles SAB de CV | 934,473 | 12,385,572 | ||||||
Infraestructura Energetica Nova SAB de CV | 3,539,800 | 13,617,618 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 10,040,700 | 16,231,194 | ||||||
Megacable Holdings SAB de CV, CPO | 1,677,200 | 7,663,773 | ||||||
Mexichem SAB de CV | 6,951,734 | 16,851,223 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,520,605 | 14,982,294 | ||||||
Wal-Mart de Mexico SAB de CV | 33,969,000 | 87,877,228 | ||||||
|
| |||||||
914,626,301 | ||||||||
Pakistan — 0.0% | ||||||||
Habib Bank Ltd. | 3,891,200 | 3,692,566 | ||||||
MCB Bank Ltd. | 2,533,400 | 3,752,176 | ||||||
Oil & Gas Development Co. Ltd. | 4,391,500 | 4,729,503 | ||||||
|
| |||||||
12,174,245 | ||||||||
Peru — 0.4% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 1,176,595 | 19,578,541 | ||||||
Credicorp Ltd. | 442,854 | 107,653,379 | ||||||
Southern Copper Corp. | 565,231 | 20,127,876 | ||||||
|
| |||||||
147,359,796 | ||||||||
Philippines — 1.1% | ||||||||
Aboitiz Equity Ventures Inc. | 14,024,440 | 16,540,813 | ||||||
Aboitiz Power Corp. | 8,229,464 | 5,545,182 | ||||||
Alliance Global Group Inc. | 24,795,780 | 6,568,101 | ||||||
Ayala Corp. | 1,680,996 | 30,064,217 | ||||||
Ayala Land Inc. | 49,823,700 | 42,386,752 | ||||||
Bank of the Philippine Islands | 6,265,654 | 10,176,236 | ||||||
BDO Unibank Inc. | 13,137,991 | 32,413,141 | ||||||
DMCI Holdings Inc. | 25,403,100 | 5,599,291 | ||||||
Globe Telecom Inc. | 232,195 | 8,529,979 | ||||||
GT Capital Holdings Inc. | 588,616 | 10,868,683 | ||||||
International Container Terminal Services Inc. | 4,270,410 | 9,577,872 | ||||||
JG Summit Holdings Inc. | 19,416,744 | 24,852,832 | ||||||
Jollibee Foods Corp. | 3,030,699 | 18,036,526 | ||||||
Manila Electric Co. | 1,241,010 | 8,820,481 | ||||||
Megaworld Corp. | 73,877,700 | 7,384,913 | ||||||
Metro Pacific Investments Corp. | 92,077,800 | 8,367,472 | ||||||
Metropolitan Bank & Trust Co. | 8,345,200 | 12,262,862 | ||||||
PLDT Inc. | 593,723 | 11,823,950 | ||||||
Robinsons Land Corp. | 12,403,506 | 5,611,795 | ||||||
Security Bank Corp. | 1,357,650 | 4,352,250 | ||||||
SM Investments Corp. | 1,645,722 | 29,910,647 | ||||||
SM Prime Holdings Inc. | 64,529,325 | 47,848,020 | ||||||
Universal Robina Corp. | 6,035,060 | 15,881,123 | ||||||
|
| |||||||
373,423,138 | ||||||||
Poland — 1.2% | ||||||||
Alior Bank SA(a) | 598,935 | 9,304,614 | ||||||
Bank Handlowy w Warszawie SA | 228,753 | 3,989,631 | ||||||
Bank Millennium SA(a) | 4,067,991 | 9,312,723 | ||||||
Bank Polska Kasa Opieki SA | 1,107,879 | 33,220,244 | ||||||
CCC SA | 191,735 | 9,311,465 | ||||||
CD Projekt SA(a) | 444,931 | 22,384,910 | ||||||
Cyfrowy Polsat SA(a) | 1,644,985 | 11,110,233 | ||||||
Dino Polska SA(a)(b) | 320,355 | 9,071,850 | ||||||
Grupa Lotos SA | 598,360 | 15,072,623 | ||||||
Jastrzebska Spolka Weglowa SA(a) | 350,941 | 5,349,795 | ||||||
KGHM Polska Miedz SA(a) | 932,364 | 24,996,288 | ||||||
LPP SA | 8,465 | 18,269,704 | ||||||
mBank SA | 98,237 | 11,111,948 |
Security | Shares | Value | ||||||
| ||||||||
Poland (continued) | ||||||||
Orange Polska SA(a) | 4,333,476 | $ | 6,216,075 | |||||
PGE Polska Grupa Energetyczna SA(a) | 5,534,532 | 16,991,021 | ||||||
Polski Koncern Naftowy | 1,945,685 | 52,471,960 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 11,245,286 | 20,594,781 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 5,745,663 | 57,844,388 | ||||||
Powszechny Zaklad Ubezpieczen SA | 3,914,550 | 42,269,059 | ||||||
Santander Bank Polska SA | 228,870 | 22,799,171 | ||||||
|
| |||||||
401,692,483 | ||||||||
Qatar — 1.0% | ||||||||
Barwa Real Estate Co. | 756,354 | 8,193,576 | ||||||
Commercial Bank PQSC (The) | 1,398,427 | 15,340,425 | ||||||
Ezdan Holding Group QSC(a) | 5,340,324 | 18,991,714 | ||||||
Industries Qatar QSC | 1,121,664 | 40,810,098 | ||||||
Masraf Al Rayan QSC | 2,601,832 | 26,263,877 | ||||||
Ooredoo QPSC | 563,072 | 10,318,751 | ||||||
Qatar Electricity & Water Co. QSC | 331,176 | 15,990,306 | ||||||
Qatar Insurance Co. SAQ | 1,095,442 | 10,038,929 | ||||||
Qatar Islamic Bank SAQ | 775,618 | 30,808,298 | ||||||
Qatar National Bank QPSC | 2,974,431 | 153,135,799 | ||||||
|
| |||||||
329,891,773 | ||||||||
Russia — 3.6% | ||||||||
Alrosa PJSC | 17,256,150 | 24,903,691 | ||||||
Gazprom PJSC | 58,732,609 | 141,706,053 | ||||||
Gazprom PJSC, ADR | 4,872,415 | 23,114,737 | ||||||
Inter RAO UES PJSC | 211,252,000 | 12,550,814 | ||||||
LUKOIL PJSC | 2,861,965 | 238,916,015 | ||||||
LUKOIL PJSC, ADR | 370,729 | 30,844,653 | ||||||
Magnit PJSC, GDR(e) | 2,214,763 | 31,803,997 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 15,026,100 | 10,147,185 | ||||||
MMC Norilsk Nickel PJSC | 425,185 | 91,068,325 | ||||||
Mobile TeleSystems PJSC, ADR | 3,300,169 | 25,510,306 | ||||||
Moscow ExchangeMICEX-RTS PJSC(a) | 8,099,560 | 11,212,199 | ||||||
Novatek PJSC, GDR(e) | 599,562 | 103,904,095 | ||||||
Novolipetsk Steel PJSC | 8,032,910 | 19,314,214 | ||||||
PhosAgro PJSC, GDR(e) | 736,836 | 10,065,180 | ||||||
Polymetal International PLC | 704,203 | 8,314,129 | ||||||
Polyus PJSC | 184,968 | 15,354,060 | ||||||
Rosneft Oil Co. PJSC | 6,537,457 | 39,564,282 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 832,490 | 4,986,615 | ||||||
Sberbank of Russia PJSC | 59,354,441 | 187,170,785 | ||||||
Sberbank of Russia PJSC, ADR | 2,501,515 | 31,919,331 | ||||||
Severstal PJSC | 1,401,103 | 21,874,610 | ||||||
Surgutneftegas PJSC | 37,301,460 | 14,542,171 | ||||||
Surgutneftegas PJSC, ADR | 1,017,908 | 3,923,017 | ||||||
Tatneft PJSC | 10,033,720 | 118,173,190 | ||||||
VTB Bank PJSC | 18,901,881,998 | 10,297,666 | ||||||
X5 Retail Group NV, GDR(e) | 802,798 | 20,424,392 | ||||||
|
| |||||||
1,251,605,712 | ||||||||
South Africa — 6.0% | ||||||||
Absa Group Ltd. | 4,679,732 | 60,110,925 | ||||||
Anglo American Platinum Ltd. | 355,470 | 19,381,711 | ||||||
AngloGold Ashanti Ltd. | 2,700,123 | 38,794,584 | ||||||
Aspen Pharmacare | 2,541,183 | 25,202,173 | ||||||
Bid Corp. Ltd. | 2,218,944 | 46,504,710 | ||||||
Bidvest Group Ltd. (The) | 2,174,943 | 32,186,372 | ||||||
Capitec Bank Holdings Ltd. | 265,098 | 24,628,283 | ||||||
Clicks Group Ltd. | 1,661,929 | 21,354,487 | ||||||
Discovery Ltd. | 2,351,173 | 25,765,913 | ||||||
Exxaro Resources Ltd. | 1,642,875 | 17,726,925 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
South Africa (continued) | ||||||||
FirstRand Ltd. | 21,861,612 | $ | 99,978,780 | |||||
Fortress REIT Ltd., Series A | 7,018,950 | 9,445,130 | ||||||
Fortress REIT Ltd., Series B | 5,024,095 | 4,966,922 | ||||||
Foschini Group Ltd. (The) | 1,455,006 | 17,778,807 | ||||||
Gold Fields Ltd. | 5,381,535 | 22,012,239 | ||||||
Growthpoint Properties Ltd. | 19,296,789 | 33,515,476 | ||||||
Hyprop Investments Ltd. | 1,687,999 | 9,303,204 | ||||||
Investec Ltd. | 1,866,024 | 12,151,718 | ||||||
Kumba Iron Ore Ltd.(c) | 427,521 | 11,351,808 | ||||||
Liberty Holdings Ltd. | 855,964 | 6,270,576 | ||||||
Life Healthcare Group Holdings Ltd. | 8,795,306 | 16,927,524 | ||||||
MMI Holdings Ltd./South Africa(a)(c) | 6,418,190 | 7,121,178 | ||||||
Mondi Ltd. | 782,340 | 18,429,504 | ||||||
Mr. Price Group Ltd. | 1,681,543 | 25,819,937 | ||||||
MTN Group Ltd. | 11,043,112 | 65,598,913 | ||||||
Multichoice Group Ltd. | 2,884,045 | 21,548,288 | ||||||
Naspers Ltd., Class N | 2,860,747 | 619,636,579 | ||||||
Nedbank Group Ltd. | 2,541,377 | 51,405,947 | ||||||
NEPI Rockcastle PLC | 2,481,030 | 20,885,826 | ||||||
Netcare Ltd. | 7,670,839 | 13,879,527 | ||||||
Old Mutual Ltd. | 32,499,221 | 53,741,599 | ||||||
Pick n Pay Stores Ltd.(c) | 2,424,556 | 11,955,510 | ||||||
PSG Group Ltd. | 991,900 | 18,326,869 | ||||||
Rand Merchant Investment Holdings Ltd. | 4,550,793 | 10,768,484 | ||||||
Redefine Properties Ltd. | 35,038,395 | 24,197,924 | ||||||
Reinet Investments SCA | 971,523 | 15,344,674 | ||||||
Remgro Ltd. | 3,504,286 | 50,146,682 | ||||||
Resilient REIT Ltd. | 1,842,881 | 8,064,898 | ||||||
RMB Holdings Ltd. | 4,695,825 | 26,758,855 | ||||||
Sanlam Ltd. | 11,691,797 | 65,435,811 | ||||||
Sappi Ltd. | 3,509,052 | 18,031,935 | ||||||
Sasol Ltd. | 3,650,665 | 111,617,914 | ||||||
Shoprite Holdings Ltd. | 2,866,651 | 35,007,395 | ||||||
SPAR Group Ltd. (The) | 1,259,686 | 17,891,842 | ||||||
Standard Bank Group Ltd. | 8,410,865 | 115,909,616 | ||||||
Telkom SA SOC Ltd.(c) | 1,870,473 | 9,315,115 | ||||||
Tiger Brands Ltd. | 1,063,696 | 20,145,918 | ||||||
Truworths International Ltd.(c) | 2,900,179 | 15,072,267 | ||||||
Vodacom Group Ltd. | 3,927,791 | 32,439,196 | ||||||
Woolworths Holdings Ltd./South Africa | 6,499,729 | 21,172,659 | ||||||
|
| |||||||
2,081,029,129 | ||||||||
South Korea — 12.9% | ||||||||
Amorepacific Corp.(c) | 210,364 | 37,408,020 | ||||||
AMOREPACIFIC Group | 190,556 | 12,419,094 | ||||||
BGF retail Co. Ltd.(c) | 53,065 | 10,049,653 | ||||||
BNK Financial Group Inc. | 1,723,268 | 10,863,315 | ||||||
Celltrion Healthcare Co. Ltd.(a)(c) | 330,299 | 20,498,684 | ||||||
Celltrion Inc.(a)(c) | 542,909 | 98,715,116 | ||||||
Celltrion Pharm Inc.(a)(c) | 101,467 | 5,467,147 | ||||||
Cheil Worldwide Inc. | 462,590 | 10,303,085 | ||||||
CJ CheilJedang Corp. | 53,404 | 15,289,489 | ||||||
CJ Corp. | 96,306 | 10,703,521 | ||||||
CJ ENM Co. Ltd. | 71,065 | 15,057,161 | ||||||
CJ Logistics Corp.(a)(c) | 53,342 | 9,011,274 | ||||||
Coway Co. Ltd. | 335,366 | 28,208,076 | ||||||
Daelim Industrial Co. Ltd. | 182,162 | 15,159,921 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 1,091,214 | 4,899,645 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(c) | 242,970 | 6,826,578 | ||||||
DB Insurance Co. Ltd. | 327,841 | 21,133,167 |
Security | Shares | Value | ||||||
| ||||||||
South Korea (continued) | ||||||||
DGB Financial Group Inc. | 1,119,689 | $ | 8,442,218 | |||||
Doosan Bobcat Inc. | 280,270 | 7,949,331 | ||||||
E-MART Inc. | 135,538 | 21,691,865 | ||||||
Fila Korea Ltd. | 319,233 | 15,781,413 | ||||||
GS Engineering & Construction Corp. | 369,879 | 14,075,595 | ||||||
GS Holdings Corp. | 332,942 | 15,867,068 | ||||||
GS Retail Co. Ltd. | 179,068 | 6,161,582 | ||||||
Hana Financial Group Inc. | 1,903,181 | 65,740,715 | ||||||
Hankook Tire Co. Ltd. | 482,960 | 18,357,375 | ||||||
Hanmi Pharm Co. Ltd.(c) | 42,275 | 18,568,374 | ||||||
Hanmi Science Co. Ltd. | 87,179 | 6,301,816 | ||||||
Hanon Systems | 1,235,167 | 13,672,828 | ||||||
Hanwha Chemical Corp. | 705,222 | 14,672,530 | ||||||
Hanwha Corp. | 272,346 | 7,785,120 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,906,602 | 7,069,023 | ||||||
HDC Holdings Co. Ltd.(a) | 1 | 18 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(a) | 178,961 | 7,661,574 | ||||||
HLB Inc.(a)(c) | 214,655 | 17,138,809 | ||||||
Hotel Shilla Co. Ltd.(c) | 207,483 | 15,127,239 | ||||||
Hyundai Department Store Co. Ltd. | 91,806 | 7,901,503 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 515,239 | 26,204,028 | ||||||
Hyundai Glovis Co. Ltd. | 123,548 | 15,324,038 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 246,842 | 28,860,783 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 64,886 | 20,826,750 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 414,362 | 13,889,435 | ||||||
Hyundai Mobis Co. Ltd. | 443,846 | 87,017,021 | ||||||
Hyundai Motor Co. | 900,820 | 101,319,223 | ||||||
Hyundai Steel Co. | 518,603 | 22,986,005 | ||||||
Industrial Bank of Korea | 1,655,527 | 20,534,011 | ||||||
Kakao Corp. | 329,727 | 30,342,975 | ||||||
Kangwon Land Inc.(a) | 770,334 | 21,164,151 | ||||||
KB Financial Group Inc. | 2,590,768 | 102,161,075 | ||||||
KCC Corp. | 39,833 | 11,315,590 | ||||||
Kia Motors Corp. | 1,710,767 | 55,595,745 | ||||||
Korea Aerospace Industries Ltd.(a) | 484,852 | 15,864,278 | ||||||
Korea Electric Power Corp.(a) | 1,665,249 | 51,599,473 | ||||||
Korea Gas Corp. | 181,592 | 8,089,054 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 275,720 | 15,812,163 | ||||||
Korea Zinc Co. Ltd.(a) | 55,161 | 22,389,078 | ||||||
Korean Air Lines Co. Ltd.(a) | 311,654 | 10,197,268 | ||||||
KT Corp. | 167,676 | 4,241,471 | ||||||
KT&G Corp. | 757,802 | 71,083,943 | ||||||
Kumho Petrochemical Co. Ltd. | 122,840 | 10,452,377 | ||||||
LG Chem Ltd. | 297,879 | 103,424,691 | ||||||
LG Corp. | 613,105 | 40,884,569 | ||||||
LG Display Co. Ltd.(a)(c) | 1,525,264 | 28,818,227 | ||||||
LG Electronics Inc. | 692,700 | 43,420,779 | ||||||
LG Household & Health Care Ltd. | 61,337 | 67,952,256 | ||||||
LG Innotek Co. Ltd. | 93,500 | 8,978,394 | ||||||
LG Uplus Corp. | 729,681 | 9,731,675 | ||||||
Lotte Chemical Corp. | 111,233 | 31,549,148 | ||||||
Lotte Corp.(c) | 198,559 | 9,374,485 | ||||||
Lotte Shopping Co. Ltd. | 74,158 | 12,593,739 | ||||||
Medy-Tox Inc.(c) | 28,945 | 14,051,720 | ||||||
Mirae Asset Daewoo Co. Ltd. | 2,633,603 | 17,702,533 | ||||||
NAVER Corp. | 901,261 | 106,577,499 | ||||||
NCSoft Corp. | 115,228 | 47,230,469 | ||||||
Netmarble Corp.(a)(b)(c) | 169,220 | 17,754,032 | ||||||
NH Investment & Securities Co. Ltd.(a) | 942,593 | 10,936,995 |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
South Korea (continued) | ||||||||
OCI Co. Ltd.(a) | 118,135 | $ | 11,343,985 | |||||
Orange Life Insurance Ltd.(b) | 218,235 | 6,927,171 | ||||||
Orion Corp./Republic of Korea | 144,134 | 14,289,091 | ||||||
Ottogi Corp.(c) | 7,973 | 5,415,997 | ||||||
Pan Ocean Co. Ltd.(a)(c) | 1,564,357 | 6,015,688 | ||||||
Pearl Abyss Corp.(a)(c) | 38,599 | 6,180,919 | ||||||
POSCO | 508,081 | 118,809,730 | ||||||
POSCO Chemtech Co. Ltd.(c) | 154,279 | 9,451,252 | ||||||
Posco Daewoo Corp. | 317,455 | 5,348,779 | ||||||
S-1 Corp. | 114,488 | 10,383,014 | ||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 108,716 | 36,344,995 | ||||||
Samsung C&T Corp. | 500,833 | 51,432,570 | ||||||
Samsung Card Co. Ltd. | 198,323 | 6,004,177 | ||||||
Samsung Electro-Mechanics Co. Ltd.(c) | 369,117 | 35,116,492 | ||||||
Samsung Electronics Co. Ltd. | 31,054,225 | 1,245,261,445 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,030,685 | 14,387,619 | ||||||
Samsung Fire & Marine Insurance | 202,222 | 54,209,952 | ||||||
Samsung Heavy Industries Co. Ltd.(a)(c) | 2,908,229 | 23,685,763 | ||||||
Samsung Life Insurance Co. Ltd. | 456,229 | 35,980,717 | ||||||
Samsung SDI Co. Ltd. | 358,842 | 75,775,740 | ||||||
Samsung SDS Co. Ltd. | 228,905 | 46,912,601 | ||||||
Samsung Securities Co. Ltd. | 420,683 | 12,960,493 | ||||||
Shinhan Financial Group Co. Ltd. | 2,708,958 | 105,135,607 | ||||||
Shinsegae Inc. | 48,750 | 12,374,967 | ||||||
SillaJen Inc.(a)(c) | 389,908 | 25,758,126 | ||||||
SK Holdings Co. Ltd. | 207,986 | 50,392,269 | ||||||
SK Hynix Inc. | 3,797,173 | 236,331,564 | ||||||
SK Innovation Co. Ltd. | 419,558 | 70,131,505 | ||||||
SK Telecom Co. Ltd. | 129,868 | 30,079,678 | ||||||
S-Oil Corp.(c) | 294,801 | 26,211,523 | ||||||
ViroMed Co. Ltd.(a)(c) | 89,750 | 22,168,178 | ||||||
Woori Financial Group Inc.(a) | 2,968,951 | 39,068,618 | ||||||
Yuhan Corp. | 59,785 | 13,847,242 | ||||||
|
| |||||||
4,423,967,555 | ||||||||
Taiwan — 11.1% | ||||||||
Acer Inc. | 19,205,121 | 12,698,787 | ||||||
Advantech Co. Ltd. | 2,312,126 | 17,654,691 | ||||||
Airtac International Group(c) | 726,000 | 9,034,751 | ||||||
ASE Technology Holding Co. Ltd.(c) | 22,796,110 | 46,589,941 | ||||||
Asia Cement Corp. | 14,489,077 | 18,266,411 | ||||||
Asustek Computer Inc. | 4,527,968 | 32,293,762 | ||||||
AU Optronics Corp.(c) | 56,259,000 | 20,747,637 | ||||||
Catcher Technology Co. Ltd.(c) | 4,273,210 | 32,490,086 | ||||||
Cathay Financial Holding Co. Ltd. | 53,484,644 | 78,724,169 | ||||||
Chailease Holding Co. Ltd. | 7,734,370 | 30,408,226 | ||||||
Chang Hwa Commercial Bank Ltd. | 35,754,377 | 21,492,242 | ||||||
Cheng Shin Rubber Industry Co. Ltd.(c) | 12,711,128 | 18,069,366 | ||||||
Chicony Electronics Co. Ltd. | 3,802,998 | 8,402,640 | ||||||
China Airlines Ltd. | 17,374,347 | 5,730,009 | ||||||
China Development Financial Holding Corp. | 90,265,848 | 29,241,483 | ||||||
China Life Insurance Co. Ltd./Taiwan | 17,139,002 | 16,010,473 | ||||||
China Steel Corp. | 82,397,313 | 68,270,644 | ||||||
Chunghwa Telecom Co. Ltd. | 24,680,410 | 85,805,854 | ||||||
Compal Electronics Inc. | 27,292,908 | 16,938,071 | ||||||
CTBC Financial Holding Co. Ltd. | 114,843,772 | 77,802,630 | ||||||
Delta Electronics Inc. | 13,585,000 | 67,756,161 | ||||||
E.Sun Financial Holding Co. Ltd. | 63,588,789 | 45,661,860 | ||||||
Eclat Textile Co. Ltd. | 1,114,427 | 12,764,139 | ||||||
Eva Airways Corp. | 15,177,953 | 7,619,430 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 14,725,663 | 5,956,964 |
Security | Shares | Value | ||||||
| ||||||||
Taiwan (continued) | ||||||||
Far Eastern New Century Corp. | 20,995,038 | $ | 20,806,416 | |||||
Far EasTone Telecommunications Co. Ltd. | 10,347,000 | 24,239,881 | ||||||
Feng TAY Enterprise Co. Ltd.(c) | 2,164,529 | 13,608,967 | ||||||
First Financial Holding Co. Ltd. | 64,307,155 | 43,461,369 | ||||||
Formosa Chemicals & Fibre Corp. | 22,944,090 | 78,650,967 | ||||||
Formosa Petrochemical Corp. | 8,032,000 | 30,403,977 | ||||||
Formosa Plastics Corp. | 29,253,280 | 97,426,972 | ||||||
Formosa Taffeta Co. Ltd. | 5,243,000 | 6,056,200 | ||||||
Foxconn Technology Co. Ltd. | 6,106,637 | 12,520,228 | ||||||
Fubon Financial Holding Co. Ltd. | 43,796,969 | 64,749,471 | ||||||
Giant Manufacturing Co. Ltd. | 2,063,203 | 11,362,985 | ||||||
Globalwafers Co. Ltd.(c) | 1,423,000 | 15,489,253 | ||||||
Highwealth Construction Corp. | 5,527,170 | 8,575,451 | ||||||
Hiwin Technologies Corp.(c) | 1,420,135 | 12,781,746 | ||||||
Hon Hai Precision Industry Co. Ltd. | 86,100,873 | 203,386,788 | ||||||
Hotai Motor Co. Ltd.(c) | 1,806,000 | 19,628,840 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 50,355,883 | 30,923,795 | ||||||
Innolux Corp.(c) | 58,207,002 | 19,385,628 | ||||||
Inventec Corp. | 16,424,281 | 12,701,181 | ||||||
Largan Precision Co. Ltd.(c) | 651,000 | 92,224,912 | ||||||
Lite-On Technology Corp. | 13,891,246 | 20,108,037 | ||||||
MediaTek Inc. | 9,828,338 | 89,416,751 | ||||||
Mega Financial Holding Co. Ltd. | 71,018,162 | 62,880,604 | ||||||
Micro-Star International Co. Ltd. | 4,431,000 | 11,777,031 | ||||||
Nan Ya Plastics Corp. | 33,610,160 | 83,980,352 | ||||||
Nanya Technology Corp.(c) | 6,943,000 | 14,031,959 | ||||||
Nien Made Enterprise Co. Ltd. | 1,016,000 | 8,830,764 | ||||||
Novatek Microelectronics Corp. | 3,822,000 | 21,235,748 | ||||||
Pegatron Corp.(c) | 12,868,414 | 22,076,983 | ||||||
Phison Electronics Corp. | 947,535 | 8,620,532 | ||||||
Pou Chen Corp. | 14,503,220 | 18,284,241 | ||||||
Powertech Technology Inc.(c) | 4,892,300 | 11,381,693 | ||||||
President Chain Store Corp. | 3,734,000 | 38,642,438 | ||||||
Quanta Computer Inc. | 17,539,000 | 32,597,300 | ||||||
Realtek Semiconductor Corp. | 2,959,637 | 17,117,456 | ||||||
Ruentex Development Co. Ltd. | 3,790,458 | 5,973,298 | ||||||
Ruentex Industries Ltd. | 2,374,958 | 6,281,467 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 16,089,000 | 25,040,635 | ||||||
Shin Kong Financial Holding Co. Ltd.(c) | 67,822,088 | 20,340,126 | ||||||
SinoPac Financial Holdings Co. Ltd. | 71,170,626 | 24,859,364 | ||||||
Standard Foods Corp. | 2,998,615 | 5,134,665 | ||||||
Synnex Technology International Corp. | 9,365,834 | 11,411,914 | ||||||
TaiMed Biologics Inc.(a)(c) | 1,138,000 | 6,711,192 | ||||||
Taishin Financial Holding Co. Ltd.(c) | 64,772,566 | 29,359,326 | ||||||
Taiwan Business Bank | 26,149,137 | 9,643,485 | ||||||
Taiwan Cement Corp. | 29,828,025 | 37,216,583 | ||||||
Taiwan Cooperative Financial Holding | 56,906,563 | 35,316,406 | ||||||
Taiwan High Speed Rail Corp. | 12,390,000 | 13,285,136 | ||||||
Taiwan Mobile Co. Ltd. | 10,362,600 | 37,037,545 | ||||||
Taiwan Semiconductor Manufacturing | 160,670,000 | 1,247,709,454 | ||||||
Tatung Co. Ltd.(a)(c) | 12,243,000 | 10,661,134 | ||||||
Uni-President Enterprises Corp. | 31,527,839 | 76,830,956 | ||||||
United Microelectronics Corp.(c) | 77,912,000 | 28,986,155 | ||||||
Vanguard International Semiconductor Corp. | 5,900,000 | 13,285,136 | ||||||
Walsin Technology Corp.(c) | 2,066,000 | 12,150,374 | ||||||
Win Semiconductors Corp.(c) | 2,279,000 | 12,958,751 | ||||||
Winbond Electronics Corp.(c) | 20,086,000 | 10,018,037 | ||||||
Wistron Corp. | 18,616,940 | 12,914,778 | ||||||
WPG Holdings Ltd. | 10,033,449 | 12,975,201 | ||||||
Yageo Corp.(c) | 1,649,861 | 18,548,305 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Taiwan (continued) | ||||||||
Yuanta Financial Holding Co. Ltd. | 67,112,635 | $ | 38,052,263 | |||||
Zhen Ding Technology Holding Ltd. | 2,920,075 | 8,482,274 | ||||||
|
| |||||||
3,836,981,303 | ||||||||
Thailand — 2.4% | ||||||||
Advanced Info Service PCL, NVDR(c) | 6,720,700 | 38,815,308 | ||||||
Airports of Thailand PCL, NVDR | 27,832,000 | 59,616,343 | ||||||
Bangkok Bank PCL, Foreign | 1,593,800 | 10,823,426 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 25,476,800 | 19,079,809 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 50,424,000 | 16,961,346 | ||||||
Banpu PCL, NVDR | 13,750,200 | 7,112,361 | ||||||
Berli Jucker PCL, NVDR(c) | 8,014,600 | 12,589,376 | ||||||
BTS Group Holdings PCL, NVDR | 38,545,800 | 12,721,184 | ||||||
Bumrungrad Hospital PCL, NVDR | 2,364,100 | 13,991,421 | ||||||
Central Pattana PCL, NVDR(c) | 8,743,000 | 20,947,132 | ||||||
Charoen Pokphand Foods PCL, NVDR | 21,992,000 | 18,319,397 | ||||||
CP ALL PCL, NVDR | 32,665,500 | 80,594,768 | ||||||
Delta Electronics Thailand PCL, NVDR | 3,380,700 | 7,777,890 | ||||||
Electricity Generating PCL, NVDR | 849,600 | 7,198,515 | ||||||
Energy Absolute PCL, NVDR(c) | 8,602,400 | 13,034,973 | ||||||
Glow Energy PCL, NVDR | 3,445,200 | 9,948,852 | ||||||
Gulf Energy Development PCL, NVDR(c) | 2,771,200 | 7,958,543 | ||||||
Home Product Center PCL, NVDR | 26,165,714 | 12,454,921 | ||||||
Indorama Ventures PCL, NVDR | 10,976,780 | 17,939,046 | ||||||
IRPC PCL, NVDR | 66,813,400 | 12,509,292 | ||||||
Kasikornbank PCL, Foreign | 8,237,000 | 51,754,891 | ||||||
Kasikornbank PCL, NVDR | 3,483,100 | 21,829,822 | ||||||
Krung Thai Bank PCL, NVDR | 22,692,700 | 13,898,266 | ||||||
Land & Houses PCL, NVDR | 20,154,300 | 6,715,435 | ||||||
Minor International PCL, NVDR | 14,981,620 | 18,422,460 | ||||||
Muangthai Capital PCL, NVDR | 4,157,000 | 6,200,048 | ||||||
PTT Exploration & Production PCL, NVDR | 8,930,939 | 35,284,471 | ||||||
PTT Global Chemical PCL, NVDR | 14,273,330 | 32,611,813 | ||||||
PTT PCL, NVDR | 68,342,700 | 105,184,322 | ||||||
Robinson PCL, NVDR | 3,412,200 | 6,984,114 | ||||||
Siam Cement PCL (The), NVDR | 2,446,100 | 36,793,380 | ||||||
Siam Commercial Bank PCL (The), NVDR | 11,999,100 | 51,023,543 | ||||||
Thai Oil PCL, NVDR | 7,341,500 | 16,832,158 | ||||||
Thai Union Group PCL, NVDR | 12,951,000 | 7,603,126 | ||||||
TMB Bank PCL, NVDR | 73,568,300 | 5,322,831 | ||||||
True Corp. PCL, NVDR | 66,508,901 | 11,397,003 | ||||||
|
| |||||||
828,251,586 | ||||||||
Turkey — 0.7% | ||||||||
Akbank T.A.S.(c) | 18,647,329 | 24,017,089 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,388,577 | 5,222,132 | ||||||
Arcelik AS(c) | 1,402,894 | 5,475,863 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 2,274,837 | 10,457,256 | ||||||
BIM Birlesik Magazalar AS(c) | 1,368,937 | 21,994,357 | ||||||
Enka Insaat ve Sanayi AS | 1 | — | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 9,180,698 | 16,041,264 | ||||||
Ford Otomotiv Sanayi AS | 461,992 | 4,802,673 | ||||||
Haci Omer Sabanci Holding AS | 6,021,863 | 10,307,388 | ||||||
KOC Holding AS | 4,883,425 | 17,065,437 | ||||||
Petkim Petrokimya Holding AS | 5,436,738 | 5,616,128 | ||||||
TAV Havalimanlari Holding AS | 1,160,951 | 6,055,054 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 805,193 | 21,662,016 | ||||||
Turk Hava Yollari AO(a) | 3,632,213 | 9,628,701 | ||||||
Turkcell Iletisim Hizmetleri AS | 7,229,579 | 19,381,886 | ||||||
Turkiye Garanti Bankasi AS | 14,813,046 | 24,771,723 | ||||||
Turkiye Halk Bankasi AS | 4,081,361 | 5,853,471 |
Security | Shares | Value | ||||||
| ||||||||
Turkey (continued) | ||||||||
Turkiye Is Bankasi AS, Class C | 10,196,402 | $ | 11,106,317 | |||||
Turkiye Sise ve Cam Fabrikalari AS | 4,571,897 | 5,777,013 | ||||||
|
| |||||||
225,235,768 | ||||||||
United Arab Emirates — 0.7% | ||||||||
Abu Dhabi Commercial Bank PJSC | 14,067,765 | 36,500,354 | ||||||
Aldar Properties PJSC | 22,648,937 | 10,976,071 | ||||||
DAMAC Properties Dubai Co. PJSC | 11,221,386 | 4,216,039 | ||||||
DP World Ltd. | 1,128,546 | 18,068,022 | ||||||
Dubai Islamic Bank PJSC | 12,226,881 | 17,376,618 | ||||||
Emaar Development PJSC | 4,241,907 | 4,504,067 | ||||||
Emaar Malls PJSC | 13,830,617 | 6,589,594 | ||||||
Emaar Properties PJSC | 23,660,222 | 31,564,141 | ||||||
Emirates Telecommunications Group Co. PJSC | 11,880,508 | 54,599,231 | ||||||
First Abu Dhabi Bank PJSC | 17,062,570 | 70,610,145 | ||||||
|
| |||||||
255,004,282 | ||||||||
|
| |||||||
Total Common Stocks — 95.8% |
| 32,979,572,681 | ||||||
|
| |||||||
Preferred Stocks |
| |||||||
Brazil — 2.9% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 21,844,346 | 252,037,825 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 1,120,600 | 16,255,087 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 1,558,437 | 16,194,198 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 1,027,186 | 25,502,643 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 5,707,110 | 21,913,842 | ||||||
Gerdau SA, Preference Shares, NVS | 6,644,085 | 26,822,598 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 31,579,979 | 296,663,598 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 29,126,392 | 96,071,854 | ||||||
Lojas Americanas SA, Preference Shares, NVS | 4,861,224 | 25,808,138 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 25,484,227 | 183,881,923 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 2,900,967 | 36,193,919 | ||||||
|
| |||||||
997,345,625 | ||||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 1,827,406 | 6,851,115 | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 786,309 | 32,721,598 | ||||||
|
| |||||||
39,572,713 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 3,011,821 | 36,307,741 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares, NVS | 22,682,820 | 8,655,597 | ||||||
Grupo de Inversiones Suramericana SA, Preference Shares, NVS | 611,774 | 6,564,371 | ||||||
|
| |||||||
51,527,709 | ||||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 45,733,600 | 27,882,427 | ||||||
Transneft PJSC, Preference Shares | 3,000 | 7,766,755 | ||||||
|
| |||||||
35,649,182 | ||||||||
South Korea — 0.7% | ||||||||
Amorepacific Corp., Preference Shares, NVS | 60,893 | 6,036,783 | ||||||
CJ Corp., Preference Shares | 13,396 | 321,590 |
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 153,025 | $ | 10,027,512 | |||||
Series 2, Preference Shares, NVS | 243,974 | 17,440,659 | ||||||
LG Chem Ltd., Preference Shares, NVS | 51,489 | 10,071,646 | ||||||
LG Household & Health Care Ltd., Preference Shares, NVS | 13,876 | 9,240,796 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 5,463,011 | 174,862,982 | ||||||
|
| |||||||
228,001,968 | ||||||||
|
| |||||||
Total Preferred Stocks — 3.9% |
| 1,352,097,197 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 4.8% | ||||||||
BlackRock Cash Funds: Institutional, | ||||||||
2.62%(f)(g)(h) | 1,581,022,544 | 1,581,654,953 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
2.33%(f)(g) | 71,090,729 | 71,090,729 | ||||||
|
| |||||||
1,652,745,682 | ||||||||
|
| |||||||
Total Short-Term Investments — 4.8% |
| 1,652,745,682 | ||||||
|
| |||||||
Total Investments in Securities — 104.5% |
| 35,984,415,560 | ||||||
Other Assets, Less Liabilities — (4.5)% |
| (1,542,667,228 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 34,441,748,332 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized7-day yield as ofperiod-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 |
| Net Activity | | Shares Held at 02/28/19 |
| | Value at 02/28/19 |
| Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation |
) | |||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 1,641,918,956 | (60,896,412 | ) | 1,581,022,544 | $ | 1,581,654,953 | $ | 10,729,860 | (b) | $ | 1,478 | $ | 186,724 | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 97,280,989 | (26,190,260 | ) | 71,090,729 | 71,090,729 | 590,287 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 1,652,745,682 | $ | 11,320,147 | $ | 1,478 | $ | 186,724 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging MarketsE-Mini | 1,973 | 03/15/19 | $ | 103,257 | $ | 56,769 | ||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 21 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 56,769 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported separately within the Consolidated Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 610,980 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 1,735,139 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 74,220,647 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 32,976,751,118 | $ | — | $ | 2,821,563 | $ | 32,979,572,681 | ||||||||
Preferred Stocks | 1,351,775,607 | 321,590 | — | 1,352,097,197 | ||||||||||||
Money Market Funds | 1,652,745,682 | — | — | 1,652,745,682 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 35,981,272,407 | $ | 321,590 | $ | 2,821,563 | $ | 35,984,415,560 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 56,769 | $ | — | $ | — | $ | 56,769 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||
ASSETS | ||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||
Unaffiliated(b) | $ | — | $ | 34,331,669,878 | ||||
Affiliated(c) | 378,832,544 | 1,652,745,682 | ||||||
Cash | — | 6,799,016 | ||||||
Foreign currency, at value(d) | 96 | 14,586,773 | ||||||
Cash pledged: | ||||||||
Futures contracts | — | 6,799,000 | ||||||
Receivables: | ||||||||
Investments sold | — | 182,311,944 | ||||||
Securities lending income — Affiliated | 18,402 | 1,625,959 | ||||||
Capital shares sold | 4,603 | 527,609 | ||||||
Dividends | 1,055 | 96,062,888 | ||||||
Unrealized appreciation on: | ||||||||
Forward foreign currency exchange contracts | 2,292,434 | — | ||||||
|
|
|
| |||||
Total assets | 381,149,134 | 36,293,128,749 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Collateral on securities loaned, at value | 112,688,400 | 1,580,947,851 | ||||||
Deferred foreign capital gain tax | — | 27,364,739 | ||||||
Payables: | ||||||||
Investments purchased | 13,201 | 223,567,079 | ||||||
Variation margin on futures contracts | — | 1,738,001 | ||||||
Investment advisory fees | — | 17,528,083 | ||||||
Foreign taxes | — | 234,664 | ||||||
Unrealized depreciation on: | ||||||||
Forward foreign currency exchange contracts | 1,538,690 | — | ||||||
|
|
|
| |||||
Total liabilities | 114,240,291 | 1,851,380,417 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 266,908,843 | $ | 34,441,748,332 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 274,958,491 | $ | 41,928,419,048 | ||||
Accumulated loss | (8,049,648 | ) | (7,486,670,716 | ) | ||||
|
|
|
| |||||
NET ASSETS | $ | 266,908,843 | $ | 34,441,748,332 | ||||
|
|
|
| |||||
Shares outstanding | 10,650,000 | 807,750,000 | ||||||
|
|
|
| |||||
Net asset value | $ | 25.06 | $ | 42.64 | ||||
|
|
|
| |||||
Shares authorized | 250 million | 2 billion | ||||||
|
|
|
| |||||
Par value | $ | 0.001 | $ | 0.001 | ||||
|
|
|
| |||||
(a) Securities loaned, at value | $ | 108,693,084 | $ | 1,491,970,302 | ||||
(b) Investments, at cost — Unaffiliated | $ | — | $ | 29,442,146,821 | ||||
(c) Investments, at cost — Affiliated | $ | 378,948,040 | $ | 1,652,149,749 | ||||
(d) Foreign currency, at cost | $ | 96 | $ | 14,542,746 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 23 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends — Unaffiliated | $ | — | $ | 291,557,014 | ||||
Dividends — Affiliated | 4,094,974 | 590,287 | ||||||
Interest — Unaffiliated | — | 26,116 | ||||||
Securities lending income — Affiliated — net(a) | 71,610 | 10,729,860 | ||||||
Foreign taxes withheld | — | (30,529,869 | ) | |||||
Other foreign taxes | — | (242,429 | ) | |||||
|
|
|
| |||||
Total investment income | 4,166,584 | 272,130,979 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees | 1,157,191 | 103,068,672 | ||||||
Commitment fees | — | 90,660 | ||||||
Professional fees | — | 1,661 | ||||||
Mauritius income taxes | — | 801,601 | ||||||
Interest expense | — | 6,482 | ||||||
|
|
|
| |||||
Total expenses | 1,157,191 | 103,969,076 | ||||||
Less: | ||||||||
Investment advisory fees waived | (1,157,191 | ) | — | |||||
|
|
|
| |||||
Total expenses after fees waived | — | 103,969,076 | ||||||
|
|
|
| |||||
Net investment income | 4,166,584 | 168,161,903 | ||||||
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — Unaffiliated(b) | — | (315,206,389 | ) | |||||
Investments — Affiliated | (1,685,877 | ) | 1,478 | |||||
In-kind redemptions — Unaffiliated | — | 10,830,338 | ||||||
In-kind redemptions — Affiliated | 3,945,955 | — | ||||||
Futures contracts | — | 610,980 | ||||||
Forward foreign currency exchange contracts | 3,639,558 | — | ||||||
Foreign currency transactions | — | (1,261,845 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | 5,899,636 | (305,025,438 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — Unaffiliated(c) | — | 239,135,478 | ||||||
Investments — Affiliated | (11,815,171 | ) | 186,724 | |||||
Futures contracts | — | 1,735,139 | ||||||
Forward foreign currency exchange contracts | (6,309,565 | ) | — | |||||
Foreign currency translations | — | 1,840,042 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (18,124,736 | ) | 242,897,383 | |||||
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|
|
| |||||
Net realized and unrealized loss | (12,225,100 | ) | (62,128,055 | ) | ||||
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| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (8,058,516 | ) | $ | 106,033,848 | |||
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| |||||
(a) Net of securities lending income tax paid of | $ | — | $ | 403,815 | ||||
(b) Net of foreign capital gain tax of | $ | — | $ | 191,869 | ||||
(c) Net of deferred foreign capital gain tax of | $ | — | $ | (21,176,402 | ) |
See notes to financial statements.
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares Currency Hedged MSCI Emerging Markets | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||||||||||||||
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Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended (unaudited) | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 4,166,584 | $ | 9,047,280 | $ | 168,161,903 | $ | 678,464,472 | ||||||||||||
Net realized gain (loss) | 5,899,636 | 33,646,135 | (305,025,438 | ) | 508,209,075 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (18,124,736 | ) | (30,845,086 | ) | 242,897,383 | (1,724,206,375 | ) | |||||||||||||
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| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (8,058,516 | ) | 11,848,329 | 106,033,848 | (537,532,828 | ) | ||||||||||||||
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| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (4,226,180 | ) | (9,015,264 | ) | (431,098,987 | ) | (789,458,393 | ) | ||||||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (65,134,226 | ) | (52,262,674 | ) | 3,617,801,452 | (3,415,886,805 | ) | |||||||||||||
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NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | (77,418,922 | ) | (49,429,609 | ) | 3,292,736,313 | (4,742,878,026 | ) | |||||||||||||
Beginning of period | 344,327,765 | 393,757,374 | 31,149,012,019 | 35,891,890,045 | ||||||||||||||||
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End of period | $ | 266,908,843 | $ | 344,327,765 | $ | 34,441,748,332 | $ | 31,149,012,019 | ||||||||||||
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(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 25 |
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI Emerging Markets ETF | ||||||||||||||||||||
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| |||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Period From 09/23/14 to 08/31/15 | (a)
| ||||||
| ||||||||||||||||||||
Net asset value, beginning of period | $ | 25.70 | $ | 25.57 | $ | 21.72 | $ | 21.40 | $ | 24.44 | ||||||||||
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| |||||||||||
Net investment income(b) | 0.34 | 0.60 | 0.36 | 0.50 | 0.41 | |||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.62 | ) | 0.12 | 3.83 | 1.08 | (2.80 | ) | |||||||||||||
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| |||||||||||
Net increase (decrease) from investment operations | (0.28 | ) | 0.72 | 4.19 | 1.58 | (2.39 | ) | |||||||||||||
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Distributions | ||||||||||||||||||||
From net investment income | (0.36 | ) | (0.59 | ) | (0.34 | ) | (0.48 | ) | (0.65 | ) | ||||||||||
From net realized gain | — | — | — | (0.78 | ) | — | ||||||||||||||
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Total distributions | (0.36 | ) | (0.59 | ) | (0.34 | ) | (1.26 | ) | (0.65 | ) | ||||||||||
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Net asset value, end of period | $ | 25.06 | $ | 25.70 | $ | 25.57 | $ | 21.72 | $ | 21.40 | ||||||||||
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Total Return | ||||||||||||||||||||
Based on net asset value | (0.93 | )%(d) | 2.77 | % | 19.55 | % | 7.84 | % | (10.01 | )%(d) | ||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses(e) | 0.78 | %(f) | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | %(f) | ||||||||||
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Total expenses after fees waived(e) | 0.00 | %(f) | 0.00 | % | 0.00 | % | 0.00 | % | 0.02 | %(f) | ||||||||||
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Net investment income | 2.81 | %(f) | 2.25 | % | 1.56 | % | 2.42 | % | 1.82 | %(f) | ||||||||||
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Supplemental Data | ||||||||||||||||||||
Net assets, end of period (000) | $ | 266,909 | $ | 344,328 | $ | 393,757 | $ | 180,254 | $ | 211,865 | ||||||||||
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Portfolio turnover rate(g)(h) | 3 | %(d) | 7 | % | 4 | % | 11 | % | 7 | %(d) | ||||||||||
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(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludesin-kind transactions. |
(h) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
See notes to financial statements.
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ETF (Consolidated) | ||||||||||||||||||||||||
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Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.24 | $ | 44.76 | $ | 36.74 | $ | 33.79 | $ | 45.11 | $ | 38.44 | ||||||||||||
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Net investment income(a) | 0.23 | 0.83 | (b) | 0.75 | 0.72 | 0.73 | 0.83 | |||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.25 | ) | (1.36 | ) | 7.86 | 3.00 | (11.21 | ) | 6.55 | |||||||||||||||
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Net increase (decrease) from investment operations | (0.02 | ) | (0.53 | ) | 8.61 | 3.72 | (10.48 | ) | 7.38 | |||||||||||||||
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Distributions | ||||||||||||||||||||||||
From net investment income | (0.58 | ) | (0.99 | ) | (0.59 | ) | (0.77 | ) | (0.84 | ) | (0.71 | ) | ||||||||||||
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Total distributions | (0.58 | ) | (0.99 | ) | (0.59 | ) | (0.77 | ) | (0.84 | ) | (0.71 | ) | ||||||||||||
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Net asset value, end of period | $ | 42.64 | $ | 43.24 | $ | 44.76 | $ | 36.74 | $ | 33.79 | $ | 45.11 | ||||||||||||
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Total Return | ||||||||||||||||||||||||
Based on net asset value | 0.09 | %(d) | (1.28 | )%(b) | 23.80 | % | 11.28 | % | (23.46 | )% | 19.34 | % | ||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.69 | %(e) | 0.67 | % | 0.69 | % | 0.72 | % | 0.69 | % | 0.68 | % | ||||||||||||
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Total expenses after fees waived | 0.69 | %(e) | 0.67 | % | 0.69 | % | 0.72 | % | 0.69 | % | 0.67 | % | ||||||||||||
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| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.69 | %(e) | 0.67 | % | 0.69 | % | N/A | N/A | N/A | |||||||||||||||
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| |||||||||||||
Net investment income | 1.11 | %(e) | 1.78 | %(b) | 1.92 | % | 2.15 | % | 1.79 | % | 1.98 | % | ||||||||||||
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Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 34,441,748 | $ | 31,149,012 | $ | 35,891,890 | $ | 30,866,469 | $ | 21,000,865 | $ | 44,336,401 | ||||||||||||
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| |||||||||||||
Portfolio turnover rate(f) | 2 | %(d) | 16 | % | 9 | % | 23 | % | 10 | % | 22 | % | ||||||||||||
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|
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(a) | Based on average shares outstanding. |
(b) | Reflects theone-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2018: |
• | Net investment income per share by $0.02. |
• | Total return by 0.07%. |
• | Ratio of net investment income to average net assets by 0.04%. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 27 |
Notes to Financial Statements (unaudited) |
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
Currency Hedged MSCI Emerging Markets | Diversified | (a) | ||
MSCI Emerging Markets | Diversified |
(a) | The Fund’s classification changed fromnon-diversified to diversified during the reporting period. |
Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements and schedule of investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.
Basis of Consolidation:The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
The iShares MSCI Emerging Markets ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Exchange-traded funds andclosed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
• | Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 29 |
Notes to Financial Statements (unaudited) (continued)
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
Currency Hedged MSCI Emerging Markets | ||||||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | $ | 96,631,636 | $ | 96,631,636 | $ | — | $ | — | ||||||||
UBS AG | 12,061,448 | 12,061,448 | — | — | ||||||||||||
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| |||||||||
$ | 108,693,084 | $ | 108,693,084 | $ | — | $ | — | |||||||||
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30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
| ||||||||||||||||
MSCI Emerging Markets | ||||||||||||||||
Barclays Bank PLC | $ | 4,329,834 | $ | 4,329,834 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 2,965,691 | 2,965,691 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 106,430,224 | 106,430,224 | — | — | ||||||||||||
Citigroup Global Markets Ltd. | 13,851,567 | 13,851,567 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 70,319,318 | 70,319,318 | — | — | ||||||||||||
Deutsche Bank AG | 505,776 | 505,776 | — | — | ||||||||||||
Goldman Sachs & Co. | 180,187,732 | 180,187,732 | — | — | ||||||||||||
Goldman Sachs International | 29,154,225 | 29,154,225 | — | — | ||||||||||||
HSBC Bank PLC | 4,989,102 | 4,989,102 | — | — | ||||||||||||
ING Financial Markets LLC | 1,279,013 | 1,279,013 | — | — | ||||||||||||
Jefferies LLC | 188,850 | 188,850 | — | — | ||||||||||||
JPMorgan Securities LLC | 842,281,728 | 842,281,728 | — | — | ||||||||||||
JPMorgan Securities PLC | 12,064,866 | 12,064,866 | — | — | ||||||||||||
Macquarie Bank Limited | 15,855,045 | 15,855,045 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 58,131,582 | 58,131,582 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 128,080,666 | 128,080,666 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 17,645,540 | 17,645,540 | — | — | ||||||||||||
Nomura Securities International Inc. | 158,816 | 158,816 | — | — | ||||||||||||
UBS AG | 808,580 | 700,087 | — | (108,493 | )(b) | |||||||||||
Wells Fargo Securities LLC | 2,742,147 | 2,679,881 | — | (62,266 | )(b) | |||||||||||
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| |||||||||
$ | 1,491,970,302 | $ | 1,491,799,543 | $ | — | $ | (170,759 | ) | ||||||||
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|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
(b) | Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
Forward Foreign Currency Exchange Contracts:The currency-hedged fund uses forward foreign currency exchange contracts to hedge the currency exposure ofnon-U.S. dollar-denominated securities held in its portfolio or its underlying fund’s portfolio. A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are tradedover-the-counter (“OTC”) and not on an organized exchange.
The contract ismarked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value
N O T E S T O F I N A N C I A L S T A T E M E N T S | 31 |
Notes to Financial Statements (unaudited) (continued)
at the time it was closed.Non-deliverable forward foreign currency exchange contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.
Master Netting Arrangements:In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
The collateral requirements under an ISDA Master Agreement are typically calculated by netting themark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterpartynon-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the following Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Currency Hedged MSCI Emerging Markets | 0.78 | % |
For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $14 billion | 0.75 | % | ||
Over $14 billion, up to and including $28 billion | 0.68 | |||
Over $28 billion, up to and including $42 billion | 0.61 | |||
Over $42 billion, up to and including $56 billion | 0.54 | |||
Over $56 billion, up to and including $70 billion | 0.47 | |||
Over $70 billion, up to and including $84 billion | 0.41 | |||
Over $84 billion | 0.35 |
Expense Waivers:A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses.
For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2020 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.
The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
Currency Hedged MSCI Emerging Markets | $ | 23,718 | ||
MSCI Emerging Markets | 2,401,909 |
Officers and Trustees:Certain officers and/or trustees of the Company are officers and/or trustees of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Emerging Markets | $ | 8,953,832 | $ | 18,674,238 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 9,943,201 | $ | 13,117,372 | ||||
MSCI Emerging Markets | 2,532,365,100 | 586,082,625 |
For the six months ended February 28, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 42,676,593 | $ | 108,255,562 | ||||
MSCI Emerging Markets | 1,514,455,560 | 52,275,333 |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 33 |
Notes to Financial Statements (unaudited) (continued)
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non-Expiring(a) | Expiring 2019 | Total | |||||||||
Currency Hedged MSCI Emerging Markets | $ | 5,739,018 | $ | — | $ | 5,739,018 | ||||||
MSCI Emerging Markets | 10,011,988,372 | 873,167,649 | 10,885,156,021 |
(a) | Must be utilized prior to losses subject to expiration. |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Currency Hedged MSCI Emerging Markets | $ | 381,042,621 | $ | 2,292,434 | $ | (3,748,767 | ) | $ | (1,456,333 | ) | ||||||
MSCI Emerging Markets | 32,289,852,935 | 8,343,278,072 | (4,648,658,678 | ) | 3,694,619,394 |
9. | LINE OF CREDIT |
The iShares MSCI Emerging Markets ETFs, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) theone-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’spro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.
For the six months ended ended February 28, 2019, the maximum amount borrowed, the average borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Interest Rates | |||||||||
MSCI Emerging Markets | $ | 9,900,000 | $ | 382,873 | 3.37 | % |
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currencynon-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
Currency Hedged MSCI Emerging Markets | ||||||||||||||||
Shares sold | 1,750,000 | $ | 42,852,200 | 2,800,000 | $ | 73,618,617 | ||||||||||
Shares redeemed | (4,500,000 | ) | (107,986,426 | ) | (4,800,000 | ) | (125,881,291 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Net decrease | (2,750,000 | ) | $ | (65,134,226 | ) | (2,000,000 | ) | $ | (52,262,674 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Emerging Markets | ||||||||||||||||
Shares sold | 90,000,000 | $ | 3,727,074,288 | 110,250,000 | $ | 5,376,896,402 | ||||||||||
Shares redeemed | (2,700,000 | ) | (109,272,836 | ) | (191,700,000 | ) | (8,792,783,207 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase(decrease) | 87,300,000 | $ | 3,617,801,452 | (81,450,000 | ) | $ | (3,415,886,805 | ) | ||||||||
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|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 35 |
Notes to Financial Statements (unaudited) (continued)
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
12. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
13. | REGULATIONS-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532,Disclosure Update and Simplification.The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
Currency Hedged MSCI Emerging Markets | $ | 9,015,264 | ||
MSCI Emerging Markets | 789,458,393 |
Undistributed net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed net investment income | |||
Currency Hedged MSCI Emerging Markets | $ | 88,535 | ||
MSCI Emerging Markets | 169,219,344 |
14. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Currency Hedged MSCI Emerging Markets(a) | $ | 0.280296 | $ | — | $ | 0.080916 | $ | 0.361212 | 78 | % | — | % | 22 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets(a) | 0.448904 | — | 0.134885 | 0.583789 | 77 | — | 23 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 37 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q.The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviations — Equity
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares |
Counterparty Abbreviations
MS | Morgan Stanley & Co. International PLC |
Currency Abbreviations
BRL | Brazilian Real | |
CLP | Chilean Peso | |
CNY | Chinese Yuan | |
EUR | Euro | |
HKD | Hong Kong Dollar | |
INR | Indian Rupee | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
RUB | New Russian Ruble | |
TRY | Turkish Lira | |
TWD | New Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 39 |
For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
| ||||
![]() | This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. | |||
![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares MSCI Frontier 100 ETF | FM | NYSE Arca |
▶ | iShares MSCI World ETF | URTH | NYSE Arca |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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Financial Statements | ||||
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26 | ||||
27 | ||||
29 | ||||
37 | ||||
38 | ||||
39 |
Fund Summary as of February 28, 2019 | iShares® MSCI Frontier 100 ETF |
Investment Objective
TheiShares MSCI Frontier 100 ETF(the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 0.57 | % | (15.50 | )% | 0.58 | % | 5.57 | % | (15.50 | )% | 2.93 | % | 41.99 | % | ||||||||||||||||||
Fund Market | 3.28 | (13.87 | ) | 0.54 | 5.74 | (13.87 | ) | 2.71 | 43.50 | |||||||||||||||||||||||
Index | 1.11 | (14.73 | ) | 2.08 | 6.88 | (14.73 | ) | 10.82 | 53.81 |
The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.
The NAV total returns presented in the table for the 6 months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/18) | Ending Account Value (02/28/19) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/18) | Ending Account Value (02/28/19) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 1,005.70 | $ | 3.93 | $ | 1,000.00 | $ | 1,020.90 | $ | 3.96 | 0.79 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments(a) | |||
Financials | 45.5% | |||
Communication Services | 11.4 | |||
Consumer Staples | 9.3 | |||
Real Estate | 9.3 | |||
Energy | 6.0 | |||
Industrials | 4.3 | |||
Materials | 4.2 | |||
Utilities | 3.6 | |||
Health Care | 2.8 | |||
Consumer Discretionary | 1.9 | |||
Information Technology | 1.7 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
Country | Percent of Total Investments(a) | |||
Kuwait | 23.4% | |||
Vietnam | 17.5 | |||
Argentina | 16.2 | |||
Morocco | 7.1 | |||
Kenya | 6.9 | |||
Bangladesh | 6.2 | |||
Nigeria | 5.9 | |||
Romania | 5.2 | |||
Bahrain | 4.9 | |||
Oman | 2.0 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI World ETF |
Investment Objective
TheiShares MSCI World ETF(the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (3.16 | )% | 0.79 | % | 6.76 | % | 10.35 | % | 0.79 | % | 38.69 | % | 101.96 | % | ||||||||||||||||||
Fund Market | (3.14 | ) | 0.95 | 6.68 | 10.32 | 0.95 | 38.14 | 101.62 | ||||||||||||||||||||||||
Index | (3.34 | ) | 0.43 | 6.53 | 10.14 | 0.43 | 37.20 | 99.28 |
The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/18) | Ending Account Value (02/28/19) | Expenses Paid During the Period (a) | Beginning Account Value (09/01/18) | Ending Account Value (02/28/19) | Expenses Paid During the Period (a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 968.40 | $ | 1.17 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | 0.24 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | Percent of Total Investments(a) | |||
Financials | 16.3% | |||
Information Technology | 15.4 | |||
Health Care | 12.9 | |||
Industrials | 11.2 | |||
Consumer Discretionary | 10.5 | |||
Consumer Staples | 8.3 | |||
Communication Services | 8.3 | |||
Energy | 6.1 | |||
Materials | 4.5 | |||
Utilities | 3.3 | |||
Real Estate | 3.2 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
Country | Percent of Total Investments(a) | |||
United States | 61.7% | |||
Japan | 8.3 | |||
United Kingdom | 5.8 | |||
France | 3.8 | |||
Canada | 3.6 | |||
Switzerland | 3.1 | |||
Germany | 3.0 | |||
Australia | 2.5 | |||
Hong Kong | 1.4 | |||
Netherlands | 1.2 |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S | 7 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Frontier 100 ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Argentina — 16.3% | ||||||||
Adecoagro SA(a)(b) | 382,327 | $ | 2,718,345 | |||||
Arcos Dorados Holdings Inc., Class A | 461,290 | 3,824,094 | ||||||
Banco Macro SA, ADR | 172,974 | 8,735,187 | ||||||
BBVA Banco Frances SA, ADR | 267,943 | 2,968,808 | ||||||
Central Puerto SA, ADR | 280,797 | 2,864,129 | ||||||
Corp. America Airports SA(a)(b) | 125,196 | 990,300 | ||||||
Cresud SACIF y A, ADR(a) | 121,448 | 1,514,457 | ||||||
Despegar.com Corp.(a)(b) | 79,875 | 1,436,951 | ||||||
Empresa Distribuidora y Comercializadora Norte SA, ADR(a) | 82,171 | 2,176,710 | ||||||
Globant SA(a)(b) | 121,198 | 8,349,330 | ||||||
Grupo Financiero Galicia SA, ADR | 386,469 | 11,814,357 | ||||||
Grupo Supervielle SA, ADR | 224,084 | 1,998,829 | ||||||
IRSA Inversiones y Representaciones SA, | 87,548 | 1,200,283 | ||||||
Loma Negra Cia Industrial Argentina SA, | 225,755 | 2,535,229 | ||||||
Pampa Energia SA, ADR(a) | 251,628 | 8,016,868 | ||||||
Telecom Argentina SA, ADR | 399,940 | 5,955,107 | ||||||
Transportadora de Gas del Sur SA, Class B, ADR | 295,920 | 4,299,718 | ||||||
YPF SA, ADR | 669,469 | 9,466,292 | ||||||
|
| |||||||
80,864,994 | ||||||||
Bahrain — 4.9% | ||||||||
Ahli United Bank BSC | 23,574,177 | 19,263,249 | ||||||
Aluminium Bahrain BSC | 760,814 | 851,627 | ||||||
GFH Financial Group BSC | 14,951,496 | 3,887,470 | ||||||
Ithmaar Holding BSC(a) | 7,341,331 | 570,858 | ||||||
|
| |||||||
24,573,204 | ||||||||
Bangladesh — 6.2% | ||||||||
Acme Laboratores Ltd. (The) | 840,886 | 923,052 | ||||||
Bangladesh Export Import Co. Ltd. | 4,287,096 | 1,201,966 | ||||||
Beximco Pharmaceuticals Ltd. | 2,089,058 | 2,258,441 | ||||||
BRAC Bank Ltd.(a) | 3,532,320 | 3,407,477 | ||||||
City Bank Ltd. (The) | 3,524,579 | 1,210,102 | ||||||
Eastern Bank Ltd. | 2,556,866 | 1,166,423 | ||||||
GrameenPhone Ltd. | 591,959 | 2,767,281 | ||||||
International Finance Investment & Commerce Bank Ltd.(a) | 4,954,936 | 759,355 | ||||||
Islami Bank Bangladesh Ltd. | 4,708,687 | 1,404,075 | ||||||
LafargeHolcim Bangladesh Ltd. | 2,592,209 | 1,256,455 | ||||||
National Bank Ltd.(a) | 11,201,500 | 1,317,432 | ||||||
Pubali Bank Ltd. | 2,635,282 | 873,470 | ||||||
Renata Ltd. | 79,477 | 1,101,867 | ||||||
Square Pharmaceuticals Ltd. | 3,038,082 | 9,882,113 | ||||||
Summit Power Ltd. | 2,822,058 | 1,414,801 | ||||||
|
| |||||||
30,944,310 | ||||||||
Jordan — 1.6% | ||||||||
Arab Bank PLC | 451,278 | 4,055,931 | ||||||
Bank of Jordan | 348,828 | 1,240,277 | ||||||
Jordan Islamic Bank | 259,800 | 1,180,326 | ||||||
Jordan Petroleum Refinery Co. | 425,919 | 1,568,464 | ||||||
|
| |||||||
8,044,998 | ||||||||
Kazakhstan — 1.6% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, GDR | 430,586 | 4,908,681 | ||||||
KCell JSC, GDR | 244,113 | 1,244,976 | ||||||
NAC Kazatomprom JSC, GDR(a) | 121,438 | 1,794,368 | ||||||
|
| |||||||
7,948,025 | ||||||||
Kenya — 7.0% | ||||||||
Co-operative Bank of Kenya Ltd. (The) | 11,616,760 | 1,685,273 |
Security | Shares | Value | ||||||
Kenya (continued) | ||||||||
East African Breweries Ltd. | 2,106,142 | $ | 4,051,083 | |||||
Equity Group Holdings PLC/Kenya | 15,404,400 | 6,342,082 | ||||||
KCB Group Ltd. | 13,377,936 | 5,574,698 | ||||||
Safaricom PLC | 65,053,267 | 16,922,310 | ||||||
|
| |||||||
34,575,446 | ||||||||
Kuwait — 23.4% | ||||||||
Agility Public Warehousing Co. KSC | 3,175,916 | 8,591,193 | ||||||
Alimtiaz Investment Group KSC | 3,011,760 | 1,220,581 | ||||||
Boubyan Bank KSCP | 2,698,595 | 4,845,912 | ||||||
Boubyan Petrochemicals Co. KSCP | 1,492,472 | 4,592,978 | ||||||
Burgan Bank SAK | 2,754,456 | 2,813,448 | ||||||
Gulf Bank KSCP | 5,142,024 | 4,811,647 | ||||||
Humansoft Holding Co. KSC | 350,480 | 3,464,382 | ||||||
Integrated Holding Co. KCSC(a) | 529,254 | 1,360,192 | ||||||
Kuwait Finance House KSCP | 12,973,071 | 26,715,550 | ||||||
Kuwait International Bank KSCP | 2,009,996 | 1,920,589 | ||||||
Kuwait Projects Co. Holding KSCP | 1,907,238 | 1,200,272 | ||||||
Mabanee Co. SAK | 1,883,849 | 3,631,142 | ||||||
Mezzan Holding Co. KSCC | 484,119 | 717,804 | ||||||
Mobile Telecommunications Co. KSC | 8,162,582 | 12,183,360 | ||||||
National Bank of Kuwait SAKP | 11,683,360 | 33,644,997 | ||||||
National Industries Group Holding SAK | 3,859,572 | 2,111,001 | ||||||
National Real Estate Co. KPSC(a) | 2,242,271 | 577,745 | ||||||
Warba Bank KSCP(a) | 2,920,642 | 2,117,105 | ||||||
|
| |||||||
116,519,898 | ||||||||
Mauritius — 0.2% | ||||||||
Lighthouse Capital Ltd. | 2,078,061 | 1,055,288 | ||||||
|
| |||||||
Morocco — 7.1% | ||||||||
Attijariwafa Bank | 218,223 | 10,236,683 | ||||||
Banque Centrale Populaire | 128,022 | 3,579,123 | ||||||
Cosumar | 155,336 | 2,804,891 | ||||||
Douja Promotion Groupe Addoha SA | 610,647 | 818,429 | ||||||
Maroc Telecom | 940,533 | 14,530,948 | ||||||
Societe d’Exploitation des Ports | 119,707 | 2,218,572 | ||||||
TOTAL Maroc SA | 7,445 | 888,690 | ||||||
|
| |||||||
35,077,336 | ||||||||
Nigeria — 5.9% | ||||||||
Access Bank PLC | 76,390,963 | 1,207,009 | ||||||
Afriland Properties PLC(a) | 8,020 | 44 | ||||||
Dangote Cement PLC | 8,382,705 | 4,538,163 | ||||||
FBN Holdings PLC | 96,914,329 | 2,055,148 | ||||||
Guaranty Trust Bank PLC | 80,440,252 | 7,882,364 | ||||||
Nestle Nigeria PLC | 1,482,472 | 6,040,842 | ||||||
United Bank for Africa PLC | 91,743,731 | 1,894,639 | ||||||
Wapic Insurance PLC(a) | 73,817 | 88 | ||||||
Zenith Bank PLC | 85,656,378 | 5,674,809 | ||||||
|
| |||||||
29,293,106 | ||||||||
Oman — 2.0% | ||||||||
Bank Muscat SAOG | 4,847,639 | 5,212,786 | ||||||
Bank Nizwa SAOG(a) | 3,798,776 | 897,892 | ||||||
Bank Sohar SAOG | 2,185,248 | 652,736 | ||||||
Oman Telecommunications Co. SAOG | 1,009,962 | 1,836,295 | ||||||
Ooredoo | 890,458 | 1,267,457 | ||||||
|
| |||||||
9,867,166 | ||||||||
Romania — 5.2% | ||||||||
Banca Transilvania SA | 19,365,122 | 8,828,730 | ||||||
BRD-Groupe Societe Generale SA | 1,111,811 | 3,174,697 | ||||||
OMV Petrom SA | 62,671,484 | 5,128,009 |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Frontier 100 ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Romania (continued) | ||||||||
Societatea Energetica Electrica SA | 820,169 | $ | 2,066,412 | |||||
Societatea Nationala de Gaze Naturale ROMGAZ SA | 636,993 | 4,631,287 | ||||||
Transgaz SA Medias | 25,199 | 2,061,874 | ||||||
|
| |||||||
25,891,009 | ||||||||
Slovenia — 0.4% | ||||||||
Zavarovalnica Triglav DD | 53,384 | 1,999,938 | ||||||
|
| |||||||
Sri Lanka — 0.8% | ||||||||
John Keells Holdings PLC | 3,348,094 | 2,966,783 | ||||||
Sampath Bank PLC(a) | 979,177 | 1,261,507 | ||||||
|
| |||||||
4,228,290 | ||||||||
Vietnam — 17.6% | ||||||||
Bank for Foreign Trade of Vietnam JSC | 1,278,365 | 3,333,667 | ||||||
Bank for Investment and Development of Vietnam JSC(a) | 759,500 | 1,063,955 | ||||||
Bao Viet Holdings | 176,570 | 715,413 | ||||||
FLC Faros Construction JSC(a) | 634,042 | 946,964 | ||||||
Hoa Phat Group JSC(a) | 4,602,330 | 6,665,443 | ||||||
Hoang Huy Investment Financial Services JSC | 789,650 | 830,494 | ||||||
Kinh Bac City Development Share Holding Corp.(a) | 1,072,180 | 672,423 | ||||||
Masan Group Corp.(a) | 2,044,800 | 7,835,462 | ||||||
No Va Land Investment Group Corp.(a) | 1,007,509 | 2,497,059 | ||||||
PetroVietnam Fertilizer & Chemicals JSC | 820,620 | 721,580 | ||||||
PetroVietnam Gas JSC | 269,210 | 1,139,501 | ||||||
PetroVietnam Technical Services Corp. | 884,898 | 778,100 | ||||||
Saigon Beer Alcohol Beverage Corp. | 282,230 | 2,919,621 | ||||||
Saigon Securities Inc. | 1,364,560 | 1,641,001 | ||||||
Saigon Thuong Tin Commercial JSB(a) | 2,539,289 | 1,346,261 | ||||||
Thanh Thanh Cong—Bien Hoa JSC | 882,688 | 751,426 | ||||||
Viet Capital Securities JSC | 293,310 | 556,278 | ||||||
Vietnam Dairy Products JSC | 3,059,818 | 18,609,496 | ||||||
Vincom Retail JSC(a) | 4,130,317 | 5,875,020 | ||||||
Vingroup JSC(a) | 3,507,398 | 17,234,628 | ||||||
Vinhomes JSC(a)(c) | 2,947,095 | 11,115,121 | ||||||
|
| |||||||
87,248,913 | ||||||||
|
| |||||||
Total Common Stocks — 100.2% |
| 498,131,921 | ||||||
|
|
Security | Shares | Value | ||||||
Rights |
| |||||||
Morocco — 0.0% | ||||||||
Cosumar (Expires 12/18/28)(a)(d) | 1 | $ | 9 | |||||
|
| |||||||
Total Rights — 0.0% |
| 9 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, SLAgency Shares, 2.62%(e)(f)(g) | 2,189,719 | 2,190,595 | ||||||
|
| |||||||
Total Short-Term Investments — 0.5% |
| 2,190,595 | ||||||
|
| |||||||
Total Investments in Securities — 100.7% |
| 500,322,525 | ||||||
Other Assets, Less Liabilities — (0.7)% |
| (3,357,088 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 496,965,437 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized7-day yield as ofperiod-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/18 | Net Activity | Shares Held at 02/28/19 | Value at 02/28/19 | Income | Net Realized Gain (Loss)(a) | Change in (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Institutional, SLAgency Shares | 2,634,883 | (445,164 | ) | 2,189,719 | $ | 2,190,595 | $ | 5,879 | (b) | $ | 627 | $ | 32 | |||||||||||||||
BlackRock Cash Funds: Treasury, SLAgency Shares | — | — | — | — | 4,233 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 2,190,595 | $ | 10,112 | $ | 627 | $ | 32 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
S C H E D U L E O F I N V E S T M E N T S | 9 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Frontier 100 ETF |
Forward Foreign Currency Exchange Contracts
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Foreign Currency Exchange Contracts | ||||
Net Realized Gain (Loss)from: | ||||
Forward foreign currency exchange contracts | $ | 171 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Forward foreign currency exchange contracts | $ | 2 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 138,473 | ||
Average amounts sold — in USD | $ | 138,473 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 498,131,877 | $ | 44 | $ | — | $ | 498,131,921 | ||||||||
Rights | — | — | 9 | 9 | ||||||||||||
Money Market Funds | 2,190,595 | — | — | 2,190,595 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 500,322,472 | $ | 44 | $ | 9 | $ | 500,322,525 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 2.5% | ||||||||
AGL Energy Ltd. | 13,108 | $ | 197,798 | |||||
Amcor Ltd./Australia | 21,136 | 226,310 | ||||||
APA Group | 24,964 | 177,784 | ||||||
Aristocrat Leisure Ltd. | 10,970 | 192,149 | ||||||
ASX Ltd. | 4,017 | 199,395 | ||||||
Aurizon Holdings Ltd. | 35,657 | 114,664 | ||||||
Australia & New Zealand Banking Group Ltd. | 39,671 | 790,270 | ||||||
Bendigo & Adelaide Bank Ltd. | 11,171 | 78,363 | ||||||
BHP Group Ltd. | 43,090 | 1,141,337 | ||||||
BHP Group PLC | 31,978 | 742,643 | ||||||
BlueScope Steel Ltd. | 10,317 | 98,797 | ||||||
Brambles Ltd. | 24,958 | 208,815 | ||||||
Cochlear Ltd. | 1,327 | 160,968 | ||||||
Coles Group Ltd.(a) | 18,104 | 145,931 | ||||||
Commonwealth Bank of Australia | 25,320 | 1,332,129 | ||||||
Computershare Ltd. | 9,563 | 117,362 | ||||||
Crown Resorts Ltd. | 7,693 | 62,723 | ||||||
CSL Ltd. | 7,020 | 967,711 | ||||||
Dexus | 21,557 | 184,348 | ||||||
Fortescue Metals Group Ltd. | 21,016 | 90,608 | ||||||
Goodman Group | 35,858 | 326,543 | ||||||
GPT Group (The) | 49,646 | 206,626 | ||||||
Incitec Pivot Ltd. | 40,877 | 98,006 | ||||||
Insurance Australia Group Ltd. | 37,829 | 197,814 | ||||||
James Hardie Industries PLC | 9,906 | 124,320 | ||||||
Lendlease Group | 14,113 | 129,324 | ||||||
Macquarie Group Ltd. | 4,761 | 435,731 | ||||||
Medibank Pvt Ltd. | 50,049 | 101,125 | ||||||
Mirvac Group | 100,685 | 184,095 | ||||||
National Australia Bank Ltd. | 36,595 | 654,273 | ||||||
Newcrest Mining Ltd. | 13,912 | 240,712 | ||||||
Oil Search Ltd. | 26,562 | 158,172 | ||||||
Orica Ltd. | 7,693 | 96,602 | ||||||
Origin Energy Ltd.(a) | 35,791 | 187,411 | ||||||
QBE Insurance Group Ltd. | 21,337 | 187,476 | ||||||
Ramsay Health Care Ltd. | 2,741 | 126,326 | ||||||
Rio Tinto Ltd. | 3,931 | 268,932 | ||||||
Santos Ltd. | 28,781 | 141,696 | ||||||
Scentre Group | 80,502 | 221,647 | ||||||
Sonic Healthcare Ltd. | 9,094 | 156,055 | ||||||
South32 Ltd. | 84,198 | 234,219 | ||||||
Stockland | 50,117 | 124,795 | ||||||
Suncorp Group Ltd. | 18,010 | 173,619 | ||||||
Sydney Airport | 19,536 | 100,072 | ||||||
Tabcorp Holdings Ltd. | 36,975 | 124,164 | ||||||
Telstra Corp. Ltd. | 57,626 | 128,324 | ||||||
Transurban Group | 45,752 | 405,902 | ||||||
Treasury Wine Estates Ltd. | 13,137 | 140,008 | ||||||
Vicinity Centres | 66,630 | 116,614 | ||||||
Wesfarmers Ltd. | 15,520 | 366,364 | ||||||
Westpac Banking Corp. | 47,153 | 904,427 | ||||||
Woodside Petroleum Ltd. | 12,793 | 329,932 | ||||||
Woolworths Group Ltd. | 19,413 | 395,972 | ||||||
|
| |||||||
15,017,403 | ||||||||
Austria — 0.1% | ||||||||
ANDRITZ AG | 1,937 | 96,829 | ||||||
Erste Group Bank AG | 5,482 | 207,558 | ||||||
OMV AG | 4,081 | 215,018 |
Security | Shares | Value | ||||||
Austria (continued) | ||||||||
Raiffeisen Bank International AG | 2,654 | $ | 67,756 | |||||
|
| |||||||
587,161 | ||||||||
Belgium — 0.4% | ||||||||
Ageas | 4,148 | 204,662 | ||||||
Anheuser-Busch InBev SA/NV | 10,832 | 845,523 | ||||||
Colruyt SA(b) | 1,118 | 79,821 | ||||||
Groupe Bruxelles Lambert SA | 1,133 | 109,121 | ||||||
KBC Group NV | 4,029 | 298,759 | ||||||
Proximus SADP | 3,411 | 90,228 | ||||||
Solvay SA | 1,140 | 127,761 | ||||||
UCB SA | 2,339 | 196,241 | ||||||
Umicore SA | 4,946 | 214,017 | ||||||
|
| |||||||
2,166,133 | ||||||||
Canada — 3.6% | ||||||||
Agnico Eagle Mines Ltd. | 4,477 | 190,264 | ||||||
Alimentation Couche-Tard Inc., Class B | 6,896 | 388,365 | ||||||
Bank of Montreal | 9,570 | 745,690 | ||||||
Bank of Nova Scotia (The) | 17,816 | 989,417 | ||||||
Barrick Gold Corp. | 26,293 | 331,408 | ||||||
BCE Inc. | 1,408 | 62,564 | ||||||
BlackBerry Ltd.(a)(b) | 12,209 | 106,052 | ||||||
Bombardier Inc., Class B(a) | 41,995 | 89,283 | ||||||
Brookfield Asset Management Inc., Class A | 13,036 | 588,352 | ||||||
Cameco Corp. | 8,759 | 101,557 | ||||||
Canadian Imperial Bank of Commerce | 6,767 | 573,576 | ||||||
Canadian National Railway Co. | 11,640 | 998,017 | ||||||
Canadian Natural Resources Ltd. | 18,708 | 530,983 | ||||||
Canadian Pacific Railway Ltd. | 2,272 | 469,098 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS | 1,468 | 161,848 | ||||||
Canadian Utilities Ltd., Class A, NVS | 6,270 | 166,581 | ||||||
Canopy Growth Corp.(a)(b) | 3,555 | 168,383 | ||||||
CGI Inc.(a) | 4,014 | 268,911 | ||||||
CI Financial Corp. | 8,074 | 114,029 | ||||||
Constellation Software Inc./Canada | 396 | 337,887 | ||||||
Dollarama Inc. | 5,693 | 153,975 | ||||||
Enbridge Inc. | 30,285 | 1,119,418 | ||||||
Fairfax Financial Holdings Ltd. | 464 | 229,544 | ||||||
Finning International Inc. | 4,745 | 88,379 | ||||||
First Quantum Minerals Ltd. | 11,836 | 135,615 | ||||||
Fortis Inc./Canada | 7,985 | 287,690 | ||||||
Franco-Nevada Corp. | 3,076 | 231,553 | ||||||
George Weston Ltd. | 2,451 | 174,566 | ||||||
Gildan Activewear Inc. | 4,081 | 145,825 | ||||||
Goldcorp Inc. | 14,807 | 156,277 | ||||||
Great-West Lifeco Inc. | 4,014 | 92,228 | ||||||
Husky Energy Inc. | 8,138 | 90,402 | ||||||
IGM Financial Inc. | 3,229 | 84,292 | ||||||
Imperial Oil Ltd. | 5,080 | 137,434 | ||||||
Intact Financial Corp. | 2,138 | 178,573 | ||||||
Inter Pipeline Ltd. | 11,338 | 182,166 | ||||||
Loblaw Companies Ltd. | 2,585 | 128,642 | ||||||
Magna International Inc. | 5,817 | 306,707 | ||||||
Manulife Financial Corp. | 28,098 | 474,487 | ||||||
Metro Inc. | 6,018 | 226,006 | ||||||
National Bank of Canada | 6,228 | 293,619 | ||||||
Nutrien Ltd. | 9,730 | 529,203 | ||||||
Onex Corp. | 2,473 | 148,624 | ||||||
Open Text Corp. | 4,946 | 187,325 | ||||||
Pembina Pipeline Corp. | 8,978 | 328,307 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Power Corp. of Canada | 5,482 | $ | 116,924 | |||||
Power Financial Corp. | 3,880 | 86,527 | ||||||
PrairieSky Royalty Ltd. | 7,863 | 114,452 | ||||||
Restaurant Brands International Inc. | 3,947 | 249,407 | ||||||
RioCan REIT | 7,796 | 148,817 | ||||||
Rogers Communications Inc., Class B, NVS | 6,152 | 339,645 | ||||||
Royal Bank of Canada | 20,544 | 1,604,366 | ||||||
Saputo Inc. | 5,616 | 182,893 | ||||||
Shaw Communications Inc., Class B, NVS | 7,915 | 163,108 | ||||||
Shopify Inc., Class A(a)(b) | 1,456 | 275,590 | ||||||
SNC-Lavalin Group Inc. | 3,823 | 105,517 | ||||||
Sun Life Financial Inc. | 8,366 | 316,472 | ||||||
Suncor Energy Inc. | 24,161 | 832,151 | ||||||
Teck Resources Ltd., Class B | 7,771 | 174,007 | ||||||
TELUS Corp. | 2,639 | 95,781 | ||||||
Thomson Reuters Corp. | 3,254 | 176,808 | ||||||
Toronto-Dominion Bank (The) | 27,320 | 1,565,351 | ||||||
TransCanada Corp. | 13,316 | 595,024 | ||||||
Vermilion Energy Inc. | 5,526 | 141,234 | ||||||
Waste Connections Inc. | 4,916 | 409,994 | ||||||
Wheaton Precious Metals Corp. | 7,283 | 158,268 | ||||||
|
| |||||||
21,345,458 | ||||||||
Denmark — 0.6% | ||||||||
AP Moller - Maersk A/S, Class A | 204 | 262,616 | ||||||
Carlsberg A/S, Class B | 2,050 | 248,604 | ||||||
Coloplast A/S, Class B | 2,540 | 253,446 | ||||||
Danske Bank A/S | 11,836 | 235,734 | ||||||
DSV A/S | 3,866 | 321,916 | ||||||
Genmab A/S(a) | 1,033 | 178,701 | ||||||
Novo Nordisk A/S, Class B | 27,696 | 1,360,432 | ||||||
Novozymes A/S, Class B | 4,611 | 209,568 | ||||||
Vestas Wind Systems A/S | 3,356 | 279,654 | ||||||
William Demant Holding A/S(a) | 2,914 | 87,612 | ||||||
|
| |||||||
3,438,283 | ||||||||
Finland — 0.5% | ||||||||
Elisa OYJ | 3,612 | 151,728 | ||||||
Fortum OYJ | 7,925 | 176,152 | ||||||
Kone OYJ, Class B | 5,348 | 261,677 | ||||||
Metso OYJ | 3,094 | 105,025 | ||||||
Neste OYJ | 2,120 | 203,987 | ||||||
Nokia OYJ | 86,192 | 521,749 | ||||||
Nordea Bank Abp | 43,848 | 397,880 | ||||||
Sampo OYJ, Class A | 5,616 | 270,634 | ||||||
Stora Enso OYJ, Class R | 12,400 | 166,403 | ||||||
UPM-Kymmene OYJ | 10,117 | 305,517 | ||||||
Wartsila OYJ Abp | 10,434 | 169,663 | ||||||
|
| |||||||
2,730,415 | ||||||||
France — 3.8% | ||||||||
Accor SA | 3,478 | 147,010 | ||||||
Air Liquide SA | 6,263 | 781,989 | ||||||
Airbus SE | 8,692 | 1,124,366 | ||||||
Alstom SA | 4,148 | 180,526 | ||||||
Atos SE | 2,001 | 192,354 | ||||||
AXA SA | 27,508 | 698,355 | ||||||
BNP Paribas SA | 16,330 | 837,797 | ||||||
Bollore SA | 31,777 | 141,409 | ||||||
Bouygues SA | 4,500 | 170,378 | ||||||
Bureau Veritas SA | 5,483 | 131,238 | ||||||
Capgemini SE | 2,540 | 304,270 |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Carrefour SA | 10,032 | $ | 205,622 | |||||
Cie. de Saint-Gobain | 8,928 | 321,866 | ||||||
Cie. Generale des Etablissements Michelin SCA | 2,875 | 345,382 | ||||||
Credit Agricole SA | 17,952 | 229,604 | ||||||
Danone SA | 9,317 | 703,713 | ||||||
Dassault Systemes SE | 1,928 | 282,440 | ||||||
Edenred | 4,611 | 204,876 | ||||||
Electricite de France SA | 10,834 | 157,539 | ||||||
Engie SA | 25,575 | 385,870 | ||||||
EssilorLuxottica SA | 4,928 | 597,346 | ||||||
Eutelsat Communications SA | 4,352 | 86,030 | ||||||
Getlink SE | 12,648 | 186,942 | ||||||
Hermes International | 545 | 345,545 | ||||||
Iliad SA | 664 | 69,183 | ||||||
Ingenico Group SA | 1,272 | 85,486 | ||||||
Ipsen SA | 922 | 127,666 | ||||||
Kering SA | 1,266 | 692,110 | ||||||
Klepierre SA | 4,574 | 159,846 | ||||||
Legrand SA | 4,611 | 304,532 | ||||||
L’Oreal SA | 3,815 | 963,965 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 4,081 | 1,403,405 | ||||||
Orange SA | 27,964 | 427,965 | ||||||
Pernod Ricard SA | 3,140 | 541,334 | ||||||
Peugeot SA | 8,709 | 221,743 | ||||||
Publicis Groupe SA | 3,416 | 189,550 | ||||||
Renault SA | 2,889 | 198,139 | ||||||
Safran SA | 5,016 | 684,835 | ||||||
Sanofi | 16,921 | 1,416,194 | ||||||
Schneider Electric SE | 7,980 | 621,721 | ||||||
SCOR SE | 2,942 | 132,629 | ||||||
SES SA | 6,286 | 126,444 | ||||||
Societe BIC SA | 868 | 82,185 | ||||||
Societe Generale SA | 11,372 | 349,631 | ||||||
Sodexo SA(b) | 1,669 | 183,549 | ||||||
STMicroelectronics NV | 12,240 | 200,285 | ||||||
Suez | 8,786 | 112,402 | ||||||
Teleperformance | 991 | 177,167 | ||||||
Thales SA | 2,138 | 263,539 | ||||||
TOTAL SA | 36,193 | 2,060,237 | ||||||
Ubisoft Entertainment SA(a) | 1,587 | 114,752 | ||||||
Unibail-Rodamco-Westfield | 1,677 | 271,163 | ||||||
Unibail-Rodamco-Westfield, New(a) | 510 | 82,465 | ||||||
Valeo SA | 4,218 | 133,284 | ||||||
Veolia Environnement SA | 8,715 | 191,529 | ||||||
Vinci SA | 7,492 | 715,934 | ||||||
Vivendi SA | 16,324 | 477,715 | ||||||
|
| |||||||
22,545,051 | ||||||||
Germany — 2.8% | ||||||||
1&1 Drillisch AG(b) | 1,861 | 73,703 | ||||||
adidas AG | 2,808 | 682,980 | ||||||
Allianz SE, Registered | 6,353 | 1,415,003 | ||||||
BASF SE | 13,108 | 999,899 | ||||||
Bayer AG, Registered | 14,451 | 1,156,483 | ||||||
Bayerische Motoren Werke AG | 4,614 | 390,422 | ||||||
Beiersdorf AG | 2,902 | 269,516 | ||||||
Brenntag AG | 3,612 | 179,326 | ||||||
Commerzbank AG(a) | 20,945 | 173,032 | ||||||
Continental AG | 1,620 | 265,636 | ||||||
Daimler AG, Registered | 13,065 | 783,429 | ||||||
Deutsche Bank AG, Registered(b) | 31,977 | 297,160 |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Deutsche Boerse AG | 3,321 | $ | 420,139 | |||||
Deutsche Lufthansa AG, Registered | 4,799 | 122,681 | ||||||
Deutsche Post AG, Registered | 15,319 | 476,563 | ||||||
Deutsche Telekom AG, Registered | 48,165 | 794,437 | ||||||
Deutsche Wohnen SE | 5,333 | 248,980 | ||||||
E.ON SE | 35,551 | 392,068 | ||||||
Fresenius Medical Care AG & Co. KGaA | 3,679 | 288,558 | ||||||
Fresenius SE & Co. KGaA | 6,626 | 372,951 | ||||||
GEA Group AG | 3,478 | 83,446 | ||||||
Hannover Rueck SE | 1,062 | 158,418 | ||||||
HeidelbergCement AG | 2,674 | 196,821 | ||||||
Henkel AG & Co. KGaA | 1,937 | 182,188 | ||||||
Infineon Technologies AG | 19,316 | 424,616 | ||||||
LANXESS AG | 2,473 | 134,183 | ||||||
Merck KGaA | 2,473 | 255,637 | ||||||
MTU Aero Engines AG | 903 | 193,825 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 2,205 | 519,994 | ||||||
OSRAM Licht AG | 1,864 | 80,869 | ||||||
Puma SE | 174 | 98,175 | ||||||
QIAGEN NV(a) | 4,988 | 190,956 | ||||||
RWE AG | 10,099 | 246,784 | ||||||
SAP SE | 14,721 | 1,579,057 | ||||||
Siemens AG, Registered | 11,104 | 1,215,480 | ||||||
thyssenkrupp AG(b) | 7,425 | 111,181 | ||||||
TUI AG | 8,960 | 95,365 | ||||||
United Internet AG, Registered | 2,929 | 106,695 | ||||||
Vonovia SE | 10,528 | 511,179 | ||||||
Wirecard AG(b) | 1,926 | 264,273 | ||||||
Zalando SE(a)(c) | 3,287 | 121,270 | ||||||
|
| |||||||
16,573,378 | ||||||||
Hong Kong — 1.4% | ||||||||
AIA Group Ltd. | 186,400 | 1,864,048 | ||||||
Bank of East Asia Ltd. (The) | 52,400 | 182,570 | ||||||
BOC Hong Kong Holdings Ltd. | 70,500 | 294,581 | ||||||
CK Asset Holdings Ltd. | 34,000 | 282,186 | ||||||
CK Hutchison Holdings Ltd. | 35,000 | 372,525 | ||||||
CLP Holdings Ltd. | 35,000 | 414,660 | ||||||
Galaxy Entertainment Group Ltd. | 44,000 | 312,492 | ||||||
Hang Seng Bank Ltd. | 14,600 | 361,754 | ||||||
Hong Kong & China Gas Co. Ltd. | 191,446 | 443,386 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 16,000 | 551,555 | ||||||
Jardine Matheson Holdings Ltd. | 6,800 | 466,208 | ||||||
Link REIT | 35,000 | 395,711 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 6,905 | 159,091 | ||||||
Minth Group Ltd.(b) | 8,000 | 31,695 | ||||||
MTR Corp. Ltd. | 68,500 | 393,558 | ||||||
New World Development Co. Ltd. | 136,333 | 217,791 | ||||||
Sands China Ltd. | 54,800 | 273,658 | ||||||
Sun Hung Kai Properties Ltd. | 42,000 | 695,559 | ||||||
Techtronic Industries Co. Ltd. | 26,000 | 173,724 | ||||||
WH Group Ltd.(c) | 205,000 | 182,024 | ||||||
Wynn Macau Ltd. | 63,200 | 156,193 | ||||||
|
| |||||||
8,224,969 | ||||||||
Ireland — 0.4% | ||||||||
AIB Group PLC | 14,563 | 68,587 | ||||||
Bank of Ireland Group PLC | 17,076 | 111,125 | ||||||
CRH PLC | 12,243 | 388,120 | ||||||
Kerry Group PLC, Class A | 3,350 | 345,225 |
Security | Shares | Value | ||||||
Ireland (continued) | ||||||||
Linde PLC | 8,328 | $ | 1,442,743 | |||||
Paddy Power Betfair PLC | 1,618 | 130,996 | ||||||
Smurfit Kappa Group PLC | 4,428 | 125,752 | ||||||
|
| |||||||
2,612,548 | ||||||||
Israel — 0.2% | ||||||||
Bank Hapoalim BM | 41,887 | 288,445 | ||||||
Check Point Software Technologies Ltd.(a)(b) | 1,729 | 211,457 | ||||||
Nice Ltd.(a) | 1,870 | 219,870 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a) | 16,004 | 269,347 | ||||||
|
| |||||||
989,119 | ||||||||
Italy — 0.8% | ||||||||
Assicurazioni Generali SpA | 17,524 | 313,187 | ||||||
Atlantia SpA | 9,384 | 228,457 | ||||||
CNH Industrial NV | 19,760 | 214,297 | ||||||
Enel SpA | 120,700 | 731,187 | ||||||
Eni SpA | 36,595 | 631,979 | ||||||
Ferrari NV | 2,396 | 308,710 | ||||||
Fiat Chrysler Automobiles NV(a) | 17,816 | 263,367 | ||||||
Intesa Sanpaolo SpA | 236,971 | 585,281 | ||||||
Leonardo SpA | 3,996 | 40,342 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 13,635 | 136,972 | ||||||
Snam SpA | 53,830 | 266,332 | ||||||
Telecom Italia SpA/Milano(a) | 287,028 | 175,120 | ||||||
Tenaris SA | 8,759 | 116,994 | ||||||
Terna Rete Elettrica Nazionale SpA | 57,351 | 357,091 | ||||||
UniCredit SpA | 30,000 | 408,771 | ||||||
|
| |||||||
4,778,087 | ||||||||
Japan — 8.2% | ||||||||
Aeon Co. Ltd. | 13,700 | 288,719 | ||||||
Aisin Seiki Co. Ltd. | 7,000 | 273,221 | ||||||
Ajinomoto Co. Inc. | 13,700 | 207,248 | ||||||
Alps Alpine Co. Ltd. | 7,600 | 149,310 | ||||||
ANA Holdings Inc. | 7,000 | 259,827 | ||||||
Asahi Group Holdings Ltd. | 3,800 | 164,091 | ||||||
Asahi Kasei Corp. | 23,800 | 259,551 | ||||||
Astellas Pharma Inc. | 32,500 | 501,718 | ||||||
Bandai Namco Holdings Inc. | 2,900 | 123,482 | ||||||
Bridgestone Corp. | 13,700 | 540,640 | ||||||
Canon Inc. | 20,400 | 586,601 | ||||||
Casio Computer Co. Ltd. | 13,900 | 188,671 | ||||||
Central Japan Railway Co. | 2,200 | 493,577 | ||||||
Chubu Electric Power Co. Inc. | 13,600 | 214,103 | ||||||
Chugai Pharmaceutical Co. Ltd. | 7,000 | 476,015 | ||||||
Chugoku Electric Power Co. Inc. (The) | 13,600 | 176,780 | ||||||
Concordia Financial Group Ltd. | 39,500 | 160,030 | ||||||
Daifuku Co. Ltd. | 1,000 | 49,048 | ||||||
Dai-ichi Life Holdings Inc. | 23,000 | 348,244 | ||||||
Daiichi Sankyo Co. Ltd. | 7,600 | 284,488 | ||||||
Daikin Industries Ltd. | 3,200 | 347,539 | ||||||
Daiwa House Industry Co. Ltd. | 13,700 | 423,971 | ||||||
Denso Corp. | 7,000 | 300,701 | ||||||
Dentsu Inc. | 5,000 | 208,857 | ||||||
East Japan Railway Co. | 6,800 | 651,168 | ||||||
Eisai Co. Ltd. | 3,900 | 322,139 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 4,000 | 114,085 | ||||||
FANUC Corp. | 2,700 | 447,251 | ||||||
Fast Retailing Co. Ltd. | 700 | 327,991 | ||||||
FUJIFILM Holdings Corp. | 7,000 | 313,843 | ||||||
Fujitsu Ltd. | 4,000 | 269,817 |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Hakuhodo DY Holdings Inc. | 6,900 | $ | 105,806 | |||||
Hitachi Ltd. | 13,600 | 407,438 | ||||||
Honda Motor Co. Ltd. | 26,200 | 742,082 | ||||||
Hoya Corp. | 7,000 | 427,911 | ||||||
Hulic Co. Ltd. | 13,700 | 125,899 | ||||||
Idemitsu Kosan Co. Ltd. | 900 | 31,935 | ||||||
Iida Group Holdings Co. Ltd. | 7,000 | 127,902 | ||||||
Inpex Corp. | 20,400 | 198,466 | ||||||
ITOCHU Corp. | 26,200 | 470,244 | ||||||
Japan Airlines Co. Ltd. | 1,900 | 69,381 | ||||||
Japan Exchange Group Inc. | 13,700 | 241,830 | ||||||
Japan Post Holdings Co. Ltd. | 27,200 | 331,082 | ||||||
Japan Retail Fund Investment Corp. | 137 | 276,166 | ||||||
Japan Tobacco Inc. | 20,400 | 519,163 | ||||||
JFE Holdings Inc. | 13,700 | 238,938 | ||||||
JTEKT Corp. | 7,000 | 86,777 | ||||||
JXTG Holdings Inc. | 59,700 | 279,247 | ||||||
Kansai Electric Power Co. Inc. (The) | 17,300 | 258,832 | ||||||
Kao Corp. | 6,800 | 514,581 | ||||||
KDDI Corp. | 26,200 | 632,759 | ||||||
Keyence Corp. | 2,000 | 1,166,547 | ||||||
Kikkoman Corp. | 2,300 | 114,463 | ||||||
Kirin Holdings Co. Ltd. | 13,700 | 306,318 | ||||||
Kobe Steel Ltd. | 7,000 | 55,399 | ||||||
Komatsu Ltd. | 18,100 | 444,045 | ||||||
Konami Holdings Corp. | 2,900 | 119,704 | ||||||
Konica Minolta Inc. | 15,700 | 152,318 | ||||||
Kose Corp. | 200 | 32,375 | ||||||
Kubota Corp. | 20,400 | 275,341 | ||||||
Kuraray Co. Ltd. | 8,000 | 107,366 | ||||||
Kyocera Corp. | 7,000 | 386,157 | ||||||
Kyushu Electric Power Co. Inc. | 13,700 | 162,943 | ||||||
M3 Inc. | 7,200 | 119,396 | ||||||
Marubeni Corp. | 39,600 | 282,700 | ||||||
Marui Group Co. Ltd. | 7,000 | 123,185 | ||||||
Mazda Motor Corp. | 13,700 | 160,912 | ||||||
MEIJI Holdings Co. Ltd. | 1,500 | 118,847 | ||||||
MINEBEA MITSUMI Inc. | 13,800 | 221,405 | ||||||
Mitsubishi Chemical Holdings Corp. | 32,800 | 242,170 | ||||||
Mitsubishi Corp. | 20,400 | 575,239 | ||||||
Mitsubishi Electric Corp. | 37,100 | 464,583 | ||||||
Mitsubishi Estate Co. Ltd. | 21,400 | 367,752 | ||||||
Mitsubishi Heavy Industries Ltd. | 7,000 | 284,917 | ||||||
Mitsubishi Motors Corp. | 20,500 | 115,096 | ||||||
Mitsubishi UFJ Financial Group Inc. | 194,400 | 1,007,101 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 25,900 | 131,920 | ||||||
Mitsui & Co. Ltd. | 27,200 | 427,596 | ||||||
Mitsui Fudosan Co. Ltd. | 20,500 | 485,706 | ||||||
Mizuho Financial Group Inc. | 441,000 | 694,064 | ||||||
MS&AD Insurance Group Holdings Inc. | 8,600 | 258,263 | ||||||
Murata Manufacturing Co. Ltd. | 2,700 | 420,207 | ||||||
Nagoya Railroad Co. Ltd. | 7,000 | 192,733 | ||||||
NEC Corp. | 3,000 | 100,117 | ||||||
Nexon Co. Ltd.(a) | 9,500 | 150,795 | ||||||
Nidec Corp. | 4,700 | 568,923 | ||||||
Nikon Corp. | 6,900 | 104,504 | ||||||
Nintendo Co. Ltd. | 1,600 | 437,513 | ||||||
Nippon Paint Holdings Co. Ltd. | 4,900 | 188,394 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 13,747 | 247,414 | ||||||
Nippon Telegraph & Telephone Corp. | 13,700 | 590,852 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nissan Motor Co. Ltd. | 46,300 | $ | 400,280 | |||||
Nitori Holdings Co. Ltd. | 900 | 112,257 | ||||||
Nitto Denko Corp. | 3,700 | 197,497 | ||||||
Nomura Holdings Inc. | 92,600 | 358,189 | ||||||
Nomura Real Estate Master Fund Inc. | 137 | 187,803 | ||||||
NTT DOCOMO Inc. | 19,400 | 451,627 | ||||||
Olympus Corp. | 7,000 | 309,693 | ||||||
Omron Corp. | 200 | 8,633 | ||||||
Oriental Land Co. Ltd./Japan | 2,400 | 263,672 | ||||||
ORIX Corp. | 20,400 | 295,408 | ||||||
Otsuka Holdings Co. Ltd. | 7,000 | 291,897 | ||||||
Pan Pacific International Holdings Corp. | 1,700 | 101,401 | ||||||
Panasonic Corp. | 46,100 | 424,474 | ||||||
Rakuten Inc. | 13,600 | 107,021 | ||||||
Recruit Holdings Co. Ltd. | 20,400 | 570,658 | ||||||
Renesas Electronics Corp.(a) | 20,600 | 120,654 | ||||||
Resona Holdings Inc. | 53,100 | 240,076 | ||||||
Ricoh Co. Ltd. | 9,600 | 97,449 | ||||||
Secom Co. Ltd. | 4,300 | 371,595 | ||||||
Sekisui House Ltd. | 20,500 | 308,181 | ||||||
Seven & i Holdings Co. Ltd. | 13,700 | 602,298 | ||||||
Seven Bank Ltd. | 31,200 | 91,089 | ||||||
Shin-Etsu Chemical Co. Ltd. | 6,800 | 566,320 | ||||||
Shionogi & Co. Ltd. | 7,000 | 447,467 | ||||||
Shiseido Co. Ltd. | 6,800 | 448,854 | ||||||
SMC Corp./Japan | 600 | 208,857 | ||||||
Softbank Corp.(a) | 26,600 | 332,142 | ||||||
SoftBank Group Corp. | 13,600 | 1,255,911 | ||||||
Sompo Holdings Inc. | 7,000 | 261,400 | ||||||
Sony Corp. | 20,400 | 978,767 | ||||||
Subaru Corp. | 13,800 | 350,393 | ||||||
Sumitomo Chemical Co. Ltd. | 39,500 | 195,868 | ||||||
Sumitomo Corp. | 20,400 | 293,300 | ||||||
Sumitomo Electric Industries Ltd. | 20,400 | 283,863 | ||||||
Sumitomo Metal Mining Co. Ltd. | 900 | 26,389 | ||||||
Sumitomo Mitsui Financial Group Inc. | 20,400 | 722,393 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 7,000 | 265,298 | ||||||
Sumitomo Realty & Development Co. Ltd. | 11,800 | 441,387 | ||||||
Suzuki Motor Corp. | 7,000 | 358,489 | ||||||
Sysmex Corp. | 4,000 | 240,711 | ||||||
T&D Holdings Inc. | 13,700 | 164,481 | ||||||
Takeda Pharmaceutical Co. Ltd. | 24,526 | 984,609 | ||||||
TDK Corp. | 1,900 | 148,491 | ||||||
Terumo Corp. | 7,000 | 428,854 | ||||||
Tohoku Electric Power Co. Inc. | 13,700 | 179,680 | ||||||
Tokio Marine Holdings Inc. | 13,700 | 667,770 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) | 26,100 | 162,715 | ||||||
Tokyo Electron Ltd. | 1,700 | 231,360 | ||||||
Tokyo Gas Co. Ltd. | 6,900 | 189,979 | ||||||
Tokyu Fudosan Holdings Corp. | 26,200 | 144,745 | ||||||
Toray Industries Inc. | 27,200 | 189,486 | ||||||
Toshiba Corp. | 9,800 | 307,240 | ||||||
Tosoh Corp. | 13,800 | 203,678 | ||||||
Toyota Motor Corp. | 34,000 | 2,045,437 | ||||||
Unicharm Corp. | 7,000 | 222,916 | ||||||
USS Co. Ltd. | 13,800 | 251,405 | ||||||
Yahoo Japan Corp. | 65,800 | 176,144 | ||||||
Yakult Honsha Co. Ltd. | 500 | 33,552 | ||||||
Yamada Denki Co. Ltd. | 26,200 | 126,622 | ||||||
Yamaha Corp. | 4,800 | 236,292 |
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Yamaha Motor Co. Ltd. | 7,700 | $ | 156,117 | |||||
Yamato Holdings Co. Ltd. | 7,000 | 182,294 | ||||||
Yaskawa Electric Corp. | 2,400 | 68,236 | ||||||
Yokogawa Electric Corp. | 7,000 | 134,819 | ||||||
|
| |||||||
49,191,028 | ||||||||
Netherlands — 1.2% | ||||||||
Aegon NV | 27,830 | 149,831 | ||||||
AerCap Holdings NV(a) | 2,875 | 129,778 | ||||||
Akzo Nobel NV | 3,576 | 324,660 | ||||||
ArcelorMittal | 11,124 | 255,998 | ||||||
ASML Holding NV | 5,820 | 1,067,780 | ||||||
Heineken Holding NV | 2,272 | 220,035 | ||||||
Heineken NV | 3,545 | 357,651 | ||||||
ING Groep NV | 55,392 | 733,687 | ||||||
Koninklijke Ahold Delhaize NV | 20,292 | 523,940 | ||||||
Koninklijke DSM NV | 3,278 | 352,363 | ||||||
Koninklijke KPN NV | 61,550 | 190,076 | ||||||
Koninklijke Philips NV | 14,865 | 592,437 | ||||||
NN Group NV | 4,352 | 189,800 | ||||||
NXP Semiconductors NV | 5,214 | 476,143 | ||||||
Randstad NV | 2,287 | 122,268 | ||||||
Unilever NV, CVA | 22,192 | 1,201,970 | ||||||
Wolters Kluwer NV | 5,811 | 383,653 | ||||||
|
| |||||||
7,272,070 | ||||||||
New Zealand — 0.1% | ||||||||
a2 Milk Co. Ltd.(a)(b) | 14,218 | 138,657 | ||||||
Fletcher Building Ltd.(a) | 26,045 | 86,796 | ||||||
Spark New Zealand Ltd. | 54,845 | 139,416 | ||||||
|
| |||||||
364,869 | ||||||||
Norway —0.2% | ||||||||
DNB ASA | 16,592 | 318,390 | ||||||
Equinor ASA | 17,591 | 395,913 | ||||||
Norsk Hydro ASA | 25,820 | 107,070 | ||||||
Orkla ASA | 19,078 | 150,500 | ||||||
Telenor ASA | 11,859 | 231,521 | ||||||
Yara International ASA | 4,014 | 169,129 | ||||||
|
| |||||||
1,372,523 | ||||||||
Portugal — 0.1% | ||||||||
EDP — Energias de Portugal SA | 49,882 | 183,182 | ||||||
Galp Energia SGPS SA | 10,160 | 166,944 | ||||||
|
| |||||||
350,126 | ||||||||
Singapore — 0.4% | ||||||||
Ascendas REIT | 114,565 | 237,405 | ||||||
CapitaLand Ltd. | 93,200 | 235,897 | ||||||
CapitaLand Mall Trust | 82,900 | 147,247 | ||||||
DBS Group Holdings Ltd. | 24,900 | 457,753 | ||||||
Genting Singapore Ltd. | 153,500 | 115,875 | ||||||
Keppel Corp. Ltd. | 40,800 | 186,004 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 43,800 | 358,517 | ||||||
Singapore Press Holdings Ltd. | 3,700 | 6,736 | ||||||
Singapore Telecommunications Ltd. | 133,400 | 298,156 | ||||||
United Overseas Bank Ltd. | 25,300 | 468,477 | ||||||
Venture Corp. Ltd. | 7,000 | 92,214 | ||||||
|
| |||||||
2,604,281 | ||||||||
Spain — 1.1% | ||||||||
ACS Actividades de Construccion y Servicios SA | 5,266 | 233,740 | ||||||
Aena SME SA(c) | 1,401 | 250,306 | ||||||
Amadeus IT Group SA | 7,425 | 559,711 |
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 99,291 | $ | 618,905 | |||||
Banco de Sabadell SA | 113,407 | 129,330 | ||||||
Banco Santander SA | 236,858 | 1,158,676 | ||||||
Bankia SA | 27,748 | 84,837 | ||||||
Bankinter SA | 18,008 | 148,092 | ||||||
CaixaBank SA | 56,533 | 201,877 | ||||||
Enagas SA | 2,268 | 64,693 | ||||||
Endesa SA | 5,055 | 127,498 | ||||||
Ferrovial SA | 9,724 | 224,333 | ||||||
Grifols SA | 5,106 | 132,913 | ||||||
Iberdrola SA | 88,838 | 743,728 | ||||||
Industria de Diseno Textil SA | 16,670 | 503,786 | ||||||
International Consolidated Airlines Group SA | 131 | 1,038 | ||||||
Naturgy Energy Group SA | 6,632 | 180,263 | ||||||
Red Electrica Corp. SA | 5,764 | 124,706 | ||||||
Repsol SA | 20,673 | 356,048 | ||||||
Telefonica SA | 66,193 | 572,013 | ||||||
|
| |||||||
6,416,493 | ||||||||
Sweden — 0.8% | ||||||||
Alfa Laval AB | 6,219 | 136,094 | ||||||
Assa Abloy AB, Class B | 16,190 | 335,088 | ||||||
Atlas Copco AB, Class A | 8,759 | 237,462 | ||||||
Atlas Copco AB, Class B | 7,492 | 188,138 | ||||||
Boliden AB | 5,342 | 146,272 | ||||||
Electrolux AB, Series B | 4,544 | 118,982 | ||||||
Epiroc AB, Class A(a) | 8,759 | 87,991 | ||||||
Epiroc AB, Class B(a) | 7,492 | 70,434 | ||||||
Essity AB, Class B | 9,362 | 261,366 | ||||||
Hennes & Mauritz AB, Class B | 13,601 | 205,959 | ||||||
Hexagon AB, Class B | 4,745 | 249,723 | ||||||
Investor AB, Class B | 6,688 | 298,872 | ||||||
Kinnevik AB, Class B | 5,849 | 148,273 | ||||||
Lundin Petroleum AB | 5,013 | 164,010 | ||||||
Millicom International Cellular SA, SDR(a) | 1,878 | 113,119 | ||||||
Sandvik AB | 20,812 | 342,143 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 21,136 | 215,282 | ||||||
Skanska AB, Class B | 6,755 | 121,918 | ||||||
SKF AB, Class B | 6,688 | 112,630 | ||||||
Svenska Handelsbanken AB, Class A | 21,471 | 245,049 | ||||||
Swedbank AB, Class A | 11,956 | 219,803 | ||||||
Swedish Match AB | 3,128 | 146,730 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 46,493 | 425,809 | ||||||
Telia Co. AB | 35,887 | 155,861 | ||||||
Volvo AB, Class B | 23,425 | 345,131 | ||||||
|
| |||||||
5,092,139 | ||||||||
Switzerland — 3.0% | ||||||||
ABB Ltd., Registered | 28,835 | 572,098 | ||||||
Adecco Group AG, Registered | 2,808 | 146,178 | ||||||
Baloise Holding AG, Registered | 1,535 | 251,159 | ||||||
Cie. Financiere Richemont SA, Registered | 7,961 | 610,860 | ||||||
Coca-Cola HBC AG(a) | 3,656 | 123,322 | ||||||
Credit Suisse Group AG, Registered | 39,005 | 483,354 | ||||||
Geberit AG, Registered | 798 | 319,136 | ||||||
Givaudan SA, Registered | 137 | 343,394 | ||||||
Julius Baer Group Ltd. | 4,953 | 216,725 | ||||||
Kuehne + Nagel International AG, Registered | 1,843 | 240,966 | ||||||
LafargeHolcim Ltd., Registered | 8,176 | 405,435 | ||||||
Lonza Group AG, Registered | 1,270 | 353,769 | ||||||
Nestle SA, Registered | 45,156 | 4,095,860 |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
Novartis AG, Registered | 31,844 | $ | 2,910,136 | |||||
Partners Group Holding AG | 462 | 334,836 | ||||||
Roche Holding AG, NVS | 10,436 | 2,904,942 | ||||||
Schindler Holding AG, Participation Certificates, NVS | 798 | 180,716 | ||||||
Schindler Holding AG, Registered | 798 | 177,351 | ||||||
SGS SA, Registered | 68 | 173,720 | ||||||
Sonova Holding AG, Registered | 1,060 | 198,604 | ||||||
Swatch Group AG (The), Bearer | 732 | 217,131 | ||||||
Swiss Life Holding AG, Registered | 731 | 319,198 | ||||||
Swiss Prime Site AG, Registered | 3,419 | 289,150 | ||||||
Swiss Re AG | 4,014 | 398,177 | ||||||
Swisscom AG, Registered | 444 | 205,955 | ||||||
Temenos AG, Registered | 1,202 | 174,593 | ||||||
UBS Group AG, Registered | 65,666 | 837,139 | ||||||
Zurich Insurance Group AG | 2,137 | 707,900 | ||||||
|
| |||||||
18,191,804 | ||||||||
United Kingdom — 5.7% | ||||||||
3i Group PLC | 17,494 | 220,076 | ||||||
Admiral Group PLC | 4,218 | 122,418 | ||||||
Anglo American PLC | 18,127 | 483,058 | ||||||
Antofagasta PLC | 10,434 | 130,012 | ||||||
Aptiv PLC | 3,965 | 329,531 | ||||||
Ashtead Group PLC | 8,117 | 216,252 | ||||||
Associated British Foods PLC | 6,085 | 181,541 | ||||||
AstraZeneca PLC | 18,735 | 1,529,804 | ||||||
Auto Trader Group PLC(c) | 24,687 | 156,202 | ||||||
Aviva PLC | 58,803 | 331,001 | ||||||
BAE Systems PLC | 49,846 | 308,959 | ||||||
Barclays PLC | 254,756 | 556,258 | ||||||
BP PLC | 280,500 | 1,993,810 | ||||||
British American Tobacco PLC | 34,055 | 1,249,506 | ||||||
British Land Co. PLC (The) | 14,247 | 114,496 | ||||||
BT Group PLC | 122,966 | 351,157 | ||||||
Bunzl PLC | 7,827 | 247,046 | ||||||
Burberry Group PLC | 7,157 | 179,871 | ||||||
Capri Holdings Ltd.(a) | 2,339 | 106,658 | ||||||
Carnival PLC | 4,014 | 225,093 | ||||||
Compass Group PLC | 23,105 | 511,687 | ||||||
Croda International PLC | 3,232 | 206,819 | ||||||
Diageo PLC | 35,791 | 1,386,990 | ||||||
Experian PLC | 15,788 | 412,328 | ||||||
Ferguson PLC | 3,622 | 251,528 | ||||||
G4S PLC | 32,648 | 91,149 | ||||||
GlaxoSmithKline PLC | 72,386 | 1,441,706 | ||||||
Glencore PLC | 180,841 | 731,111 | ||||||
Hammerson PLC | 13,912 | 70,631 | ||||||
HSBC Holdings PLC | 292,469 | 2,384,261 | ||||||
Imperial Brands PLC | 13,786 | 460,344 | ||||||
Informa PLC | 20,271 | 190,139 | ||||||
InterContinental Hotels Group PLC | 3,538 | 212,212 | ||||||
Intertek Group PLC | 4,014 | 271,543 | ||||||
Investec PLC | 14,783 | 96,899 | ||||||
ITV PLC | 71,551 | 124,768 | ||||||
J Sainsbury PLC | 35,973 | 109,571 | ||||||
Johnson Matthey PLC | 3,480 | 143,167 | ||||||
Kingfisher PLC | 34,518 | 111,154 | ||||||
Land Securities Group PLC | 11,600 | 138,801 | ||||||
Legal & General Group PLC | 83,825 | 312,857 | ||||||
Lloyds Banking Group PLC | 1,063,285 | 898,631 | ||||||
London Stock Exchange Group PLC | 6,022 | 361,005 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Marks & Spencer Group PLC | 29,920 | $ | 108,645 | |||||
Meggitt PLC | 17,390 | 124,719 | ||||||
Melrose Industries PLC | 88,083 | 203,740 | ||||||
Micro Focus International PLC | 6,892 | 171,561 | ||||||
National Grid PLC | 46,550 | 524,987 | ||||||
Next PLC | 2,473 | 167,361 | ||||||
NMC Health PLC | 2,414 | 86,822 | ||||||
Pearson PLC | 12,840 | 144,484 | ||||||
Prudential PLC | 37,862 | 800,728 | ||||||
Reckitt Benckiser Group PLC | 10,035 | 769,754 | ||||||
RELX PLC | 34,301 | 788,835 | ||||||
Rio Tinto PLC | 19,620 | 1,131,547 | ||||||
Rolls-Royce Holdings PLC | 27,361 | 347,552 | ||||||
Royal Bank of Scotland Group PLC | 68,817 | 243,205 | ||||||
Royal Dutch Shell PLC, Class A | 61,848 | 1,932,794 | ||||||
Royal Dutch Shell PLC, Class B | 58,023 | 1,824,836 | ||||||
RSA Insurance Group PLC | 21,025 | 142,903 | ||||||
Sage Group PLC (The) | 22,275 | 195,841 | ||||||
Segro PLC | 25,050 | 220,239 | ||||||
Severn Trent PLC | 5,750 | 154,415 | ||||||
Smith & Nephew PLC | 13,979 | 267,095 | ||||||
Smiths Group PLC | 9,161 | 174,307 | ||||||
SSE PLC | 16,594 | 262,322 | ||||||
Standard Chartered PLC | 49,375 | 395,093 | ||||||
Taylor Wimpey PLC | 87,402 | 210,884 | ||||||
Tesco PLC | 149,134 | 448,301 | ||||||
Unilever PLC | 18,931 | 1,009,220 | ||||||
United Utilities Group PLC | 13,845 | 154,725 | ||||||
Vodafone Group PLC | 394,333 | 704,302 | ||||||
Weir Group PLC (The) | 4,812 | 104,967 | ||||||
Whitbread PLC | 3,076 | 198,555 | ||||||
WPP PLC | 20,630 | 226,599 | ||||||
|
| |||||||
34,193,388 | ||||||||
United States — 61.4% | ||||||||
3M Co | 8,500 | 1,762,815 | ||||||
Abbott Laboratories | 25,282 | 1,962,389 | ||||||
AbbVie Inc. | 22,807 | 1,807,227 | ||||||
ABIOMED Inc.(a) | 731 | 244,519 | ||||||
Accenture PLC, Class A | 9,550 | 1,541,179 | ||||||
Activision Blizzard Inc. | 10,703 | 451,024 | ||||||
Acuity Brands Inc. | 667 | 86,790 | ||||||
Adobe Inc.(a) | 7,425 | 1,949,062 | ||||||
Advance Auto Parts Inc. | 1,198 | 193,812 | ||||||
Advanced Micro Devices Inc.(a) | 14,828 | 348,903 | ||||||
AES Corp./VA | 9,831 | 169,388 | ||||||
Affiliated Managers Group Inc. | 1,066 | 116,844 | ||||||
Aflac Inc. | 11,372 | 558,820 | ||||||
Agilent Technologies Inc. | 5,131 | 407,607 | ||||||
AGNC Investment Corp. | 8,682 | 153,237 | ||||||
Air Products & Chemicals Inc. | 3,212 | 581,950 | ||||||
Akamai Technologies Inc.(a) | 2,875 | 200,272 | ||||||
Albemarle Corp. | 2,005 | 183,036 | ||||||
Alexion Pharmaceuticals Inc.(a) | 3,478 | 470,678 | ||||||
Align Technology Inc.(a) | 1,225 | 317,238 | ||||||
Alkermes PLC(a) | 3,553 | 118,208 | ||||||
Alleghany Corp. | 297 | 190,959 | ||||||
Allergan PLC | 5,219 | 718,708 | ||||||
Alliance Data Systems Corp. | 865 | 149,645 | ||||||
Alliant Energy Corp. | 7,260 | 333,016 | ||||||
Allstate Corp. (The) | 5,214 | 492,097 |
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Alnylam Pharmaceuticals Inc.(a)(b) | 1,724 | $ | 146,540 | |||||
Alphabet Inc., Class A(a) | 4,488 | 5,055,956 | ||||||
Alphabet Inc., Class C, NVS(a) | 4,680 | 5,241,226 | ||||||
Altria Group Inc. | 28,110 | 1,473,245 | ||||||
Amazon.com Inc.(a) | 6,194 | 10,157,107 | ||||||
Ameren Corp. | 4,410 | 314,168 | ||||||
American Airlines Group Inc. | 2,071 | 73,790 | ||||||
American Electric Power Co. Inc. | 7,090 | 575,353 | ||||||
American Express Co. | 10,903 | 1,174,689 | ||||||
American International Group Inc. | 13,330 | 575,856 | ||||||
American Tower Corp. | 6,418 | 1,130,531 | ||||||
American Water Works Co. Inc. | 3,062 | 311,160 | ||||||
Ameriprise Financial Inc. | 2,205 | 290,244 | ||||||
AmerisourceBergen Corp. | 2,540 | 211,582 | ||||||
AMETEK Inc. | 4,477 | 356,280 | ||||||
Amgen Inc. | 9,129 | 1,735,240 | ||||||
Amphenol Corp., Class A | 5,214 | 489,960 | ||||||
Anadarko Petroleum Corp. | 8,095 | 352,132 | ||||||
Analog Devices Inc. | 5,738 | 613,736 | ||||||
Annaly Capital Management Inc. | 17,457 | 176,839 | ||||||
ANSYS Inc.(a) | 1,737 | 307,901 | ||||||
Anthem Inc. | 3,880 | 1,166,832 | ||||||
Aon PLC | 3,700 | 634,661 | ||||||
Apache Corp. | 6,296 | 208,901 | ||||||
Apple Inc. | 71,278 | 12,341,786 | ||||||
Applied Materials Inc. | 15,939 | 611,101 | ||||||
Arch Capital Group Ltd.(a) | 7,425 | 242,575 | ||||||
Archer-Daniels-Midland Co. | 9,100 | 386,750 | ||||||
Arconic Inc. | 7,222 | 133,535 | ||||||
Arista Networks Inc.(a) | 885 | 252,446 | ||||||
Arrow Electronics Inc.(a) | 2,004 | 159,719 | ||||||
Arthur J Gallagher & Co. | 2,771 | 222,456 | ||||||
Assurant Inc. | 1,334 | 137,389 | ||||||
AT&T Inc. | 107,697 | 3,351,531 | ||||||
Autodesk Inc.(a) | 3,344 | 545,105 | ||||||
Autoliv Inc. | 1,468 | 120,097 | ||||||
Automatic Data Processing Inc. | 6,621 | 1,013,212 | ||||||
AutoZone Inc.(a) | 395 | 370,893 | ||||||
AvalonBay Communities Inc. | 2,004 | 390,039 | ||||||
Avery Dennison Corp. | 2,138 | 230,990 | ||||||
Ball Corp. | 5,338 | 292,416 | ||||||
Bank of America Corp. | 141,964 | 4,128,313 | ||||||
Bank of New York Mellon Corp. (The) | 15,319 | 803,941 | ||||||
Baxter International Inc. | 7,487 | 559,503 | ||||||
BB&T Corp. | 11,713 | 597,012 | ||||||
Becton Dickinson and Co. | 4,164 | 1,035,962 | ||||||
Berkshire Hathaway Inc., Class B(a) | 19,047 | 3,834,161 | ||||||
Best Buy Co. Inc. | 4,352 | 299,592 | ||||||
Biogen Inc.(a) | 3,074 | 1,008,303 | ||||||
BioMarin Pharmaceutical Inc.(a) | 3,210 | 299,365 | ||||||
BlackRock Inc.(d) | 1,736 | 769,430 | ||||||
Boeing Co. (The) | 8,161 | 3,590,514 | ||||||
Booking Holdings Inc.(a) | 731 | 1,240,536 | ||||||
BorgWarner Inc. | 3,545 | 143,962 | ||||||
Boston Properties Inc. | 2,540 | 337,033 | ||||||
Boston Scientific Corp.(a) | 21,069 | 845,288 | ||||||
Brighthouse Financial Inc.(a)(b) | 2,466 | 95,484 | ||||||
Bristol-Myers Squibb Co. | 25,031 | 1,293,101 | ||||||
Broadcom Inc. | 6,223 | 1,713,565 | ||||||
Brookfield Property REIT Inc., Class A | 5,323 | 104,437 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Brown-Forman Corp., Class B, NVS | 4,352 | $ | 215,380 | |||||
Bunge Ltd. | 2,611 | 138,592 | ||||||
Cabot Oil & Gas Corp. | 8,162 | 200,948 | ||||||
Cadence Design Systems Inc.(a) | 4,564 | 261,289 | ||||||
Campbell Soup Co. | 3,679 | 132,518 | ||||||
Capital One Financial Corp. | 7,425 | 620,581 | ||||||
Cardinal Health Inc. | 4,812 | 261,484 | ||||||
CarMax Inc.(a) | 3,076 | 191,020 | ||||||
Carnival Corp. | 4,611 | 266,331 | ||||||
Caterpillar Inc. | 8,502 | 1,167,665 | ||||||
Cboe Global Markets Inc. | 1,831 | 175,611 | ||||||
CBRE Group Inc., Class A(a) | 5,281 | 262,783 | ||||||
CBS Corp., Class B, NVS | 5,440 | 273,142 | ||||||
CDK Global Inc. | 2,741 | 159,005 | ||||||
Celanese Corp. | 2,607 | 266,670 | ||||||
Celgene Corp.(a) | 10,760 | 894,371 | ||||||
Centene Corp.(a) | 6,286 | 382,755 | ||||||
CenterPoint Energy Inc. | 7,703 | 232,168 | ||||||
CenturyLink Inc. | 16,620 | 219,218 | ||||||
Cerner Corp.(a) | 4,544 | 254,237 | ||||||
CF Industries Holdings Inc. | 3,819 | 161,162 | ||||||
CH Robinson Worldwide Inc. | 2,741 | 247,732 | ||||||
Charles Schwab Corp. (The) | 18,194 | 837,106 | ||||||
Charter Communications Inc., Class A(a) | 2,485 | 857,101 | ||||||
Chemours Co. (The) | 2,815 | 107,054 | ||||||
Cheniere Energy Inc.(a) | 3,746 | 241,430 | ||||||
Chevron Corp. | 28,315 | 3,385,908 | ||||||
Chipotle Mexican Grill Inc.(a) | 396 | 240,582 | ||||||
Chubb Ltd. | 6,297 | 843,168 | ||||||
Church & Dwight Co. Inc. | 4,400 | 289,520 | ||||||
Cigna Corp. | 5,935 | 1,035,301 | ||||||
Cimarex Energy Co. | 1,874 | 134,759 | ||||||
Cincinnati Financial Corp. | 2,540 | 220,523 | ||||||
Cintas Corp. | 1,801 | 372,087 | ||||||
Cisco Systems Inc. | 68,953 | 3,569,697 | ||||||
CIT Group Inc. | 3,136 | 159,842 | ||||||
Citigroup Inc. | 37,135 | 2,375,897 | ||||||
Citizens Financial Group Inc. | 9,128 | 337,188 | ||||||
Citrix Systems Inc. | 2,331 | 245,920 | ||||||
Clorox Co. (The) | 2,273 | 359,202 | ||||||
CME Group Inc. | 5,282 | 960,849 | ||||||
CMS Energy Corp. | 4,736 | 257,638 | ||||||
Coca-Cola Co. (The) | 59,589 | 2,701,765 | ||||||
Cognex Corp. | 3,354 | 179,104 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,960 | 635,981 | ||||||
Colgate-Palmolive Co. | 12,857 | 846,891 | ||||||
Comcast Corp., Class A | 67,836 | 2,623,218 | ||||||
Comerica Inc. | 3,474 | 302,620 | ||||||
Conagra Brands Inc. | 8,378 | 195,794 | ||||||
Concho Resources Inc. | 3,291 | 362,010 | ||||||
ConocoPhillips | 17,658 | 1,198,095 | ||||||
Consolidated Edison Inc. | 4,812 | 396,749 | ||||||
Constellation Brands Inc., Class A | 2,672 | 451,996 | ||||||
Continental Resources Inc./OK(a) | 1,744 | 77,800 | ||||||
Copart Inc.(a) | 3,478 | 204,054 | ||||||
Corning Inc. | 13,480 | 469,239 | ||||||
CoStar Group Inc.(a) | 663 | 303,342 | ||||||
Costco Wholesale Corp. | 6,624 | 1,448,934 | ||||||
Crown Castle International Corp. | 5,951 | 706,681 | ||||||
Crown Holdings Inc.(a) | 3,210 | 174,271 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
CSX Corp. | 13,041 | $ | 947,689 | |||||
Cummins Inc. | 2,540 | 391,389 | ||||||
CVS Health Corp. | 19,589 | 1,132,832 | ||||||
Danaher Corp. | 8,759 | 1,112,568 | ||||||
Darden Restaurants Inc. | 2,135 | 239,355 | ||||||
DaVita Inc.(a) | 2,339 | 133,089 | ||||||
Deere & Co. | 4,352 | 713,902 | ||||||
Dell Technologies Inc., Class C(a)(b) | 2,448 | 136,647 | ||||||
Delta Air Lines Inc. | 2,560 | 126,925 | ||||||
DENTSPLY SIRONA Inc. | 3,746 | 156,433 | ||||||
Devon Energy Corp. | 8,310 | 245,228 | ||||||
DexCom Inc.(a) | 1,525 | 212,478 | ||||||
Diamondback Energy Inc. | 2,764 | 284,499 | ||||||
Digital Realty Trust Inc. | 3,210 | 363,115 | ||||||
Discover Financial Services | 6,085 | 435,747 | ||||||
Discovery Inc., Class A(a)(b) | 2,272 | 65,661 | ||||||
Discovery Inc., Class C, NVS(a) | 5,901 | 160,802 | ||||||
DISH Network Corp., Class A(a) | 4,224 | 137,322 | ||||||
Dollar General Corp. | 4,206 | 498,243 | ||||||
Dollar Tree Inc.(a) | 3,545 | 341,490 | ||||||
Dominion Energy Inc. | 10,929 | 809,730 | ||||||
Domino’s Pizza Inc. | 732 | 183,688 | ||||||
Dover Corp. | 3,009 | 272,405 | ||||||
DowDuPont Inc. | 33,907 | 1,804,870 | ||||||
DR Horton Inc. | 5,884 | 228,829 | ||||||
DTE Energy Co. | 2,875 | 355,235 | ||||||
Duke Energy Corp. | 10,035 | 899,738 | ||||||
Duke Realty Corp. | 8,296 | 245,313 | ||||||
DXC Technology Co. | 4,599 | 302,890 | ||||||
Eastman Chemical Co. | 2,540 | 210,033 | ||||||
Eaton Corp. PLC | 6,554 | 522,813 | ||||||
Eaton Vance Corp., NVS | 3,082 | 128,982 | ||||||
eBay Inc. | 14,917 | 554,167 | ||||||
Ecolab Inc. | 4,218 | 712,462 | ||||||
Edison International | 4,946 | 296,216 | ||||||
Edwards Lifesciences Corp.(a) | 3,140 | 531,571 | ||||||
Electronic Arts Inc.(a) | 4,745 | 454,476 | ||||||
Eli Lilly & Co. | 14,588 | 1,842,319 | ||||||
Emerson Electric Co. | 9,094 | 619,756 | ||||||
Entergy Corp. | 3,009 | 280,830 | ||||||
EOG Resources Inc. | 8,571 | 805,674 | ||||||
Equifax Inc. | 1,870 | 204,784 | ||||||
Equinix Inc. | 1,200 | 508,200 | ||||||
Equity Residential | 5,482 | 403,969 | ||||||
Essex Property Trust Inc. | 1,133 | 317,059 | ||||||
Estee Lauder Companies Inc. (The), Class A | 3,344 | 524,807 | ||||||
Everest Re Group Ltd. | 773 | 174,783 | ||||||
Eversource Energy | 5,214 | 363,989 | ||||||
Exelon Corp. | 13,242 | 643,429 | ||||||
Expedia Group Inc. | 1,937 | 238,851 | ||||||
Expeditors International of Washington Inc. | 3,880 | 290,806 | ||||||
Exxon Mobil Corp. | 62,817 | 4,964,427 | ||||||
F5 Networks Inc.(a) | 1,401 | 235,564 | ||||||
Facebook Inc., Class A(a) | 36,074 | 5,824,147 | ||||||
Fastenal Co. | 4,611 | 290,216 | ||||||
Federal Realty Investment Trust | 1,468 | 196,110 | ||||||
FedEx Corp. | 3,746 | 678,026 | ||||||
Fidelity National Financial Inc. | 4,544 | 159,449 | ||||||
Fidelity National Information Services Inc. | 4,608 | 498,355 | ||||||
Fifth Third Bancorp. | 13,108 | 361,519 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
First Data Corp., Class A(a) | 8,433 | $ | 212,006 | |||||
First Republic Bank/CA(b) | 2,942 | 308,851 | ||||||
FirstEnergy Corp. | 7,432 | 302,854 | ||||||
Fiserv Inc.(a)(b) | 5,448 | 461,391 | ||||||
FleetCor Technologies Inc.(a) | 1,402 | 327,059 | ||||||
Flex Ltd.(a) | 9,873 | 104,061 | ||||||
FLIR Systems Inc. | 2,936 | 151,057 | ||||||
Flowserve Corp. | 3,009 | 133,630 | ||||||
Fluor Corp. | 2,875 | 108,100 | ||||||
FMC Corp. | 2,473 | 221,333 | ||||||
Ford Motor Co. | 55,305 | 485,025 | ||||||
Fortinet Inc.(a) | 2,373 | 205,953 | ||||||
Fortive Corp. | 4,905 | 400,101 | ||||||
Franklin Resources Inc. | 5,817 | 189,692 | ||||||
Freeport-McMoRan Inc. | 22,119 | 285,335 | ||||||
Gap Inc. (The) | 3,947 | 100,254 | ||||||
Garmin Ltd. | 2,539 | 213,200 | ||||||
Gartner Inc.(a) | 1,606 | 228,534 | ||||||
General Dynamics Corp. | 3,947 | 671,858 | ||||||
General Electric Co. | 131,089 | 1,362,015 | ||||||
General Mills Inc. | 9,441 | 444,954 | ||||||
General Motors Co. | 18,931 | 747,396 | ||||||
Genuine Parts Co. | 2,741 | 298,166 | ||||||
Gilead Sciences Inc. | 18,797 | 1,222,181 | ||||||
Global Payments Inc. | 2,875 | 374,842 | ||||||
Goldman Sachs Group Inc. (The) | 5,147 | 1,012,415 | ||||||
Goodyear Tire & Rubber Co. (The) | 5,226 | 103,370 | ||||||
GrubHub Inc.(a) | 1,731 | 141,215 | ||||||
H&R Block Inc. | 3,746 | 90,466 | ||||||
Halliburton Co. | 13,669 | 419,502 | ||||||
Hanesbrands Inc. | 6,085 | 113,120 | ||||||
Harley-Davidson Inc. | 2,741 | 101,746 | ||||||
Harris Corp. | 1,987 | 327,716 | ||||||
Hartford Financial Services Group Inc. (The) | 6,219 | 306,970 | ||||||
Hasbro Inc. | 2,347 | 199,260 | ||||||
HCA Healthcare Inc. | 4,352 | 605,102 | ||||||
HCP Inc. | 8,037 | 247,298 | ||||||
Helmerich & Payne Inc. | 2,076 | 112,519 | ||||||
Henry Schein Inc.(a) | 2,620 | 155,366 | ||||||
Hershey Co. (The) | 2,607 | 288,543 | ||||||
Hess Corp. | 4,693 | 271,490 | ||||||
Hewlett Packard Enterprise Co. | 22,752 | 372,678 | ||||||
Hilton Worldwide Holdings Inc. | 4,016 | 333,730 | ||||||
HollyFrontier Corp. | 3,277 | 167,782 | ||||||
Hologic Inc.(a) | 4,713 | 222,218 | ||||||
Home Depot Inc. (The) | 16,854 | 3,120,350 | ||||||
Honeywell International Inc. | 10,570 | 1,628,520 | ||||||
Hormel Foods Corp. | 5,281 | 228,984 | ||||||
Host Hotels & Resorts Inc. | 10,970 | 215,122 | ||||||
HP Inc. | 26,155 | 516,038 | ||||||
Humana Inc. | 2,272 | 647,611 | ||||||
Huntington Bancshares Inc./OH | 19,730 | 284,309 | ||||||
IAC/InterActiveCorp.(a) | 1,297 | 276,326 | ||||||
IDEXX Laboratories Inc.(a) | 1,332 | 281,092 | ||||||
IHS Markit Ltd.(a) | 6,291 | 334,492 | ||||||
Illinois Tool Works Inc. | 4,879 | 702,966 | ||||||
Illumina Inc.(a) | 2,339 | 731,569 | ||||||
Incyte Corp.(a) | 3,147 | 271,366 | ||||||
Ingersoll-Rand PLC | 4,285 | 452,325 | ||||||
Intel Corp. | 68,053 | 3,604,087 |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Intercontinental Exchange Inc. | 8,960 | $ | 691,264 | |||||
International Business Machines Corp. | 13,520 | 1,867,518 | ||||||
International Flavors & Fragrances Inc. | 1,535 | 195,712 | ||||||
International Paper Co. | 6,360 | 291,415 | ||||||
Interpublic Group of Companies Inc. (The) | 7,425 | 170,998 | ||||||
Intuit Inc. | 3,880 | 958,864 | ||||||
Intuitive Surgical Inc.(a) | 1,870 | 1,024,031 | ||||||
IPG Photonics Corp.(a)(b) | 801 | 124,179 | ||||||
IQVIA Holdings Inc.(a) | 2,305 | 322,930 | ||||||
Iron Mountain Inc. | 4,569 | 161,834 | ||||||
Jacobs Engineering Group Inc.(b) | 2,674 | 197,288 | ||||||
Jazz Pharmaceuticals PLC(a) | 1,270 | 177,838 | ||||||
JB Hunt Transport Services Inc.(b) | 1,736 | 186,915 | ||||||
Jefferies Financial Group Inc. | 6,688 | 135,566 | ||||||
JM Smucker Co. (The) | 2,071 | 219,340 | ||||||
Johnson & Johnson | 39,625 | 5,414,360 | ||||||
Johnson Controls International PLC | 15,926 | 561,710 | ||||||
JPMorgan Chase & Co. | 49,767 | 5,193,684 | ||||||
Juniper Networks Inc. | 6,420 | 173,854 | ||||||
Kansas City Southern | 2,071 | 224,993 | ||||||
Kellogg Co. | 4,218 | 237,305 | ||||||
KeyCorp. | 18,060 | 318,940 | ||||||
Keysight Technologies Inc.(a) | 2,892 | 244,114 | ||||||
Kimberly-Clark Corp. | 5,482 | 640,462 | ||||||
Kimco Realty Corp. | 7,849 | 138,064 | ||||||
Kinder Morgan Inc./DE | 33,388 | 639,714 | ||||||
KLA-Tencor Corp. | 2,668 | 308,127 | ||||||
Kohl’s Corp. | 3,143 | 212,247 | ||||||
Kraft Heinz Co. (The) | 9,630 | 319,620 | ||||||
Kroger Co. (The) | 12,898 | 378,298 | ||||||
L3 Technologies Inc. | 1,468 | 310,849 | ||||||
Laboratory Corp. of America Holdings(a) | 1,803 | 267,277 | ||||||
Lam Research Corp. | 2,516 | 443,042 | ||||||
Lamb Weston Holdings Inc. | 2,370 | 164,265 | ||||||
Las Vegas Sands Corp. | 5,951 | 365,570 | ||||||
Leggett & Platt Inc. | 4,879 | 221,604 | ||||||
Lennar Corp., Class A | 4,967 | 238,317 | ||||||
Liberty Global PLC, Class A(a)(b) | 4,148 | 109,300 | ||||||
Liberty Global PLC, Class C, NVS(a) | 8,307 | 210,915 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, | 5,147 | 212,108 | ||||||
Liberty Property Trust | 3,411 | 161,443 | ||||||
Lincoln National Corp. | 3,746 | 234,200 | ||||||
LKQ Corp.(a) | 5,750 | 159,275 | ||||||
Lockheed Martin Corp. | 3,705 | 1,146,364 | ||||||
Loews Corp. | 5,348 | 254,672 | ||||||
Lowe’s Companies Inc. | 12,176 | 1,279,576 | ||||||
Lululemon Athletica Inc.(a) | 1,734 | 260,828 | ||||||
LyondellBasell Industries NV, Class A | 5,080 | 434,442 | ||||||
M&T Bank Corp. | 2,272 | 393,192 | ||||||
Macerich Co. (The) | 2,886 | 125,830 | ||||||
Macy’s Inc. | 5,493 | 136,171 | ||||||
ManpowerGroup Inc. | 1,334 | 112,389 | ||||||
Marathon Oil Corp. | 13,645 | 226,507 | ||||||
Marathon Petroleum Corp. | 11,715 | 726,447 | ||||||
Markel Corp.(a)(b) | 262 | 263,279 | ||||||
Marriott International Inc./MD, Class A | 5,021 | 628,981 | ||||||
Marsh & McLennan Companies Inc. | 7,359 | 684,534 | ||||||
Martin Marietta Materials Inc. | 1,202 | 225,736 | ||||||
Marvell Technology Group Ltd. | 9,199 | 183,520 | ||||||
Masco Corp. | 6,152 | 231,069 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Mastercard Inc., Class A | 14,072 | $ | 3,162,963 | |||||
Maxim Integrated Products Inc. | 5,013 | 272,858 | ||||||
McCormick & Co. Inc./MD, NVS | 1,993 | 271,008 | ||||||
McDonald’s Corp. | 11,368 | 2,089,893 | ||||||
McKesson Corp. | 3,210 | 408,184 | ||||||
Medtronic PLC | 19,327 | 1,749,093 | ||||||
MercadoLibre Inc.(a) | 665 | 305,095 | ||||||
Merck & Co. Inc. | 39,782 | 3,233,879 | ||||||
MetLife Inc. | 13,382 | 604,733 | ||||||
MGM Resorts International | 9,255 | 247,571 | ||||||
Microchip Technology Inc. | 3,876 | 336,708 | ||||||
Micron Technology Inc.(a) | 17,174 | 702,073 | ||||||
Microsoft Corp. | 107,806 | 12,077,506 | ||||||
Mohawk Industries Inc.(a) | 1,200 | 163,344 | ||||||
Molson Coors Brewing Co., Class B | 3,215 | 198,237 | ||||||
Mondelez International Inc., Class A | 22,616 | 1,066,571 | ||||||
Monster Beverage Corp.(a) | 6,755 | 431,172 | ||||||
Moody’s Corp. | 3,143 | 544,116 | ||||||
Morgan Stanley | 21,471 | 901,353 | ||||||
Mosaic Co. (The) | 5,959 | 186,338 | ||||||
Motorola Solutions Inc. | 2,739 | 392,006 | ||||||
Mylan NV(a) | 8,649 | 228,247 | ||||||
Nasdaq Inc. | 2,339 | 214,182 | ||||||
National Oilwell Varco Inc. | 6,564 | 184,711 | ||||||
Nektar Therapeutics(a) | 3,087 | 125,147 | ||||||
NetApp Inc. | 4,014 | 261,713 | ||||||
Netflix Inc.(a) | 6,623 | 2,371,696 | ||||||
Newell Brands Inc. | 8,722 | 141,558 | ||||||
Newmont Mining Corp. | 8,229 | 280,773 | ||||||
News Corp., Class A, NVS | 7,781 | 101,309 | ||||||
NextEra Energy Inc. | 6,704 | 1,258,475 | ||||||
Nielsen Holdings PLC | 6,232 | 163,278 | ||||||
NIKE Inc., Class B | 18,797 | 1,611,467 | ||||||
Noble Energy Inc. | 8,720 | 193,148 | ||||||
Nordstrom Inc. | 2,339 | 110,588 | ||||||
Norfolk Southern Corp. | 4,352 | 780,314 | ||||||
Northern Trust Corp. | 3,478 | 324,150 | ||||||
Northrop Grumman Corp. | 2,540 | 736,498 | ||||||
NRG Energy Inc. | 5,259 | 219,195 | ||||||
Nucor Corp. | 4,879 | 295,521 | ||||||
NVIDIA Corp. | 8,625 | 1,330,492 | ||||||
O’Reilly Automotive Inc.(a) | 1,269 | 472,017 | ||||||
Occidental Petroleum Corp. | 11,581 | 766,083 | ||||||
Omnicom Group Inc. | 3,813 | 288,644 | ||||||
ON Semiconductor Corp.(a)(b) | 7,291 | 156,611 | ||||||
ONEOK Inc. | 6,295 | 404,517 | ||||||
Oracle Corp. | 41,099 | 2,142,491 | ||||||
PACCAR Inc. | 5,482 | 371,680 | ||||||
Palo Alto Networks Inc.(a) | 1,669 | 411,025 | ||||||
Parker-Hannifin Corp. | 2,406 | 423,841 | ||||||
Paychex Inc. | 5,080 | 391,262 | ||||||
PayPal Holdings Inc.(a) | 16,921 | 1,659,442 | ||||||
Pentair PLC | 3,411 | 145,104 | ||||||
People’s United Financial Inc. | 9,630 | 171,029 | ||||||
PepsiCo Inc. | 21,082 | 2,437,922 | ||||||
Pfizer Inc. | 85,231 | 3,694,764 | ||||||
Philip Morris International Inc. | 23,019 | 2,001,272 | ||||||
Phillips 66 | 6,755 | 650,912 | ||||||
Pinnacle West Capital Corp. | 2,269 | 212,696 | ||||||
Pioneer Natural Resources Co. | 2,676 | 377,182 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Plains GP Holdings LP, Class A | 3,356 | $ | 77,826 | |||||
PNC Financial Services Group Inc. (The) | 6,286 | 792,162 | ||||||
PPG Industries Inc. | 4,148 | 464,452 | ||||||
PPL Corp. | 10,998 | 353,806 | ||||||
Principal Financial Group Inc. | 4,817 | 253,567 | ||||||
Procter & Gamble Co. (The) | 36,967 | 3,643,098 | ||||||
Progressive Corp. (The) | 8,953 | 652,674 | ||||||
Prologis Inc. | 10,103 | 707,816 | ||||||
Prudential Financial Inc. | 6,353 | 608,935 | ||||||
Public Service Enterprise Group Inc. | 7,889 | 463,952 | ||||||
Public Storage | 2,406 | 508,845 | ||||||
PulteGroup Inc. | 6,018 | 162,486 | ||||||
PVH Corp. | 1,334 | 153,197 | ||||||
Qorvo Inc.(a) | 2,486 | 174,368 | ||||||
QUALCOMM Inc. | 18,544 | 990,064 | ||||||
Quest Diagnostics Inc. | 2,272 | 196,642 | ||||||
Qurate Retail Inc.(a) | 8,028 | 144,584 | ||||||
Ralph Lauren Corp. | 1,066 | 133,431 | ||||||
Raytheon Co. | 4,477 | 834,960 | ||||||
Realty Income Corp. | 4,477 | 309,629 | ||||||
Red Hat Inc.(a) | 2,675 | 488,455 | ||||||
Regency Centers Corp. | 3,411 | 222,568 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 1,200 | 516,888 | ||||||
Regions Financial Corp. | 21,605 | 354,322 | ||||||
Reinsurance Group of America Inc. | 806 | 116,459 | ||||||
RenaissanceRe Holdings Ltd. | 701 | 103,082 | ||||||
Republic Services Inc. | 4,136 | 324,386 | ||||||
ResMed Inc. | 2,690 | 275,537 | ||||||
Robert Half International Inc. | 2,808 | 191,478 | ||||||
Rockwell Automation Inc. | 2,272 | 405,688 | ||||||
Roper Technologies Inc. | 1,803 | 583,541 | ||||||
Ross Stores Inc. | 6,018 | 570,687 | ||||||
Royal Caribbean Cruises Ltd. | 2,540 | 300,939 | ||||||
S&P Global Inc. | 4,218 | 845,161 | ||||||
salesforce.com Inc.(a) | 11,117 | 1,819,297 | ||||||
SBA Communications Corp.(a) | 2,002 | 361,481 | ||||||
Schlumberger Ltd. | 21,053 | 927,595 | ||||||
Seagate Technology PLC | 3,880 | 180,653 | ||||||
Seattle Genetics Inc.(a) | 2,176 | 161,633 | ||||||
SEI Investments Co. | 3,612 | 190,533 | ||||||
Sempra Energy | 4,363 | 525,480 | ||||||
ServiceNow Inc.(a) | 2,740 | 656,066 | ||||||
Sherwin-Williams Co. (The) | 1,267 | 548,864 | ||||||
Simon Property Group Inc. | 4,556 | 825,365 | ||||||
Sirius XM Holdings Inc. | 30,479 | 180,740 | ||||||
Skyworks Solutions Inc. | 2,804 | 228,975 | ||||||
SL Green Realty Corp. | 1,701 | 154,315 | ||||||
Southern Co. (The) | 14,381 | 714,592 | ||||||
Southwest Airlines Co. | 2,272 | 127,323 | ||||||
Spirit AeroSystems Holdings Inc., Class A | 1,949 | 192,561 | ||||||
Splunk Inc.(a) | 2,473 | 336,031 | ||||||
Sprint Corp.(a) | 15,459 | 98,165 | ||||||
Square Inc., Class A(a) | 5,034 | 408,962 | ||||||
SS&C Technologies Holdings Inc. | 4,031 | 248,229 | ||||||
Stanley Black & Decker Inc. | 2,540 | 336,372 | ||||||
Starbucks Corp. | 19,047 | 1,338,242 | ||||||
State Street Corp. | 5,689 | 408,868 | ||||||
Stryker Corp. | 4,812 | 907,110 | ||||||
SunTrust Banks Inc. | 7,291 | 472,967 | ||||||
SVB Financial Group(a) | 865 | 213,793 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Symantec Corp. | 10,185 | $ | 229,061 | |||||
Synchrony Financial | 10,706 | 349,123 | ||||||
Synopsys Inc.(a) | 3,746 | 380,893 | ||||||
Sysco Corp. | 8,028 | 542,291 | ||||||
T-Mobile U.S. Inc.(a) | 4,946 | 357,151 | ||||||
T Rowe Price Group Inc. | 3,752 | 376,813 | ||||||
Take-Two Interactive Software Inc.(a) | 1,928 | 168,237 | ||||||
Tapestry Inc. | 4,544 | 158,767 | ||||||
Targa Resources Corp. | 5,020 | 202,005 | ||||||
Target Corp. | 7,894 | 573,420 | ||||||
TD Ameritrade Holding Corp. | 4,352 | 245,148 | ||||||
TE Connectivity Ltd. | 5,281 | 433,517 | ||||||
TechnipFMC PLC | 10,067 | 224,393 | ||||||
Teleflex Inc. | 717 | 207,815 | ||||||
Tesla Inc.(a)(b) | 1,936 | 619,288 | ||||||
Texas Instruments Inc. | 13,716 | 1,450,878 | ||||||
Textron Inc. | 4,879 | 264,930 | ||||||
Thermo Fisher Scientific Inc. | 5,953 | 1,545,220 | ||||||
Tiffany & Co. | 1,803 | 171,357 | ||||||
TJX Companies Inc. (The) | 18,463 | 946,967 | ||||||
Torchmark Corp. | 2,893 | 238,846 | ||||||
Total System Services Inc. | 3,344 | 315,674 | ||||||
Tractor Supply Co. | 2,272 | 216,635 | ||||||
TransDigm Group Inc.(a) | 797 | 345,970 | ||||||
TransUnion | 3,013 | 194,519 | ||||||
Travelers Companies Inc. (The) | 3,382 | 449,502 | ||||||
Trimble Inc.(a) | 4,812 | 192,528 | ||||||
TripAdvisor Inc.(a) | 2,138 | 113,677 | ||||||
Twenty-First Century Fox Inc., Class A, NVS | 21,412 | 1,079,807 | ||||||
Twenty-First Century Fox Inc., Class B | 4,541 | 227,777 | ||||||
Twitter Inc.(a) | 10,912 | 335,871 | ||||||
Tyson Foods Inc., Class A | 4,812 | 296,708 | ||||||
U.S. Bancorp. | 23,615 | 1,220,659 | ||||||
UDR Inc. | 5,281 | 234,582 | ||||||
Ulta Salon Cosmetics & Fragrance Inc.(a) | 999 | 312,178 | ||||||
Under Armour Inc., Class A(a) | 3,009 | 67,853 | ||||||
Under Armour Inc., Class C, NVS(a) | 3,021 | 60,662 | ||||||
Union Pacific Corp. | 11,504 | 1,929,221 | ||||||
United Parcel Service Inc., Class B | 10,230 | 1,127,346 | ||||||
United Rentals Inc.(a) | 1,468 | 197,578 | ||||||
United Technologies Corp. | 12,022 | 1,510,805 | ||||||
UnitedHealth Group Inc. | 13,981 | 3,386,478 | ||||||
Universal Health Services Inc., Class B | 1,468 | 203,802 | ||||||
Unum Group | 3,947 | 147,460 | ||||||
Valero Energy Corp. | 6,822 | 556,402 | ||||||
Varian Medical Systems Inc.(a) | 1,599 | 214,842 | ||||||
Veeva Systems Inc., Class A(a) | 2,201 | 259,520 | ||||||
Ventas Inc. | 5,492 | 344,623 | ||||||
VEREIT Inc. | 24,553 | 195,687 | ||||||
VeriSign Inc.(a) | 2,138 | 380,650 | ||||||
Verisk Analytics Inc.(a) | 2,741 | 346,545 | ||||||
Verizon Communications Inc. | 60,678 | 3,453,792 | ||||||
Vertex Pharmaceuticals Inc.(a) | 4,014 | 757,642 | ||||||
VF Corp. | 5,080 | 443,789 | ||||||
Visa Inc., Class A | 25,491 | 3,775,727 | ||||||
VMware Inc., Class A | 1,131 | 194,317 | ||||||
Vornado Realty Trust | 2,808 | 189,006 | ||||||
Vulcan Materials Co. | 2,339 | 260,705 | ||||||
Wabtec Corp. | 2,036 | 149,157 | ||||||
Walmart Inc. | 22,015 | 2,179,265 |
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Walgreens Boots Alliance Inc. | 12,706 | $ | 904,540 | |||||
Walt Disney Co. (The) | 21,873 | 2,468,149 | ||||||
Waste Management Inc. | 6,487 | 656,809 | ||||||
Waters Corp.(a) | 1,331 | 322,395 | ||||||
WEC Energy Group Inc. | 5,009 | 382,087 | ||||||
WellCare Health Plans Inc.(a) | 763 | 193,482 | ||||||
Wells Fargo & Co. | 67,693 | 3,377,204 | ||||||
Welltower Inc. | 5,687 | 422,601 | ||||||
Western Digital Corp. | 4,499 | 226,300 | ||||||
Western Union Co. (The) | 9,027 | 161,312 | ||||||
Westrock Co. | 4,899 | 183,125 | ||||||
Weyerhaeuser Co. | 11,640 | 289,720 | ||||||
Whirlpool Corp. | 1,267 | 179,293 | ||||||
Williams Companies Inc. (The) | 18,678 | 498,516 | ||||||
Willis Towers Watson PLC | 1,937 | 333,203 | ||||||
Workday Inc., Class A(a) | 2,276 | 450,489 | ||||||
Worldpay Inc., Class A(a) | 4,393 | 420,849 | ||||||
WR Berkley Corp. | 2,947 | 246,546 | ||||||
WW Grainger Inc. | 789 | 240,464 | ||||||
Wynn Resorts Ltd. | 1,668 | 211,069 | ||||||
Xcel Energy Inc. | 7,760 | 425,714 | ||||||
Xerox Corp. | 3,457 | 106,821 | ||||||
Xilinx Inc. | 3,539 | 443,437 | ||||||
Xylem Inc./NY | 3,009 | 227,330 | ||||||
Yum! Brands Inc. | 4,874 | 460,593 | ||||||
Zillow Group Inc., Class C, NVS(a) | 2,526 | 105,587 | ||||||
Zimmer Biomet Holdings Inc. | 3,079 | 382,165 | ||||||
Zoetis Inc. | 7,693 | 724,911 | ||||||
|
| |||||||
365,790,516 | ||||||||
|
| |||||||
Total Common Stocks — 99.3% |
| 591,847,242 | ||||||
|
| |||||||
Preferred Stocks |
| |||||||
Germany — 0.2% |
| |||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 3,215 | 321,575 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 2,879 | $ | 192,175 | |||||
Sartorius AG, Preference Shares, NVS | 731 | 116,035 | ||||||
Volkswagen AG, Preference Shares, NVS | 3,210 | 551,574 | ||||||
|
| |||||||
1,181,359 | ||||||||
|
| |||||||
Total Preferred Stocks — 0.2% |
| 1,181,359 | ||||||
|
| |||||||
Short-Term Investments |
| |||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(d)(e)(f) | 4,273,033 | 4,274,742 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(d)(e) | 491,914 | 491,914 | ||||||
|
| |||||||
4,766,656 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.8% |
| 4,766,656 | ||||||
|
| |||||||
Total Investments in Securities — 100.3% |
| 597,795,257 | ||||||
Other Assets, Less Liabilities — (0.3)% |
| (2,061,983 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 595,733,274 | |||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized7-day yield as ofperiod-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/18 | Shares Purchased | Shares Sold | Shares Held at 02/28/19 | Value at 02/28/19 | Income | Net Realized | Change in (Depreciation) | ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 5,240,465 | — | (967,432 | )(b) | 4,273,033 | $ | 4,274,742 | $ | 23,990 | (c) | $ | 1,026 | $ | 153 | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,226,612 | — | (734,698 | )(b) | 491,914 | 491,914 | 14,036 | — | — | |||||||||||||||||||||||||||
BlackRock Inc. | 1,586 | 850 | (700 | ) | 1,736 | 769,430 | 10,085 | 49,933 | (79,626 | ) | ||||||||||||||||||||||||||
PNC Financial Services Group Inc. (The)(d) | 5,734 | 3,128 | (2,576 | ) | 6,286 | N/A | 12,730 | 86,836 | (236,888 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
$ | 5,536,086 | $ | 60,841 | $ | 137,795 | $ | (316,361 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
(d) | As of period end, the entity is no longer an affiliate of the Fund. |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
Euro STOXX 50 Index | 14 | 03/15/19 | $ | 526 | $ | 14,224 | ||||||||||
FTSE 100 Index | 3 | 03/15/19 | 282 | 2,371 | ||||||||||||
S&P 500E-Mini Index | 11 | 03/15/19 | 1,532 | 85,902 | ||||||||||||
TOPIX Index | 2 | 03/07/19 | 288 | (1,826 | ) | |||||||||||
|
| |||||||||||||||
$ | 100,671 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 102,497 | ||
|
| |||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized depreciation(a) | $ | 1,826 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (200,661 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 49,255 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 3,238,715 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI World ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 591,847,242 | $ | — | $ | — | $ | 591,847,242 | ||||||||
Preferred Stocks | 1,181,359 | — | — | 1,181,359 | ||||||||||||
Money Market Funds | 4,766,656 | — | — | 4,766,656 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 597,795,257 | $ | — | $ | — | $ | 597,795,257 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 102,497 | $ | — | $ | — | $ | 102,497 | ||||||||
Liabilities | ||||||||||||||||
Futures Contracts | (1,826 | ) | — | — | (1,826 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 100,671 | $ | — | $ | — | $ | 100,671 | |||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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 |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares MSCI Frontier 100 ETF | iShares ETF | |||||||
ASSETS | ||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||
Unaffiliated(b) | $ | 498,131,930 | $ | 592,259,171 | ||||
Affiliated(c) | 2,190,595 | 5,536,086 | ||||||
Cash | 215,297 | — | ||||||
Foreign currency, at value(d) | 726,463 | 830,232 | ||||||
Cash pledged: | ||||||||
Futures contracts | — | 74,000 | ||||||
Foreign currency pledged: | ||||||||
Futures contracts(e) | — | 55,100 | ||||||
Receivables: | ||||||||
Investments sold | 8,242,769 | 2,363,547 | ||||||
Securities lending income — Affiliated | 366 | 2,921 | ||||||
Variation margin on futures contracts | — | 3,100 | ||||||
Dividends | 159,188 | 1,368,396 | ||||||
Tax reclaims | — | 225,683 | ||||||
|
|
|
| |||||
Total assets | 509,666,608 | 602,718,236 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Collateral on securities loaned, at value | 2,188,958 | 4,273,458 | ||||||
Deferred foreign capital gain tax | 78,790 | — | ||||||
Payables: | ||||||||
Investments purchased | 9,543,809 | 2,566,978 | ||||||
Variation margin on futures contracts | — | 8,309 | ||||||
Bank borrowings | 580,054 | — | ||||||
Capital shares redeemed | — | 15,903 | ||||||
Investment advisory fees | 304,000 | 120,314 | ||||||
Foreign taxes | 5,560 | — | ||||||
|
|
|
| |||||
Total liabilities | 12,701,171 | 6,984,962 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 496,965,437 | $ | 595,733,274 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 609,723,636 | $ | 522,298,189 | ||||
Accumulated earnings (loss) | (112,758,199 | ) | 73,435,085 | |||||
|
|
|
| |||||
NET ASSETS | $ | 496,965,437 | $ | 595,733,274 | ||||
|
|
|
| |||||
Shares outstanding | 17,650,000 | 6,800,000 | ||||||
|
|
|
| |||||
Net asset value | $ | 28.16 | $ | 87.61 | ||||
|
|
|
| |||||
Shares authorized | 500 million | 500 million | ||||||
|
|
|
| |||||
Par value | $ | 0.001 | $ | 0.001 | ||||
|
|
|
| |||||
(a) Securities loaned, at value | $ | 2,077,572 | $ | 4,146,507 | ||||
(b) Investments, at cost — Unaffiliated | $ | 451,777,801 | $ | 569,774,096 | ||||
(c) Investments, at cost — Affiliated | $ | 2,190,250 | $ | 5,456,292 | ||||
(d) Foreign currency, at cost | $ | 726,637 | $ | 830,937 | ||||
(e) Foreign currency collateral pledged, at cost | $ | — | $ | 54,674 |
See notes to financial statements.
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statement of Operations (unaudited)
Six Months Ended February 28, 2019
iShares MSCI Frontier 100 ETF | iShares MSCI World ETF | |||||||
INVESTMENT INCOME | ||||||||
Dividends — Unaffiliated | $ | 5,906,794 | $ | 6,578,453 | ||||
Dividends — Affiliated | 4,233 | 36,851 | ||||||
Interest— Unaffiliated | — | 113 | ||||||
Securities lending income — Affiliated — net | 5,879 | 23,990 | ||||||
Foreign taxes withheld | (274,742 | ) | (209,002 | ) | ||||
|
|
|
| |||||
Total investment income | 5,642,164 | 6,430,405 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees | 1,937,604 | 703,515 | ||||||
Commitment fees | 4,302 | — | ||||||
Interest expense | 5,639 | — | ||||||
|
|
|
| |||||
Total expenses | 1,947,545 | 703,515 | ||||||
|
|
|
| |||||
Net investment income | 3,694,619 | 5,726,890 | ||||||
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — Unaffiliated(a) | (7,558,743 | ) | (2,196,105 | ) | ||||
Investments —Affiliated | 627 | 1,026 | ||||||
In-kind redemptions — Unaffiliated | 544,197 | 56,212,089 | ||||||
In-kind redemptions — Affiliated | — | 136,769 | ||||||
Futures contracts | — | (200,661 | ) | |||||
Forward foreign currency exchange contracts | 171 | — | ||||||
Foreign currency transactions | (173,506 | ) | (12,548 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) | (7,187,254 | ) | 53,940,570 | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — Unaffiliated(b) | 5,750,857 | (61,853,363 | ) | |||||
Investments —Affiliated | 32 | (316,361 | ) | |||||
Futures contracts | — | 49,255 | ||||||
Forward foreign currency exchange contracts | 2 | — | ||||||
Foreign currency translations | 3,468 | (3,259 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | 5,754,359 | (62,123,728 | ) | |||||
|
|
|
| |||||
Net realized and unrealized loss | (1,432,895 | ) | (8,183,158 | ) | ||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,261,724 | $ | (2,456,268 | ) | |||
|
|
|
| |||||
(a) Net of foreign capital gain tax of | $ | 38,266 | $ | — | ||||
(b) Net of deferred foreign capital gain tax of | $ | 72,611 | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 25 |
Statements of Changes in Net Assets
iShares MSCI Frontier 100 ETF | iShares MSCI World ETF | |||||||||||||||
Six Months Ended 02/28/19 | Year Ended 08/31/18 | Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 3,694,619 | $ | 18,028,411 | $ | 5,726,890 | $ | 11,438,335 | ||||||||
Net realized gain (loss) | (7,187,254 | ) | (20,691,002 | ) | 53,940,570 | 14,728,753 | ||||||||||
Net change in unrealized appreciation (depreciation) | 5,754,359 | (22,992,487 | ) | (62,123,728 | ) | 42,000,038 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 2,261,724 | (25,655,078 | ) | (2,456,268 | ) | 68,167,126 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (5,630,265 | ) | (24,308,098 | ) | (6,014,807 | ) | (11,541,113 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (23,111,497 | ) | (54,217,461 | ) | 37,961,745 | (152,528 | ) | |||||||||
|
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|
|
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| |||||||||
NET ASSETS(a) | ||||||||||||||||
Total increase (decrease) in net assets | (26,480,038 | ) | (104,180,637 | ) | 29,490,670 | 56,473,485 | ||||||||||
Beginning of period | 523,445,475 | 627,626,112 | 566,242,604 | 509,769,119 | ||||||||||||
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| |||||||||
End of period | $ | 496,965,437 | $ | 523,445,475 | $ | 595,733,274 | $ | 566,242,604 | ||||||||
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|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Frontier 100 ETF | ||||||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 28.29 | $ | 30.62 | $ | 24.20 | $ | 26.20 | $ | 37.79 | $ | 30.12 | ||||||||||||||||
|
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| |||||||||||||||||
Net investment income(a) | 0.21 | 0.87 | 0.72 | 0.76 | 0.77 | 1.09 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.02 | ) | (1.99 | ) | 6.00 | (2.17 | ) | (8.78 | ) | 7.47 | ||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | 0.19 | (1.12 | ) | 6.72 | (1.41 | ) | (8.01 | ) | 8.56 | |||||||||||||||||||
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| |||||||||||||||||
Distributions | ||||||||||||||||||||||||||||
From net investment income | (0.32 | ) | (1.21 | ) | (0.30 | ) | (0.59 | ) | (0.76 | ) | (0.89 | ) | ||||||||||||||||
From net realized gain | — | — | — | — | (2.82 | ) | — | |||||||||||||||||||||
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| |||||||||||||||||
Total distributions | (0.32 | ) | (1.21 | ) | (0.30 | ) | (0.59 | ) | (3.58 | ) | (0.89 | ) | ||||||||||||||||
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| |||||||||||||||||
Net asset value, end of period | $ | 28.16 | $ | 28.29 | $ | 30.62 | $ | 24.20 | $ | 26.20 | $ | 37.79 | ||||||||||||||||
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| |||||||||||||||||
Total Return | ||||||||||||||||||||||||||||
Based on net asset value | 0.71 | %(c) | (3.92 | )% | 27.91 | % | (5.45 | )% | (21.70 | )% | 28.56 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.79 | %(d) | 0.81 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.79 | % | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 1.51 | %(d) | 2.69 | % | 2.65 | % | 3.03 | % | 2.43 | % | 3.07 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 496,965 | $ | 523,445 | $ | 627,626 | $ | 407,722 | $ | 502,993 | $ | 799,349 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(e) | 7 | %(c) | 35 | % | 32 | % | 20 | % | 47 | % | 61 | % | ||||||||||||||||
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|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 27 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI World ETF | ||||||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 91.33 | $ | 82.22 | $ | 72.15 | $ | 68.95 | $ | 73.36 | $ | 61.76 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.82 | 1.84 | 1.74 | 1.62 | 1.64 | 1.81 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (3.78 | ) | 9.15 | 9.90 | 3.16 | (4.49 | ) | 11.16 | ||||||||||||||||||||
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| |||||||||||||||||
Net increase (decrease) from investment operations | (2.96 | ) | 10.99 | 11.64 | 4.78 | (2.85 | ) | 12.97 | ||||||||||||||||||||
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| |||||||||||||||||
Distributions | ||||||||||||||||||||||||||||
From net investment income | (0.76 | ) | (1.88 | ) | (1.57 | ) | (1.58 | ) | (1.56 | ) | (1.37 | ) | ||||||||||||||||
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| |||||||||||||||||
Total distributions | (0.76 | ) | (1.88 | ) | (1.57 | ) | (1.58 | ) | (1.56 | ) | (1.37 | ) | ||||||||||||||||
|
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| |||||||||||||||||
Net asset value, end of period | $ | 87.61 | $ | 91.33 | $ | 82.22 | $ | 72.15 | $ | 68.95 | $ | 73.36 | ||||||||||||||||
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|
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| |||||||||||||||||
Total Return | ||||||||||||||||||||||||||||
Based on net asset value | (3.16 | )%(c) | 13.46 | % | 16.29 | % | 7.05 | % | (3.97 | )% | 21.07 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.24 | %(d) | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 1.95 | %(d) | 2.09 | % | 2.25 | % | 2.34 | % | 2.25 | % | 2.57 | % | ||||||||||||||||
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| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 595,733 | $ | 566,243 | $ | 509,769 | $ | 288,603 | $ | 206,842 | $ | 168,728 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(e) | 3 | %(c) | 3 | % | 3 | % | 5 | % | 5 | % | 5 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
MSCI Frontier 100 | Diversified | |
MSCI World | Diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 29 |
Notes to Financial Statements (unaudited) (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
• | Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
iShares ETF and Counterparty | Market Value of Securities on Loan | Cash Collateral Received(a) | Non-Cash Collateral Received | Net Amount | ||||||||||||
MSCI Frontier 100 | ||||||||||||||||
Credit Suisse Securities (USA) LLC | $ | 523,382 | $ 523,382 | $ | — | $ | — | |||||||||
Goldman Sachs & Co. | 186,003 | 186,003 | — | — | ||||||||||||
Jefferies LLC | 19,775 | 19,775 | — | — | ||||||||||||
JPMorgan Securities LLC | 486,406 | 486,406 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 836,410 | 836,410 | — | — | ||||||||||||
National Financial Services LLC | 24,885 | 24,885 | — | — | ||||||||||||
SG Americas Securities LLC | 711 | 711 | — | — | ||||||||||||
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| |||||||||
$ | 2,077,572 | $ 2,077,572 | $ | — | $ | — | ||||||||||
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MSCI World | ||||||||||||||||
Barclays Bank PLC | $ | 384,203 | $ 384,203 | $ | — | $ | — | |||||||||
BNP Paribas Prime Brokerage International Ltd. | 412,450 | 412,450 | — | — | ||||||||||||
BNP Paribas Securities Corp. | 50,823 | 50,823 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 294,980 | 294,980 | — | — | ||||||||||||
Goldman Sachs & Co. | 440,330 | 440,330 | — | — | ||||||||||||
HSBC Bank PLC | 534,200 | 534,200 | — | — | ||||||||||||
Jefferies LLC | 42,422 | 42,422 | — | — | ||||||||||||
JPMorgan Securities LLC | 664,166 | 664,166 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 263,279 | 263,279 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 372,187 | 372,187 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 203,042 | 203,042 | — | — | ||||||||||||
State Street Bank & Trust Company | 381,642 | 381,642 | — | — | ||||||||||||
UBS AG | 7,863 | 7,863 | — | — | ||||||||||||
Wells Fargo Securities LLC | 94,920 | 94,920 | — | — | ||||||||||||
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$ | 4,146,507 | $ 4,146,507 | $ | — | $ | — | ||||||||||
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(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 31 |
Notes to Financial Statements (unaudited) (continued)
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
Forward Foreign Currency Exchange Contracts:A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency against another currency at an agreed upon price and quantity. The contracts are tradedover-the-counter (“OTC”) and not on an organized exchange.
The contract ismarked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed.Non-deliverable forward foreign currency exchange contracts (“NDFs”) are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the fund.
Master Netting Arrangements:In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
The collateral requirements under an ISDA Master Agreement are typically calculated by netting themark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty. Except for NDFs, the forward foreign currency exchange contracts held by the Funds generally do not require collateral. Cash collateral pledged to the counterparty, if any, is presented as cash pledged as collateral for OTC derivatives on the statement of assets and liabilities. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as affiliated investments at value and as a liability for cash received as collateral on OTC derivatives. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, each Fund bears the risk of loss from counterpartynon-performance. Each Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
MSCI Frontier 100 | 0.79 | % | ||
MSCI World | 0.24 |
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Frontier 100 | $ | 1,752 | ||
MSCI World | 5,570 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Frontier 100 | $ | 362,078 | $ | 383,624 | ||||
MSCI World | 2,180,098 | 970,883 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Frontier 100 | $ | 34,862,280 | $ | 54,511,457 | ||||
MSCI World | 25,222,559 | 17,322,465 |
For the six months ended February 28, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Frontier 100 | $ | 849,773 | $ | 4,966,789 | ||||
MSCI World | 263,070,901 | 230,263,168 |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 33 |
Notes to Financial Statements (unaudited) (continued)
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Frontier 100 | $ | 125,262,256 | ||
MSCI World | 2,981,594 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Frontier 100 | $ | 480,355,588 | $ | 99,541,702 | $ | (79,574,765 | ) | $ | 19,966,937 | |||||||
MSCI World | 577,374,402 | 60,035,459 | (39,513,933 | ) | 20,521,526 |
9. | LINE OF CREDIT |
The iShares MSCI Frontier 100 ETF, along with certain other iShares funds, is a party to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) theone-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’spro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.
For the six months ended ended February 28, 2019, the maximum amount borrowed, the average borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Average Interest Rates | |||||||||
MSCI Frontier 100 | $ | 13,500,000 | $ | 498,232 | 3.05 | % |
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Frontier 100 | ||||||||||||||||
Shares sold | 150,000 | $ | 4,414,270 | 3,100,000 | $ | 105,659,783 | ||||||||||
Shares redeemed | (1,000,000 | ) | (27,525,767 | ) | (5,100,000 | ) | (159,877,244 | ) | ||||||||
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| |||||||||
Net decrease | (850,000 | ) | $ | (23,111,497 | ) | (2,000,000 | ) | $ | (54,217,461 | ) | ||||||
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MSCI World | ||||||||||||||||
Shares sold | 3,400,000 | $ | 276,795,525 | 600,000 | $ | 53,126,579 | ||||||||||
Shares redeemed | (2,800,000 | ) | (238,833,780 | ) | (600,000 | ) | (53,279,107 | ) | ||||||||
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| |||||||||
Net increase (decrease) | 600,000 | $ | 37,961,745 | — | $ | (152,528 | ) | |||||||||
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The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
12. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the
N O T E S T O F I N A N C I A L S T A T E M E N T S | 35 |
Notes to Financial Statements (unaudited) (continued)
event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
13. | REGULATIONS-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532,Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
MSCI Frontier 100 | $ | 24,308,098 | ||
MSCI World | 11,541,113 |
Undistributed net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed net investment income | |||
MSCI Frontier 100 | $ | 1,425,283 | ||
MSCI World | 1,827,733 |
14. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions for the FiscalYear-to-Date | % Breakdown of the Total Cumulative Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Frontier 100(a) | $ | 0.309640 | $ | — | $ | 0.007558 | $ | 0.317198 | 98 | % | — | % | 2 | % | 100% | |||||||||||||||||
MSCI World(a) | 0.676605 | — | 0.084763 | 0.761368 | 89 | — | 11 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 37 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on FormN-Q. The iShares Funds’ FormsN-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVS | Non-Voting Shares | |
SDR | Swedish Depositary Receipt |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 39 |
For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-811-0219
![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca
▶ iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca
▶ iShares MSCI Global Gold Miners ETF | RING | NASDAQ
▶ iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX
▶ iShares MSCI Global Silver Miners ETF | SLVP | Cboe BZX
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service. |
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48 |
Fund Summary as of February 28, 2019 | iShares® MSCI Global Agriculture Producers ETF |
Investment Objective
TheiShares MSCI Global Agriculture Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (1.80 | )% | (2.08 | )% | 3.64 | % | 3.76 | % | (2.08 | )% | 19.56 | % | 29.82 | % | ||||||||||||||||||
Fund Market | (1.87 | ) | (2.85 | ) | 3.54 | 3.71 | (2.85 | ) | 18.98 | 29.42 | ||||||||||||||||||||||
Index | (1.76 | ) | (2.17 | ) | 3.58 | 3.80 | (2.17 | ) | 19.22 | 30.26 |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 982.00 | $ | 1.92 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Fertilizers & Agricultural Chemicals | 33.4 | % | ||
Agricultural & Farm Machinery | 27.7 | |||
Agricultural Products | 22.2 | |||
Packaged Foods & Meats | 16.7 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
United States | 45.4 | % | ||
Canada | 10.6 | |||
Norway | 8.1 | |||
Japan | 6.6 | |||
Italy | 3.4 | |||
Malaysia | 3.1 | |||
Hong Kong | 2.6 | |||
India | 2.5 | |||
Singapore | 2.2 | |||
Australia | 1.9 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® MSCI Global Energy Producers ETF |
Investment Objective
TheiShares MSCI Global Energy Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (7.73 | )% | 3.51 | % | (1.38 | )% | 0.20 | % | 3.51 | % | (6.70 | )% | 1.43 | % | ||||||||||||||||||
Fund Market | (7.98 | ) | 3.79 | (1.38 | ) | 0.20 | 3.79 | (6.73 | ) | 1.44 | ||||||||||||||||||||||
Index | (7.83 | ) | 3.20 | (1.60 | ) | 0.02 | 3.20 | (7.74 | ) | 0.12 |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 922.70 | $ | 1.86 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Integrated Oil & Gas | 62.9 | % | ||
Oil & Gas Exploration & Production | 25.6 | |||
Oil & Gas Refining & Marketing | 9.8 | |||
Coal & Consumable Fuels | 1.7 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
United States | 46.3 | % | ||
United Kingdom | 17.5 | |||
Canada | 6.8 | |||
France | 5.9 | |||
Russia | 3.8 | |||
India | 2.7 | |||
China | 2.5 | |||
Brazil | 2.2 | |||
Australia | 2.1 | |||
Italy | 1.9 |
6 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Global Gold Miners ETF |
Investment Objective
TheiShares MSCI Global Gold Miners ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | | Since Inception | | 1 Year | 5 Years | | Since Inception | | ||||||||||||||||||||
Fund NAV | 21.32 | % | 2.25 | % | (3.66 | )% | (13.00 | )% | 2.25 | % | (17.03 | )% | (62.68 | )% | ||||||||||||||||
Fund Market | 21.50 | 1.90 | (3.69 | ) | (13.01 | ) | 1.90 | (17.15 | ) | (62.71 | ) | |||||||||||||||||||
Index | 21.73 | 2.69 | (3.42 | ) | (12.81 | ) | 2.69 | (15.99 | ) | (62.14 | ) |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 1,213.20 | $ | 2.14 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY COUNTRY | ||
| ||
Country | Percent of Total Investments(a) | |
| ||
Canada | 54.3% | |
United States | 14.3 | |
Australia | 12.7 | |
South Africa | 11.6 | |
Peru | 3.0 | |
Russia | 1.7 | |
United Kingdom | 1.6 | |
Turkey | 0.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS | ||
| ||
Security | Percent of Total Investments(a) | |
| ||
Barrick Gold Corp. | 16.0% | |
Newmont Mining Corp. | 13.5 | |
Newcrest Mining Ltd. | 9.5 | |
Goldcorp Inc. | 6.2 | |
Kirkland Lake Gold Ltd. | 5.0 | |
AngloGold Ashanti Ltd. | 4.7 | |
Agnico Eagle Mines Ltd. | 4.5 | |
Kinross Gold Corp. | 3.7 | |
Gold Fields Ltd. | 3.4 | |
Cia. de Minas Buenaventura SAA | 3.0 |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares® MSCI Global Metals & Mining Producers ETF |
Investment Objective
TheiShares MSCI Global Metals & Mining Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | | Since Inception | | 1 Year | 5 Years | | Since Inception | | ||||||||||||||||||||
Fund NAV | 2.09 | % | (9.66 | )% | (0.36 | )% | (2.97 | )% | (9.66 | )% | (1.81 | )% | (19.24 | )% | ||||||||||||||||
Fund Market | 2.22 | (9.29 | ) | (0.59 | ) | (3.02 | ) | (9.29 | ) | (2.92 | ) | (19.50 | ) | |||||||||||||||||
Index | 2.28 | (9.19 | ) | (0.13 | ) | (2.84 | ) | (9.19 | ) | (0.67 | ) | (18.45 | ) |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 1,020.90 | $ | 1.95 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR | ||
| ||
Sector | Percent of Total Investments(a) | |
| ||
Diversified Metals & Mining | 53.1% | |
Steel | 34.3 | |
Copper | 6.8 | |
Aluminum | 4.1 | |
Precious Metals & Minerals | 1.7 |
(a) | Excludes money market funds. |
TEN LARGEST COUNTRIES | ||
| ||
Country | Percent of Total Investments(a) | |
| ||
Australia | 26.4% | |
United Kingdom | 20.1 | |
United States | 11.1 | |
Japan | 7.0 | |
Brazil | 6.6 | |
Canada | 4.2 | |
South Korea | 3.6 | |
Russia | 3.4 | |
Netherlands | 2.3 | |
Taiwan | 2.0 |
8 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2019 | iShares® MSCI Global Silver Miners ETF |
Investment Objective
TheiShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | | Since Inception | | 1 Year | 5 Years | | Since Inception | | ||||||||||||||||||||
Fund NAV | 9.52 | % | (5.24 | )% | (5.58 | )% | (11.83 | )% | (5.24 | )% | (24.94 | )% | (58.99 | )% | ||||||||||||||||
Fund Market | 10.14 | (5.51 | ) | (5.62 | ) | (11.79 | ) | (5.51 | ) | (25.11 | ) | (58.87 | ) | |||||||||||||||||
Index | 9.60 | (5.29 | ) | (5.58 | ) | (11.81 | ) | (5.29 | ) | (24.96 | ) | (58.94 | ) |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) |
| | Ending Account Value (02/28/19) |
| | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 1,095.20 | $ | 2.03 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY COUNTRY | ||
| ||
Country | Percent of Total Investments(a) | |
| ||
Canada | 61.1% | |
United States | 10.8 | |
United Kingdom | 10.6 | |
Peru | 9.1 | |
Mexico | 5.6 | |
Japan | 2.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS | ||
| ||
Security | Percent of Total Investments(a) | |
| ||
Wheaton Precious Metals Corp. | 23.2% | |
Cia. de Minas Buenaventura SAA | 9.1 | |
Fresnillo PLC | 7.8 | |
Industrias Penoles SAB de CV | 5.6 | |
SSR Mining Inc. | 4.6 | |
Pan American Silver Corp. | 4.5 | |
First Majestic Silver Corp. | 4.4 | |
Hecla Mining Co. | 3.9 | |
Coeur Mining Inc. | 3.3 | |
MAG Silver Corp. | 3.0 |
F U N D S U M M A R Y | 9 |
About Fund Performance |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recentmonth-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2 0 1 9 I S��H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 1.9% | ||||||||
Australian Agricultural Co. Ltd.(a) | 32,613 | $ | 22,622 | |||||
Costa Group Holdings Ltd. | 26,082 | 99,089 | ||||||
Elders Ltd. | 10,185 | 44,926 | ||||||
GrainCorp Ltd., Class A | 20,916 | 145,087 | ||||||
Inghams Group Ltd. | 22,638 | 65,068 | ||||||
Nufarm Ltd./Australia | 24,150 | 90,031 | ||||||
Select Harvests Ltd. | 8,841 | 37,362 | ||||||
Tassal Group Ltd. | 16,128 | 56,339 | ||||||
|
| |||||||
560,524 | ||||||||
Brazil — 0.4% | ||||||||
Sao Martinho SA | 14,700 | 73,613 | ||||||
SLC Agricola SA | 4,200 | 45,939 | ||||||
|
| |||||||
119,552 | ||||||||
Canada — 10.6% | ||||||||
Ag Growth International Inc. | 1,680 | 74,497 | ||||||
Nutrien Ltd. | 55,818 | 3,035,872 | ||||||
Rogers Sugar Inc. | 8,694 | 39,542 | ||||||
|
| |||||||
3,149,911 | ||||||||
China — 1.0% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 6,900 | 4,050 | ||||||
China Agri-Industries Holdings Ltd. | 189,200 | 67,246 | ||||||
China BlueChemical Ltd., Class H | 168,000 | 53,076 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(b) | 295,050 | 752 | ||||||
China Modern Dairy Holdings Ltd.(a) | 168,000 | 24,184 | ||||||
COFCO Meat Holdings Ltd.(a) | 63,000 | 17,175 | ||||||
First Tractor Co. Ltd., Class H(a) | 42,000 | 11,396 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 4,200 | 15,150 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 8,400 | 33,925 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 2,100 | 14,049 | ||||||
New Hope Liuhe Co. Ltd., Class A | 4,200 | 6,650 | ||||||
Sinofert Holdings Ltd.(a)(c) | 210,000 | 27,287 | ||||||
Tongwei Co. Ltd., Class A | 4,200 | 7,465 | ||||||
|
| |||||||
282,405 | ||||||||
Finland — 0.1% | ||||||||
Ponsse OYJ | 1,029 | 32,574 | ||||||
|
| |||||||
France — 0.1% | ||||||||
Vilmorin & Cie SA | 617 | 39,625 | ||||||
|
| |||||||
Germany — 1.7% | ||||||||
K+S AG, Registered | 17,241 | 328,940 | ||||||
KWS Saat SE | 210 | 66,358 | ||||||
Suedzucker AG(c) | 6,552 | 95,908 | ||||||
|
| |||||||
491,206 | ||||||||
Hong Kong — 2.6% | ||||||||
Ausnutria Dairy Corp. Ltd. | 42,000 | 52,862 | ||||||
WH Group Ltd.(d) | 798,000 | 708,561 | ||||||
|
| |||||||
761,423 | ||||||||
India — 2.5% | ||||||||
Bayer CropScience Ltd./India | 756 | 46,192 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 9,219 | 20,499 | ||||||
Coromandel International Ltd. | 6,447 | 40,050 | ||||||
EID Parry India Ltd. | 4,914 | 12,792 | ||||||
Escorts Ltd. | 5,523 | 51,063 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 3,465 | 12,654 | ||||||
Jain Irrigation Systems Ltd. | 25,872 | 20,679 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Kaveri Seed Co. Ltd. | 2,121 | $ | 12,150 | |||||
KRBL Ltd. | 4,410 | 21,825 | ||||||
Monsanto India Ltd. | 168 | 6,014 | ||||||
Rallis India Ltd. | 4,431 | 9,388 | ||||||
Sharda Cropchem Ltd. | 1,827 | 9,250 | ||||||
Tata Global Beverages Ltd. | 27,510 | 74,919 | ||||||
UPL Ltd. | 32,466 | 400,586 | ||||||
Venky’s India Ltd. | 336 | 9,729 | ||||||
|
| |||||||
747,790 | ||||||||
Indonesia — 1.8% | ||||||||
Charoen Pokphand Indonesia Tbk PT | 669,900 | 347,629 | ||||||
Eagle High Plantations Tbk PT(a) | 896,700 | 10,581 | ||||||
Inti Agri Resources Tbk PT(a) | 2,977,800 | 42,336 | ||||||
Japfa Comfeed Indonesia Tbk PT | 426,300 | 67,881 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 277,200 | 24,040 | ||||||
Salim Ivomas Pratama Tbk PT | 249,900 | 8,456 | ||||||
Sawit Sumbermas Sarana Tbk PT | 321,300 | 24,895 | ||||||
Tunas Baru Lampung Tbk PT | 233,100 | 13,753 | ||||||
|
| |||||||
539,571 | ||||||||
Ireland — 0.2% | ||||||||
Origin Enterprises PLC | 11,382 | 70,247 | ||||||
|
| |||||||
Israel — 1.6% | ||||||||
Israel Chemicals Ltd. | 64,113 | 359,216 | ||||||
Israel Corp. Ltd. (The) | 357 | 100,405 | ||||||
|
| |||||||
459,621 | ||||||||
Italy — 3.4% | ||||||||
CNH Industrial NV | 92,358 | 1,001,621 | ||||||
|
| |||||||
Japan — 6.6% | ||||||||
Chubu Shiryo Co. Ltd. | 2,100 | 21,034 | ||||||
Hokuto Corp. | 2,100 | 37,408 | ||||||
Iseki & Co. Ltd. | 2,100 | 30,825 | ||||||
Kubota Corp. | 90,300 | 1,218,790 | ||||||
Kumiai Chemical Industry Co. Ltd. | 8,400 | 54,028 | ||||||
Maruha Nichiro Corp. | 4,200 | 140,164 | ||||||
Mitsui Sugar Co. Ltd. | 2,100 | 54,179 | ||||||
NH Foods Ltd. | 8,400 | 306,737 | ||||||
Sakata Seed Corp. | 2,400 | 81,387 | ||||||
YAMABIKO Corp. | 2,100 | 20,374 | ||||||
|
| |||||||
1,964,926 | ||||||||
Malaysia — 3.0% | ||||||||
Boustead Plantations Bhd | 54,600 | 10,540 | ||||||
FGV Holdings Bhd(a) | 153,300 | 42,222 | ||||||
Genting Plantations Bhd | 23,100 | 59,646 | ||||||
IOI Corp. Bhd | 170,100 | 187,815 | ||||||
Kuala Lumpur Kepong Bhd | 37,800 | 229,970 | ||||||
QL Resources Bhd | 58,805 | 99,780 | ||||||
Sime Darby Plantation Bhd | 218,400 | 273,906 | ||||||
|
| |||||||
903,879 | ||||||||
Mexico — 0.2% | ||||||||
Industrias Bachoco SAB de CV, Series B | 16,800 | 65,249 | ||||||
|
| |||||||
Netherlands — 0.6% | ||||||||
ForFarmers NV | 3,276 | 30,701 | ||||||
OCINV(a) | 6,762 | 160,697 | ||||||
|
| |||||||
191,398 | ||||||||
Norway — 8.1% | ||||||||
Austevoll Seafood ASA | 8,211 | 99,534 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Norway (continued) | ||||||||
Bakkafrost P/F | 3,738 | $ | 191,746 | |||||
Grieg Seafood ASA | 4,683 | 61,206 | ||||||
Leroy Seafood Group ASA | 27,027 | 203,974 | ||||||
Mowi ASA(a) | 39,627 | 915,282 | ||||||
Norway Royal Salmon ASA | 1,219 | 28,741 | ||||||
Salmar ASA | 4,620 | 221,745 | ||||||
Yara International ASA | 16,128 | 679,549 | ||||||
|
| |||||||
2,401,777 | ||||||||
Pakistan — 0.5% | ||||||||
Engro Corp. Ltd./Pakistan | 25,200 | 59,332 | ||||||
Engro Fertilizers Ltd. | 52,967 | 28,105 | ||||||
Fauji Fertilizer Bin Qasim Ltd. | 31,500 | 8,850 | ||||||
Fauji Fertilizer Co. Ltd. | 44,100 | 34,115 | ||||||
Millat Tractors Ltd. | 2,520 | 15,043 | ||||||
|
| |||||||
145,445 | ||||||||
Poland — 0.2% | ||||||||
Grupa Azoty SA | 4,116 | 48,475 | ||||||
|
| |||||||
Russia — 0.6% | ||||||||
PhosAgro PJSC, GDR(e) | 10,437 | 142,569 | ||||||
Ros Agro PLC, GDR(e) | 3,087 | 38,836 | ||||||
|
| |||||||
181,405 | ||||||||
Singapore — 2.2% | ||||||||
Bumitama Agri Ltd. | 29,400 | 14,578 | ||||||
China XLX Fertiliser Ltd. | 42,000 | 15,195 | ||||||
First Resources Ltd.(c) | 50,400 | 63,783 | ||||||
Golden Agri-Resources Ltd. | 585,900 | 119,244 | ||||||
Japfa Ltd. | 33,600 | 19,023 | ||||||
Wilmar International Ltd. | 174,300 | 412,789 | ||||||
|
| |||||||
644,612 | ||||||||
South Africa — 0.3% | ||||||||
Astral Foods Ltd. | 3,738 | 43,335 | ||||||
Oceana Group Ltd. | 3,759 | 19,517 | ||||||
Tongaat Hulett Ltd. | 10,038 | 20,040 | ||||||
|
| |||||||
82,892 | ||||||||
South Korea — 0.4% | ||||||||
Dongwon Industries Co. Ltd. | 126 | 25,207 | ||||||
Easy Bio Inc.(a) | 3,696 | 20,144 | ||||||
Farmsco | 1,512 | 11,239 | ||||||
Harim Holdings Co. Ltd. | 2,982 | 32,745 | ||||||
Namhae Chemical Corp.(a) | 2,058 | 22,232 | ||||||
|
| |||||||
111,567 | ||||||||
Sweden — 0.1% | ||||||||
Scandi Standard AB | 5,061 | 35,857 | ||||||
|
| |||||||
Taiwan — 0.4% | ||||||||
Charoen Pokphand Enterprise | 21,000 | 36,505 | ||||||
Taiwan Fertilizer Co. Ltd. | 63,000 | 92,116 | ||||||
|
| |||||||
128,621 | ||||||||
Thailand — 1.0% | ||||||||
Charoen Pokphand Foods PCL, NVDR | 310,800 | 258,898 | ||||||
GFPT PCL, NVDR | 46,200 | 21,258 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 153,354 | 15,378 | ||||||
Thaifoods Group PCL, NVDR | 123,900 | 12,031 | ||||||
|
| |||||||
307,565 | ||||||||
Turkey — 0.0% | ||||||||
Turk Traktor ve Ziraat Makineleri AS | 997 | 6,508 | ||||||
|
|
Security | Shares | Value | ||||||
United Kingdom — 0.9% | ||||||||
Cranswick PLC | 4,620 | $ | 151,906 | |||||
Sirius Minerals PLC(a)(c) | 390,747 | 103,843 | ||||||
|
| |||||||
255,749 | ||||||||
United States — 45.2% | ||||||||
AGCO Corp. | 5,985 | 404,466 | ||||||
AgroFresh Solutions Inc.(a)(c) | 2,541 | 10,952 | ||||||
American Vanguard Corp. | 2,457 | 46,142 | ||||||
Archer-Daniels-Midland Co. | 50,841 | 2,160,742 | ||||||
Bunge Ltd. | 12,810 | 679,955 | ||||||
Cal-Maine Foods Inc. | 2,793 | 123,171 | ||||||
CF Industries Holdings Inc. | 21,000 | 886,200 | ||||||
Darling Ingredients Inc.(a) | 14,994 | 329,568 | ||||||
Deere & Co. | 27,762 | 4,554,078 | ||||||
FMC Corp. | 12,243 | 1,095,749 | ||||||
Fresh Del Monte Produce Inc. | 2,835 | 78,473 | ||||||
Ingredion Inc. | 6,363 | 588,259 | ||||||
Intrepid Potash Inc.(a) | 8,967 | 34,075 | ||||||
Lindsay Corp. | 987 | 91,268 | ||||||
Mosaic Co. (The) | 33,285 | 1,040,822 | ||||||
Pilgrim’s Pride Corp.(a) | 5,649 | 111,116 | ||||||
Sanderson Farms Inc. | 1,869 | 215,309 | ||||||
ScottsMiracle-Gro Co. (The) | 3,780 | 309,582 | ||||||
Titan International Inc. | 4,599 | 28,790 | ||||||
Toro Co. (The) | 9,576 | 656,722 | ||||||
|
| |||||||
13,445,439 | ||||||||
|
| |||||||
Total Common Stocks — 98.2% | 29,177,434 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Chile — 1.5% | ||||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 10,941 | 455,301 | ||||||
|
| |||||||
Total Preferred Stocks — 1.5% | 455,301 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(f)(g)(h) | 268,324 | 268,431 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(f)(g) | 13,461 | 13,461 | ||||||
|
| |||||||
281,892 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.9% |
| 281,892 | ||||||
|
| |||||||
Total Investments in Securities — 100.6% |
| 29,914,627 | ||||||
Other Assets, Less Liabilities — (0.6)% |
| (182,632 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 29,731,995 | |||||
|
|
(a) | Non-income producing security. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | All or a portion of this security is on loan. |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Agriculture Producers ETF |
(d) | 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. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized7-day yield as ofperiod-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 311,298 | (42,974 | ) | 268,324 | $ | 268,431 | $ | 7,339 | (b) | $ | 46 | $ | 13 | |||||||||||||||
BlackRock Cash Funds: Treasury, | 31,148 | (17,687 | ) | 13,461 | 13,461 | 326 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 281,892 | $ | 7,665 | $ | 46 | $ | 13 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 29,176,682 | $ | — | $ | 752 | $ | 29,177,434 | ||||||||
Preferred Stocks | 455,301 | — | — | 455,301 | ||||||||||||
Money Market Funds | 281,892 | — | — | 281,892 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 29,913,875 | $ | — | $ | 752 | $ | 29,914,627 | |||||||||
|
|
|
|
|
|
|
|
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 | 13 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 2.1% | ||||||||
Beach Energy Ltd. | 37,128 | $ | 54,943 | |||||
Cooper Energy Ltd.(a) | 35,568 | 13,158 | ||||||
New Hope Corp. Ltd. | 6,504 | 19,434 | ||||||
Oil Search Ltd. | 28,680 | 170,785 | ||||||
Santos Ltd. | 37,704 | 185,626 | ||||||
Senex Energy Ltd.(a) | 28,872 | 8,011 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 2,352 | 49,246 | ||||||
Whitehaven Coal Ltd. | 14,400 | 45,077 | ||||||
Woodside Petroleum Ltd. | 19,512 | 503,216 | ||||||
|
| |||||||
1,049,496 | ||||||||
Austria — 0.3% | ||||||||
OMV AG | 3,072 | 161,857 | ||||||
|
| |||||||
Brazil — 1.0% | ||||||||
Dommo Energia SA(a) | 21,600 | 5,126 | ||||||
Petroleo Brasileiro SA | 62,400 | 496,838 | ||||||
QGEP Participacoes SA | 2,400 | 8,460 | ||||||
|
| |||||||
510,424 | ||||||||
Canada — 6.8% | ||||||||
Advantage Oil & Gas Ltd.(a)(b) | 3,912 | 6,654 | ||||||
ARC Resources Ltd. | 7,296 | 55,066 | ||||||
Athabasca Oil Corp.(a) | 9,312 | 6,717 | ||||||
Baytex Energy Corp.(a) | 11,961 | 21,434 | ||||||
Birchcliff Energy Ltd. | 5,424 | 14,868 | ||||||
Bonterra Energy Corp. | 648 | 3,090 | ||||||
Cameco Corp. | 8,328 | 96,559 | ||||||
Canacol Energy Ltd.(a) | 2,568 | 8,696 | ||||||
Canadian Natural Resources Ltd. | 25,536 | 724,780 | ||||||
Cardinal Energy Ltd. | 3,840 | 6,969 | ||||||
Cenovus Energy Inc. | 21,744 | 199,114 | ||||||
Crescent Point Energy Corp. | 11,304 | 36,478 | ||||||
Encana Corp. | 20,088 | 147,342 | ||||||
Encana Corp. | 10,901 | 79,032 | ||||||
Enerplus Corp. | 5,040 | 44,392 | ||||||
Freehold Royalties Ltd. | 2,064 | 13,995 | ||||||
Husky Energy Inc. | 7,512 | 83,448 | ||||||
Imperial Oil Ltd. | 5,904 | 159,726 | ||||||
Kelt Exploration Ltd.(a) | 3,031 | 12,083 | ||||||
MEG Energy Corp.(a)(b) | 5,064 | 20,764 | ||||||
NexGen Energy Ltd.(a) | 7,105 | 11,653 | ||||||
NuVista Energy Ltd.(a) | 4,080 | 12,980 | ||||||
Obsidian Energy Ltd.(a) | 9,120 | 3,151 | ||||||
Paramount Resources Ltd., Class A(a)(b) | 1,200 | 8,182 | ||||||
Parex Resources Inc.(a) | 3,264 | 50,484 | ||||||
Pengrowth Energy Corp.(a) | 9,120 | 5,401 | ||||||
Peyto Exploration & Development Corp. | 3,432 | 19,779 | ||||||
PrairieSky Royalty Ltd. | 4,584 | 66,724 | ||||||
Seven Generations Energy Ltd., Class A(a) | 5,856 | 42,775 | ||||||
Suncor Energy Inc. | 34,008 | 1,171,301 | ||||||
Surge Energy Inc. | 6,528 | 7,138 | ||||||
Tamarack Valley Energy Ltd.(a) | 3,960 | 8,329 | ||||||
TORC Oil & Gas Ltd. | 3,432 | 12,065 | ||||||
Tourmaline Oil Corp. | 5,448 | 82,609 | ||||||
Ultra Petroleum Corp.(a)(b) | 4,368 | 2,938 | ||||||
Vermilion Energy Inc. | 2,966 | 75,805 | ||||||
Whitecap Resources Inc. | 9,192 | 33,641 | ||||||
|
| |||||||
3,356,162 |
Security | Shares | Value | ||||||
China — 2.5% | ||||||||
China Coal Energy Co. Ltd., Class H | 24,000 | $ | 10,426 | |||||
China Shenhua Energy Co. Ltd., Class H | 72,000 | 177,574 | ||||||
CNOOC Ltd. | 384,000 | 662,356 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 19,200 | 23,712 | ||||||
PetroChina Co. Ltd., Class H | 452,000 | 298,846 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 48,000 | 47,634 | ||||||
|
| |||||||
1,220,548 | ||||||||
Colombia — 0.2% | ||||||||
Ecopetrol SA | 104,904 | 106,294 | ||||||
|
| |||||||
Finland — 0.5% | ||||||||
Neste OYJ | 2,712 | 260,949 | ||||||
|
| |||||||
France — 5.9% | ||||||||
Esso SA Francaise | 72 | 2,775 | ||||||
Etablissements Maurel et Prom(a) | 936 | 3,784 | ||||||
TOTAL SA | 50,880 | 2,896,275 | ||||||
|
| |||||||
2,902,834 | ||||||||
Greece — 0.1% | ||||||||
Motor Oil Hellas Corinth Refineries SA | 1,272 | 30,996 | ||||||
|
| |||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas PLC | 8,160 | 95,310 | ||||||
|
| |||||||
India — 2.7% | ||||||||
Bharat Petroleum Corp. Ltd. | 15,864 | 75,287 | ||||||
Coal India Ltd. | 16,512 | 53,000 | ||||||
Gujarat Mineral Development Corp. Ltd. | 1,968 | 2,129 | ||||||
Hindustan Petroleum Corp. Ltd. | 12,984 | 40,772 | ||||||
Indian Oil Corp. Ltd. | 38,736 | 78,751 | ||||||
Oil & Natural Gas Corp. Ltd. | 27,672 | 57,833 | ||||||
Reliance Industries Ltd. | 2,328 | 40,293 | ||||||
Reliance Industries Ltd., GDR(c) | 28,680 | 995,196 | ||||||
|
| |||||||
1,343,261 | ||||||||
Indonesia — 0.3% | ||||||||
Adaro Energy Tbk PT | 297,600 | 27,713 | ||||||
Bukit Asam Tbk PT | 60,000 | 16,975 | ||||||
Bumi Resources Tbk PT(a) | 1,161,600 | 12,386 | ||||||
Delta Dunia Makmur Tbk PT(a) | 108,000 | 4,376 | ||||||
Indika Energy Tbk PT | 33,600 | 4,670 | ||||||
Medco Energi Internasional Tbk PT(a) | 178,666 | 11,748 | ||||||
Sugih Energy Tbk PT(a)(d) | 618,000 | 2,197 | ||||||
United Tractors Tbk PT | 33,600 | 63,295 | ||||||
|
| |||||||
143,360 | ||||||||
Israel — 0.1% | ||||||||
Equital Ltd.(a) | 353 | 10,196 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 553 | 3,660 | ||||||
Oil Refineries Ltd. | 44,136 | 23,437 | ||||||
Paz Oil Co. Ltd. | 216 | 33,028 | ||||||
|
| |||||||
70,321 | ||||||||
Italy — 1.9% | ||||||||
Eni SpA | 53,400 | 922,193 | ||||||
Saras SpA | 12,096 | 23,966 | ||||||
|
| |||||||
946,159 | ||||||||
Japan — 1.4% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 836 | 17,603 | ||||||
Idemitsu Kosan Co. Ltd. | 2,400 | 85,160 | ||||||
Inpex Corp. | 21,600 | 210,140 | ||||||
Japan Petroleum Exploration Co. Ltd. | 100 | 2,083 | ||||||
JXTG Holdings Inc. | 69,600 | 325,554 |
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Showa Shell Sekiyu KK | 4,800 | $ | 72,009 | |||||
|
| |||||||
712,549 | ||||||||
Malaysia — 0.0% | ||||||||
Hengyuan Refining Co. Bhd | 2,400 | 3,529 | ||||||
Hibiscus Petroleum Bhd(a) | 21,600 | 5,418 | ||||||
Petron Malaysia Refining & Marketing Bhd | 2,400 | 3,907 | ||||||
|
| |||||||
12,854 | ||||||||
New Zealand — 0.0% | ||||||||
New Zealand Refining Co. Ltd. (The) | 3,960 | 5,667 | ||||||
|
| |||||||
Norway — 1.3% | ||||||||
Aker BP ASA | 2,304 | 78,180 | ||||||
DNO ASA | 13,488 | 28,731 | ||||||
Equinor ASA | 24,792 | 557,983 | ||||||
|
| |||||||
664,894 | ||||||||
Pakistan — 0.1% | ||||||||
Oil & Gas Development Co. Ltd. | 16,800 | 18,093 | ||||||
Pakistan Oilfields Ltd. | 2,911 | 9,893 | ||||||
|
| |||||||
27,986 | ||||||||
Philippines — 0.0% | ||||||||
Petron Corp. | 91,200 | 11,762 | ||||||
|
| |||||||
Poland — 0.4% | ||||||||
Grupa Lotos SA | 1,896 | 47,760 | ||||||
Lubelski Wegiel Bogdanka SA(a) | 176 | 2,399 | ||||||
Polski Koncern Naftowy ORLEN SA | 6,288 | 169,577 | ||||||
|
| |||||||
219,736 | ||||||||
Portugal — 0.4% | ||||||||
Galp Energia SGPS SA | 10,488 | 172,333 | ||||||
|
| |||||||
Russia — 3.6% | ||||||||
LUKOIL PJSC | 9,000 | 751,317 | ||||||
LUKOIL PJSC, ADR | 1,368 | 113,818 | ||||||
Novatek PJSC, GDR(e) | 1,920 | 332,736 | ||||||
Rosneft Oil Co. PJSC | 8,820 | 53,378 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 14,688 | 87,981 | ||||||
Surgutneftegas PJSC | 81,600 | 31,812 | ||||||
Surgutneftegas PJSC, ADR | 6,344 | 24,450 | ||||||
Tatneft PJSC | 31,680 | 373,115 | ||||||
|
| |||||||
1,768,607 | ||||||||
South Africa — 0.1% | ||||||||
Exxaro Resources Ltd. | 5,256 | 56,713 | ||||||
|
| |||||||
South Korea — 0.6% | ||||||||
SK Innovation Co. Ltd. | 1,368 | 228,669 | ||||||
S-Oil Corp. | 960 | 85,356 | ||||||
|
| |||||||
314,025 | ||||||||
Spain — 1.0% | ||||||||
Repsol SA | 29,928 | 515,445 | ||||||
|
| |||||||
Sweden — 0.3% | ||||||||
Lundin Petroleum AB | 3,912 | 127,989 | ||||||
|
| |||||||
Thailand — 0.5% | ||||||||
Bangchak Corp. PCL, NVDR | 7,200 | 7,540 | ||||||
Banpu PCL, NVDR | 43,200 | 22,345 | ||||||
Esso Thailand PCL, NVDR | 19,200 | 6,641 | ||||||
IRPC PCL, NVDR | 218,400 | 40,891 | ||||||
PTT Exploration & Production PCL, NVDR | 28,831 | 113,906 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Thai Oil PCL, NVDR | 24,000 | $ | 55,026 | |||||
|
| |||||||
246,349 | ||||||||
Turkey — 0.1% | ||||||||
Tupras Turkiye Petrol Rafinerileri AS | 2,592 | 69,732 | ||||||
|
| |||||||
United Kingdom — 17.4% | ||||||||
BP PLC | 422,664 | 3,004,319 | ||||||
Cairn Energy PLC(a) | 12,216 | 32,984 | ||||||
EnQuest PLC(a) | 43,008 | 11,121 | ||||||
Gulf Keystone Petroleum Ltd.(a) | 4,824 | 14,662 | ||||||
Hurricane Energy PLC(a) | 28,488 | 16,324 | ||||||
Nostrum Oil & Gas PLC(a) | 1,992 | 2,644 | ||||||
Ophir Energy PLC(a) | 16,608 | 12,216 | ||||||
Premier Oil PLC(a) | 15,312 | 15,112 | ||||||
Royal Dutch Shell PLC, Class A | 95,016 | 2,969,317 | ||||||
Royal Dutch Shell PLC, Class B | 78,528 | 2,469,723 | ||||||
Soco International PLC | 5,232 | 4,565 | ||||||
Sound Energy PLC(a) | 12,384 | 3,871 | ||||||
Tullow Oil PLC(a) | 29,064 | 85,241 | ||||||
|
| |||||||
8,642,099 | ||||||||
United States — 46.0% | ||||||||
Anadarko Petroleum Corp. | 10,728 | 466,668 | ||||||
Antero Resources Corp.(a) | 4,368 | 37,827 | ||||||
Apache Corp. | 8,016 | 265,971 | ||||||
Arch Coal Inc., Class A | 408 | 38,009 | ||||||
Berry Petroleum Corp. | 456 | 5,805 | ||||||
Bonanza Creek Energy Inc.(a) | 336 | 7,718 | ||||||
Cabot Oil & Gas Corp. | 9,240 | 227,489 | ||||||
California Resources Corp.(a)(b) | 936 | 22,136 | ||||||
Callon Petroleum Co.(a) | 4,728 | 36,169 | ||||||
Carrizo Oil & Gas Inc.(a) | 2,016 | 22,136 | ||||||
Centennial Resource Development Inc./DE, Class A(a)(b) | 3,456 | 31,346 | ||||||
Chaparral Energy Inc., Class A(a)(b) | 1,080 | 5,832 | ||||||
Chesapeake Energy Corp.(a) | 25,800 | 76,368 | ||||||
Chevron Corp. | 40,248 | 4,812,856 | ||||||
Cimarex Energy Co. | 1,992 | 143,245 | ||||||
CNX Resources Corp.(a) | 3,648 | 38,669 | ||||||
Concho Resources Inc. | 4,200 | 462,000 | ||||||
ConocoPhillips | 24,384 | 1,654,454 | ||||||
CONSOL Energy Inc.(a) | 528 | 20,038 | ||||||
Continental Resources Inc./OK(a)(b) | 1,968 | 87,793 | ||||||
CVR Energy Inc. | 672 | 27,243 | ||||||
Delek U.S. Holdings Inc. | 1,632 | 57,740 | ||||||
Denbury Resources Inc.(a) | 9,288 | 17,833 | ||||||
Devon Energy Corp. | 10,344 | 305,251 | ||||||
Diamondback Energy Inc. | 3,293 | 338,949 | ||||||
Eclipse Resources Corp.(a)(b) | 2,904 | 3,398 | ||||||
EOG Resources Inc. | 12,168 | 1,143,792 | ||||||
EQT Corp. | 5,520 | 100,022 | ||||||
Extraction Oil & Gas Inc.(a) | 1,848 | 7,762 | ||||||
Exxon Mobil Corp. | 88,992 | 7,033,038 | ||||||
Gran Tierra Energy Inc.(a)(b) | 7,752 | 17,520 | ||||||
Gulfport Energy Corp.(a) | 3,288 | 25,186 | ||||||
Halcon Resources Corp.(a)(b) | 2,472 | 3,708 | ||||||
Hess Corp. | 5,688 | 329,051 | ||||||
HighPoint Resources Corp.(a)(b) | 2,568 | 6,651 | ||||||
HollyFrontier Corp. | 3,528 | 180,634 | ||||||
Jagged Peak Energy Inc.(a) | 1,152 | 10,909 | ||||||
Kosmos Energy Ltd.(a) | 5,448 | 34,867 | ||||||
Laredo Petroleum Inc.(a) | 3,312 | 11,360 |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Marathon Oil Corp. | 17,880 | $ | 296,808 | |||||
Marathon Petroleum Corp. | 14,472 | 897,409 | ||||||
Matador Resources Co.(a) | 2,184 | 40,622 | ||||||
Murphy Oil Corp. | 3,432 | 99,185 | ||||||
Noble Energy Inc. | 10,152 | 224,867 | ||||||
Northern Oil and Gas Inc.(a) | 2,208 | 5,233 | ||||||
Oasis Petroleum Inc.(a) | 5,856 | 32,735 | ||||||
Occidental Petroleum Corp. | 16,056 | 1,062,104 | ||||||
Par Pacific Holdings Inc.(a) | 408 | 6,895 | ||||||
Parsley Energy Inc., Class A(a) | 5,376 | 97,521 | ||||||
PBF Energy Inc., Class A | 2,448 | 76,059 | ||||||
PDC Energy Inc.(a) | 1,392 | 51,601 | ||||||
Peabody Energy Corp. | 1,704 | 52,568 | ||||||
Penn Virginia Corp.(a)(b) | 240 | 12,878 | ||||||
Pioneer Natural Resources Co. | 3,576 | 504,037 | ||||||
QEP Resources Inc.(a) | 4,896 | 37,993 | ||||||
Range Resources Corp.(b) | 4,968 | 53,158 | ||||||
Resolute Energy Corp.(a) | 480 | 14,837 | ||||||
Ring Energy Inc.(a) | 1,152 | 7,108 | ||||||
SandRidge Energy Inc.(a) | 336 | 2,611 | ||||||
SM Energy Co. | 2,232 | 36,471 | ||||||
Southwestern Energy Co.(a)(b) | 12,576 | 53,196 | ||||||
SRC Energy Inc.(a) | 5,280 | 24,288 | ||||||
Talos Energy Inc.(a)(b) | 504 | 11,315 | ||||||
Tellurian Inc.(a)(b) | 1,632 | 16,744 | ||||||
Texas Pacific Land Trust | 144 | 107,081 | ||||||
Valero Energy Corp. | 8,952 | 730,125 | ||||||
W&T Offshore Inc.(a) | 1,944 | 10,128 | ||||||
Whiting Petroleum Corp.(a) | 1,884 | 45,913 | ||||||
WPX Energy Inc.(a) | 8,712 | 107,506 | ||||||
|
| |||||||
22,836,439 | ||||||||
|
| |||||||
Total Common Stocks — 97.8% |
| 48,603,150 | ||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.2% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 81,600 | 588,786 | ||||||
|
|
Security | Shares | Value | ||||||
Russia — 0.2% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 153,600 | $ | 93,646 | |||||
|
| |||||||
Total Preferred Stocks — 1.4% |
| 682,432 | ||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, | 264,542 | 264,648 | ||||||
BlackRock Cash Funds: Treasury, | 28,672 | 28,672 | ||||||
|
| |||||||
293,320 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.6% |
| 293,320 | ||||||
|
| |||||||
Total Investments in Securities — 99.8% |
| 49,578,902 | ||||||
Other Assets, Less Liabilities — 0.2% | 84,982 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 49,663,884 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized7-day yield as ofperiod-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
| ||||||||||||||||||||||||||||
Change in | ||||||||||||||||||||||||||||
Shares | Shares | Unrealized | ||||||||||||||||||||||||||
Held at | Held at | Value at | Net Realized | Appreciation | ||||||||||||||||||||||||
Affiliated Issuer | 08/31/18 | Net Activity | 02/28/19 | 02/28/19 | Income | Gain (Loss) | (a) | (Depreciation | ) | |||||||||||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 554,418 | (289,876 | ) | 264,542 | $ | 264,648 | $ | 3,344 | (b) | $ | 262 | $ | (59 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, | 70,523 | (41,851 | ) | 28,672 | 28,672 | 651 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 293,320 | $ | 3,995 | $ | 262 | $ | (59 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Energy Producers ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 48,600,953 | $ | — | $ | 2,197 | $ | 48,603,150 | ||||||||
Preferred Stocks | 682,432 | — | — | 682,432 | ||||||||||||
Money Market Funds | 293,320 | — | — | 293,320 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 49,576,705 | $ | — | $ | 2,197 | $ | 49,578,902 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Global Gold Miners ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks |
| |||||||
Australia — 12.7% | ||||||||
Newcrest Mining Ltd. | 1,170,942 | $ | 20,260,184 | |||||
Resolute Mining Ltd.(a) | 2,168,038 | 1,696,696 | ||||||
St. Barbara Ltd. | 1,220,343 | 3,880,912 | ||||||
Westgold Resources Ltd.(b) | 1,333,038 | 1,147,552 | ||||||
|
| |||||||
26,985,344 | ||||||||
Canada — 54.1% | ||||||||
Agnico Eagle Mines Ltd. | 225,603 | 9,587,699 | ||||||
Alacer Gold Corp.(b) | 1,057,676 | 2,642,182 | ||||||
Alamos Gold Inc., Class A | 892,804 | 4,311,491 | ||||||
Barrick Gold Corp. | 2,695,052 | 33,969,524 | ||||||
Centerra Gold Inc.(b) | 570,818 | 2,973,281 | ||||||
China Gold International Resources Corp. Ltd.(b) | 978,167 | 1,418,602 | ||||||
Detour Gold Corp.(b) | 366,224 | 3,703,951 | ||||||
Eldorado Gold Corp.(b) | 430,180 | 1,865,093 | ||||||
Endeavour Mining Corp.(a)(b) | 170,723 | 2,593,901 | ||||||
Goldcorp Inc. | 1,238,109 | 13,067,361 | ||||||
Guyana Goldfields Inc.(b) | 830,418 | 914,280 | ||||||
IAMGOLD Corp.(b) | 996,928 | 3,338,233 | ||||||
Kinross Gold Corp.(b) | 2,359,136 | 7,863,787 | ||||||
Kirkland Lake Gold Ltd. | 289,838 | 10,589,981 | ||||||
New Gold Inc.(b) | 1,765,652 | 1,555,168 | ||||||
Premier Gold Mines Ltd.(b) | 694,782 | 975,966 | ||||||
SEMAFO Inc.(b) | 947,689 | 2,662,452 | ||||||
SSR Mining Inc.(b) | 254,749 | 3,532,055 | ||||||
Torex Gold Resources Inc.(b) | 207,482 | 2,508,059 | ||||||
Yamana Gold Inc. | 2,032,739 | 5,278,639 | ||||||
|
| |||||||
115,351,705 | ||||||||
Peru — 3.0% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 384,875 | 6,404,320 | ||||||
|
| |||||||
Russia — 1.8% | ||||||||
Polymetal International PLC | 323,074 | 3,723,961 | ||||||
|
| |||||||
South Africa — 11.5% | ||||||||
AngloGold Ashanti Ltd. | 701,450 | 10,078,230 | ||||||
Gold Fields Ltd. | 1,749,614 | 7,156,494 | ||||||
Harmony Gold Mining Co. Ltd.(b) | 1,353,496 | 2,849,465 | ||||||
Sibanye Gold Ltd.(a)(b) | 4,117,742 | 4,504,329 | ||||||
|
| |||||||
24,588,518 |
Security | Shares | Value | ||||||
| ||||||||
Turkey — 0.8% | ||||||||
Koza Altin Isletmeleri AS(b) | 185,242 | $ | 1,701,004 | |||||
|
| |||||||
United Kingdom — 1.6% | ||||||||
Acacia Mining PLC(b) | 140,305 | 403,472 | ||||||
Centamin PLC | 2,498,504 | 3,031,478 | ||||||
|
| |||||||
3,434,950 | ||||||||
United States — 14.2% | ||||||||
McEwen Mining Inc.(a) | 970,035 | 1,755,763 | ||||||
Newmont Mining Corp. | 837,797 | 28,585,634 | ||||||
|
| |||||||
30,341,397 | ||||||||
|
| |||||||
Total Common Stocks — 99.7% | 212,531,199 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 2.7% | ||||||||
BlackRock Cash Funds: Institutional, | 5,515,428 | 5,517,634 | ||||||
BlackRock Cash Funds: Treasury, | 140,184 | 140,184 | ||||||
|
| |||||||
5,657,818 | ||||||||
|
| |||||||
Total Short-Term Investments — 2.7% | 5,657,818 | |||||||
|
| |||||||
Total Investments in Securities — 102.4% |
| 218,189,017 | ||||||
Other Assets, Less Liabilities — (2.4)% | (5,118,287 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 213,070,730 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at | | Net Activity | | Shares Held at | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 8,281,703 | (2,766,275 | ) | 5,515,428 | $ | 5,517,634 | $ | 43,033 | (b) | $ | 459 | $ | (165 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, | 114,042 | 26,142 | 140,184 | 140,184 | 1,407 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 5,657,818 | $ | 44,440 | $ | 459 | $ | (165 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Gold Miners ETF |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 212,531,199 | $ | — | $ | — | $ | 212,531,199 | ||||||||
Money Market Funds | 5,657,818 | — | — | 5,657,818 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 218,189,017 | $ | — | $ | — | $ | 218,189,017 | |||||||||
|
|
|
|
|
|
|
|
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 | 19 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks |
| |||||||
Australia — 26.4% | ||||||||
Altura Mining Ltd.(a)(b) | 367,235 | $ | 41,803 | |||||
Alumina Ltd. | 875,442 | 1,588,225 | ||||||
Ausdrill Ltd. | 270,102 | 334,366 | ||||||
BHP Group Ltd. | 1,060,761 | 28,096,680 | ||||||
BHP Group PLC | 760,746 | 17,667,224 | ||||||
BlueScope Steel Ltd. | 195,585 | 1,872,945 | ||||||
Fortescue Metals Group Ltd. | 560,913 | 2,418,313 | ||||||
Galaxy Resources Ltd.(a)(b) | 138,595 | 215,942 | ||||||
Iluka Resources Ltd. | 151,335 | 987,309 | ||||||
Independence Group NL(b) | 178,947 | 621,282 | ||||||
Kidman Resources Ltd.(a)(b) | 129,564 | 128,128 | ||||||
Lynas Corp. Ltd.(a) | 230,985 | 289,228 | ||||||
Mineral Resources Ltd. | 56,817 | 608,358 | ||||||
Orocobre Ltd.(a)(b) | 75,048 | 205,029 | ||||||
OZ Minerals Ltd. | 114,342 | 837,891 | ||||||
Pilbara Minerals Ltd.(a)(b) | 557,550 | 295,518 | ||||||
Rio Tinto Ltd. | 133,812 | 9,154,486 | ||||||
Sandfire Resources NL | 56,109 | 292,205 | ||||||
Sims Metal Management Ltd. | 61,950 | 499,803 | ||||||
South32 Ltd. | 1,843,809 | 5,129,052 | ||||||
Syrah Resources Ltd.(a)(b) | 123,192 | 120,074 | ||||||
Western Areas Ltd. | 104,430 | 170,882 | ||||||
|
| |||||||
71,574,743 | ||||||||
Austria — 0.5% | ||||||||
voestalpine AG | 41,595 | 1,289,255 | ||||||
|
| |||||||
Belgium — 0.1% | ||||||||
Bekaert SA | 13,098 | 348,407 | ||||||
|
| |||||||
Brazil — 5.6% | ||||||||
Cia. Siderurgica Nacional SA(a) | 212,400 | 740,802 | ||||||
Vale SA | 1,142,462 | 14,348,366 | ||||||
|
| |||||||
15,089,168 | ||||||||
Canada — 4.2% | ||||||||
Altius Minerals Corp. | 14,337 | 137,709 | ||||||
First Quantum Minerals Ltd. | 249,039 | 2,853,454 | ||||||
HudBay Minerals Inc. | 93,456 | 628,007 | ||||||
Ivanhoe Mines Ltd., Class A(a) | 202,488 | 528,898 | ||||||
Labrador Iron Ore Royalty Corp. | 22,833 | 569,005 | ||||||
Largo Resources Ltd.(a)(b) | 94,695 | 163,218 | ||||||
Lithium Americas Corp.(a)(b) | 18,408 | 67,650 | ||||||
Lucara Diamond Corp. | 110,448 | 138,374 | ||||||
Lundin Mining Corp. | 237,180 | 1,203,009 | ||||||
Major Drilling Group International Inc.(a) | 29,205 | 104,003 | ||||||
Mountain Province Diamonds Inc. | 62,127 | 65,099 | ||||||
Nemaska Lithium Inc.(a)(b) | 244,437 | 69,600 | ||||||
Stelco Holdings Inc. | 9,912 | 148,115 | ||||||
Teck Resources Ltd., Class B | 183,903 | 4,117,919 | ||||||
Trevali Mining Corp.(a) | 256,650 | 72,104 | ||||||
Turquoise Hill Resources Ltd.(a) | 363,912 | 627,244 | ||||||
|
| |||||||
11,493,408 | ||||||||
Chile — 0.1% | ||||||||
CAP SA | 26,904 | 297,046 | ||||||
|
| |||||||
China — 1.9% | ||||||||
Aluminum Corp. of China Ltd.(a) | 194,700 | 123,883 | ||||||
Aluminum Corp. of China Ltd., Class H(a) | 1,416,000 | 580,845 | ||||||
Angang Steel Co. Ltd., Class A | 54,064 | 45,785 | ||||||
Angang Steel Co. Ltd., Class H | 354,000 | 263,365 |
Security | Shares | Value | ||||||
| ||||||||
China (continued) |
| |||||||
Baoshan Iron & Steel Co. Ltd., Class A | 106,299 | $ | 119,077 | |||||
Chiho Environmental Group Ltd.(a)(b) | 354,000 | 69,449 | ||||||
China Hongqiao Group Ltd. | 796,500 | 532,705 | ||||||
China Metal Recycling Holdings Ltd.(a)(c) | 132,000 | — | ||||||
China Molybdenum Co. Ltd., Class H | 1,593,000 | 763,036 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 35,400 | 56,363 | ||||||
China Oriental Group Co. Ltd. | 354,000 | 237,209 | ||||||
China Zhongwang Holdings Ltd. | 495,600 | 262,643 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 159,398 | 42,140 | ||||||
Inner Mongolia Eerduosi Resources Co. Ltd., Class B | 183,596 | 171,295 | ||||||
Jiangxi Copper Co. Ltd., Class H | 531,000 | 725,155 | ||||||
Jinchuan Group International Resources | 885,000 | 80,047 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A | 17,700 | 18,109 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 708,000 | 337,323 | ||||||
MMG Ltd.(a) | 714,000 | 338,363 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 35,400 | 25,644 | ||||||
Shougang Fushan Resources Group Ltd. | 708,000 | 160,544 | ||||||
Tiangong International Co. Ltd.(b) | 354,000 | 80,272 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 177,000 | 62,655 | ||||||
|
| |||||||
5,095,907 | ||||||||
Egypt — 0.0% | ||||||||
Ezz Steel Co.(a) | 99,545 | 109,147 | ||||||
|
| |||||||
Finland — 0.2% | ||||||||
Outokumpu OYJ | 112,572 | 449,035 | ||||||
|
| |||||||
France — 0.3% | ||||||||
APERAM SA | 18,762 | 613,583 | ||||||
Eramet, NVS | 3,363 | 202,003 | ||||||
|
| |||||||
815,586 | ||||||||
Germany — 1.3% | ||||||||
Aurubis AG | 13,629 | 750,671 | ||||||
Salzgitter AG | 14,160 | 433,090 | ||||||
thyssenkrupp AG | 157,176 | 2,353,540 | ||||||
|
| |||||||
3,537,301 | ||||||||
India — 1.8% | ||||||||
APL Apollo Tubes Ltd. | 3,186 | 53,705 | ||||||
Hindalco Industries Ltd. | 433,650 | 1,193,469 | ||||||
Jindal Saw Ltd. | 52,746 | 60,365 | ||||||
Jindal Steel & Power Ltd.(a) | 146,667 | 323,435 | ||||||
JSW Steel Ltd. | 307,272 | 1,214,378 | ||||||
MOIL Ltd. | 30,090 | 60,687 | ||||||
National Aluminium Co. Ltd. | 190,275 | 135,230 | ||||||
Tata Steel Ltd., GDR(b)(d) | 119,829 | 834,010 | ||||||
Vedanta Ltd. | 61,596 | 146,702 | ||||||
Vedanta Ltd., ADR, NVS | 98,943 | 949,853 | ||||||
Welspun Corp. Ltd. | 20,116 | 30,615 | ||||||
|
| |||||||
5,002,449 | ||||||||
Indonesia — 0.1% | ||||||||
Aneka Tambang Tbk | 3,044,438 | 219,663 | ||||||
Krakatau Steel Persero Tbk PT(a) | 1,097,453 | 37,290 | ||||||
Timah Tbk PT | 1,239,067 | 120,670 | ||||||
|
| |||||||
377,623 | ||||||||
Japan — 7.0% | ||||||||
Asahi Holdings Inc. | 17,700 | 354,731 | ||||||
Daido Steel Co. Ltd. | 17,700 | 747,305 | ||||||
Dowa Holdings Co. Ltd. | 17,700 | 578,764 | ||||||
Hitachi Metals Ltd. | 70,800 | 721,229 |
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Japan (continued) | ||||||||
JFE Holdings Inc. | 171,200 | $ | 2,985,850 | |||||
Kobe Steel Ltd. | 106,200 | 840,480 | ||||||
Kyoei Steel Ltd. | 17,700 | �� | 273,164 | |||||
Maruichi Steel Tube Ltd. | 17,700 | 532,654 | ||||||
Mitsubishi Materials Corp. | 35,400 | 973,087 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 23,800 | 577,255 | ||||||
Nakayama Steel Works Ltd. | 17,700 | 79,500 | ||||||
Neturen Co. Ltd. | 17,700 | 143,578 | ||||||
Nippon Denko Co. Ltd. | 36,200 | 75,769 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 177,000 | 391,143 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 300,905 | 5,415,587 | ||||||
Sumitomo Metal Mining Co. Ltd. | 88,500 | 2,594,897 | ||||||
Toho Titanium Co. Ltd. | 17,700 | 148,189 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 35,400 | 293,516 | ||||||
UACJ Corp. | 17,738 | 349,438 | ||||||
Yamato Kogyo Co. Ltd. | 17,700 | 489,723 | ||||||
Yodogawa Steel Works Ltd. | 17,700 | 347,894 | ||||||
|
| |||||||
18,913,753 | ||||||||
Malaysia — 0.2% | ||||||||
Press Metal Aluminium Holdings Bhd | 495,600 | 515,526 | ||||||
|
| |||||||
Mexico — 1.3% | ||||||||
Grupo Mexico SAB de CV, Series B | 1,274,400 | 3,193,680 | ||||||
Industrias CH SAB de CV, Series B(a) | 53,100 | 233,238 | ||||||
|
| |||||||
3,426,918 | ||||||||
Netherlands — 2.3% | ||||||||
AMG Advanced Metallurgical Group NV | 10,266 | 398,392 | ||||||
ArcelorMittal | 239,481 | 5,511,210 | ||||||
Constellium NV, Class A(a) | 43,542 | 411,907 | ||||||
|
| |||||||
6,321,509 | ||||||||
Norway — 0.7% | ||||||||
Norsk Hydro ASA | 484,980 | 2,011,103 | ||||||
|
| |||||||
Pakistan — 0.0% | ||||||||
International Steels Ltd. | 35,400 | 16,297 | ||||||
|
| |||||||
Peru — 0.4% | ||||||||
Southern Copper Corp. | 34,338 | 1,222,776 | ||||||
|
| |||||||
Poland — 0.6% | ||||||||
Boryszew SA(a) | 25,842 | 31,050 | ||||||
Jastrzebska Spolka Weglowa SA(a) | 18,939 | 288,709 | ||||||
KGHM Polska Miedz SA(a) | 49,914 | 1,338,173 | ||||||
Stalprodukt SA | 835 | 71,821 | ||||||
|
| |||||||
1,729,753 | ||||||||
Russia — 3.4% | ||||||||
Alrosa PJSC | 927,482 | 1,338,521 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 778,800 | 525,927 | ||||||
Mechel PJSC, ADR(a) | 38,232 | 88,698 | ||||||
MMC Norilsk Nickel PJSC | 22,833 | 4,890,490 | ||||||
Novolipetsk Steel PJSC | 431,880 | 1,038,406 | ||||||
Raspadskaya OJSC(a) | 53,100 | 125,691 | ||||||
Severstal PJSC | 74,340 | 1,160,628 | ||||||
|
| |||||||
9,168,361 | ||||||||
South Africa — 1.4% | ||||||||
African Rainbow Minerals Ltd.(b) | 39,648 | 473,097 | ||||||
Anglo American Platinum Ltd. | 19,116 | 1,042,284 | ||||||
Impala Platinum Holdings Ltd.(a) | 247,446 | 1,059,477 | ||||||
Kumba Iron Ore Ltd. | 22,656 | 601,577 | ||||||
Northam Platinum Ltd.(a) | 129,564 | 509,502 |
Security | Shares | Value | ||||||
| ||||||||
South Africa (continued) | ||||||||
Royal Bafokeng Platinum Ltd.(a) | 29,382 | $ | 67,917 | |||||
|
| |||||||
3,753,854 | ||||||||
South Korea — 3.6% | ||||||||
Dongkuk Steel Mill Co. Ltd.(a) | 20,178 | 147,114 | ||||||
Hyundai Steel Co. | 28,497 | 1,263,071 | ||||||
Jenax Inc.(a) | 6,050 | 61,054 | ||||||
KISWIRE Ltd.(a)(b) | 1,947 | 47,606 | ||||||
Korea Zinc Co. Ltd.(a) | 3,009 | 1,221,311 | ||||||
Poongsan Corp. | 6,726 | 190,770 | ||||||
POSCO | 28,320 | 6,622,353 | ||||||
Seah Besteel Corp. | 4,425 | 75,934 | ||||||
SeAH Steel Holdings Corp.(a) | 1 | 47 | ||||||
Young Poong Corp.(a) | 177 | 124,326 | ||||||
|
| |||||||
9,753,586 | ||||||||
Spain — 0.3% | ||||||||
Acerinox SA | 58,410 | 619,089 | ||||||
Tubacex SA | 40,002 | 137,790 | ||||||
|
| |||||||
756,879 | ||||||||
Sweden — 1.5% | ||||||||
Boliden AB | 98,766 | 2,704,357 | ||||||
Granges AB | 26,550 | 278,135 | ||||||
SSAB AB, Class A | 80,358 | 315,227 | ||||||
SSAB AB, Class B | 204,966 | 674,804 | ||||||
|
| |||||||
3,972,523 | ||||||||
Switzerland — 0.0% | ||||||||
Schmolz + Bickenbach AG, Registered(a) | 135,582 | 79,618 | ||||||
|
| |||||||
Taiwan — 2.0% | ||||||||
China Metal Products | 177,011 | 217,982 | ||||||
China Steel Corp. | 4,602,612 | 3,813,514 | ||||||
Chung Hung Steel Corp.(a) | 360,000 | 140,952 | ||||||
Feng Hsin Steel Co. Ltd. | 177,000 | 340,467 | ||||||
TA Chen Stainless Pipe | 354,610 | 506,972 | ||||||
Tung Ho Steel Enterprise Corp. | 354,000 | 235,797 | ||||||
Yieh Phui Enterprise Co. Ltd. | 395,887 | 129,919 | ||||||
|
| |||||||
5,385,603 | ||||||||
Turkey — 0.4% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 493,122 | 861,623 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A(a) | 73,632 | 33,682 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(b) | 266,562 | 132,432 | ||||||
Koza Anadolu Metal Madencilik | 74,517 | 82,564 | ||||||
|
| |||||||
1,110,301 | ||||||||
United Kingdom — 20.1% | ||||||||
Anglo American PLC | 379,665 | 10,117,525 | ||||||
Antofagasta PLC | 141,777 | 1,766,595 | ||||||
Central Asia Metals PLC | 58,764 | 196,187 | ||||||
Ferrexpo PLC | 105,315 | 364,067 | ||||||
Glencore PLC | 4,098,258 | 16,568,601 | ||||||
Hill & Smith Holdings PLC | 27,966 | 438,932 | ||||||
KAZ Minerals PLC | 88,970 | 784,824 | ||||||
Petra Diamonds Ltd.(a) | 327,450 | 96,864 | ||||||
Rio Tinto PLC | 418,251 | 24,121,852 | ||||||
|
| |||||||
54,455,447 | ||||||||
United States — 11.1% | ||||||||
AK Steel Holding Corp.(a) | 116,997 | 353,331 | ||||||
Alcoa Corp.(a) | 67,437 | 1,989,392 |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
United States (continued) |
| |||||||
Allegheny Technologies Inc.(a)(b) | 45,135 | $ | 1,292,215 | |||||
Carpenter Technology Corp. | 16,815 | 789,296 | ||||||
Century Aluminum Co.(a) | 20,355 | 175,664 | ||||||
Cleveland-Cliffs Inc.(b) | 101,067 | 1,120,833 | ||||||
Commercial Metals Co. | 41,595 | 688,397 | ||||||
Compass Minerals International Inc. | 12,036 | 630,446 | ||||||
Freeport-McMoRan Inc. | 496,308 | 6,402,373 | ||||||
Haynes International Inc. | 4,425 | 155,672 | ||||||
Kaiser Aluminum Corp. | 6,018 | 658,851 | ||||||
Materion Corp. | 7,257 | 419,309 | ||||||
Nucor Corp. | 113,811 | 6,893,532 | ||||||
Reliance Steel & Aluminum Co. | 25,665 | 2,290,601 | ||||||
Ryerson Holding Corp.(a) | 7,434 | 62,966 | ||||||
Schnitzer Steel Industries Inc., Class A | 9,558 | 232,259 | ||||||
Steel Dynamics Inc. | 84,606 | 3,157,496 | ||||||
SunCoke Energy Inc.(a) | 20,355 | 201,922 | ||||||
TimkenSteel Corp.(a) | 13,806 | 172,023 | ||||||
U.S. Steel Corp. | 63,720 | 1,427,965 | ||||||
Warrior Met Coal Inc. | 13,275 | 388,692 | ||||||
Worthington Industries Inc. | 15,753 | 619,250 | ||||||
|
| |||||||
30,122,485 | ||||||||
|
| |||||||
Total Common Stocks — 98.8% | 268,195,367 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.0% | ||||||||
Bradespar SA, Preference Shares, NVS | 88,500 | 680,106 | ||||||
Gerdau SA, Preference Shares, NVS | 371,700 | 1,500,577 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 247,800 | 474,423 | ||||||
|
| |||||||
2,655,106 | ||||||||
|
| |||||||
Total Preferred Stocks — 1.0% | 2,655,106 | |||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.5% | ||||||||
BlackRock Cash Funds: Institutional, | 3,817,263 | $ | 3,818,790 | |||||
BlackRock Cash Funds: Treasury, | 330,292 | 330,292 | ||||||
|
| |||||||
4,149,082 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.5% |
| 4,149,082 | ||||||
|
| |||||||
Total Investments in Securities — 101.3% |
| 274,999,555 | ||||||
Other Assets, Less Liabilities — (1.3)% | (3,465,168 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 271,534,387 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) | Affiliate of the Fund. |
(f) | Annualized7-day yield as ofperiod-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 13,214,268 | (9,397,005 | ) | 3,817,263 | $ | 3,818,790 | $ | 100,212 | (b) | $ | 1,024 | $ | (624 | ) | ||||||||||||||
BlackRock Cash Funds: Treasury, | 469,147 | (138,855 | ) | 330,292 | 330,292 | 5,539 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 4,149,082 | $ | 105,751 | $ | 1,024 | $ | (624 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Metals & Mining Producers ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 268,195,367 | $ | — | $ | 0 | (a) | $ | 268,195,367 | |||||||
Preferred Stocks | 2,655,106 | — | — | 2,655,106 | ||||||||||||
Money Market Funds | 4,149,082 | — | — | 4,149,082 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 274,999,555 | $ | — | $ | 0 | (a) | $ | 274,999,555 | ||||||||
|
|
|
|
|
|
|
|
(a) | Rounds to less than $1. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Global Silver Miners ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Canada — 61.1% | ||||||||
Americas Silver Corp.(a)(b) | 218,645 | $ | 439,946 | |||||
Dundee Precious Metals Inc.(a) | 415,865 | 1,477,789 | ||||||
Eldorado Gold Corp.(a) | 347,510 | 1,506,668 | ||||||
Endeavour Silver Corp.(a)(b) | 425,044 | 1,100,532 | ||||||
Excellon Resources Inc.(a) | 449,774 | 368,835 | ||||||
First Majestic Silver Corp.(a)(b) | 399,439 | 2,693,256 | ||||||
Fortuna Silver Mines Inc.(a) | 411,221 | 1,542,469 | ||||||
GoGold Resources Inc.(a)(b) | 1,225,643 | 241,965 | ||||||
Golden Queen Mining Co. Ltd.(a) | 2,635,736 | 100,066 | ||||||
Great Panther Silver Ltd.(a)(b) | 980,240 | 930,372 | ||||||
Levon Resources Ltd.(a) | 1,138,452 | 103,731 | ||||||
Lundin Gold Inc.(a) | 176,313 | 736,311 | ||||||
MAG Silver Corp.(a) | 185,780 | 1,819,713 | ||||||
Mandalay Resources Corp.(a)(b) | 3,359,386 | 382,618 | ||||||
Maya Gold & Silver Inc.(a)(b) | 183,570 | 362,401 | ||||||
Minco Silver Corp.(a)(b) | 452,579 | 189,004 | ||||||
Pan American Silver Corp. | 202,942 | 2,708,975 | ||||||
Premier Gold Mines Ltd.(a) | 483,713 | 679,475 | ||||||
Seabridge Gold Inc.(a)(b) | 105,899 | 1,523,756 | ||||||
Silvercorp Metals Inc. | 495,668 | 1,287,156 | ||||||
SSR Mining Inc.(a) | 199,446 | 2,765,288 | ||||||
Wheaton Precious Metals Corp. | 647,402 | 14,068,827 | ||||||
|
| |||||||
37,029,153 | ||||||||
Japan — 2.8% | ||||||||
Asahi Holdings Inc. | 86,000 | 1,723,554 | ||||||
|
| |||||||
Mexico — 5.6% | ||||||||
Industrias Penoles SAB de CV | 256,327 | 3,397,377 | ||||||
|
| |||||||
Peru — 9.1% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 330,887 | 5,505,960 | ||||||
|
| |||||||
United Kingdom — 10.6% | ||||||||
Fresnillo PLC | 411,402 | 4,705,971 | ||||||
Hochschild Mining PLC | 656,481 | 1,732,400 | ||||||
|
| |||||||
6,438,371 |
Security | Shares | Value | ||||||
| ||||||||
United States — 10.8% | ||||||||
Coeur Mining Inc.(a)(b) | 422,340 | $ | 2,018,785 | |||||
Gold Resource Corp. | 152,584 | 715,619 | ||||||
Golden Minerals Co.(a)(b) | 649,376 | 129,875 | ||||||
Hecla Mining Co | 980,738 | 2,353,771 | ||||||
McEwen Mining Inc.(b) | 721,675 | 1,306,232 | ||||||
|
| |||||||
6,524,282 | ||||||||
|
| |||||||
Total Common Stocks — 100.0% | 60,618,697 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 11.6% | ||||||||
BlackRock Cash Funds: Institutional, | 6,990,039 | 6,992,835 | ||||||
BlackRock Cash Funds: Treasury, | 19,612 | 19,612 | ||||||
|
| |||||||
7,012,447 | ||||||||
|
| |||||||
Total Short-Term Investments — 11.6% |
| 7,012,447 | ||||||
|
| |||||||
Total Investments in Securities — 111.6% |
| 67,631,144 | ||||||
Other Assets, Less Liabilities — (11.6)% | (7,044,924 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 60,586,220 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Affiliate of the Fund. |
(d) | Annualized7-day yield as ofperiod-end. |
(e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| ||||||||||||||||||||||||||||
Affiliated Issuer | | Shares Held at 08/31/18 | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) |
| |||||||||||
| ||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | 7,592,922 | (602,883 | ) | 6,990,039 | $ | 6,992,835 | $ | 106,337 | (b) | $ | (150 | ) | $ | 623 | ||||||||||||||
BlackRock Cash Funds: Treasury, | 32,226 | (12,614 | ) | 19,612 | 19,612 | 393 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 7,012,447 | $ | 106,730 | $ | (150 | ) | $ | 623 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Global Silver Miners ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 60,618,697 | $ | — | $ | — | $ | 60,618,697 | ||||||||
Money Market Funds | 7,012,447 | — | — | 7,012,447 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 67,631,144 | $ | — | $ | — | $ | 67,631,144 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 25 |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares MSCI Global ETF | iShares MSCI Global ETF | iShares MSCI Global Gold Miners ETF | iShares MSCI Global Mining Producers ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 29,632,735 | $ | 49,285,582 | $ | 212,531,199 | $ | 270,850,473 | ||||||||
Affiliated(c) | 281,892 | 293,320 | 5,657,818 | 4,149,082 | ||||||||||||
Foreign currency, at value(d) | 26,749 | 58,335 | 191,204 | 17,153 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 56,822 | 88,485 | 6,431,183 | 1,197,373 | ||||||||||||
Securities lending income — Affiliated | 1,236 | 442 | 4,522 | 9,728 | ||||||||||||
Capital shares sold | — | — | 153,007 | — | ||||||||||||
Dividends | 57,239 | 323,429 | 112,298 | 496,011 | ||||||||||||
Tax reclaims | 9,182 | 939 | — | 34,525 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 30,065,855 | 50,050,532 | 225,081,231 | 276,754,345 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 268,374 | 264,326 | 5,519,626 | 3,815,789 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 56,605 | 107,594 | 6,428,498 | 733,528 | ||||||||||||
Capital shares redeemed | — | — | — | 586,272 | ||||||||||||
Investment advisory fees | 8,881 | 14,728 | 62,377 | 84,327 | ||||||||||||
Foreign taxes | — | — | — | 42 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 333,860 | 386,648 | 12,010,501 | 5,219,958 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 29,731,995 | $ | 49,663,884 | $ | 213,070,730 | $ | 271,534,387 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 31,765,378 | $ | 53,088,156 | $ | 309,441,842 | $ | 336,314,895 | ||||||||
Accumulated loss | (2,033,383 | ) | (3,424,272 | ) | (96,371,112 | ) | (64,780,508 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 29,731,995 | $ | 49,663,884 | $ | 213,070,730 | $ | 271,534,387 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding | 1,050,000 | 2,400,000 | 12,200,000 | 8,850,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 28.32 | $ | 20.69 | $ | 17.46 | $ | 30.68 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 500 million | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Securities loaned, at value | $ | 254,112 | $ | 249,494 | $ | 5,107,515 | $ | 3,444,273 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 30,177,070 | $ | 50,164,738 | $ | 246,775,727 | $ | 290,984,275 | ||||||||
(c) Investments, at cost — Affiliated | $ | 281,814 | $ | 293,217 | $ | 5,655,893 | $ | 4,147,754 | ||||||||
(d) Foreign currency, at cost | $ | 26,590 | $ | 57,677 | $ | 191,627 | $ | 17,063 |
See notes to financial statements.
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2019
iShares MSCI Global ETF | ||||
| ||||
ASSETS | ||||
Investments in securities, at value (including securities on loan)(a): | ||||
Unaffiliated(b) | $ | 60,618,697 | ||
Affiliated(c) | 7,012,447 | |||
Foreign currency, at value(d) | 57,539 | |||
Receivables: | ||||
Investments sold | 3,222,713 | |||
Securities lending income — Affiliated | 15,207 | |||
Capital shares sold | 160,958 | |||
Dividends | 42 | |||
|
| |||
Total assets | 71,087,603 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 6,989,545 | |||
Payables: | ||||
Investments purchased | 3,493,949 | |||
Investment advisory fees | 17,889 | |||
|
| |||
Total liabilities | 10,501,383 | |||
|
| |||
NET ASSETS | $ | 60,586,220 | ||
|
| |||
NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 84,365,920 | ||
Accumulated loss | (23,779,700 | ) | ||
|
| |||
NET ASSETS | $ | 60,586,220 | ||
|
| |||
Shares outstanding | 6,600,000 | |||
|
| |||
Net asset value | $ | 9.18 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Securities loaned, at value | $ | 6,300,139 | ||
(b) Investments, at cost — Unaffiliated | $ | 64,868,390 | ||
(c) Investments, at cost — Affiliated | $ | 7,010,098 | ||
(d) Foreign currency, at cost | $ | 57,448 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 27 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares MSCI Global ETF | iShares MSCI Global ETF | iShares MSCI Global Gold Miners ETF | iShares MSCI Global Mining Producers | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 309,003 | $ | 871,256 | $ | 1,084,026 | $ | 7,526,372 | ||||||||
Dividends — Affiliated | 326 | 651 | 1,407 | 5,539 | ||||||||||||
Securities lending income — Affiliated — net | 7,339 | 3,344 | 43,033 | 100,212 | ||||||||||||
Foreign taxes withheld | (24,861 | ) | (46,134 | ) | (55,403 | ) | (207,252 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 291,807 | 829,117 | 1,073,063 | 7,424,871 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory fees | 59,983 | 90,773 | 376,095 | 629,970 | ||||||||||||
Commitment fees | 26 | 5 | — | 77 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 60,009 | 90,778 | 376,095 | 630,047 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 231,798 | 738,339 | 696,968 | 6,794,824 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated(a) | (417,873 | ) | (613,216 | ) | (6,362,184 | ) | (7,976,832 | ) | ||||||||
Investments — Affiliated | 46 | 262 | 459 | 1,024 | ||||||||||||
In-kind redemptions — Unaffiliated | 583,224 | — | (14,533,427 | ) | (2,244,966 | ) | ||||||||||
Foreign currency transactions | (1,566 | ) | (2,181 | ) | (4,242 | ) | 12,739 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 163,831 | (615,135 | ) | (20,899,394 | ) | (10,208,035 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated | (1,077,740 | ) | (3,667,336 | ) | 58,724,783 | 2,514,994 | ||||||||||
Investments — Affiliated | 13 | (59 | ) | (165 | ) | (624 | ) | |||||||||
Foreign currency translations | 1,135 | 1,830 | 3,140 | 61,855 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (1,076,592 | ) | (3,665,565 | ) | 58,727,758 | 2,576,225 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (912,761 | ) | (4,280,700 | ) | 37,828,364 | (7,631,810 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (680,963 | ) | $ | (3,542,361 | ) | $ | 38,525,332 | $ | (836,986 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax of | $ | 72 | $ | 1 | $ | — | $ | 209 |
See notes to financial statements.
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2019
iShares MSCI Global | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 202,627 | ||
Dividends — Affiliated | 393 | |||
Securities lending income — Affiliated — net | 106,337 | |||
Foreign taxes withheld | (15,177 | ) | ||
|
| |||
Total investment income | 294,180 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees | 98,272 | |||
|
| |||
Total expenses | 98,272 | |||
|
| |||
Net investment income | 195,908 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (4,943,064 | ) | ||
Investments — Affiliated | (150 | ) | ||
Foreign currency transactions | 19,986 | |||
|
| |||
Net realized loss | (4,923,228 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | 9,879,289 | |||
Investments — Affiliated | 623 | |||
Foreign currency translations | (81 | ) | ||
|
| |||
Net change in unrealized appreciation (depreciation) | 9,879,831 | |||
|
| |||
Net realized and unrealized gain | 4,956,603 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,152,511 | ||
|
|
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 29 |
Statements of Changes in Net Assets
iShares MSCI Global Agriculture Producers ETF | iShares MSCI Global Energy Producers ETF | |||||||||||||||||||
Six Months 02/28/19 | Year Ended 08/31/18 | Six Months 02/28/19 | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 231,798 | $ | 580,997 | $ | 738,339 | $ | 1,091,652 | ||||||||||||
Net realized gain (loss) | 163,831 | 658,065 | (615,135 | ) | 83,290 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (1,076,592 | ) | 1,441,579 | (3,665,565 | ) | 6,714,181 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (680,963 | ) | 2,680,641 | (3,542,361 | ) | 7,889,123 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (299,125 | ) | (539,577 | ) | (757,961 | ) | (1,078,574 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (2,809,131 | ) | 2,945,823 | 6,075,149 | 9,510,421 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | (3,789,219 | ) | 5,086,887 | 1,774,827 | 16,320,970 | |||||||||||||||
Beginning of period | 33,521,214 | 28,434,327 | 47,889,057 | 31,568,087 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 29,731,995 | $ | 33,521,214 | $ | 49,663,884 | $ | 47,889,057 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Gold Miners ETF | iShares MSCI Global Metals & Mining Producers ETF | |||||||||||||||||||
Six Months Ended 02/28/19 | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 696,968 | $ | 1,843,233 | $ | 6,794,824 | $ | 15,533,636 | ||||||||||||
Net realized gain (loss) | (20,899,394 | ) | 5,370,210 | (10,208,035 | ) | 31,205,185 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 58,727,758 | (104,086,474 | ) | 2,576,225 | (65,843,140 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 38,525,332 | (96,873,031 | ) | (836,986 | ) | (19,104,319 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (516,888 | ) | (2,189,407 | ) | (8,561,504 | ) | (14,546,060 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (57,927,072 | ) | (59,194,873 | ) | (122,703,104 | ) | 90,027,203 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS(a) | ||||||||||||||||||||
Total increase (decrease) in net assets | (19,918,628 | ) | (158,257,311 | ) | (132,101,594 | ) | 56,376,824 | |||||||||||||
Beginning of period | 232,989,358 | 391,246,669 | 403,635,981 | 347,259,157 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 213,070,730 | $ | 232,989,358 | $ | 271,534,387 | $ | 403,635,981 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 31 |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Silver Miners ETF | ||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 195,908 | $ | 567,136 | ||||
Net realized loss | (4,923,228 | ) | (3,089,345 | ) | ||||
Net change in unrealized appreciation (depreciation) | 9,879,831 | (15,232,129 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 5,152,511 | (17,754,338 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (284,478 | ) | (528,302 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 5,141,382 | 4,601,395 | ||||||
|
|
|
| |||||
NET ASSETS(a) | ||||||||
Total increase (decrease) in net assets | 10,009,415 | (13,681,245 | ) | |||||
Beginning of period | 50,576,805 | 64,258,050 | ||||||
|
|
|
| |||||
End of period | $ | 60,586,220 | $ | 50,576,805 | ||||
|
|
|
|
(a) | Prior year distribution character information and distributions in excess of net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 12 for this prior year information. |
See notes to financial statements.
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Global Agriculture Producers ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.15 | $ | 27.08 | $ | 24.31 | $ | 24.03 | $ | 27.29 | $ | 24.63 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.21 | 0.53 | 0.45 | 0.54 | 0.50 | 0.58 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.76 | ) | 2.03 | 2.81 | 0.27 | (3.21 | ) | 2.63 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.55 | ) | 2.56 | 3.26 | 0.81 | (2.71 | ) | 3.21 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.28 | ) | (0.49 | ) | (0.49 | ) | (0.53 | ) | (0.55 | ) | (0.55 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.28 | ) | (0.49 | ) | (0.49 | ) | (0.53 | ) | (0.55 | ) | (0.55 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 28.32 | $ | 29.15 | $ | 27.08 | $ | 24.31 | $ | 24.03 | $ | 27.29 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (1.80 | )%(c) | 9.49 | % | 13.53 | % | 3.55 | % | (10.11 | )% | 13.05 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.39 | %(d) | 0.37 | % | 0.37 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 1.51 | %(d) | 1.84 | % | 1.76 | % | 2.38 | % | 1.87 | % | 2.17 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 29,732 | $ | 33,521 | $ | 28,434 | $ | 27,951 | $ | 27,640 | $ | 46,395 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 2 | %(c) | 25 | % | 16 | % | 7 | % | 10 | % | 14 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Energy Producers ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Year Ended 08/31/17 | Year Ended 08/31/16 | Year Ended 08/31/15 | Year Ended 08/31/14 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.80 | $ | 18.57 | $ | 18.72 | $ | 17.67 | $ | 28.06 | $ | 24.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.33 | 0.64 | 0.60 | 0.59 | 0.68 | 0.68 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.12 | ) | 4.23 | (0.16 | ) | 1.00 | (10.61 | ) | 3.96 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.79 | ) | 4.87 | 0.44 | 1.59 | (9.93 | ) | 4.64 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.32 | ) | (0.64 | ) | (0.59 | ) | (0.54 | ) | (0.46 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.32 | ) | (0.64 | ) | (0.59 | ) | (0.54 | ) | (0.46 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 20.69 | $ | 22.80 | $ | 18.57 | $ | 18.72 | $ | 17.67 | $ | 28.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | (7.73 | )%(c) | 26.48 | % | 2.26 | % | 9.31 | % | (35.63 | )% | 19.44 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 3.17 | %(d) | 2.93 | % | 3.10 | % | 3.36 | % | 3.23 | % | 2.57 | % | ||||||||||||
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|
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|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 49,664 | $ | 47,889 | $ | 31,568 | $ | 37,440 | $ | 24,739 | $ | 8,419 | ||||||||||||
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|
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| |||||||||||||
Portfolio turnover rate(e) | 3 | %(c) | 5 | % | 4 | % | 6 | % | 4 | % | 8 | % | ||||||||||||
|
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|
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|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Gold Miners ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited | ) | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 14.43 | $ | 19.96 | $ | 21.20 | $ | 11.13 | $ | 22.53 | $ | 23.20 | ||||||||||||
|
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|
|
|
|
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|
|
| |||||||||||||
Net investment income(b) | 0.06 | 0.10 | 0.06 | 0.02 | 0.14 | 0.16 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 3.01 | (5.51 | ) | (1.04 | ) | 10.11 | (11.42 | ) | (0.67 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 3.07 | (5.41 | ) | (0.98 | ) | 10.13 | (11.28 | ) | (0.51 | ) | ||||||||||||||
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|
|
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|
|
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| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.04 | ) | (0.12 | ) | (0.26 | ) | (0.06 | ) | (0.12 | ) | (0.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.04 | ) | (0.12 | ) | (0.26 | ) | (0.06 | ) | (0.12 | ) | (0.16 | ) | ||||||||||||
|
|
|
|
|
|
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|
|
|
| |||||||||||||
Net asset value, end of period | $ | 17.46 | $ | 14.43 | $ | 19.96 | $ | 21.20 | $ | 11.13 | $ | 22.53 | ||||||||||||
|
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| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 21.32 | %(d) | (27.22 | )% | (4.30 | )% | 91.17 | % | (50.16 | )% | (2.01 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
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|
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|
|
|
|
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|
|
| |||||||||||||
Net investment income | 0.72 | %(e) | 0.56 | % | 0.38 | % | 0.06 | % | 0.88 | % | 0.81 | % | ||||||||||||
|
|
|
|
|
|
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|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 213,071 | $ | 232,989 | $ | 391,247 | $ | 266,108 | $ | 45,926 | $ | 70,976 | ||||||||||||
|
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|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 7 | %(d) | 4 | % | 26 | % | 30 | % | 20 | % | 22 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect aone-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Metals & Mining Producers ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited | ) | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | (a) | | Year Ended 08/31/16 | (a) | | Year Ended 08/31/15 | (a) | | Year Ended 08/31/14 | (a) | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.93 | $ | 31.86 | $ | 21.67 | $ | 21.30 | $ | 40.37 | $ | 36.23 | ||||||||||||
|
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|
|
|
|
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|
|
| |||||||||||||
Net investment income(b) | 0.62 | 1.06 | 0.53 | 0.42 | 1.62 | 1.00 | ||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.07 | ) | (1.05 | ) | 10.26 | 0.41 | (17.91 | ) | 4.44 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 0.55 | 0.01 | 10.79 | 0.83 | (16.29 | ) | 5.44 | |||||||||||||||||
|
|
|
|
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|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.80 | ) | (0.94 | ) | (0.60 | ) | (0.46 | ) | (2.78 | ) | (1.30 | ) | ||||||||||||
|
|
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|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.80 | ) | (0.94 | ) | (0.60 | ) | (0.46 | ) | (2.78 | ) | (1.30 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 30.68 | $ | 30.93 | $ | 31.86 | $ | 21.67 | $ | 21.30 | $ | 40.37 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 2.09 | %(d) | (0.10 | )% | 50.55 | % | 4.52 | % | (41.94 | )% | 15.32 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses after fees waived | 0.39 | %(e) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 4.21 | %(e) | 3.15 | % | 2.31 | % | 2.16 | % | 5.18 | % | 2.53 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 271,534 | $ | 403,636 | $ | 347,259 | $ | 223,182 | $ | 69,219 | $ | 183,699 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(f) | 7 | %(d) | 14 | % | 12 | % | 8 | % | 17 | % | 18 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect aone-for-two reverse stock split effective after the close of trading on November 4, 2016. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Silver Miners ETF | ||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited | ) | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Year Ended 08/31/15 | | | Year Ended 08/31/14 | | |||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.43 | $ | 11.47 | $ | 13.61 | $ | 6.14 | $ | 12.70 | $ | 13.92 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.03 | 0.10 | 0.09 | 0.05 | 0.05 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.77 | (3.05 | ) | (1.94 | ) | 7.44 | (6.42 | ) | (1.15 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 0.80 | (2.95 | ) | (1.85 | ) | 7.49 | (6.37 | ) | (1.07 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions | ||||||||||||||||||||||||
From net investment income | (0.05 | ) | (0.09 | ) | (0.29 | ) | (0.02 | ) | (0.19 | ) | (0.15 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.05 | ) | (0.09 | ) | (0.29 | ) | (0.02 | ) | (0.19 | ) | (0.15 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 9.18 | $ | 8.43 | $ | 11.47 | $ | 13.61 | $ | 6.14 | $ | 12.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return | ||||||||||||||||||||||||
Based on net asset value | 9.52 | %(c) | (25.87 | )% | (13.26 | )% | 122.11 | % | (50.51 | )% | (7.48 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total expenses | 0.39 | %(d) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.78 | %(d) | 0.94 | % | 0.79 | % | 0.47 | % | 0.57 | % | 0.63 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 60,586 | $ | 50,577 | $ | 64,258 | $ | 87,078 | $ | 12,279 | $ | 13,975 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(e) | 17 | %(c) | 19 | % | 14 | % | 27 | % | 31 | % | 22 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludesin-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 37 |
Notes to Financial Statements (unaudited)
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Global Agriculture Producers | Non-diversified | |||
MSCI Global Energy Producers | Non-diversified | |||
MSCI Global Gold Miners | Non-diversified | |||
MSCI Global Metals & Mining Producers | Non-diversified | |||
MSCI Global Silver Miners | Non-diversified |
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may bere-designated as a return of capital or capital gain.Non-cash dividends, if any, are recognized on theex-dividend date and recorded asnon-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated innon-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the statement of assets and liabilities.
In-kind Redemptions:For financial reporting purposes,in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) topaid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on theex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Exchange-traded funds andclosed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments inopen-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
N O T E S T O F I N A N C I A L S T A T E M E N T S | 39 |
Notes to Financial Statements (unaudited) (continued)
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Anynon-cash collateral received cannot be sold,re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
| ||||||||||||||||
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received | (a) | Received | Net Amount | |||||||||||
| ||||||||||||||||
MSCI Global Agriculture Producers | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 95,908 | $ | 95,908 | $ | — | $ | — | ||||||||
Deutsche Bank Securities Inc. | 103,843 | 103,843 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 20,686 | 20,686 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 10,952 | 10,802 | — | (150 | )(b) | |||||||||||
SG Americas Securities LLC | 22,723 | 22,723 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 254,112 | $ | 253,962 | $ | — | $ | (150 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Energy Producers | ||||||||||||||||
Barclays Bank PLC | $ | 376 | $ | 376 | $ | — | $ | — | ||||||||
Barclays Capital Inc. | 5,936 | 5,936 | — | — | ||||||||||||
BNP Paribas Prime Brokerage International Ltd. | 21,610 | 21,610 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 28,976 | 28,976 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 18,525 | 18,525 | — | — | ||||||||||||
Goldman Sachs & Co. | 9,643 | 9,643 | — | — | ||||||||||||
JPMorgan Securities LLC | 5,051 | 5,051 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 93,903 | 93,903 | — | — | ||||||||||||
State Street Bank & Trust Company | 35,320 | 35,320 | — | — | ||||||||||||
UBS AG | 30,154 | 30,154 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 249,494 | $ | 249,494 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Gold Miners | ||||||||||||||||
BNP Paribas Prime Brokerage International Ltd. | $ | 40,725 | $ | 40,725 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 972,086 | 972,086 | — | — | ||||||||||||
Deutsche Bank Securities Inc. | 1,992,274 | 1,992,274 | — | — | ||||||||||||
Goldman Sachs & Co. | 112,071 | 112,071 | — | — | ||||||||||||
JPMorgan Securities LLC | 1,287,337 | 1,287,337 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 702,841 | 702,841 | — | — | ||||||||||||
SG Americas Securities LLC | 181 | 181 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,107,515 | $ | 5,107,515 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
BMO Capital Markets | $ | 6,960 | $ | 6,960 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 1,325,134 | 1,325,134 | — | — | ||||||||||||
JPMorgan Securities LLC | 154,886 | 154,886 | — | — | ||||||||||||
Macquarie Bank Limited | 43,690 | 43,690 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 195,980 | 195,980 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 580,845 | 580,845 | — | — | ||||||||||||
SG Americas Securities LLC | 59,147 | 59,147 | — | — | ||||||||||||
UBS AG | 22,673 | 22,673 | — | — | ||||||||||||
Wells Fargo Bank, National Association | 1,054,958 | 1,054,958 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,444,273 | $ | 3,444,273 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
Market Value of | Cash Collateral | Non-Cash Collateral | ||||||||||||||
iShares ETF and Counterparty | Securities on Loan | Received | (a) | Received | Net Amount | |||||||||||
| ||||||||||||||||
MSCI Global Silver Miners | ||||||||||||||||
Barclays Bank PLC | $ | 21,601 | $ | 21,601 | $ | — | $ | — | ||||||||
BNP Paribas Prime Brokerage International Ltd. | 30,589 | 30,589 | — | — | ||||||||||||
Citigroup Global Markets Inc. | 998,024 | 998,024 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 168,922 | 168,922 | — | — | ||||||||||||
Goldman Sachs & Co. | 22,901 | 20,194 | — | (2,707 | )(b) | |||||||||||
JPMorgan Securities LLC | 1,061,959 | 1,061,959 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 1,021,964 | 1,021,964 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 50,721 | 50,721 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) | 203,822 | 203,822 | — | — | ||||||||||||
Scotia Capital (USA) Inc. | 2,619,143 | 2,619,143 | — | — | ||||||||||||
UBS AG | 100,493 | 100,493 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 6,300,139 | $ | 6,297,432 | $ | — | $ | (2,707 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
(b) | Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.
Expense Waivers:A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). For each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 41 |
Notes to Financial Statements (unaudited) (continued)
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
MSCI Global Agriculture Producers | $ | 1,473 | ||
MSCI Global Energy Producers | 752 | |||
MSCI Global Gold Miners | 9,354 | |||
MSCI Global Metals & Mining Producers | 19,955 | |||
MSCI Global Silver Miners | 21,499 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Global Agriculture Producers | $ | — | $ | 101,043 | ||||
MSCI Global Energy Producers | 20,579 | 33,638 | ||||||
MSCI Global Gold Miners | 133,964 | 1,180,204 | ||||||
MSCI Global Metals & Mining Producers | 131,668 | 175,734 | ||||||
MSCI Global Silver Miners | 1,072,546 | 14,244 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
6. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excludingin-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Global Agriculture Producers | $ | 611,382 | $ | 1,010,018 | ||||
MSCI Global Energy Producers | 1,407,541 | 1,207,625 | ||||||
MSCI Global Gold Miners | 14,522,928 | 15,320,997 | ||||||
MSCI Global Metals & Mining Producers | 21,863,758 | 40,395,525 | ||||||
MSCI Global Silver Miners | 9,975,135 | 8,953,854 |
For the six months ended February 28, 2019,in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Global Agriculture Producers | $ | — | $ | 2,458,283 | ||||
MSCI Global Energy Producers | 5,792,938 | — | ||||||
MSCI Global Gold Miners | 32,134,655 | 89,120,507 | ||||||
MSCI Global Metals & Mining Producers | 21,465,098 | 125,052,475 | ||||||
MSCI Global Silver Miners | 5,126,994 | — |
7. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carry forwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
MSCI Global Agriculture Producers | $ | 1,212,896 | ||
MSCI Global Energy Producers | 1,630,024 | |||
MSCI Global Gold Miners | 30,033,150 | |||
MSCI Global Metals & Mining Producers | 27,282,543 | |||
MSCI Global Silver Miners | 11,160,122 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect tomark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any suchmarked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Global Agriculture Producers | $ | 31,010,653 | $ | 3,342,350 | $ | (4,438,376 | ) | $ | (1,096,026 | ) | ||||||
MSCI Global Energy Producers | 51,026,830 | 3,799,402 | (5,247,330 | ) | (1,447,928 | ) | ||||||||||
MSCI Global Gold Miners | 263,966,628 | 13,277,624 | (59,055,235 | ) | (45,777,611 | ) | ||||||||||
MSCI Global Metals & Mining Producers | 304,280,924 | 24,808,310 | (54,089,679 | ) | (29,281,369 | ) | ||||||||||
MSCI Global Silver Miners | 75,239,107 | 5,929,470 | (13,537,433 | ) | (7,607,963 | ) |
8. LINE OF CREDIT
The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) theone-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’spro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.
The Funds did not borrow under the credit agreement during the six months ended February 28, 2019.
9. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities ofnon-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers.Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 43 |
Notes to Financial Statements (unaudited) (continued)
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
10. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||
|
|
|
| |||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Global Agriculture Producers | ||||||||||||||||
Shares sold | — | $ | — | 150,000 | $ | 4,376,651 | ||||||||||
Shares redeemed | (100,000 | ) | (2,809,131 | ) | (50,000 | ) | (1,430,828 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (100,000 | ) | $ | (2,809,131 | ) | 100,000 | $ | 2,945,823 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Energy Producers | ||||||||||||||||
Shares sold | 300,000 | $ | 6,075,149 | 500,000 | $ | 11,572,019 | ||||||||||
Shares redeemed | — | — | (100,000 | ) | (2,061,598 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 300,000 | $ | 6,075,149 | 400,000 | $ | 9,510,421 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Gold Miners | ||||||||||||||||
Shares sold | 2,050,000 | $ | 33,452,377 | 4,250,000 | $ | 76,199,350 | ||||||||||
Shares redeemed | (6,000,000 | ) | (91,379,449 | ) | (7,700,000 | ) | (135,394,223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease | (3,950,000 | ) | $ | (57,927,072 | ) | (3,450,000 | ) | $ | (59,194,873 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
Shares sold | 800,000 | $ | 25,459,785 | 9,100,000 | $ | 313,480,901 | ||||||||||
Shares redeemed | (5,000,000 | ) | (148,162,889 | ) | (6,950,000 | ) | (223,453,698 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) | (4,200,000 | ) | $ | (122,703,104 | ) | 2,150,000 | $ | 90,027,203 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Silver Miners | ||||||||||||||||
Shares sold | 600,000 | $ | 5,141,382 | 900,000 | $ | 9,366,685 | ||||||||||
Shares redeemed | — | — | (500,000 | ) | (4,765,290 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase | 600,000 | $ | 5,141,382 | 400,000 | $ | 4,601,395 | ||||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of thein-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related toin-kind contributions orin-kind redemptions may be delayed. In such cases, securities related toin-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
11. LEGAL PROCEEDINGS
On June 16, 2016, investors in certain iShares funds (iShares Core S&PSmall-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares RussellMid-Cap Growth ETF, iShares RussellMid-Cap ETF, iShares RussellMid-Cap Value ETF, iShares Select Dividend ETF, iShares MorningstarMid-Cap ETF, iShares MorningstarLarge-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
12. REGULATIONS-X AMENDMENTS
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532,Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
MSCI Global Agriculture Producers | $ | 539,577 | ||
MSCI Global Energy Producers | 1,078,574 | |||
MSCI Global Gold Miners | 2,189,407 | |||
MSCI Global Metals & Mining Producers | 14,546,060 | |||
MSCI Global Silver Miners | 528,302 |
Undistributed (distributions in excess of) net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed (distributions in excess of) net investment income | |||
MSCI Global Agriculture Producers | $ | 107,413 | ||
MSCI Global Energy Producers | 267,105 | |||
MSCI Global Gold Miners | 159,655 | |||
MSCI Global Metals & Mining Producers | 3,206,084 | |||
MSCI Global Silver Miners | (266,371 | ) |
13. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 45 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form1099-DIV which is sent to shareholders shortly after calendaryear-end.
Total Cumulative Distributions | % Breakdown of the Total Cumulative | |||||||||||||||||||||||||||||||||||
For the FiscalYear-to-Date | Distributions for the FiscalYear-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | | Net Investment Income | | | Net Realized Capital Gains | | | Return of Capital | | | Total Per Share | | | Net Investment Income | | | Net Realized Capital Gains | | | Return of Capital | | | Total Per Share | | ||||||||||||
MSCI Global Energy Producers(a) | $ | 0.269678 | $ | — | $ | 0.046139 | $ | 0.315817 | 85 | % | — | % | 15 | % | 100 | % | ||||||||||||||||||||
MSCI Global Metals & Mining Producers(a) | 0.716248 | — | 0.080171 | 0.796419 | 90 | — | 10 | 100 | ||||||||||||||||||||||||||||
MSCI Global Silver Miners(a) | 0.033520 | — | 0.013893 | 0.047413 | 71 | — | 29 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
General Information |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year onForm N-Q.The iShares Funds’Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
G E N E R A L I N F O R M A T I O N | 47 |
Glossary of Terms Used in this Report |
Portfolio Abbreviations — Equity
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares |
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
For more information visit www.iShares.com or call1-800-iShares(1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARESandBLACKROCKare registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. | ||
| ![]() | ![]() |
FEBRUARY 28, 2019
2019 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
▶ | iShares Edge MSCI Min Vol Emerging Markets ETF | EEMV | Cboe BZX |
▶ | iShares Edge MSCI Min Vol Global ETF | ACWV | Cboe BZX |
▶ | iShares Edge MSCI Multifactor Emerging Markets ETF | EMGF | Cboe BZX |
▶ | iShares ESG MSCI EM ETF | ESGE | NASDAQ |
▶ | iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.
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61 |
Fund Summary as of February 28, 2019 | iShares® Edge MSCI Min Vol Emerging Markets ETF |
Investment Objective
TheiShares Edge MSCI Min Vol Emerging Markets ETF(the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 1.30 | % | (2.34 | )% | 3.73 | % | 5.08 | % | (2.34 | )% | 20.12 | % | 44.03 | % | ||||||||||||||||||
Fund Market | 0.84 | (1.80 | ) | 3.76 | 4.99 | (1.80 | ) | 20.25 | 43.15 | |||||||||||||||||||||||
Index | 1.42 | (2.03 | ) | 3.95 | 5.31 | (2.03 | ) | 21.40 | 46.45 |
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,013.00 | $ | 1.25 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.25 | 0.25 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 28.7 | % | ||
Communication Services | 13.0 | |||
Consumer Staples | 11.6 | |||
Information Technology | 11.5 | |||
Utilities | 7.7 | |||
Consumer Discretionary | 7.0 | |||
Industrials | 6.9 | |||
Health Care | 5.6 | |||
Energy | 3.8 | |||
Materials | 2.8 | |||
Real Estate | 1.4 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
China | 25.9 | % | ||
Taiwan | 14.8 | |||
South Korea | 9.0 | |||
India | 9.0 | |||
Thailand | 7.7 | |||
Malaysia | 7.3 | |||
Indonesia | 4.6 | |||
Chile | 3.3 | |||
Philippines | 3.2 | |||
Qatar | 2.9 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2019 | iShares® Edge MSCI Min Vol Global ETF |
Investment Objective
TheiShares Edge MSCI Min Vol Global ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | 1.82 | % | 7.07 | % | 9.03 | % | 10.33 | % | 7.07 | % | 54.10 | % | 106.36 | % | ||||||||||||||||||
Fund Market | 2.13 | 7.45 | 9.08 | 10.34 | 7.45 | 54.45 | 106.41 | |||||||||||||||||||||||||
Index | 1.70 | 6.92 | 8.80 | 10.06 | 6.92 | 52.43 | 102.69 |
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,018.20 | $ | 1.00 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 15.9 | % | ||
Consumer Staples | 13.0 | |||
Health Care | 12.5 | |||
Information Technology | 10.3 | |||
Industrials | 9.8 | |||
Communication Services | 9.1 | |||
Consumer Discretionary | 8.6 | |||
Utilities | 8.4 | |||
Real Estate | 8.4 | |||
Materials | 2.3 | |||
Energy | 1.7 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
United States | 57.7 | % | ||
Japan | 12.5 | |||
Switzerland | 4.9 | |||
Hong Kong | 3.7 | |||
Taiwan | 3.2 | |||
Canada | 3.0 | |||
China | 2.1 | |||
India | 2.0 | |||
United Kingdom | 1.2 | |||
Singapore | 1.2 |
(a) | Excludes money market funds. |
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Fund Summary as of February 28, 2019 | iShares® Edge MSCI Multifactor Emerging Markets ETF |
Investment Objective
TheiShares Edge MSCI Multifactor Emerging Markets ETF(the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (2.98 | )% | (14.57 | )% | 9.69 | % | (14.57 | )% | 34.79 | % | ||||||||||||||
Fund Market | (2.93 | ) | (13.98 | ) | 9.64 | (13.98 | ) | 34.57 | ||||||||||||||||
Index | (2.69 | ) | (14.76 | ) | 9.80 | (14.76 | ) | 35.24 |
The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 970.20 | $ | 2.20 | $ | 1,000.00 | $ | 1,022.60 | $ | 2.26 | 0.45 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 19.8 | % | ||
Information Technology | 18.6 | |||
Consumer Discretionary | 12.3 | |||
Communication Services | 11.1 | |||
Industrials | 8.4 | |||
Materials | 7.7 | |||
Health Care | 6.9 | |||
Energy | 5.6 | |||
Consumer Staples | 3.7 | |||
Real Estate | 3.4 | |||
Utilities | 2.5 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
China | 36.5 | % | ||
South Korea | 17.3 | |||
Taiwan | 12.3 | |||
Brazil | 8.7 | |||
South Africa | 5.3 | |||
Russia | 3.8 | |||
India | 3.8 | |||
Malaysia | 2.5 | |||
Indonesia | 2.2 | |||
Peru | 1.3 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2019 | iShares® ESG MSCI EM ETF |
Investment Objective
TheiShares ESG MSCI EM ETF(the “Fund”) (formerly the iShares MSCI EM ESG Optimized ETF) seeks to track the investment results of an index composed of large-and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | 1.56 | % | (9.61 | )% | 13.36 | % | (9.61 | )% | 39.85 | % | ||||||||||||||
Fund Market | 1.19 | (9.01 | ) | 13.37 | (9.01 | ) | 39.88 | |||||||||||||||||
Index(a) | 1.65 | (9.83 | ) | 14.03 | (9.83 | ) | 42.03 | |||||||||||||||||
MSCI Emerging Markets ESG Focus Index | 1.67 | (9.80 | ) | 14.05 | (9.80 | ) | 42.08 | |||||||||||||||||
MSCI Emerging Markets Extended ESG Focus Index(b) | 1.65 | N/A | N/A | N/A | �� | N/A |
The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.
(a) | Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index, which, effective as of June 1, 2018, replaced the MSCI Emerging Markets ESG Focus Index as the underlying index of the Fund. |
(b) | The inception date of the MSCI Emerging Markets Extended ESG Focus Index was March 27, 2018. The cumulative total return of this index for the period March 27, 2018 through February 28, 2019 was -9.18%. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,015.60 | $ | 1.25 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.25 | 0.25 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 26.1 | % | ||
Information Technology | 16.8 | |||
Consumer Discretionary | 13.2 | |||
Communication Services | 11.5 | |||
Energy | 8.6 | |||
Materials | 6.7 | |||
Consumer Staples | 5.9 | |||
Industrials | 4.4 | |||
Real Estate | 2.4 | |||
Health Care | 2.4 | |||
Utilities | 2.0 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
China | 29.2 | % | ||
South Korea | 13.4 | |||
Taiwan | 12.2 | |||
India | 9.0 | |||
Brazil | 7.4 | |||
South Africa | 6.8 | |||
Russia | 3.7 | |||
Thailand | 3.6 | |||
Malaysia | 3.0 | |||
Mexico | 2.6 |
(a) | Excludes money market funds. |
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Fund Summary as of February 28, 2019 | iShares® MSCI Emerging Markets ex China ETF |
Investment Objective
TheiShares MSCI Emerging Markets ex China ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6 Months | 1 Year | Since Inception | 1 Year | Since Inception | ||||||||||||||||||||
Fund NAV | (0.17 | )% | (9.28 | )% | 0.14 | % | (9.28 | )% | 0.23 | % | ||||||||||||||
Fund Market | (0.56 | ) | (8.75 | ) | 0.15 | (8.75 | ) | 0.24 | ||||||||||||||||
Index | (0.06 | ) | (9.08 | ) | 0.61 | (9.08 | ) | 0.99 |
The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/18) | | | Ending Account Value (02/28/19) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 998.30 | $ | 2.03 | $ | 1,000.00 | $ | 1,022.80 | $ | 2.06 | 0.41 | % |
(a) | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | | Percent of Total Investments | (a) | |
Financials | 22.4 | % | ||
Information Technology | 17.9 | |||
Exchanged-Traded Funds | 12.6 | |||
Materials | 8.9 | |||
Energy | 7.7 | |||
Consumer Discretionary | 7.5 | |||
Consumer Staples | 7.0 | |||
Communication Services | 5.2 | |||
Industrials | 4.9 | |||
Utilities | 2.1 | |||
Health Care | 2.0 | |||
Real Estate | 1.8 |
TEN LARGEST COUNTRIES
Country | | Percent of Total Investments | (a) | |
South Korea | 20.2 | % | ||
Taiwan | 16.5 | |||
India | 12.6 | |||
Brazil | 11.2 | |||
South Africa | 9.0 | |||
Russia | 5.5 | |||
Mexico | 3.9 | |||
Thailand | 3.5 | |||
Malaysia | 3.4 | |||
Indonesia | 3.3 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 9 |
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.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. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses— The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes— The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) February 28, 2019 | iShares® Edge MSCI Min Vol Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 2.5% | ||||||||
Ambev SA | 5,721,800 | $ | 26,288,011 | |||||
BB Seguridade Participacoes SA | 2,532,600 | 18,436,099 | ||||||
Equatorial Energia SA | 1,876,000 | 41,084,162 | ||||||
Hypera SA | 2,063,600 | 14,801,904 | ||||||
IRB Brasil Resseguros S/A | 137,630 | 3,266,201 | ||||||
Magazine Luiza SA | 187,600 | 8,677,047 | ||||||
Raia Drogasil SA | 750,400 | 13,088,105 | ||||||
Rumo SA(a) | 1,500,800 | 7,787,632 | ||||||
Sul America SA | 469,000 | 3,801,773 | ||||||
|
| |||||||
137,230,934 | ||||||||
Chile — 3.2% | ||||||||
Aguas Andinas SA, Class A | 53,553,846 | 31,404,844 | ||||||
Banco de Chile | 518,371,630 | 82,415,409 | ||||||
Banco de Credito e Inversiones SA | 123,816 | 8,478,652 | ||||||
Cia. Cervecerias Unidas SA | 223,244 | 3,162,048 | ||||||
Colbun SA | 23,262,400 | 5,381,978 | ||||||
Enel Americas SA | 24,584,980 | 4,280,056 | ||||||
SACI Falabella | 5,744,312 | 44,738,657 | ||||||
|
| |||||||
179,861,644 | ||||||||
China — 25.9% | ||||||||
3SBio Inc.(b) | 1,876,000 | 3,102,051 | ||||||
51job Inc., ADR(a)(c) | 58,156 | 4,202,353 | ||||||
AAC Technologies Holdings Inc. | 1,407,000 | 8,361,557 | ||||||
Agricultural Bank of China Ltd., Class H | 86,296,000 | 41,335,188 | ||||||
Alibaba Group Holding Ltd., ADR(a)(c) | 382,704 | 70,046,313 | ||||||
ANTA Sports Products Ltd. | 2,814,000 | 16,490,102 | ||||||
Autohome Inc., ADR(a) | 56,286 | 5,293,698 | ||||||
Baidu Inc., ADR(a) | 173,530 | 28,205,566 | ||||||
Bank of Beijing Co. Ltd., Class A | 6,929,957 | 6,645,108 | ||||||
Bank of China Ltd., Class H | 114,436,000 | 53,356,233 | ||||||
Bank of Communications Co. Ltd., Class A | 12,944,474 | 12,373,735 | ||||||
Bank of Communications Co. Ltd., Class H | 5,628,000 | 4,724,773 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 3,834,693 | 4,066,543 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,709,021 | 3,010,383 | ||||||
Bank of Ningbo Co. Ltd., Class A | 1,595,039 | 4,597,959 | ||||||
Bank of Shanghai Co. Ltd., Class A | 3,553,046 | 6,527,432 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 8,390,000 | 8,390,214 | ||||||
BOC Aviation Ltd.(b) | 656,600 | 5,679,526 | ||||||
BOE Technology Group Co. Ltd., Class A | 6,003,200 | 3,649,334 | ||||||
CAR Inc.(a)(c) | 15,008,000 | 13,192,081 | ||||||
China CITIC Bank Corp. Ltd., Class H | 22,512,000 | 14,626,003 | ||||||
China Construction Bank Corp., Class H | 4,690,000 | 4,170,323 | ||||||
China Ding Yi Feng Holdings Ltd.(a)(c) | 3,300,000 | 10,635,940 | ||||||
China Everbright Bank Co. Ltd., Class H | 20,636,000 | 9,884,501 | ||||||
China First Capital Group Ltd.(a) | 9,380,000 | 4,158,373 | ||||||
China Gas Holdings Ltd. | 2,251,200 | 7,399,037 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) | 22,241,266 | 56,667 | ||||||
China Life Insurance Co. Ltd., Class H | 1,930,000 | 5,310,709 | ||||||
China Medical System Holdings Ltd. | 6,566,000 | 6,909,114 | ||||||
China Mengniu Dairy Co. Ltd. | 3,752,000 | 11,590,869 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,132,000 | 2,379,424 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 3,559,596 | 3,471,765 | ||||||
China Mobile Ltd. | 7,973,000 | 83,896,379 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 750,760 | 3,814,801 | ||||||
China Petroleum & Chemical Corp., Class H | 56,280,000 | 48,609,952 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(b) | 30,016,000 | 24,854,646 | ||||||
China Reinsurance Group Corp., Class H | 116,312,000 | 26,819,119 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Resources Beer Holdings Co. Ltd. | 9,650,000 | $ | 35,957,922 | |||||
China Resources Gas Group Ltd. | 2,718,000 | 11,807,154 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 11,256,000 | 15,084,858 | ||||||
China Resources Power Holdings Co. Ltd. | 3,842,000 | 7,282,856 | ||||||
China Shenhua Energy Co. Ltd., Class A | 1,402,084 | 4,280,469 | ||||||
China Telecom Corp. Ltd., Class H | 88,172,000 | 47,737,649 | ||||||
China Unicom Hong Kong Ltd. | 3,752,000 | 4,449,938 | ||||||
China Yangtze Power Co. Ltd., Class A | 4,686,152 | 11,408,812 | ||||||
CITIC Ltd. | 1,876,000 | 2,853,505 | ||||||
CNOOC Ltd. | 1,930,000 | 3,329,027 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 9,380,000 | 5,520,599 | ||||||
COSCO SHIPPING Ports Ltd. | 17,370,000 | 18,454,712 | ||||||
CSPC Pharmaceutical Group Ltd. | 10,208,000 | 17,425,565 | ||||||
Dali Foods Group Co. Ltd.(b)(c) | 3,752,000 | 2,557,161 | ||||||
Daqin Railway Co. Ltd., Class A | 4,779,963 | 6,375,473 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 3,752,000 | 3,991,083 | ||||||
ENN Energy Holdings Ltd. | 750,400 | 7,743,178 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 2,902,979 | 2,922,404 | ||||||
Fullshare Holdings Ltd.(c) | 24,765,000 | 4,953,126 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 1,158,000 | 4,137,927 | ||||||
Guangdong Investment Ltd. | 40,530,000 | 77,757,624 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 1,407,481 | 7,252,673 | ||||||
Hengan International Group Co. Ltd.(c) | 2,895,000 | 23,400,310 | ||||||
Huadian Power International Corp. Ltd., Class H | 7,504,000 | 3,288,461 | ||||||
Huaneng Power International Inc., Class H | 33,768,000 | 20,820,546 | ||||||
Huaxia Bank Co. Ltd., Class A | 2,345,000 | 2,914,088 | ||||||
Hutchison China MediTech Ltd., ADR(a)(c) | 378,952 | 9,886,858 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 39,396,000 | 30,313,109 | ||||||
Industrial Bank Co. Ltd., Class A | 6,753,612 | 18,015,819 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 11,995,202 | 14,814,074 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 25,090,000 | 34,583,531 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 563,308 | 6,049,385 | ||||||
Jiayuan International Group Ltd. | 1,840,000 | 895,411 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 1,407,002 | 2,231,802 | ||||||
Kweichow Moutai Co. Ltd., Class A | 20,190 | 2,276,803 | ||||||
Lee & Man Paper Manufacturing Ltd. | 6,566,000 | 6,047,566 | ||||||
Lenovo Group Ltd. | 35,644,000 | 32,103,121 | ||||||
NetEase Inc., ADR | 91,924 | 20,519,275 | ||||||
New Oriental Education & Technology Group Inc., ADR(a) | 199,800 | 16,395,588 | ||||||
PetroChina Co. Ltd., Class H | 50,652,000 | 33,489,246 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 938,000 | 9,876,137 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 15,008,000 | 13,039,130 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 20,069,434 | 28,358,110 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 3,939,600 | 8,853,034 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 9,567,688 | 16,776,893 | ||||||
Shenzhen International Holdings Ltd. | 2,345,000 | 4,839,486 | ||||||
Shenzhou International Group Holdings Ltd. | 2,907,800 | 36,302,122 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 17,828,000 | 3,724,671 | ||||||
SINA Corp./China(a) | 36,582 | 2,464,529 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 18,760,000 | 9,511,682 | ||||||
Sinopharm Group Co. Ltd., Class H | 2,626,400 | 11,676,904 | ||||||
Sun Art Retail Group Ltd. | 5,628,000 | 5,721,348 | ||||||
TAL Education Group, ADR(a) | 232,624 | 8,281,414 | ||||||
Tencent Holdings Ltd. | 750,400 | 32,100,731 | ||||||
TravelSky Technology Ltd., Class H | 2,814,000 | 8,155,431 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Want Want China Holdings Ltd. | 4,825,000 | $ | 3,890,832 | |||||
Weibo Corp., ADR(a)(c) | 42,216 | 3,050,106 | ||||||
Yum China Holdings Inc. | 954,884 | 39,837,760 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A(d) | 363,914 | 4,624,478 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 22,043,000 | 23,503,772 | ||||||
ZTE Corp., Class H(a) | 2,016,800 | 6,024,862 | ||||||
|
| |||||||
1,433,779,911 | ||||||||
Colombia — 0.5% | ||||||||
Grupo Argos SA/Colombia | 458,682 | 2,669,388 | ||||||
Interconexion Electrica SA ESP | 5,966,618 | 27,089,283 | ||||||
|
| |||||||
29,758,671 | ||||||||
Czech Republic — 0.5% | ||||||||
CEZ AS | 133,196 | 3,232,697 | ||||||
Komercni Banka AS | 372,894 | 15,680,421 | ||||||
Moneta Money Bank AS(b) | 2,879,660 | 10,214,692 | ||||||
|
| |||||||
29,127,810 | ||||||||
Egypt — 0.4% | ||||||||
Commercial International Bank Egypt SAE | 5,493,866 | 22,006,822 | ||||||
|
| |||||||
Greece — 0.6% | ||||||||
Hellenic Telecommunications Organization SA | 413,658 | 5,252,013 | ||||||
JUMBO SA | 189,476 | 3,085,317 | ||||||
Motor Oil Hellas Corinth Refineries SA | 360,192 | 8,777,228 | ||||||
OPAP SA | 494,326 | 5,066,004 | ||||||
Titan Cement Co. SA | 597,506 | 13,104,127 | ||||||
|
| |||||||
35,284,689 | ||||||||
Hungary — 1.0% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,675,268 | 19,567,269 | ||||||
OTP Bank Nyrt | 205,422 | 8,693,926 | ||||||
Richter Gedeon Nyrt | 1,294,440 | 25,081,950 | ||||||
|
| |||||||
53,343,145 | ||||||||
India — 9.0% | ||||||||
Asian Paints Ltd. | 1,875,062 | 37,044,511 | ||||||
Bajaj Finance Ltd. | 285,152 | 10,620,097 | ||||||
Bajaj Finserv Ltd. | 133,196 | 12,102,037 | ||||||
Bharti Infratel Ltd. | 1,111,530 | 4,589,034 | ||||||
Britannia Industries Ltd. | 471,814 | 20,277,861 | ||||||
Cadila Healthcare Ltd. | 554,358 | 2,483,948 | ||||||
Cipla Ltd./India | 387,394 | 3,020,395 | ||||||
Coal India Ltd. | 771,036 | 2,474,860 | ||||||
Dabur India Ltd. | 6,365,268 | 39,202,202 | ||||||
Eicher Motors Ltd. | 8,442 | 2,358,270 | ||||||
HCL Technologies Ltd. | 3,050,376 | 45,198,380 | ||||||
Hindustan Unilever Ltd. | 1,349,782 | 32,880,966 | ||||||
Housing Development Finance Corp. Ltd. | 430,542 | 11,145,167 | ||||||
Infosys Ltd. | 5,846,554 | 60,359,215 | ||||||
InterGlobe Aviation Ltd.(b) | 179,158 | 2,834,614 | ||||||
ITC Ltd. | 754,152 | 2,926,959 | ||||||
Lupin Ltd. | 267,330 | 2,870,576 | ||||||
Marico Ltd. | 4,047,470 | 19,330,775 | ||||||
Maruti Suzuki India Ltd. | 31,892 | 3,062,340 | ||||||
Nestle India Ltd. | 42,210 | 6,314,179 | ||||||
Petronet LNG Ltd. | 3,318,644 | 10,432,840 | ||||||
Pidilite Industries Ltd. | 214,802 | 3,480,411 | ||||||
Power Grid Corp. of India Ltd. | 2,734,270 | 7,029,209 | ||||||
Reliance Industries Ltd. | 808,556 | 13,994,452 | ||||||
Sun Pharmaceutical Industries Ltd. | 894,852 | 5,600,511 | ||||||
Tata Consultancy Services Ltd. | 1,432,326 | 39,942,314 | ||||||
Tech Mahindra Ltd. | 2,078,608 | 24,260,472 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Titan Co. Ltd. | 726,950 | $ | 10,478,116 | |||||
Wipro Ltd. | 11,734,380 | 60,860,973 | ||||||
|
| |||||||
497,175,684 | ||||||||
Indonesia — 4.6% | ||||||||
Bank Central Asia Tbk PT | 45,211,600 | 88,623,413 | ||||||
Bank Mandiri Persero Tbk PT | 15,664,600 | 7,933,910 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 35,268,800 | 9,652,382 | ||||||
Gudang Garam Tbk PT | 2,438,800 | 14,805,297 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 88,548,400 | 23,919,241 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 13,882,400 | 10,090,460 | ||||||
Indofood Sukses Makmur Tbk PT | 20,260,800 | 10,189,810 | ||||||
Jasa Marga Persero Tbk PT | 10,036,695 | 3,727,864 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 139,293,000 | 38,220,791 | ||||||
Unilever Indonesia Tbk PT | 13,694,800 | 47,385,420 | ||||||
|
| |||||||
254,548,588 | ||||||||
Malaysia — 7.3% | ||||||||
DiGi.Com Bhd(c) | 4,690,000 | 5,247,633 | ||||||
Fraser & Neave Holdings Bhd | 1,500,800 | 13,027,970 | ||||||
HAP Seng Consolidated Bhd | 8,160,600 | 19,766,853 | ||||||
Hong Leong Bank Bhd | 9,567,600 | 50,067,264 | ||||||
IHH Healthcare Bhd | 42,210,000 | 59,477,019 | ||||||
IOI Corp. Bhd | 2,063,600 | 2,278,511 | ||||||
Kuala Lumpur Kepong Bhd | 2,907,800 | 17,690,636 | ||||||
Malayan Banking Bhd | 27,764,800 | 65,067,882 | ||||||
Maxis Bhd(c) | 9,755,200 | 12,882,190 | ||||||
Nestle Malaysia Bhd | 93,800 | 3,413,845 | ||||||
Petronas Chemicals Group Bhd | 8,911,000 | 20,203,964 | ||||||
Petronas Dagangan Bhd | 1,500,800 | 9,854,017 | ||||||
PPB Group Bhd | 3,752,000 | 16,940,052 | ||||||
Public Bank Bhd | 13,132,080 | 80,733,309 | ||||||
Tenaga Nasional Bhd | 6,378,400 | 21,049,583 | ||||||
Westports Holdings Bhd | 4,314,800 | 3,915,311 | ||||||
|
| |||||||
401,616,039 | ||||||||
Mexico — 1.2% | ||||||||
Arca Continental SAB de CV | 2,814,000 | 15,870,922 | ||||||
Coca-Cola Femsa SAB de CV, Series L, NVS | 750,400 | 4,540,669 | ||||||
Gruma SAB de CV, Series B | 891,100 | 9,657,585 | ||||||
Infraestructura Energetica Nova SAB de CV | 2,123,000 | 8,167,185 | ||||||
Wal-Mart de Mexico SAB de CV | 11,068,400 | 28,633,764 | ||||||
|
| |||||||
66,870,125 | ||||||||
Pakistan — 0.1% | ||||||||
MCB Bank Ltd. | 4,127,200 | 6,112,726 | ||||||
|
| |||||||
Peru — 1.3% | ||||||||
Credicorp Ltd. | 301,098 | 73,193,913 | ||||||
|
| |||||||
Philippines — 3.2% | ||||||||
Aboitiz Equity Ventures Inc. | 13,225,980 | 15,599,087 | ||||||
Aboitiz Power Corp. | 30,578,800 | 20,604,625 | ||||||
Bank of the Philippine Islands | 16,433,768 | 26,690,574 | ||||||
BDO Unibank Inc. | 14,426,443 | 35,591,920 | ||||||
International Container Terminal Services Inc. | 3,339,280 | 7,489,491 | ||||||
Jollibee Foods Corp. | 5,524,820 | 32,879,729 | ||||||
Manila Electric Co. | 1,904,140 | 13,533,679 | ||||||
Metropolitan Bank & Trust Co. | 5,365,362 | 7,884,136 | ||||||
Security Bank Corp. | 1,876,000 | 6,013,937 | ||||||
SM Investments Corp. | 131,320 | 2,386,713 | ||||||
Universal Robina Corp. | 3,132,920 | 8,244,208 | ||||||
|
| |||||||
176,918,099 |
12 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Poland — 0.4% | ||||||||
Bank Polska Kasa Opieki SA | 351,750 | $ | 10,547,380 | |||||
CD Projekt SA(a) | 86,296 | 4,341,635 | ||||||
Cyfrowy Polsat SA(a) | 716,632 | 4,840,135 | ||||||
|
| |||||||
19,729,150 | ||||||||
Qatar — 2.9% | ||||||||
Barwa Real Estate Co. | 1,961,358 | 21,247,374 | ||||||
Commercial Bank PQSC (The) | 999,258 | 10,961,632 | ||||||
Masraf Al Rayan QSC | 2,995,972 | 30,242,475 | ||||||
Qatar Electricity & Water Co. QSC | 593,023 | 28,633,172 | ||||||
Qatar Islamic Bank SAQ | 988,742 | 39,273,790 | ||||||
Qatar National Bank QPSC | 626,740 | 32,267,123 | ||||||
|
| |||||||
162,625,566 | ||||||||
Russia — 0.2% | ||||||||
Rosneft Oil Co. PJSC | 371,300 | 2,247,085 | ||||||
Rosneft Oil Co. PJSC, GDR(e) | 1,361,976 | 8,158,236 | ||||||
|
| |||||||
10,405,321 | ||||||||
South Africa — 1.1% | ||||||||
AngloGold Ashanti Ltd. | 350,812 | 5,040,365 | ||||||
Bidvest Group Ltd. (The) | 396,774 | 5,871,747 | ||||||
Fortress REIT Ltd., Series A | 15,038,954 | 20,237,341 | ||||||
Gold Fields Ltd. | 885,472 | 3,621,870 | ||||||
Reinet Investments SCA | 322,672 | 5,096,428 | ||||||
Sappi Ltd. | 423,976 | 2,178,682 | ||||||
SPAR Group Ltd. (The) | 226,058 | 3,210,795 | ||||||
Tiger Brands Ltd. | 122,878 | 2,327,253 | ||||||
Vodacom Group Ltd. | 1,570,212 | 12,968,209 | ||||||
|
| |||||||
60,552,690 | ||||||||
South Korea — 9.0% | ||||||||
Celltrion Inc.(a)(c) | 36,307 | 6,601,566 | ||||||
Cheil Worldwide Inc. | 250,446 | 5,578,085 | ||||||
CJ CheilJedang Corp. | 16,884 | 4,833,865 | ||||||
CJ Logistics Corp.(a)(c) | 64,722 | 10,933,742 | ||||||
Coway Co. Ltd. | 98,490 | 8,284,124 | ||||||
DB Insurance Co. Ltd. | 480,256 | 30,958,087 | ||||||
E-MART Inc. | 37,781 | 6,046,572 | ||||||
GS Retail Co. Ltd. | 87,234 | 3,001,650 | ||||||
Hanmi Science Co. Ltd. | 41,084 | 2,969,796 | ||||||
Hanwha Life Insurance Co. Ltd. | 878,906 | 3,258,681 | ||||||
Hyundai Glovis Co. Ltd. | 45,024 | 5,584,465 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 363,944 | 12,199,421 | ||||||
Hyundai Mobis Co. Ltd. | 17,822 | 3,494,044 | ||||||
Kangwon Land Inc.(a) | 978,334 | 26,878,741 | ||||||
Kia Motors Corp. | 318,920 | 10,364,120 | ||||||
Korea Electric Power Corp.(a) | 303,912 | 9,417,030 | ||||||
Korea Gas Corp. | 61,908 | 2,757,705 | ||||||
KT Corp. | 262,836 | 6,648,603 | ||||||
KT&G Corp. | 529,970 | 49,712,666 | ||||||
Lotte Chemical Corp. | 14,070 | 3,990,691 | ||||||
Lotte Corp. | 55,342 | 2,612,839 | ||||||
Medy-Tox Inc. | 5,785 | 2,808,402 | ||||||
NAVER Corp. | 236,376 | 27,952,350 | ||||||
NCSoft Corp. | 64,722 | 26,528,712 | ||||||
S-1 Corp. | 290,780 | 26,371,086 | ||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 44,086 | 14,738,451 | ||||||
Samsung Electronics Co. Ltd. | 1,089,018 | 43,669,167 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 127,568 | 34,197,343 | ||||||
Samsung Life Insurance Co. Ltd. | 358,316 | 28,258,762 | ||||||
SK Hynix Inc. | 565,614 | 35,203,147 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
SK Telecom Co. Ltd. | 181,034 | $ | 41,930,610 | |||||
|
| |||||||
497,784,523 | ||||||||
Taiwan — 14.8% | ||||||||
Advantech Co. Ltd. | 3,979,333 | 30,384,977 | ||||||
Asustek Computer Inc. | 2,814,000 | 20,069,631 | ||||||
AU Optronics Corp. | 24,388,000 | 8,993,999 | ||||||
Cathay Financial Holding Co. Ltd. | 4,690,000 | 6,903,222 | ||||||
Chicony Electronics Co. Ltd. | 10,697,455 | 23,635,792 | ||||||
China Development Financial Holding Corp. | 21,574,000 | 6,988,864 | ||||||
Chunghwa Telecom Co. Ltd. | 22,512,000 | 78,266,989 | ||||||
Compal Electronics Inc. | 8,442,000 | 5,239,134 | ||||||
E.Sun Financial Holding Co. Ltd. | 36,582,833 | 26,269,414 | ||||||
Eva Airways Corp. | 8,331,332 | 4,182,382 | ||||||
Far EasTone Telecommunications Co. Ltd. | 32,830,000 | 76,910,727 | ||||||
First Financial Holding Co. Ltd. | 118,188,710 | 79,876,697 | ||||||
Formosa Petrochemical Corp. | 5,056,000 | 19,138,759 | ||||||
Formosa Plastics Corp. | 2,814,840 | 9,374,721 | ||||||
Hon Hai Precision Industry Co. Ltd. | 7,504,500 | 17,727,069 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 73,164,160 | 44,930,470 | ||||||
Innolux Corp. | 9,380,000 | 3,123,974 | ||||||
Lite-On Technology Corp. | 1,876,752 | 2,716,661 | ||||||
Mega Financial Holding Co. Ltd. | 16,884,000 | 14,949,361 | ||||||
Powertech Technology Inc. | 3,752,000 | 8,728,842 | ||||||
President Chain Store Corp. | 3,525,000 | 36,479,538 | ||||||
Quanta Computer Inc. | 3,860,000 | 7,174,045 | ||||||
Standard Foods Corp. | 2,257,476 | 3,865,579 | ||||||
Synnex Technology International Corp. | 16,884,000 | 20,572,515 | ||||||
Taiwan Business Bank | 42,210,855 | 15,566,851 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 136,954,953 | 84,994,707 | ||||||
Taiwan High Speed Rail Corp. | 10,318,000 | 11,063,441 | ||||||
Taiwan Mobile Co. Ltd. | 22,717,000 | 81,194,093 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,504,000 | 58,273,553 | ||||||
United Microelectronics Corp. | 7,504,000 | 2,791,766 | ||||||
WPG Holdings Ltd. | 7,362,440 | 9,521,067 | ||||||
|
| |||||||
819,908,840 | ||||||||
Thailand — 7.6% | ||||||||
Advanced Info Service PCL, NVDR | 2,532,600 | 14,626,996 | ||||||
Airports of Thailand PCL, NVDR | 25,044,600 | 53,645,712 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 51,777,600 | 38,776,719 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 96,051,200 | 32,309,170 | ||||||
BTS Group Holdings PCL, NVDR | 119,126,000 | 39,314,888 | ||||||
Bumrungrad Hospital PCL, NVDR | 4,502,400 | 26,646,493 | ||||||
Central Pattana PCL, NVDR | 1,876,000 | 4,494,661 | ||||||
CP ALL PCL, NVDR | 20,823,600 | 51,377,545 | ||||||
Delta Electronics Thailand PCL, NVDR | 7,316,400 | 16,832,654 | ||||||
Electricity Generating PCL, NVDR | 2,626,400 | 22,253,036 | ||||||
Glow Energy PCL, NVDR | 10,411,800 | 30,066,602 | ||||||
Home Product Center PCL, NVDR | 34,893,600 | 16,609,409 | ||||||
IRPC PCL, NVDR | 38,927,000 | 7,288,197 | ||||||
Kasikornbank PCL, NVDR | 1,969,800 | 12,345,434 | ||||||
Krung Thai Bank PCL, NVDR | 39,958,800 | 24,472,982 | ||||||
Minor International PCL, NVDR | 4,502,400 | 5,536,470 | ||||||
PTT Global Chemical PCL, NVDR | 2,063,600 | 4,714,929 | ||||||
Robinson PCL, NVDR | 2,626,400 | 5,375,733 | ||||||
Siam Cement PCL (The), NVDR | 656,600 | 9,876,347 | ||||||
Thai Union Group PCL, NVDR | 10,974,600 | 6,442,843 | ||||||
|
| |||||||
423,006,820 | ||||||||
United Arab Emirates — 2.2% | ||||||||
DP World Ltd. | 801,052 | 12,824,842 |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Arab Emirates (continued) | ||||||||
Dubai Islamic Bank PJSC | 5,383,182 | $ | 7,650,479 | |||||
Emaar Development PJSC | 1,970,738 | 2,092,534 | ||||||
Emirates Telecommunications Group Co. PJSC | 8,233,764 | 37,839,896 | ||||||
First Abu Dhabi Bank PJSC | 15,315,664 | 63,380,913 | ||||||
|
| |||||||
123,788,664 | ||||||||
|
| |||||||
Total Common Stocks — 99.5% | 5,514,630,374 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 0.1% | ||||||||
Telefonica Brasil SA, Preference Shares, NVS | 469,000 | 5,851,479 | ||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Grupo de Inversiones Suramericana SA, Preference Shares, NVS | 579,684 | 6,220,044 | ||||||
|
| |||||||
Russia — 0.1% | ||||||||
Transneft PJSC, Preference Shares | 695 | 1,799,298 | ||||||
|
| |||||||
Total Preferred Stocks — 0.3% | 13,870,821 | |||||||
|
| |||||||
Warrants | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL, NVDR (Expires 11/29/19)(a) | 10,792,211 | 246,581 | ||||||
|
| |||||||
Total Warrants — 0.0% | 246,581 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, | 41,336,593 | $ | 41,353,128 | |||||
BlackRock Cash Funds: Treasury, | 12,187,281 | 12,187,281 | ||||||
|
| |||||||
53,540,409 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.0% | 53,540,409 | |||||||
|
| |||||||
Total Investments in Securities — 100.8% | 5,582,288,185 | |||||||
Other Assets, Less Liabilities — (0.8)% | (41,751,702 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 5,540,536,483 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period-end. |
(h) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | | Net Activity | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | ||||||||||
BlackRock Cash Funds: Institutional, | 74,656,625 | (33,320,032 | ) | 41,336,593 | $ | 41,353,128 | $ | 759,477 | (b) | $ | (501 | ) | $ | 1,579 | ||||||||||||||
BlackRock Cash Funds: Treasury, | 14,250,979 | (2,063,698 | ) | 12,187,281 | 12,187,281 | 99,806 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 53,540,409 | $ | 859,283 | $ | (501 | ) | $ | 1,579 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets E-Mini | 132 | 03/15/19 | $ | 6,908 | $ | (12,418 | ) | |||||||||
|
|
14 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Emerging Markets ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized depreciation(a) | $ | 12,418 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported separately within the Consolidated Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | 1,211,396 | ||
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | (29,807 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts— long | $ | 10,698,470 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 5,509,949,229 | $ | — | $ | 4,681,145 | $ | 5,514,630,374 | ||||||||
Preferred Stocks | 13,870,821 | — | — | 13,870,821 | ||||||||||||
Warrants | 246,581 | — | — | 246,581 | ||||||||||||
Money Market Funds | 53,540,409 | — | — | 53,540,409 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,577,607,040 | $ | — | $ | 4,681,145 | $ | 5,582,288,185 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Futures Contracts | $ | (12,418 | ) | $ | — | $ | — | $ | (12,418 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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 | 15 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® Edge MSCI Min Vol Global ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 0.0% | ||||||||
Woolworths Group Ltd. | 83,963 | $ | 1,712,616 | |||||
|
| |||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG | 62,411 | 2,362,992 | ||||||
|
| |||||||
Belgium — 0.5% | ||||||||
Colruyt SA(a) | 106,862 | 7,629,576 | ||||||
Proximus SADP | 250,991 | 6,639,217 | ||||||
UCB SA | 60,166 | 5,047,895 | ||||||
|
| |||||||
19,316,688 | ||||||||
Brazil — 0.1% | ||||||||
BB Seguridade Participacoes SA | 257,500 | 1,874,475 | ||||||
|
| |||||||
Canada — 3.0% | ||||||||
Agnico Eagle Mines Ltd. | 228,990 | 9,731,640 | ||||||
Barrick Gold Corp. | 1,031,353 | 12,999,590 | ||||||
BCE Inc. | 258,175 | 11,471,831 | ||||||
Fairfax Financial Holdings Ltd. | 14,368 | 7,107,960 | ||||||
First Capital Realty Inc. | 80,447 | 1,308,409 | ||||||
Franco-Nevada Corp. | 305,769 | 23,017,417 | ||||||
Goldcorp Inc. | 202,499 | 2,137,233 | ||||||
Intact Financial Corp. | 233,929 | 19,538,489 | ||||||
RioCan REIT | 120,332 | 2,296,998 | ||||||
Rogers Communications Inc., Class B, NVS | 97,882 | 5,403,949 | ||||||
Shaw Communications Inc., Class B, NVS | 199,356 | 4,108,217 | ||||||
TELUS Corp. | 329,566 | 11,961,469 | ||||||
Thomson Reuters Corp. | 130,210 | 7,075,040 | ||||||
|
| |||||||
118,158,242 | ||||||||
Chile — 0.4% | ||||||||
Banco de Chile | 42,531,525 | 6,762,047 | ||||||
SACI Falabella | 966,248 | 7,525,468 | ||||||
|
| |||||||
14,287,515 | ||||||||
China — 2.1% | ||||||||
Agricultural Bank of China Ltd., Class H | 5,837,000 | 2,795,883 | ||||||
China Huishan Dairy Holdings Co. Ltd.(b)(c) | 2,093,055 | 5,333 | ||||||
China Mobile Ltd. | 2,469,500 | 25,985,465 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H(d) | 2,694,000 | 2,230,757 | ||||||
China Reinsurance Group Corp., Class H | 11,601,000 | 2,674,948 | ||||||
China Resources Beer Holdings Co. Ltd. | 898,000 | 3,346,136 | ||||||
China Resources Pharmaceutical Group | 2,511,500 | 3,365,816 | ||||||
China Telecom Corp. Ltd., Class H | 20,654,000 | 11,182,387 | ||||||
China Unicom Hong Kong Ltd. | 2,694,000 | 3,195,131 | ||||||
COSCO SHIPPING Ports Ltd. | 1,796,000 | 1,908,156 | ||||||
Fullshare Holdings Ltd.(a) | 5,430,000 | 1,086,028 | ||||||
Guangdong Investment Ltd. | 3,593,147 | 6,893,525 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 1,696,952 | 2,095,736 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 1,992,000 | 2,745,731 | ||||||
Lenovo Group Ltd. | 4,550,000 | 4,098,002 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 1,885,831 | 2,664,679 | ||||||
Shenzhen International Holdings Ltd. | 1,571,500 | 3,243,178 | ||||||
Sinopharm Group Co. Ltd., Class H | 359,200 | 1,596,994 | ||||||
Yum China Holdings Inc. | 77,677 | 3,240,684 | ||||||
|
| |||||||
84,354,569 | ||||||||
Czech Republic — 0.1% | ||||||||
Komercni Banka AS | 60,615 | 2,548,898 | ||||||
|
|
Security | Shares | Value | ||||||
Denmark — 0.5% | ||||||||
Chr Hansen Holding A/S | 22,450 | $ | 2,289,439 | |||||
Coloplast A/S, Class B | 65,554 | 6,541,093 | ||||||
Pandora A/S | 103,270 | 5,424,894 | ||||||
Tryg A/S | 208,336 | 5,685,100 | ||||||
|
| |||||||
19,940,526 | ||||||||
Finland — 0.2% | ||||||||
Elisa OYJ | 96,984 | 4,073,974 | ||||||
Sampo OYJ, Class A | 87,555 | 4,219,259 | ||||||
|
| |||||||
8,293,233 | ||||||||
France — 0.6% | ||||||||
Dassault Systemes SE | 17,511 | 2,565,254 | ||||||
Getlink SE | 180,947 | 2,674,457 | ||||||
Hermes International | 30,532 | 19,358,157 | ||||||
|
| |||||||
24,597,868 | ||||||||
Germany — 0.1% | ||||||||
TUI AG | 264,910 | 2,819,560 | ||||||
|
| |||||||
Hong Kong — 3.6% | ||||||||
CK Infrastructure Holdings Ltd. | 1,122,500 | 9,359,172 | ||||||
CLP Holdings Ltd. | 1,571,754 | 18,621,254 | ||||||
Hang Seng Bank Ltd. | 1,257,200 | 31,150,526 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 4,490,000 | 4,678,871 | ||||||
HKT Trust & HKT Ltd. | 7,111,000 | 11,106,125 | ||||||
Hong Kong & China Gas Co. Ltd. | 5,028,937 | 11,646,930 | ||||||
Jardine Matheson Holdings Ltd. | 179,600 | 12,313,376 | ||||||
Jardine Strategic Holdings Ltd. | 44,900 | 1,773,550 | ||||||
Link REIT | 1,347,000 | 15,229,210 | ||||||
MTR Corp. Ltd. | 2,469,500 | 14,188,190 | ||||||
PCCW Ltd. | 7,633,000 | 4,589,640 | ||||||
Power Assets Holdings Ltd. | 898,000 | 6,234,681 | ||||||
Yue Yuen Industrial Holdings Ltd. | 673,500 | 2,265,077 | ||||||
|
| |||||||
143,156,602 | ||||||||
Hungary — 0.1% | ||||||||
OTP Bank Nyrt | 98,780 | 4,180,594 | ||||||
|
| |||||||
India — 2.0% | ||||||||
Asian Paints Ltd. | 254,134 | 5,020,778 | ||||||
Bajaj Finserv Ltd. | 49,839 | 4,528,315 | ||||||
Britannia Industries Ltd. | 96,086 | 4,129,633 | ||||||
Coal India Ltd. | 1,141,807 | 3,664,955 | ||||||
Dabur India Ltd. | 721,992 | 4,446,580 | ||||||
Eicher Motors Ltd. | 15,715 | 4,389,981 | ||||||
HCL Technologies Ltd. | 403,651 | 5,981,024 | ||||||
Hero MotoCorp Ltd. | 58,370 | 2,156,759 | ||||||
Hindustan Unilever Ltd. | 140,088 | 3,412,572 | ||||||
Infosys Ltd. | 974,779 | 10,063,517 | ||||||
InterGlobe Aviation Ltd.(d) | 151,762 | 2,401,158 | ||||||
Maruti Suzuki India Ltd. | 83,963 | 8,062,313 | ||||||
Petronet LNG Ltd. | 987,351 | 3,103,941 | ||||||
Pidilite Industries Ltd. | 202,499 | 3,281,067 | ||||||
Sun Pharmaceutical Industries Ltd. | 285,564 | 1,787,228 | ||||||
Tata Consultancy Services Ltd. | 215,520 | 6,010,062 | ||||||
Wipro Ltd. | 185,052 | 959,782 | ||||||
Wipro Ltd., ADR(a) | 893,090 | 5,001,304 | ||||||
|
| |||||||
78,400,969 | ||||||||
Indonesia — 0.8% | ||||||||
Bank Central Asia Tbk PT | 9,653,500 | 18,922,713 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 2,903,200 | 2,110,199 | ||||||
Kalbe Farma Tbk PT | 21,776,500 | 2,314,261 |
16 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Global ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Telekomunikasi Indonesia Persero Tbk PT | 20,923,400 | $ | 5,741,199 | |||||
Unilever Indonesia Tbk PT | 942,900 | 3,262,531 | ||||||
|
| |||||||
32,350,903 | ||||||||
Ireland — 0.4% | ||||||||
AIB Group PLC | 509,615 | 2,400,116 | ||||||
Kerry Group PLC, Class A | 111,352 | 11,475,091 | ||||||
Ryanair Holdings PLC, ADR(c) | 41,308 | 3,079,098 | ||||||
|
| |||||||
16,954,305 | ||||||||
Israel — 0.5% | ||||||||
Azrieli Group Ltd. | 55,227 | 3,092,767 | ||||||
Bank Hapoalim BM | 379,216 | 2,611,385 | ||||||
Bank Leumi Le-Israel BM | 431,957 | 2,857,737 | ||||||
Check Point Software Technologies Ltd.(a)(c) | 35,378 | 4,326,729 | ||||||
Mizrahi Tefahot Bank Ltd. | 233,929 | 4,482,108 | ||||||
Nice Ltd.(c) | 18,409 | 2,164,480 | ||||||
|
| |||||||
19,535,206 | ||||||||
Italy — 0.4% | ||||||||
Intesa Sanpaolo SpA | 1,636,156 | 4,041,046 | ||||||
Snam SpA | 2,423,253 | 11,989,417 | ||||||
|
| |||||||
16,030,463 | ||||||||
Japan — 12.4% | ||||||||
ABC-Mart Inc. | 49,800 | 2,854,150 | ||||||
Ajinomoto Co. Inc. | 179,600 | 2,716,910 | ||||||
ANA Holdings Inc. | 179,600 | 6,666,432 | ||||||
Asahi Group Holdings Ltd. | 44,900 | 1,938,864 | ||||||
Astellas Pharma Inc. | 1,167,400 | 18,021,711 | ||||||
Benesse Holdings Inc. | 134,700 | 3,660,326 | ||||||
Canon Inc. | 673,500 | 19,366,453 | ||||||
Daiichi Sankyo Co. Ltd. | 179,600 | 6,722,900 | ||||||
Daito Trust Construction Co. Ltd. | 44,900 | 6,225,579 | ||||||
Daiwa House REIT Investment Corp. | 3,143 | 7,013,306 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 238,800 | 6,810,906 | ||||||
FUJIFILM Holdings Corp. | 99,600 | 4,465,537 | ||||||
Hamamatsu Photonics KK | 134,700 | 4,743,299 | ||||||
Hankyu Hanshin Holdings Inc. | 44,900 | 1,629,501 | ||||||
Japan Airlines Co. Ltd. | 179,600 | 6,558,336 | ||||||
Japan Post Bank Co. Ltd. | 718,400 | 8,021,660 | ||||||
Japan Post Holdings Co. Ltd. | 1,930,700 | 23,500,705 | ||||||
Japan Prime Realty Investment Corp. | 1,347 | 5,287,810 | ||||||
Japan Real Estate Investment Corp. | 2,245 | 13,007,770 | ||||||
Japan Retail Fund Investment Corp. | 4,668 | 9,409,802 | ||||||
KDDI Corp. | 89,800 | 2,168,768 | ||||||
Keikyu Corp.(a) | 134,700 | 2,233,706 | ||||||
Kintetsu Group Holdings Co. Ltd. | 44,900 | 2,028,809 | ||||||
Kirin Holdings Co. Ltd. | 134,700 | 3,011,753 | ||||||
Kyushu Railway Co. | 224,500 | 7,683,660 | ||||||
Lawson Inc. | 89,800 | 5,445,113 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 104,200 | 4,670,841 | ||||||
MEIJI Holdings Co. Ltd. | 89,800 | 7,114,948 | ||||||
Mitsubishi Tanabe Pharma Corp. | 404,100 | 5,829,901 | ||||||
Mizuho Financial Group Inc. | 2,289,900 | 3,603,939 | ||||||
Nagoya Railroad Co. Ltd. | 314,300 | 8,653,697 | ||||||
NEC Corp. | 356,800 | 11,907,222 | ||||||
Nippon Building Fund Inc. | 2,245 | 14,621,137 | ||||||
Nippon Prologis REIT Inc. | 3,143 | 6,685,792 | ||||||
Nippon Telegraph & Telephone Corp. | 493,900 | 21,300,880 | ||||||
Nissan Motor Co. Ltd. | 1,212,300 | 10,480,754 | ||||||
Nissin Foods Holdings Co. Ltd. | 89,800 | 6,235,663 | ||||||
Nitori Holdings Co. Ltd. | 51,100 | 6,373,729 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nomura Real Estate Master Fund Inc. | 7,184 | $ | 9,847,991 | |||||
Nomura Research Institute Ltd. | 44,930 | 1,828,359 | ||||||
NTT Data Corp. | 628,600 | 6,872,136 | ||||||
NTT DOCOMO Inc. | 1,481,700 | 34,493,582 | ||||||
Ono Pharmaceutical Co. Ltd. | 179,600 | 3,692,190 | ||||||
Oracle Corp. Japan | 49,800 | 3,717,553 | ||||||
Oriental Land Co. Ltd./Japan | 149,400 | 16,413,601 | ||||||
Otsuka Corp. | 142,300 | 5,119,579 | ||||||
Otsuka Holdings Co. Ltd. | 224,500 | 9,361,561 | ||||||
Park24 Co. Ltd. | 179,600 | 4,314,143 | ||||||
Sankyo Co. Ltd. | 89,800 | 3,307,402 | ||||||
Secom Co. Ltd. | 269,400 | 23,280,884 | ||||||
Seven & i Holdings Co. Ltd. | 44,900 | 1,973,954 | ||||||
Shimamura Co. Ltd. | 44,900 | 3,795,446 | ||||||
Shionogi & Co. Ltd. | 39,429 | 2,520,452 | ||||||
Suntory Beverage & Food Ltd. | 224,500 | 9,902,039 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 49,800 | 5,041,736 | ||||||
Takeda Pharmaceutical Co. Ltd. | 179,600 | 7,210,137 | ||||||
Terumo Corp. | 46,300 | 2,836,561 | ||||||
Tobu Railway Co. Ltd. | 314,300 | 8,780,749 | ||||||
Toho Co. Ltd./Tokyo | 98,600 | 3,525,225 | ||||||
Toyo Suisan Kaisha Ltd. | 134,700 | 4,997,404 | ||||||
Tsuruha Holdings Inc. | 31,400 | 2,781,207 | ||||||
United Urban Investment Corp. | 5,388 | 8,354,014 | ||||||
USS Co. Ltd. | 134,700 | 2,453,931 | ||||||
West Japan Railway Co. | 44,900 | 3,384,440 | ||||||
Yahoo Japan Corp. | 718,400 | 1,923,133 | ||||||
Yamada Denki Co. Ltd. | 1,122,500 | 5,424,946 | ||||||
Yamazaki Baking Co. Ltd. | 179,600 | 3,075,077 | ||||||
|
| |||||||
488,901,701 | ||||||||
Malaysia — 0.9% | ||||||||
Hong Leong Bank Bhd | 1,122,500 | 5,874,044 | ||||||
IHH Healthcare Bhd | 1,840,900 | 2,593,965 | ||||||
Malayan Banking Bhd | 2,559,300 | 5,997,818 | ||||||
Maxis Bhd(a) | 3,098,100 | 4,091,183 | ||||||
Petronas Chemicals Group Bhd | 754,000 | 1,709,549 | ||||||
Petronas Dagangan Bhd | 359,200 | 2,358,451 | ||||||
Public Bank Bhd | 1,751,160 | 10,765,769 | ||||||
|
| |||||||
33,390,779 | ||||||||
Netherlands — 0.3% | ||||||||
Koninklijke Ahold Delhaize NV | 365,935 | 9,448,454 | ||||||
NXP Semiconductors NV | 33,675 | 3,075,201 | ||||||
|
| |||||||
12,523,655 | ||||||||
New Zealand — 0.2% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 312,504 | 3,130,681 | ||||||
Spark New Zealand Ltd. | 1,849,431 | 4,701,246 | ||||||
|
| |||||||
7,831,927 | ||||||||
Peru — 0.2% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 151,762 | 2,525,320 | ||||||
Credicorp Ltd. | 15,266 | 3,711,012 | ||||||
|
| |||||||
6,236,332 | ||||||||
Philippines — 0.4% | ||||||||
Bank of the Philippine Islands | 1,418,849 | 2,304,395 | ||||||
BDO Unibank Inc. | 2,334,809 | 5,760,279 | ||||||
Jollibee Foods Corp. | 743,010 | 4,421,858 | ||||||
PLDT Inc. | 73,420 | 1,462,154 | ||||||
|
| |||||||
13,948,686 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Global ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Qatar — 0.3% | ||||||||
Qatar Islamic Bank SAQ | 70,493 | $ | 2,800,050 | |||||
Qatar National Bank QPSC | 210,132 | 10,818,450 | ||||||
|
| |||||||
13,618,500 | ||||||||
Singapore — 1.2% | ||||||||
CapitaLand Commercial Trust | 3,951,200 | 5,672,978 | ||||||
CapitaLand Mall Trust | 4,265,500 | 7,576,377 | ||||||
Oversea-Chinese Banking Corp. Ltd.(a) | 428,700 | 3,509,045 | ||||||
SATS Ltd. | 1,167,400 | 4,432,180 | ||||||
Singapore Airlines Ltd. | 898,000 | 6,652,590 | ||||||
Singapore Press Holdings Ltd. | 1,813,800 | 3,302,212 | ||||||
Singapore Telecommunications Ltd. | 6,735,000 | 15,053,064 | ||||||
|
| |||||||
46,198,446 | ||||||||
South Korea — 0.4% | ||||||||
DB Insurance Co. Ltd. | 34,573 | 2,228,632 | ||||||
KT&G Corp. | 21,103 | 1,979,520 | ||||||
S-1 Corp. | 28,736 | 2,606,092 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 16,164 | 4,333,108 | ||||||
SK Telecom Co. Ltd. | 15,266 | 3,535,870 | ||||||
|
| |||||||
14,683,222 | ||||||||
Switzerland — 4.9% | ||||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 156 | 11,556,716 | ||||||
EMS-Chemie Holding AG, Registered | 12,123 | 7,015,569 | ||||||
Givaudan SA, Registered | 898 | 2,250,859 | ||||||
Kuehne + Nagel International AG, Registered | 91,147 | 11,917,182 | ||||||
Nestle SA, Registered | 462,919 | 41,988,919 | ||||||
Novartis AG, Registered | 236,623 | 21,624,330 | ||||||
Partners Group Holding AG | 14,817 | 10,738,681 | ||||||
Roche Holding AG, NVS | 88,453 | 24,621,579 | ||||||
Schindler Holding AG, Registered | 34,124 | 7,583,872 | ||||||
Sonova Holding AG, Registered | 26,042 | 4,879,281 | ||||||
Swiss Life Holding AG, Registered | 7,633 | 3,333,020 | ||||||
Swiss Prime Site AG, Registered | 71,840 | 6,075,607 | ||||||
Swiss Re AG | 28,214 | 2,798,743 | ||||||
Swisscom AG, Registered | 46,247 | 21,452,257 | ||||||
Zurich Insurance Group AG | 43,104 | 14,278,579 | ||||||
|
| |||||||
192,115,194 | ||||||||
Taiwan — 3.1% | ||||||||
Asustek Computer Inc. | 1,174,000 | 8,373,044 | ||||||
Chang Hwa Commercial Bank Ltd. | 8,531,855 | 5,128,566 | ||||||
Chicony Electronics Co. Ltd. | 903,020 | 1,995,203 | ||||||
Chunghwa Telecom Co. Ltd. | 6,735,000 | 23,415,431 | ||||||
Compal Electronics Inc. | 3,143,000 | 1,950,556 | ||||||
CTBC Financial Holding Co. Ltd. | 3,143,000 | 2,129,272 | ||||||
E.Sun Financial Holding Co. Ltd. | 9,429,260 | 6,770,966 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,963,000 | 6,941,410 | ||||||
First Financial Holding Co. Ltd. | 17,209,422 | 11,630,822 | ||||||
Formosa Petrochemical Corp. | 1,347,000 | 5,098,874 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 13,470,092 | 8,272,050 | ||||||
Mega Financial Holding Co. Ltd. | 16,613,000 | 14,709,413 | ||||||
Quanta Computer Inc. | 1,209,000 | 2,247,000 | ||||||
Synnex Technology International Corp. | 2,245,250 | 2,735,752 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 15,175,977 | 9,418,263 | ||||||
Taiwan Mobile Co. Ltd. | 2,980,000 | 10,650,984 | ||||||
WPG Holdings Ltd. | 1,606,760 | 2,077,853 | ||||||
|
| |||||||
123,545,459 | ||||||||
Thailand — 0.9% | ||||||||
Advanced Info Service PCL, NVDR | 269,400 | 1,555,916 | ||||||
Airports of Thailand PCL, NVDR | 2,963,400 | 6,347,624 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 6,465,600 | 4,842,147 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 12,616,900 | $ | 4,244,003 | |||||
BTS Group Holdings PCL, NVDR | 9,967,800 | 3,289,651 | ||||||
Bumrungrad Hospital PCL, NVDR | 583,700 | 3,454,504 | ||||||
CPALL PCL, NVDR | 808,200 | 1,994,051 | ||||||
Home Product Center PCL, NVDR | 7,228,900 | 3,440,968 | ||||||
IRPC PCL, NVDR | 11,359,700 | 2,126,846 | ||||||
Krung Thai Bank PCL, NVDR | 5,837,000 | 3,574,902 | ||||||
|
| |||||||
34,870,612 | ||||||||
United Arab Emirates — 0.3% | ||||||||
Emirates Telecommunications Group Co. PJSC | 1,459,699 | 6,708,336 | ||||||
First Abu Dhabi Bank PJSC | 906,082 | 3,749,645 | ||||||
|
| |||||||
10,457,981 | ||||||||
United Kingdom — 1.2% | ||||||||
Admiral Group PLC | 61,962 | 1,798,310 | ||||||
AstraZeneca PLC | 30,532 | 2,493,086 | ||||||
Compass Group PLC | 497,492 | 11,017,542 | ||||||
Direct Line Insurance Group PLC | 2,299,405 | 10,909,453 | ||||||
GlaxoSmithKline PLC | 577,414 | 11,500,309 | ||||||
Kingfisher PLC | 567,985 | 1,829,010 | ||||||
Marks & Spencer Group PLC | 1,024,169 | 3,718,936 | ||||||
Royal Mail PLC | 647,458 | 2,435,429 | ||||||
RSA Insurance Group PLC | 246,052 | 1,672,369 | ||||||
|
| |||||||
47,374,444 | ||||||||
United States — 57.4% | ||||||||
Abbott Laboratories | 169,273 | 13,138,970 | ||||||
Accenture PLC, Class A | 33,153 | 5,350,231 | ||||||
AGNC Investment Corp. | 934,369 | 16,491,613 | ||||||
Alleghany Corp. | 22,899 | 14,723,141 | ||||||
Allstate Corp. (The) | 191,723 | 18,094,817 | ||||||
Altria Group Inc. | 450,347 | 23,602,686 | ||||||
Ameren Corp. | 57,921 | 4,126,292 | ||||||
American Electric Power Co. Inc. | 161,191 | 13,080,650 | ||||||
American Tower Corp. | 41,308 | 7,276,404 | ||||||
American Water Works Co. Inc. | 95,188 | 9,673,005 | ||||||
Amphenol Corp., Class A | 89,198 | 8,381,936 | ||||||
Annaly Capital Management Inc. | 2,316,840 | 23,469,589 | ||||||
Anthem Inc. | 19,307 | 5,806,194 | ||||||
Aon PLC | 73,636 | 12,630,783 | ||||||
Apple Inc. | 20,654 | 3,576,240 | ||||||
Aramark | 101,025 | 3,061,058 | ||||||
Arch Capital Group Ltd.(c) | 682,929 | 22,311,290 | ||||||
Arthur J Gallagher & Co. | 52,853 | 4,243,039 | ||||||
AT&T Inc. | 776,770 | 24,173,082 | ||||||
Athene Holding Ltd., Class A(c) | 140,537 | 6,260,923 | ||||||
Automatic Data Processing Inc. | 82,616 | 12,642,727 | ||||||
AutoZone Inc.(c) | 15,266 | 14,334,316 | ||||||
AvalonBay Communities Inc. | 119,883 | 23,332,828 | ||||||
Baxter International Inc. | 223,602 | 16,709,777 | ||||||
Becton Dickinson and Co. | 43,104 | 10,723,844 | ||||||
Berkshire Hathaway Inc., Class B(c) | 98,331 | 19,794,030 | ||||||
Boston Scientific Corp.(c) | 166,130 | 6,665,136 | ||||||
Bristol-Myers Squibb Co. | 85,759 | 4,430,310 | ||||||
Broadridge Financial Solutions Inc. | 103,719 | 10,501,549 | ||||||
Burlington Stores Inc.(c) | 28,736 | 4,877,649 | ||||||
Camden Property Trust | 56,574 | 5,549,344 | ||||||
Campbell Soup Co. | 134,251 | 4,835,721 | ||||||
CH Robinson Worldwide Inc. | 162,089 | 14,649,604 | ||||||
Chevron Corp. | 17,960 | 2,147,657 | ||||||
Chubb Ltd. | 130,659 | 17,495,240 |
18 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Global ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Church & Dwight Co. Inc. | 278,829 | $ | 18,346,948 | |||||
Cigna Corp. | 12,572 | 2,193,060 | ||||||
Cincinnati Financial Corp. | 112,699 | 9,784,527 | ||||||
Cisco Systems Inc. | 202,499 | 10,483,373 | ||||||
Clorox Co. (The) | 139,190 | 21,996,196 | ||||||
CMS Energy Corp. | 45,798 | 2,491,411 | ||||||
Coca-Cola Co. (The) | 665,867 | 30,190,410 | ||||||
Cognizant Technology Solutions Corp., Class A | 35,022 | 2,485,862 | ||||||
Colgate-Palmolive Co. | 146,374 | 9,641,655 | ||||||
Comcast Corp., Class A | 326,423 | 12,622,777 | ||||||
CommScope Holding Co. Inc.(c) | 147,721 | 3,443,377 | ||||||
Conagra Brands Inc. | 244,512 | 5,714,245 | ||||||
Consolidated Edison Inc. | 518,595 | 42,758,158 | ||||||
Constellation Brands Inc., Class A | 43,553 | 7,367,425 | ||||||
Cooper Companies Inc. (The) | 9,878 | 2,825,009 | ||||||
Costco Wholesale Corp. | 42,206 | 9,232,140 | ||||||
Crown Castle International Corp. | 123,026 | 14,609,338 | ||||||
CVS Health Corp. | 202,499 | 11,710,517 | ||||||
Danaher Corp. | 76,779 | 9,752,469 | ||||||
Darden Restaurants Inc. | 42,655 | 4,782,052 | ||||||
Dell Technologies Inc., Class C(c) | 13,021 | 726,832 | ||||||
Dollar General Corp. | 117,189 | 13,882,209 | ||||||
Dominion Energy Inc. | 290,503 | 21,523,367 | ||||||
DTE Energy Co. | 72,738 | 8,987,507 | ||||||
Duke Energy Corp. | 343,485 | 30,796,865 | ||||||
Duke Realty Corp. | 186,784 | 5,523,203 | ||||||
eBay Inc. | 97,433 | 3,619,636 | ||||||
Ecolab Inc. | 26,418 | 4,462,264 | ||||||
Edison International | 35,920 | 2,151,249 | ||||||
Eli Lilly & Co.(a) | 219,561 | 27,728,359 | ||||||
Entergy Corp. | 50,737 | 4,735,284 | ||||||
Equity Residential | 177,804 | 13,102,377 | ||||||
Essex Property Trust Inc. | 13,470 | 3,769,445 | ||||||
Estee Lauder Companies Inc. (The), Class A | 13,470 | 2,113,982 | ||||||
Everest Re Group Ltd. | 47,594 | 10,761,479 | ||||||
Evergy Inc. | 141,884 | 7,932,734 | ||||||
Eversource Energy | 80,371 | 5,610,700 | ||||||
Expeditors International of Washington Inc. | 199,356 | 14,941,732 | ||||||
Extra Space Storage Inc. | 54,778 | 5,255,401 | ||||||
Exxon Mobil Corp. | 358,751 | 28,352,092 | ||||||
F5 Networks Inc.(c) | 91,147 | 15,325,457 | ||||||
Federal Realty Investment Trust | 16,613 | 2,219,331 | ||||||
Fidelity National Financial Inc. | 129,761 | 4,553,314 | ||||||
Fidelity National Information Services Inc. | 145,476 | 15,733,229 | ||||||
Fiserv Inc.(a)(c) | 278,829 | 23,614,028 | ||||||
General Dynamics Corp. | 10,327 | 1,757,862 | ||||||
General Mills Inc. | 114,495 | 5,396,149 | ||||||
Genuine Parts Co. | 39,961 | 4,346,958 | ||||||
Gilead Sciences Inc. | 28,287 | 1,839,221 | ||||||
Harris Corp. | 73,636 | 12,144,785 | ||||||
HCA Healthcare Inc. | 19,756 | 2,746,874 | ||||||
HCP Inc. | 341,689 | 10,513,771 | ||||||
Henry Schein Inc.(c) | 92,494 | 5,484,894 | ||||||
Hershey Co. (The) | 96,535 | 10,684,494 | ||||||
Home Depot Inc. (The) | 54,329 | 10,058,471 | ||||||
Hormel Foods Corp. | 280,176 | 12,148,431 | ||||||
Humana Inc. | 24,246 | 6,911,080 | ||||||
Intel Corp. | 39,063 | 2,068,776 | ||||||
International Business Machines Corp. | 74,534 | 10,295,381 | ||||||
Intuit Inc. | 17,511 | 4,327,493 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Invitation Homes Inc. | 128,414 | $ | 2,953,522 | |||||
Jack Henry & Associates Inc. | 128,414 | 17,031,549 | ||||||
JM Smucker Co. (The) | 71,840 | 7,608,574 | ||||||
Johnson & Johnson | 378,956 | 51,780,548 | ||||||
Kellogg Co. | 254,450 | 14,315,357 | ||||||
Kimberly-Clark Corp. | 108,209 | 12,642,057 | ||||||
Kraft Heinz Co. (The) | 86,657 | 2,876,146 | ||||||
L3 Technologies Inc. | 16,613 | 3,517,803 | ||||||
Laboratory Corp. of America Holdings(c) | 86,657 | 12,846,034 | ||||||
Liberty Broadband Corp., Class C, NVS(a)(c) | 40,859 | 3,656,881 | ||||||
Liberty Property Trust | 210,132 | 9,945,548 | ||||||
Lockheed Martin Corp. | 110,903 | 34,314,497 | ||||||
Lowe’s Companies Inc. | 23,348 | 2,453,641 | ||||||
Markel Corp.(c) | 23,797 | 23,913,129 | ||||||
Marsh & McLennan Companies Inc. | 312,953 | 29,110,888 | ||||||
Mastercard Inc., Class A | 49,839 | 11,202,312 | ||||||
McCormick & Co. Inc./MD, NVS | 200,703 | 27,291,594 | ||||||
McDonald’s Corp. | 215,969 | 39,703,741 | ||||||
Medtronic PLC | 176,906 | 16,009,993 | ||||||
Merck & Co. Inc. | 424,754 | 34,528,253 | ||||||
Microsoft Corp. | 30,981 | 3,470,801 | ||||||
Mid-America Apartment Communities Inc. | 17,960 | 1,860,297 | ||||||
Mondelez International Inc., Class A | 78,482 | 3,701,211 | ||||||
Motorola Solutions Inc. | 250,542 | 35,857,571 | ||||||
National Retail Properties Inc. | 219,561 | 11,439,128 | ||||||
Newmont Mining Corp. | 378,058 | 12,899,339 | ||||||
NextEra Energy Inc. | 159,844 | 30,005,916 | ||||||
Nordstrom Inc. | 62,411 | 2,950,792 | ||||||
Northrop Grumman Corp. | 45,349 | 13,149,396 | ||||||
O’Reilly Automotive Inc.(c) | 21,552 | 8,016,482 | ||||||
Occidental Petroleum Corp. | 96,086 | 6,356,089 | ||||||
Oracle Corp. | 71,840 | 3,745,019 | ||||||
Palo Alto Networks Inc.(c) | 38,541 | 9,491,492 | ||||||
Paychex Inc. | 321,933 | 24,795,280 | ||||||
PepsiCo Inc. | 307,565 | 35,566,817 | ||||||
Pfizer Inc. | 683,827 | 29,643,900 | ||||||
Philip Morris International Inc. | 44,451 | 3,864,570 | ||||||
Pinnacle West Capital Corp. | 22,450 | 2,104,463 | ||||||
Procter & Gamble Co. (The) | 350,669 | 34,558,430 | ||||||
Progressive Corp. (The) | 178,702 | 13,027,376 | ||||||
Public Storage | 122,128 | 25,828,851 | ||||||
Raytheon Co. | 168,824 | 31,485,676 | ||||||
Realty Income Corp. | 120,332 | 8,322,161 | ||||||
RenaissanceRe Holdings Ltd. | 66,901 | 9,837,792 | ||||||
Republic Services Inc. | 386,589 | 30,320,175 | ||||||
Rollins Inc. | 71,391 | 2,831,367 | ||||||
Ross Stores Inc. | 162,538 | 15,413,479 | ||||||
Simon Property Group Inc. | 57,023 | 10,330,287 | ||||||
Southern Co. (The) | 656,438 | 32,618,404 | ||||||
Starbucks Corp. | 216,867 | 15,237,075 | ||||||
Stryker Corp. | 130,210 | 24,545,887 | ||||||
Synopsys Inc.(c) | 35,920 | 3,652,346 | ||||||
Sysco Corp. | 141,435 | 9,553,934 | ||||||
Tapestry Inc. | 179,151 | 6,259,536 | ||||||
Target Corp. | 51,186 | 3,718,151 | ||||||
TJX Companies Inc. (The) | 660,695 | 33,887,047 | ||||||
Travelers Companies Inc. (The) | 119,883 | 15,933,650 | ||||||
Twenty-First Century Fox Inc., Class B | 39,694 | 1,991,051 | ||||||
Tyson Foods Inc., Class A | 37,267 | 2,297,883 | ||||||
UDR Inc. | 294,544 | 13,083,645 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Global ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Ulta Salon Cosmetics & Fragrance Inc.(c) | 9,429 | $ | 2,946,468 | |||||
UnitedHealth Group Inc. | 96,535 | 23,382,708 | ||||||
Universal Health Services Inc., Class B | 26,042 | 3,615,411 | ||||||
Varian Medical Systems Inc.(c) | 28,736 | 3,860,969 | ||||||
Ventas Inc. | 136,047 | 8,536,949 | ||||||
VeriSign Inc.(c) | 33,675 | 5,995,497 | ||||||
Verizon Communications Inc. | 663,958 | 37,792,489 | ||||||
Visa Inc., Class A | 204,744 | 30,326,681 | ||||||
Walmart Inc. | 296,789 | 29,379,143 | ||||||
Walt Disney Co. (The) | 41,757 | 4,711,860 | ||||||
Waste Management Inc. | 466,960 | 47,279,700 | ||||||
WEC Energy Group Inc. | 354,261 | 27,023,029 | ||||||
Welltower Inc. | 92,494 | 6,873,229 | ||||||
Worldpay Inc., Class A(c) | 39,063 | 3,742,235 | ||||||
WP Carey Inc. | 184,988 | 13,665,064 | ||||||
WR Berkley Corp. | 158,484 | 13,258,771 | ||||||
Xcel Energy Inc. | 496,594 | 27,243,147 | ||||||
Yum! Brands Inc. | 90,698 | 8,570,961 | ||||||
|
| |||||||
2,258,298,484 | ||||||||
Total Common Stocks — 99.6% | 3,914,871,646 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Institutional, | 47,476,690 | 47,495,681 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 3,429,491 | $ | 3,429,491 | |||||
|
| |||||||
50,925,172 | ||||||||
|
| |||||||
Total Short-Term Investments — 1.3% | 50,925,172 | |||||||
|
| |||||||
Total Investments in Securities — 100.9% | 3,965,796,818 | |||||||
Other Assets, Less Liabilities — (0.9)% | (34,312,461 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 3,931,484,357 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | Non-income producing security. |
(d) | 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. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | | Net Activity | | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | NetRealized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | |||||||||
BlackRock Cash Funds: Institutional, | 40,988,658 | 6,488,032 | 47,476,690 | $ | 47,495,681 | $ | 157,901 | (b) | $ | 10,582 | $ | (7,122 | ) | |||||||||||||||
BlackRock Cash Funds: Treasury, | 3,646,867 | (217,376 | ) | 3,429,491 | 3,429,491 | 70,827 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 50,925,172 | $ | 228,728 | $ | 10,582 | $ | (7,122 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
MSCI EAFE E-Mini | 49 | 03/15/19 | $ | 4,579 | $ | 223,500 | ||||||||||
MSCI Emerging Markets E-Mini | 39 | 03/15/19 | 2,041 | 70,886 | ||||||||||||
S&P 500 E-Mini Index | 33 | 03/15/19 | 4,595 | 276,888 | ||||||||||||
|
| |||||||||||||||
$ | 571,274 | |||||||||||||||
|
|
20 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Min Vol Global ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 571,274 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (576,477 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 494,766 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts— long | $ | 16,589,663 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 3,914,866,313 | $ | — | $ | 5,333 | $ | 3,914,871,646 | ||||||||
Money Market Funds | 50,925,172 | — | — | 50,925,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,965,791,485 | $ | — | $ | 5,333 | $ | 3,965,796,818 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 571,274 | $ | — | $ | — | $ | 571,274 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 21 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® Edge MSCI Multifactor Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 6.4% | ||||||||
BB Seguridade Participacoes SA | 400,200 | $ | 2,913,262 | |||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 193,200 | 2,027,177 | ||||||
Hypera SA | 200,100 | 1,435,288 | ||||||
IRB Brasil Resseguros S/A | 62,100 | 1,473,742 | ||||||
Lojas Renner SA | 407,100 | 4,698,163 | ||||||
M. Dias Branco SA | 62,100 | 777,937 | ||||||
Magazine Luiza SA | 41,400 | 1,914,871 | ||||||
Petrobras Distribuidora SA | 41,400 | 269,910 | ||||||
Porto Seguro SA | 53,300 | 796,462 | ||||||
Sul America SA | 117,378 | 951,481 | ||||||
TIM Participacoes SA | 489,900 | 1,544,062 | ||||||
|
| |||||||
18,802,355 | ||||||||
Chile — 0.4% | ||||||||
Cia. Cervecerias Unidas SA | 85,284 | 1,207,970 | ||||||
|
| |||||||
China — 36.3% | ||||||||
51job Inc., ADR(a)(b) | 14,007 | 1,012,146 | ||||||
Agile Group Holdings Ltd. | 828,000 | 1,034,763 | ||||||
Alibaba Group Holding Ltd., ADR(a) | 35,949 | 6,579,745 | ||||||
Angang Steel Co. Ltd., Class A | 6,900 | 5,843 | ||||||
Angang Steel Co. Ltd., Class H | 658,000 | 489,531 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 41,400 | 219,206 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 690,000 | 3,946,725 | ||||||
ANTA Sports Products Ltd. | 69,000 | 404,342 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 966,000 | 966,025 | ||||||
BOC Aviation Ltd.(c) | 117,300 | 1,014,633 | ||||||
BYD Electronic International Co. Ltd. | 379,500 | 485,386 | ||||||
China Agri-Industries Holdings Ltd. | 1,311,000 | 465,960 | ||||||
China CITIC Bank Corp. Ltd., Class H | 4,761,000 | 3,093,213 | ||||||
China Communications Services Corp. Ltd., Class H | 1,380,000 | 1,387,067 | ||||||
China Conch Venture Holdings Ltd. | 931,500 | 3,109,035 | ||||||
China Everbright Ltd. | 552,000 | 1,115,279 | ||||||
China Longyuan Power Group Corp. Ltd., | 1,794,000 | 1,339,249 | ||||||
China Medical System Holdings Ltd. | 759,000 | 798,662 | ||||||
China Mobile Ltd. | 931,500 | 9,801,766 | ||||||
China Oriental Group Co. Ltd. | 690,000 | 462,356 | ||||||
China Reinsurance Group Corp., Class H | 3,381,000 | 779,588 | ||||||
China Resources Cement Holdings Ltd. | 1,380,000 | 1,469,693 | ||||||
China Telecom Corp. Ltd., Class H | 8,004,000 | 4,333,486 | ||||||
China Travel International Investment Hong Kong Ltd. | 1,242,000 | 368,654 | ||||||
China Zhongwang Holdings Ltd. | 938,400 | 497,305 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 1,449,000 | 906,340 | ||||||
COSCO SHIPPING Ports Ltd. | 966,000 | 1,026,324 | ||||||
CSPC Pharmaceutical Group Ltd. | 2,484,000 | 4,240,312 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 1,518,000 | 1,614,729 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 1,656,000 | 2,035,772 | ||||||
Haitian International Holdings Ltd. | 345,000 | 754,185 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 20,670 | 74,558 | ||||||
Hua Hong Semiconductor Ltd.(c) | 276,000 | 645,540 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 2,760,000 | 840,327 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 690,000 | 951,082 | ||||||
Kingboard Holdings Ltd. | 379,500 | 1,329,492 | ||||||
Kingboard Laminates Holdings Ltd. | 621,000 | 761,041 | ||||||
Kingdee International Software Group Co. Ltd. | 1,311,000 | 1,419,590 | ||||||
Lee & Man Paper Manufacturing Ltd. | 897,000 | 826,175 | ||||||
Logan Property Holdings Co. Ltd. | 828,000 | 1,179,271 | ||||||
Luye Pharma Group Ltd.(b)(c) | 310,500 | 231,793 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Maanshan Iron & Steel Co. Ltd., Class A | 62,100 | $ | 36,452 | |||||
Maanshan Iron & Steel Co. Ltd., Class H | 966,000 | 460,246 | ||||||
Nexteer Automotive Group Ltd. | 533,000 | 759,120 | ||||||
Nine Dragons Paper Holdings Ltd. | 897,000 | 930,161 | ||||||
Noah Holdings Ltd., ADR(a)(b) | 16,008 | 924,462 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 4,209,000 | 1,908,844 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 3,865,000 | 4,628,271 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,104,000 | 959,168 | ||||||
Shanghai Industrial Holdings Ltd. | 276,000 | 618,818 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., | 448,500 | 1,007,865 | ||||||
Shenzhen International Holdings Ltd. | 552,000 | 1,139,188 | ||||||
Shui On Land Ltd. | 2,070,000 | 516,854 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 2,139,000 | 446,885 | ||||||
Sino Biopharmaceutical Ltd. | 4,002,000 | 3,471,887 | ||||||
Sino-Ocean Group Holding Ltd. | 1,725,000 | 806,486 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 759,000 | 689,402 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., | 1,794,000 | 909,593 | ||||||
Sinotrans Ltd., Class H | 1,173,000 | 551,399 | ||||||
Sinotruk Hong Kong Ltd. | 379,500 | 690,369 | ||||||
SSY Group Ltd. | 828,000 | 734,144 | ||||||
Sun Art Retail Group Ltd. | 1,345,500 | 1,367,817 | ||||||
Tencent Holdings Ltd. | 172,500 | 7,379,233 | ||||||
Towngas China Co. Ltd. | 621,000 | 495,230 | ||||||
Uni-President China Holdings Ltd. | 759,000 | 675,866 | ||||||
Yum China Holdings Inc. | 179,814 | 7,501,840 | ||||||
Yuzhou Properties Co. Ltd. | 897,000 | 437,656 | ||||||
YY Inc., ADR(a) | 27,393 | 1,931,206 | ||||||
Zhongsheng Group Holdings Ltd. | 310,500 | 721,486 | ||||||
|
| |||||||
106,716,137 | ||||||||
Czech Republic — 0.3% | ||||||||
Moneta Money Bank AS(c) | 284,280 | 1,008,394 | ||||||
|
| |||||||
Egypt — 0.2% | ||||||||
Eastern Tobacco | 500,146 | 476,452 | ||||||
|
| |||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas PLC | 58,857 | 687,455 | ||||||
|
| |||||||
India — 3.8% | ||||||||
Dr. Reddy’s Laboratories Ltd. | 55,131 | 2,039,830 | ||||||
Glenmark Pharmaceuticals Ltd. | 79,626 | 667,839 | ||||||
Hero MotoCorp Ltd. | 28,635 | 1,058,057 | ||||||
Hindustan Petroleum Corp. Ltd. | 347,691 | 1,091,816 | ||||||
Marico Ltd. | 112,263 | 536,170 | ||||||
Page Industries Ltd. | 3,105 | 972,949 | ||||||
Petronet LNG Ltd. | 287,937 | 905,189 | ||||||
REC Ltd. | 392,127 | 751,713 | ||||||
Tech Mahindra Ltd. | 267,651 | 3,123,889 | ||||||
|
| |||||||
11,147,452 | ||||||||
Indonesia — 2.2% | ||||||||
Adaro Energy Tbk PT | 8,197,200 | 763,343 | ||||||
Bank Danamon Indonesia Tbk PT | 1,642,200 | 995,184 | ||||||
Bank Negara Indonesia Persero Tbk PT | 255,300 | 159,704 | ||||||
Bank Tabungan Negara Persero Tbk PT | 2,353,000 | 406,454 | ||||||
Bukit Asam Tbk PT | 1,621,500 | 458,758 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 1,559,400 | 1,222,135 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 793,500 | 630,344 |
22 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Multifactor Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
United Tractors Tbk PT | 952,200 | $ | 1,793,730 | |||||
|
| |||||||
6,429,652 | ||||||||
Malaysia — 2.5% | ||||||||
AirAsia Group Bhd | 869,400 | 592,214 | ||||||
Alliance Bank Malaysia Bhd | 593,400 | 577,859 | ||||||
AMMB Holdings Bhd | 924,600 | 1,016,344 | ||||||
Hartalega Holdings Bhd | 759,000 | 933,235 | ||||||
Nestle Malaysia Bhd | 27,600 | 1,004,500 | ||||||
PPB Group Bhd | 345,020 | 1,557,744 | ||||||
Sime Darby Bhd | 1,359,300 | 725,361 | ||||||
Top Glove Corp. Bhd | 800,400 | 893,598 | ||||||
|
| |||||||
7,300,855 | ||||||||
Mexico — 0.3% | ||||||||
Megacable Holdings SAB de CV, CPO | 165,600 | 756,690 | ||||||
|
| |||||||
Peru — 1.3% | ||||||||
Credicorp Ltd. | 15,939 | 3,874,612 | ||||||
|
| |||||||
Philippines — 0.2% | ||||||||
DMCI Holdings Inc. | 2,318,400 | 511,016 | ||||||
|
| |||||||
Poland — 0.9% | ||||||||
Dino Polska SA(a)(c) | 27,807 | 787,442 | ||||||
Jastrzebska Spolka Weglowa SA(a) | 29,739 | 453,345 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 479,757 | 1,472,855 | ||||||
|
| |||||||
2,713,642 | ||||||||
Qatar — 1.1% | ||||||||
Barwa Real Estate Co. | 109,434 | 1,185,498 | ||||||
Commercial Bank PQSC (The) | 112,401 | 1,233,013 | ||||||
Ooredoo QPSC | 46,437 | 850,996 | ||||||
|
| |||||||
3,269,507 | ||||||||
Russia — 3.0% | ||||||||
Inter RAOUES PJSC | 18,009,000 | 1,069,943 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 1,242,000 | 838,728 | ||||||
Mobile TeleSystems PJSC, ADR | 17,388 | 134,409 | ||||||
Tatneft PJSC | 570,630 | 6,720,655 | ||||||
|
| |||||||
8,763,735 | ||||||||
South Africa — 5.3% | ||||||||
Bidvest Group Ltd. (The) | 191,958 | 2,840,733 | ||||||
Capitec Bank Holdings Ltd. | 22,977 | 2,134,622 | ||||||
Exxaro Resources Ltd. | 142,209 | 1,534,461 | ||||||
Investec Ltd. | 163,116 | 1,062,226 | ||||||
Kumba Iron Ore Ltd. | 36,432 | 967,366 | ||||||
Liberty Holdings Ltd. | 74,037 | 542,376 | ||||||
Mondi Ltd. | 67,620 | 1,592,918 | ||||||
Mr. Price Group Ltd. | 145,935 | 2,240,818 | ||||||
Netcare Ltd. | 589,191 | 1,066,075 | ||||||
RMB Holdings Ltd. | 129,041 | 735,332 | ||||||
Telkom SA SOC Ltd. | 165,462 | 824,015 | ||||||
|
| |||||||
15,540,942 | ||||||||
South Korea — 15.3% | ||||||||
BNK Financial Group Inc. | 154,353 | 973,026 | ||||||
Daelim Industrial Co. Ltd. | 16,146 | 1,343,705 | ||||||
DB Insurance Co. Ltd. | 28,497 | 1,836,963 | ||||||
DGB Financial Group Inc. | 100,050 | 754,356 | ||||||
E-MART Inc. | 12,006 | 1,921,472 | ||||||
Hana Financial Group Inc. | 171,180 | 5,912,993 | ||||||
Hankook Tire Co. Ltd. | 42,918 | 1,631,319 | ||||||
Hanwha Chemical Corp. | 60,444 | 1,257,571 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hanwha Corp. | 24,909 | $ | 712,034 | |||||
Hanwha Life Insurance Co. Ltd. | 186,162 | 690,225 | ||||||
Hyundai Department Store Co. Ltd. | 8,195 | 705,322 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 36,087 | 1,209,638 | ||||||
Hyundai Steel Co. | 46,023 | 2,039,874 | ||||||
Kumho Petrochemical Co. Ltd. | 10,419 | 886,546 | ||||||
LG Corp. | 37,329 | 2,489,264 | ||||||
LG Uplus Corp. | 63,963 | 853,067 | ||||||
Orange Life Insurance Ltd.(c) | 19,803 | 628,583 | ||||||
POSCO Chemtech Co. Ltd.(b) | 13,455 | 824,264 | ||||||
Samsung Electronics Co. Ltd. | 176,157 | 7,063,822 | ||||||
SK Hynix Inc. | 117,783 | 7,330,675 | ||||||
SK Telecom Co. Ltd. | 11,799 | 2,732,853 | ||||||
Yuhan Corp. | 5,145 | 1,191,671 | ||||||
|
| |||||||
44,989,243 | ||||||||
Taiwan — 12.2% | ||||||||
Asia Cement Corp. | 1,242,000 | 1,565,792 | ||||||
AU Optronics Corp. | 4,899,000 | 1,806,692 | ||||||
Chicony Electronics Co. Ltd. | 331,169 | 731,711 | ||||||
China Life Insurance Co. Ltd./Taiwan | 1,518,599 | 1,418,606 | ||||||
Far Eastern New Century Corp. | 1,794,000 | 1,777,882 | ||||||
Feng TAY Enterprise Co. Ltd. | 207,880 | 1,306,997 | ||||||
Innolux Corp. | 5,106,000 | 1,700,534 | ||||||
Inventec Corp. | 1,449,000 | 1,120,537 | ||||||
Lite-On Technology Corp. | 1,173,718 | 1,698,995 | ||||||
Micro-Star International Co. Ltd. | 414,000 | 1,100,359 | ||||||
Nanya Technology Corp. | 414,000 | 836,703 | ||||||
Novatek Microelectronics Corp. | 345,000 | 1,916,885 | ||||||
Phison Electronics Corp. | 69,000 | 627,752 | ||||||
Powertech Technology Inc. | 207,000 | 481,575 | ||||||
Realtek Semiconductor Corp. | 276,000 | 1,596,283 | ||||||
Ruentex Development Co. Ltd. | 345,000 | 543,678 | ||||||
Ruentex Industries Ltd. | 193,400 | 511,519 | ||||||
Shin Kong Financial Holding Co. Ltd. | 5,037,742 | 1,510,840 | ||||||
Synnex Technology International Corp. | 759,000 | 924,813 | ||||||
Taiwan Business Bank | 2,208,004 | 814,285 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 621,000 | 4,822,478 | ||||||
United Microelectronics Corp. | 6,141,000 | 2,284,680 | ||||||
Win Semiconductors Corp. | 192,000 | 1,091,742 | ||||||
Wistron Corp. | 1,252,063 | 868,570 | ||||||
WPG Holdings Ltd. | 897,160 | 1,160,202 | ||||||
Yageo Corp. | 163,358 | 1,836,527 | ||||||
|
| |||||||
36,056,637 | ||||||||
Thailand — 1.0% | ||||||||
Central Pattana PCL, NVDR | 772,800 | 1,851,532 | ||||||
Robinson PCL, NVDR | 296,700 | 607,287 | ||||||
TMB Bank PCL, NVDR | 6,127,200 | 443,317 | ||||||
|
| |||||||
2,902,136 | ||||||||
Turkey — 0.3% | ||||||||
TAV Havalimanlari Holding AS | 104,328 | 544,133 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 374,118 | 472,733 | ||||||
|
| |||||||
1,016,866 | ||||||||
United Arab Emirates — 1.2% | ||||||||
Aldar Properties PJSC | 2,255,886 | 1,093,242 | ||||||
Dubai Islamic Bank PJSC | 792,603 | 1,126,433 |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Multifactor Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Arab Emirates (continued) | ||||||||
Emaar Properties PJSC | 1,007,676 | $ | 1,344,299 | |||||
|
| |||||||
3,563,974 | ||||||||
|
| |||||||
Total Common Stocks — 94.4% | 277,735,722 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 2.2% | ||||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 1,973,438 | 6,509,281 | ||||||
|
| |||||||
Russia — 0.8% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 3,933,000 | 2,397,834 | ||||||
|
| |||||||
South Korea — 2.0% | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 178,089 | 5,700,368 | ||||||
|
| |||||||
Total Preferred Stocks — 5.0% | 14,607,483 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, | 1,371,986 | 1,372,534 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 191,684 | $ | 191,684 | |||||
|
| |||||||
1,564,218 | ||||||||
|
| |||||||
Total Short-Term Investments — 0.5% | 1,564,218 | |||||||
|
| |||||||
Total Investments in Securities — 99.9% | 293,907,423 | |||||||
Other Assets, Less Liabilities — 0.1% | 292,690 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 294,200,113 | ||||||
|
|
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
(f) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | | Shares Purchased | | | Shares Sold | | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | ||||||||||
BlackRock Cash Funds: Institutional, | 7,667,698 | — | (6,295,712 | )(b) | 1,371,986 | $ | 1,372,534 | $ | 13,564 | (c) | $ | 42 | $ | (252 | ) | |||||||||||||||||
BlackRock Cash Funds: Treasury, | 315,226 | — | (123,542 | )(b) | 191,684 | 191,684 | 5,569 | — | — | |||||||||||||||||||||||
iShares MSCI India ETF | 269,999 | — | (269,999 | ) | — | — | — | (511,127 | ) | (462,793 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 1,564,218 | $ | 19,133 | $ | (511,085 | ) | $ | (463,045 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. |
(b) | Net of purchases and sales. |
(c) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net offees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets E-Mini | 34 | 03/15/19 | $ | 1,779 | $ | 83,948 | ||||||||||
|
|
24 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® Edge MSCI Multifactor Emerging Markets ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 83,948 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (22,624 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 99,043 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,091,938 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 277,735,722 | $ | — | $ | — | $ | 277,735,722 | ||||||||
Preferred Stocks | 14,607,483 | — | — | 14,607,483 | ||||||||||||
Money Market Funds | 1,564,218 | — | — | 1,564,218 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 293,907,423 | $ | — | $ | — | $ | 293,907,423 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 83,948 | $ | — | $ | — | $ | 83,948 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S | 25 |
Schedule of Investments (unaudited) February 28, 2019 | iShares® ESG MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 4.0% | ||||||||
Atacadao Distribuicao Comercio e Industria Ltda | 151,000 | $ | 785,953 | |||||
B3 SA - Brasil, Bolsa, Balcao | 422,800 | 3,696,717 | ||||||
Banco Bradesco SA | 135,902 | 1,396,255 | ||||||
Banco do Brasil SA | 135,900 | 1,833,622 | ||||||
Banco Santander Brasil SA | 106,900 | 1,281,004 | ||||||
Cielo SA | 211,400 | 612,737 | ||||||
Cosan SA | 166,100 | 1,935,490 | ||||||
Engie Brasil Energia SA | 131,000 | 1,437,760 | ||||||
Klabin SA | 105,700 | 508,454 | ||||||
Localiza Rent a Car SA | 90,630 | 834,949 | ||||||
Lojas Renner SA | 45,300 | 522,787 | ||||||
M. Dias Branco SA | 45,300 | 567,480 | ||||||
Natura Cosmeticos SA | 105,700 | 1,363,580 | ||||||
Petrobras Distribuidora SA | 75,500 | 492,227 | ||||||
Ultrapar Participacoes SA | 135,900 | 1,935,449 | ||||||
WEGSA | 241,680 | 1,187,053 | ||||||
|
| |||||||
20,391,517 | ||||||||
Chile — 0.9% | ||||||||
Banco Santander Chile | 12,873,354 | 1,028,177 | ||||||
Empresas COPEC SA | 175,311 | 2,382,725 | ||||||
Enel AmericasSA | 6,840,300 | 1,190,844 | ||||||
|
| |||||||
4,601,746 | ||||||||
China — 29.1% | ||||||||
3SBio Inc.(a) | 302,000 | 499,371 | ||||||
AAC Technologies Holdings Inc. | 109,500 | 650,740 | ||||||
Agricultural Bank ofChina Ltd., Class H | 1,510,000 | 723,280 | ||||||
Alibaba Group Holding Ltd., ADR(b)(c) | 122,914 | 22,496,949 | ||||||
Alibaba Health Information Technology Ltd.(b) | 604,000 | 619,404 | ||||||
Alibaba Pictures Group Ltd.(b) | 4,530,000 | 836,773 | ||||||
BAIC Motor Corp. Ltd., Class H(a) | 830,500 | 527,936 | ||||||
Baidu Inc., ADR(b) | 16,912 | 2,748,876 | ||||||
Bank of China Ltd., Class H | 3,020,000 | 1,408,087 | ||||||
Baozun Inc., ADR(b)(c) | 15,855 | 593,770 | ||||||
BBMG Corp., Class H | 1,963,000 | 720,202 | ||||||
BOC Aviation Ltd.(a) | 120,800 | 1,044,908 | ||||||
Brilliance China Automotive Holdings Ltd. | 604,000 | 591,704 | ||||||
BYD Co. Ltd., Class H(c) | 151,000 | 965,655 | ||||||
BYD Electronic International Co. Ltd. | 453,000 | 579,393 | ||||||
CAR Inc.(b) | 1,510,000 | 1,327,295 | ||||||
China Agri-Industries Holdings Ltd. | 1,359,000 | 483,020 | ||||||
China CITIC Bank Corp. Ltd., Class H | 604,000 | 392,418 | ||||||
China Construction Bank Corp., Class H | 9,513,000 | 8,458,908 | ||||||
China Everbright Bank Co. Ltd., Class H | 2,567,000 | 1,229,575 | ||||||
China Everbright International Ltd. | 1,057,666 | 1,034,787 | ||||||
China Everbright Ltd. | 346,000 | 699,070 | ||||||
China First Capital Group Ltd.(b) | 1,208,000 | 535,535 | ||||||
China International Capital Corp. Ltd., | 483,200 | 1,122,776 | ||||||
China Life Insurance Co. Ltd., Class H | 302,000 | 831,002 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 1,208,000 | 901,791 | ||||||
China Mengniu DairyCo. Ltd. | 246,000 | 759,956 | ||||||
China Merchants Bank Co. Ltd., Class H | 830,500 | 3,808,759 | ||||||
China Minsheng BankingCorp. Ltd., Class H | 2,189,500 | 1,690,281 | ||||||
China Mobile Ltd. | 255,000 | 2,683,253 | ||||||
China Molybdenum Co. Ltd., Class H | 2,325,000 | 1,113,659 | ||||||
China Oilfield Services Ltd., Class H | 582,000 | 576,083 | ||||||
China Overseas Land & Investment Ltd. | 302,000 | 1,111,850 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 241,600 | 909,486 | ||||||
China Petroleum &Chemical Corp., Class H | 906,000 | 782,527 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Shenhua Energy Co. Ltd., Class H | 226,500 | $ | 558,618 | |||||
China Tower Corp. Ltd., Class H(a)(b) | 6,342,000 | 1,502,729 | ||||||
China Travel International Investment Hong Kong Ltd. | 3,322,000 | 986,045 | ||||||
China Vanke Co. Ltd., Class H | 196,300 | 745,209 | ||||||
CNOOC Ltd. | 1,359,000 | 2,344,118 | ||||||
Country Garden Holdings Co. Ltd. | 453,000 | 596,706 | ||||||
Country Garden Services Holdings Co. Ltd.(b) | 755,000 | 1,242,656 | ||||||
CSPC Pharmaceutical Group Ltd. | 604,000 | 1,031,058 | ||||||
Ctrip.com International Ltd., ADR(b)(c) | 32,918 | 1,123,491 | ||||||
Fosun International Ltd. | 906,000 | 1,491,187 | ||||||
GDS Holdings Ltd., ADR(b) | 17,516 | 582,757 | ||||||
Geely Automobile Holdings Ltd. | 1,395,000 | 2,619,468 | ||||||
Genscript Biotech Corp.(b) | 302,000 | 564,774 | ||||||
Greentown China Holdings Ltd. | 604,000 | 513,221 | ||||||
Greentown Service Group Co. Ltd. | 604,000 | 550,924 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 605,200 | 743,991 | ||||||
HengTen Networks Group Ltd.(b) | 13,892,000 | 495,523 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 2,822,000 | 859,204 | ||||||
Huazhu Group Ltd., ADR | 15,855 | 556,035 | ||||||
Hutchison China MediTech Ltd., ADR(b) | 18,422 | 480,630 | ||||||
Industrial &Commercial Bank of China Ltd., Class H | 4,832,000 | 3,717,965 | ||||||
JD.com Inc., ADR(b) | 43,035 | 1,192,500 | ||||||
Kingboard Holdings Ltd. | 151,000 | 528,994 | ||||||
Kingboard Laminates Holdings Ltd. | 453,000 | 555,156 | ||||||
Kingdee International Software Group Co. Ltd. | 1,359,000 | 1,471,566 | ||||||
Lee & Man Paper Manufacturing Ltd. | 604,000 | 556,310 | ||||||
Legend Holdings Corp., Class H(a) | 347,300 | 966,713 | ||||||
Lenovo Group Ltd. | 2,114,000 | 1,903,995 | ||||||
MMG Ltd.(b) | 2,416,000 | 1,144,936 | ||||||
Momo Inc., ADR(b) | 15,704 | 520,902 | ||||||
Net Ease Inc., ADR | 3,624 | 808,949 | ||||||
New Oriental Education & Technology Group Inc., ADR(b) | 11,174 | 916,938 | ||||||
PetroChina Co. Ltd., Class H | 604,000 | 399,343 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 528,500 | 5,564,540 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 151,000 | 535,727 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 679,500 | 1,526,966 | ||||||
Shenzhou International Group Holdings Ltd. | 135,900 | 1,696,629 | ||||||
Shui On Land Ltd. | 3,624,000 | 904,869 | ||||||
Sino Biopharmaceutical Ltd. | 755,000 | 654,991 | ||||||
Sinopharm Group Co. Ltd., Class H | 120,800 | 537,074 | ||||||
Sinotrans Ltd., Class H. | 1,510,000 | 709,814 | ||||||
SOHO China Ltd.(b) | 2,491,500 | 1,063,279 | ||||||
Sunac China Holdings Ltd. | 312,000 | 1,305,664 | ||||||
SunnyOptical Technology Group Co. Ltd. | 45,300 | 536,689 | ||||||
TAL Education Group, ADR(b) | 20,536 | 731,082 | ||||||
Tencent Holdings Ltd. | 589,200 | 25,204,892 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 302,000 | 395,495 | ||||||
Towngas China Co. Ltd. | 761,000 | 606,877 | ||||||
TravelSky Technology Ltd., Class H | 314,000 | 910,023 | ||||||
Vipshop Holdings Ltd., ADR(b) | 74,594 | 535,585 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) | 151,000 | 1,433,094 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 543,600 | 623,252 | ||||||
Xinyi Solar Holdings Ltd. | 1,554,000 | 764,152 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 604,000 | 599,399 | ||||||
Yuzhou Properties Co. Ltd. | 1,057,000 | 515,721 | ||||||
Zhongsheng Group Holdings Ltd. . | 377,500 | 877,169 | ||||||
|
| |||||||
147,964,673 | ||||||||
Colombia — 0.8% | ||||||||
Bancolombia SA | 44,545 | 520,502 |
26 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® ESG MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Colombia (continued) | ||||||||
Cementos Argos SA | 807,246 | $ | 2,131,369 | |||||
Ecopetrol SA | 471,875 | 478,127 | ||||||
Grupo Argos SA/Colombia | 139,524 | 811,987 | ||||||
|
| |||||||
3,941,985 | ||||||||
Czech Republic — 0.3% | ||||||||
Komercni Banka AS | 33,371 | 1,403,271 | ||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 113,050 | 452,845 | ||||||
|
| |||||||
Greece — 0.2% | ||||||||
Hellenic Telecommunications Organization SA | 66,640 | 846,095 | ||||||
|
| |||||||
Hungary — 0.7% | ||||||||
MOLHungarian Oil & Gas PLC | 302,906 | 3,537,967 | ||||||
|
| |||||||
India — 9.0% | ||||||||
Asian Paints Ltd. | 157,342 | 3,108,515 | ||||||
Axis Bank Ltd., GDR(b) | 58,320 | 2,898,504 | ||||||
Bajaj Finance Ltd. | 25,066 | 933,549 | ||||||
Bharat Petroleum Corp. Ltd. | 121,253 | 575,441 | ||||||
Bharti Airtel Ltd. | 167,761 | 750,164 | ||||||
Bharti Infratel Ltd. | 126,387 | 521,798 | ||||||
Dabur India Ltd. | 305,624 | 1,882,267 | ||||||
Eicher Motors Ltd. | 2,114 | 590,545 | ||||||
HCL Technologies Ltd. | 83,503 | 1,237,290 | ||||||
Hindalco Industries Ltd. | 195,998 | 539,416 | ||||||
Hindustan Unilever Ltd. | 113,703 | 2,769,828 | ||||||
Housing Development Finance Corp. Ltd. | 165,647 | 4,287,999 | ||||||
Indiabulls Housing Finance Ltd. | 79,728 | 734,494 | ||||||
Indian Oil Corp. Ltd. | 410,267 | 834,075 | ||||||
Infosys Ltd. | 398,489 | 4,113,959 | ||||||
Infosys Ltd., ADR | 152,661 | 1,636,526 | ||||||
Mahindra & Mahindra Ltd. | 46,206 | 419,598 | ||||||
Mahindra & Mahindra Ltd., GDR | 155,379 | 1,429,487 | ||||||
Marico Ltd. | 237,070 | 1,132,250 | ||||||
Nestle India Ltd. | 9,513 | 1,423,046 | ||||||
Piramal Enterprises Ltd. | 15,553 | 508,741 | ||||||
Power Grid Corp. of India Ltd. | 178,633 | 459,226 | ||||||
Reliance Industries Ltd. | 38,354 | 663,829 | ||||||
Reliance Industries Ltd., GDR(a) | 90,751 | 3,149,060 | ||||||
Tata Consultancy Services Ltd. | 166,100 | 4,631,919 | ||||||
Tech Mahindra Ltd. | 49,377 | 576,304 | ||||||
Titan Co. Ltd. | 84,409 | 1,216,655 | ||||||
Wipro Ltd. | 85,919 | 445,623 | ||||||
Wipro Ltd., ADR(c) | 193,884 | 1,085,750 | ||||||
Yes Bank Ltd. | 371,611 | 1,207,682 | ||||||
|
| |||||||
45,763,540 | ||||||||
Indonesia — 1.9% | ||||||||
Astra International Tbk PT | 4,348,800 | 2,210,337 | ||||||
Bank Danamon Indonesia Tbk PT | 921,100 | 558,193 | ||||||
Bank Mandiri Persero Tbk PT | 2,582,100 | 1,307,799 | ||||||
Bank Negara Indonesia Persero Tbk PT | 1,253,300 | 784,008 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 3,382,400 | 925,697 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 604,000 | 473,368 | ||||||
Kalbe Farma Tbk PT | 4,681,000 | 497,465 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 3,503,200 | 961,248 | ||||||
Unilever Indonesia Tbk PT | 211,400 | 731,466 | ||||||
United Tractors Tbk PT | 634,200 | 1,194,690 | ||||||
|
| |||||||
9,644,271 |
Security | Shares | Value | ||||||
Malaysia — 2.9% | ||||||||
Axiata Group Bhd | 679,500 | $ | 695,124 | |||||
CIMB Group Holdings Bhd | 921,100 | 1,325,079 | ||||||
Malayan Banking Bhd. | 573,800 | 1,344,723 | ||||||
Maxis Bhd(c) | 1,041,900 | 1,375,877 | ||||||
Nestle Malaysia Bhd | 53,100 | 1,932,571 | ||||||
Petronas Dagangan Bhd | 135,900 | 892,298 | ||||||
Public Bank Bhd | 785,200 | 4,827,247 | ||||||
RHB Bank Bhd | 377,500 | 525,427 | ||||||
Sime Darby Plantation Bhd | 1,147,600 | 1,439,262 | ||||||
Telekom Malaysia Bhd | 875,800 | 656,877 | ||||||
|
| |||||||
15,014,485 | ||||||||
Mexico — 2.6% | ||||||||
Alsea SAB de CV | 332,200 | 841,467 | ||||||
Arca Continental SAB de CV | 332,200 | 1,873,604 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 377,500 | 518,560 | ||||||
Cemex SAB de CV, CPO(b) | 2,989,800 | 1,467,783 | ||||||
Coca-Cola Femsa SAB de CV, Series L, NVS | 468,100 | 2,832,472 | ||||||
Fomento Economico Mexicano SAB de CV | 45,300 | 411,142 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 377,500 | 2,054,063 | ||||||
Infraestructura Energetica Nova SAB de CV | 483,200 | 1,858,871 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 724,800 | 1,171,668 | ||||||
|
| |||||||
13,029,630 | ||||||||
Peru — 0.1% | ||||||||
Credicorp Ltd. | 2,265 | 550,599 | ||||||
|
| |||||||
Philippines — 0.6% | ||||||||
BDO Unibank Inc. | 401,660 | 990,948 | ||||||
Globe Telecom Inc. | 14,345 | 526,982 | ||||||
JG Summit HoldingsInc. | 308,040 | 394,281 | ||||||
SM Prime Holdings Inc. | 1,872,400 | 1,388,371 | ||||||
|
| |||||||
3,300,582 | ||||||||
Poland — 0.9% | ||||||||
Bank Polska Kasa Opieki SA | 33,069 | 991,588 | ||||||
KGHM Polska Miedz SA(b) | 52,699 | 1,412,838 | ||||||
Polski Koncern Naftowy ORLEN SA | 61,004 | 1,645,179 | ||||||
Santander Bank Polska SA | 7,701 | 767,145 | ||||||
|
| |||||||
4,816,750 | ||||||||
Qatar — 0.8% | ||||||||
Commercial Bank PQSC (The) | 78,671 | 863,003 | ||||||
Ooredoo QPSC | 49,679 | 910,408 | ||||||
Qatar National Bank QPSC | 40,166 | 2,067,909 | ||||||
|
| |||||||
3,841,320 | ||||||||
Russia — 3.7% | ||||||||
AlrosaPJSC | 407,700 | 588,384 | ||||||
Gazprom PJSC | 308,040 | 743,218 | ||||||
Gazprom PJSC, ADR | 96,338 | 457,027 | ||||||
Inter RAOUES PJSC | 24,311,000 | 1,444,355 | ||||||
LUKOIL PJSC | 59,645 | 4,979,147 | ||||||
LUKOIL PJSC, ADR | 5,436 | 452,275 | ||||||
Novatek PJSC, GDR(d) | 17,063 | 2,957,018 | ||||||
Novolipetsk Steel PJSC | 366,930 | 882,241 | ||||||
Polymetal International PLC | 102,272 | 1,178,854 | ||||||
Rosneft Oil Co. PJSC | 2,040 | 12,346 | ||||||
Rosneft Oil Co. PJSC, GDR(d) | 85,315 | 511,037 | ||||||
Sberbank of Russia PJSC | 73,710 | 232,440 | ||||||
Sberbank of Russia PJSC, ADR | 253,529 | 3,235,030 | ||||||
TatneftPJSC | 105,700 | 1,244,893 | ||||||
|
| |||||||
18,918,265 |
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 (unaudited) (continued) February 28, 2019 | iShares® ESG MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa — 6.8% | ||||||||
Absa Group Ltd. | 55,568 | $ | 713,768 | |||||
Aspen Pharmacare Holdings Ltd. | 44,696 | 443,272 | ||||||
Bidvest Group Ltd. (The) | 36,089 | 534,071 | ||||||
Clicks Group Ltd. | 36,844 | 473,417 | ||||||
Exxaro Resources Ltd. | 73,990 | 798,366 | ||||||
FirstRand Ltd. | 332,200 | 1,519,236 | ||||||
Foschini Group Ltd. (The) | 40,770 | 498,171 | ||||||
Growthpoint Properties Ltd. | 970,628 | 1,685,828 | ||||||
Investec Ltd. | 367,534 | 2,393,415 | ||||||
Kumba Iron Ore Ltd. | 42,884 | 1,138,683 | ||||||
Mondi Ltd. | 88,335 | 2,080,899 | ||||||
Mr. Price Group Ltd. | 31,106 | 477,630 | ||||||
MTN Group Ltd. | 105,549 | 626,988 | ||||||
Multichoice Group Ltd. | 43,035 | 321,538 | ||||||
Naspers Ltd., Class N | 42,884 | 9,288,656 | ||||||
Nedbank Group Ltd. | 38,203 | 772,755 | ||||||
NEPI Rockcastle PLC | 92,714 | 780,486 | ||||||
Netcare Ltd. | 554,623 | 1,003,528 | ||||||
Old Mutual Ltd. | 1,484,632 | 2,455,028 | ||||||
Sanlam Ltd. | 91,959 | 514,669 | ||||||
Sasol Ltd. | 15,553 | 475,528 | ||||||
Standard Bank Group Ltd. | 169,422 | 2,334,794 | ||||||
Vodacom Group Ltd. | 326,160 | 2,693,720 | ||||||
Woolworths Holdings Ltd./South Africa | 180,898 | 589,269 | ||||||
|
| |||||||
34,613,715 | ||||||||
South Korea — 12.6% | ||||||||
Amorepacific Corp. | 5,436 | 966,658 | ||||||
AMOREPACIFIC Group | 15,553 | 1,013,635 | ||||||
BNK Financial Group Inc. | 94,375 | 594,931 | ||||||
Celltrion Inc.(b) | 5,226 | 950,224 | ||||||
DGB Financial Group Inc. | 207,927 | 1,567,726 | ||||||
GS Engineering & Construction Corp. | 15,855 | 603,355 | ||||||
GS Holdings Corp. | 30,502 | 1,453,638 | ||||||
Hana Financial Group Inc. | 26,320 | 909,160 | ||||||
Hankook Tire Co. Ltd. | 33,069 | 1,256,957 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 9,815 | 499,171 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 17,818 | 597,260 | ||||||
Hyundai Motor Co. | 4,379 | 492,526 | ||||||
KB Financial Group Inc. | 69,309 | 2,733,044 | ||||||
LG Chem Ltd. | 7,399 | 2,568,960 | ||||||
LG Corp. | 19,479 | 1,298,946 | ||||||
LG DisplayCo. Ltd.(b) | 89,845 | 1,697,525 | ||||||
LG Electronics Inc. | 29,143 | 1,826,782 | ||||||
LG Household & Health Care Ltd. | 1,208 | 1,338,284 | ||||||
LG Innotek Co. Ltd. | 5,587 | 536,495 | ||||||
Lotte Chemical Corp. | 2,869 | 813,738 | ||||||
NAVER Corp. | 11,778 | 1,392,793 | ||||||
NCSoft Corp. | 1,661 | 680,822 | ||||||
POSCO | 16,610 | 3,884,085 | ||||||
SamsungCard Co. Ltd. | 14,798 | 448,006 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 6,493 | 617,721 | ||||||
Samsung Electronics Co. Ltd. | 463,268 | 18,576,853 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 5,134 | 1,376,279 | ||||||
SamsungSDI Co. Ltd. | 6,040 | 1,275,451 | ||||||
Shinhan Financial Group Co. Ltd. | 101,321 | 3,932,303 | ||||||
SK Holdings Co. Ltd. | 7,550 | 1,829,266 | ||||||
SKHynix Inc. | 43,488 | 2,706,642 | ||||||
SK Innovation Co. Ltd. | 7,852 | 1,312,506 | ||||||
SK Telecom Co. Ltd. | 5,436 | 1,259,072 | ||||||
S-Oil Corp. | 8,456 | 751,845 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
ViroMed Co. Ltd.(b) | 2,114 | $ | 522,156 | |||||
|
| |||||||
64,284,815 | ||||||||
Taiwan — 12.1% | ||||||||
Acer Inc. | 1,510,000 | 998,440 | ||||||
ASE Technology Holding Co. Ltd. | 453,186 | 926,207 | ||||||
Cathay Financial Holding Co. Ltd. | 2,114,000 | 3,111,601 | ||||||
China Steel Corp. | 2,416,000 | 2,001,787 | ||||||
Chunghwa Telecom Co. Ltd. | 1,815,000 | 6,310,172 | ||||||
Delta Electronics Inc. | 302,000 | 1,506,247 | ||||||
E.Sun Financial Holding Co. Ltd. | 6,342,514 | 4,554,435 | ||||||
Eva Airways Corp. | 3,624,606 | 1,819,575 | ||||||
Far Eastern New Century Corp. | 1,359,000 | 1,346,791 | ||||||
Far EasTone Telecommunications Co. Ltd. | 453,000 | 1,061,241 | ||||||
Fubon Financial Holding Co. Ltd. | 2,170,000 | 3,208,130 | ||||||
Hiwin Technologies Corp. | 18,496 | 166,471 | ||||||
Hotai Motor Co. Ltd. | 157,000 | 1,706,383 | ||||||
Inventec Corp. | 1,661,000 | 1,284,480 | ||||||
Lite-On Technology Corp. | 755,039 | 1,092,944 | ||||||
MediaTek Inc. | 157,000 | 1,428,362 | ||||||
President Chain Store Corp. | 152,000 | 1,573,018 | ||||||
Taiwan Business Bank | 2,114,000 | 779,618 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,872,000 | 22,302,991 | ||||||
TatungCo. Ltd.(b) | 604,000 | 525,960 | ||||||
United Microelectronics Corp. | 1,510,000 | 561,776 | ||||||
Win Semiconductors Corp. | 151,000 | 858,610 | ||||||
Wistron Corp. | 2,265,768 | 1,571,788 | ||||||
Yageo Corp. | 32,000 | 359,755 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,359,000 | 770,541 | ||||||
|
| |||||||
61,827,323 | ||||||||
Thailand — 3.6% | ||||||||
BTSGroup HoldingsPCL, NVDR | 9,286,500 | 3,064,803 | ||||||
Central Pattana PCL, NVDR | 739,900 | 1,772,708 | ||||||
Kasikornbank PCL, NVDR . | 347,300 | 2,176,652 | ||||||
Minor International PCL, NVDR. | 2,144,200 | 2,636,660 | ||||||
PTT Exploration & Production PCL, NVDR | 317,100 | 1,252,803 | ||||||
PTT PCL, NVDR | 1,378,000 | 2,120,841 | ||||||
Siam Cement PCL (The),NVDR. | 196,300 | 2,952,676 | ||||||
Siam Commercial Bank PCL (The), NVDR | 528,500 | 2,247,330 | ||||||
|
| |||||||
18,224,473 | ||||||||
Turkey — 0.5% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 128,954 | 484,967 | ||||||
Arcelik AS | 396,224 | 1,546,566 | ||||||
Turkcell Iletisim Hizmetleri AS | 161,268 | 432,346 | ||||||
|
| |||||||
2,463,879 | ||||||||
United Arab Emirates — 0.8% | ||||||||
Abu Dhabi Commercial Bank PJSC | 509,137 | 1,321,012 | ||||||
DP World Ltd. | 25,670 | 410,977 | ||||||
First Abu Dhabi Bank PJSC | 577,575 | 2,390,182 | ||||||
|
| |||||||
4,122,171 | ||||||||
|
| |||||||
Total Common Stocks — 95.0% | 483,555,917 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 3.4% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 498,355 | 5,749,969 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 45,300 | 1,124,694 |
28 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® ESG MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 362,482 | $ | 1,391,838 | |||||
Gerdau SA, Preference Shares, NVS | 105,700 | 426,718 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 483,210 | 4,539,294 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 724,831 | 2,390,816 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 135,900 | 1,695,557 | ||||||
|
| |||||||
17,318,886 | ||||||||
Chile — 0.3% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 260,022 | 974,847 | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 17,818 | 741,481 | ||||||
|
| |||||||
1,716,328 | ||||||||
South Korea — 0.7% | ||||||||
LG Household & Health Care Ltd., Preference | ||||||||
Shares, NVS | 717 | 477,490 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 96,187 | 3,078,805 | ||||||
|
| |||||||
3,556,295 | ||||||||
|
| |||||||
Total Preferred Stocks — 4.4% | 22,591,509 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 3.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.62%(e)(f)(g) | 15,274,856 | 15,280,966 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.33%(e)(f) | 671,777 | $ | 671,777 | |||||
|
| |||||||
15,952,743 | ||||||||
|
| |||||||
Total Short-Term Investments — 3.1% | 15,952,743 | |||||||
|
| |||||||
Total Investments in Securities — 102.5% | 522,100,169 | |||||||
Other Assets, Less Liabilities — (2.5)% | (12,937,194 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 509,162,975 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Non-income producing security. |
(c) | All or a portion of this security is on loan. |
(d) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-dayyield as of period-end. |
(g) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | Shares Held at 08/31/18 | Net Activity | Shares Held at 02/28/19 | Value at 02/28/19 | Income | Net Realized Gain (Loss)(a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 18,597,393 | (3,322,537 | ) | 15,274,856 | $ | 15,280,966 | $ | 46,654 | (b) | $ | (706 | ) | $ | 1,620 | ||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 671,777 | 671,777 | 671,777 | 5,901 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
$ | 15,952,743 | $ | 52,555 | $ | (706 | ) | $ | 1,620 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions fromanaffiliated fund, if any. |
(b) | Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net offees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent. |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
LongContracts | ||||||||||||||||
MSCI Emerging Markets E-Mini | 50 | 03/15/19 | $ | 2,617 | $ | 95,813 |
S C H E D U L E O F I N V E S T M E N T S | 29 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® ESG MSCI EM ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of February 28, 2019, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
Equity Contracts | ||||
Assets — Derivative Financial Instruments | ||||
Futures contracts | ||||
Net unrealized appreciation(a) | $ | 95,813 | ||
|
|
(a) | Represents cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported separately within the Statement of Assets and Liabilities. |
For the six months ended February 28, 2019, the effect of derivative financial instruments in the Statement of Operations was as follows:
Equity Contracts | ||||
Net Realized Gain (Loss) from: | ||||
Futures contracts | $ | (56,862 | ) | |
|
| |||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts | $ | 107,096 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | ||||
Average notional value of contracts — long | $ | 1,806,983 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 483,555,917 | $ | — | $ | — | $ | 483,555,917 | ||||||||
Preferred Stocks | 22,591,509 | — | — | 22,591,509 | ||||||||||||
Money Market Funds | 15,952,743 | — | — | 15,952,743 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 522,100,169 | $ | — | $ | — | $ | 522,100,169 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative financial instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Futures Contracts | $ | 95,813 | $ | — | $ | — | $ | 95,813 | ||||||||
|
|
|
|
|
|
|
|
(a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
See notes to financial statements.
30 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2019 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 6.8% | ||||||||
Ambev SA | 19,500 | $ | 89,590 | |||||
B2W Cia. Digital(a) | 600 | 7,735 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 8,700 | 76,068 | ||||||
Banco Bradesco SA | 3,620 | 37,192 | ||||||
Banco do Brasil SA | 3,300 | 44,525 | ||||||
Banco Santander Brasil SA | 1,800 | 21,570 | ||||||
BB Seguridade Participacoes SA | 3,300 | 24,022 | ||||||
BR Malls Participacoes SA | 5,100 | 18,209 | ||||||
BRF SA(a) | 2,100 | 11,518 | ||||||
CCR SA | 6,000 | 22,766 | ||||||
Centrais Eletricas Brasileiras SA(a) | 1,500 | 14,791 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 1,500 | 15,739 | ||||||
Cia. Siderurgica Nacional SA(a) | 2,700 | 9,417 | ||||||
Cielo SA | 5,400 | 15,652 | ||||||
Embraer SA | 3,000 | 15,263 | ||||||
Engie Brasil Energia SA | 700 | 7,683 | ||||||
Equatorial Energia SA | 900 | 19,710 | ||||||
Hypera SA | 1,500 | 10,759 | ||||||
JBS SA | 3,900 | 13,966 | ||||||
Klabin SA | 3,300 | 15,874 | ||||||
Kroton Educacional SA | 5,700 | 16,673 | ||||||
Localiza Rent a Car SA | 2,400 | 22,111 | ||||||
Lojas Renner SA | 3,300 | 38,084 | ||||||
Magazine Luiza SA | 300 | 13,876 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,800 | 12,081 | ||||||
Petrobras Distribuidora SA | 1,200 | 7,823 | ||||||
Petroleo Brasileiro SA | 12,300 | 97,934 | ||||||
Raia Drogasil SA | 900 | 15,697 | ||||||
Rumo SA(a) | 5,100 | 26,464 | ||||||
Suzano Papel e Celulose SA | 2,100 | 26,688 | ||||||
TIM Participacoes SA | 3,900 | 12,292 | ||||||
Ultrapar Participacoes SA | 1,500 | 21,363 | ||||||
Vale SA | 12,971 | 162,905 | ||||||
WEG SA | 4,240 | 20,826 | ||||||
|
| |||||||
986,866 | ||||||||
Chile — 1.4% | ||||||||
Banco de Chile | 88,383 | 14,052 | ||||||
Banco de Credito e Inversiones SA | 222 | 15,202 | ||||||
Banco Santander Chile | 243,915 | 19,481 | ||||||
Cencosud SA | 5,685 | 10,600 | ||||||
Cia. Cervecerias Unidas SA | 822 | 11,643 | ||||||
Empresas CMPC SA | 4,629 | 17,390 | ||||||
Empresas COPEC SA | 1,866 | 25,362 | ||||||
Enel Americas SA | 146,199 | 25,452 | ||||||
Enel Chile SA | 169,086 | 17,768 | ||||||
Latam Airlines Group SA | 1,668 | 19,410 | ||||||
SACI Falabella | 3,150 | 24,533 | ||||||
|
| |||||||
200,893 | ||||||||
Colombia — 0.5% | ||||||||
Bancolombia SA | 1,470 | 17,177 | ||||||
Ecopetrol SA | 21,924 | 22,215 | ||||||
Grupo Argos SA/Colombia | 1,923 | 11,191 | ||||||
Grupo de Inversiones Suramericana SA | 1,482 | 16,845 | ||||||
Interconexion Electrica SA ESP | 2,568 | 11,659 | ||||||
|
| |||||||
79,087 | ||||||||
Czech Republic — 0.3% | ||||||||
CEZ AS | 666 | 16,164 | ||||||
Komercni Banka AS | 390 | 16,399 |
Security | Shares | Value | ||||||
Czech Republic (continued) | ||||||||
Moneta Money Bank AS(b) | 2,370 | $ | 8,407 | |||||
|
| |||||||
40,970 | ||||||||
Egypt — 0.2% | ||||||||
Commercial International Bank Egypt SAE | 5,358 | 21,463 | ||||||
|
| |||||||
Greece — 0.3% | ||||||||
Alpha Bank AE(a) | 6,003 | 8,476 | ||||||
Hellenic Telecommunications Organization SA | 1,191 | 15,121 | ||||||
JUMBO SA | 666 | 10,845 | ||||||
OPAP SA | 1,083 | 11,099 | ||||||
|
| |||||||
45,541 | ||||||||
Hungary — 0.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,656 | 19,342 | ||||||
OTP Bank Nyrt | 969 | 41,010 | ||||||
Richter Gedeon Nyrt | 624 | 12,091 | ||||||
|
| |||||||
72,443 | ||||||||
Indonesia — 3.2% | ||||||||
Adaro Energy Tbk PT | 67,200 | 6,258 | ||||||
Astra International Tbk PT | 86,100 | 43,761 | ||||||
Bank Central Asia Tbk PT | 42,900 | 84,092 | ||||||
Bank Mandiri Persero Tbk PT | 79,800 | 40,418 | ||||||
Bank Negara Indonesia Persero Tbk PT | 33,300 | 20,831 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 234,600 | 64,205 | ||||||
Charoen Pokphand Indonesia Tbk PT | 39,000 | 20,238 | ||||||
Gudang Garam Tbk PT | 2,400 | 14,570 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 48,900 | 13,209 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 10,800 | 8,464 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 8,700 | 11,890 | ||||||
Indofood Sukses Makmur Tbk PT | 24,000 | 12,070 | ||||||
Kalbe Farma Tbk PT | 84,300 | 8,959 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 6,300 | 5,005 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 46,500 | 8,396 | ||||||
Semen Indonesia Persero Tbk PT | 17,100 | 15,377 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 204,900 | 56,223 | ||||||
Unilever Indonesia Tbk PT | 6,600 | 22,837 | ||||||
United Tractors Tbk PT | 7,800 | 14,693 | ||||||
|
| |||||||
471,496 | ||||||||
Malaysia — 3.4% | ||||||||
Axiata Group Bhd | 12,900 | 13,197 | ||||||
British American Tobacco Malaysia Bhd | 600 | 4,972 | ||||||
CIMB Group Holdings Bhd | 20,400 | 29,347 | ||||||
Dialog Group Bhd | 13,200 | 10,485 | ||||||
DiGi.Com Bhd | 15,300 | 17,119 | ||||||
Gamuda Bhd | 13,200 | 9,543 | ||||||
Genting Bhd | 10,200 | 18,486 | ||||||
Genting Malaysia Bhd | 13,800 | 11,877 | ||||||
Hartalega Holdings Bhd | 6,600 | 8,115 | ||||||
Hong Leong Bank Bhd | 3,900 | 20,409 | ||||||
IHH Healthcare Bhd | 9,000 | 12,682 | ||||||
IOI Corp. Bhd | 12,300 | 13,581 | ||||||
Kuala Lumpur Kepong Bhd | 2,400 | 14,601 | ||||||
Malayan Banking Bhd | 16,200 | 37,965 | ||||||
Malaysia Airports Holdings Bhd | 4,800 | 9,644 | ||||||
Maxis Bhd | 10,200 | 13,470 | ||||||
MISC Bhd | 7,200 | 12,217 | ||||||
Nestle Malaysia Bhd | 300 | 10,918 | ||||||
Petronas Chemicals Group Bhd | 10,200 | 23,126 | ||||||
Petronas Gas Bhd | 3,600 | 16,006 | ||||||
PPB Group Bhd | 3,940 | 17,789 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Press Metal Aluminium Holdings Bhd | 4,500 | $ | 4,681 | |||||
Public Bank Bhd | 12,300 | 75,618 | ||||||
Sime Darby Bhd | 8,400 | 4,482 | ||||||
Sime Darby Plantation Bhd | 11,700 | 14,674 | ||||||
Sime Darby Property Bhd | 36,900 | 9,528 | ||||||
Tenaga Nasional Bhd | 13,500 | 44,552 | ||||||
Top Glove Corp. Bhd | 5,400 | 6,029 | ||||||
YTL Corp. Bhd | 18,340 | 4,781 | ||||||
|
| |||||||
489,894 | ||||||||
Mexico — 3.9% | ||||||||
Alfa SAB de CV, Class A | 14,700 | 16,745 | ||||||
America Movil SAB de CV, Series L, NVS | 138,300 | 99,619 | ||||||
Arca Continental SAB de CV | 1,800 | 10,152 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 6,300 | 8,654 | ||||||
Cemex SAB de CV, CPO(a) | 60,600 | 29,750 | ||||||
Coca-Cola Femsa SAB de CV, Series L, NVS | 2,100 | 12,707 | ||||||
Fibra Uno Administracion SA de CV | 12,900 | 17,861 | ||||||
Fomento Economico Mexicano SAB de CV | 8,100 | 73,515 | ||||||
Gruma SAB de CV, Series B | 1,095 | 11,867 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Series B | 1,800 | 16,777 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,155 | 19,598 | ||||||
Grupo Bimbo SAB de CV, Series A | 8,100 | 16,070 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 10,500 | 57,133 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 7,500 | 11,194 | ||||||
Grupo Mexico SAB de CV, Series B | 14,700 | 36,839 | ||||||
Grupo Televisa SAB, CPO | 10,800 | 25,305 | ||||||
Industrias Penoles SAB de CV | 600 | 7,952 | ||||||
Infraestructura Energetica Nova SAB de CV | 1,800 | 6,925 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 7,500 | 12,124 | ||||||
Megacable Holdings SAB de CV, CPO | 1,200 | 5,483 | ||||||
Mexichem SAB de CV | 3,900 | 9,454 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,185 | 11,676 | ||||||
Wal-Mart de Mexico SAB de CV | 21,300 | 55,103 | ||||||
|
| |||||||
572,503 | ||||||||
Pakistan — 0.0% | ||||||||
MCB Bank Ltd. | 2,700 | 3,999 | ||||||
|
| |||||||
Peru — 0.7% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 807 | 13,428 | ||||||
Credicorp Ltd. | 285 | 69,281 | ||||||
Southern Copper Corp. | 387 | 13,781 | ||||||
|
| |||||||
96,490 | ||||||||
Philippines — 1.6% | ||||||||
Aboitiz Equity Ventures Inc. | 10,950 | 12,915 | ||||||
Ayala Corp. | 1,180 | 21,104 | ||||||
Ayala Land Inc. | 39,000 | 33,179 | ||||||
BDO Unibank Inc. | 9,690 | 23,906 | ||||||
GT Capital Holdings Inc. | 557 | 10,285 | ||||||
JG Summit Holdings Inc. | 14,520 | 18,585 | ||||||
Jollibee Foods Corp. | 2,430 | 14,462 | ||||||
Manila Electric Co. | 360 | 2,559 | ||||||
Metro Pacific Investments Corp. | 99,600 | 9,051 | ||||||
Metropolitan Bank & Trust Co. | 5,340 | 7,847 | ||||||
PLDT Inc. | 450 | 8,962 | ||||||
SM Investments Corp. | 1,080 | 19,629 | ||||||
SM Prime Holdings Inc. | 46,500 | 34,479 | ||||||
Universal Robina Corp. | 5,610 | 14,762 | ||||||
|
| |||||||
231,725 |
Security | Shares | Value | ||||||
Poland — 1.7% | ||||||||
Alior Bank SA(a) | 576 | $ | 8,948 | |||||
Bank Polska Kasa Opieki SA | 753 | 22,579 | ||||||
CCC SA | 144 | 6,993 | ||||||
CD Projekt SA(a) | 291 | 14,641 | ||||||
KGHM Polska Miedz SA(a) | 681 | 18,257 | ||||||
LPP SA | 6 | 12,950 | ||||||
mBank SA | 63 | 7,126 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 4,092 | 12,562 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,275 | 34,385 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 8,637 | 15,818 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 3,912 | 39,384 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,943 | 31,778 | ||||||
Santander Bank Polska SA | 183 | 18,230 | ||||||
|
| |||||||
243,651 | ||||||||
Qatar — 1.4% | ||||||||
Commercial Bank PQSC (The) | 705 | 7,734 | ||||||
Ezdan Holding Group QSC(a) | 3,942 | 14,019 | ||||||
Industries Qatar QSC | 760 | 27,652 | ||||||
Masraf Al Rayan QSC | 1,674 | 16,898 | ||||||
Ooredoo QPSC | 357 | 6,542 | ||||||
Qatar Electricity & Water Co. QSC | 264 | 12,747 | ||||||
Qatar Insurance Co. SAQ | 738 | 6,763 | ||||||
Qatar Islamic Bank SAQ | 444 | 17,636 | ||||||
Qatar National Bank QPSC | 1,872 | 96,378 | ||||||
|
| |||||||
206,369 | ||||||||
Russia — 5.4% | ||||||||
Alrosa PJSC | 11,700 | 16,885 | ||||||
Gazprom PJSC | 44,460 | 107,270 | ||||||
Inter RAO UES PJSC | 177,000 | 10,516 | ||||||
LUKOIL PJSC | 2,043 | 170,549 | ||||||
Magnit PJSC, GDR(c) | 1,006 | 14,446 | ||||||
MMC Norilsk Nickel PJSC | 270 | 57,830 | ||||||
Mobile TeleSystems PJSC, ADR | 2,208 | 17,068 | ||||||
Moscow Exchange MICEX-RTS PJSC(a) | 3,220 | 4,457 | ||||||
Novatek PJSC, GDR(c) | 381 | 66,027 | ||||||
Novolipetsk Steel PJSC | 6,930 | 16,662 | ||||||
PhosAgro PJSC, GDR(c) | 636 | 8,688 | ||||||
Polyus PJSC | 62 | 5,147 | ||||||
Rosneft Oil Co. PJSC, GDR(c) | 4,683 | 28,051 | ||||||
Sberbank of Russia PJSC, ADR | 10,677 | 136,239 | ||||||
Severstal PJSC | 900 | 14,051 | ||||||
Surgutneftegas PJSC | 30,000 | 11,696 | ||||||
Tatneft PJSC | 6,540 | 77,026 | ||||||
VTB Bank PJSC, GDR(c) | 5,751 | 6,769 | ||||||
X5 Retail Group NV, GDR(c) | 513 | 13,051 | ||||||
|
| |||||||
782,428 | ||||||||
South Africa — 8.9% | ||||||||
Absa Group Ltd. | 2,940 | 37,764 | ||||||
Anglo American Platinum Ltd. | 159 | 8,669 | ||||||
AngloGold Ashanti Ltd. | 1,707 | 24,526 | ||||||
Aspen Pharmacare Holdings Ltd. | 1,731 | 17,167 | ||||||
Bid Corp. Ltd. | 1,347 | 28,230 | ||||||
Bidvest Group Ltd. (The) | 1,278 | 18,913 | ||||||
Capitec Bank Holdings Ltd. | 174 | 16,165 | ||||||
Clicks Group Ltd. | 975 | 12,528 | ||||||
Discovery Ltd. | 1,518 | 16,635 | ||||||
Exxaro Resources Ltd. | 957 | 10,326 | ||||||
FirstRand Ltd. | 13,623 | 62,301 | ||||||
Fortress REIT Ltd., Series B | 3,105 | 3,070 |
32 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Foschini Group Ltd. (The) | 1,032 | $ | 12,610 | |||||
Gold Fields Ltd. | 3,789 | 15,498 | ||||||
Growthpoint Properties Ltd. | 13,341 | 23,171 | ||||||
Hyprop Investments Ltd. | 1,797 | 9,904 | ||||||
Investec Ltd. | 1,419 | 9,241 | ||||||
Life Healthcare Group Holdings Ltd. | 6,255 | 12,038 | ||||||
Mondi Ltd. | 540 | 12,721 | ||||||
Mr. Price Group Ltd. | 1,149 | 17,643 | ||||||
MTN Group Ltd. | 7,191 | 42,716 | ||||||
Multichoice Group Ltd. | 1,815 | 13,561 | ||||||
Naspers Ltd., Class N | 1,815 | 393,128 | ||||||
Nedbank Group Ltd. | 1,414 | 28,602 | ||||||
NEPI Rockcastle PLC | 1,656 | 13,941 | ||||||
Netcare Ltd. | 4,524 | 8,186 | ||||||
Old Mutual Ltd. | 20,244 | 33,476 | ||||||
Pick n Pay Stores Ltd. | 1,326 | 6,539 | ||||||
PSG Group Ltd. | 642 | 11,862 | ||||||
Rand Merchant Investment Holdings Ltd. | 3,585 | 8,483 | ||||||
Redefine Properties Ltd. | 28,641 | 19,780 | ||||||
Reinet Investments SCA | 612 | 9,666 | ||||||
Remgro Ltd. | 2,193 | 31,382 | ||||||
Resilient REIT Ltd. | 861 | 3,768 | ||||||
RMB Holdings Ltd. | 2,913 | 16,600 | ||||||
Sanlam Ltd. | 7,443 | 41,656 | ||||||
Sappi Ltd. | 2,526 | 12,980 | ||||||
Sasol Ltd. | 2,253 | 68,885 | ||||||
Shoprite Holdings Ltd. | 1,848 | 22,568 | ||||||
SPAR Group Ltd. (The) | 894 | 12,698 | ||||||
Standard Bank Group Ltd. | 5,373 | 74,045 | ||||||
Tiger Brands Ltd. | 732 | 13,864 | ||||||
Truworths International Ltd. | 1,935 | 10,056 | ||||||
Vodacom Group Ltd. | 2,313 | 19,103 | ||||||
Woolworths Holdings Ltd./South Africa | 4,866 | 15,851 | ||||||
|
| |||||||
1,302,516 | ||||||||
South Korea — 19.2% | ||||||||
Amorepacific Corp. | 147 | 26,140 | ||||||
AMOREPACIFIC Group | 108 | 7,039 | ||||||
BGF retail Co. Ltd. | 43 | 8,143 | ||||||
BNK Financial Group Inc. | 1,182 | 7,451 | ||||||
Celltrion Healthcare Co. Ltd.(a) | 198 | 12,288 | ||||||
Celltrion Inc.(a) | 345 | 62,730 | ||||||
Celltrion Pharm Inc.(a) | 66 | 3,556 | ||||||
CJ CheilJedangCorp. | 42 | 12,025 | ||||||
CJ Corp. | 78 | 8,669 | ||||||
CJ ENM Co. Ltd. | 42 | 8,899 | ||||||
Coway Co. Ltd. | 240 | 20,187 | ||||||
Daelim Industrial Co. Ltd. | 150 | 12,483 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. | 156 | 4,383 | ||||||
DB Insurance Co. Ltd. | 228 | 14,697 | ||||||
DGB Financial Group Inc. | 759 | 5,723 | ||||||
E-MART Inc. | 87 | 13,924 | ||||||
Fila Korea Ltd. | 219 | 10,826 | ||||||
GS Engineering & Construction Corp. | 219 | 8,334 | ||||||
GS Holdings Corp. | 231 | 11,009 | ||||||
Hana Financial Group Inc. | 1,197 | 41,347 | ||||||
Hankook Tire Co. Ltd. | 369 | 14,026 | ||||||
Hanmi Pharm Co. Ltd. | 30 | 13,177 | ||||||
Hanon Systems | 957 | 10,594 | ||||||
Hanwha Chemical Corp. | 543 | 11,297 | ||||||
Hanwha Corp. | 234 | 6,689 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
HDC Hyundai Development Co-Engineering & Construction Class E(a) | 135 | $ | 5,780 | |||||
HLB Inc.(a) | 129 | 10,300 | ||||||
Hotel Shilla Co. Ltd. | 138 | 10,061 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 348 | 17,699 | ||||||
Hyundai Glovis Co. Ltd. | 93 | 11,535 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 195 | 22,799 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 63 | 20,221 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 303 | 10,157 | ||||||
Hyundai Mobis Co. Ltd. | 279 | 54,699 | ||||||
Hyundai Motor Co. | 582 | 65,460 | ||||||
Hyundai Steel Co. | 363 | 16,089 | ||||||
Industrial Bank of Korea | 1,116 | 13,842 | ||||||
Kakao Corp. | 213 | 19,601 | ||||||
Kangwon Land Inc.(a) | 567 | 15,578 | ||||||
KB Financial Group Inc. | 1,587 | 62,580 | ||||||
KCC Corp. | 21 | 5,966 | ||||||
Kia Motors Corp. | 1,116 | 36,267 | ||||||
Korea Aerospace Industries Ltd.(a) | 348 | 11,386 | ||||||
Korea Electric Power Corp.(a) | 1,149 | 35,603 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 189 | 10,839 | ||||||
Korea Zinc Co. Ltd.(a) | 39 | 15,830 | ||||||
KT&G Corp. | 495 | 46,432 | ||||||
LG Chem Ltd. | 204 | 70,830 | ||||||
LG Corp. | 459 | 30,608 | ||||||
LG Display Co. Ltd.(a) | 948 | 17,911 | ||||||
LG Electronics Inc. | 471 | 29,524 | ||||||
LG Household & Health Care Ltd. | 42 | 46,530 | ||||||
LG Innotek Co. Ltd. | 51 | 4,897 | ||||||
LG Uplus Corp. | 516 | 6,882 | ||||||
Lotte Chemical Corp. | 72 | 20,421 | ||||||
Lotte Corp. | 117 | 5,524 | ||||||
Lotte Shopping Co. Ltd. | 52 | 8,831 | ||||||
Medy-Tox Inc. | 21 | 10,195 | ||||||
Mirae Asset Daewoo Co. Ltd. | 1,752 | 11,777 | ||||||
NAVER Corp. | 573 | 67,759 | ||||||
NCSoft Corp. | 78 | 31,971 | ||||||
Netmarble Corp.(a)(b) | 102 | 10,702 | ||||||
NH Investment &Securities Co. Ltd.(a) | 771 | 8,946 | ||||||
OCI Co. Ltd.(a) | 69 | 6,626 | ||||||
Orion Corp./Republic of Korea | 87 | 8,625 | ||||||
Pearl Abyss Corp.(a) | 24 | 3,843 | ||||||
POSCO | 324 | 75,764 | ||||||
POSCO Chemtech Co. Ltd. | 87 | 5,330 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 69 | 23,067 | ||||||
Samsung C&T Corp. | 327 | 33,581 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 228 | 21,691 | ||||||
Samsung Electronics Co. Ltd. | 19,482 | 781,220 | ||||||
Samsung Engineering Co. Ltd.(a) | 585 | 8,166 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 138 | 36,994 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 2,421 | 19,718 | ||||||
Samsung Life Insurance Co. Ltd. | 330 | 26,026 | ||||||
Samsung SDI Co. Ltd. | 219 | 46,246 | ||||||
Samsung SDSCo. Ltd. | 150 | 30,742 | ||||||
Samsung Securities Co. Ltd. | 306 | 9,427 | ||||||
Shinhan Financial Group Co. Ltd. | 1,701 | 66,016 | ||||||
Shinsegae Inc. | 30 | 7,615 | ||||||
SillaJen Inc.(a) | 252 | 16,648 | ||||||
SK Holdings Co. Ltd. | 150 | 36,343 | ||||||
SKHynix Inc. | 2,349 | 146,199 |
S C H E D U L E O F I N V E S T M E N T S | 33 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
SK Innovation Co. Ltd. | 273 | $ | 45,633 | |||||
SK Telecom Co. Ltd. | 87 | 20,151 | ||||||
S-Oil Corp. | 204 | 18,138 | ||||||
ViroMed Co. Ltd.(a) | 57 | 14,079 | ||||||
Woori Financial Group Inc.(a) | 1,188 | 15,633 | ||||||
Yuhan Corp. | 51 | 11,812 | ||||||
|
| |||||||
2,793,001 | ||||||||
Taiwan — 16.4% | ||||||||
Acer Inc. | 12,000 | 7,935 | ||||||
ASE Technology Holding Co. Ltd. | 15,000 | 30,657 | ||||||
Asia Cement Corp. | 12,000 | 15,128 | ||||||
Asustek Computer Inc. | 3,000 | 21,396 | ||||||
AU Optronics Corp. | 33,000 | 12,170 | ||||||
Catcher Technology Co. Ltd. | 3,000 | 22,810 | ||||||
Cathay Financial Holding Co. Ltd. | 36,000 | 52,989 | ||||||
Chailease Holding Co. Ltd. | 6,080 | 23,904 | ||||||
Chang Hwa Commercial Bank Ltd. | 25,472 | 15,311 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 6,000 | 8,529 | ||||||
China Airlines Ltd. | 16,000 | 5,277 | ||||||
China Development Financial Holding Corp. | 72,000 | 23,324 | ||||||
China Life Insurance Co. Ltd./Taiwan | 13,243 | 12,371 | ||||||
China Steel Corp. | 54,000 | 44,742 | ||||||
Chunghwa Telecom Co. Ltd. | 15,000 | 52,150 | ||||||
Compal Electronics Inc. | 24,000 | 14,895 | ||||||
CTBC Financial Holding Co. Ltd. | 72,000 | 48,778 | ||||||
Delta Electronics Inc. | 9,000 | 44,888 | ||||||
E.Sun Financial Holding Co. Ltd. | 40,671 | 29,205 | ||||||
Far Eastern New Century Corp. | 15,000 | 14,865 | ||||||
Far EasTone Telecommunications Co. Ltd. | 9,000 | 21,084 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,000 | 18,862 | ||||||
First Financial Holding Co. Ltd. | 39,785 | 26,888 | ||||||
Formosa Chemicals & Fibre Corp. | 15,000 | 51,419 | ||||||
Formosa Petrochemical Corp. | 6,000 | 22,712 | ||||||
Formosa Plastics Corp. | 18,000 | 59,948 | ||||||
Foxconn Technology Co. Ltd. | 6,000 | 12,302 | ||||||
Fubon Financial Holding Co. Ltd. | 24,000 | 35,482 | ||||||
Hon Hai Precision Industry Co. Ltd. | 52,200 | 123,306 | ||||||
Hotai Motor Co. Ltd. | 600 | 6,521 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 36,139 | 22,193 | ||||||
Innolux Corp. | 42,000 | 13,988 | ||||||
Inventec Corp. | 15,000 | 11,600 | ||||||
Largan Precision Co. Ltd. | 410 | 58,083 | ||||||
Lite-On Technology Corp. | 12,000 | 17,370 | ||||||
MediaTek Inc. | 6,000 | 54,587 | ||||||
Mega Financial Holding Co. Ltd. | 48,000 | 42,500 | ||||||
Micro-Star International Co. Ltd. | 3,000 | 7,974 | ||||||
Nan Ya Plastics Corp. | 21,000 | 52,472 | ||||||
Nanya Technology Corp. | 6,000 | 12,126 | ||||||
Novatek Microelectronics Corp. | 3,000 | 16,669 | ||||||
Pegatron Corp. | 9,000 | 15,440 | ||||||
Pou Chen Corp. | 12,000 | 15,128 | ||||||
Powertech Technology Inc. | 3,000 | 6,979 | ||||||
President Chain Store Corp. | 3,000 | 31,046 | ||||||
Quanta Computer Inc. | 12,000 | 22,303 | ||||||
Realtek Semiconductor Corp. | 3,000 | 17,351 | ||||||
Shanghai Commercial &Savings Bank Ltd. (The) | 11,000 | 17,120 | ||||||
Shin Kong Financial Holding Co. Ltd. | 45,374 | 13,608 | ||||||
SinoPac Financial Holdings Co. Ltd. | 45,259 | 15,809 | ||||||
Synnex Technology International Corp. | 3,000 | 3,655 | ||||||
Taishin Financial Holding Co. Ltd. | 33,032 | 14,972 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Taiwan Business Bank | 21,000 | $ | 7,745 | |||||
Taiwan Cement Corp. | 16,000 | 19,963 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 37,461 | 23,248 | ||||||
Taiwan High Speed Rail Corp. | 12,000 | 12,867 | ||||||
Taiwan Mobile Co. Ltd. | 6,000 | 21,445 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 102,000 | 792,098 | ||||||
Tatung Co. Ltd.(a) | 6,000 | 5,225 | ||||||
Uni-President Enterprises Corp. | 21,000 | 51,175 | ||||||
United Microelectronics Corp. | 45,000 | 16,742 | ||||||
Vanguard International Semiconductor Corp. | 3,000 | 6,755 | ||||||
Walsin Technology Corp. | 1,000 | 5,881 | ||||||
Win Semiconductors Corp. | 2,000 | 11,372 | ||||||
Winbond Electronics Corp. | 21,000 | 10,474 | ||||||
Wistron Corp. | 15,598 | 10,821 | ||||||
WPG Holdings Ltd. | 7,520 | 9,725 | ||||||
Yageo Corp. | 198 | 2,226 | ||||||
Yuanta Financial Holding Co. Ltd. | 39,000 | 22,113 | ||||||
|
| |||||||
2,392,696 | ||||||||
Thailand — 3.5% | ||||||||
Advanced Info Service PCL, NVDR | 5,100 | 29,455 | ||||||
Airports of Thailand PCL, NVDR | 20,700 | 44,340 | ||||||
Bangkok Bank PCL, Foreign | 900 | 6,112 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 21,600 | 16,176 | ||||||
Banpu PCL, NVDR | 16,500 | 8,535 | ||||||
Berli Jucker PCL, NVDR | 8,100 | 12,724 | ||||||
Bumrungrad Hospital PCL, NVDR | 2,100 | 12,428 | ||||||
Central Pattana PCL, NVDR | 6,300 | 15,094 | ||||||
Charoen Pokphand Foods PCL, NVDR | 17,700 | 14,744 | ||||||
CP ALL PCL, NVDR | 22,200 | 54,774 | ||||||
Energy Absolute PCL, NVDR | 6,900 | 10,455 | ||||||
Indorama Ventures PCL, NVDR | 9,600 | 15,689 | ||||||
Kasikornbank PCL, Foreign | 4,800 | 30,159 | ||||||
Kasikornbank PCL, NVDR | 3,300 | 20,682 | ||||||
Krung Thai Bank PCL, NVDR | 21,300 | 13,045 | ||||||
Minor International PCL, NVDR | 9,900 | 12,174 | ||||||
PTT Exploration & Production PCL, NVDR | 6,300 | 24,890 | ||||||
PTT Global Chemical PCL, NVDR | 11,100 | 25,361 | ||||||
PTT PCL, NVDR | 45,000 | 69,258 | ||||||
Siam Cement PCL (The), NVDR | 1,500 | 22,563 | ||||||
Siam Commercial Bank PCL (The), NVDR | 8,100 | 34,443 | ||||||
Thai Oil PCL, NVDR | 5,100 | 11,693 | ||||||
True Corp. PCL, NVDR | 53,400 | 9,151 | ||||||
|
| |||||||
513,945 | ||||||||
Turkey — 1.0% | ||||||||
Akbank T.A.S. | 14,226 | 18,323 | ||||||
BIM Birlesik Magazalar AS | 1,071 | 17,207 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 7,269 | 12,701 | ||||||
Haci Omer Sabanci Holding AS | 8,145 | 13,941 | ||||||
KOC Holding AS | 3,645 | 12,738 | ||||||
Petkim Petrokimya Holding AS | 5,698 | 5,886 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 612 | 16,465 | ||||||
Turk Hava Yollari AO(a) | 2,781 | 7,372 | ||||||
Turkcell Iletisim Hizmetleri AS | 5,442 | 14,590 | ||||||
Turkiye Garanti Bankasi AS | 10,860 | 18,161 | ||||||
|
| |||||||
137,384 | ||||||||
United Arab Emirates — 1.1% | ||||||||
Abu Dhabi Commercial Bank PJSC | 9,204 | 23,881 | ||||||
Aldar Properties PJSC | 26,193 | 12,693 | ||||||
DAMAC Properties Dubai Co. PJSC | 10,539 | 3,960 |
34 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United Arab Emirates (continued) | ||||||||
DP World Ltd. | 819 | $ | 13,112 | |||||
Dubai Islamic Bank PJSC | 6,399 | 9,094 | ||||||
Emaar Properties PJSC | 16,314 | 21,764 | ||||||
Emirates Telecommunications Group Co. PJSC | 8,403 | 38,618 | ||||||
First Abu Dhabi Bank PJSC | 10,236 | 42,360 | ||||||
|
| |||||||
165,482 | ||||||||
|
| |||||||
Total Common Stocks — 81.4% | 11,850,842 | |||||||
|
| |||||||
Investment Companies | ||||||||
India — 12.5% | ||||||||
iShares MSCI India ETF(d) | 55,771 | 1,823,154 | ||||||
|
| |||||||
Total Investment Companies — 12.5% | 1,823,154 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 4.4% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 14,230 | 164,184 | ||||||
Braskem SA, Class A, Preference Shares, NVS | 600 | 8,703 | ||||||
Cia. Brasileira de Distribuicao, Preference Shares, NVS | 600 | 14,897 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS | 4,808 | 18,462 | ||||||
Gerdau SA, Preference Shares, NVS | 4,500 | 18,167 | ||||||
Itau Unibanco HoldingSA, Preference Shares, NVS | 20,400 | 191,638 | ||||||
Itausa-Investimentos Itau SA, Preference Shares, NVS | 18,734 | 61,793 | ||||||
Lojas Americanas SA, Preference Shares, NVS | 3,600 | 19,112 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 15,900 | 114,727 | ||||||
Telefonica Brasil SA, Preference Shares, NVS | 1,800 | 22,458 | ||||||
|
| |||||||
634,141 | ||||||||
Chile — 0.2% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares | 2,562 | 9,605 | ||||||
Sociedad Quimica y Minera de Chile SA, Series B, Preference Shares | 462 | 19,226 | ||||||
|
| |||||||
28,831 |
Security | Shares | Value | ||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 1,383 | $ | 16,672 | |||||
|
| |||||||
Russia — 0.1% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS | 30,000 | 18,290 | ||||||
|
| |||||||
South Korea — 0.9% | ||||||||
CJ Corp., Preference Shares | 7 | 168 | ||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 84 | 5,505 | ||||||
Series 2, Preference Shares, NVS | 129 | 9,222 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 3,555 | 113,790 | ||||||
|
| |||||||
128,685 | ||||||||
|
| |||||||
Total Preferred Stocks — 5.7% | 826,619 | |||||||
|
| |||||||
Short-Term Investments | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, | 16,210 | 16,210 | ||||||
|
| |||||||
Total Short-Term Investments — 0.1% | 16,210 | |||||||
|
| |||||||
Total Investments in Securities — 99.7% | 14,516,825 | |||||||
Other Assets, Less Liabilities — 0.3% | 47,537 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 14,564,362 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period-end. |
Affiliates
Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2019, for purposes of Section 2(a)(3) of the 1940Act, were as follows:
Affiliated Issuer | | Shares Held at 08/31/18 | | | Shares Purchased | | | Shares Sold | | | Shares Held at 02/28/19 | | | Value at 02/28/19 | | Income | | Net Realized Gain (Loss) | (a) | | Change in Unrealized Appreciation (Depreciation) | | ||||||||||
BlackRock Cash Funds: Treasury, | 17,460 | — | (1,250 | )(b) | 16,210 | $ | 16,210 | $ | 170 | $ | — | $ | — | |||||||||||||||||||
iShares MSCI India ETF | 37,615 | 19,288 | (1,132 | ) | 55,771 | 1,823,154 | 10,053 | (2,011 | ) | (113,006 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
$ | 1,839,364 | $ | 10,223 | $ | (2,011 | ) | $ | (113,006 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Includes realized capital gain distributions from an affiliated fund, if any. (b) Net of purchases and sales. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S | 35 |
Schedule of Investments (unaudited) (continued) February 28, 2019 | iShares® MSCI Emerging Markets ex China ETF |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 11,850,842 | $ | — | $ | — | $ | 11,850,842 | ||||||||
Investment Companies | 1,823,154 | — | — | 1,823,154 | ||||||||||||
Preferred Stocks | 826,451 | 168 | — | 826,619 | ||||||||||||
Money Market Funds | 16,210 | — | — | 16,210 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 14,516,657 | $ | 168 | $ | — | $ | 14,516,825 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
36 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2019
iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated) | iShares Edge MSCI Min Vol Global ETF | iShares Edge MSCI Multifactor Emerging Markets ETF | iShares ESG MSCI EM ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments in securities, at value (including securities on loan)(a): | ||||||||||||||||
Unaffiliated(b) | $ | 5,528,747,776 | $ | 3,914,871,646 | $ | 292,343,205 | $ | 506,147,426 | ||||||||
Affiliated(c) | 53,540,409 | 50,925,172 | 1,564,218 | 15,952,743 | ||||||||||||
Cash | 668,085 | — | 4,847 | 4,746,251 | ||||||||||||
Foreign currency, at value(d) | 5,210,210 | 4,482,812 | 350,663 | 479,870 | ||||||||||||
Cash pledged: | ||||||||||||||||
Futures contracts | 864,000 | 526,000 | 99,000 | 145,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | — | — | — | 24,845,859 | ||||||||||||
Securities lending income — Affiliated | 77,142 | 12,752 | 1,862 | 4,044 | ||||||||||||
Capital shares sold | — | 65,633 | — | 24,820 | ||||||||||||
Dividends | 10,043,091 | 7,623,695 | 1,359,781 | 1,650,321 | ||||||||||||
Tax reclaims | — | 1,154,569 | — | — | ||||||||||||
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Total assets | 5,599,150,713 | 3,979,662,279 | 295,723,576 | 553,996,334 | ||||||||||||
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LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 41,321,495 | 47,465,892 | 1,372,173 | 15,277,902 | ||||||||||||
Deferred foreign capital gain tax | 8,892,861 | — | 26,517 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 7,199,647 | 65,633 | — | 24,679,595 | ||||||||||||
Variation margin on futures contracts | 180,573 | 55,190 | 24,015 | 35,291 | ||||||||||||
Bank borrowings | — | — | — | 4,746,707 | ||||||||||||
Investment advisory fees | 1,019,492 | 591,207 | 99,788 | 93,846 | ||||||||||||
Foreign taxes | 162 | — | 970 | 18 | ||||||||||||
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Total liabilities | 58,614,230 | 48,177,922 | 1,523,463 | 44,833,359 | ||||||||||||
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NET ASSETS | $ | 5,540,536,483 | $ | 3,931,484,357 | $ | 294,200,113 | $ | 509,162,975 | ||||||||
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NET ASSETS CONSIST OF: | ||||||||||||||||
Paid-in capital | $ | 5,586,588,642 | $ | 3,536,583,947 | $ | 334,448,175 | $ | 519,568,985 | ||||||||
Accumulated earnings (loss) | (46,052,159 | ) | 394,900,410 | (40,248,062 | ) | (10,406,010 | ) | |||||||||
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NET ASSETS | $ | 5,540,536,483 | $ | 3,931,484,357 | $ | 294,200,113 | $ | 509,162,975 | ||||||||
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Shares outstanding | 93,800,000 | 44,900,000 | 6,900,000 | 15,100,000 | ||||||||||||
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Net asset value | $ | 59.07 | $ | 87.56 | $ | 42.64 | $ | 33.72 | ||||||||
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Shares authorized | 500 million | 500 million | 25 million | 25 million | ||||||||||||
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Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
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(a) Securities loaned, at value | $ | 39,138,739 | $ | 46,345,587 | $ | 1,346,648 | $ | 14,819,301 | ||||||||
(b) Investments, at cost — Unaffiliated | $ | 4,872,146,763 | $ | 3,453,197,105 | $ | 300,947,990 | $ | 494,706,914 | ||||||||
(c) Investments, at cost — Affiliated | $ | 53,524,060 | $ | 50,920,754 | $ | 1,563,815 | $ | 15,948,630 | ||||||||
(d) Foreign currency, at cost | $ | 5,179,694 | $ | 4,452,557 | $ | 350,536 | $ | 478,200 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 37 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2019
iShares MSCI Emerging Markets ex China ETF | ||||
ASSETS | ||||
Investments in securities, at value: | ||||
Unaffiliated(a) | $ | 12,677,461 | ||
Affiliated(b) | 1,839,364 | |||
Cash | 99 | |||
Foreign currency, at value(c) | 22,144 | |||
Receivables: | ||||
Dividends | 46,680 | |||
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Total assets | 14,585,748 | |||
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LIABILITIES | ||||
Payables: | ||||
Investments purchased | 17,122 | |||
Investment advisory fees | 4,255 | |||
Foreign taxes | 9 | |||
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Total liabilities | 21,386 | |||
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NET ASSETS | $ | 14,564,362 | ||
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NET ASSETS CONSIST OF: | ||||
Paid-in capital | $ | 14,957,560 | ||
Accumulated loss | (393,198 | ) | ||
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NET ASSETS | $ | 14,564,362 | ||
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Shares outstanding | 300,000 | |||
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Net asset value | $ | 48.55 | ||
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Shares authorized | 25 million | |||
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Par value | $ | 0.001 | ||
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(a) Investments, at cost — Unaffiliated | $ | 12,826,852 | ||
(b) Investments, at cost — Affiliated | $ | 1,876,483 | ||
(c) Foreign currency, at cost | $ | 22,116 |
See notes to financial statements.
38 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2019
iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated) | iShares Edge MSCI Min Vol Global ETF | iShares Edge MSCI Multifactor Emerging Markets ETF | iShares ESG MSCI EM ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — Unaffiliated | $ | 40,358,513 | $ | 38,798,868 | $ | 3,662,912 | $ | 3,869,682 | ||||||||
Dividends — Affiliated | 99,806 | 70,827 | 5,569 | 5,901 | ||||||||||||
Interest — Unaffiliated | 2,069 | — | 564 | 771 | ||||||||||||
Securities lending income — Affiliated — net | 759,477 | 157,901 | 13,564 | 46,654 | ||||||||||||
Foreign taxes withheld | (3,528,763 | ) | (1,229,632 | ) | (378,412 | ) | (434,339 | ) | ||||||||
Other foreign taxes | (138,738 | ) | (22,112 | ) | (7,290 | ) | (8,530 | ) | ||||||||
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Total investment income | 37,552,364 | 37,775,852 | 3,296,907 | 3,480,139 | ||||||||||||
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EXPENSES | ||||||||||||||||
Investment advisory fees | 16,650,920 | 5,443,068 | 591,581 | 488,914 | ||||||||||||
Commitment fees | 13,997 | 2,120 | 144 | 516 | ||||||||||||
Mauritius income taxes | 136,990 | — | — | — | ||||||||||||
Interest expense | 27,022 | — | 6,570 | 9,153 | ||||||||||||
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Total expenses | 16,828,929 | 5,445,188 | 598,295 | 498,583 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (10,735,147) | (1,994,503) | (4,877) | — | ||||||||||||
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Total expenses after fees waived | 6,093,782 | 3,450,685 | 593,418 | 498,583 | ||||||||||||
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Net investment income | 31,458,582 | 34,325,167 | 2,703,489 | 2,981,556 | ||||||||||||
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REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — Unaffiliated | (67,079,294 | ) | (15,380,587 | ) | (23,139,829 | ) | (10,008,865 | ) | ||||||||
Investments — Affiliated | (501 | ) | 10,582 | (533,519 | ) | (706 | ) | |||||||||
In-kind redemptions — Unaffiliated | 3,606,567 | 69,357,560 | 2,081,027 | — | ||||||||||||
In-kind redemptions — Affiliated | — | — | 22,434 | — | ||||||||||||
Futures contracts | 1,211,396 | (576,477 | ) | (22,624 | ) | (56,862 | ) | |||||||||
Foreign currency transactions | (678,975 | ) | (43,638 | ) | (39,471 | ) | (120,229 | ) | ||||||||
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Net realized gain (loss) | (62,940,807 | ) | 53,367,440 | (21,631,982 | ) | (10,186,662 | ) | |||||||||
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Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — Unaffiliated(a) | 128,594,355 | 10,420,202 | 8,626,952 | 21,963,551 | ||||||||||||
Investments — Affiliated | 1,579 | (7,122 | ) | (463,045 | ) | 1,620 | ||||||||||
Futures contracts | (29,807 | ) | 494,766 | 99,043 | 107,096 | |||||||||||
Foreign currency translations | 97,471 | (32,268 | ) | 3,953 | 20,595 | |||||||||||
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Net change in unrealized appreciation (depreciation) | 128,663,598 | 10,875,578 | 8,266,903 | 22,092,862 | ||||||||||||
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Net realized and unrealized gain (loss) | 65,722,791 | 64,243,018 | (13,365,079 | ) | 11,906,200 | |||||||||||
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NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 97,181,373 | $ | 98,568,185 | $ | (10,661,590 | ) | $ | 14,887,756 | |||||||
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(a) Net of deferred foreign capital gain tax of | $ | 2,065,024 | $ | (741,082) | $ | 26,517 | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 39 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2019
iShares MSCI Emerging Markets ex China ETF | ||||
INVESTMENT INCOME | ||||
Dividends — Unaffiliated | $ | 116,799 | ||
Dividends — Affiliated | 10,223 | |||
Foreign taxes withheld | (13,334 | ) | ||
Other foreign taxes | (90 | ) | ||
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Total investment income | 113,598 | |||
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EXPENSES | ||||
Investment advisory fees | 24,443 | |||
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Total expenses | 24,443 | |||
Less: | ||||
Investment advisory fees waived | (4,093) | |||
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Total expenses after fees waived | 20,350 | |||
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Net investment income | 93,248 | |||
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REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — Unaffiliated | (69,700 | ) | ||
Investments — Affiliated | (2,011 | ) | ||
Foreign currency transactions | (699 | ) | ||
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Net realized loss | (72,410 | ) | ||
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Net change in unrealized appreciation (depreciation) on: | ||||
Investments — Unaffiliated | 3,676 | |||
Investments — Affiliated | (113,006 | ) | ||
Foreign currency translations | 1,018 | |||
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Net change in unrealized appreciation (depreciation) | (108,312 | ) | ||
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Net realized and unrealized loss | (180,722 | ) | ||
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NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (87,474 | ) | |
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See notes to financial statements.
40 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated) | iShares Edge MSCI Min Vol Global ETF | |||||||||||||||
Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | Six Months Ended 02/28/19 (unaudited) | Year Ended 08/31/18 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 31,458,582 | $ | 112,709,267 | $ | 34,325,167 | $ | 77,040,036 | ||||||||
Net realized gain (loss) | (62,940,807 | ) | 136,647,961 | 53,367,440 | 279,118,419 | |||||||||||
Net change in unrealized appreciation (depreciation) | 128,663,598 | (53,879,594 | ) | 10,875,578 | (29,519,148 | ) | ||||||||||
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Net increase in net assets resulting from operations | 97,181,373 | 195,477,634 | 98,568,185 | 326,639,307 | ||||||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (71,276,153 | ) | (114,335,550 | ) | (40,753,239 | ) | (74,053,110 | ) | ||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 847,934,337 | 548,126,747 | 531,269,709 | (585,560,427 | ) | |||||||||||
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NET ASSETS(a) | ||||||||||||||||
Total increase (decrease) in net assets | 873,839,557 | 629,268,831 | 589,084,655 | (332,974,230 | ) | |||||||||||
Beginning of period | 4,666,696,926 | 4,037,428,095 | 3,342,399,702 | 3,675,373,932 | ||||||||||||
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End of period | $ | 5,540,536,483 | $ | 4,666,696,926 | $ | 3,931,484,357 | $ | 3,342,399,702 | ||||||||
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(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 41 |
Statements of Changes in Net Assets (continued)
iShares Edge MSCI Multifactor Emerging Markets ETF | iShares ESG MSCI EM ETF | |||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | Year Ended 08/31/18 | | | Six Months Ended 02/28/19 (unaudited) | | Year Ended 08/31/18 | | |||||||
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INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 2,703,489 | $ | 5,316,058 | $ | 2,981,556 | $ | 6,146,417 | ||||||||
Net realized gain (loss) | (21,631,982 | ) | 66,941 | (10,186,662 | ) | (4,948,243 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 8,266,903 | (28,814,504 | ) | 22,092,862 | (22,830,787 | ) | ||||||||||
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Net increase (decrease) in net assets resulting from operations | (10,661,590 | ) | (23,431,505 | ) | 14,887,756 | (21,632,613 | ) | |||||||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (5,204,641 | ) | (3,373,796 | ) | (5,744,681 | ) | (4,257,999 | ) | ||||||||
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CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase in net assets derived from capital share transactions | 18,995,442 | 235,003,288 | 170,267,201 | 258,830,853 | ||||||||||||
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NET ASSETS(a) | ||||||||||||||||
Total increase in net assets | 3,129,211 | 208,197,987 | 179,410,276 | 232,940,241 | ||||||||||||
Beginning of period | 291,070,902 | 82,872,915 | 329,752,699 | 96,812,458 | ||||||||||||
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End of period | $ | 294,200,113 | $ | 291,070,902 | $ | 509,162,975 | $ | 329,752,699 | ||||||||
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(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
42 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets ex China ETF | ||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | |||
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INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 93,248 | $ | 219,005 | ||||
Net realized loss | (72,410 | ) | (122,947 | ) | ||||
Net change in unrealized appreciation (depreciation) | (108,312 | ) | (235,426 | ) | ||||
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Net decrease in net assets resulting from operations | (87,474 | ) | (139,368 | ) | ||||
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DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (177,870 | ) | (169,215 | ) | ||||
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CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | 4,911,101 | — | ||||||
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NET ASSETS(a) | ||||||||
Total increase (decrease) in net assets | 4,645,757 | (308,583 | ) | |||||
Beginning of period | 9,918,605 | 10,227,188 | ||||||
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End of period | $ | 14,564,362 | $ | 9,918,605 | ||||
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(a) | Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year Regulation S-X presentation changes. Refer to Note 13 for this prior year information. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 43 |
(For a share outstanding throughout each period)
iShares Edge MSCI Min Vol Emerging Markets ETF (Consolidated) | ||||||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Year Ended 08/31/15 | | | Year Ended 08/31/14 | | |||||||||||
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Net asset value, beginning of period | $ | 59.22 | $ | 58.01 | $ | 53.40 | $ | 50.98 | $ | 62.47 | $ | 55.56 | ||||||||||||||||
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Net investment income(a) | 0.37 | 1.49 | 1.28 | 1.57 | 1.58 | 1.51 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.34 | 1.23 | 4.48 | 2.13 | (11.65 | ) | 6.94 | |||||||||||||||||||||
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Net increase (decrease) from investment operations | 0.71 | 2.72 | 5.76 | 3.70 | (10.07 | ) | 8.45 | |||||||||||||||||||||
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Distributions | ||||||||||||||||||||||||||||
From net investment income | (0.86 | ) | (1.51 | ) | (1.15 | ) | (1.28 | ) | (1.42 | ) | (1.54 | ) | ||||||||||||||||
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Total distributions | (0.86 | ) | (1.51 | ) | (1.15 | ) | (1.28 | ) | (1.42 | ) | (1.54 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 59.07 | $ | 59.22 | $ | 58.01 | $ | 53.40 | $ | 50.98 | $ | 62.47 | ||||||||||||||||
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Total Return | ||||||||||||||||||||||||||||
Based on net asset value | 1.30 | %(c) | 4.70 | % | 11.11 | % | 7.48 | % | (16.32 | )% | 15.44 | % | ||||||||||||||||
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Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.69 | %(d) | 0.67 | % | 0.69 | % | 0.71 | % | 0.69 | % | 0.67 | % | ||||||||||||||||
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Total expenses after fees waived | 0.25 | %(d) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||
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Net investment income | 1.29 | %(d) | 2.47 | % | 2.40 | % | 3.12 | % | 2.71 | % | 2.58 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,540,536 | $ | 4,666,697 | $ | 4,037,428 | $ | 4,379,041 | $ | 2,462,357 | $ | 2,080,363 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(e) | 11 | %(c) | 22 | % | 23 | % | 23 | % | 28 | % | 34 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
44 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Edge MSCI Min Vol Global ETF | ||||||||||||||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Year Ended 08/31/16 | | | Year Ended 08/31/15 | | | Year Ended 08/31/14 | | |||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 87.04 | $ | 81.13 | $ | 75.82 | $ | 67.59 | $ | 68.25 | $ | 59.99 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.84 | 1.82 | 1.84 | 1.79 | 1.70 | 1.72 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.67 | 5.85 | 5.40 | 8.07 | (0.89 | ) | 8.18 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase from investment operations | 1.51 | 7.67 | 7.24 | 9.86 | 0.81 | 9.90 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions | ||||||||||||||||||||||||||||
From net investment income | (0.99 | ) | (1.76 | ) | (1.93 | ) | (1.63 | ) | (1.47 | ) | (1.64 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total distributions | (0.99 | ) | (1.76 | ) | (1.93 | ) | (1.63 | ) | (1.47 | ) | (1.64 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 87.56 | $ | 87.04 | $ | 81.13 | $ | 75.82 | $ | 67.59 | $ | 68.25 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return | ||||||||||||||||||||||||||||
Based on net asset value | 1.82 | %(c) | 9.56 | % | 9.75 | % | 14.76 | % | 1.15 | % | 16.70 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||
Total expenses | 0.32 | %(d) | 0.31 | % | 0.32 | % | 0.32 | % | 0.33 | % | 0.33 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total expenses after fees waived | 0.20 | %(d) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.99 | %(d) | 2.17 | % | 2.40 | % | 2.49 | % | 2.41 | % | 2.67 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,931,484 | $ | 3,342,400 | $ | 3,675,374 | $ | 3,267,688 | $ | 2,115,632 | $ | 1,283,012 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(e) | 10 | %(c) | 23 | % | 24 | % | 24 | % | 22 | % | 24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 45 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Edge MSCI Multifactor Emerging Markets ETF | ||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Year Ended 08/31/17 | | | Period From 12/08/15 to 08/31/16 | (a)
| |||||
| ||||||||||||||||
Net asset value, beginning of period | $ | 44.78 | $ | 46.04 | $ | 37.46 | $ | 33.82 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income(b) | 0.42 | 1.39 | 0.91 | 1.27 | ||||||||||||
Net realized and unrealized gain (loss)(c) | (1.83 | ) | (1.63 | ) | 8.53 | 2.50 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) from investment operations | (1.41 | ) | (0.24 | ) | 9.44 | 3.77 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions | ||||||||||||||||
From net investment income | (0.73 | ) | (1.02 | ) | (0.86 | ) | (0.13 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.73 | ) | (1.02 | ) | (0.86 | ) | (0.13 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 42.64 | $ | 44.78 | $ | 46.04 | $ | 37.46 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return | ||||||||||||||||
Based on net asset value | (2.98 | )%(d) | (0.65 | )% | 25.80 | % | 11.16 | %(d) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses | 0.46 | %(e) | 0.45 | %(f) | 0.50 | %(f) | 0.65 | %(e)(f) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 0.45 | %(e) | 0.42 | %(f) | 0.42 | %(f) | 0.49 | %(e)(f) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 2.06 | %(e) | 2.87 | % | 2.24 | % | 4.91 | %(e) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 294,200 | $ | 291,071 | $ | 82,873 | $ | 29,969 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Portfolio turnover rate(g) | 35 | %(d) | 39 | %(h) | 36 | %(h) | 11 | %(d)(h) | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
(h) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
See notes to financial statements.
46 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares ESG MSCI EM ETF | ||||||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | Year Ended 08/31/18 | (a) | | Year Ended 08/31/17 | (a) | | Period From 06/28/16 to 08/31/16 | (a)(b)
| ||||||
| ||||||||||||||||
Net asset value, beginning of period | $ | 33.65 | $ | 34.58 | $ | 28.23 | $ | 25.19 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income(c) | 0.24 | 0.94 | 0.85 | 0.16 | ||||||||||||
Net realized and unrealized gain (loss)(d) | 0.25 | (1.17 | ) | 5.81 | 2.88 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) from investment operations | 0.49 | (0.23 | ) | 6.66 | 3.04 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions | ||||||||||||||||
From net investment income | (0.42 | ) | (0.70 | ) | (0.31 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.42 | ) | (0.70 | ) | (0.31 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 33.72 | $ | 33.65 | $ | 34.58 | $ | 28.23 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return | ||||||||||||||||
Based on net asset value | 1.56 | %(e) | (0.72 | )% | 23.75 | % | 12.09 | %(e) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios to Average Net Assets | ||||||||||||||||
Total expenses | 0.25 | %(f) | 0.25 | % | 0.42 | % | 0.45 | %(f) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 1.52 | %(f) | 2.63 | % | 2.73 | % | 3.26 | %(f) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Supplemental Data | ||||||||||||||||
Net assets, end of period (000) | $ | 509,163 | $ | 329,753 | $ | 96,812 | $ | 5,645 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Portfolio turnover rate(g) | 18 | %(e) | 45 | % | 29 | % | 9 | %(e) | ||||||||
|
|
|
|
|
|
|
|
(a) | Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018. |
(b) | Commencement of operations. |
(c) | Based on average shares outstanding. |
(d) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(e) | Not annualized. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 47 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ex China ETF | ||||||||||||
| Six Months Ended 02/28/19 (unaudited) | | | Year Ended 08/31/18 | | | Period From 07/18/17 to 08/31/17 | (a)
| ||||
| ||||||||||||
Net asset value, beginning of period | $ | 49.59 | $ | 51.14 | $ | 50.22 | ||||||
|
|
|
|
|
| |||||||
Net investment income(b) | 0.44 | 1.10 | 0.13 | |||||||||
Net realized and unrealized gain (loss)(c) | (0.59 | ) | (1.80 | ) | 0.79 | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) from investment operations | (0.15 | ) | (0.70 | ) | 0.92 | |||||||
|
|
|
|
|
| |||||||
Distributions | ||||||||||||
From net investment income | (0.89 | ) | (0.85 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total distributions | (0.89 | ) | (0.85 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 48.55 | $ | 49.59 | $ | 51.14 | ||||||
|
|
|
|
|
| |||||||
Total Return | ||||||||||||
Based on net asset value | (0.17 | )%(d) | (1.41 | )% | 1.83 | %(d) | ||||||
|
|
|
|
|
| |||||||
Ratios to Average Net Assets | ||||||||||||
Total expenses(e) | 0.49 | %(f) | 0.49 | % | 0.49 | %(f) | ||||||
|
|
|
|
|
| |||||||
Total expenses after fees waived(e) | 0.41 | %(f) | 0.41 | % | 0.41 | %(f) | ||||||
|
|
|
|
|
| |||||||
Net investment income | 1.87 | %(f) | 2.09 | % | 2.07 | %(f) | ||||||
|
|
|
|
|
| |||||||
Supplemental Data | ||||||||||||
Net assets, end of period (000) | $ | 14,564 | $ | 9,919 | $ | 10,227 | ||||||
|
|
|
|
|
| |||||||
Portfolio turnover rate(g)(h) | 3 | %(d) | 9 | % | 0 | %(d)(i) | ||||||
|
|
|
|
|
|
(a) | Commencement of operations. |
(b) | Based on average shares outstanding. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Not annualized. |
(e) | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
(f) | Annualized. |
(g) | Portfolio turnover rate excludes in-kind transactions. |
(h) | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(i) | Rounds to less than 1%. |
See notes to financial statements.
48 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) |
1. | ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | ||||
Edge MSCI Min Vol Emerging Markets | Diversified | ||||
Edge MSCI Min Vol Global | Diversified | ||||
Edge MSCI Multifactor Emerging Markets | Diversified | (a) | |||
ESG MSCI EM(b) | Non-diversified | ||||
MSCI Emerging Markets ex China | Non-diversified |
(a) | The Fund’s classification changed from non-diversified to diversified during the reporting period. |
(b) | Formerly the iShares MSCI EM ESG Optimized ETF. |
Basis of Consolidation:The accompanying consolidated financial statements for the iShares Edge MSCI Min Vol Emerging Markets ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.
2. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Investment Transactions and Income Recognition:Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.
Foreign Currency Translation:The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its consolidated statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2019, if any, are disclosed in the consolidated statement of assets and liabilities.
The iShares Edge MSCI Min Vol Emerging Markets ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on anygains from the sale of securities.
N O T E S T O F I N A N C I A L S T A T E M E N T S | 49 |
Notes to Financial Statements (unaudited) (continued)
The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied.
In-kind Redemptions:For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value per share.
Distributions:Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Recent Accounting Standards:In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update 2018-13 “Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance to the Funds.
Indemnifications:In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies:Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”). |
• | Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded. |
If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of an investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy:Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 — Unadjusted price quotations in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
50 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
• | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending:Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of February 28, 2019, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any, are also disclosed in its schedule of investments. The market value of any securities on loan as of February 28, 2019 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.
Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.
The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of February 28, 2019:
iShares ETF and Counterparty | | Market Value of Securities on Loan | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received | | Net Amount | ||||||
Edge MSCI Min Vol Emerging Markets | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 14,678,059 | $ | 14,678,059 | $ | — | $ | — | ||||||||
Credit Suisse Securities (USA) LLC | 200,550 | 200,550 | — | — | ||||||||||||
Goldman Sachs & Co. | 13,388,201 | 13,388,201 | — | — | ||||||||||||
HSBC Bank PLC | 625,464 | 625,464 | — | — | ||||||||||||
JPMorgan Securities LLC | 5,060,709 | 5,060,709 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 2,558,421 | 2,558,421 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 2,627,335 | 2,627,335 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 39,138,739 | $ | 39,138,739 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S | 51 |
Notes to Financial Statements (unaudited) (continued)
iShares ETF and Counterparty | Market Value of Securities on Loan | Cash Collateral Received(a) | Non-Cash Collateral Received | Net Amount | ||||||||||||
Edge MSCI Min Vol Global | ||||||||||||||||
Barclays Bank PLC | $ | 14,096,559 | $ | 14,096,559 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 584,035 | 584,035 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC | 155,558 | 155,558 | — | — | ||||||||||||
Goldman Sachs & Co. | 9,215,207 | 9,215,207 | — | — | ||||||||||||
HSBC Bank PLC | 72,202 | 72,202 | — | — | ||||||||||||
JPMorgan Securities LLC | 2,446,267 | 2,446,267 | — | — | ||||||||||||
Merrill Lynch, Pierce, Fenner & Smith | 14,616,299 | 14,616,299 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 1,129,198 | 1,129,198 | — | — | ||||||||||||
Morgan Stanley & Co. LLC | 20,901 | 20,901 | — | — | ||||||||||||
Morgan Stanley & Co. LLC (U. S. Equity Securities Lending) | 4,009,361 | 4,009,361 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 46,345,587 | $ | 46,345,587 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Edge MSCI Multifactor Emerging Markets | ||||||||||||||||
Citigroup Global Markets Inc. | $ | 328,089 | $ | 328,089 | $ | — | $ | — | ||||||||
HSBC Bank PLC | 147,026 | 147,026 | — | — | ||||||||||||
JPMorgan Securities LLC | 871,533 | 871,533 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,346,648 | $ | 1,346,648 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
ESG MSCI EM | ||||||||||||||||
Barclays Bank PLC | $ | 134,029 | $ | 134,029 | $ | — | $ | — | ||||||||
Citigroup Global Markets Inc. | 1,086,011 | 1,086,011 | — | — | ||||||||||||
Jefferies LLC | 135,575 | 135,575 | — | — | ||||||||||||
JPMorgan Securities LLC | 13,429,616 | 13,429,616 | — | — | ||||||||||||
Morgan Stanley & Co. International PLC | 34,070 | 34,070 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 14,819,301 | $ | 14,819,301 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s consolidated statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts:Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.
Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.
Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
52 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees:Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to the iShares Edge MSCI Min Vol Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $14 billion | 0.75 | % | ||
Over $14 billion, up to and including $28 billion | 0.68 | |||
Over $28 billion, up to and including $42 billion | 0.61 | |||
Over $42 billion, up to and including $56 billion | 0.54 | |||
Over $56 billion, up to and including $70 billion | 0.47 | |||
Over $70 billion, up to and including $84 billion | 0.41 | |||
Over $84 billion | .0.35 |
For its investment advisory services to the iShares Edge MSCI Min Vol Global ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $30 billion | 0.350 | % | ||
Over $30 billion, up to and including $60 billion | 0.320 | |||
Over $60 billion, up to and including $90 billion | 0.280 | |||
Over $90 billion, up to and including $120 billion | 0.252 | |||
Over $120 billion, up to and including $150 billion(a) | 0.227 | |||
Over $150 billion(a) | 0.204 |
(a) | Break level added or amended effective June 29, 2018. |
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee,, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Edge MSCI Multifactor Emerging Markets | 0.45 | % | ||
ESG MSCI EM | 0.25 | |||
MSCI Emerging Markets ex China | 0.49 |
The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
Expense Waivers:A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses.
For each of the iShares Edge MSCI Min Vol Emerging Markets and iShares Edge MSCI Min Vol Global ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.
For each of the iShares Edge MSCI Multifactor Emerging Markets and iShares MSCI Emerging Markets ex China ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2021 and December 31, 2022, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
Distributor:BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending:The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, or its affiliates, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral
N O T E S T O F I N A N C I A L S T A T E M E N T S | 53 |
Notes to Financial Statements (unaudited) (continued)
investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2019, the Fund was subject to the same terms under the previous securities lending fee arrangement.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended February 28, 2019, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC | |||
Edge MSCI Min Vol Emerging Markets | $ | 153,570 | ||
Edge MSCI Min Vol Global | 34,831 | |||
Edge MSCI Multifactor Emerging Markets | 3,072 | |||
ESG MSCI EM | 11,292 |
Officers and Directors:Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2019, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | ||||||
Edge MSCI Min Vol Emerging Markets | $ | 7,742,607 | $ | 6,047,993 | ||||
Edge MSCI Min Vol Global | 40,134,070 | 90,920,864 | ||||||
Edge MSCI Multifactor Emerging Markets | 6,860,749 | 7,186,523 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. | PURCHASES AND SALES |
For the six months ended February 28, 2019, purchases and sales of investments, excluding in-kind transactions and short-term investments, were as follows:
iShares ETF | Purchases | Sales | ||||||
Edge MSCI Min Vol Emerging Markets | $ | 1,082,233,326 | $ | 553,884,599 | ||||
Edge MSCI Min Vol Global | 620,683,469 | 364,178,750 | ||||||
Edge MSCI Multifactor Emerging Markets | 110,537,389 | 93,228,341 | ||||||
ESG MSCI EM | 175,064,874 | 74,637,250 | ||||||
MSCI Emerging Markets ex China | 2,981,622 | 290,487 |
For the six months ended February 28, 2019, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Edge MSCI Min Vol Emerging Markets | $ | 294,750,540 | $ | 12,711,387 | ||||
Edge MSCI Min Vol Global | 501,551,187 | 211,409,419 | ||||||
Edge MSCI Multifactor Emerging Markets | 27,022,276 | 28,987,474 | ||||||
ESG MSCI EM | 65,759,195 | — | ||||||
MSCI Emerging Markets ex China | 2,133,177 | — |
54 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
8. | INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.
As of August 31, 2018, the Funds had capital loss carryforwards, with no expiration dates, available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Edge MSCI Min Vol Emerging Markets | $ | 572,886,160 | ||
Edge MSCI Min Vol Global | 101,835,656 | |||
Edge MSCI Multifactor Emerging Markets | 5,828,056 | |||
ESG MSCI EM | 4,318,520 | |||
MSCI Emerging Markets ex China | 138,264 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 28, 2019, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Edge MSCI Min Vol Emerging Markets | $ | 4,990,297,355 | $ | 823,026,533 | $ | (231,048,121 | ) | $ | 591,978,412 | |||||||
Edge MSCI Min Vol Global | 3,534,661,044 | 548,039,526 | (116,332,478 | ) | 431,707,048 | |||||||||||
Edge MSCI Multifactor Emerging Markets | 307,537,815 | 14,290,999 | (27,837,443 | ) | (13,546,444 | ) | ||||||||||
ESG MSCI EM | 519,205,615 | 28,572,402 | (25,582,035 | ) | 2,990,367 | |||||||||||
MSCI Emerging Markets ex China | 14,737,609 | 799,752 | (1,020,536 | ) | (220,784 | ) |
9. | LINE OF CREDIT |
The Funds, along with certain other iShares funds, are parties to a $300 million credit agreement with State Street Bank and Trust Company, which expires on October 23, 2019. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local securities of certain foreign markets.
The iShares Edge MSCI Min Vol Global and iShares MSCI Emerging Markets ex China ETFs did not borrow under the credit agreement during the six months ended February 28, 2019.
For the six months ended ended February 28, 2019, the maximum amount borrowed, the average borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowing | Weighted Average Interest Rates | |||||||||
Edge MSCI Min Vol Emerging Markets | $ | 48,200,000 | $ | 1,597,790 | 3.36 | % | ||||||
Edge MSCI Multifactor Emerging Markets | 2,100,000 | 387,293 | 3.04 | |||||||||
ESG MSCI EM | 23,000,000 | 821,802 | 3.05 |
10. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social
N O T E S T O F I N A N C I A L S T A T E M E N T S | 55 |
Notes to Financial Statements (unaudited) (continued)
instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
Market Risk:Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.
Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.
Credit Risk:Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Concentration Risk:A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
When a fund concentrates its investments in issuers located in a single country or a limited number of countries, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.
When a fund concentrates its investments in securities within a single or limited number of market sectors, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
11. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||
Edge MSCI Min Vol Emerging Markets | ||||||||||||||||||
Shares sold | 15,500,000 | $ | 877,291,680 | 13,500,000 | $ | 802,737,319 | ||||||||||||
Shares redeemed | (500,000 | ) | (29,357,343 | ) | (4,300,000 | ) | (254,610,572 | ) | ||||||||||
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| |||||||||||
Net increase | 15,000,000 | $ | 847,934,337 | 9,200,000 | $ | 548,126,747 | ||||||||||||
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56 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Six Months Ended 02/28/19 | Year Ended 08/31/18 | |||||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
Edge MSCI Min Vol Global | ||||||||||||||||||||
Shares sold | 9,000,000 | $ | 747,876,368 | 6,900,000 | $ | 577,447,826 | ||||||||||||||
Shares redeemed | (2,500,000 | ) | (216,606,659 | ) | (13,800,000 | ) | (1,163,008,253 | ) | ||||||||||||
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| |||||||||||||
Net increase (decrease) | 6,500,000 | $ | 531,269,709 | (6,900,000 | ) | $ | (585,560,427 | ) | ||||||||||||
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| |||||||||||||
Edge MSCI Multifactor Emerging Markets | ||||||||||||||||||||
Shares sold | 1,800,000 | $ | 75,042,551 | 5,500,000 | $ | 273,243,599 | ||||||||||||||
Shares redeemed | (1,400,000 | ) | (56,047,109 | ) | (800,000 | ) | (38,240,311 | ) | ||||||||||||
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|
| |||||||||||||
Net increase | 400,000 | $ | 18,995,442 | 4,700,000 | $ | 235,003,288 | ||||||||||||||
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| |||||||||||||
ESG MSCI EM | ||||||||||||||||||||
Shares sold | 5,300,000 | $ | 170,267,201 | 8,000,000 | (a) | $ | 293,587,360 | |||||||||||||
Shares redeemed | — | — | (1,000,000 | )(a) | (34,756,507 | ) | ||||||||||||||
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| |||||||||||||
Net increase | 5,300,000 | $ | 170,267,201 | 7,000,000 | $ | 258,830,853 | ||||||||||||||
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MSCI Emerging Markets ex China | ||||||||||||||||||||
Shares sold | 100,000 | $ | 4,911,101 | — | $ | — | ||||||||||||||
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(a) | Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018. |
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
12. | LEGAL PROCEEDINGS |
On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.
13. | REGULATION S-X AMENDMENTS |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532,Disclosure Update and Simplification.The Funds have adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.
Distributions for the year ended August 31, 2018 were classified as follows:
iShares ETF | Net Investment Income | |||
Edge MSCI Min Vol Emerging Markets | $ | 114,335,550 | ||
Edge MSCI Min Vol Global | 74,053,110 | |||
Edge MSCI Multifactor Emerging Markets | 3,373,796 | |||
ESG MSCI EM | 4,257,999 | |||
MSCI Emerging Markets ex China | 169,215 |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 57 |
Notes to Financial Statements (unaudited) (continued)
Undistributed net investment income as of August 31, 2018 are as follows:
iShares ETF | Undistributed net investment income | |||
Edge MSCI Min Vol Emerging Markets | $ | 42,180,696 | ||
Edge MSCI Min Vol Global | 15,717,663 | |||
Edge MSCI Multifactor Emerging Markets | 3,094,212 | |||
ESG MSCI EM | 2,835,577 | |||
MSCI Emerging Markets ex China | 92,335 |
14. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
58 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year-end.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||||||
Edge MSCI Min Vol Emerging Markets(a) | $ | 0.662236 | | $ | — | $ | 0.199628 | $ | 0.861864 | 77 | % | — | % | 23 | % | 100 | % | |||||||||||||||||||
Edge MSCI Min Vol Global(a) | 0.900386 | — | 0.091177 | 0.991563 | 91 | — | 9 | 100 | ||||||||||||||||||||||||||||
Edge MSCI Multifactor Emerging Markets(a) | 0.623958 | — | 0.109090 | 0.733048 | 85 | — | 15 | 100 | ||||||||||||||||||||||||||||
ESG MSCI EM(a) | 0.346357 | — | 0.076046 | 0.422403 | 82 | — | 18 | 100 | ||||||||||||||||||||||||||||
MSCI Emerging Markets ex China(a) | 0.709970 | — | 0.179380 | 0.889350 | 80 | — | 20 | 100 |
(a) | The Fund estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N | 59 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• | Go to www.icsdelivery.com. |
• | If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at www.iShares.com.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.
60 | 2 0 1 9 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | 61 |
For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)
|
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2019 BlackRock, Inc. All rights reserved.iSHARES andBLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are-iS the property of their respective owners. |
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Item 2. | Code of Ethics. |
Not applicable to this semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to this semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this semi-annual report.
Item 6. | Investments. |
(a) | Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.
Item 11. | Controls and Procedures. |
(a) | The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule30a-3(b) under the Investment Company Act of 1940 and Rules13a-15(b) or15d-15(b) under the Exchange Act of 1934. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
Not applicable to the registrant.
Item 13. | Exhibits. |
(a) (1) Not applicable to this semi-annual report.
(a) (2) Section 302 Certifications are attached.
(a) (3) Not applicable.
(a) (4) Not applicable.
(b) Section 906 Certifications are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares, Inc.
By: /s/ Martin Small |
Martin Small, President (Principal Executive Officer) |
Date: April 29, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Martin Small |
Martin Small, President (Principal Executive Officer) |
Date: April 29, 2019 |
By: /s/ Neal Andrews |
Neal Andrews, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: April 29, 2019 |